GE Vernova reported third-quarter revenue of $12.6 billion, up 27% from a year earlier, raised its full-year guidance and doubled its share repurchase authorisation to $20 billion.
GE Vernova reported third-quarter revenue of $12.6 billion on Wednesday, up 27% from a year earlier, and raised its guidance for 2026 after orders surged on demand for electricity infrastructure.
Net income reached $1.3 billion, with a margin of 10.2%, while adjusted earnings before interest, tax, depreciation and amortisation came to $1.9 billion at a 15.4% margin. Orders totalled $29 billion, up 96% organically, and the backlog grew by $20 billion in the quarter to $197 billion. Revenue rose 18% organically, led by the Power and Electrification segments, and free cash flow reached $5.4 billion.
The gas power equipment backlog, including slot reservation agreements, rose from 116 gigawatts to 122 gigawatts, and the company said it expected to reach at least 130 gigawatts by the end of 2026. Its board increased the share repurchase authorisation to $20 billion in October, from $10 billion, after $5.7 billion was returned to shareholders in the first nine months of the year.
The figures come from the company's own release, which also gives the detailed breakdown: revenue of $12.64 billion, net income of $1.29 billion and diluted earnings per share of $4.81, against a consensus estimate of $4.01 reported by TipRanks. The release states the raised guidance plainly: revenue of $46.5 billion to $47.5 billion for 2026, an adjusted EBITDA margin of 13.5% to 14.5%, and free cash flow of $16 billion to $17 billion. The company said it expected its backlog to pass $200 billion in the fourth quarter.
The result matters because it tests whether the rush to build power capacity for data centres and electrification is turning into signed, profitable work rather than announcements. A backlog approaching $200 billion gives GE Vernova contracted work stretching well beyond this year, but it also raises the bar for delivery, with gas turbine slots now booked out to at least 130 gigawatts.
Investors will get the next check on that delivery when the company reports fourth-quarter results, and in the meantime the raised guidance, rather than any single quarter's margin, is the number its customers and rivals will be measured against.