TLDR
- GE Vernova (GEV) beat Q3 estimates with adjusted EPS of $4.81 versus about $4.00 expected, on revenue of $12.64 billion.
- Orders jumped 96% organically to $29 billion, and backlog rose $20 billion from the prior quarter to $197 billion.
- The company raised 2026 guidance, now expecting revenue of $46.5 billion to $47.5 billion and free cash flow of $16 billion to $17 billion.
- GE Vernova agreed to buy Trench Group for $9 billion and raised its buyback authorization to $20 billion from $10 billion.
- GEV closed at $895.08 on Tuesday and traded near $917 on Wednesday, about 25% below its 52-week high of $1,195.96.
GE Vernova (GEV) stock was trading near $917 on Wednesday, up about 2.5%, after the company beat third-quarter estimates and raised its 2026 outlook. The stock closed Tuesday at $895.08, up 4.67% on the day.
The move was not a straight line. Shares dipped about 2% at first before turning higher. Pre-market trading showed a price of $909.85 at one point.
Adjusted earnings per share came in at $4.81. Analysts were looking for about $4.00. Revenue reached $12.64 billion, ahead of the $12 billion consensus.
GE VERNOVA $GEV Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $12.6B (Est. $11.99B) 🟢; +27% YoY
🔹 Organic Revenue Growth: +18% YoY
🔹 EPS: $4.81
🔹 Orders: $29.3B; +96% organically
🔹 Backlog: $197BRaises FY26 Guide:
🔹 Revenue: $46.5B-$47.5B (Est. $46.24B) 🟢; from $45.5B-$46.5B
🔹… pic.twitter.com/C8HAtfdG6I— Wall St Engine (@wallstengine) October 28, 2026
Revenue was up 27% from a year ago, or 18% on an organic basis. Net income was $1.3 billion, a margin of 10.2%. Adjusted EBITDA hit $1.9 billion, with a margin of 15.4%.
Orders were the standout number. They rose 96% organically to $29 billion. BofA analyst Andrew Obin had expected $21 billion.
Cash Flow, Backlog and Guidance
The company generated $6.1 billion in cash from operations. Free cash flow was $5.4 billion for the quarter. Backlog grew by $20 billion from the prior quarter to $197 billion.
Orders have outpaced sales for several quarters. Hyperscalers are racing to secure power for AI data centers. Equipment demand at Power and strong services business drove the latest jump.
GE Vernova lifted its full-year revenue guidance to between $46.5 billion and $47.5 billion. The $47 billion midpoint tops the analyst consensus of $46.2 billion. Adjusted EBITDA margin is now expected at 13.5% to 14.5%, up from 12% to 14%.
Free cash flow guidance rose to $16 billion to $17 billion. The prior range was $11.5 billion to $12.5 billion. CEO Scott Strazik said demand for electricity infrastructure is growing worldwide.
This is the second straight quarter of raised guidance. The company also lifted its outlook after its July 22 report. The stock did not rally then.
Trench Deal and Investor Mood
GE Vernova also agreed to buy Trench Group for $9 billion. Trench makes high-voltage equipment for the electrical grid. The deal is expected to close in late 2027.
The price is about 18 times expected 2026 EBITDA. GE Vernova itself trades at about 36 times. The board also doubled its buyback authorization to $20 billion.
Sentiment has been shaky. Shares hit a 52-week high of $1,195.96 in early July. Worries over AI financing, permitting delays and political backlash have since weighed on the stock.
Before Wednesday, the stock was down roughly 25% from that peak. It had fallen 17% since the July report. That is about 20 percentage points behind the S&P 500.
Jefferies analyst Julien Dumoulin-Smith called GE Vernova a “battleground stock.” Bears worry that orders may peak. He says that view is short-sighted and points to a backlog that supports demand into the 2030s.
He rates the stock Buy with a $1,185 price target. About 75% of analysts covering the stock rate it Buy, per FactSet. The average price target is almost $1,200.
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