GE Vernova Q3 Earnings Show Strong Orders

GE Vernova’s third-quarter 2026 earnings, disclosed in the company’s Oct. 28 releases, showed rising orders and cash generation alongside a signed agreement to acquire a high-voltage-grid equipment maker that expands its electrification manufacturing and backlog.

Quarter Results and Order Backlog

For the quarter ended Sept. 30, 2026, GE Vernova reported revenue of $12.6 billion, up 27.0% year over year and 18.0% on an organic basis. Adjusted EBITDA reached $1.9 billion, representing a 15.4% margin and a 690-basis-point year-over-year organic margin improvement. Net income was $1.3 billion, equal to a 10.2% net-income margin.

New orders surged 96.0% organically to $29.0 billion, while total backlog rose by $20.0 billion sequentially to $197.0 billion. Gas Power equipment backlog and slot-reservation agreements increased from 116 gigawatts to 122 gigawatts, with the company expecting at least 130 gigawatts by year-end 2026.

Cash from operating activities totaled $6.1 billion, and free cash flow was $5.4 billion for the quarter. GE Vernova held $16.8 billion in cash and returned $5.7 billion to shareholders in the first nine months of 2026. The board raised its share-repurchase authorization to $20.0 billion from $10.0 billion.

Chief Executive Scott Strazik said, “Given our performance and confidence in our trajectory, we are raising our 2026 financial guidance.”

Trench Acquisition Expands Electrification Manufacturing

On Oct. 28, GE Vernova signed an agreement to acquire Trench Group from Triton Partners for $9.0 billion. The purchase price is expected to be funded roughly equally with cash and debt. Closing is anticipated in late 2027, subject to customary regulatory approvals and required consultations with employee representatives.

The price reflects about 13 times Trench’s expected 2028 adjusted EBITDA before synergies. Trench projects 2028 revenue of $1.9 billion with an approximately 36.0% adjusted EBITDA margin.

Trench will broaden GE Vernova’s Electrification portfolio and manufacturing footprint across North America, Europe, and Asia. The company said Trench brings roughly $5.0 billion of backlog and framework agreements, some extending into the next decade. Trench manufactures high-voltage grid equipment, including bushings.

A newly opened Trench facility in Charlotte, North Carolina, is expected to begin manufacturing 765-kilovolt equipment in late 2027.

The combination of Trench’s backlog, the quarter’s surge in orders, and strong cash generation supports GE Vernova’s raised 2026 outlook and expanded capital-return program.