GE Vernova earnings: third quarter 2026

GE Vernova, which makes gas turbines, grid equipment and wind turbines, grew sales 27% to $12.6 billion in the third quarter of 2026, or 18% without acquisitions and currency effects. Its gas power business drove a big rise in profit and a $5.4 billion flood of cash. It raised its forecasts for the year's sales, profit margin and cash. Wind is still the weak corner. ¹

Against what analysts expected

Earnings per share were $4.81, above the $4.03 average of seven analysts' forecasts compiled by Nasdaq's earnings calendar. ¹²

The strong points

• The Power business, led by gas turbines, almost doubled its profit before interest, tax and depreciation, helped by better prices and more machines sold, and that profit now equals 21.4% of its sales, up from 13.4%. ¹
• Sales grew 18% once you strip out the businesses it bought and currency effects, led by Power and Electrification. ¹
• Free cash flow, the cash left after running the business and investing in it, was $5.4 billion in the quarter against $0.7 billion a year ago. ¹

The weak points

• The company now expects the Wind business to lose $400 to $500 million for the year before interest, tax and depreciation, against about $400 million before. ¹
• Much of the cash surge came from working capital, such as money customers paid in advance, so cash from operations of $6.1 billion ran far ahead of profit. ¹
• Electrification's 51% sales jump includes $945 million from businesses it bought, mostly Prolec GE; without them growth was 16%. ¹

What the company expects

• GE Vernova raised its forecast for 2026 sales to $46.5 to $47.5 billion, about $1 billion more than it said before, and also lifted its expected profit margin. ¹
• It raised its forecast for 2026 free cash flow to $16 to $17 billion, from $11.5 to $12.5 billion, a rise of about $4.5 billion. ¹

Our verdict on the quarter

A very strong report. A quarter of fast growth, much higher profit in gas power and huge cash, with higher forecasts for the year's sales, margin and cash; only Wind holds it back.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. GE Vernova's results release, 28 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩