GE Vernova

GE Vernova makes and services equipment that generates, moves and stores electricity. It has three segments. Power makes gas turbines and nuclear and hydro equipment, and it services this equipment for many years after the sale. Electrification makes grid equipment such as transformers, switchgear and high-voltage systems, and it includes Prolec GE, which GE Vernova fully owns since February 2, 2026.

Wind makes onshore and offshore wind turbines and blades. Revenue was $38.1 billion in 2025 and $12.6 billion in Q3 2026. Backlog was $197 billion at September 30, 2026, and services were $92.7 billion of the contracted revenue still to come. General Electric spun off GE Vernova as an independent company in April 2024.

The market doubts that the current boom in orders for gas turbines and grid equipment will last. Much of the new demand comes from data centers and from utilities that prepare for them, and press reports linked a fall in the stock in October 2026 to doubts about spending on AI data centers. Investors also see that the 2026 free cash flow guidance of $16 billion to $17 billion depends on customer down payments. Contract liabilities rose to $45.7 billion at September 30, 2026, from $25.8 billion at the end of 2025.

Wind still loses money, and the company expects $400 million to $500 million of segment EBITDA losses in 2026. For the gap to close, three things must be true. Orders must turn into revenue at higher margins, so that the adjusted EBITDA margin moves from 15.4% in Q3 2026 toward the 2028 target of 20%. Gas Power must have at least 130 GW of equipment under contract by the end of 2026, as the company expects, and convert slot reservations to orders.

Free cash flow must stay strong after down payments stop rising. The Q4 2026 report, expected in late January 2027, gives the next test with the 2027 guidance. The close of the Trench Group purchase, expected in late 2027, is a second test. If orders and margins hold, the gap can close within one to two years.

The main reason it may not close is a slowdown in data center building, which can cut new orders for gas turbines.

1. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceBacklog above $200 billion, at least 130 GW of gas equipment under contract and 2027 guidance for higher margins pass; lower orders or a weaker margin outlook fail.
2. 2027 · est.Pending

   Trench Group purchase closesA close in late 2027 on the agreed terms, with Electrification margins near the 2028 target of 22%, passes; a delay, new conditions or lower Electrification margins fail.

Every passed and failed checkpoint across all picks

• October 28, 2026GE Vernova reported Q3 2026 results. Orders grew 96% organically to $29.3 billion, and backlog reached $197 billion. Revenue grew 27% to $12.6 billion, or 18% organically. Net income was $1.3 billion, the adjusted EBITDA margin was 15.4% and free cash flow was $5.4 billion. The company raised its 2026 guidance to revenue of $46.5 billion to $47.5 billion, an adjusted EBITDA margin of 13.5% to 14.5% and free cash flow of $16 billion to $17 billion. The board raised the share buyback authorization to $20 billion from $10 billion.
• October 28, 2026GE Vernova agreed to buy Trench Group, a maker of high-voltage grid equipment, for the equivalent of $9.0 billion. It expects the purchase to close in late 2027, after regulatory approvals.
• August 25, 2026Chief Financial Officer Kenneth Parks decided to retire on April 2, 2027. Claire McDonough, the Chief Financial Officer of Rivian Automotive, will become Chief Financial Officer on January 1, 2027.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · gev-20260930
• 8-KEarnings releaseFiled October 28, 2026 · gev-20261028
• 8-KChange of directors or officersFiled August 27, 2026 · gev-20260825
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 22, 2026 · gev-20260630
• 8-KEarnings releaseFiled July 22, 2026 · gev-20260722
• 8-KShareholder vote resultsFiled May 22, 2026 · gev-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · gev-20260331
• 8-KEarnings releaseFiled April 22, 2026 · gev-20260422
• 8-KOther company newsFiled February 4, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed January 29, 2026 · gev-20251231

Every filing on SEC EDGAR (CIK 1996810)

• Demand depends on a strong cycle of spending by utilities and data centers. If data center building slows, new orders for gas turbines and grid equipment can fall. Gas Power equipment backlog and slot reservations were 122 GW at September 30, 2026.
• Much of the cash comes from customer down payments. Contract liabilities and deferred income were $45.7 billion at September 30, 2026. When deliveries use up these payments and new orders slow, free cash flow can fall sharply.
• The company must raise gas turbine output to 24 GW a year in 2028 and integrate Prolec GE and Trench Group. Delays, supply problems or cost overruns can lower margins on the large backlog.
• Wind loses money. The company expects $400 million to $500 million of segment EBITDA losses in 2026. In Q3 2026, it resolved all litigation about the Vineyard Wind offshore project.
• The Chief Financial Officer changes on January 1, 2027, and the $9.0 billion Trench Group purchase can use a large part of the cash.

GE Vernova has little debt and a large cash balance. At September 30, 2026, cash, cash equivalents and restricted cash were $16.8 billion, of which $0.4 billion was restricted. Read more

Dividend yield

0.2% (last 12 months, at today’s price of $829.34)

Paid per share

$2.00 in the last 12 months (4 payments)

Current annual rate

$2.00 ($0.50 × 4 a year)

Payout ratio

4% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 27, 2026, $0.50 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.