GE Vernova (GEV) Q3 2026 Earnings Call: Guidance and Outlook
GE Vernova raised its full-year 2026 financial guidance across revenue, margins, and free cash flow based on strong year-to-date performance and confidence in the fourth-quarter trajectory.
About GE Vernova. GE Vernova Inc. is an energy enterprise primarily engaged in generating electricity. Its business activities are categorized into three main divisions: Power, Wind, and Electrification. The Power segment is responsible for producing and distributing electricity from various sources, including hydroelectric, natural gas, nuclear, and steam power.
No specific quarterly guidance was given, though management expects Q4 to show growth in revenue and adjusted EBITDA, margin expansion, and positive free cash flow.
Annual guidance
Revenue
$46.5 billion to $47.5 billion
Adjusted EBITDA margin
13.5% to 14.5%
Free cash flow
$16 billion to $17 billion
Power EBITDA margin
19% to 21%
Electrification EBITDA margin
Trending toward the higher end of 18% to 20%
Wind EBITDA loss
$400 million to $500 million
Outlook
Power demand
The company expects to have at least 130 gigawatts under contract by the end of 2026.
Gas turbine pricing
Full-year 2026 gas orders pricing per kW is expected to be approximately 50% higher than full-year 2025.
Electrification market
The high-voltage equipment market is projected to reach $130 billion by the end of the decade.
Trench acquisition
The acquisition is expected to be accretive on day one and reach an adjusted EBITDA margin of approximately 36% in 2028.
Services growth
Services revenue is expected to continue growing as the installed base expands, with every gigawatt of HA fleet generating $0.5 billion of high-margin services revenue over 20 years.
Corporate costs
Full-year 2026 corporate costs are expected to be between $450 million and $500 million.
Wind market
The U.S. onshore wind market remains soft, and the company is monitoring 232 tariffs for order clarity.
Capital allocation
The company remains committed to maintaining an investment-grade balance sheet while funding the $9 billion Trench acquisition with an equal mix of debt and cash.
Dombey's summary of the GE Vernova Q3 2026 earnings call held Oct 28, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
