GE Vernova stock: Q3 beat lifts outlook, Trench deal expands grid reach

GE Vernova's third-quarter report on October 28, 2026, added a clear operating improvement and a major strategic transaction to the investment case. In its October 28 financial release, the company reported revenue of USD 12.6 billion for the quarter ended September 30, up 27% year over year. Net income was USD 1.3 billion, while adjusted EBITDA reached USD 1.9 billion with a 15.4% margin.

Orders and guidance move higher

Orders reached USD 29 billion, up 96% organically, and remaining performance obligations expanded to USD 197 billion. Gas Power equipment backlog and slot reservations rose from 116 to 122 gigawatts, with management now expecting at least 130 gigawatts under contract by year-end.

GE Vernova raised its 2026 revenue outlook to USD 46.5 billion to USD 47.5 billion from USD 45.5 billion to USD 46.5 billion. The adjusted EBITDA margin range moved to 13.5% to 14.5% from 12% to 14%, while free cash flow guidance increased to USD 16 billion to USD 17 billion from USD 11.5 billion to USD 12.5 billion.

Trench adds a strategic grid angle

The company also agreed to acquire Trench Group for USD 9.0 billion. The high-voltage grid equipment specialist is expected to bring approximately USD 5 billion in backlog and framework agreements. Closing is expected in late 2027, subject to customary regulatory approvals, and GE Vernova said the price represents 13 times Trench's projected 2028 adjusted EBITDA before synergies.

The board also doubled the share repurchase authorization to USD 20 billion from USD 10 billion. The acquisition and buyback increase capital-allocation flexibility, but the transaction's benefits remain dependent on financing, approval and integration execution.

What changed since the last report

The latest own report, published October 27, focused on a scheduled earnings date and a Côte d'Ivoire power-plant order. The new release supplies actual third-quarter results, higher full-year targets and the Trench agreement. Separately, the current Lang & Schwarz quote was EUR 808.00 at 17:34:31 Berlin time on October 29, compared with EUR 770.90 in that earlier report, an increase of 4.81%.

For the daily reference, the October 28 Xetra close was EUR 793.60. The current quote therefore stood 1.81% above that prior-session close; this is separate from the movement since the October 27 report.

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