Manufacturing
- 01GE Vernova reported Q3 2026 orders of $29.3 billion, a 96% increase year over year, with a backlog totaling $197 billion.
- 02Electrification orders from data center customers exceeded $6 billion in 2026, with a 60% increase in orders for the first three quarters.
- 03GE Vernova signed 52 GW of new gas turbine agreements in 2026, expecting total contracts to reach at least 130 GW by year-end.
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- 04Gas turbine pricing has increased by over 20% compared to Q4 2025 levels, with full-year 2026 pricing expected to be 50% higher than 2025.
- 05The company raised its full-year revenue guidance to between $46.5 billion and $47.5 billion, and increased its share buyback authorization from $10 billion to $20 billion.
GE Vernova
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GE Vernova reported Q3 2026 orders of $29.3 billion on October 28, 2026, up 96% year over year, with a book-to-bill ratio above two. Total backlog reached $197 billion, including $104 billion in equipment backlog, up 92%, and $93 billion in services backlog, up 14%.
Data centers are a growing share of that demand. CEO Scott Strazik said GE Vernova has approximately 100 gas power customers across 25 countries, and that roughly 20% of them are data center customers.
"Data centers require large electricity loads, driving the increasing need for more efficient high-voltage equipment," Strazik said.
Data Centers and the Electrification Business
CFO Ken Parks said electrification orders from data center customers have exceeded $6 billion so far in 2026, including about $1.4 billion in the third quarter.
Electrification orders for the first three quarters of the year are up about 60%, and Strazik said the segment's equipment backlog growth is being driven by both traditional utility customers and data centers.
The company is also beginning to sell newer products directly to hyperscalers. Strazik said GE Vernova signed its first medium-voltage UPS order with a hyperscaler during the quarter, and received a hyperscaler award for a 6 MW outdoor solid-state transformer, with contracting expected to advance in Q4.
GE Vernova announced a $9 billion acquisition of Trench, a maker of high-voltage grid components, which it expects to close in late 2027.
Trench "has secured multiple agreements with hyperscalers in the past two years," Strazik said, and serves utilities, grid operators, and a growing number of hyperscalers.
Parks said Trench saw significant growth in its hyperscaler business in 2026, and expects about $1.4 billion in revenue this year, approaching $2 billion in 2028.
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Strazik said electrification on its own will not meet rising power demand. "It's a contributor, but it's not going to replace the need for more power generation," he said.
Gas Turbines and Pricing
On the power generation side, GE Vernova has signed 52 GW of new gas turbine agreements so far this year, and Strazik said he expects at least 130 GW under contract by the end of 2026, up from 83 GW at the start of the year.
In Q3, the company shipped 5 GW and signed 11 GW of orders and slot reservation agreements, bringing total capacity under contract to 122 GW.
Pricing has risen alongside demand. Strazik said Q3 gas equipment orders were priced more than 20% above Q4 2025 levels, and that full-year 2026 gas pricing per kilowatt is expected to be about 50% above 2025.
He said aeroderivative orders are likely to be lighter in Q4 because the company is sold out years ahead, and that customer financing has not been a constraint.
Internal AI and the Quarter
Strazik said GE Vernova is also investing in AI internally. "We have investments in automation and AI with strong use cases that will expand margins over the medium term," he said.
Those investments were a net expense in Q3, and Parks said full-year corporate costs of $450 million to $500 million reflect continued spending on AI, robotics, and automation.
GE Vernova reported Q3 revenue up 18% year over year, adjusted EBITDA of $1.9 billion, up 123%, and free cash flow of $5.4 billion, including a $5.3 billion working capital benefit. The Power segment's EBITDA margin was 21.4%, and Electrification's margin was 19.1%.
The company raised its full-year guidance, now expecting revenue of $46.5 billion to $47.5 billion and free cash flow of $16 billion to $17 billion, and increased its share buyback authorization from $10 billion to $20 billion.
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