𝐆𝐄 𝐕𝐞𝐫𝐧𝐨𝐯𝐚: 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐎𝐫𝐝𝐞𝐫𝐬 𝐒𝐮𝐫𝐠𝐞 𝟗𝟔%, 𝐑𝐚𝐢𝐬𝐞𝐬 𝐅𝐘𝟐𝟎𝟐𝟔 𝐆𝐮𝐢𝐝𝐚

$GEV (-1,15 %)

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• GAAP EPS: $4.81 (Normalized Est. $4.00, not directly comparable).

• Revenue: $12.64B (Est. $12.00B) ✅, +27% YoY.

• Organic Revenue Growth: +18% YoY.

• Orders: $29.3B, +96% organically YoY.

• Backlog: $197B, +$20B QoQ.

• Adj. EBITDA: $1.94B (vs. $811M YoY).

• Adj. EBITDA Margin: 15.4%, +730 bps YoY.

• Operating Cash Flow: $6.06B.

• Free Cash Flow: $5.41B (vs. $732M YoY).

• Cash Balance: $16.8B.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Revenue: $46.5B–$47.5B, midpoint $47.0B (Est. $46.32B) ✅, raised.

• FY2026 Adj. EBITDA Margin: 13.5%–14.5%, raised from 12%–14%.

• FY2026 Free Cash Flow: $16B–$17B, raised from $11.5B–$12.5B.

• FY2026 Power Organic Revenue Growth: 19%–21%, raised.

• FY2026 Power EBITDA Margin: 19%–21%, raised.

• Gas Power Equipment Commitments: ≥130 GW by year-end 2026.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 revenue beat consensus by ~5.4%, driven by Power and Electrification.

• Power orders surged 178% to $21.8B, with revenue up 25% to $6.1B.

• Electrification revenue increased 51% to $3.9B, with equipment backlog reaching $42.2B.

• Gas turbine backlog and slot reservations reached 122 GW, up from 116 GW.

• Power EBITDA margin expanded 800 bps to 21.4%.

• FY2026 free cash flow guidance midpoint increased by $4.5B to $16.5B.

• Share repurchase authorization doubled to $20B, with $10.1B remaining.

• Management expects total backlog to exceed $200B in Q4.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world.”