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GE Vernova
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Latest analysis
Updated Oct 28, 2026
GE Vernova announces $9B Trench Group acquisition and raises FY2026 guidance to $46.5B-$47.5B revenue as backlog surges to ~$200B
GE Vernova's Q3 2026 results mark a decisive inflection: Power margins reached 21.4% in the seasonally weakest quarter as the first wave of better-priced equipment shipments hit the P&L, and free cash flow of $5.4 billion in a single quarter drove the cash balance to $17 billion. The $9 billion acquisition of Trench Group — priced at 13x 2028 EBITDA before synergies — vertically integrates critical high-voltage components (bushings, instrument transformers, coils) into the Electrification segment, directly addressing supply chain constraints on a backlog that has grown from $7 billion to $46 billion since 2022. Full-year 2026 guidance was raised across all three metrics: revenue to $46.5B-$47.5B, adjusted EBITDA margin to 13.5%-14.5%, and free cash flow to $16B-$17B.
Tone: bullishRevenue
$38.1B
GEV 10-K · FY 2025
Employees
75,000
Revenue FY2024
$34.9B
Headquarters
Cambridge, MA
Profile
GEV 10-K Item 1 · Jan 29, 2026GE Vernova is a global electric power technology company whose installed base generates approximately 25% of the world's electricity. The company designs, manufactures, and services equipment for power generation, grid transmission, and energy storage across three segments: Power, Wind, and Electrification. It was spun off from General Electric Company on April 2, 2024 and is now an independent, Delaware-incorporated public company.
Read filing description ↓ Collapse description ↑
GE Vernova Inc. is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers' needs. The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our customers' energy and sustainability goals. Our installed base generates approximately 25% of the world's electricity. We build, modernize, and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand. GE Vernova Inc. is a Delaware corporation with corporate headquarters in Cambridge, Massachusetts. On April 2, 2024, General Electric Company (GE), which now operates as GE Aerospace, completed the previously announced spin-off of GE Vernova.
Primary products
- Heavy-Duty Gas Turbines
- Aeroderivative Gas Turbines
- Steam Turbines
- Nuclear Power Reactors
- Small Modular Reactors (SMR)
- Hydropower Generation Solutions
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe GE Vernova's businesses' ability to supply the electric power industry with a broad array of advanced technologies for an intelligent, sustainable power system that help customers accelerate the energy transition is a key differentiator among various competitors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased $3.1 billion, or 9%, in 2025 versus 2024, driven by growth in Electrification and Power equipment and services, partially offset by declines in Offshore Wind.
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