GE Vernova Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
GEV$774.11+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-22.
0001996810-26-000148
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001996810-26-000163
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 435 previous paragraphs and 452 current paragraphs.
186 unchanged; 154 reworded; 106 added; 81 removed; 14 previous and 6 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (106)
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Trench Group. On October 25, 2026, GE Vernova entered into an agreement with Triton Partners to purchase the Trench Group for
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approximately 8.0 billion Euros. Trench Group is a global developer, manufacturer, and supplier of specialized high- and medium-voltage
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electrical components, including bushings, instrument transformers, and coils, with more than 3,000 employees across eleven
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manufacturing sites. We currently expect to fund the acquisition equally between cash and debt. The acquisition is expected to close in late
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2027, subject to the completion of customary regulatory approvals. See Part II, Item 5. Other Information for further information.
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Vineyard Wind project and have commissioned substantially all wind turbines with the remainder expectedto be completed in early 2027.
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contractual implications.
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2026 3Q FORM 10-Q 26
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(used for) operating activities were$16.7 billion and$2.5 billion for thenine months ended September 30, 2026 and 2025, respectively.
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As of September 30, 2026, RPOincreased$46.5 billion (31%) from December 31, 2025, primarily at Power, due to increases at Gas
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Power equipment and services, and increases at Nuclear Power services, partially offset by decreases at Hydro Power equipment; andat
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Electrification, due to the acquisition of Prolec GE of $5.0 billion and demand for switchgear and transformers at Power Transmission, and
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demand for alternating current substation solutions, partially offset by decreases in high-voltage direct current solutions at Grid Systems
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alternating current substation solutions, flexible alternating current transmission systems, and high-voltage direct current solutions at Grid
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2026 3Q FORM 10-Q 27
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andincreased volume in alternating current substation solutions and high-voltage direct current solutions at Grid Systems Integration; and
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Power; partially offset at Electrification.
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billion (6%). Organic revenues* increased at Power, Electrification, and Wind.
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Aeroderivative and Heavy-Duty Gas Turbine deliveries and favorable pricing; partially offset at Wind, primarily at Onshore Wind due to
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increased at Wind, due to increases at Onshore Wind from higher transactional volume; andat Power, due to increases at Nuclear Power
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from higher volume and favorable pricing; partially offsetat Electrification.
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increase in segment results at Power of$0.6 billion, primarily at Gas Power due to favorable pricing and higher volume, partially offset by
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productivity, and favorable price, and at Grid Systems Integration due to higher volume and productivity; and at Wind of$0.1 billion,
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primarily at Offshore Wind due to lower project costs and at Onshore Wind due to the impact of tariff recoveries and Onshore Wind services
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due to higher transactional volume, partially offset by Onshore Wind equipment due to lower volume; partially offset by an increase in
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expenditures.
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at Electrification of$1.0 billion, primarily at Power Transmission due to the acquisition of Prolec GE, higher volume, productivity, and
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Onshore Wind due to lower equipment deliveries, partially offset by lower costs and higher transactional volume at Onshore Wind services,
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and the impact of tariff recoveries at Onshore Wind; and an increase indepreciation and amortization expense across all segments of $0.6
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billion due to the acquisition of Prolec GE and additional capital expenditures.
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Adjusted EBITDA* and Adjusted EBITDA margin* were$4.1 billion and 12.4%, respectively, for thenine months ended September 30,
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partially offset at Wind.
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2026 3Q FORM 10-Q 28
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equipment and services, and increases at Nuclear Power services, partially offset by decreases at Hydro Power equipment. RPOincreased
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$46.6 billion (55%) from September 30, 2025, primarily at Gas Power due to increases in equipment and services, and increases at
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Nuclear Power services and equipment.
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2026 3Q FORM 10-Q 29
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billion (99%).
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Duty Gas Turbine deliveries and favorable pricing.
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Segment EBITDA increased $0.7 billion organically*, primarily at Gas Power due to favorable pricing and higher volume, partially offset by
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on our existing backlog. On December 22, 2025, the United States Department of Interior announced that it was pausing the leases for all
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large-scale offshore wind projects under construction in the United States, which had a direct impact on the Vineyard Wind project
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all remaining wind turbines at the Vineyard Wind project and now have moved on to the remaining commissioning activities. As we work
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2026 2Q FORM 10-Q 26
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activities were$10.7 billion and$1.5 billion for thesix months ended June 30, 2026 and 2025, respectively.
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As of June 30, 2026, RPOincreased$26.0 billion (17%) from December 31, 2025, primarily at Power, due to increases at Gas Power from
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Heavy-Duty Gas Turbine and Aeroderivative equipment and transactional services, and increases at Nuclear Power services; andat
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billion (37%) from June 30, 2025, primarily at Power, due to increases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative
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revenues increased at Power, due to increases at Nuclear Power and Gas Power from higher volume and favorable pricing; at Wind, due to
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2026 2Q FORM 10-Q 27
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installations. Services revenues increased at Power, due to increases at Gas Power and Nuclear Power from higher parts volume and
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deliveries and at Offshore Wind due to higher project costs, partially offset by lower costs at Onshore Wind services; and an increase in
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at Wind.
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segment results at Electrification of$0.7 billion, primarily due to volume, productivity, and favorable price at Power Transmission and Grid
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partially offset by a decreaseat Wind of$(0.3) billion, primarily at Onshore Wind due to lower equipment deliveries and the impact of tariffs,
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and at Offshore Wind due to higher contract losses, partially offset by lower costs at Onshore Wind services; and an increase in
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provision for income taxes of$0.4 billion.
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Adjusted EBITDA* and Adjusted EBITDA margin* were$2.1 billion and 10.5%, respectively, for thesix months ended June 30, 2026, an
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at Wind.
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2026 2Q FORM 10-Q 28
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Gas Turbine and Aeroderivative equipment and transactional services, and increases at Nuclear Power services. RPOincreased $32.4
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billion (41%) from June 30, 2025, primarily at Gas Power due to increases in Heavy-Duty Gas Turbine and Aeroderivative equipment and
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contractual services, and increases at Nuclear Power services and equipment, partially offset by Hydro Power equipment.
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2026 2Q FORM 10-Q 29
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For the three months ended June 30, 2026, segment revenues wereup $0.7 billion (14%) and segment EBITDA wasup $0.2 billion
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Segment EBITDA increased $0.3 billion (37%) organically*, primarily at Gas Power due to higher volume and favorable pricing, partially
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offset by the impact ofinflation.
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Segment revenues increased $1.1 billion (12%) organically*, primarily at Gas Power equipment due to higher Heavy-Duty Gas Turbine and
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Aeroderivative deliveries and favorable pricing, and increases at Gas Power and Nuclear Power services due to higher parts volume and
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favorable pricing.
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Integration. RPOincreased $17.4 billion (64%) from June 30, 2025, primarily due to the acquisition of Prolec GE and demand for
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For the three months ended June 30, 2026, segment revenues wereup $1.5 billion (68%) and segment EBITDA wasup $0.4 billion.
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Segment revenues increased $0.6 billion (29%) organically*, primarily at Power Transmission due to increased volume in switchgear and
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current solutions.
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2026 2Q FORM 10-Q 30
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Segment EBITDA increased $0.3 billion organically*, primarily due to volume, productivity, and favorable price at Power Transmission and
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Power Conversion & Storage.
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For thesix months ended June 30, 2026, segment revenues wereup $2.6 billion (65%) and segment EBITDA wasup $0.7 billion.
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Segment revenues increased $1.1 billion (29%) organically*, primarily at Power Transmission due to increased volume in switchgear and
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current solutions.
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the three andsix months ended June 30, 2026 and 2025. The below discussion should be read alongside Item 7. "Management’s
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the three andnine months ended September 30, 2026 and 2025. The below discussion should be read alongside Item 7. "Management’s
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venture with Xignux, in exchange for cash consideration of approximately $5.3 billion. Prolec GE is an electric industry leader in North
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venture with Xignux. We paid cash consideration of $5.2 billion for this acquisition. Prolec GE is an electric industry leader in North
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completion timeline. On January 27, that pause was lifted and during the first quarter of 2026, we successfully completed the installation of
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on our existing backlog. During the first quarter of 2026, we successfully completed the installation of all remaining wind turbines at the
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through the final stages of the project, we are working with our customer to resolve outstanding claims and counterclaims.
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In the third quarter of 2026, we reached commercial resolution with our customer to resolve outstanding claims and counterclaims.
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future tariffs will result, in additional costs to us. The current total estimated cost impact from the global tariffs as outlined is approximately
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future tariffs will result, in additional costs to us. The total estimated cost impact from the global tariffs as outlined isunder $100 million in
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$100 million to $200 million in 2026, after taking into consideration contractual protections and mitigating actions, including pursuing the
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2026, after taking into consideration contractual protections and mitigating actions, including pursuing the recovery of certain tariffs. The
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recovery of certain tariffs. The actual impacts of tariffs may be significantly different than our current estimate. Our estimate is subject to
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actual impacts of tariffs may be significantly different than our current estimate. Our estimate is subject to several factors including the
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several factors including the amount, duration, andscope and nature of the tariffs, countermeasures that countries take, mitigating or other
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amount, duration, and scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and
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Summary of Results. RPO was$176.3 billion and$128.7 billion as of June 30, 2026 and 2025, respectively. For thethree months ended
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Summary of Results. RPO was$196.7 billion and$135.3 billion as of September 30, 2026 and 2025, respectively. For thethree months
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June 30, 2026, total revenues were$11.1 billion, anincrease of$2.0 billion for the quarter. Net income (loss) was$0.6 billion, anincrease
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ended September 30, 2026, total revenues were$12.6 billion, anincrease of$2.7 billion for the quarter. Net income (loss) was$1.3 billion,
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of$0.2 billion in net income for the quarter, and net income (loss) margin was 5.8%. Diluted earnings (loss) per share was$2.47 for the
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anincrease of$0.8 billion in net income for the quarter, and net income (loss) margin was 10.2%. Diluted earnings (loss) per share was
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three months ended June 30, 2026, anincrease in diluted earnings per share of$0.61 for the quarter. Cash flows from (used for) operating
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$4.81 for thethree months ended September 30, 2026, an increase in diluted earnings per share of$3.17 for the quarter. Cash flows from
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For thethree months ended June 30, 2026, Adjusted EBITDA* was$1.2 billion, anincrease of$0.5 billion. Free cash flow* was$9.9 billion
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For thethree months ended September 30, 2026, Adjusted EBITDA* was$1.9 billion, anincrease of$1.1 billion. Free cash flow* was$15.3
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alternating current substation solutions at Grid Systems Integration; partially offset at Wind, due to a decrease at Offshore Wind as we
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Integration; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts and at Onshore Wind
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and at Onshore Wind due to a decrease in orders primarily in North America.
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due to a decrease in orders primarily in North America. RPOincreased$61.5 billion (45%) from September 30, 2025, primarily at Power,
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equipment and contractual services, and increases at Nuclear Power services and equipment, partially offset by Hydro Power equipment;
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due to increases at Gas Power equipment and services, and increases at Nuclear Power services and equipment; and at Electrification,
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and at Electrification, due tothe acquisition of Prolec GE and demand for switchgear and transformers at Power Transmission, demand for
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due tothe acquisition of Prolec GE of $5.0 billion and demand for switchgear and transformers at Power Transmission, demand for
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at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts
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Systems Integration, and synchronous condensers at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore
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continue to execute on our contracts and at Onshore Wind due to a decrease in orders primarily in North America. RPOincreased$47.6
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Wind as we continue to execute on our contracts and at Onshore Wind due to a decrease in orders primarily in North America.
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For the three months ended June 30, 2026, total revenues increased$2.0 billion (22%). Equipment revenues increased at Electrification,
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For the three months ended September 30, 2026, total revenues increased$2.7 billion (27%). Equipment revenues increased at
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primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission, and at Grid
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Electrification, primarily due to the acquisition of Prolec GE and increased volume in switchgear and transformers at Power Transmission,
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Power, due toincreases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative deliveries and favorable pricing; partially offset at
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at Power, due toincreases at Gas Power from higher Aeroderivative and Heavy-Duty Gas Turbine deliveries and favorable pricing; partially
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Wind, primarily at Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and
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offset at Wind, primarily at Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and
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favorable pricing; at Wind, due to an increase at Onshore Wind from higher transactional volume; and at Electrification.
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lower project updates. Services revenues increased at Wind, due to an increase at Onshore Wind from higher transactional volume; and at
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increased$1.1 billion (12%), organic equipment revenuesincreased $0.7 billion (14%) and organic services revenuesincreased $0.4
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increased$1.8 billion (18%), organic equipment revenuesincreased $1.5 billion (26%) and organic services revenuesincreased $0.2
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For the six months ended June 30, 2026, total revenues increased$3.3 billion (19%). Equipment revenues increased at Electrification,
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For the nine months ended September 30, 2026, total revenues increased$6.0 billion (22%). Equipment revenues increased at
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primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission, and at Grid
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Electrification, primarily due to the acquisition of Prolec GE and increased volume in switchgear and transformers at Power Transmission,
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Power Conversion & Storage; and at Power of$0.2 billion, primarily at Gas Power due to higher volume and favorable pricing, partially
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increased volume in power stability at Power Conversion & Storage; and at Power, due toincreases at Gas Power from higher
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Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and installations. Services
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lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and lower project updates. Services revenues
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increased$1.7 billion (10%), organic equipment revenuesincreased $1.1 billion (12%) and organic services revenuesincreased $0.6
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increased$3.4 billion (13%), organic equipment revenuesincreased $2.6 billion (18%) and organic services revenuesincreased $0.8
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billion (7%). Organic revenues* increased at Electrification and Power, partially offset at Wind.
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billion (7%). Organic revenues* increased at Power and Electrification, partially offset at Wind.
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For the three months ended June 30, 2026, operating income (loss) was$0.7 billion, a$0.3 billion increase, primarily due to: an increase
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For the three months ended September 30, 2026, operating income (loss) was$1.4 billion, a$1.0 billion increase, primarily due to: an
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in segment results at Electrification of$0.4 billion, primarily due to volume, productivity, and favorable price at Power Transmission and
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the impact of inflation; at Electrification of$0.4 billion, primarily at Power Transmission due to the acquisition of Prolec GE, higher volume,
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depreciation and amortization expense across all segments of $0.2 billion.
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depreciation and amortization expense across all segments of $0.2 billion due to the acquisition of Prolec GE and additional capital
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Net income (loss) and Net income (loss) margin were$0.6 billion and 5.8%, respectively, forthe three months ended June 30, 2026, an
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Net income (loss) and Net income (loss) margin were$1.3 billion and 10.2%, respectively, forthe three months ended September 30, 2026,
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increase of$0.2 billion and 0.4%, respectively, for the quarter, primarily due to an increase in operating income (loss) of$0.3 billion,
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anincrease of$0.8 billion and 5.7%, respectively, for the quarter, primarily due to anincrease in operating income (loss) of$1.0 billion,
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partially offset by an increase in provision for income taxes of$0.1 billion.
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partially offset by an increase in provision for income taxes of$0.2 billion.
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Adjusted EBITDA* and Adjusted EBITDA margin* were$1.2 billion and 11.3%, respectively, for thethree months ended June 30, 2026, an
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Adjusted EBITDA* and Adjusted EBITDA margin* were$1.9 billion and 15.4%, respectively, for thethree months ended September 30,
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increase of$0.5 billion and 2.8%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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2026, anincrease of$1.1 billion and 7.3%, respectively, primarily driven by increases in segment results at Power, Electrification, and
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For the six months ended June 30, 2026, operating income (loss) was$0.8 billion, a$0.4 billion increase, primarily due to: an increase in
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For the nine months ended September 30, 2026, operating income (loss) was$2.2 billion, a$1.4 billion increase, primarily due to: an
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billion and$1.9 billion for thenine months ended September 30, 2026 and 2025, respectively.
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increased volume in alternating current substation solutions and high-voltage direct current solutions at Grid Systems Integration, and
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partially offset by an income tax benefit from stock-based compensation.
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Electrification, partially offset by higher net revenue recognition at Wind; accounts payable and equipment project payables of $0.6 billion,
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See Note 24 in the Notes to the consolidated financial statements for further information.
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See Note 24 in the Notes to the consolidated financial statements for further information.
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actions we take, and contractual implications.
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and$1.2 billion for thesix months ended June 30, 2026 and 2025, respectively.
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alternating current substation solutions and high-voltage direct current solutions at Grid Systems Integration, and synchronous condensers
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Power, due toincreases at Gas Power from higher Aeroderivative deliveries and favorable pricing; partially offset at Wind, primarily at
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an increase at Onshore Wind from higher transactional volume; and at Electrification.
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billion (10%). Organic revenues* increased at Power and Electrification, partially offset at Wind.
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Systems Integration due to increased volume in alternating current substation solutions and high-voltage direct current solutions; and at
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depreciation and amortization expense across all segments of $0.4 billion.
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for switchgear and transformers at Power Transmission, and demand for alternating current substation solutions at Grid Systems
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switchgear and transformers at Power Transmission, demand for alternating current substation solutions andhigh-voltage direct current
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transformers, and at Grid Systems Integration due to increased volume in alternating current substation solutions and high-voltage direct
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by increases at Onshore Wind services due to increased transactional volume and Offshore Wind due to higher deliveries and installations.
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offset by an income tax benefit from stock-based compensation.
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billion, primarily due to an increase in realized gains related to the sale of our remaining interest in China XD Electric Co., Ltd. and a higher