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GE Vernova (GEV) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · GE Vernova (GEV) Q3 2026 earnings results →

Q3 2026 Revenue up 27% year over year to $12.6B · 10¢ of every $1 of revenue kept as net profit · operating margin 11.0%

GE Vernova made $12.6B in Q3 2026 (+27% Y/Y): Equipment $8.3B, Services $4.3B. Operating margin 11.0%, net earnings $1.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$12.6B
Year over year+27%
Operating margin11.0%
Net earnings$1.3B
Operating cash flow$6.1B

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GE Vernova Q3 2026 revenue breakdown: Sankey diagram of revenue (Equipment, Services), costs, profit and cash flow
GE Vernova Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $12.6B in Q3 2026, up 27% year over year and up 14% from the previous quarter. Equipment was the largest line at 66% of revenue. Equipment added $2.5B year over year (up 42%), 92% of the total change.

Gross margin was 24.6%, up 5.5 points from Q3 2025. Operating profit was $1.4B, a 11.0% margin (up 7.4 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 4% margin then. Operating expenses grew 12% against revenue growth of 27%. The fastest-growing cost line was Research & development (+15%). Net earnings were $1.3B, up 186% year over year. The effective tax rate was 27.7%. Non-operating items added $0.39B, 22% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $6.1B (up 518% year over year), 470% of net earnings. Non-cash charges added back $0.44B of depreciation and amortization. Working capital and other items added $4.3B. Capital expenditures of $0.65B left free cash flow of $5.4B.

Quarterly history

GE Vernova revenue by quarterGE Vernova revenue by quarter$8.0BQ1 2025$9.1BQ2 2025$10.0BQ3 2025$11.0BQ4 2025$9.3BQ1 2026$11.1BQ2 2026$12.6BQ3 2026
GE Vernova net earnings by quarterGE Vernova net earnings by quarter$254MQ1 2025$514MQ2 2025$452MQ3 2025$3.7BQ4 2025$4.7BQ1 2026$668MQ2 2026$1.3BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$12.6B+27%11.0%$1.3B$6.1B
Q2 202610-QJul 22, 2026$11.1B+22%5.9%$668M$5.5B
Q1 202610-QApr 22, 2026$9.3B+16%1.9%$4.7B$5.2B
Q4 202510-KJan 29, 2026$11.0B+4%5.5%$3.7B$2.5B
Q3 202510-QOct 22, 2025$10.0B+12%3.7%$452M$980M
Q2 202510-QJul 23, 2025$9.1B+11%4.1%$514M$367M
Q1 202510-QApr 23, 2025$8.0B+11%0.5%$254M$1.2B

Charts

GE Vernova: revenue growth, year over year and quarter over quarterGE Vernova: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q1 2025+11%+13%Q2 2025+12%+9%Q3 2025+4%+10%Q4 2025+16%-15%Q1 2026+22%+19%Q2 2026+27%+14%Q3 2026
Latest (Q3 2026): Y/Y +27%, Q/Q +14%.
GE Vernova: where the cash came from (+) and went (−), TTM to Q3 2026GE Vernova: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$19.2BCash drawn (+) / kept (−)−$8.8BBuybacks−$6.4BOther investing−$3.8BCapital spending−$2.1BOther financing$1.6BAsset & business sales$814MDividends−$474MExchange rates−$35.0MNot reconciled$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
GE Vernova: profit against cash, quarter by quarterGE Vernova: profit against cash, quarter by quarterNet incomeOperating cash flow$484M$921MQ4 2024$264M$1.2BQ1 2025$492M$367MQ2 2025$453M$980MQ3 2025$3.7B$2.5BQ4 2025$4.8B$5.2BQ1 2026$649M$5.5BQ2 2026$1.3B$6.1BQ3 2026
Latest (Q3 2026): Net income $1.3B, Operating cash flow $6.1B.
GE Vernova: diluted shares by fiscal yearGE Vernova: diluted shares by fiscal year274MFY2022274MFY2023278MFY2024276MFY2025
+0.7% since FY2022: more shares outstanding (issuance, stock pay).
GE Vernova in its industry: growth against margin (5 companies, SIC 3600)GE Vernova in its industry: growth against margin (5 companies, SIC 3600)revenue growth, year over year →↑ operating marginmedian +16%median 16%GEEMROTISTRNRGEV (+27%, 11%)
Electronic & Other Electrical Equipment (No Computer Equip); dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Power grid & electrification money flowPower grid & electrification · Grid equipmentPower grid & electrification money flowPower grid & electrification · Generation equipment

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

Buys from

About GE Vernova

INTRODUCTION. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) 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

In its own words, from its 10-K, filed Jan 29, 2026.

GE Vernova against its Electronic & Other Electrical Equipment (No Computer Equip) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +27% against the peers' median +16%. Operating margin: 11.0% against the peers' median 15.8%.

CompanyQuarterRevenueY/YOp. margin
GEV GE VernovaQ3 2026$12.6B+27%11.0%
GE General ElectricQ3 2026$14.1B+16%16.8%
EMR Emerson ElectricQ3 FY26$4.9B+7%18.8%
OTIS Otis WorldwideQ3 2026$3.9B+6%15.8%
TRNR Interactive StrengthQ2 2026$6.6M+445%-50.7%

Source: GE Vernova 10-Q on SEC EDGAR · CIK 1996810 · Electronic & Other Electrical Equipment (No Computer Equip)

Guidance and outlook

GE Vernova Revenue: guidance against what was reportedGE Vernova Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$34.9BFY2026FY2028
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
GE Vernova: what its forward-looking statements are about (10-Q filed 2026-10-28)GE Vernova: what its forward-looking statements are about (10-Q filed 2026-10-28)Costs3Financing2Margins2Other2Buybacks & dividends1Demand1Backlog1
12 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
GE Vernova: outlook statements against the filing beforeGE Vernova: outlook statements against the filing beforeNew2Updated1Dropped1Confident2Cautious2

13F: who owns GEV and who is buying

Largest holders of GEV (13F)Largest holders of GEV (13F)BlackRock$25.6BVanguard Capital Management LLC$20.6BFMR LLC$19.0BVanguard Group$16.4BState Street$13.8BGeode Capital Management, LLC$7.4BMorgan Stanley$6.7BCapital World Investors$5.9BVanguard Portfolio Management LLC$5.5BFisher Asset Management, LLC$4.2B
Funds' net buying of GEV by quarter (13F)Funds' net buying of GEV by quarter (13F)$815M2024-09−$1.1B2024-12−$1.6B2025-03$245M2025-06−$3.9B2025-09−$688M2025-12−$2.0B2026-03$5.5B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GEV

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：GE Vernova（GEV）财报

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