# GE Vernova Stock Q3 2026: Revenue Up 27% as Backlog Reaches $197bn
> GE Vernova stock Q3 2026: revenue up 27% to $12.64bn, $29.3bn orders, a $197bn backlog and 2026 free cash flow guidance raised to $16-17bn. GEV earnings.

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## Facts
- Ticker: GEV
- QSILabs fair value: $545.40 USD
- Price: $862.25 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-28) and Form 10-Q filed 2026-10-28; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/ge-vernova-stock-q3-2026-earnings-backlog-gas-power/

## Short answer
GE Vernova stock Q3 2026 rests on a quarter in which the maker of gas turbines, grid equipment and wind turbines grew revenue at its fastest year-on-year rate of the past five quarters. Revenue for the three months to 30 September 2026 rose 27% to $12.64bn, with 18% organic growth, orders reached $29.3bn and backlog climbed $20bn in the quarter to $197bn. Adjusted EBITDA margin nearly doubled to 15.4%, and GE Vernova raised its 2026 guidance for revenue, margin and free cash flow. Our discounted cash flow model values GEV at $545.40 a share, against an $862.25 close on 2 November 2026. The business is executing well; the price assumes growth or margins beyond the consensus path that our model already follows to 2030.

## Key takeaways
- Revenue up 27%. Q3 2026 revenue was $12,642m, up from $9,969m a year earlier. Organic growth was 18%, and Prolec GE, the transformer maker GE Vernova took full control of in February, added $945m.
- Orders doubled. Orders were $29.3bn, up 96% organically, led by $21.8bn at Power. Backlog, measured as remaining performance obligation, reached $196.7bn, 45% more than a year earlier.
- Margins widened. GAAP operating income rose to $1,394m from $366m, an 11.0% margin. Adjusted EBITDA was $1,943m, a 15.4% margin against 8.1%, as Power began shipping gas turbines from a higher-priced backlog.
- Guidance raised. GE Vernova now expects 2026 revenue of $46.5bn to $47.5bn, an adjusted EBITDA margin of 13.5% to 14.5% and free cash flow of $16bn to $17bn, up from $11.5bn to $12.5bn.
- Cash is piling up. Free cash flow was $5.4bn in the quarter and $15.3bn in nine months, much of it customer down payments. Cash reached $16.8bn against $2.8bn of debt, and the buyback authorisation was doubled to $20bn.
- Our value: $545.40 a share, about 37% below the $862.25 close on 2 November 2026. A two-stage cross-check gives $557.78; analysts' average target is $1,189.
- What to watch. Whether backlog passes $200bn in the fourth quarter as management expects, how fast Power margins rise as higher-priced turbines ship, the Trench Group acquisition, and the date of a capital markets day with a 2030 outlook, due to be set on the January call.

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