GE Vernova reported third quarter revenue of $12.6B, exceeding analyst expectations of $11.99B, as strength in its power and electrification segments drove growth. The energy equipment maker saw its organic orders surge 96% to $29.3B, prompting the firm to double its share buyback authorization to $20B and raise its full-year revenue guidance to a range of $46.5B to $47.5B. The company also announced it will acquire the Trench Group for $9B, with the deal expected to close in late 2027.
The growth is primarily attributed to the build-out of AI data centers, which now account for about 20% of the company’s gas turbine order book. This demand has pushed the gas turbine backlog and reservations to 122 GW and led GE Vernova to forecast its total backlog will exceed $200B in the fourth quarter. Along with higher revenue targets, the firm raised its forecast for 2026 free cash flow to between $16B and $17B.