GE Vernova's Gas Power Backlog and Reservations Reach 122 GW as Power Orders Jump 178%

GE Vernova said that its gas power equipment backlog and slot reservation agreements grew from 116 GW to 122 GW in the third quarter, and that it expects at least 130 GW by the end of 2026.¹ Power segment orders reached $21.8 billion, up 178% organically.²

Inside the Gas Numbers

Gas equipment backlog rose from 53 GW to 64 GW, while slot reservation agreements fell from 63 GW to 58 GW as 13 GW converted to orders. The company signed 11 GW of new gas equipment contracts, made up of 8 GW of slot reservation agreements and 3 GW of orders, and shipped 5 GW of equipment. Orders included 55 heavy-duty gas turbines, 21 of them HA units, along with 57 aeroderivative units.²

Power revenue was $6.1 billion, up 25%. Segment EBITDA was $1.3 billion, a 21.4% margin, up 800 basis points.²

Company Results and Guidance

Across the company, GE Vernova reported orders of $29 billion, up 96% organically, and revenue of $12.6 billion, up 27%. Adjusted EBITDA was $1.9 billion, a 15.4% margin, and free cash flow was $5.4 billion. Total backlog rose $20 billion sequentially to $197 billion.¹ "We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins," said CEO Scott Strazik.²

The company raised its 2026 guidance. It now expects revenue of $46.5 billion to $47.5 billion, up from $45.5 billion to $46.5 billion, and free cash flow of $16 billion to $17 billion, up from $11.5 billion to $12.5 billion. For Power, it lifted organic revenue growth guidance to 19% to 21% and segment EBITDA margin guidance to 19% to 21%.²

Trench Group Deal

GE Vernova also announced an agreement to acquire Trench Group from Triton Partners for $9.0 billion, based on a EUR/USD rate of 1.12, with funding expected to be split equally between cash and debt. Berlin-based Trench makes high-voltage bushings, instrument transformers and coils. It has more than 3,000 employees and 11 factories in 8 countries. The company expects about $5 billion in backlog and framework agreements. Trench would join the Electrification segment, and the deal is expected to close in late 2027, subject to regulatory approvals.³

What to Watch

Turbomachinery International reported in July that the backlog had reached 116 GW.⁴ Slot reservations are not firm orders, and 58 GW of the 122 GW total still sits in that category. The pace at which reservations convert to orders, and whether the company reaches 130 GW by year-end, will show how much of the demand is firming up.

References
1. GE Vernova Releases Third Quarter 2026 Financial Results & Announces Agreement to Acquire Trench Group. GE Vernova; Oct. 28, 2026. Accessed Oct. 28, 2026. https://www.gevernova.com/news/articles/ge-vernova-releases-third-quarter-2026-financial-results-announces-agreement-acquire
2. GE Vernova third quarter 2026 earnings press release (Form 8-K). U.S. Securities and Exchange Commission; Oct. 28, 2026. Accessed Oct. 28, 2026. https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000162/gevpressrelease3q26.htm
3. GE Vernova to Acquire Trench Group. GE Vernova; Oct. 28, 2026. Accessed Oct. 28, 2026. https://www.gevernova.com/news/press-releases/ge-vernova-acquire-trench-group
4. GE Vernova's Gas Turbine Backlog Hits 116 GW as Power Orders More Than Double. Turbomachinery International; July 23, 2026. https://www.turbomachinerymag.com/view/ge-vernova-gas-turbine-backlog-hits-116-gw-as-power-orders-more-than-double