GE Vernova orders hit $29B, up 96% organically, as it raises 2026 outlook and doubles buyback to $20B; GE HealthCare also lifts guidance
AI data-center power demand pushed GE Vernova's backlog to $197 billion, while GE HealthCare beat estimates and raised its full-year outlook the same morning.
Power-equipment maker GE Vernova (GEV) and medical-device maker GE HealthCare (GEHC) reported third-quarter results between about 6:20 and 6:30 a.m. ET on Wednesday. Both beat Wall Street estimates and raised their 2026 outlooks.
| Item | GE Vernova | GE HealthCare |
|---|---|---|
| Revenue | $12.64B (+27%, +18% organic) | $5.51B (+7.2%, +6.2% organic) |
| Adjusted EPS (est.) | $4.81 (about $4.00) | $1.34 (about $1.20) |
| Orders | $29B (+96% organic) | +4.0% organic, 1.03x book-to-bill |
| Backlog | $197B (+$20B q/q) | $23.7B |
| Free cash flow | $5.4B | $793M |
Guidance: GE Vernova now sees 2026 revenue of $46.5B to $47.5B, an adjusted EBITDA margin of 13.5% to 14.5% (was 12% to 14%) and free cash flow of $16B to $17B (was $11.5B to $12.5B), and it raised its buyback authorization to $20B from $10B. GE HealthCare lifted its adjusted EPS outlook to $4.95-$5.05 from $4.80-$5.00 and organic growth to about 4% from 3%-4%.
Market reaction: GE Vernova rose about 2.5% and GE HealthCare more than 4% in premarket trading after the releases.
Why it matters: GE Vernova’s gas-power equipment backlog and slot reservations rose to 122 GW from 116 GW, and the company expects at least 130 GW by year-end. That shows data-center power spending is still turning into hard equipment orders, a useful read-through ahead of Microsoft’s and Alphabet’s capital-spending plans after tonight’s close.
What to watch next: Both stocks at the open, management’s case on the call for backlog topping $200B in the fourth quarter, the Fed decision at 2 p.m. ET and Big Tech capex figures after the bell.
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