GE Vernova filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $44.0 billion, which rose 16.9% on the year before. That growth rate was up 3.9 percentage points on the rate a quarter earlier.

The main points

Net income rose 508.5% over the year while free cash flow rose 592.1%: reported profit and cash are moving at different speeds.

Profitability

Reported cash is holding up better than reported profit. The trailing gross margin was 21.7%. The trailing operating margin was 6.4%, up 2.8 percentage points from a year earlier. Meanwhile, the trailing net margin was 23.5%. Net income over the twelve months was $10.4 billion, which rose 508.5% on the year before.

Cash flow

Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months was $19.2 billion, up 460.4% on the year before. Capital spending was $2.1 billion, or 4.8% of revenue. Free cash flow, operating cash flow less capital spending, was $17.1 billion, up 592.1% on the year before. Free cash flow was 38.9% of revenue (the free-cash-flow margin), up 32.3 percentage points from a year earlier.

Shares outstanding

Growth is coming with wider margins, so profit is rising faster than sales. The average diluted share count fell 2.8% over the year.

In context

Measured against its own history: today’s free-cash-flow margin of 38.9% is above every one of the company’s own past quarterly readings, which have ranged from 1.3% to 30.1%. Today’s operating margin of 6.4% is above every past reading (−2.8% to 4.3%).

Guidance

The company raised its 2026 guidance for revenue to a range of $45.5 billion to $46.5 billion, for free cash flow (adjusted) to a range of $11.5 billion to $12.5 billion, and for organic revenue growth (adjusted) for Power to a range of 18% to 20%. The company kept its 2026 guidance for adjusted EBITDA margin at 12% to 14%.

What it means for our valuation

These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 23.6%, and 5 percentage points higher would raise it by 30.3%. A free-cash-flow margin 1 percentage point lower would lower it by 2.5%.

Next to watch

The next filing will show whether the trends above continue, slow or reverse.