GE Vernova reported third-quarter orders of $29.3B, up 96% organically, with backlog rising to $197B, and raised its 2026 guidance. Third-quarter gas turbine orders were priced more than 20% above fourth-quarter 2025 orders, lifting Power's EBITDA margin to 21.4%, and management expects at least 130 gigawatts under contract by year-end, up from 83 gigawatts at the start of the year. Free cash flow guidance rose to $16B-$17B from $11.5B-$12.5B, and the buyback authorization doubled to $20B. On the other side, Electrification orders fell 9% organically, Wind is guided to an EBITDA loss of $400-$500M, and the $9 billion Trench Group deal requires roughly $4.5 billion of new debt. The stock fell 1.83% on the day and 7.43% over the past month, and the average analyst target of $1,223.97 across 37 analysts implies about 39.3% upside.
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GE Vernova shares fell on Wednesday despite the gas turbine maker beating expectations and raising its full-year outlook. Third-quarter revenue rose about 27% to $12.64 billion, above the $11.99 billion LSEG estimate, while EPS jumped 193% to $4.81 versus a consensus of $3.94. The company also agreed to buy Trench Group, a privately held maker of electric-grid equipment. The sell-off appears linked to guidance that fourth-quarter gas turbine pricing per kilowatt will be below third-quarter levels and to uneven quarterly growth in Gas Power in 2027, even as backlog rose from 116 GW to 122 GW and management expects 130 GW by year-end. The author argues the decline is too critical and does not reflect the company's underlying business strength.
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GE Vernova shares fell more than 2% Wednesday morning, though they pulled back from intraday lows and are still up 34% this year. Despite strong third-quarter results, with diluted earnings of $4.81 and revenue growth, the company reported weakness in new orders, which weighed on the stock.
- GE Vernova Falls 6% Despite Beat, Raise and $9B Trench Deal; Vertiv Holdings Soars 13%, Eaton and Quanta Services Tick Up
GE Vernova reported third-quarter 2026 revenue of $12.64 billion, up 27% from a year earlier, and adjusted EPS of $4.81, both above Wall Street estimates. Orders reached $29.3 billion, up 96% organically, and backlog hit a record $197 billion, prompting the company to raise its 2026 free cash flow guidance to $16 billion to $17 billion and its revenue range to $46.5 billion to $47.5 billion. It also agreed to acquire Trench Group for $9 billion, which is projected to generate $1.9 billion in 2028 revenue, with closing not expected until late 2027. Despite the beat, GE Vernova shares fell 6% in the early session after rising 30% year to date, while Vertiv jumped 13% following its own beat and raised outlook. A more cautious reading holds that expectations were already high and the deal offers a distant payoff alongside added debt.
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GE Vernova will report third-quarter results on October 28, and CEO Scott Strazik expects its backlog, $176 billion at the end of the second quarter, to reach $200 billion very early in 2027 on strong Q3 orders. The article stresses gigawatts in the gas power backlog, especially from H-class (HA) turbines, which generate significant long-term services revenue: 130 HA machines are running and 195 are on contract. If the company has at least 400 machines running or contracted by the end of next year, that adds about 200 GW, or roughly $100 billion in services revenue at $500 million per GW over 20 years. Gas equipment contracts were 21 GW in Q1 and 20 GW in Q2, while July guidance called for 20 GW in the second half, which Strazik said now looks conservative. The author suggests investors watch for second-half guidance of 20–40 GW, and says results nearer the higher end, driven by HA orders, could send the stock sharply higher.
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GE Vernova's wind power equipment revenue fell 11% year over year to $2 billion in Q2, and wind turbine orders dropped 40%. Gas turbine revenue rose 14% to $5.5 billion, while orders soared 135% to $16.7 billion. Combined orders for gas turbines and the electrification business (transformers and switchgear) reached a record $24.2 billion in Q2. The main constraint is production capacity, which the company is working to address. The article argues gas turbine growth more than offsets the wind decline, and CEO Scott Strazik said only 20% of the power division's backlog comes from data center customers, with the rest from conventional customers such as utilities.
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