New York, January 29, 2026, 11:00 EST — Regular session
- Shares of GE Vernova slipped about 3% by late morning, after a volatile start to the session
- Concerns over wind units at Vineyard Wind cloud the brighter 2026 forecast
- All eyes are on the Feb. 2 Prolec GE closing, with investors keeping a close watch to see if wind losses stay contained
Shares of GE Vernova (GEV) fell Thursday, even though the company issued an upbeat forecast for 2026. The stock slid about 3.0% to $690.16 in late-morning New York trading, after swinging between $722.57 and $687.81 earlier in the session amid ongoing worries about offshore wind.
This shift matters because GE Vernova sits squarely in the middle of a power-equipment cycle fueled by data centers and grid improvements. Its order backlog now serves as a live gauge of how fast utilities and big buyers are snapping up turbines, transformers, and other gear.
The story isn’t so simple. The wind segment can still take center stage, especially when projects hit delays or costs change abruptly.
On Wednesday, the company cautioned that holds-ups at the Vineyard Wind offshore project in Massachusetts might slash about $250 million in revenue this year for its wind division if 11 turbines stay uninstalled. It also highlighted tariffs set for Q2 2025, which cut roughly $70 million from quarterly results, putting extra pressure on its wind operations. 1
GE Vernova reported $22.2 billion in orders this quarter, pushing its backlog up to $150 billion. CEO Scott Strazik described the company’s position heading into 2026 as having “significant momentum.” CFO Ken Parks pointed to “a healthy cash balance of nearly $9 billion,” attributing it to robust cash flow. 2
GE Vernova lifted its 2026 revenue outlook to $44 billion-$45 billion, according to an 8-K filing. The company also sharpened its free cash flow estimate to $5.0 billion-$5.5 billion, reflecting cash left after capital spending. Adjusted EBITDA margin guidance now stands at 11%-13%, excluding certain items from operating profit. These revisions incorporate the planned purchase of the remaining 50% stake in transformer maker Prolec GE, with the deal expected to close on Feb. 2. 3
After the earnings release, a couple of brokers moved quickly. James West from Evercore ISI lifted his price target to $905, and Susquehanna’s Charles Minervino pushed his up to $820, according to Benzinga. 4
GE Vernova competes directly with Siemens Energy in parts of the gas-turbine and grid sectors, and also takes on Vestas plus other rivals in the wind space. For now, the spotlight is less on demand and more on execution—what gets delivered, when, and at what margin.
Setbacks in wind projects still pose a risk to cash flow and guidance. Any further delays at Vineyard Wind, or a wider offshore slowdown, could lead investors to question the company’s 2026 cash target and its ability to hold margins during the Prolec integration.
Traders are watching closely for updates on Vineyard Wind’s installation progress and whether the Prolec GE deal closes as scheduled on Feb. 2. After that, attention shifts to early-2026 order conversion—especially whether the backlog translates into deliveries fast enough to keep the stock from stalling in this ongoing tug-of-war.
