New York, January 28, 2026, 11:28 EST — Regular session
- Shares of GE Vernova ticked up roughly 0.4% following an upgraded revenue forecast for 2026
- Company highlights robust orders and a $150 billion backlog as it approaches 2026
- Wind division flags possible revenue loss due to delays in Vineyard Wind setup
GE Vernova shares ticked up 0.4% to $695.58 in late-morning trading Wednesday following an upgraded 2026 forecast from the power-equipment firm. Still, a new caution from its wind division kept the stock volatile. Earlier, the price swung between $659.34 and $742.24.
The report is crucial now as investors pile into everything tied to the power buildout — turbines, transformers, switchgear — while utilities and major buyers hunt for capacity. GE Vernova stands at the heart of that supply chain, its years-long order books offering a glimpse into just how strained the market is becoming.
But the wind sector keeps throwing off the pace. Offshore projects stall, costs shift, and a delay can quickly lead to a write-down. Traders are locked in on that tension — grid and gas holding firm while wind struggles to deliver.
GE Vernova reported a 65% jump in fourth-quarter orders, hitting $22.2 billion. Its backlog—work contracted but not yet delivered—swelled to roughly $150 billion. Revenue nudged up 4% to $11.0 billion. Free cash flow, or cash remaining after capital expenses, stood at $1.8 billion. Net income reached $3.7 billion, bolstered by a $2.9 billion tax benefit, the company disclosed. CEO Scott Strazik said they’re heading into 2026 with “significant momentum.” CFO Ken Parks highlighted a “healthy cash balance of nearly $9 billion.” (GE Vernova)
The company bumped its 2026 revenue outlook to $44 billion-$45 billion, up from $41 billion-$42 billion, and pushed its free-cash-flow target to $5.0 billion-$5.5 billion. This includes GE Vernova’s move to acquire the remaining 50% of transformer maker Prolec GE for $5.275 billion. The deal is now slated to close on February 2. (GE Vernova)
GE Vernova reported a 77% surge in power segment orders this quarter, driven by the sale of 41 heavy-duty gas turbines and 18 aeroderivative units. Segment EBITDA climbed to $971 million, with the margin expanding to 16.9% from 14.9% a year ago, according to the company’s presentation. (GE Vernova)
Wind was the drag. GE Vernova flagged that its wind division might lose about $250 million in revenue this year, citing installation delays at Vineyard Wind, an offshore Massachusetts project. The company also signaled a decline in order backlog. On a call, Strazik noted they secured over $2 billion in electrification orders “directly tied to data centers” for 2025. The forecast for 2026 revenue exceeded the $41.97 billion average estimate from LSEG, the report said. (Reuters)
The market barely flinched at first. Usually, a stronger top line and a bigger cash target would move the needle. But investors have grown wary, tracking the wind updates and project timelines closely.
Backlog and “slot reservation agreements” play a key role here. These agreements lock in a future turbine build slot but don’t count as firm orders. How quickly these convert influences the timing of revenue and cash flows.
The downside is clear: more offshore wind delays, bigger contract losses, or rising costs could keep the wind unit bleeding and weigh on consolidated cash flow. As acquisition and capex plans expand, management’s margin for error shrinks fast.
Traders are watching closely for clues from management on turning reservations into orders, plus delivery schedules in power and electrification. The next key date: February 2. That’s when GE Vernova plans to close the Prolec GE deal and may also share updates on Vineyard Wind turbine installations.
