New York, January 29, 2026, 19:24 (EST) — After-hours
Shares of GE Vernova Inc (GEV.N) ticked up 0.8%, closing at $717.39 on Thursday. After-hours trading saw little movement. The stock swung between $681.70 and $722.57 during the session.
The stock gained further ground following the earnings release, with the energy equipment maker projecting 2026 revenue between $44 billion and $45 billion—well above Wall Street’s $41.97 billion consensus from LSEG. The company cited robust demand for gas turbines and power gear, driven by rising electricity consumption tied to data centers and artificial intelligence. 1
Why it matters now: Orders for GE Vernova’s Power and Electrification units are piling up faster than shipments can keep pace. Investors are zeroing in on the backlog — work sold but undelivered — as a key near-term measure. CEO Scott Strazik said the company is “entering 2026 with significant momentum,” despite ongoing efforts to steady its Wind segment. 2
The fourth quarter delivered a solid but somewhat uneven picture on headline profit. Orders hit $22.2 billion, with revenue at $11.0 billion. Adjusted EBITDA—a key profit measure excluding interest, taxes, and certain items—came in at $1.2 billion, according to the earnings release. Free cash flow, the cash left after capital expenditures, totaled $1.8 billion. Net income was boosted by a $2.9 billion tax benefit from a U.S. valuation allowance release. 3
Management highlighted the ramp-up in grid and data-center capacity on the call. Strazik noted that Electrification orders for data centers topped “over $2 billion” for 2025. Meanwhile, Power’s equipment backlog and “slot reservation agreements” climbed to 83 gigawatts — these commitments effectively lock in turbine production slots. 4
The updated targets hinge on a deal acting as a near-term catalyst. GE Vernova lifted its 2026 free cash flow forecast to a range of $5.0 billion to $5.5 billion, maintaining an adjusted EBITDA margin between 11% and 13% in its multi-year outlook. An earnings presentation noted this assumes the February 2 closing of its $5.275 billion acquisition of the remaining 50% stake in transformer-maker Prolec GE. 5
Cash returns are backing the stock ahead of Friday’s session. The company disclosed in an SEC filing that it bought back roughly 1.9 million shares for $1.1 billion during the quarter. It also boosted its share repurchase authorization from $6 billion to $10 billion. On top of that, it declared a quarterly dividend of 50 cents per share, payable February 2, doubling the previous 25 cents. 6
Wind continues to be the key variable — the detail traders can’t stop revisiting. CFO Ken Parks reported contract losses climbed following a halt in installations at Vineyard Wind off Massachusetts. He cautioned the project risks missing the end of March deadline if work doesn’t pick up quickly, as the company stands to lose use of a specialized vessel. 7
The company flagged a tariff drag and expects Wind to remain unprofitable this year, projecting around $400 million in segment EBITDA losses by 2026. Vineyard Wind alone could slash wind revenue by about $250 million if it fails to bill for unfinished turbines. 8
The downside remains clear: if offshore turbine issues persist or major projects face more delays, cash could stay locked in unfinished gear, squeezing margins despite ongoing order growth in Power and Electrification. The tax benefit that lifted Q4 net income complicates efforts to gauge “real” run-rate earnings for investors. 9
The upcoming key date is February 2, marking the anticipated close of the Prolec GE deal and the payment of the increased dividend. After that, the company’s first-quarter 2026 earnings webcast is set for April 22. 10
