GE Vernova Shares Fall 10.9% Ahead of Third-Quarter Results
Key Facts
GE Vernova shares fell 10.9% to $824.90 during trading on 22 October 2026, according to Investing.com, ahead of its next quarterly earnings release. The decline came after the company had raised its annual financial forecasts, supported by growth in its Power and Electrification businesses when it reported second-quarter results. Before the selloff, Susquehanna cut its price target for the stock to $1,270 from $1,300, according to a report published by Investing.com. The firm maintained its "Positive" rating, pairing the price target revision with an unchanged recommendation. Susquehanna set the new price target over a one-year horizon in a review ahead of the company's third-quarter results.
On operating performance, GE Vernova's orders totaled $24.2 billion in the second quarter of 2026, according to the company's filing with the U.S. Securities and Exchange Commission. Orders grew 88% organically from the same period a year earlier, led by the Power and Electrification segments. The company's backlog stood at $176 billion when it reported results for that quarter, alongside the new orders booked during the period. Quarterly revenue totaled $11.1 billion, up 22% year on year, according to the same filing. On an organic basis, revenue rose 12%, driven by Electrification and Power equipment and services. The Power and Electrification businesses thus led the increase in orders, while equipment and services contributed to revenue growth during the same period.
By contrast, Wind segment orders fell to $1.2 billion in the second quarter, down 40% organically, according to the filing. The company attributed the decline to lower onshore wind equipment orders, compared with growth in its Power and Electrification businesses. As part of its quarterly results, GE Vernova raised its 2026 revenue forecast to a range of $45.5 billion to $46.5 billion. Its previous annual revenue forecast ranged from $44.5 billion to $45.5 billion, according to the comparison in its filing. The company also raised its annual free cash flow forecast to a range of $11.5 billion to $12.5 billion. The updated estimate compared with a previous range of $6.5 billion to $7.5 billion, alongside the revision to its revenue forecast. The company maintained its 2026 adjusted earnings before interest, taxes, depreciation and amortization margin forecast at 12%–14%.
In a development involving power generation projects, Venture Global announced framework agreements with GE Vernova and Baker Hughes during October 2026 to support the expansion of its off-grid power network. The agreements cover "up to 16 new standalone generation units, each with a capacity of 720 megawatts," according to Venture Global's statement. The arrangements also include transformer equipment associated with the generation units, alongside the units themselves. Venture Global said it intended to add capacity in phases as it secured customer commitments and the necessary commercial arrangements. Implementation of the expansion is therefore tied to the progression of customer commitments and completion of commercial arrangements, according to the company's announced plan for its independent network.
In Ivory Coast, GE Vernova announced that it had been selected to supply a gas turbine and generator for the Songon combined-cycle power plant. The company said the plant's order was booked in the third quarter of 2026, the quarter for which it is preparing to report results. It set 28 October 2026 as the date for publishing that quarter's financial results, according to its official announcement. The results are scheduled for release before the market opens, following the stock's decline during the 22 October session. Regarding Venture Global's agreements, the company expected to issue the first purchase order for a generation unit before the end of 2026, as part of its phased capacity addition program.