GE Vernova Stock Slips Despite Blowout Q3 Orders And Backlog Surge

GE Vernova GEV reported strong Q3 results, but shares plunged 4%.

The energy unit posted third-quarter revenue of about $9.97 billion and booked roughly $14.6 billion of orders, a 55% organic increase that pushed backlog materially higher. The results reflected strength in power and electrification equipment demand tied to data-center and grid investments.

Adjusted EBITDA jumped to roughly $811 million, with pronounced margin expansion versus a year earlier, and management said free cash flow turned positive in the quarter. Still, adjusted EPS came in a bit below some Street forecasts, registering near $1.64.

GE Vernova reaffirmed its full-year 2025 targets, saying revenue should trend toward the higher end of a $36 billion to $37 billion range and reiterating adjusted-EBITDA and free-cash-flow goals. The company also moved to buy the remaining 50% of Prolec GE for about $5.275 billion, a strategic deal to expand grid-equipment capacity.

Markets reacted quickly: shares ticked higher in premarket trade on the strong order beat but gave up some gains during the session as investors parsed the EPS miss and weighed execution and margin sustainability. Short-term volatility may continue until the company shows consistent cash conversion from its growing backlog.