GE Vernova Stock Up 29% YTD as Q4 Revenue Beats, Backlog Hits $150B
GE Vernova stock has climbed 29.15% year-to-date in 2026, lifting backlog to a record $150 billion after Q4 revenue of $11.0 billion beat estimates and orders reached $22.2 billion. 2026 revenue guidance was raised to $44–45 billion and free cash flow to $5–5.5 billion, fueled by 65% organic order growth and 83 GW gas turbine backlog.
1. Q4 2025 Beat
GE Vernova reported Q4 revenue of $11.0 billion, surpassing consensus by about 8%, while total orders reached $22.2 billion, up 65% organically. The robust intake pushed the company’s total backlog to an all-time high of $150 billion, underscoring its pivotal role in global power infrastructure.
2. AI Infrastructure Demand
Heavy-duty gas turbine bookings totaled 41 units in Q4, expanding the gas power equipment backlog from 62 GW to 83 GW sequentially. Electrification orders directly tied to data centers surged to over $2 billion in 2025, more than triple the prior year as hyperscale operators race to secure AI power capacity.
3. 2026 Outlook and Guidance
Management raised full-year 2026 revenue guidance to $44–45 billion and free cash flow expectations to $5–5.5 billion, reflecting confidence in sustained project ramps. Analysts have responded by lifting price targets, citing record backlog depth and stronger equipment margins entering the year.