Is GE Vernova Stock Still Telling You The Same Thing

Shares of GE Vernova (GEV) returned 66.5% in the twelve months to October 13, 2026, outpacing the 20.5% return for the S&P 500. During that period, orders consistently increased at the company's Power and Electrification businesses, and management raised its 2026 revenue forecast twice. Those orders appear to be what investors were paying for. So what could you have seen of those orders before the twelve months began, on October 10, 2025?

Power Orders And A Growing Backlog

Investors could have seen the orders directly in management's commentary almost a year prior to October 10, 2025. During the October 23, 2024 call for the third quarter of 2024, management noted that Power orders rose 34% in the quarter. Orders represent sales that customers commit to before they appear in revenue. Rising orders provided an early sign of sales to come.

Three months later, on the January 22, 2025 call for the fourth quarter of 2024, management reported that it had grown its backlog. Backlog measures the orders GE Vernova had taken but not yet delivered.

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Quarterly Results Quickened At GE Vernova

Revenue growth accelerated during the first half of 2025, according to reports filed before October 10, 2025. After rising 5.1% from a year earlier in the fourth quarter of 2024, revenue grew 10.6% in the first quarter of 2025. On April 23, 2025, Reuters reported that first-quarter revenue beat estimates on strong performance at the Power and Electrification units. Growth reached 11.1% in the second quarter of 2025, in results filed on July 23, 2025.

The stock was moving higher well before the twelve months analyzed here. Shares rose 88.3% in the six months before October 10, 2025. A reader who acted on the orders in late 2024 or early 2025 would have caught that advance as well.

Electrification Grew Past Wind

Over the same twelve months, Eaton returned 17.3% and Honeywell International 10.5%. Neither of these two peers shared the run.

By fiscal 2025, Electrification had become a much bigger business. Revenue for the segment rose 27.7% that year to $9.6 billion, accounting for 25% of GE Vernova's revenue for the year. Wind went the other direction. Its revenue fell 6.1% to $9.1 billion, dropping below Electrification's.

Are GE Vernova's Orders Still Growing?

They are, according to figures from the July 22, 2026 call for the second quarter of 2026. Power orders more than doubled, and Electrification orders rose 66% from a year earlier. Management now expects 2026 revenue of $45.5 billion to $46.5 billion, compared with $38.1 billion in fiscal 2025.

Wind remains the weak point. Its orders fell 40% in the second quarter of 2026, and management noted that it is hard to call a turn in U.S. orders. Yet even as Power and Electrification orders grew, the shares have stalled, returning 1.7% over the past six months against 12.6% for the S&P 500.

If GE Vernova's third-quarter 2026 report shows Power and Electrification orders still up from a year earlier, the growth seen before the run is still going. If they fall, that growth may have run its course.

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