GE Vernova Inc. (NYSE:GEV) reported stronger-than-expected third-quarter revenue on Wednesday, supported by solid order growth and a robust backlog, even as earnings came in below analyst forecasts. Shares of the energy transition company rose 1.1% in early trading after the update.
Revenue for the quarter reached $9.97 billion, beating the consensus estimate of $9.16 billion and climbing 12% year-over-year. Adjusted earnings per share, however, were $1.64, missing expectations of $1.86. The company reaffirmed its full-year 2025 revenue outlook, saying it expects results to trend toward the upper end of its $36–37 billion range, slightly below the Street’s $37.15 billion forecast.
Orders jumped 55% organically to $14.6 billion, fueled by strong equipment demand across the Power and Electrification segments. The company’s backlog grew by $6.6 billion from the previous quarter, with Gas Power equipment backlog and slot reservation agreements rising from 55 to 62 gigawatts.
“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date,” said CEO Scott Strazik.
The Power segment saw a 50% surge in orders to $7.8 billion and a 15% revenue increase to $4.8 billion. The Wind division posted a 4% organic rise in orders to $1.8 billion but an 8% revenue decline to $2.6 billion. Electrification stood out with orders more than doubling to $5.1 billion and revenue up 35% to $2.6 billion.
GE Vernova also generated $732 million in free cash flow during the quarter and returned $2.4 billion to shareholders so far this year through share buybacks and dividends.