The One Thing To Settle Before Buying GE Vernova Stock

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Management said on October 28 that GE Vernova (GEV) has signed 52 gigawatts of new agreements in its gas power business so far in 2026, lining up work for its largest business. If customers sign fewer deals or give up their reserved factory slots, the order book will grow more slowly or even shrink. You cannot yet tell whether customers will keep signing faster than GE Vernova can ship.

How Fast Is GE Vernova Signing Gas Turbine Deals?

GE Vernova signed 11 gigawatts of gas turbine orders and slot reservation agreements in the third quarter of 2026, against the 5 gigawatts it shipped. Because the company signed more than it shipped, the total under contract rose from 116 to 122 gigawatts in the quarter. That total counts reserved slots as well as firm orders, so it keeps growing only while new signings outpace deliveries. Analysts on the October 28 third-quarter 2026 call asked whether the order book can keep expanding and how long demand for aeroderivative turbines will last. The CEO said aeroderivative demand is strong, but he did not expect aeroderivative orders to keep their second- and third-quarter pace in the fourth quarter.

Power Is GE Vernova’s Largest Business

Gas turbines are part of Power, which brought in $19.8 billion of GE Vernova’s $38.1 billion revenue in fiscal 2025, more than Electrification and Wind combined. On October 28, management raised its forecast for Power’s organic revenue growth in 2026 to 19% to 21%, from 18% to 20%.

Signings also bring in cash early. GE Vernova generated $5.41 billion of free cash flow in the third quarter of 2026, against $733 million a year earlier. Down payments on new orders and slot reservations at Power were the main source of a $5.3 billion cash benefit from working capital that quarter, management said. So a slowdown in signings would reach cash flow as well as sales. On October 28, GE Vernova also agreed to buy grid-equipment maker Trench Group for $9 billion.

What Has GE Vernova Said About Signings In 2027?

Management has said it sees real growth in gigawatts under contract throughout 2027, although it said the quarters are hard to call at this point. The company expects fourth-quarter signings to come in modestly above the third quarter’s 11 gigawatts, and 2027’s quarters to look more like the second half of 2026 than the first. That would be a slower pace than early 2026, since only 11 of the 52 gigawatts signed so far in 2026 came in the third quarter.

When asked on the call about customers struggling to finance projects or asking to leave their slot reservations, management said it was seeing none of that. It added that it had not changed the cash terms customers pay to secure equipment.

Management expects at least 130 gigawatts of gas capacity under contract by the end of 2026, against 83 gigawatts when the year began. The CEO said that goal means probably 13 gigawatts or more of new agreements in the fourth quarter. The actual year-end count against that goal is the figure to watch in GE Vernova’s next report, expected in January 2027.

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