Shares of GE Vernova Inc (NYSE:GEV) rallied in early trading on Wednesday, after the company reported upbeat first-quarter results.

The company delivered a "strong all around quarter," according to Goldman Sachs.

The GE Vernova Analyst: Analyst Joe Ritchie reiterated a Buy rating and price target of $1,000.

The GE Vernova Thesis: The company posted segment EBITDA of $957 million, significantly higher than consensus of $848 million, Ritche said in the note.

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He added that the beat was driven by:

  • Power, which recorded EBITDA $80 million higher than consensus
  • ElectriOcation, which generated EBITDA $45 million above consensus

Orders remained strong in the quarter, with ElectriOcation orders up 86% year-on-year organically, and Power orders growing 59% year-on-year organically, the analyst stated. Due to this, backlog and SRAs (slot reservation agreements) came in at 100 GW (gigawatts) versus management projection of 110 GW by the end of 2026, he said.

GE Vernova raised its 2026 revenue outlook by $500 million and EBITDA margin target to 12%-14%, from its previous projection of 11%-13%, Ritchie said.

Notably, management raised their free cash flow projection for the year to $6.5-$7.5 billion, from their prior outlook of $5.0-$5.5 billion, he added.

GE Vernova's 2025 Highlights

  • Revenue: $38.1 billion, up 9%.
  • Orders: $59.3 billion, a 34% organic increase.
  • Free Cash Flow: $3.7 billion, more than double the prior year.
  • Net Income: $4.9 billion, benefiting from a tax benefit of $2.9 billion.

GEV Price Action: Shares of GE Vernova had risen by 12.69% to $1,116.91 at the time of publication on Wednesday.

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