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Looking at January’s jobs report… Not as rosy as it might appear… A 900,000-job gap that’s being ignored… Interest rates will likely hold steady in March… A risk to stocks…
On the surface, today’s jobs report looked good…
This morning, the Bureau of Labor Statistics reported that the U.S. economy added 130,000 jobs last month.
That was well above Wall Street’s “consensus” estimate of 55,000 new jobs. And it beat 79 out of the 80 individual estimates tracked by Bloomberg.
This wasn’t the only good-looking number in this monthly “nonfarm payrolls” report. Thanks to those new jobs, America’s unemployment rate fell to 4.3%, while Wall Street expected the rate to remain at 4.4%.
So, at first glance, the labor market had a good start to the year. In a post on Truth Social this morning, President Donald Trump posted that January’s jobs numbers were “FAR GREATER THAN EXPECTED!”
He added that the report means the U.S. “should be paying MUCH LESS on its Borrowings (BONDS!). We are the strongest Country in the World, and should therefore be paying the LOWEST INTEREST RATE, by far.”
This angle shouldn’t come as a surprise to anyone who knows Trump’s desire to cut interest rates, but today’s market reaction might.
Why didn’t the market take off higher today on this “good news” about jobs? The major U.S. indexes all fell slightly, and the benchmark S&P 500 Index was little changed. Only the energy sector was up significantly.
Well, as we’ll explain, today’s report wasn’t as glowing as it might appear… And for folks focused on interest-rate cuts, these job numbers might be the opposite of what they’d want to see.
We’ll start with the revisions…
For the 12 months ending March 2025, the Department of Labor just revised total job gains lower by 862,000. That’s a revision of 0.5%, more than double the average annual revision of 0.2%, according to the Bureau of Labor Statistics.
And the Labor Department revised 2025’s total job additions to 181,000, down from the initial reading of 584,000. Put another way, the economy added fewer than one-third of the jobs that the Labor Department counted last year.
These same revisions say that in the final six months of 2025, the economy lost a net of 1,000 jobs.
And while today’s initial numbers for January were stronger than any other report since December 2024, it’s quite possible they’ll also be revised in the months ahead. Either way, they’re not enough to say a new growth trend has begun.
Other numbers suggest a tough environment for job seekers…
For one thing, in today’s report, growth was concentrated mostly in health care and related fields like nursing facilities.
Looking broader, in December, the monthly Job Openings and Labor Turnover Survey (“JOLTS”) showed that there were about 6.5 million job openings. But 7.5 million people were without jobs at the end of the year. In January, that number edged lower to about 7.4 million.
So about 900,000 to 1 million more folks are looking for jobs than there are positions to fill. As we wrote in the September 4 Digest, that’s a red flag for the labor market. From that Digest…
Since late 2000, when the JOLTS survey began, the number of unemployed has only jumped above total job openings twice – in 2000 and 2020. Both of those times marked recessions.
It’s not a surefire sign that a recession is on the way this time around. But there’s a red flag here. For the first time in four years, more folks are looking for work than there are jobs available.
Back then, only about 180,000 more people were looking for work than the number of job openings. That ratio has gotten even worse over the past few months – and now stands at the highest level since March 2021. And it comes at a time when the average duration of unemployment is still right around a four-year high of 24 weeks.
As our colleague Mike Barrett wrote this morning in his weekly Select Value Opportunities update, three new data points just last week pointed to a softening labor market…
Payrolls administrator Automatic Data Processing (ADP) reported that private employers added 48% fewer jobs in 2025 than in 2024 (398,000 compared with 771,000). Also, January private payrolls rose by just 22,000, compared with the FactSet consensus of 45,000.
On February 5, the Bureau of Labor Statistics reported that job openings sank 386,000 in December… and declined nearly 1 million for the year. Ideally, this figure rises and businesses expand. Job openings are now the lowest they’ve been since the early months of the COVID-19 pandemic (September 2020).
Outplacement firm Challenger, Gray & Christmas also announced the highest number of job cuts to start the year since 2009 (108,435). These cuts were more than double the January 2025 figure (49,795). The biggest workforce reductions came from United Parcel Service (UPS) (31,243) and [Amazon (AMZN)] (16,000).
Meanwhile, the firm reported just 5,306 new hires last month, down 13% from a year ago.
So, all is not well in the jobs market. It’ll take more than one month of better-than-expected labor data to say the trend has turned around.
What this all means for the overall market…
Jobs numbers moving ahead will influence Federal Reserve policy and its next decision.
The Fed doesn’t meet again until March 17 and 18. So there’s another monthly jobs report on the way before our central bankers have to make another decision about interest rates. But if February goes anything like January, we likely won’t see a rate cut in March.
That’s what Fed members are telling us…
Yesterday, two Fed voting members in 2026 – Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack – both made public comments in favor of holding rates steady. Hammack even said that she forecasts rates could be on hold “for quite some time.”
The Labor Department’s revisions show the jobs market isn’t as strong as January’s initial numbers might indicate. But the economy is still adding jobs – just at a slower pace. And the unemployment rate has now ticked lower for two straight months.
So while the labor market has cooled off (and cracks are definitely forming), this current group of Fed policymakers doesn’t believe it has worsened to a level where support is needed.
After today’s jobs report, CME’s FedWatch tool now only sees about a 5% chance of the Fed cutting interest rates in March. That’s down from 20% odds just yesterday.
Still, with $9 trillion in debt coming due this year, Trump is going to continue his calls for lower rates. It’s not to juice the economy, the Fed’s usual reason for a rate cut… but so the government doesn’t have to pay so much interest on its debt.
But lower rates may not be a panacea for the market – even after Trump’s Fed chair nominee, Kevin Warsh, likely takes over in May. Here’s more from today’s Select Value Opportunities…
If employment data continues to weaken into June, but PCE [personal consumption expenditures] inflation remains well above 2% (which we believe it will), Warsh will quickly face his first test on interest-rate policy… just a few months before the midterm elections.
Warsh could aggressively cut rates as a way to improve employment. After all, lower borrowing costs encourage companies to expand operations, including hiring.
That could boost stocks… and appease Trump. But it could also push longer-term bonds sharply higher, in anticipation of worsening inflation. So it’s a tricky situation.
We’ve seen these tricky situations before. They tend to be volatile for the markets.
Higher longer-term yields – which are more market-driven than Fed-policy influenced – could also eat into stock prices.
Either way, in the end, the currency always loses. It’s just a matter of how much.
The man who predicted the 2023 bank run has a new warning. “AI will soon rupture into two sectors,” he says. It could either cost you ALL your gains since 2022… or potentially double your money if you understand what’s coming to AI stocks this month and why. Click here to learn more.
Years ago, Whitney Tilson contacted the FBI with a financial tip about Jeffrey Epstein after hearing something that felt wrong. He has followed that instinct through every major market dislocation of his career. Now he believes America is approaching another fundamental break… and he’s explaining why. See his warning here.
New 52-week highs (as of 2/10/26): Antero Midstream (AM), Atmus Filtration Technologies (ATMU), Brady (BRC), Ciena (CIEN), Donaldson (DCI), WisdomTree Japan SmallCap Dividend Fund (DFJ), Quest Diagnostics (DGX), Western Asset Emerging Markets Debt Fund (EMD), Emcor (EME), iShares MSCI Emerging Markets ex China Fund (EMXC), Enel (ENLAY), Cambria Emerging Shareholder Yield Fund (EYLD), Fanuc (FANUY), Franklin FTSE Japan Fund (FLJP), Federal Realty Investment Trust (FRT), Cambria Foreign Shareholder Yield Fund (FYLD), Honeywell International (HON), KraneShares MSCI Emerging Markets ex China Index Fund (KEMX), Kinder Morgan (KMI), Lamar Advertising (LAMR), LXP Industrial Trust (LXP), Natural Resource Partners (NRP), Novartis (NVS), Nexstar Media (NXST), Realty Income (O), Pembina Pipeline (PBA), Pfizer (PFE), Packaging Corporation of America (PKG), Robo Global Robotics and Automation Index Fund (ROBO), Taiwan Semiconductor Manufacturing (TSM), Telefônica Brasil (VIV), State Street Industrial Select Sector SPDR Fund (XLI), and ExxonMobil (XOM).
“Dear Corey and Nick, Yes, the lack of asset ownership contributes to being on the lower limb of the K. With so many students not being proficient in math, it’s hard to imagine they are graduating with an understanding of compound interest or dividend reinvestment. Perhaps corporate America could help.
“As a teenager 55 years ago, I worked at McDonald’s and knew nothing about stocks. Imagine if they had given me even one share of stock along with a bit of education. Who knows what that would be worth today. Maybe I would have started investing more wisely decades ago. How hard would it be for corporations to give employees a few shares along with some education and a required holding period?
“On a hopeful note, my third grader grandson was pleased to report that he had made a few bucks shoveling driveways with his friends. When he mentioned a teacher had introduced the stock market, I told him, you know, with stocks, you can make money while you sleep.” – Subscriber Steven M.
“The fact that you only talk about the wealthy and the low-income makes you part of the problem. The real issue in this country is the intentional destruction of the middle class. This is what our country was built on. Now, as a business owner in construction who makes over $200k/year with a wife and two girls it has become nearly impossible to continue to move forward. Thankfully, I have paid off our home and cars in Huntington Beach, CA and do not carry credit card debt and invested in 529’s for our girls. I own physical and investable gold, silver, and platinum. I own high quality equities and balanced low-cost index funds. But business is slower than it has been in the last 20 years…
“I do my best to max out our ROTH contributions every year, but at 51 the portfolio returns simply cannot keep pace with the intentional massive depreciation of our currency, market manipulation and computer/AI trading, the decimation of our purchasing power, the excessive increases in all prices (food, insurance, health care, property taxes, college costs, the ever increasing costs of doing business, travel, etc.), the intentional and idiotic global economic shutdown, tax increases, the lack of value from the food, goods, and services we are forced to purchase while our government prints money into oblivion to sponsor foreign wars, bail out destructive corporations, allows senators to make millions off insider information, allows lobbyists to continue their insidious practices, and so much more.
“So, you writing about the greater margin between the rich and the poor is [BS]…” – Subscriber T.J.C.
Corey McLaughlin comment: This may surprise you, but I agree with almost everything you said… just not your implication that we shouldn’t have covered the topic.
It’s true that we highlighted ongoing problems for the lower leg of the “K” yesterday, with rising delinquencies on credit cards and auto loans. But we also wrote directly about the influence of the depreciation of the U.S. dollar on the middle class.
We ran this excerpt from a 2023 Digest yesterday. It’s worth sharing again…
[We] want to draw your attention most to the trend among the richest 1% and the group that makes up the top 50% to 90th percentile, which is roughly the middle class.
The richest of the rich are the only group that has gotten richer in the past 30 or so years… and most everyone else has gotten relatively poorer, especially the middle class.
The big point is the richest people in this country have been increasingly getting a larger share of our wealth pie for decades… while most Americans have been largely unable to keep pace.
I grew up middle-class and understand the challenges, too. Over the years, I came to decide that the best chance of “keeping pace” and beating inflation was by taking my finances into my own hands and investing.
It’s not perfect. As you point out, this “system” still has flaws. But investing gives you the chance to grow and protect your wealth. And if you’re reading us here at Stansberry Research, you’re already in good shape to take advantage of the market’s possibilities.
All the best,
Corey McLaughlin and Nick Koziol Baltimore, Maryland February 11, 2026
Stansberry Research Top 10 Open Recommendations
Top 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation.InvestmentBuy DateReturnPublicationMSFT Microsoft11/11/101,369.6%Retirement MillionaireMSFT Microsoft02/10/121,331.2%Stansberry’s Investment AdvisoryADP Automatic Data Processing10/09/08858.1%Extreme ValueBRK.B Berkshire Hathaway04/01/09790.1%Retirement MillionaireGOOGL Alphabet12/15/16684.9%Retirement MillionaireWRB W.R. Berkley03/15/12648.4%Stansberry’s Investment AdvisoryHSY Hershey12/07/07586.2%Stansberry’s Investment AdvisoryALS-T Altius Minerals03/26/09573.9%Extreme ValueCIEN Ciena10/20/22560.2%Stansberry Innovations ReportSII Sprott01/11/18559.1%Extreme Value
Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio.
Top 10 Totals3Extreme ValueFerris3Retirement MillionaireDoc3Stansberry’s Investment AdvisoryPorter1Stansberry Innovations ReportEngel
Top 5 Crypto Capital Open Recommendations
Top 5 highest-returning open positions in the Crypto Capital model portfolioInvestmentBuy DateReturnPublicationBTC/USD Bitcoin11/27/181,730.1%Crypto CapitalWSTETH/USD Wrapped Staked Ethereum12/07/181,682.8%Crypto CapitalONE/USD Harmony12/16/191,011.5%Crypto CapitalQRL/USD Quantum Resistant Ledger01/19/21802.7%Crypto CapitalPOL/USD Polygon02/26/21640.9%Crypto Capital
Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it’s still a recommended buy today, you must be a subscriber and refer to the most recent portfolio.
^ These gains occurred with a partial position in the respective stocks. * Editor Dave Lashmet closed the first leg of this Nvidia position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could’ve recorded a total weighted average gain of more than 600%.
Stansberry Research Crypto Hall of Fame
Top 5 highest-returning closed positions in the Crypto Capital model portfolioInvestmentDurationGainAnalystBand Protocol (BAND)0.31 years1,169%Crypto CapitalTerra (LUNA)0.41 years1,166%Crypto CapitalPolymesh (POLYX)3.84 years1,157%Crypto CapitalFrontier (FRONT)0.09 years979%Crypto CapitalBinance Coin (BNB)1.78 years963%Crypto Capital
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Editor’s Note: For 137 years now, a little-known public land trust has been quietly sitting on millions of acres of American land…
Receiving royalties on every drop of energy that gets pulled out of the ground.
The checks just keep rolling in.
All told, it’s generated a 29% average return… every year for 25 straight years.
More royalties mean bigger payouts… and bigger payouts mean even better returns for anyone holding what Chief Income Strategist Marc Lichtenfeld calls “The 29% Account.”
Dorchester Minerals(Nasdaq: DMLP) is a limited partnership that owns oil- and mineral-rich land all over the United States, including in the Permian Basin, the Bakken/Three Forks system, and the Midland Basin.
The company does not explore for oil. Instead, it lets other companies do so on its land and collects royalties on the resources that are extracted. It’s a low-cost, high-margin business.
As a result, Dorchester pays a high distribution. (Limited partnerships pay distributions, not dividends, and they have units, not shares.)
The most recently announced distribution, which will be paid tomorrow to unitholders of record as of February 2, is just under $0.76 per unit. That comes out to a 12.3% yield.
Can Dorchester Minerals investors rely on such a generous payout?
The company’s free cash flow declined in 2023 and 2024, though it is expected to have risen in 2025. (Dorchester will likely report fourth quarter and full-year results in a few weeks.)
In 2024, Dorchester Minerals generated $132.6 million in free cash flow, down 5% from $139.8 million the previous year. Wall Street predicts free cash flow will come in at $148.2 million for 2025 and inch higher to $148.4 million in 2026.
There’s a problem, though: The company paid more in distributions in 2024 than it generated in free cash flow. That is projected to be the case again in the 2025 results. In fact, the gulf is expected to widen, as Dorchester is forecast to have paid out $182 million. This year, Wall Street forecasts $191.1 million, expanding the deficit between distributions and cash flow even further to a 129% payout ratio.
It’s a big issue when a company is paying out more cash than it takes in. That means that in order to pay unitholders, it has to dip into cash on hand or raise funds by either selling stock or taking on debt.
That alone would worry me about Dorchester’s ability to sustain its distribution.
But here’s why I know for sure it won’t be able to: Its distribution policy is variable. That means it pays a different amount each quarter.
While the most recent distribution was a nice 10% increase over the previous one, the payout bounces up and down like an EKG reading.View larger image
A variable distribution policy coupled with the company’s inability to generate enough cash flow to pay for the current distribution means that the payout will most certainly be reduced at some point in the future.
The 12% yield is attractive, but by no means can it be considered safe.
Dividend Safety Rating: F
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This year, China is going to launch an economic attack on our country…
When it does, it’ll trigger the kind of social and economic chaos we haven’t seen since OPEC cut off our oil and gas supplies in the 1970s.’
That’s the urgent new prediction from one of the most respected investors in the country, a man once officially ranked #1 stock picker in America by TipRanks.
He says China is preparing to use its dominance over key resource ‘chokepoints’ to cut America off… and bring large parts of our country to a standstill.
In the process, the White House is spearheading the biggest shift our stock market has seen for 50 years… hand-picking companies that could rescue our country, as a matter of national security.
In fact, the many of the ‘stocks that save America’ could ultimately soar 10x or more, as the White House launches its ‘Project Vault’ stockpile.
Under the GENIUS Act, signed into law by President Trump in 2025, “stable coins” were authorized as the bridge between traditional dollars and fully programmable digital currency.
This rollout isn’t happening all at once.
It’s happening quietly. In phases.
With compliance baked in – making your cash flow programmable, trackable, and controllable.
Stable coins are not money.
They are PERMISSION.
And permission can be REVOKED.
If you operate outside approved rules, limits, or behavior, access can be restricted or shut off – instantly.
Here’s what you’re seeing right now, whether you realize it or not:
JPMorgan is increasingly overlapping with national security priorities, including reported involvement in domestic metals processing tied to Department of Defense interests. When banking and national security merge, control always follows.
The U.S. Treasury has suspended sales of silver numismatic products.
Not delayed. Suspended.
Replacement costs exceeded published valuations – a signal of a system collapse.
At the same time:
Compliance is being hard-wired directly into JPMorgan’s banking structure
Internal regulators have been replaced with AI compliance systems
AI now judges transactions – not people
This is how transitions happen.
Not with announcements.
With restrictions.
The dollar system you know is being re-scaffolded.
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And Wall Street insiders are salivating at the thought of SpaceX’s IPO.
3 Leveraged Gold Picks That Can Turn Small Moves Into Big Ones
Reported by Nathan Reiff. Posted: 2/8/2026.
Quick Look
Despite a recent reversal, the price of gold is up 68% in the past year—and the price of shares of some gold mining companies has risen at an even faster rate.
Investors willing to accept a high degree of risk in exchange for the potential to magnify single-day gains in gold or gold mining stocks might consider a leveraged ETF or ETN.
Both 2x and 3x leveraged exposure is available via products such as SHNY, GDXU, and JNUG, although these are designed for experienced investors and remain highly speculative investments.
A sudden reversal in the precious metals rally has left investors reassessing how gold should fit into their portfolios.
Despite a recent plunge of hundreds of dollars from a recent peak, gold is still up roughly 68% over the past year—and the first days of February have also brought a modest recovery from the recent dip.
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One thing seems certain: no matter which way gold moves in the near term, investors should expect substantial volatility. Given that environment, investors seeking outsized returns beyond simply holding physical bullion or shares in gold mining stocksmay consider exchange-traded funds (ETFs) or similar products that employ leverage.
All leveraged exchange-traded products (ETPs) carry a high degree of risk and are not appropriate for many investment strategies. Still, the three funds below may stand out to investors willing to make a large, short-term bet on gold.
A Rare 3X Leveraged Play on the Price of Gold
One of several gold-focused leveraged products, the MicroSectors Gold 3X Leveraged ETNs (NYSEARCA: SHNY) is an exchange-traded note (ETN) that targets the price of gold bullion. It offers 3x daily leverage, meaning it seeks to deliver triple the daily returns of the price of gold—but losses are amplified 3x as well.
SHNY achieves its exposure not by holding physical gold directly but by providing a leveraged play on the SPDR Gold Shares ETF (NYSEARCA: GLD), an ETF that stores gold bullion and is one of the most popular access points for metal investors.
SHNY’s 3x leverage makes it a far more aggressive way to play physical gold, and it is most appropriate for investors who are highly confident in short-term, single-day price moves. For those seeking a slightly more moderate risk/reward profile, the DB Gold Double Long ETN (NYSEARCA: DGP) offers 2x leveraged exposure to gold futures.
Despite its risks, SHNY’s 0.95% expense ratio and solid trading volume—averaging more than 184,000 shares over the past month—make it a viable instrument for gold bulls looking to capitalize on large upward moves in the metal’s price.
Capitalizing on Gold Mining Companies That Have Outpaced Gold’s Gains
The MicroSectors Gold Miners 3X Leveraged ETN (NYSEARCA: GDXU) is a sibling product to SHNY, but it focuses on gold mining stocks rather than physical bullion. Like SHNY, GDXU provides 3x leverage and achieves this exposure by holding other ETPs.
Gold miners offer indirect exposure to the metal: while they often move with gold prices, miners are also influenced by other factors such as the prices of other metals they produce, company-specific operations, geopolitical risks, and operational issues. For investors seeking exposure to miners’ potential upside during a metals rally—alongside some diversification from bullion—GDXU may be attractive.
Over the past year the GDX and GDXJ rose 126.7% and 136.5%, respectively, outpacing gold itself. That performance helped create opportunities for leveraged products like GDXU to deliver sizable returns for traders.
GDXU carries a 0.95% expense ratio and its average daily trading volume is substantially higher than SHNY’s, which may appeal to investors concerned about liquidity.
JNUG is a slightly more costly alternative to the ETFs discussed above, but it provides a more modest 2x leverage profile while also paying a dividend that yields 0.95%. That payout helps offset some of the fund’s expense ratio, which is 1.02%.
JNUG is primarily based on the GDXJ—with additional holdings facilitating its leverage—giving it exposure to small- and mid-cap gold mining firms. Because it targets junior miners, JNUG may appeal to investors interested in smaller names that could deliver significant gains during an extended gold rally.
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*Content Disseminated on Behalf of Kootenay Silver*
With Silver Breaking Above $121 This Year, and Capital Rotating Hard into Hard Assets, Kootenay Silver Advances a High-Grade Mexican Discovery with District-Scale Potential
Silver’s breakout above $121 in January of 2026 marked a decisive shift in market sentiment, signaling that the long-anticipated silver bull market is no longer theoretical. Investors are responding to rising geopolitical risk, concerns around monetary policy, and a structural supply-demand imbalance driven by relentless industrial consumption.
Silver is no longer just a precious metal — it is a strategic industrial input — and as demand accelerates, high-grade silver projects in proven jurisdictions are becoming increasingly valuable. When silver moves into this kind of sustained uptrend, companies capable of rapidly expanding quality ounces tend to attract disproportionate attention.
That dynamic is exactly why Kootenay Silver (OTCQX: KOOYF | TSXV: KTN) is re-emerging as a standout story. Its 100%-owned Columba Project in Chihuahua, Mexico, once overlooked for decades, is now revealing large, thick, well-preserved vein systems comparable in scale to other Mexican districts that ultimately hosted 100–300 million ounces of silver.
After more than 50,000 meters of drilling, Kootenay delivered a 54.1-million-ounce maiden resource grading 284 g/t silver, with ongoing drilling confirming the system is growing deeper and wider.
Backed by a fully funded $20 million treasury, continuous drilling, and a PEA anticipated within the next year, Kootenay is methodically advancing Columba toward the scale that tends to trigger meaningful re-ratings in a rising silver market.
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GE Vernova continues to see strong demand in its Power and Electrification segments, driving its backlog to historic levels.
However, with shares trading at a substantial premium to the broader market and the industrials sector, the results warrant close scrutiny to assess the company’s outlook.
GEV Beats on Revenue, Sees Large Tax Benefit
GE Vernova released its Q4 2025 earnings before the market opened on Jan. 28. It reported sales of just under $11 billion, up 3.8% year over year, comfortably beating consensus of $10.2 billion (which had implied a 3.4% revenue decline).
The company also posted a large beat on earnings per share (EPS), with EPS of $13.39 versus estimates of $2.99. That gap was driven largely by a $2.9 billion tax benefit that boosted net income. Excluding that one-time, non-cash benefit, EPS would have been near or below estimates.
Because the tax benefit is a one-time item and does not change the underlying operations, it had limited impact on the market’s reaction — GEV shares rose only 2.7% on the day of the release.
Orders, Backlog, Margins and Guidance Continue to Show Strength
Underlying metrics also impressed. Orders rose to $22.2 billion, a 43% increase versus $14.6 billion just one quarter earlier. The company reported its backlog increased by $15 billion to $150 billion.
The Power and Electrification segments largely drove this growth, with orders up 50% and 45% respectively compared to Q3 2025. Backlogs in those segments rose 12% and 15% over the same period. In short, GE Vernova is booking orders much faster than it can fulfill them. Its roughly 2x book-to-bill ratio — customers committed to receive about twice the value of GEV’s revenue during the quarter — provides strong visibility into future sales.
The company also achieved notable profitability gains. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin rose 40 basis points to 10.7%. For the full year, GEV’s free cash flow increased 118% to $3.7 billion.
GEV raised its guidance to reflect the planned acquisition of GE Prolec, expected to close on Feb. 2. It now expects $56 billion in revenue by 2028, up from prior guidance of $52 billion, and anticipates generating more than $24 billion of cumulative free cash flow from 2025–2028.
Updated Targets Imply +15% Upside After Stellar 2025
Wall Street analysts lifted their forecasts after the earnings release. Citigroup raised its price target by about 10% to $779, and TD Cowen increased its target nearly 15% to $780.
The MarketBeat consensus price target on GE Vernova sits just above $731, implying roughly 2% upside versus the stock’s Jan. 29 close. Price targets updated between Jan. 28 and Jan. 29 are significantly more bullish, averaging around $842, which would imply roughly 17% upside.
GEV’s forward price-to-earnings ratio (P/E) is about 54x — more than double the S&P 500’s forward P/E of 22x and the S&P 500 industrial sector’s forward P/E of 25x. Despite the premium valuation, robust demand and strong expected free cash flow growth make GE Vernova look attractive to many investors. That said, at this elevated price, any unexpected setback could put meaningful downward pressure on the stock.
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Missed Out On Amazon’s 1997 IPO? This Could Be 287 Times Bigger
Dear Reader,
Early investors who bought shares during Amazon’s 1997 IPO have had the chance to make a fortune.
In fact, Amazon has climbed more than 255,000% in the time since – enough to turn a $100 bill into more than $250,000!
But if you missed out, don’t kick yourself…
According to a report from Capital.com, Elon Musk could be gearing up to take his internet satellite giant, called Starlink, public… in what Fortune magazine says will be the biggest IPO in history!
And here’s the kicker…
With an estimated value of more than $100 billion, that means Starlink’s potential IPO could be a staggering 287 times bigger than Amazon’s 1997 IPO.
It’ll also be 55 times bigger than Apple’s IPO, 128 times bigger than Microsoft’s IPO, and 177 times bigger than Nvidia’s IPO, to name just a few.
For the first time ever, James Altucher – one of the world’s top venture capitalists – is sharing how ANYONE can get a pre-IPO stake in Starlink… with as little as $100!
That means you have the first-ever chance to skip the line, and position yourself BEFORE the IPO takes place.
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