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GE Vernova
GE Vernova (GEV) investor relations material
GE Vernova Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Ended 2025 with a record $150.2 billion backlog, up $31.2 billion year-over-year, driven by robust order growth in Power and Electrification.
Booked $59.3 billion in orders (up 34% YoY) and grew revenue by 9% to $38.1 billion, with adjusted EBITDA margin up 260 bps YoY.
Free cash flow more than doubled to $3.7 billion, with $3.6 billion returned to shareholders and over 8 million shares repurchased in 2025.
Prolec GE acquisition received rapid approval, closing in early 2026, and is included in updated guidance.
Raised 2026 guidance: revenue $44–$45 billion, adjusted EBITDA margin 11–13%, free cash flow $5–$5.5 billion.
Financial highlights
Q4 2025 orders reached $22.2 billion, up 65% YoY; full-year orders $59.3 billion, revenue $38.1 billion, and adjusted EBITDA $3.2 billion (8.4% margin).
Q4 free cash flow was $1.8 billion, with year-end cash at $8.8 billion, up $1 billion sequentially.
S&P and Fitch upgraded credit ratings, maintaining positive outlooks.
Free cash flow conversion at 76% for FY'25.
Adjusted EBITDA margin improved to 8.4% for FY'25, up 260 bps year-over-year.
Outlook and guidance
2026 revenue guidance raised to $44–$45 billion, including Prolec GE, with adjusted EBITDA margin of 11–13% and free cash flow of $5–$5.5 billion.
By 2028, expects at least $56 billion in revenue, 20% adjusted EBITDA margin, and cumulative free cash flow of at least $24 billion.
Electrification revenue expected at $13.5–$14 billion (20% organic growth) plus $3 billion from Prolec GE in 2026.
Wind segment to see EBITDA losses of ~$400 million in 2026, with improvement in the second half.
Power to see high-teens organic growth and 22% EBITDA margin by 2028.
Wind segment: Path to 6% EBITDA margin by 2028?
Prolec GE acquisition: Key strategic drivers
Backlog margin accretion: Impact on future profit
Gas power pricing vs. smaller turbine threat?
Offshore wind project risk mitigation beyond Vineyard?
Sourcing productivity impact on future margins?
Partial view of Summaries dataset, powered by Quartr API
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Next GE Vernova earnings date
Q1 202622 Apr, 2026
GE Vernova
Next GE Vernova earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
GE Vernova Inc., formerly part of General Electric, is a global energy company specializing in the generation, transmission, and use of electric power. The company operates through three main segments: Power, Wind, and Electrification. GE Vernova is involved in the manufacturing and servicing of equipment for hydro, gas, nuclear, and steam power generation, as well as the production of wind turbines. Additionally, it offers solutions in power conversion and energy storage to support the transition to sustainable energy. GE Vernova is headquartered in Cambridge, Massachusetts, and its shares are listed on the New York Stock Exchange.
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