GE Vernova (GEV) Q4 2025 earnings summary

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.

• Achieved strong 2025 performance with significant order, revenue, and margin growth, and free cash flow more than doubled to $3.7 billion.

• Raised 2026 and 2028 financial outlooks, reflecting the Prolec GE acquisition, with increased buyback authorization and doubled dividend.

• Returned $3.6 billion to shareholders in 2025 and ended with $8.8 billion in cash.

• Entering 2026 from a position of financial strength, with substantial opportunity for future value creation.

Financial highlights

• Q4 2025 orders reached $22.2 billion, up 65% year-over-year; full-year orders $59.3 billion, up 34% organically.

• Backlog increased to $150.2 billion, up $31.2 billion from prior year.

• Full-year revenue was $38.1 billion, up 9% year-over-year; Q4 revenue $11.0 billion, up 2–4%.

• Adjusted EBITDA for FY'25 was $3.2 billion (8.4% margin), with margin expanding 210–260 bps year-over-year.

• Free cash flow for FY'25 reached $3.7 billion, more than doubling year-over-year.

Outlook and guidance

• 2026 revenue guidance raised to $44–$45 billion, including Prolec GE; adjusted EBITDA margin expected at 11%–13%; free cash flow guidance $5.0–$5.5 billion.

• By 2028, revenue projected at $56 billion, adjusted EBITDA margin at 20%, and cumulative free cash flow of at least $24 billion.

• Power organic revenue growth expected at 16%–18% in 2026, with EBITDA margins of 16%–18%.

• Electrification revenue expected at $13.5–$14 billion (20% organic growth) plus $3 billion from Prolec GE; EBITDA margin 17%–19%.

• Wind revenue to decline low double digits; EBITDA loss of ~$400 million expected in 2026.