CAMBRIDGE, Mass. – GE Vernova Inc. today reported financial results for the fourth quarter and full year ending December 31, 2025.
“We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind. We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with significant momentum,” said GE Vernova CEO Scott Strazik. “Our platform of advanced solutions is well-positioned to serve the growing, long-cycle electric power market, and there is substantial opportunity to deliver even better performance ahead. I’m grateful for our team’s dedication and confident in our ability to meet our full potential today and for the long-term.”
“We delivered a strong finish to 2025 as we executed our financial strategy, with robust quarterly orders, revenue growth, margin expansion, and significant free cash flow generation. We expanded our 2025 backlog across equipment and services, with equipment margin in backlog expanding six points year-over-year, reflecting favorable price and our continued focus on disciplined underwriting,” said GE Vernova CFO Ken Parks. “Given our strong free cash flow generation, we ended the quarter with a healthy cash balance of nearly $9 billion, which continues to give us confidence to invest in our core businesses and return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a strong investment grade balance sheet. Today, we’re also increasing our multi-year financial outlook to include Prolec GE.”
Multi-year financial outlook:
GE Vernova is increasing its 2026 financial guidance and outlook by 2028, which now includes the acquisition of the remaining fifty percent stake of Prolec GE:
- For 2026, GE Vernova now expects revenue of $44-$45 billion, up from $41-$42 billion, adjusted EBITDA margin* of 11%-13%, and free cash flow* of $5.0-$5.5 billion, up from $4.5-$5.0 billion
- For GE Vernova’s outlook by 2028, the company now expects revenue of $56 billion, up from $52 billion, with low-teens organic growth, adjusted EBITDA margin* of 20%, and cumulative free cash flow* of at least $24 billion, up from at least $22 billion
“Overall, we are pleased with our financial performance in 2025 and are entering 2026 with significant momentum as we continue to serve the growing, long-cycle electric power market,” said the GE Vernova IR team. “We also look forward to connecting with you in the coming days and welcome any feedback on areas where we can improve. Please visit our website and sign up for email alerts to stay in touch with us. Thank you for your continued interest in GE Vernova.”
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