NEW YORK – GE Vernova hosted its 2025 Investor Update event to present its 2026 financial guidance and update its outlook by 2028, as well as provide commentary on key longer-term trends.
“At GE Vernova, we are in the early chapters of an incredible value creation opportunity with a stronger financial trajectory ahead,” said GE Vernova CEO Scott Strazik. “Electric power will be critical to unlocking economic growth in the decades ahead and we are well-positioned with our large installed base and platform of advanced solutions to serve this growing, long-cycle market. We will deliver value in the short term, but I’m most excited about our long-term potential as we focus on value-accretive capital allocation to drive growth and innovation while delivering shareholder returns. We are executing efficiently, and there is more to come as we enter 2026 with significant momentum.”
“We are executing our financial strategy, and we now expect to generate at least $22 billion in cumulative free cash flow by 2028,” said GE Vernova CFO Ken Parks. “Our large and growing backlog, with healthy margins from services and better equipment pricing, is furthering our momentum into 2026 and driving our increased outlook by 2028. We remain committed to maintaining an investment grade balance sheet as we make organic investments, pursue targeted M&A, and return at least one third of cash generation to shareholders through our higher dividend and increased share repurchase program.”
Financial Outlook
GE Vernova reaffirms its 2025 revenue and adjusted EBITDA margin* guidance, raises its 2025 free cash flow* guidance, and presents its 2026 financial guidance. The company also raises its outlook by 2028, as presented at its 2024 Investor Update.
Multi-Year Segment Financial Outlook
GE Vernova also reaffirms its 2025 segment guidance and provides additional multi-year guidance.
All outlooks exclude the impact of the acquisition of the remaining 50% stake of Prolec GE and any related financing, which is expected to close by mid-2026, subject to customary regulatory approvals.
Capital Allocation
GE Vernova’s strategic principles for capital allocation continue to include organic investments to drive profitable growth, returning at least one third of cash generation to shareholders, and targeted mergers and acquisitions in core businesses. The GE Vernova Board of Directors has declared a $0.50 per share quarterly dividend, doubling from a $0.25 quarterly dividend, payable on February 2, 2026, to shareholders of record as of January 5, 2026. The Board of Directors has also approved a share repurchase authorization increase to $10 billion, from the prior authorization of $6 billion. GE Vernova has spent $3.3 billion of the authorization as of December 3, 2025.
Growth Beyond 2028
GE Vernova is well-positioned to deliver substantially higher returns beyond 2028, including from its:
- Large and growing equipment and services backlog, which is expected to reach approximately $200 billion by year-end 2028.
- More profitable, recurring Gas Power services revenue beginning in the 2030s.
- Expanded investments into artificial intelligence, robotics, and automation.
- Focus on developing and commercializing breakthrough energy technologies, including small modular nuclear reactors, carbon capture, solid oxide fuel cells, and grid-related technologies to support data centers and grid modernization.