GE Vernova reported a strong finish to 2025, characterized by significant order growth across all segments, substantial backlog expansion with improved margins, and robust free cash flow generation. The company is increasing its financial outlook for 2026 and beyond, incorporating the acquisition of Prolec GE, signaling confidence in its strategic positioning and operational execution.
Orders increased 65% organically to $22.2B in Q4 and 34% organically to $59.3B for the full year, driven by strong equipment demand in Power and Electrification.
positiveBacklog grew by $15.0B sequentially in Q4 and $31.2B year-over-year, with equipment backlog margins improving by 6 points.
positiveFree cash flow more than doubled year-over-year, reaching $3.7B for the full year, primarily due to working capital benefits and stronger Adjusted EBITDA.
positiveCredit ratings were upgraded by S&P and Fitch to investment grade (BBB and BBB+, respectively), with positive outlooks maintained.
positiveDividend per share doubled from $0.25 to $0.50 quarterly.
positiveWind segment revenue decreased 6% year-over-year to $9.1B, primarily due to lower Onshore Wind equipment deliveries and Offshore Wind contract losses.
attentionWind segment EBITDA losses were $(0.6)B for the full year, with segment EBITDA margin at (6.6)%, down 50 bps year-over-year.
attentionWind segment EBITDA margin decreased 1,010 bps year-over-year in Q4 to (9.5)%, driven by higher Offshore Wind contract losses and lower Onshore Wind equipment volume.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Power | N/A | — | — | — | +5.0% |
Wind | N/A | — | — | — | -25.0% |
Electrification | N/A | — | — | — | +32.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
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.
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.
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