GE Vernova Inc. (NYSE: GEV) reported consolidated revenue of $3,670 million, inclusive of a $2.9 billion tax benefit resulting from a U.S. valuation allowance release.
Latest Quarterly Results
Revenue growth in the quarter was driven by services across all segments and increased equipment volume in Electrification and Power.
Segment Highlights:
GE Vernova’s fourth-quarter 2025 financial results highlighted a sharp divergence in performance across its core segments, with significant growth in Power and Electrification offsetting a contraction in Wind. The Power segment reported revenue of $5,749 million, representing a 6% increase year-over-year, while achieving a segment EBITDA of 2,368 million compared to the fourth quarter of 2024, resulting in an EBITDA loss of 2,960 million, yielding a segment EBITDA of $505 million and a 17.1% margin as strong demand for grid equipment continued to drive volume and favorable pricing.
Full-Year Results Context
For the full year 2025, total revenue was $38,068 million, up 9% from 4,879 million, compared to $1,559 million in the prior year. Total orders reached $59.3 billion, and the year ended with a total backlog of $150.2 billion. Directional trends indicate revenue growth in Power and Electrification and a contraction in Wind.
Business and Operations Update
The company reported zero fatalities in the fourth quarter. Capital expenditures for the period totaled $0.7 billion, with investments directed toward increasing production capacity in the Power and Electrification segments. Research and development spending was 3.6 billion to shareholders in 2025 through share repurchases and dividends. The share repurchase authorization was increased to $10 billion, and the quarterly dividend was doubled to $0.50 per share.
M&A and Strategic Moves
GE Vernova announced the acquisition of the remaining 50% stake in Prolec GE from counterparty Xignux for $5.275 billion. The transaction is expected to close on February 2, 2026. In December 2025, S&P and Fitch upgraded the company’s investment-grade credit ratings to BBB and BBB+, respectively.
Guidance and Outlook
The company increased its 2026 financial guidance to include the Prolec GE acquisition. What to watch for in 2026:
• Consolidated Revenue: Projected at $44 billion to $45 billion.
• Free Cash Flow: Anticipated between $5.0 billion and $5.5 billion.
• Segment EBITDA: Wind segment losses are projected at approximately $400 million, while Power organic revenue is expected to grow 16%-18%.
Performance Summary
The company concluded 2025 with an $8.8 billion cash balance. Net income increased to $4.9 billion for the year, and the total backlog grew by $31.2 billion year-over-year.
Full-Year Segment Revenue:
• Power: $19,767 in 2025, compared to $18,127 in 2024.
• Wind: $9,110 in 2025, compared to $9,701 in 2024.
• Electrification: $9,642 in 2025, compared to $7,550 in 2024.
Consolidated Fourth Quarter Metrics:
• Total Revenue: $10,956 in 2025, compared to $10,559 in 2024.
• Net Income: $3,670 in 2025, compared to $484 in 2024.