Earnings summaries and quarterly performance for GE Vernova.
Executive leadership at GE Vernova.
Board of directors at GE Vernova.
Research analysts who have asked questions during GE Vernova earnings calls.
JM
Julian Mitchell
Barclays Investment Bank
7 questions for GEV
Also covers: AIRJ, ALLE, AME +26 more
Mark W. Strouse
J.P. Morgan Chase & Co.
7 questions for GEV
Also covers: ARRY, BE, BEP +15 more
CD
Chris Dendrinos
RBC Capital Markets
6 questions for GEV
Also covers: BE, CHPT, ENPH +8 more
ND
Nicole DeBlase
BofA Securities
6 questions for GEV
Also covers: CTOS, EMR, ETN +13 more
AO
Andrew Obin
Bank of America
5 questions for GEV
Also covers: ALH, ALLE, AME +17 more
NC
Nigel Coe
Wolfe Research, LLC
5 questions for GEV
Also covers: AME, CARR, CNM +27 more
Amit Mehrotra
UBS
4 questions for GEV
Also covers: CARR, EMR, ETN +8 more
Joe Ritchie
Goldman Sachs
4 questions for GEV
Also covers: ALLE, ATS, CARR +16 more
Andrew Kaplowitz
Citigroup
3 questions for GEV
Also covers: ACM, AOS, APG +29 more
AP
Andrew Percoco
Morgan Stanley
3 questions for GEV
Also covers: BE, ENPH, FLNC +8 more
Joseph Ritchie
Goldman Sachs
3 questions for GEV
Also covers: ALLE, CARR, CGNX +22 more
Julien Dumoulin-Smith
Jefferies
3 questions for GEV
Also covers: AEE, AEP, AES +54 more
Moses Sutton
BNP Paribas
3 questions for GEV
Also covers: FSLR, HASI, ITRI +3 more
Andy Kaplowitz
Citigroup Inc.
2 questions for GEV
Also covers: ACM, APG, ATKR +9 more
DA
David Arcaro
Morgan Stanley
2 questions for GEV
Also covers: AEP, AES, ATO +32 more
MB
Michael Blum
Wells Fargo & Company
2 questions for GEV
Also covers: AROC, BE, CQP +15 more
ND
Nicole DeBlase
Deutsche Bank
2 questions for GEV
Also covers: CARR, HON, JCI +1 more
Recent press releases and 8-K filings for GEV.
GE Vernova sets 2025 targets and 2028 financial outlook
GEV
Guidance Update
Revenue Acceleration/Inflection
- 2025 guidance: Revenue of $36–37 B, adj. EBITDA margin 8–9%, and free cash flow of $3.5–4.0 B.
- 2026 outlook: Revenue of $41–42 B, adj. EBITDA margin 11–13%, and free cash flow of $4.5–5.0 B.
- By 2028 targets: Revenue of $52 B, adj. EBITDA margin 20%, and cumulative free cash flow of $22 B+ from 2025–2028.
- Segment trends: Power and Electrification revenue expected to grow high-teens; Wind revenue down low-to-mid single digits in 2025.
- Backlog strength: Equipment backlog reached $54 B in 3Q 2025, up from $28 B in 4Q 2022.
Dec 9, 2025, 9:30 PM
GE Vernova updates 2025 guidance and 2028 outlook
GEV
Guidance Update
New Projects/Investments
Share Buyback
- 2025 free cash flow guidance raised to $3.5–$4.0 billion; 2026 targets set at $41–$42 billion revenue, 11–13% adjusted EBITDA margin, and $4.5–$5.0 billion free cash flow.
- 2028 financial outlook: at least $52 billion revenue, 20% EBITDA margin, and $22 billion cumulative free cash flow from 2025 to 2028.
- Gas Power momentum: secured 18 GW of new gas turbine contracts in Q4, bringing year-end backlog to ~80 GW, and targeting 20 GW annualized production by Q3 2026.
- Capital allocation: doubled annual dividend to $2 per share, raised share buyback authorization to $10 billion, and reaffirmed commitment to return ≥ 1/3 of cash flow to shareholders.
- Strategic investments: signed MoU with U.S. government for up to $100 billion in small modular reactor industrialization, aiming to convert MoUs into binding agreements in 2026.
Dec 9, 2025, 9:30 PM
GE Vernova outlines 2028 financial guidance and backlog expansion
GEV
Guidance Update
Share Buyback
M&A
- 2028 outlook: targets $52 billion revenue, 20% EBITDA margin and $22 billion cumulative free cash flow (2025–2028) after $10 billion in P&E and R&D investments
- 2026 and 2025 guidance: forecasts $41–42 billion revenue, 11–13% EBITDA margin, $4.5–5 billion free cash flow for 2026; raises 2025 free cash flow to $3.5–4 billion from $3–3.5 billion
- Backlog expansion: backlog to grow from $135 billion to at least $200 billion by 2028, with Electrification backlog doubling to $60 billion and Gas equipment backlog also doubling (Wind backlog assumed at 4 GW/year by 2028)
- Gas Power momentum: secured ~80 GW of gas contracts on order by year-end; aiming for 20 GW annualized production run rate by Q3 2026 via 2 GW capacity adds in Belfort and 2 GW in Greenville
- Capital allocation: returned $3.6 billion to shareholders in 2025 YTD, increased buyback authorization from $6 billion to $10 billion, doubled annual dividend to $2, and created $2.5 billion capital via dispositions; Prolec JV and Woodward acquisition driving M&A
Dec 9, 2025, 9:30 PM
GE Vernova updates multi-year guidance and capital plans
GEV
Guidance Update
Share Buyback
M&A
- 2025 guidance reaffirmed for revenue and adjusted EBITDA margin; free cash flow raised to $3.5–$4 billion (up from $3–$3.5 billion)
- 2026 targets introduced: revenue of $41–42 billion, adjusted EBITDA margins of 11–13%, and free cash flow of $4.5–5 billion
- 2028 outlook raised to at least $52 billion revenue, 20% EBITDA margin, and $22 billion cumulative free cash flow (2025–2028)
- Capital allocation: buyback authorization increased from $6 billion to $10 billion and dividend doubled to $2/share; Prolec GE JV closing expected by summer 2026
- Backlog growth: total backlog at $135 billion, projected to reach $200 billion by 2028, with electrification backlog doubling to $60 billion and SMR opportunities emerging
Dec 9, 2025, 9:30 PM
GE Vernova raises 2028 outlook, doubles dividend and increases buyback authorization
GEV
Guidance Update
Dividends
Share Buyback
- GE Vernova now expects $52 B of revenue and a 20% adjusted EBITDA margin by 2028, up from $45 B and 14%, reflecting stronger long-term growth projections.
- The company has signed 18 GW of gas turbine contracts quarter-to-date and aims for 80 GW of combined slot reservation agreements and backlog by year-end.
- Total backlog is projected to grow from $135 B to ~$200 B by the end of 2028, including doubling the Electrification backlog from $30 B to $60 B.
- GE Vernova anticipates generating at least $22 B of cumulative free cash flow from 2025 through 2028 (up from $14 B), after investing roughly $10 B in capex and R&D.
- The Board approved a $0.50 quarterly dividend (up from $0.25) payable Q1 2026 and raised the share repurchase authorization to $10 B from $6 B.
Dec 9, 2025, 9:05 PM
GE Vernova secures first international wind repower deal with Taiwan Power Company
GEV
New Projects/Investments
- First international onshore repower upgrade agreement with Taiwan Power Company to supply 25 kits and a five-year operations and maintenance package to modernize aging turbines.
- Initial components scheduled for late 2025 delivery, with retrofit installations planned through 2026 and 2027.
- Builds on GE Vernova’s experience repowering 6,000+ U.S. turbines and leverages a global installed base of 57,000 turbines, targeting higher-margin, recurring revenue.
- Shares rose 6% to $587.53, representing a 73% year-to-date gain, underscoring strong investor confidence.
- Financial profile: $37.67 billion revenue, 1.2% three-year growth, 3.67% operating margin, 4.52% net margin, and $158.3 billion market cap.
Nov 19, 2025, 4:28 PM
GE Vernova BWRX-300 SMR deployment accelerated by Orano in Poland
GEV
New Projects/Investments
- Orano signed a framework agreement to support Synthos Green Energy (SGE) and ORLEN Synthos Green Energy (OSGE) in deploying GE Vernova Hitachi BWRX-300 small modular reactors across Central and Eastern Europe.
- SGE holds exclusive rights to implement the BWRX-300 technology in nine CEE countries; the first Polish unit under OSGE is expected operational in the early 2030s, with licensing and environmental procedures underway.
- The agreement covers end-to-end nuclear fuel cycle services—from mining and conversion to enrichment, reprocessing, transport, storage, engineering, and decommissioning—aimed at building a robust European supply chain.
Nov 6, 2025, 7:10 PM
GE Vernova partner Orano supports SMR deployment in Central and Eastern Europe
GEV
New Projects/Investments
- Orano signed agreements with Polish firms SGE and OSGE to support deployment of its GE Vernova Hitachi BWRX-300 small modular reactors by providing full fuel cycle services.
- The partnership covers extraction, conversion, enrichment, treatment, recycling, transport, storage, engineering, decommissioning, and operator support to establish a robust European nuclear fuel supply chain.
- Agreements were formalized at the World Nuclear Exhibition in Paris by SGE/OSGE CEO Rafał Kasprów and Orano CEO Nicolas Maes.
- This collaboration accelerates SMR program development in Poland and beyond, marking a key step toward a reliable, low-carbon energy mix in the region.
Nov 6, 2025, 7:10 PM
GE Vernova Reports Q3 Profit, Confirms FY25 Outlook
GEV
Earnings
Guidance Update
M&A
- Revenue rose 12% to $10 billion in Q3, led by growth in Power, Wind, and Electrification segments.
- Adjusted EBITDA improved to $811 million (from $243 million a year ago) and net income turned positive at $453 million.
- Backlog orders reached $16 billion YTD, with Gas Power equipment and Electrification orders totaling about $26 billion, underscoring robust demand.
- Reaffirmed FY25 revenue guidance at the high end of $36–37 billion and projects an 8–9% adjusted operating margin; plans to complete the Prolec GE acquisition by mid-2026.
Oct 22, 2025, 11:46 AM
GE Vernova announces Q3 2025 results and Prolec GE acquisition
GEV
Earnings
M&A
Share Buyback
- Announced acquisition of the remaining 50% of Prolec GE joint venture for $5.275 billion, funded 50% cash/50% debt; expected to contribute $3 billion revenue with 25% EBITDA margin in 2025 and deliver $60–120 million annualized cost synergies by 2028.
- Booked $14.6 billion of orders in Q3 (+55% YoY) with a $135 billion backlog, including $54 billion equipment and $81 billion services backlogs.
- Delivered 10% organic revenue growth, $811 million adjusted EBITDA (3× YoY) with a 600 bps margin expansion, and generated $730 million of free cash flow.
- Reaffirmed 2025 guidance; agreed to sell manufacturing software business for $600 million and China XD stake for $100 million; ended Q3 with $8 billion cash and returned $730 million to shareholders (YTD $2.2 billion in buybacks/dividends).
Oct 22, 2025, 11:30 AM
Quarterly earnings call transcripts for GE Vernova.
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