GE Vernova (GEV) Company Report

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

Morningstar

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

Press Release

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

Press Release

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

Morningstar

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

Transcript

GE Vernova announces Q3 2025 results and Prolec GE acquisition

GEV

Earnings

M&A

Share Buyback

Agreed to buy the remaining 50% of Prolec GE for $5.275 B, funded 50% with cash and 50% with debt, closing by mid-2026; Prolec is expected to generate $3 B revenue at 25% EBITDA margin in 2025 and grow to over $4 B revenue and $1 B EBITDA by 2028.
Booked $14.6 B of orders in Q3 (↑55% YoY) and expanded total backlog to $135 B.
Delivered 10% revenue growth, $811 M adjusted EBITDA (3× YoY) with +600 bps margin expansion, and $730 M free cash flow; returned $730 M to shareholders via share repurchases and dividends in Q3.
Gas turbine backlog rose from 29 GW to 33 GW and slot reservations from 25 GW to 29 GW, totaling 62 GW; expects to approach 70 GW by year-end. Electrification secured $1.6 B in synchronous condenser orders and $400 M in hyperscaler electrification orders in Q3.

Oct 22, 2025, 11:30 AM

Transcript

GE Vernova reports Q3 2025 results and Prolec GE acquisition

GEV

Earnings

Guidance Update

M&A

Announced acquisition of the remaining 50% of Prolec GE for $5.275 B, expected to add $0.6 B EBITDA in 2026, closing by mid-2026.
Q3 2025 delivered double-digit revenue growth, with backlog rising $4 B in equipment and $2 B in services sequentially; adjusted EBITDA margin expanded by 600 bps; generated $453 M free cash flow in the quarter and $1.9 B YTD.
Power: orders $7.8 B (+50% YoY), revenue $4.8 B (+14%), backlog $84.1 B; Electrification: orders $5.1 B (+102%), revenue $2.6 B (+32%), backlog $30.2 B.
Reaffirmed 2025 guidance: revenue $36–37 B, adjusted EBITDA margin 8–9%, free cash flow $3.0–3.5 B.

Oct 22, 2025, 11:30 AM

Presentation

GE Vernova announces Q3 2025 financial results

GEV

Earnings

Guidance Update

Share Buyback

GE Vernova delivered orders of $14.6 billion (+55% organically), revenue of $10.0 billion (+10% organically) and net income of $0.5 billion (4.5% margin); adjusted EBITDA was $0.8 billion (8.1% margin) and free cash flow was $0.7 billion in Q3’25.
Electrification led segment growth with orders up 102% to $5.1 billion and an EBITDA margin of 15.1%; Power orders rose 50% to $7.8 billion (13.3% margin); Wind posted $1.8 billion of orders but a $61 million EBITDA loss in the quarter.
Capital returns included $0.7 billion of share repurchases (1.1 million shares) in Q3 and a $0.25 per share dividend, with $2.4 billion returned to shareholders YTD; cash balance was $7.9 billion as of September 30, 2025.
Reaffirmed full-year 2025 guidance: $36–37 billion revenue, 8–9% adjusted EBITDA margin, and $3.0–3.5 billion free cash flow.

Oct 22, 2025, 10:36 AM

8-K

GE Vernova partner Neural Concept achieves 100% growth with integrated AI

GEV

Revenue Acceleration/Inflection

Hiring

Management Change

Enterprise usage of Neural Concept’s AI-first engineering platform has doubled since January 2025, with 40% upsell growth; new customers include GE Vernova U.S., Renault and Leonardo
Annual recurring revenue (ARR) growth now significantly exceeds the burn rate, highlighting strong capital efficiency
The platform compresses product development cycles from months to days, enabling faster innovation
Strategic hires and the launch of an expert advisory board featuring industry veterans such as Tom Becker and Brett Chouinard strengthen leadership and go-to-market capabilities
After a Series B funding round in 2024 led by Forestay Capital and supported by D. E. Shaw Ventures, Neural Concept is expanding operations across Europe, North America and Asia

Sep 29, 2025, 1:28 PM

Press Release

GE Vernova discusses 2025 orders, segment outlook and capital allocation

GEV

Guidance Update

Demand Weakening

New Projects/Investments

2025 targets: GE Vernova expects $50 billion of orders and $37 billion of revenue in 2025, with gas power contractual commitments rising from 55 GW to ~60 GW by Q3; Q2 saw 9 GW of new contracts, and electrification orders direct from hyperscalers total $600 million YTD, with $1 billion expected full-year.
Segment performance: Onshore wind faces order softness driven by permitting and tariff ambiguity—Q3 orders are forecast to decline sequentially; 2026 onshore wind revenue may drop 10%–15%, pulling EBITDA margins from high- to mid-single digits.
Long-term growth outlook: Management sees a “decade of action” in which global energy demand and the share of electricity grow substantially, planning to add at least 200 GW to its gas-power installed base over the next 10 years.
Electrification and software focus: Plans to sell its Proficy manufacturing-software unit for $600 million and reinvest proceeds into grid-software and co-creation projects with hyperscalers; acquired AI analytics firm Alteia to accelerate grid-management solutions.
Capital allocation strategy: Strong free-cash-flow and net-cash position support peak CapEx in 2026, double-digit R&D growth in 2026, opportunistic share buybacks and core-focused M&A such as the Woodward acquisition.

Sep 11, 2025, 2:45 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for GE Vernova.

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