GE Vernova (GEV) Company Report

GE Vernova completed the acquisition of the remaining 50% stake in Prolec GE for $5.275 billion, funded equally with cash and debt
Prolec GE, with approximately 10,000 employees across seven manufacturing sites (five in the U.S.), is now consolidated into GE Vernova’s Electrification segment
The deal is immediately accretive and is incorporated into GE Vernova’s 2026 financial guidance, supporting growth outlook through 2028
Leadership remains unchanged as Ricardo Suarez stays on as Prolec GE CEO, reporting to Electrification segment CEO Philippe Piron

1 day ago

Press Release

GE Vernova reports Q4 2025 results and raises 2026 guidance

GEV

Earnings

Guidance Update

Share Buyback

In Q4, GE Vernova booked $22.2 B of orders (+65% yoy) and FY 2025 orders of $59 B (+34% yoy), driving total backlog up over 25% to $150 B (equipment $64 B, +50% yoy; services $86 B, +13% yoy)
Revenue grew 2% in Q4 and 9% for FY to $38 B; Q4 adjusted EBITDA rose 6% yoy to $1.2 B (margin +30 bps); free cash flow was $1.8 B in Q4 and $3.7 B for FY
Raised 2026 guidance to $44–45 B in revenue (from $41–42 B), adjusted EBITDA margin of 11–13%, and $5–5.5 B in free cash flow; assumes full-year Prolec GE ownership following Feb 2 closing
Dividend for 2026 will be doubled vs 2025 and share buyback authorization increased to $10 B from $6 B

6 days ago

Transcript

GE Vernova reports Q4 2025 results and raises 2026 guidance

GEV

Earnings

M&A

Guidance Update

Strong Q4 orders of $22.2 billion (up 65% YoY), boosting total backlog to $150 billion, +25% YoY.
Revenue of +2% YoY in Q4 with adjusted EBITDA growth of 6% to $1.2 billion, margin expansion of 30 bps, and free cash flow of $1.8 billion.
Approved Prolec GE acquisition, closing Feb 2, 2026, to contribute ~11 months of operations in 2026 and support electrification growth.
Raised full-year 2026 guidance and updated 2028 targets to ≥$56 billion revenue and 20% EBITDA margin, reflecting Prolec GE integration.

6 days ago

Transcript

GE Vernova reports Q4 2025 results

GEV

Earnings

Guidance Update

M&A

Booked $22.2 billion of orders in Q4 (+65% YoY, ~2× book-to-bill) and $59 billion for full-year 2025 (+34% YoY), lifting total backlog to $150 billion (+25% YoY).
Delivered $38 billion of revenue in 2025 (+9% YoY), expanded adjusted EBITDA margin by 210 bps, and generated $3.7 billion of free cash flow.
Ended the year with $9 billion of cash, returned $3.6 billion to shareholders (including repurchasing over 8 million shares), and secured investment-grade rating upgrades.
Raised 2026 guidance to $44–45 billion in revenue (from $41–42 billion), adjusted EBITDA margin of 11–13%, and $5–5.5 billion of free cash flow; doubled dividend and boosted buyback authorization to $10 billion.
Prolec GE acquisition approved to close on Feb 2, 2026, expected to add about $3 billion of revenue in 2026 and strengthen the Electrification segment.

6 days ago

Transcript

GE Vernova reports Q4 2025 results

GEV

Earnings

Guidance Update

Orders surged 65% y/y to $22.2 B in Q4 (FY $59.3 B) and backlog expanded to $150.2 B, up $31.2 B from Q4 2024.
Q4 revenue rose to $11.0 B (FY $38.1 B), while adjusted EBITDA reached $1.2 B with a margin of 10.6%, up 40 bps year-over-year.
Free cash flow more than tripled to $1.8 B in Q4 and doubled to $3.7 B for FY 2025.
Raised 2026 outlook: $44–45 B revenue (incl. Prolec GE), 11–13% adj. EBITDA margin, and $5.0–5.5 B free cash flow.

6 days ago

Presentation

GE Vernova reports Q4 2025 results and raises 2026 outlook

GEV

Earnings

Guidance Update

M&A

Fourth-quarter orders of $22.2 B (+65% organically) drove revenue of $11.0 B (+4%), net income of $3.7 B (33.5% margin), adjusted EBITDA of $1.2 B, and free cash flow of $1.8 B.
Full-year 2025 orders of $59.3 B (+34% organically) supported revenue of $38.1 B (+9%), net income of $4.9 B (12.8% margin), adjusted EBITDA of $3.2 B, and free cash flow of $3.7 B.
2026 guidance raised to revenue of $44–45 B (from $41–42 B), adjusted EBITDA margin of 11–13%, and free cash flow of $5.0–5.5 B.
M&A update: GE Vernova will acquire the remaining 50% of Prolec GE for $5.275 B, expected to close on February 2, 2026.

7 days ago

8-K

GeoVera Nova and SageSure close $200 million catastrophe bond

GEV

Debt Issuance

SageSure Holdings and GeoVera Nova closed the inaugural Meritage Re Ltd. Series 2026-1 catastrophe bond for $200 million, the first issuance from the newly formed Bermuda SPV
The three-year bond provides US named storm coverage for SageSure’s carrier partners—GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Safeport Insurance Company—and was priced significantly below initial guidance due to strong investor demand
Swiss Re Capital Markets acted as sole structuring agent and bookrunner, reflecting market confidence in GeoVera Nova’s portfolio and SageSure’s underwriting capabilities
The transaction diversifies GeoVera Nova’s reinsurance program and strengthens capacity in catastrophe-prone regions, supporting stable, reliable hurricane protection

Jan 20, 2026, 1:00 PM

Press Release

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

Presentation

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

Transcript

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