GE Vernova (GEV) Company Report

In 2025, GE Vernova’s Onshore Wind booked 1.1 GW of repowering orders for US wind turbines
Projects will deploy nacelles and drive trains built at its Pensacola, Florida facility, where 20% of workers are veterans
All orders were booked in 2025 with commercial operation expected between 2026 and 2027
GE Vernova’s Onshore Wind business has an installed base of approximately 59,000 turbines and 120 GW of capacity worldwide

1 day ago

Press Release

GE Vernova issues $2.6 billion of senior notes

GEV

Debt Issuance

M&A

GE Vernova priced and issued $600 million of 4.250% Senior Notes due 2031, $1 billion of 4.875% Senior Notes due 2036, and $1 billion of 5.500% Senior Notes due 2056, settling on February 4, 2026.
The notes were issued under a First Supplemental Indenture dated February 4, 2026, with The Bank of New York Mellon serving as trustee.
Pricing terms include yields of 4.287% (2031 Notes at +45 bps), 4.929% (2036 Notes at +65 bps), and 5.693% (2056 Notes at +78 bps) versus benchmark Treasuries.
Net proceeds are earmarked for general corporate purposes, including financing the acquisition of the remaining 50% stake in Prolec GE.
Joint bookrunners were Citigroup, J.P. Morgan and Morgan Stanley, with several co-managers participating.

2 days ago

8-K

GE Vernova completes Prolec GE acquisition

GEV

M&A

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

4 days 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

Jan 28, 2026, 12:30 PM

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.

Jan 28, 2026, 12:30 PM

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.

Jan 28, 2026, 12:30 PM

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.

Jan 28, 2026, 12:30 PM

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.

Jan 28, 2026, 11:25 AM

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.