increasing outlook with Prolec GE acquisition, Strong performance with significant orders and backlog growth, margin expansion, and cash generation
Fourth Quarter 2025 Highlights:- Orders of $22.2B, +65% organically with growth in all segments
- Backlog1 growth of $15.0B sequentially from equipment and services at Power and Electrification
- Gas Power equipment backlog and slot reservation agreements grew from 62 to 83 GW
- Revenue of $11.0B, +4%, +2% organically* with services growth in each segment
- Net income of $3.7B; net income margin of 33.5%; inclusive of a $2.9B tax benefit due to a U.S. valuation allowance release
- Adjusted EBITDA* of $1.2B and adjusted EBITDA margin* of 10.6%•
- Cash from operating activities of $2.5B; free cash flow* of $1.8B
- Orders of $59.3B, +34% organically, led by equipment at Power and Electrification and services in each segment
- Total backlog growth of $31.2B year-over-year; grew equipment margin in backlog by $8B, with 6 pts of accretion
- Revenue of $38.1B, +9% on a U.S. GAAP basis and organically* driven by growth in Electrification and Power
- Net income of $4.9B; net income margin of 12.8%; inclusive of a $2.9B tax benefit due to a U.S. valuation allowance release
- Adjusted EBITDA* of $3.2B and adjusted EBITDA margin* of 8.4%•Cash from operating activities of $5.0B; free cash flow* of $3.7B
- $8.8B cash balance; $3.6B in capital returned to shareholders
We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind. We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with significant momentum,” said GE Vernova CEO Scott Strazik. “Our platform of advanced solutions is well-positioned to serve the growing, long-cycle electric power market, and there is substantial opportunity to deliver even better performance ahead. I’m grateful for our team’s dedication and confident in our ability to meet our full potential today and for the long-term.”
In 2025, orders of $59.3 billion increased +34% organically, driven by robust equipment growth at Power and Electrification, with services growth in each segment. Revenue of $38.1 billion was up +9% on a U.S. GAAP basis and organically*, driven by Electrification and Power. Margins expanded significantly from price, volume, and productivity. Free cash flow* of $3.7 billion more than doubled year-over-year primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*
For the full earnings release, please go here.