What were the key takeaways from GE Vernova's earnings call?

What were the key takeaways from GE Vernova’s earnings call?

What factors drove the changes in GE Vernova's revenue and profit?

What is GE Vernova's gross profit margin?

What is GE Vernova's latest dividend and current dividend yield?

Did GE Vernova beat or miss consensus estimates last quarter?

What guidance did GE Vernova's management provide for the next earnings period?

What does GE Vernova do and what are its main business segments?

- **Record Growth**: 2025 orders up 34% to $59 billion, revenue $38 billion (+9%), and EBITDA margin 14.7% (+210bps).
- **Gas Power Dominance**: 24 GW Q4 signings, $64 billion equipment backlog, and $8 billion margin added in 2025.
- **Prolec Acquisition**: Adds $3 billion annual revenue, with 2026 guidance raised to $44-45 billion.
- **Wind Risks**: U.S. offshore halt could cost $250 million in 2026 revenue, with EBITDA loss of $400 million.
- **2028 Vision**: $56 billion revenue and 20% EBITDA margin, driven by Power and Electrification growth.

**【CEO Summary Section】**
- **Record Performance in 2025**: Booked $59 billion in orders, up 34% year-over-year, with Power equipment orders doubling and Electrification equipment orders growing 20%. Revenue reached $38 billion, up 9%, and adjusted EBITDA margin expanded 210 basis points to 14.7%.
- **Gas Power Momentum**: Signed 24 GW of new gas contracts in Q4 alone, bringing total 2025 signings to 61 GW. Equipment backlog reached $64 billion, up 50% year-over-year, with $8 billion in incremental margin added to equipment backlog.
- **Prolec GE Acquisition**: Closed on February 2, 2026, adding $3 billion in annual revenue and enhancing Electrification's grid solutions. Full year 2026 guidance includes 11 months of Prolec operations.
- **Investments in Growth**: Added 200 machines and 500 production workers in 2025, with plans to double gas turbine output by mid-2026. AI and automation investments expected to drive productivity gains starting in 2027.
- **Wind Challenges**: U.S. government halt on offshore wind projects caused $70 million in incremental costs. 2026 Wind revenue could decline $250 million if remaining Vineyard Wind turbines aren't installed by March 2026.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: 
  - Orders: $22.2 billion (65% YoY growth), with 91% increase in equipment orders.
  - Revenue: $9.6 billion (2% YoY growth), driven by Electrification (+32%) and Power (+5%).
  - Adjusted EBITDA: $1.2 billion (6% YoY growth), margin expanded 30 basis points to 14.7%.
  - Free Cash Flow: $1.8 billion (Q4) and $3.7 billion (full year), up $2 billion YoY.
- **2026 Guidance**: 
  - Revenue: $44-45 billion (up from $41-42 billion), with 16-18% organic growth in Power and 20% in Electrification.
  - Adjusted EBITDA Margin: 11-13%, expanding to 20% by 2028.
  - Free Cash Flow: $5-5.5 billion (up from $4.5-5 billion).
- **Segment Outlook**: 
  - **Power**: 100 GW equipment backlog target by end-2026, 14-15% EBITDA margin in Q1 2026.
  - **Electrification**: $13.5-14 billion revenue (20% organic growth), 17-19% EBITDA margin.
  - **Wind**: Organic revenue down low double digits, EBITDA loss of $400 million.

**【Q&A Key Highlights】**
- **Gas Power Pricing**: Slot reservation agreements (SRAs) are 10-20 points higher than existing backlog. 2026 target is to add $8 billion in equipment margin, matching 2025's $8 billion increase.
- **Electrification Growth**: 2026 revenue to reach $13.5-14 billion (20% organic growth + $3 billion from Prolec). Transformer output up 50% YoY in Q4, with similar productivity gains expected at Prolec factories.
- **Wind Execution**: 70% of 2026 onshore turbine shipments in H2, with 30% of 2025 equipment orders signed late in the year. EBITDA losses to narrow in H2 2026.
- **Nuclear Expansion**: Discussions with U.S., Sweden, and Poland on SMR projects. First SMR under construction in Ontario, with hyperscaler partnerships for solid-state transformers.
- **Prolec Integration**: No change to 2028 guidance, but potential for incremental synergies beyond $3 billion in annual revenue contribution.

GE Vernova Inc. (GEV) Q4 2025 Earnings Call Transcript

- **$5.275B Prolec GE Acquisition**: Immediately accretive with $3B+ 2025 revenue, 25% EBITDA margin, and $4B+ 2028 target. 30%+ CAGR in hyperscaler business.
- **Electrification Growth**: 32% Q3 revenue growth, $26B backlog, 15.1% EBITDA margin. 2025 revenue now expected +25% vs prior 20% guide.
- **Gas Turbine Momentum**: 12GW Q3 contracts, 33GW backlog. Slot reservations at higher margins than current orders.
- **Free Cash Flow Strength**: $730M Q3, $8B cash, $2.2B returned to shareholders YTD.
- **AI/automation Impact**: 40%+ productivity gains in key factories, accelerating 2026 delivery ramp.
- **Wind Transition**: Services up 27% YTD, offsetting soft onshore equipment orders.

**【CEO Summary Section】**
- Announced acquisition of remaining 50% stake in Prolec GE for $5.275 billion, to be funded 50% by cash and 50% by debt, closing by mid-2026.
- Prolec GE is a leading North American transformer provider with $3 billion in 2025 revenue, 25% EBITDA margin, and 10,000 employees across 7 U.S. and Mexico facilities.
- Transaction is immediately accretive to EBITDA before synergies, with $3 billion+ revenue in 2025 and $4 billion+ by 2028, driven by North American grid investment and hyperscaler demand.
- Electrification segment revenue grew 32% Q3, with $26 billion equipment backlog, and 15.1% EBITDA margin.
- Signed 12 GW of new gas turbine contracts Q3, bringing total backlog to 33 GW, with 29 GW in slot reservations.
- Onshore wind services orders up 27% YTD, while offshore wind EBITDA losses improved $250 million Y/Y.

**【CFO Financial Commentary】**
- Prolec GE expected to generate $1 billion+ EBITDA by 2028, with $60-120 million annualized cost synergies and medium-term revenue synergies from integrating transformers with grid automation.
- GE Vernova Q3 revenue grew 10% organically to $9.1 billion, with adjusted EBITDA of $811 million (8.9% margin), up 600 bps Y/Y.
- Free cash flow of $730 million Q3, with $8 billion cash balance and $2.2 billion returned to shareholders YTD via buybacks and dividends.
- 2025 guidance reaffirmed: $36-37 billion revenue, 8-9% EBITDA margin, $3-3.5 billion free cash flow.
- Electrification segment now expected to grow 25%+ in 2025, up from prior 20% guidance, with EBITDA margin 14-15%.

**【Q&A Highlights】**
- Prolec GE 2028 financial targets ($4 billion revenue, $1 billion EBITDA) based on $4 billion backlog, framework agreements, and 30%+ CAGR in hyperscaler business.
- Gas turbine pricing remains strong, with slot reservation agreements at higher margins than current orders.
- Capacity expansion for gas turbines ($300 million+ in 2025) and transformers (Mexico, Louisiana, NC expansions) positions for 2026 peak deliveries.
- AI and physical automation investments driving 40%+ productivity gains in key factories (e.g., Stafford, UK for HVDC).
- Prolec GE medium/low voltage transformers could expand into international markets post-2026 integration.
- Wind business focus shifting to services (repowering, upgrades) as onshore equipment orders remain soft due to permitting delays.
- 2025 tariffs estimated at $300-400 million, net of mitigation actions, with similar impact across remaining quarters.

GE Vernova Inc. (GEV) Q3 2025 Earnings Call Transcript

- **Revenue and Margin Growth**: Q2 revenue +12%, adjusted EBITDA margin 14.6% (+80bps). Full-year EBITDA margin 8-9%, up from prior guidance.
- **Backlog Expansion**: Total backlog $129B, up $7B year-to-date. Electrification equipment backlog +$6B, Power SRAs to 25GW.
- **Strategic Investments**: $1.6B share buybacks, $100M factory expansion, $250M restructuring to reduce G&A by $600M by 2026.
- **Segment Highlights**: 
  - **Power**: 44% order growth, 16.4% EBITDA margin. Target 14-15% margin in 2025.
  - **Electrification**: 20%+ revenue growth, 13-15% margin. Saudi deal could add $1.5B Q3 orders.
  - **Wind**: Onshore margin improving, targeting breakeven H2. Offshore tariffs cost $300-400M annually.
- **Market Catalysts**: U.S. tax bill driving wind/solar growth, gas for grid reliability. Aeroderivative turbines seeing 6x unit bookings YoY.

**【CEO Summary Section】**
- **Revenue Growth and Backlog Expansion**: Q2 revenue increased 12% year-over-year, driven by double-digit growth in Electrification and Power. Equipment backlog rose to $50 billion, up $7 billion year-to-date, with Electrification equipment backlog expanding $6 billion. Services backlog grew $1 billion, totaling $129 billion.
- **Gas Power Strength**: Booked 9 GW of gas equipment contracts (7 into slot reservation agreements), converting 3 GW of SRAs to orders. Backlog remains at 29 GW, with SRAs growing to 25 GW from 21 GW. Expect at least 60 GW between backlog and SRAs by year-end.
- **Electrification Momentum**: Equipment orders grew 5%, led by Europe, with North America and Asia up nearly 10%. Saudi grid stabilization deal could add $1.5 billion in Q3 orders. Synchronous condensers target a $5 billion annual market.
- **Wind Progress**: Onshore revenue up double-digits, but segment loss widened due to offshore tariffs ($300M year-to-date). Offshore installed 34 units, most productive quarter. Potential U.S. tax bill-driven growth, though permitting challenges remain.
- **Strategic Initiatives**: $100M investment in Charleroi factory to double output by 2028. Acquired Woodward gas turbine parts business for $90M labor hour productivity gain. Alteia acquisition to integrate AI into grid management. Restructuring costs of $250-275M to reduce G&A by $600M by 2026.

**【CFO Financial Commentary】**
- **Financial Performance**: Q2 adjusted EBITDA $770M (+25%), margin up 80bps to 14.6%. Free cash flow $200M, positive for sixth straight quarter. Cash balance $8B, with $1.6B in share buybacks year-to-date.
- **Segment Updates**: 
  - **Power**: Orders +44% (Gas Power equipment tripled YoY). EBITDA margin 16.4%, up 40bps. Expect 6-7% organic growth and 14-15% margin in 2025.
  - **Wind**: Revenue +9%, but EBITDA loss $50M worse YoY. Offshore tariffs cost $300-400M annually. Onshore margin improving, targeting breakeven H2.
  - **Electrification**: Orders $3.3B (1.5x revenue), margin 14.6% (+740bps). Guide for 20%+ revenue growth and 13-15% margin.
- **Guidance Update**: Full-year revenue $36-37B, EBITDA margin 8-9%, free cash flow $3-3.5B. Power margin raised to 14-15%, Electrification to 13-15%.

**【Q&A Highlights】**
- **Electrification Demand**: Europe HVDC weakness offset by Asia/Middle East growth. Margins improving via productivity, but price deceleration expected.
- **Gas Services Pricing**: Capacity market reforms driving incremental service demand and pricing power.
- **Capacity Expansion**: Gas Power targeting 20GW run rate by H2 2026. Electrification factories ramping shifts to meet 2028+ backlog.
- **Tax Bill Impact**: U.S. wind/solar permitting acceleration, potential gas demand for grid reliability. SMR and aeroderivative turbines benefit from tax credits.
- **Wind Outlook**: Onshore orders up 45% YoY, targeting 2026 revenue fill. Offshore focused on Dogger Bank completion in 2027.

GE Vernova Inc. (GEV) Q2 2025 Earnings Call Transcript

- **Record Backlog Growth**: Total backlog hits $123B, with 7 GW gas turbine bookings and 21 GW slot reservations driving Power segment strength. 
- **Profitability Expansion**: All segments expand margins (Power +70bps, Electrification +682bps, Wind +190bps), driven by pricing and lean execution. 
- **Tariff Mitigation**: $300-400M cost impact offset by pricing actions, G&A transformation, and supply chain diversification. 
- **Free Cash Flow Strength**: $1B in Q1, guided to $2-2.5B for 2025, with second half weighted by gas services seasonality. 
- **Wind Recovery**: Onshore volume growth offsets offshore losses, with 2025 EBITDA loss expected to improve 7% YoY.

**【CEO Opening Remarks】**
- **Market Strength**: Gas power orders grew 30% QoQ, with 7 GW of gas turbine bookings and 7 GW of slot reservation agreements. Total gas turbine backlog reached 29 GW, with 21 GW in reservation agreements. 
- **Backlog Growth**: Total backlog increased to $123B, driven by $2.4B in equipment and $2B in services sequential growth. Services represent 60% of backlog with strong margins.
- **Tariff Mitigation**: $300-400M cost impact from tariffs in 2025, partially offset by pricing actions, G&A cost transformation, and supply chain investments. 
- **Free Cash Flow**: Generated $1B in Q1, up $1.6B YoY, with $1.3B returned to shareholders through buybacks.

**【CFO Financial Highlights】**
- **Revenue & Profitability**: Q1 revenue grew 15% YoY to $9.2B, with Power (+16%), Electrification (+18%), and Wind (+15%) all expanding margins. Adjusted EBITDA rose 70% to $460M, driven by pricing, productivity, and volume.
- **Segment Performance**: 
  - **Power**: Orders +28%, EBITDA margin +70bps to 11.5%. Gas turbine deliveries doubled QoQ. 
  - **Electrification**: Orders +10% YoY, revenue +18%, EBITDA margin +682bps to 11.2%. 
  - **Wind**: EBITDA loss improved 7%, with onshore volume growth offsetting offshore execution challenges.
- **Free Cash Flow**: $1B in Q1, guided to $2-2.5B for 2025. Second half weighted due to gas services seasonality and wind execution.

**【Q&A Key Takeaways】**
- **Tariff Impact**: 25% of direct spend affected, with 2/3 of China exposure dual-sourced. Pricing actions and G&A cost reduction ($600M by 2028) offsetting costs. 
- **Gas Power Outlook**: 2026-2027 backlog sold out, 2028+ in active discussions. Data centers account for 1/3 of slot reservations, with minimal cancellation risk. 
- **Wind Challenges**: Onshore order growth constrained by U.S. policy uncertainty, but 2025 EBITDA loss expected to improve 7% YoY. Offshore losses include one-time $70M termination charge.
- **Electrification Capacity**: Backlog growth maintained, with 2025 revenue guided for mid- to high-teens growth. Capacity additions (e.g., $600M U.S. manufacturing investment) supporting expansion.


GE Vernova (GEV)-23 Apr 25-2025 Q1 Earnings call transcript

- **Power Segment Dominance**: Gas turbine orders doubled to 20 GW in 2024, with production capacity set to triple by 2026. Services revenue for upgrades to grow 50% by end of decade.
- **Electrification Surge**: Equipment orders more than doubled in Q4, driving 18% revenue growth and 500bp margin expansion. On track for double-digit margins in 2025.
- **Wind Turnaround**: EBITDA losses halved in 2024. Offshore wind backlog completion expected by 2026, with $100M+ in operational investments in 2025.

**【CEO Opening Remarks】**
- GE Vernova achieved strong momentum in its first year as an independent company, driven by the global super cycle in electric power infrastructure.
- **Power Segment Highlights**: 
  - Full-year gas turbine orders doubled to ~20 GW, with 9 GW of reservation agreements for future deliveries.
  - Production capacity to ramp from 48 turbines/year in 2024 to 70-80/year by H2 2026.
  - Services revenue for upgrades in gas power expected to grow from $2B/year to $3B by end of decade.
  - Segment delivered 7% revenue growth and 200bp margin expansion in 2024.

**【Electrification Segment】**
- Equipment orders more than doubled in Q4 2024, driven by grid modernization in North America and Europe.
- Full-year revenue grew 18%, with EBITDA margin expanding over 500bp.
- Targeting double-digit EBITDA margins in 2025, with further expansion beyond.

**【Wind Segment】**
- EBITDA losses cut nearly in half in 2024, despite lower revenues.
- Onshore wind: High single-digit EBITDA margins achieved on flat revenue.
- Offshore wind: $3B remaining backlog expected to be completed by 2026.
- Operational investments to increase by >$100M in 2025 to accelerate turnaround.

Actual	-0.41	0.0807	-0.1591	0.8086	1.0742	1.7286	1.6801	3.5433
Forecast	-0.4799	0.7418	0.1916	2.2786	0.4686	1.484	1.7153	2.9388	1.9463
Surprise	+14.57%	-89.12%	-183.04%	-64.51%	+129.24%	+16.48%	-2.05%	+20.57%	0.00%

Actual	7.17B	8.20B	8.92B	10.56B	8.03B	9.11B	9.97B	10.96B	--
Forecast	7.28B	8.26B	8.75B	10.70B	7.55B	8.81B	9.14B	10.22B	9.19B
Surprise	-1.57%	-0.67%	+1.94%	-1.34%	+6.35%	+3.44%	+9.03%	+7.25%	0.00%

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GEV Q1 2026 Earnings Preview

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GEV

GEV fundamentals

GEV Q1 2026 Earnings Preview

Earnings Call

GEV Earnings Call Summary for Q1/2026Upcoming7:30 AM on Apr 22, 2026

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GEV Earnings Call Summary for Q3/20257:30 AM on Oct 22, 2025

GEV Earnings Call Summary for Q2/20257:30 AM on Jul 23, 2025

GEV Earnings Call Summary for Q1/20257:30 AM on Apr 23, 2025

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