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Sep 30, 2025
GE Vernova Q3 2025 Earnings Report
GE Vernova reported strong Q3 2025 results with solid revenue growth, higher margins, and positive net income.
Key Takeaways
GE Vernova delivered strong financial performance in Q3 2025 with robust demand across its Power and Electrification segments, improved margins, and continued positive free cash flow.
Revenue grew to nearly $10B, driven by strong performance in Electrification and Power.
Net income reached $453M with a 4.5% margin.
Backlog increased by $6.6B sequentially, indicating sustained demand.
Free cash flow remained positive at $732M, supporting capital returns.
Revenue by Segment
Forward Guidance
GE Vernova reaffirmed its full-year 2025 guidance, expecting strong performance in Power and Electrification, with Electrification now expected to grow more than previously forecast.
Positive Outlook
- 2025 revenue expected to trend toward upper end of $36B–$37B range.
- Electrification organic revenue growth now expected at ~25%, up from ~20%.
- Free cash flow guidance reaffirmed at $3.0B–$3.5B.
- Power segment margin expected to reach 14%-15%.
- Company to provide 2026 outlook and 2028 targets at upcoming investor event.
Challenges Ahead
- Wind segment EBITDA loss expected to be ~$400M, trending toward low end of prior range.
- Wind organic revenue expected to decline high-single digits.
- Lower year-over-year free cash flow in Q3 due to higher capex and working capital changes.
- Tariff impacts estimated at up to $400M, though mitigation is underway.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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