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Dec 31, 2025
GE Vernova Q4 2025 Earnings Report
GE Vernova delivered strong Q4 results with record orders, margin expansion, and significant net income due to a large tax benefit.
Key Takeaways
GE Vernova achieved robust order growth, improved margins, and reported a substantial net income in Q4 2025, boosted by a $2.9 billion tax benefit from a U.S. valuation allowance release.
Orders increased by 65% organically across all segments, reaching $22.2 billion.
Backlog grew by $15.0 billion sequentially from equipment and services at Power and Electrification.
Net income reached $3.7 billion, with a 33.5% margin, including a $2.9 billion tax benefit.
Free cash flow was $1.8 billion, contributing to a healthy cash balance of nearly $9 billion.
Revenue by Segment
Forward Guidance
GE Vernova raised its 2026 guidance following strong Q4 performance and the upcoming Prolec GE acquisition.
Positive Outlook
- Raised 2026 revenue guidance to $44B–$45B
- Expected adjusted EBITDA margin of 11%–13%
- Free cash flow projected at $5.0B–$5.5B
- Prolec GE acquisition included in updated outlook
- Power segment to deliver 16%–18% organic revenue growth
Challenges Ahead
- Wind segment expected to decline in organic revenue
- Wind projected to post ~$400M in segment EBITDA losses
- Macroeconomic conditions may pressure offshore wind margins
- Cost pressures from capacity expansion and R&D investment
- Ongoing impact from tariffs in Wind segment
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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