GE Vernova Q4 Earnings Call Highlights

4 months ago 56

MarketBeat

Wed, January 28, 2026 astatine 11:02 AM CST 9 min read

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GE Vernova ended 2025 with a backlog of $150 billion, Q4 orders of $22.2 billion (up 65% YoY) and full-year orders of $59 billion, portion adjusted EBITDA borderline widened and escaped currency travel much than doubled to $3.7 billion.
Management raised 2026 guidance to bespeak the Prolec GE close—revenue of $44–45 billion, adjusted EBITDA borderline 11%–13% and escaped currency travel $5.0–5.5 billion—and announced superior actions including a doubled dividend and a $10 cardinal buyback authorization; the institution expects to contented astir $2.6 billion of indebtedness to implicit the Prolec purchase.
Demand is strongest successful state powerfulness and electrification—GE Vernova booked 24 GW of caller state contracts successful Q4 (backlog/slot reservations roseate to ~83 GW and pricing connected SRAs is moving ~10–20 points higher) and electrification grew >25% with >$2 cardinal of data-center orders—while offshore upwind was deed by a U.S. stop-work order, driving incremental 2025 upwind losses of astir $600 million and an expected ~$400 million upwind EBITDA nonaccomplishment successful 2026.
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GE Vernova (NYSE:GEV) executives highlighted beardown bid momentum crossed state powerfulness and electrification successful the company’s fourth-quarter and full-year 2025 net call, portion besides addressing incremental offshore upwind losses tied to a U.S. authorities stop-work bid issued precocious successful the year. Management raised 2026 guidance to bespeak the planned closing of the Prolec GE acquisition and pointed to a larger, higher-margin backlog arsenic the instauration for multi-year nett and currency travel growth.

CEO Scott Strazik said GE Vernova ended 2025 with full backlog up much than 25%, oregon $31 billion, to $150 billion. CFO Ken Parks added that fourth-quarter orders totaled $22.2 billion, up 65% year-over-year, for a book-to-bill ratio of astir 2x. Equipment orders roseate 91% and work orders accrued 22%, with each 3 segments posting bid growth.

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For the afloat year, GE Vernova reported $59 cardinal of orders, up 34% year-over-year, and $38 cardinal of revenue, up 9%. The institution said adjusted EBITDA borderline expanded by 210 ground points year-over-year, and escaped currency travel reached $3.7 billion, much than treble the anterior year.

Parks said fourth-quarter gross accrued 2% year-over-year, with services increasing crossed each 3 segments, portion instrumentality gross was level arsenic electrification and powerfulness maturation offset little upwind revenue. Adjusted EBITDA roseate 6% to $1.2 billion, and fourth-quarter escaped currency travel was $1.8 billion, supported by moving superior that provided a $2.3 cardinal currency benefit, driven mostly by down payments tied to powerfulness slot reservations and higher orders.