GE Vernova Inc. ( GEV ) reported third-quarter 2025 financial results, delivering solid performance across its business segments. The company reported GAAP earnings per share of $1.64, missing the consensus estimate of $1.92, while total revenue reached $9.969 billion, exceeding the forecast of $9.158 billion.

Organic revenue rose 10% year-over-year. Net income was $453 million, representing a net margin of 4.5%. Adjusted EBITDA totaled $811 million, yielding an adjusted EBITDA margin of 8.1%. Free cash flow totaled $732 million, while operating cash flow reached $980 million.

GE Vernova ( GEV ) ended the quarter with a cash balance of $7.9 billion and returned $2.4 billion to shareholders year-to-date via share repurchases and dividends.

Also Read: Verizon, GE Vernova Launch Wireless Platform To Help Modernize America’s Grid

Segment Performance and Order Growth

In its Power segment, orders totaled $7.8 billion, representing a 50% organic increase, and generated revenues of $4.8 billion, a 15% year-over-year increase. Segment EBITDA grew to $645 million, with a margin of 13.3%, driven by Gas Power deliveries and pricing improvements.

The Wind segment recorded $1.8 billion in orders, a 4% organic increase, with revenues of $2.6 billion, down 8% year-over-year. Segment EBITDA improved to a loss of $61 million, with a margin of -2.3%.

In Electrification, orders surged 102% organically to $5.1 billion, and revenues increased 35% to $2.6 billion. Segment EBITDA rose to $393 million, achieving a margin of 15.1%, fueled by strong demand for grid solutions, HVDC, switchgear, and battery energy storage systems.

CEO Commentary

“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date. Our Gas Power equipment backlog and slot reservation agreements increased from 55 to 62 gigawatts sequentially, and our Electrification equipment backlog increased $6.5 billion year-to-date, to approximately $26 billion,” said GE Vernova ( GEV ) CEO Scott Strazik.

“We are leading from a position of strength and are focused on long-term growth and returns. This era of increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the solutions required to help the world electrify to thrive and decarbonize.”

Outlook

GE Vernova ( GEV ) reaffirmed its full-year 2025 guidance, expecting revenue to reach the higher end of the $36.0–$37.0 billion range, slightly below the $37.186 billion consensus estimate.

The company projects an adjusted EBITDA margin of 8%–9% and free cash flow of $3.0–$3.5 billion. This outlook factors in anticipated tariff effects and related inflation, estimated at $300–$400 million, net of mitigating actions.

By segment, Power is expected to see revenue growth of 6%–7% with an EBITDA margin of 14%–15%. Wind is projected to decline by high single digits, resulting in roughly $400 million in EBITDA losses. Electrification is forecast to achieve around 25% organic revenue growth with an EBITDA margin of 14%–15%.

GE Vernova ( GEV ) sees growth in its equipment backlog alongside improved margins but warns that permitting delays and tariff uncertainties could weigh on 2026 onshore revenue, an executive said during the company's earnings conference call.

The company expects to approach 70 gigawatts of contractual gas power commitments by the end of 2025. Investments in AI are gaining traction outside North America, helping the company meet rising demand for gas turbine controls and engineering services.

Strategic Acquisition: Prolec GE Stake Buyout

Additionally, GE Vernova ( GEV ) announced plans to acquire the remaining 50% stake in Prolec GE from Xignux for $5.275 billion, with the transaction expected to close by mid-2026, pending regulatory approvals.

Prolec GE, a leading transformer manufacturer with approximately 10,000 employees across seven global manufacturing sites, is projected to generate $3 billion in revenue in 2025 with an adjusted EBITDA margin of roughly 25%, contributing an additional $600 million to GE Vernova’s EBITDA in 2026.

This acquisition strengthens GE Vernova’s Electrification segment and its presence in North America amid increasing demand for advanced grid technologies.

Price Action: GEV shares were trading lower by 6.80% to $545.53 at last check Wednesday.

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