GE Vernova reported adjusted earnings per share of $13.39 for the fourth quarter of 2025, dramatically outpacing the consensus estimate of $3.05. This gain was largely driven by a one-time tax benefit that boosted non-GAAP results. Organic orders grew in the quarter by double-digit percentages across gas turbines and grid solutions, while the company’s backlog expanded to a record high of $52 billion, reflecting continued strength in demand for power generation equipment and services.

For full-year 2026, GE Vernova forecast revenues above Wall Street expectations, projecting top-line growth of approximately 8% year-over-year. The raised outlook reflects accelerated sales of its advanced gas turbines and energy storage systems, particularly from data center operators investing to secure reliable, low-carbon power. Management highlighted several multi-year turbine contracts signed during the quarter that underpin the higher revenue forecast.

GE Vernova lifted its annual profit outlook after reporting a fourth quarter adjusted segment EBITDA margin of 16.8%, up 120 basis points year-over-year. The power segment delivered a 14% increase in adjusted EBITDA, while the electrification business posted an 18% gain, driven by efficiencies in manufacturing and after-market service growth. These improvements underpin management’s expectation of further margin expansion through 2026.

The company generated $3.2 billion of free cash flow in Q4, a 25% increase from the prior year period, reflecting disciplined working capital management and strong aftermarket services revenue. Total liquidity stood at $11 billion at quarter end, providing ample capacity for the recently completed Prolec GE acquisition and potential share repurchases. GE Vernova reiterated its target to return at least $2 billion to shareholders in 2026 through dividends and buybacks.