GE Vernova reported adjusted earnings per share of $13.39 for Q4 2025, substantially above the consensus estimate of $3.05. The outperformance was driven primarily by a one-time tax benefit that added nearly $10 to adjusted EPS. Excluding this benefit, core profitability still improved year-over-year, reflecting higher margins across the company’s power and electrification segments. Segment EBITDA grew organically by 8%, supported by disciplined cost management and favorable product mix shifts toward higher-margin grid equipment.

During the quarter, GE Vernova booked $16.2 billion in new orders, up 12% on an organic basis compared with Q4 2024. Strength in gas turbine sales—where orders rose 15%—combined with a 20% increase in electric-grid equipment bookings, drove the expansion. As a result, the company’s total order backlog climbed to $57 billion, the highest level in its history, providing strong visibility into revenue through 2027. Management highlighted large offshore wind service contracts in Europe and long-term utility agreements in North America as key contributors.

GE Vernova raised its full-year 2026 revenue guidance above Wall Street expectations, now targeting organic growth of 6–8%, compared with prior guidance of 4–6%. The upgrade reflects accelerating demand for gas turbines from data center and peaking-power customers, as well as continued strength in battery storage solutions. The company reiterated its 2028 outlook, including the recently completed Prolec GE acquisition, forecasting cumulative free cash flow of $20–22 billion over the next three years and aiming for an adjusted EBITDA margin expansion of 200 basis points by 2028.