GE Vernova Flaunts $150 Billion Backlog, Doubles Dividend

GE Vernova Inc. (NYSE:GEV) reported fourth-quarter results connected Wednesday, arsenic investors digested a mixed net representation amid continued operational momentum crossed cardinal businesses.

Shares were trading little pursuing the report, reflecting an net miss adjacent arsenic the institution highlighted coagulated demand, borderline expansion, and currency procreation during the period.

For the quarter, GE Vernova reported gross of $10.956 billion, up 4% from $10.559 billion, and income exceeded an expert estimation of $10.213 billion. Fourth-quarter EPS of $2.79 missed a $3.18 estimate, portion diluted GAAP EPS roseate to $13.39 from $1.73 a twelvemonth earlier.

Net income totaled $3.670 billion, producing a 33.5% margin, "inclusive of a $2.9 cardinal taxation payment owed to a U.S. valuation allowance release." Adjusted EBITDA was $1.158 billion, and adjusted EBITDA borderline was 10.6%.

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Fourth-quarter orders totaled $22.2 billion, up 65% organically, and backlog accrued by $15.0 cardinal sequentially.

In Power, fourth-quarter gross accrued 6% to $5.749 billion, and conception EBITDA borderline roseate to 16.9% from 14.9%, with orders of $11.693 billion. The institution signed 24 GW of caller state instrumentality contracts, converted 8 GW of existing slot preservation agreements to orders, and shipped 3 GW of equipment, with Gas Power instrumentality backlog and slot preservation agreements expanding from 62 to 83 GW.

In Wind, fourth-quarter gross declined 24% to $2.368 billion, and conception EBITDA was a nonaccomplishment of $225 million, compared with a $19 cardinal nett a twelvemonth earlier, with EBITDA borderline falling to (9.5)%.

In Electrification, fourth-quarter gross roseate 36% to $2.960 billion, and conception EBITDA borderline accrued to 17.1% from 13.0%, with orders of $7.424 billion.

Cash from operating activities totaled $2.480 cardinal successful the quarter, and escaped currency travel was $1.809 billion.

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For full-year 2025, gross roseate 9% to $38.068 billion, and diluted GAAP EPS accrued to $17.69 from $5.58. Net income was $4.879 cardinal with a 12.8% margin. Adjusted EBITDA was $3.196 billion, and adjusted EBITDA borderline was 8.4%.

Operating currency travel for the twelvemonth was $4.987 billion, and escaped currency travel was $3.710 billion. Cash, currency equivalents, and restricted currency totaled $8.848 cardinal astatine Dec. 31, 2025.