Summary

GE Vernova Beats

GE Vernova (GEV) reported 2nd Quarter June 2025 earnings of $1.86 per share on revenue of $9.1 billion. The consensus earnings estimate was $1.60 per share on revenue of $8.8 billion. The Earnings Whisper number was $1.75 per share. Revenue grew 11.1% on a year-over-year basis.

The company said it now expects 2025 revenue to be towards the higher end of its previous guidance range of $36.00 billion to $37.00 billion. The current consensus revenue estimate is $37.15 billion for the year ending December 31, 2025.

GE Vernova is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services.

Earnings Release

GE Vernova reports second quarter 2025 financial results

Strong 2Q'25 results with continued growth, margin expansion and positive cash flow; raising 2025 guidance

Second Quarter 2025 Highlights:

Orders of $12.4B, +4% organically; continued strong demand at Power and Electrification
Backlog[1] growth of $5.2B sequentially from equipment and services
Gas Power equipment backlog and slot reservation agreements grew from 50 to 55 GW
Revenue of $9.1B, +11%, +12% organically* with growth in both equipment and services
Net income of $0.5B; net income margin of 5.4%
Adjusted EBITDA* of $0.8B and adjusted EBITDA margin* of 8.5%
Cash from operating activities of $0.4B; free cash flow* of $0.2B
$7.9B cash balance; $1.7B in capital returned to shareholders year-to-date

CAMBRIDGE, Mass. (July 23, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the second quarter ending June 30, 2025.

“GE Vernova had a productive second quarter, positioning us well to continue to accelerate our growth and margin expansion from here. We grew our backlog by more than $5 billion and increased our Gas equipment backlog and slot reservation agreements from 50 to 55 gigawatts. With strength in Power and Electrification, we are raising our revenue, adjusted EBITDA margin, and free cash flow expectations for the year,” said GE Vernova CEO Scott Strazik. “We are at the beginning of an investment supercycle into more reliable baseload power, grid infrastructure and decarbonization solutions. Our near-term results are improving, but more importantly, our long-term potential is accelerating faster.”

"We had a strong first half of 2025 as we continued executing our financial strategy. We are delivering disciplined revenue growth, margin expansion, and positive free cash flow from stronger earnings, down payments and working capital management, resulting in further improvement in linearity. Our accelerated cost transformation efforts will position us for continued improvement in our performance,” said GE Vernova CFO Ken Parks. “We executed on our commitment to return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a healthy cash balance and solid investment grade balance sheet. Based on our performance, we are now trending towards the higher end of our 2025 revenue guidance and have increased our expectations for adjusted EBITDA margin and free cash flow.”

For the full earnings release, please go here.