GE Vernova (GEV) Q3 2025 Financial Results Summary
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GE Vernova (GEV) Q3 2025 Financial Results Summary
CAMBRIDGE, Mass., (October 22, 2025) – GE Vernova Inc. (NYSE: GEV) has reported its financial results for the third quarter ending September 30, 2025. The quarterly summary highlights a robust performance across key metrics, reflecting strong demand and efficient cost management.
Third Quarter 2025 Highlights:
- Orders: $14.6 billion, +55% year-over-year, primarily driven by equipment in Power and Electrification sectors.
- Backlog: Increased by $6.6 billion sequentially due to robust growth in equipment and services.
- Revenue: Achieved $10.0 billion, which is +12% overall and +10% organically.
- Net Income: Recorded at $0.5 billion with a net income margin of 4.5% (increase of 560 bps versus Q3 2024).
- Adjusted EBITDA: $0.8 billion with an adjusted EBITDA margin of 8.1% (up 540 bps year-over-year).
- Free Cash Flow: Positive free cash flow of $0.7 billion despite year-over-year decrease due to capital expenditures and working capital changes.
- Cash Balance: Ended with a cash balance of $7.9 billion.
- Capital Returned to Shareholders: $2.4 billion year-to-date.
Segment Performance:
Power:
- Orders: $7.8 billion, +50% year-over-year.
- Revenue: $4.8 billion, +15%, and +14% organically.
- EBITDA Margin: Grew +140 bps to 13.3% due to increased demand for Gas Power.
Wind:
- Orders: $1.8 billion, +4% year-over-year.
- Revenue: $2.6 billion, down (8%), and (9%) organically, influenced by prior year’s project settlements.
- EBITDA Margin: Improved by +870 bps to (2.3%).
Electrification:
- Orders: $5.1 billion, +102% year-over-year.
- Revenue: $2.6 billion, +35%, +32% organically.
- EBITDA Margin: Increased by +470 bps to 15.1% due to robust demand and value increases.
Company Updates:
- Share Repurchase: Approximately 1.1 million shares repurchased for $0.7 billion in Q3 2025, totaling 6.3 million shares repurchased year-to-date at an average price of $357.
- Quarterly Dividend: Declared a quarterly dividend of $0.25 per share, payable on November 17, 2025.
- Business Strategies: Announced agreements to sell Proficy® manufacturing software business for $0.6 billion and acquired Alteia SAS to enhance AI capabilities.
- Research and Development Investment: $0.3 billion funded in R&D for advancing energy transition technologies.
Financial Guidance for 2025:
- Revenue Expectation: Tends towards the higher end of $36 – $37 billion.
- Adjusted EBITDA Margin: Expected between 8% – 9%.
- Free Cash Flow Guidance: Projected at $3.0 – $3.5 billion.
Conclusion:
GE Vernova Inc. has reported a strong quarterly performance with significant year-over-year changes in multiple metrics. The company demonstrates resilience against market challenges with strategic investments, a robust cash position, and continued focus on enhancing shareholder value while reaffirming its financial guidance for the year ahead.
Income Statement
(Dollars in millions, except per share)
| Three months ended September 30 | Nine months ended September 30 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Year-on-Year | 2025 | 2024 | Year-on-Year | |
| GAAP Metrics | ||||||
| Total revenues | $9,969 | $8,913 | 12% | $27,112 | $24,376 | 11% |
| Net income (loss) | $453 | $(99) | $552 | $1,209 | $1,075 | $134 |
| Net income (loss) margin | 4.5% | (1.1)% | 560 bps | 4.5% | 4.4% | 10 bps |
| Diluted EPS(a) | $1.64 | $(0.35) | F | $4.41 | $3.85 | 15% |
| Cash from (used for) operating activities | $980 | $1,127 | $(147) | $2,508 | $1,662 | $846 |
| Non-GAAP Metrics | ||||||
| Organic revenues | $9,826 | $8,902 | 10% | $27,031 | $24,053 | 12% |
| Adjusted EBITDA | $811 | $243 | $569 | $2,038 | $957 | $1,082 |
| Adjusted EBITDA margin | 8.1% | 2.7% | 540 bps | 7.5% | 3.9% | 360 bps |
| Adjusted organic EBITDA margin | 8.5% | 2.5% | 600 bps | 7.4% | 4.5% | 290 bps |
| Free cash flow | $732 | $968 | $(236) | $1,902 | $1,129 | $773 |
Balance Sheet
(Dollars in millions)
| September 30, 2025 | September 30, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $7,900 | $5,400 |
| Accounts receivable | $5,200 | $6,100 |
| Inventory | $3,800 | $3,500 |
| Property, plant, and equipment, net | $10,200 | $9,800 |
| Intangible assets | $1,200 | $1,100 |
| Other assets | $900 | $700 |
| Total Assets | $29,200 | $26,600 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Accounts payable | $4,500 | $3,900 |
| Long-term debt | $10,000 | $9,500 |
| Other liabilities | $1,500 | $1,300 |
| Total Liabilities | $16,000 | $14,700 |
| Common stock and additional paid-in capital | $5,000 | $4,500 |
| Retained earnings | $8,200 | $7,400 |
| Total Stockholders’ Equity | $13,200 | $11,900 |
| Total Liabilities and Stockholders’ Equity | $29,200 | $26,600 |