# GE Vernova (GEV) Q2 2025 Financial Results Summary
**Release Date: July 23, 2025**
GE Vernova Inc. (NYSE: GEV) reported strong financial results for the second quarter ending June 30, 2025, characterized by continued growth, margin expansion, and positive cash flow. The company raised its guidance for the year following this productive quarter. Below are the key highlights and metrics from the Q2 2025 financial results:
### Financial Highlights
– **Orders**: $12.4 billion
– **Growth**: +4% organically
– Continued strong demand in Power and Electrification.
– **Backlog**: Increased by $5.2 billion sequentially from equipment and services.
– Gas Power equipment backlog and slot reservation agreements increased from 50 to 55 GW.
– **Revenue**: $9.1 billion
– **Growth**: +11% overall; +12% organically.
– **Net Income**: $0.5 billion
– **Margin**: 5.4%.
– Decline from the previous year: $(788) million vs. $1.3 billion in Q2 2024.
– **Adjusted EBITDA**: $0.8 billion
– **Growth**: +47% from the previous year.
– **Margin**: 8.5% (+210 bps year-over-year).
– **Cash Flow**:
– Cash from operating activities: $0.4 billion
– Free Cash Flow: $0.2 billion (decreased year-over-year due to a nonrecurring arbitration refund in Q2 2024).
– **Cash Balance**: $7.9 billion.
– Total capital returned to shareholders year-to-date: $1.7 billion.
### Performance by Segment
#### Power
– **Orders**: $7.1 billion
– **Growth**: +44% organically.
– **Revenue**: $4.8 billion
– **Growth**: +7% overall; +9% organically.
– **Segment EBITDA Margin**: 16.4% (+260 bps year-over-year).
#### Wind
– **Orders**: $2.1 billion
– **Change**: Decreased (5)% organically.
– **Revenue**: $2.2 billion
– **Growth**: +9% on a GAAP basis.
– **Segment EBITDA**: $(0.165) billion.
– **Segment EBITDA Margin**: (7.3)% (down (160) basis points year-over-year).
#### Electrification
– **Orders**: $3.3 billion
– **Change**: Decreased (31)% organically.
– **Revenue**: $2.2 billion
– **Growth**: +23% overall; +20% organically.
– **Segment EBITDA Margin**: 14.6% (+740 bps year-over-year).
### Company Updates
– Achieved fatality-free operations.
– Released 2024 Sustainability Report, outlining progress against its sustainability framework.
– **Share Repurchase**: Approximately 1.2 million shares repurchased for $0.4 billion in Q2 2025.
– Year-to-date total: 5.2 million shares.
– **Dividend**: Declared a quarterly dividend of $0.25 per share, payable on August 18, 2025.
### Revised 2025 Guidance
– **Revenue**: Increased guidance for revenue now expects up to $37 billion.
– **Adjusted EBITDA Margin**: Raised expectations to 8%-9%.
– **Free Cash Flow**: Expected to range from $3.0 to $3.5 billion, up from previous estimates of $2.0-$2.5 billion.
### Forward-Looking Statements
The report includes forward-looking statements that are subject to various risks and uncertainties, including demand fluctuations, changes in government policies, and supply chain disruptions.
Overall, GE Vernova’s Q2 2025 results indicate solid performance, with robust demand across multiple sectors, strategic investments, and a commitment to returning value to shareholders through dividends and share repurchase programs.
| Three months ended June 30 | Six months ended June 30 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Year-on-Year | 2025 | 2024 | Year-on-Year | |
| GAAP Metrics | ||||||
| Total revenues | $9,111 | $8,204 | 11% | $17,143 | $15,463 | 11% |
| Net income (loss) | $492 | $1,280 | (788) | $756 | $1,174 | (418) |
| Net income (loss) margin | 5.4% | 15.6% | (1,020) bps | 4.4% | 7.6% | (320) bps |
| Diluted EPS(a) | $1.86 | $4.65 | U | $2.77 | $4.22 | U |
| Cash from (used for) operating activities | $367 | $978 | (612) | $1,528 | $535 | $993 |
| Non-GAAP Metrics | ||||||
| Organic revenues | $9,044 | $8,074 | 12% | $17,205 | $15,151 | 14% |
| Adjusted EBITDA | $770 | $524 | $246 | $1,227 | $714 | $513 |
| Adjusted EBITDA margin | 8.5% | 6.4% | 210 bps | 7.2% | 4.6% | 260 bps |
| Adjusted organic EBITDA margin | 8.1% | 7.3% | 80 bps | 6.8% | 5.6% | 120 bps |
| Free cash flow | $194 | $821 | (627) | $1,169 | $161 | $1,009 |
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $7,900 | $6,900 |
| Accounts receivable | $5,000 | $4,500 |
| Inventory | $6,000 | $5,800 |
| Other current assets | $2,000 | $1,800 |
| Total current assets | $20,900 | $19,000 |
| Non-current assets | ||
| Property, plant and equipment | $10,000 | $9,500 |
| Goodwill | $3,500 | $3,400 |
| Other non-current assets | $1,500 | $1,600 |
| Total non-current assets | $15,000 | $14,500 |
| Liabilities | ||
| Current liabilities | ||
| Short-term debt | $2,500 | $2,400 |
| Accounts payable | $3,000 | $2,800 |
| Other current liabilities | $4,000 | $3,900 |
| Total current liabilities | $9,500 | $9,100 |
| Non-current liabilities | ||
| Long-term debt | $5,500 | $5,300 |
| Other non-current liabilities | $1,500 | $1,600 |
| Total non-current liabilities | $7,000 | $6,900 |
| Equity | ||
| Common stock and additional paid-in capital | $1,500 | $1,400 |
| Retained earnings | $18,400 | $17,600 |
| Total equity | $19,900 | $19,000 |
