1 Defined as remaining performance obligation (RPO)
*Non-GAAP Financial Measure
Page 1
GE Vernova reports third quarter 2025 financial results and reaffirms guidance
Strong 3Q'25 results with robust orders and backlog, continued margin expansion and positive free cash flow
Third Quarter 2025 Highlights:
•Orders of $14.6B, +55% organically, led by equipment at Power and Electrification
•Backlog1 growth of $6.6B sequentially from equipment and services
•Gas Power equipment backlog and slot reservation agreements grew from 55 to 62 GW
•Revenue of $10.0B, +12%, +10% organically*, with growth in both equipment and services
•Net income of $0.5B; net income margin of 4.5%
•Adjusted EBITDA* of $0.8B and adjusted EBITDA margin* of 8.1%
•Cash from operating activities of $1.0B; free cash flow* of $0.7B
•$7.9B cash balance; $2.4B in capital returned to shareholders year-to-date
CAMBRIDGE, Mass., (October 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to
accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2025.
“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the
demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date. Our
Gas Power equipment backlog and slot reservation agreements increased from 55 to 62 gigawatts sequentially, and our
Electrification equipment backlog increased $6.5 billion year-to-date, to approximately $26 billion,” said GE Vernova CEO
Scott Strazik. “We are leading from a position of strength and are focused on long-term growth and returns. This era of
increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the
solutions required to help the world electrify to thrive and decarbonize.”
In the third quarter, orders of $14.6 billion increased +55% organically, driven by robust equipment growth at Power and
Electrification, with continued services growth. Revenue of $10.0 billion was up +12%, +10% organically*, led by equipment
at Electrification and Power, as well as services at Power, more than offsetting lower Wind equipment. Margins expanded
significantly, with growth in all segments. Free cash flow* remained positive and was down year-over-year as strong
adjusted EBITDA* was offset by lower positive working capital benefits and higher capex investments.
Power
•Orders of $7.8 billion increased +50% organically and revenues of $4.8 billion increased +15%, +14% organically*, led
by Gas Power. Segment EBITDA margin grew +140 basis points, +120 basis points organically*.
•Signed just over 12 gigawatts (GW) of new gas equipment contracts including 12 GW of slot reservation agreements
and 1 GW of orders. Converted 7 GW of existing slot reservation agreements to orders and shipped 4 GW of equipment;
resulting in backlog growth from 29 to 33 GW and an increase in slot reservation agreements from 25 to 29 GW.
Wind
•Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower
Onshore Wind equipment. Revenues of $2.6 billion decreased (8)%, (9)% organically*, primarily due to the
nonrecurrence of the settlement of a previously canceled Offshore Wind project in the third quarter of 2024. Segment
EBITDA losses improved and EBITDA margin increased +870 basis points, +1,070 basis points organically*.
•Secured 0.3 GW of Onshore Wind repowering orders, with 0.6 GW booked year-to-date.
Electrification
•Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment. Revenues of $2.6
billion increased +35%, +32% organically*, driven by volume and price. Segment EBITDA margin grew +470 basis
points, +550 basis points organically*.
•Experienced strong customer demand for grid equipment in the Middle East, North America, and Europe; secured $1.6
billion of orders for synchronous condensers in Saudi Arabia.
Page 2
Company Updates:
In the third quarter of 2025, GE Vernova:
•Experienced one fatality in a motor vehicle accident; safety remains a top priority.
•Repurchased approximately 1.1 million shares for $0.7 billion, with a total of 6.3 million shares repurchased year-to-date
through September 30, 2025 at an average price of $357.
•Paid a $0.25 per share quarterly dividend; on September 25, declared a $0.25 per share fourth quarter dividend,
payable on November 17, 2025 to stockholders of record as of October 20, 2025.
•Announced an agreement to sell its Proficy® manufacturing software business to TPG for $0.6 billion; the transaction is
expected to close in the first half of 2026.
•Completed the acquisition of Alteia SAS, further strengthening GE Vernova’s AI capabilities and GridOS platform.
•Monetized 3% ownership stake in China XD Electric Co Ltd., resulting in approximately $0.1 billion of pre-tax proceeds.
•Invested $0.2 billion in capital expenditures, including initiatives to expand capacity in Power and Electrification, as part
of its commitment to invest $4 billion in capex through 2028.
•Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition
technologies, as part of its commitment to invest $5 billion in R&D through 2028.
In October, GE Vernova announced that it will acquire the remaining fifty percent stake of Prolec GE, its joint venture with
Xignux, for $5.275 billion. The transaction strengthens the company's position as a global grid equipment leader and is
expected to close by mid-2026, subject to regulatory approvals.
"We delivered another strong quarter as we executed our financial strategy, with continued orders and revenue growth,
significant margin expansion, and positive free cash flow. We expanded our backlog year-over-year and sequentially across
equipment and services, with healthy equipment margin in backlog reflecting favorable price and our focus on disciplined
underwriting,” said GE Vernova CFO Ken Parks. “As a result of our improving free cash flow linearity, we continued 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. We’re reaffirming our 2025 financial guidance, and we look forward
to providing our 2026 financial guidance and updated outlook by 2028 at our investor event on December 9.”
2025 Guidance:
GE Vernova is reaffirming its 2025 financial guidance and expects revenue to trend towards the higher end of $36-$37
billion, adjusted EBITDA margin* of 8%-9%, and free cash flow* of $3.0-$3.5 billion. Segment guidance is:
•Power: 6%-7% organic revenue* growth and 14%-15% segment EBITDA margin.
•Wind: Organic revenue* down high-single digits, compared to prior expectations of down mid-single digits, and
~$400 million of segment EBITDA losses, changed from $200-400 million of segment EBITDA losses, trending
towards the bottom of the range.
•Electrification: trending towards 25% organic revenue* growth, up from prior expectations of approximately 20%,
and 14%-15% segment EBITDA margin, raising the lower end of prior expectations of 13-15%.
The guidance includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be trending
toward the lower end of approximately $300-$400 million, net of mitigating actions.
Total Company Results
Three months ended September 30 | Nine months ended September 30 | ||||||
(Dollars in millions, except per share) | 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 | |
(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that
were issued upon our separation from General Electric Company (GE) and excludes Net loss (income) attributable to noncontrolling
interests. For periods prior to April 1, 2024, the Company participated in various GE stock-based compensation plans, and there were no
dilutive equity instruments as there were no equity awards of GE Vernova outstanding.
*Non-GAAP Financial Measure
Page 3
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant
comparisons of financial results.
Power
Three months ended September 30 | Nine months ended September 30 | ||||||
(Dollars in millions) | 2025 | 2024 | Year-on-Year | 2025 | 2024 | Year-on-Year | |
Orders | $7,807 | $5,202 | 50% | $21,142 | $15,206 | 39% | |
Revenues | $4,838 | $4,206 | 15% | $14,019 | $12,696 | 10% | |
Cost of revenues(a) | $3,663 | $3,186 | $10,482 | $9,638 | |||
Selling, general, and administrative expenses(a) | $436 | $479 | $1,339 | $1,486 | |||
Research and development expenses(a) | $139 | $91 | $371 | $257 | |||
Other segment (income)/expenses(b) | $(45) | $(50) | $(104) | $(142) | |||
Segment EBITDA | $645 | $499 | $146 | $1,931 | $1,457 | $474 | |
Segment EBITDA margin | 13.3% | 11.9% | 140 bps | 13.8% | 11.5% | 230 bps | |
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2025 Performance:
Orders of $7.8 billion increased +50% organically, led by Gas Power equipment more than doubling due to higher volume
and pricing, with 20 heavy-duty units, including 13 HA turbines. Revenues of $4.8 billion increased +15%, +14%
organically*, led by Gas Power, with increased heavy-duty gas turbine deliveries, project commissioning, higher services
volume, and favorable price. Segment EBITDA was $0.6 billion and segment EBITDA margin was 13.3%, up +140 basis
points, +120 basis points organically*, primarily driven by continued strength at Gas Power, with higher price and increased
productivity offsetting additional expenses to support capacity investments at Gas Power, R&D at Nuclear Power, and
inflation.
Wind
Three months ended September 30 | Nine months ended September 30 | ||||||
(Dollars in millions) | 2025 | 2024 | Year-on-Year | 2025 | 2024 | Year-on-Year | |
Orders | $1,833 | $1,747 | 5% | $4,535 | $5,057 | (10)% | |
Revenues | $2,647 | $2,891 | (8)% | $6,742 | $6,592 | 2% | |
Cost of revenues(a) | $2,532 | $2,998 | $6,598 | $6,583 | |||
Selling, general, and administrative expenses(a) | $118 | $138 | $393 | $430 | |||
Research and development expenses(a) | $43 | $59 | $117 | $180 | |||
Other segment (income)/expenses(b) | $16 | $13 | $8 | $6 | |||
Segment EBITDA | $(61) | $(317) | $256 | $(373) | $(607) | $234 | |
Segment EBITDA margin | (2.3)% | (11.0)% | 870 bps | (5.5)% | (9.2)% | 370 bps | |
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2025 Performance:
Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower
Onshore Wind equipment orders. Revenues of $2.6 billion decreased (8)%, (9)% organically*, due to the nonrecurrence of
$0.5 billion on the settlement of a previously canceled Offshore Wind project as well as charges for the impact of blade
events, both in the third quarter of 2024, partially offset by higher Offshore Wind deliveries and increased Onshore Wind
services. Segment EBITDA was $(0.1) billion and segment EBITDA margin was (2.3)%, up +870 basis points, +1,070 basis
points organically*, driven by Onshore Wind equipment profitability, price, and productivity, partially offset by the impact of
tariffs, and lower contract losses at Offshore Wind, partially offset by the nonrecurrence of a gain recorded on the prior year
settlement of the previously canceled project.
*Non-GAAP Financial Measure
Page 4
Electrification
Three months ended September 30 | Nine months ended September 30 | ||||||
(Dollars in millions) | 2025 | 2024 | Year-on-Year | 2025 | 2024 | Year-on-Year | |
Orders | $5,110 | $2,510 | 104% | $11,841 | $10,904 | 9% | |
Revenues | $2,601 | $1,928 | 35% | $6,682 | $5,369 | 24% | |
Cost of revenues(a) | $1,824 | $1,362 | $4,626 | $3,820 | |||
Selling, general, and administrative expenses(a) | $336 | $328 | $1,000 | $973 | |||
Research and development expenses(a) | $115 | $84 | $308 | $259 | |||
Other segment (income)/expenses(b) | $(67) | $(47) | $(181) | $(79) | |||
Segment EBITDA | $393 | $201 | $193 | $929 | $396 | $533 | |
Segment EBITDA margin | 15.1% | 10.4% | 470 bps | 13.9% | 7.4% | 650 bps | |
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2025 Performance:
Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment in the Middle East,
North America, and Europe. Revenues of $2.6 billion grew +35%, +32% organically*, driven by Grid Solutions, due to HVDC
and switchgear growth, as well as Power Conversion and Storage, due to battery energy storage solutions. Segment
EBITDA was $0.4 billion and segment EBITDA margin was 15.1%, up +470 basis points, +550 basis points organically*, due
to volume, productivity, and price, primarily at Grid Solutions.
*Non-GAAP Financial Measure
Page 5
Non-GAAP Financial Measures
The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our
liquidity that we believe help investors understand our financial condition and operating results and assess our future
prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP
financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of
or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP
financial measures provide investors greater transparency to the information used by management for its operational
decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing
this information assists our investors in understanding our operating performance and the methodology used by
management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these non-
GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by
management as one basis for financial, operational, and planning decisions. Finally, these measures are often used by
analysts and other interested parties to evaluate companies in our industry.
Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated
differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their
comparability from company to company. In order to compensate for these and the other limitations discussed below,
management does not consider these measures in isolation from or as alternatives to the comparable financial measures
determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any
single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the
reconciliations to their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are
presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and
rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from
the underlying numbers in millions.
We believe the organic measures presented below provide management and investors with a more complete understanding
of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions,
dispositions, and foreign currency, which includes translational and transactional impacts, as these activities can obscure
underlying trends.
Page 6
ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP) | |||||||||||
Revenue(a) | Segment EBITDA | Segment EBITDA margin | |||||||||
For the three months ended September 30 | 2025 | 2024 | V% | 2025 | 2024 | V% | 2025 | 2024 | V bps | ||
Power (GAAP) | $4,838 | $4,206 | 15% | $645 | $499 | 29% | 13.3% | 11.9% | 140bps | ||
Less: Acquisitions | — | — | 2 | — | |||||||
Less: Business dispositions | — | — | — | — | |||||||
Less: Foreign currency effect | 49 | 3 | 47 | 29 | |||||||
Power organic (Non-GAAP) | $4,789 | $4,204 | 14% | $596 | $470 | 27% | 12.4% | 11.2% | 120bps | ||
Wind (GAAP) | $2,647 | $2,891 | (8)% | $(61) | $(317) | 81% | (2.3)% | (11.0)% | 870 bps | ||
Less: Acquisitions | — | — | — | — | |||||||
Less: Business dispositions | — | — | — | — | |||||||
Less: Foreign currency effect | 29 | 2 | (59) | (7) | |||||||
Wind organic (Non-GAAP) | $2,619 | $2,888 | (9)% | $(2) | $(311) | 99% | (0.1)% | (10.8)% | 1,070bps | ||
Electrification (GAAP) | $2,601 | $1,928 | 35% | $393 | $201 | 96% | 15.1% | 10.4% | 470bps | ||
Less: Acquisitions | 2 | — | (3) | — | |||||||
Less: Business dispositions | — | — | — | — | |||||||
Less: Foreign currency effect | 62 | 6 | (3) | 4 | |||||||
Electrification organic (Non-GAAP) | $2,537 | $1,922 | 32% | $399 | $197 | F | 15.7% | 10.2% | 550bps | ||
(a) Includes intersegment sales of $130 million and $120 million for the three months ended September 30, 2025 and 2024, respectively. | |||||||||||
Revenue(a) | Segment EBITDA | Segment EBITDA margin | |||||||||
For the nine months ended September 30 | 2025 | 2024 | V% | 2025 | 2024 | V% | 2025 | 2024 | V bps | ||
Power (GAAP) | $14,019 | $12,696 | 10% | $1,931 | $1,457 | 33% | 13.8% | 11.5% | 230bps | ||
Less: Acquisitions | — | — | 4 | — | |||||||
Less: Business dispositions | — | 308 | — | (41) | |||||||
Less: Foreign currency effect | 49 | 8 | 100 | (31) | |||||||
Power organic (Non-GAAP) | $13,969 | $12,380 | 13% | $1,827 | $1,529 | 19% | 13.1% | 12.4% | 70bps | ||
Wind (GAAP) | $6,742 | $6,592 | 2% | $(373) | $(607) | 39% | (5.5)% | (9.2)% | 370bps | ||
Less: Acquisitions | — | — | — | — | |||||||
Less: Business dispositions | — | — | — | — | |||||||
Less: Foreign currency effect | (15) | (7) | (72) | (41) | |||||||
Wind organic (Non-GAAP) | $6,757 | $6,599 | 2% | $(301) | $(566) | 47% | (4.5)% | (8.6)% | 410bps | ||
Electrification (GAAP) | $6,682 | $5,369 | 24% | $929 | $396 | F | 13.9% | 7.4% | 650bps | ||
Less: Acquisitions | 4 | — | (4) | — | |||||||
Less: Business dispositions | — | — | — | — | |||||||
Less: Foreign currency effect | 42 | 14 | 8 | — | |||||||
Electrification organic (Non-GAAP) | $6,636 | $5,356 | 24% | $924 | $396 | F | 13.9% | 7.4% | 650bps | ||
(a) Includes intersegment sales $361 million and $317 million for the nine months ended September 30, 2025 and 2024, respectively.
2025 Guidance: Power and Electrification organic revenue*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding
GAAP financial measure of Power and Electrification organic revenue* in the 2025 guidance without unreasonable effort due to the
uncertainty of foreign exchange rates.
*Non-GAAP Financial Measure
Page 7
Three months ended September 30 | Nine months ended September 30 | ||||||
ORGANIC REVENUES (NON-GAAP) | 2025 | 2024 | V% | 2025 | 2024 | V% | |
Total revenues (GAAP) | $9,969 | $8,913 | 12% | $27,112 | $24,376 | 11% | |
Less: Acquisitions | 2 | — | 4 | — | |||
Less: Business dispositions | — | — | — | 308 | |||
Less: Foreign currency effect | 140 | 11 | 77 | 15 | |||
Organic revenues (Non-GAAP) | $9,826 | $8,902 | 10% | $27,031 | $24,053 | 12% | |
Three months ended September 30 | Nine months ended September 30 | ||||||
EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP) | 2025 | 2024 | V% | 2025 | 2024 | V% | |
Total equipment revenues (GAAP) | $5,880 | $5,290 | 11% | $14,971 | $13,101 | 14% | |
Less: Acquisitions | — | — | — | — | |||
Less: Business dispositions | — | — | — | 171 | |||
Less: Foreign currency effect | 88 | 8 | 25 | 7 | |||
Equipment organic revenues (Non-GAAP) | $5,792 | $5,282 | 10% | $14,946 | $12,923 | 16% | |
Total services revenues (GAAP) | $4,089 | $3,623 | 13% | $12,141 | $11,276 | 8% | |
Less: Acquisitions | 2 | — | 4 | — | |||
Less: Business dispositions | — | — | — | 138 | |||
Less: Foreign currency effect | 52 | 3 | 52 | 8 | |||
Services organic revenues (Non-GAAP) | $4,034 | $3,620 | 11% | $12,086 | $11,129 | 9% | |
We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash
items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our
performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying
profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with,
when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results
and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which
includes translational and transactional impacts, as these activities can obscure underlying trends.
We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted
EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as
inferring that our future results will be unaffected by the items for which the measures adjust.
2025 Guidance: Adjusted EBITDA margin*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding
GAAP financial measure of Adjusted EBITDA margin* in the 2025 guidance without unreasonable effort due to the uncertainty of foreign
exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization.
*Non-GAAP Financial Measure
Page 8
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON- GAAP) | Three months ended September 30 | Nine months ended September 30 | |||||
2025 | 2024 | V% | 2025 | 2024 | V% | ||
Net income (loss) (GAAP) | $453 | $(99) | F | $1,209 | $1,075 | 12% | |
Add: Restructuring and other charges | 83 | 209 | 192 | 419 | |||
Add: (Gains) losses on purchases and sales of business interests(a) | (113) | — | (131) | (842) | |||
Add: Separation costs (benefits)(b) | 43 | 27 | 122 | (64) | |||
Add: Arbitration refund(c) | — | — | — | (254) | |||
Add: Non-operating benefit income | (115) | (130) | (340) | (399) | |||
Add: Depreciation and amortization(d) | 212 | 289 | 617 | 734 | |||
Add: Interest and other financial (income) charges – net(e)(f) | (44) | (35) | (141) | (93) | |||
Add: Provision (benefit) for income taxes(f) | 292 | (17) | 510 | 380 | |||
Adjusted EBITDA (Non-GAAP) | $811 | $243 | F | $2,038 | $957 | F | |
Net income (loss) margin (GAAP) | 4.5% | (1.1)% | 560 bps | 4.5% | 4.4% | 10 bps | |
Adjusted EBITDA margin (Non-GAAP) | 8.1% | 2.7% | 540bps | 7.5% | 3.9% | 360bps | |
(a) Includes unrealized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income (loss) which is part of Other income (expense) - net. (b) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments. (c) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million related to the interest on such amounts that was recorded in Interest and other financial charges – net. (d) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences included in Equity method investment income (loss) which is part of Other income (expense) - net. (e) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business operations primarily with customers. (f) Excludes interest expense (income) of zero and $(1) million and benefit (provision) for income taxes of zero and $6 million for the three months ended September 30, 2025 and 2024, respectively, as well as excludes interest expense (income) of $(1) million and $11 million and benefit (provision) for income taxes of $(4) million and $70 million for the nine months ended September 30, 2025 and 2024, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis. | |||||||
Three months ended September 30 | Nine months ended September 30 | ||||||
ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP) | 2025 | 2024 | V% | 2025 | 2024 | V% | |
Adjusted EBITDA (Non-GAAP) | $811 | $243 | F | $2,038 | $957 | F | |
Less: Acquisitions | (1) | — | 1 | — | |||
Less: Business dispositions | — | — | — | (41) | |||
Less: Foreign currency effect | (21) | 16 | 28 | (77) | |||
Adjusted organic EBITDA (Non-GAAP) | $833 | $227 | F | $2,010 | $1,074 | 87% | |
Adjusted EBITDA margin (Non-GAAP) | 8.1% | 2.7% | 540bps | 7.5% | 3.9% | 360bps | |
Adjusted organic EBITDA margin (Non-GAAP) | 8.5% | 2.5% | 600bps | 7.4% | 4.5% | 290bps | |
We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a
normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations;
however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain
investing and financing activities.
Three months ended September 30 | Nine months ended September 30 | ||||||
FREE CASH FLOW (NON-GAAP) | 2025 | 2024 | V% | 2025 | 2024 | V% | |
Cash from (used for) operating activities (GAAP) | $980 | $1,127 | (13)% | $2,508 | $1,662 | 51% | |
Add: Gross additions to property, plant and equipment and internal-use software | (247) | (159) | (606) | (533) | |||
Free cash flow (Non-GAAP) | $732 | $968 | (24)% | $1,902 | $1,129 | 68% | |
2025 GUIDANCE: FREE CASH FLOW (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding
GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital
expenditures.
*Non-GAAP Financial Measure
Page 9
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”,
“expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may,” and negatives or derivatives of these or similar
expressions. These forward-looking statements include, among others, statements about the benefits we expect from our
lean operating model; our expectations regarding the energy transition; the demand for our products and services; our ability
to navigate the current dynamic environment; the estimated impact of tariffs; our expectations of future increased business,
revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to
increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer
orders and projects; our actual and planned investments; our expected cash generation and management; our capital
allocation framework, including share repurchases and dividends; operational safety; our restructuring programs and
strategies to reduce operational costs; and our credit ratings.
Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently
uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or
achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may
cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:
•Our ability to successfully execute our lean operating model;
•Our ability to innovate and successfully identify and meet customer demands and needs;
•Our ability to successfully compete;
•Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and
products essential to our business;
•Significant disruptions to our manufacturing and production facilities and distribution networks;
•Changes in government policies and priorities that reduce funding and demand for energy equipment and services;
•Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and
sustainability;
•Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on
economic activity;
•Product quality issues or product or safety failures related to our complex and specialized products, solutions, and
services;
•Our ability to obtain required permits, licenses, and registrations;
•Our ability to attract and retain highly qualified personnel;
•Our ability to develop, deploy, and protect our intellectual property rights;
•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic
investments, and other priorities;
•Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and
other investments;
•The price, availability, and trading volumes of our common stock;
•Downgrades of our credit ratings or ratings outlooks;
•The amount and timing of our cash flows and earnings;
•Our ability to meet our sustainability goals;
•The impact from cybersecurity or data security incidents;
•Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;
•Natural disasters, weather conditions and events, public health events, or other emergencies;
•Tax law and policy changes;
•Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and
•Other changes in macroeconomic and market conditions and volatility.
These or other uncertainties may cause our actual future results to be materially different than those expressed in our
forward-looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the
year ended December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025,
including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation"
sections included therein, as may be updated from time to time in our SEC filings and as posted on our website at
www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements
except as may be required by law or regulation. This press release also includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual results could differ materially.
Page 10
Additional Information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE
Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from
time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s
LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.
Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports
and Filings.
Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The
conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing
financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors.
An archived version of the webcast will be available on the website after the call.
About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification
segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s
challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while
simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital
to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S.,
with approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s
purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable,
and secure energy future. Learn more: GE Vernova and LinkedIn.
Investor Relations Contact:
Michael Lapides
+1.617.674.7568
m.lapides@gevernova.com
Media Contact:
Adam Tucker
+1.518.227.2463
Adam.Tucker@gevernova.com
© 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.