Yesterday, GE Vernova released its 2025 Annual Report. The report includes a letter to shareholders from our CEO Scott Strazik, and our 2025 10-K. We encourage you to review the materials on our website.

Fourth Quarter 2025 Highlights:

CAMBRIDGE, Mass., (January 28, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2025.

“We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind. We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with significant momentum,” said GE Vernova CEO Scott Strazik. “Our platform of advanced solutions is well-positioned to serve the growing, long-cycle electric power market, and there is substantial opportunity to deliver even better performance ahead. I’m grateful for our team’s dedication and confident in our ability to meet our full potential today and for the long-term.”

"We delivered a strong finish to 2025 as we executed our financial strategy, with robust quarterly orders, revenue growth, margin expansion, and significant free cash flow generation. We expanded our 2025 backlog across equipment and services, with equipment margin in backlog expanding six points year-over-year, reflecting favorable price and our continued focus on disciplined underwriting,” said GE Vernova CFO Ken Parks. “Given our strong free cash flow generation, we ended the quarter with a healthy cash balance of nearly $9 billion, which continues to give us confidence to invest in our core businesses and return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a strong investment grade balance sheet. Today, we’re also increasing our multi-year financial outlook to include Prolec GE.”

Read full press release

View PDF

^[1] Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure

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”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of these or similar expressions. These forward-looking statements may include, among others, statements about our future performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our actual and planned investments, including in research and development, capital expenditures, joint ventures and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; government policies; our expected cash generation and management; our lean operating model; our capital allocation framework, including organic and inorganic investments, share repurchases and dividends; our restructuring programs; disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; 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:

• Quality issues or safety failures among our products, solutions, or services;
• Significant supply chain or logistics disruptions, including cost or availability of materials or components;
• Disruptions or capacity constraints at our manufacturing or operating facilities;
• Our ability to manage our costs and achieve anticipated cost savings;
• Our ability to execute and estimate long-term service obligations;
• Our ability to successfully compete;
• Our ability to innovate and successfully commercialize new technologies and manage our product cycles;
• Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations;
• Issues with grid connectivity or our customers’ ability to sell generated electricity;
• Our ability to manage customer and counterparty relationships and contracts;
• Our ability to maintain our investment grade credit ratings;
• Our access to capital or credit markets or other financing on acceptable terms;
• Decarbonization and energy-transition dynamics;
• Changes in energy, environmental, and tax laws and policies;
• Challenges of operating globally, including complex legal, regulatory, and compliance risks;
• Natural disasters, physical effects of climate change, pandemics, and other emergencies;
• Geopolitical events;
• Our ability to meet sustainability expectations, standards, and goals;
• International trade policies;
• Our ability to obtain, maintain, and comply with approvals, licenses, and permits;
• Our ability to comply with laws and regulations and related compliance costs;
• Impacts from claims, litigation, regulatory proceedings, and enforcement actions;
• Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions;
• Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims;
• Foreign currency impacts;
• Our ability to realize the benefits from our spin-off from, and our obligations to, General Electric Company;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• The price, availability, volatility, and trading volumes of our common stock;
• The amount and timing of our cash flows and earnings;
• The impact of cybersecurity or data security incidents; 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 Operations" sections included therein, as may be updated from time to time in our Securities and Exchange Commission 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.

Additional Information
GE Vernova’s website at 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 www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

CAMBRIDGE, Mass. (January 5, 2026) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its fourth quarter and full year 2025 financial results on Wednesday, January 28, 2026, before market open. GE Vernova CEO Scott Strazik and CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at www.gevernova.com/investors/events.

The earnings press release and supplementary financial information, including reconciliations of non-GAAP financial measures, will also be posted at the same link on the GE Vernova Investor Relations website. A replay of the call will be made available as a direct download on GE Vernova’s website at www.gevernova.com/investors/events.

Additional Information 

GE Vernova’s website at www.gevernova.com/investors6 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.

DELHI, INDIA – (23 Dec 2025) – GE Vernova Inc. (NYSE: GEV) announced that its Electrification Systems business has been awarded a contract by Power Grid Corporation of India Limited (POWERGRID), India’s national transmission utility, to refurbish the Chandrapur back-to-back High Voltage Direct Current (HVDC) link—a key 1,000 MW interconnection between the country’s western and southern grid systems. This marks GE Vernova’s first HVDC refurbishment contract in India.

Modernizing a vital interconnection between West and South India

The 1,000 MW back-to-back HVDC link plays a pivotal role in balancing regional power flows between India’s western and southern regions. Originally commissioned in the late 1990s, the link enables bi-directional energy transfer between fossil-rich and hydro-rich zones—improving dispatch efficiency and conserving regional energy reserves.

Under the new contract, GE Vernova will upgrade both 500 MW converter stations at each end - Chandrapur (Western region) to Ramagundam (Southern region) - modernizing the HVDC control and protection systems and replacing the legacy converter valves with advanced technology manufactured at GE Vernova’s facilities in India.

“This landmark contract reinforces our long-standing relationship with POWERGRID and our commitment to India’s grid modernization,” said Johan Bindele, Leader of GE Vernova’s Grid Systems Integration business and teams. “Refurbishing this HVDC link with next-generation controls and digital capabilities will not only enhance its reliability but also strengthen India’s efforts toward a secure and sustainable power system.”

Extending grid life, improving stability

Refurbishment of HVDC systems involves upgrading essential components such as converter valves, automation systems, and grid protection infrastructure, all while ensuring minimal operational disruption. The modernization is expected to extend the asset’s lifespan, enhance energy efficiency, and improve grid flexibility to handle growing renewable penetration.

Investments in refurbishment offer utilities a cost-effective way to strengthen infrastructure resilience—preserving prior capital investments while aligning with today’s energy transition needs.

Supporting India’s energy goals

India’s ambitious goal to reach 500 GW of non-fossil capacity by 2030 relies on robust, flexible transmission infrastructure. HVDC systems are essential to move large volumes of renewable power efficiently across long distances.

Refurbishing this strategic inter-regional corridor will help unlock that potential—enabling cleaner energy flows, improving system reliability, and contributing to India's long-term energy security.

-ENDS-

Notes to Editors:

GE Vernova booked the order in December 2025

Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

Delhi, India – ( 22 Dec 2025) - GE Vernova Inc. (NYSE: GEV) today announced that its Electrification Systems business has been awarded a major contract from Adani Energy Solutions Ltd. to supply high-voltage direct current (HVDC) technology for the 2.5-gigawatt (GW) Khavda–South Olpad renewable power transmission corridor in India. 

The Khavda–South Olpad corridor forms a critical backbone for India’s renewable energy expansion. Khavda, located in Gujarat’s Kutch region, is being developed as one of the world’s largest renewable energy zones, while South Olpad serves as a major pooling and injection point into India’s national transmission network. The corridor is designed to enable large volumes of renewable electricity generated in western India to be transferred efficiently into the wider grid.

GE Vernova’s scope

GE Vernova’s role in the project will be to provide advanced HVDC technology designed to operate at scale and with high reliability. This will include supplying a high-capacity ±500 kV, 2,500 MW (2 × 1,250 MW) voltage sourced converter (VSC)-based bipolar HVDC system for the point-to-point link.

HVDC systems are designed to transmit electricity over long distances with lower losses and greater controllability compared to conventional transmission approaches, making them well suited for large-scale renewable energy integration.

The scope covers the design of the complete HVDC system, including converter stations at each end, the supply of all major converter station equipment, and responsibility for erection, testing, and commissioning activities, excluding associated civil works. The system will be delivered using GE Vernova’s advanced eLumina™ control platform, designed to support stable, secure, and efficient grid operations.

The project will be mostly executed by GE Vernova’s India-based teams, drawing on local engineering expertise and manufacturing capabilities. Delivery will be planned in phases, with overall completion targeted by 2030.

“India is one of the world’s most important power markets, with rapidly growing electricity demand and large-scale renewable development, said Philippe Piron, President and CEO of GE Vernova’s Electrification Systems business.  “Projects like the Khavda–South Olpad HVDC corridor underscore the importance of high-capacity transmission infrastructure in connecting renewable energy zones with the national grid. This award reflects our continued commitment to India and our experience in delivering complex transmission projects that support grid reliability and long-term system performance. We appreciate the confidence placed in GE Vernova by Adani Energy Solutions and look forward to supporting the successful delivery of this project.”

“At Adani Energy Solutions, we are steadfast in our commitment to enabling India’s green energy transition by building robust infrastructure for renewable power evacuation. Our partnership with GE Vernova for the Khavda–South Olpad transmission corridor marks a significant milestone in advancing large-scale clean energy integration. We look forward to working together in delivering innovative solutions that will help power millions sustainably, bringing new opportunities and happiness to communities across the nation,” Mr. Kandarp Patel, CEO, Adani Energy Solutions Ltd.

A milestone for high-capacity HVDC deployment

With a capacity of 2,500 MW, the project represents the highest-rated VSC-based HVDC system planned in India to date. Projects of this scale highlight the growing role of advanced HVDC technology in enabling large-scale renewable integration and strengthening transmission networks in fast-growing power markets.

The successful delivery of high-capacity VSC-based HVDC systems at this level reflects the increasing maturity of next-generation HVDC technology and its readiness to support complex grid requirements—both in India and in other regions facing rapid electrification and demand growth.

Supporting grid stability in renewable-heavy systems

VSC-based HVDC technology plays an increasingly important role in renewable-heavy power systems by providing fast frequency response, enhancing grid stability, and enabling precise control of power flows. These capabilities help manage variability, reduce congestion, and support reliable grid performance as renewable penetration continues to increase.

GE Vernova has a long-standing track record in delivering large-scale transmission projects in India. This includes its role in supplying HVDC technology for landmark projects such as the Champa–Kurukshetra HVDC link, one of the country’s earliest ultra-high-capacity transmission systems, which enabled long-distance power transfer across regions. Building on this experience, GE Vernova continues to support India’s evolving grid requirements through advanced transmission technologies designed for scale, reliability, and integration of new generation sources.

-ENDS-

Notes to Editors:

This letter of award is expected to be booked as an order by GE Vernova’s Electrification Systems segment in the first half of 2026

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 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.

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

Berlin, Germany; Singapore (December 11, 2025) – GE Vernova and Seatrium today announced that their consortium has been awarded a contract by TenneT to deliver a major part of BalWin5, a new 2.2-gigawatt (GW) offshore high-voltage direct current (HVDC) grid connection designed to transmit electricity from offshore wind farms in the German North Sea to the onshore transmission network in Germany. Once operational, BalWin5 is expected to provide enough renewable electricity to power approximately 2.75 million households. BalWin5 is one of TenneT’s 2 GW projects. This new generation of powerful offshore grid connection systems is set to speed up the integration of large-scale offshore wind energy into the German grid, thereby supporting the country's energy transition and climate goals.

This contract is the fourth project awarded to the GE Vernova-Seatrium consortium under the five-year Framework Cooperation Agreement with TenneT announced in March 2023. It is also the consortium’s first win concerning TenneT’s German 2 GW projects. BalWin5 marks an important step in strengthening Germany’s electricity infrastructure and supporting the country’s long-term goals for energy security and decarbonization.

GE Vernova and Seatrium consortium’s scope

As part of the contract, GE Vernova’s Electrification Systems business is expected to deliver the onshore and offshore converter stations and the complete HVDC technology, including the advanced control and protection systems that help maintain stable and secure operation across the transmission network. HVDC links are designed to support the high-capacity, long-distance transmission of offshore wind power, helping to reduce transmission losses and improve overall system performance.

Seatrium is responsible for the design and construction of the offshore converter platform and will manage transportation and installation in the German North Sea. Works are scheduled to commence on 1 January 2026, with majority of platform fabrication taking place at Seatrium’s yards in Singapore and Batam.

“BalWin5 reflects the scale and ambition of Germany’s energy transition, and we are proud to support TenneT in this important program. Our Electrification Systems business brings decades of innovation in HVDC technology, helping deliver solutions that are designed for efficiency, affordability, and long-term energy security. Working alongside Seatrium, we are confident in our ability to deliver a high-quality system that strengthens the offshore grid and supports Europe’s move toward a more resilient and sustainable electricity infrastructure.” says, Philippe Piron, CEO, GE Vernova’s Electrification Systems business.

“We are proud to extend our partnership with TenneT and GE Vernova to deliver this transformative offshore wind solution as we collectively push boundaries to accelerate energy transition goals and innovation. Leveraging the proven design and experience gained from the first three platforms we are building for TenneT, we are confident in delivering an equally high-quality product safer and more efficiently through our series-build strategy, underpinned by the collective power harnessed from our One Seatrium Global Delivery Model.” says Samuel Wong, Executive Vice President of Seatrium Energy (Fixed Platforms).

About BalWin5, the 2.2-gigawatt offshore grid connection

TenneT’s BalWin projects are a series of large offshore grid connections designed to transport electricity from wind farms in the German North Sea to the onshore grid. Each project in the BalWin program is built to move significant volumes of renewable energy into Germany’s electricity system as part of the country’s wider offshore wind expansion.

BalWin5 is one of TenneT’s major new projects to bring more electricity from North Sea wind farms into Germany’s power grid. The connection is being designed to carry up to 2.2 gigawatts of wind power to homes and businesses, allowing Germany to make better use of the large offshore wind farms operating in the North Sea. The additional 200 megawatts above the standard 2-GW design come from building the system with enough technical headroom to transport more power when wind conditions allow. This means more renewable electricity can be delivered without needing extra infrastructure or added cost.

The system will include an offshore converter station in the North Sea, an onshore converter station at Bremen-Werderland, and a combined 325-kilometer sea and land cable system. Commissioning is planned for 2032.

Today’s offshore grid connections are typically much smaller, at around 900 megawatts. Increasing the transmission capacity to 2.2 gigawatts means that the connection can carry more power, making use of the infrastructure more efficiently and reducing the overall cost of bringing offshore wind to shore. By transporting more electricity per system, the cost per megawatt falls and the offshore network becomes more efficient.

TenneT is applying this new standard across several projects through long-term framework agreements, which give suppliers clearer visibility and allow the systems to be delivered faster, more efficiently, and at a lower cost.

-ENDS-

Yesterday, GE Vernova hosted its 2025 Investor Update event in New York City. We see a stronger financial trajectory ahead with substantially higher returns expected beyond 2028. We raised our multi-year financial outlook, and announced that our Board of Directors approved the doubling of our dividend and increased our share buyback authorization. We also reaffirmed our 2025 revenue and adjusted EBITDA margin* guidance, raised our 2025 free cash flow* guidance and presented our 2026 financial guidance.

BUCHAREST, Romania (December 11, 2025) 2025 - GE Vernova Inc. (NYSE: GEV) announced today that it has signed an agreement with Public Power Corporation Renewables (PPC R) to supply, install and commission 14 of its 6.1 MW–158m* turbines for a wind farm in Vaslui county, Romania. The new agreement builds on an earlier deal to supply 23 of GE Vernova's 6.1 MW-158m turbines that was announced in September 2024. It also follows an announcement last week that the company will provide Greenvolt Power 42 of its 6.1 MW–158m onshore wind turbines to power the Gurbanesti wind farm in Călărași county in Romania.

The latest deal, which was booked in the second quarter of 2025, expands the presence of GE Vernova in Romania by adding 85 MW to the company’s existing onshore wind installed base in the country of more than 800 MW.

When completed, the project is expected to provide enough energy to power the equivalent of approximately 38,000 households.

Gilan Sabatier, Chief Commercial Officer for GE Vernova’s Onshore Wind business in International Markets, said, “We are pleased to deepen our collaboration with PPC Renewables in Romania, strengthening our commitment to advancing sustainable energy solutions. This agreement not only reinforces GE Vernova's presence in the region but also exemplifies our dedication to delivering workhorse wind turbines that will help power thousands of homes and contribute to Romania's renewable energy goals."

GE Vernova has a total installed base of approximately 57,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to its customers' success for more than two decades, its product portfolio offers the next-generation high-powered turbines at scale that drives decarbonization through high-quality, affordable, and sustainable renewable energy.

###

*Note to Editors: GE’s 6.1 MW turbine with a 158-meter rotor is what we refer to as the 6.1 MW-158m.

CAMBRIDGE, Mass. (December 9, 2025) – GE Vernova (NYSE: GEV) today announced that its Board of Directors has declared a $0.50 per share quarterly dividend—doubling from a $0.25 quarterly dividend. The quarterly dividend will be payable on February 2, 2026, to shareholders of record as of January 5, 2026.  The Board of Directors has also approved a share repurchase authorization increase to $10 billion, from the prior authorization of $6 billion. GE Vernova has spent $3.3 billion of the authorization as of December 3, 2025.

Future dividend declarations will be made at the discretion of the Board of Directors and will be based on GE Vernova’s earnings, financial condition, cash requirements, prospects, and other factors. The share repurchase authorization has no expiration date and may be suspended or discontinued at any time.

Additional Information
GE Vernova’s website at 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.

Forward-Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain, such as statements about possible future dividend declarations and payments and share repurchases. Forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from current expectations. These risks, uncertainties, and factors include those discussed in our most recent Annual Report on Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Q, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included therein, as may be updated from time to time in our filings with the U.S. Securities and Exchange Commission and as posted on our website at www.gevernova.com/investors/fls. GE Vernova does not undertake any obligation to update or revise its forward-looking statements except as required by law or regulation.