GE Vernova Inc. (GEV) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 22, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.65

Last Year’s EPS

1.07

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 23 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented strong, broad-based commercial and financial momentum: record orders, a materially larger and higher‑margin backlog, expanding revenues and margins, substantial free cash flow, a strengthened balance sheet and upgraded 2026 and 2028 guidance (including the accretive Prolec GE acquisition). The primary material near-term challenges are concentrated in the Wind segment (offshore stop-work order, elevated contract losses and tariffs) and some margin drag from nuclear investments. Overall, the positives (order and backlog strength, margin expansion, cash generation, and improved guidance) substantially outweigh the Wind-related negatives.

Company Guidance

GE Vernova raised and detailed 2026 guidance and an updated by‑2028 outlook: full‑year 2026 revenue is now $44–45B (up from $41–42B), adjusted EBITDA margin 11–13%, and free cash flow $5.0–5.5B (up from $4.5–5.0B), with corporate costs of $450–500M; Q1 ’26 is expected to deliver year‑over‑year revenue growth, adjusted EBITDA margin expansion and positive free cash flow. By segment, Power is forecast to grow organic revenue 16–18% in 2026 with EBITDA margins of 16–18% (Q1 revenue up high‑single digits, Q1 margin ~14–15%) and target annual gas turbine capacity of ~20 GW starting mid‑year; Electrification is expected to deliver $13.5–14B in 2026 plus ~ $3B from Prolec GE with EBITDA margins of 17–19% (Q1 margin 16–17%), and Prolec adds roughly $4B incremental revenue by 2028 and supports a ~22% Electrification margin target; Wind is expected to see organic revenue down low‑double‑digits in 2026 with EBITDA losses of ~ $400M for the year (Q1 losses $300–400M) and a more second‑half‑weighted recovery (highest revenue/EBITDA in Q4 ’26). Financial and capital items include a ~ $2.6B debt issuance to acquire Prolec (remaining below 1x gross debt/adjusted EBITDA), doubling the dividend in 2026, expanding buyback authorization to $10B, and an updated by‑2028 outlook of at least $56B revenue (vs $52B prior), a 20% company EBITDA margin target, cumulative FCF of ≥$24B from ’25–’28 (up ~$2B), and cumulative CapEx+R&D ~ $11B (including nearly $1B incremental Prolec CapEx).

Record and Accelerating Orders

Booked $59 billion of orders in 2025 (up 34% year-over-year) and $22.2 billion in 4Q25 (up 65% year-over-year); Q4 book-to-bill approximately 2x. Equipment orders increased 91% in Q4 while service orders increased 22%.

Substantially Expanded Backlog

Total backlog grew to $150 billion (up over 25% / ~$31 billion year-over-year). Equipment backlog reached $64 billion (up ~50% YoY; +$21 billion) and services backlog expanded to $86 billion (up $10 billion or 13% YoY).

Revenue and Margin Growth

Full-year 2025 revenue ~$38 billion (year-over-year growth of 9% per prepared remarks) with adjusted EBITDA margin expansion of ~210 basis points year-over-year; adjusted EBITDA increased materially (Ken cited 46% increase for the year).

Strong Free Cash Flow and Balance Sheet

Generated $3.7 billion of free cash flow in 2025 (more than double prior year) and $1.8 billion in 4Q25; ended the year with nearly $9 billion in cash. Guidance maintained below 1x gross debt/adjusted EBITDA after planned $2.6 billion debt to complete Prolec GE acquisition.

Power Segment Momentum (Gas-led)

Power orders grew more than 50% in 2025 with gas equipment strength; Q4 Power orders up 77%. Gas slot reservations and equipment under contract rose sequentially from 62 GW to 83 GW; backlog metrics: backlog increased from 33 to 40 GW and SRAs from 29 to 43 GW. Power revenue grew ~10% for the year and Power adjusted EBITDA margin expanded ~100 bps to 14.7% (Q4 Power EBITDA margin 16.9%).

Electrification Rapid Expansion

Electrification revenue grew ~26% in 2025 (32% in Q4); segment orders increased ~21% for the year and Q4 orders were ~2.5x revenue, up ~50% YoY (~$7.4 billion). Electrification backlog grew to $35 billion (up $11 billion YoY) and EBITDA margin expanded ~560 basis points to 14.9% for 2025 (Q4 margin 17.1%). 2026 guidance expects $13.5–14.0 billion revenue for Electrification (20% organic growth plus ~ $3 billion from Prolec GE).

Improved Equipment Backlog Margin Dollars

Added $8 billion of incremental equipment backlog margin dollars in 2025 (more than prior two years combined); equipment backlog reached $64 billion with ~6 points of equipment margin expansion year-over-year and 11 points growth in Power equipment margin.

Capital Returns and Shareholder Actions

Returned $3.6 billion to shareholders in 2025 (repurchased >8 million shares), announced a doubled dividend for 2026 and increased share buyback authorization to $10 billion (from $6 billion).

Operational Capacity and Investment Progress

Installed over 200 new machines and added nearly 1,000 production workers in 2025; plan to add ~200 more machines and >500 production workers in 2026. Investments in automation, robotics and AI are scaling and Advanced Research Center projects (e.g., direct air capture, solid-state transformer, fuel cell progress) are advancing.

Raised 2026 Guidance and Strong 2028 Outlook

2026 revenue guidance raised to $44–45 billion (from $41–42B); adjusted EBITDA margin guidance 11–13%; free cash flow guidance increased to $5–5.5 billion (from $4.5–5.0B). By-2028 outlook raised to at least $56 billion revenue (from $52B) with target adjusted EBITDA margins of 20% and cumulative 2025–2028 free cash flow of at least $24 billion.

GE Vernova Inc. (GEV) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GEV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2026	2026 (Q1)	1.65 / -	1.074	―	―	―
Jan 28, 2026	2025 (Q4)	2.93 / 13.48	0.809	1566.01% (+12.67)
Oct 22, 2025	2025 (Q3)	1.72 / 1.68	-0.159	1156.60% (+1.84)
Jul 23, 2025	2025 (Q2)	1.48 / 1.73	0.081	2034.57% (+1.65)
Apr 23, 2025	2025 (Q1)	0.47 / 1.07	-0.41	361.95% (+1.48)
Jan 22, 2025	2024 (Q4)	2.28 / 0.81	1.7	-52.41% (-0.89)
Oct 23, 2024	2024 (Q3)	0.19 / -0.16	-0.62	74.35% (+0.46)
Jul 24, 2024	2024 (Q2)	0.74 / 0.08	-0.547	114.81% (+0.63)
Apr 25, 2024	2024 (Q1)	-0.48 / -0.41	-1.149	64.32% (+0.74)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GEV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 28, 2026	$692.70	$711.59	+2.73%
Oct 22, 2025	$584.90	$575.58	-1.59%
Jul 23, 2025	$548.36	$628.30	+14.58%
Apr 23, 2025	$325.55	$335.56	+3.07%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.