GE
GEV
GEV GE Vernova (GEV) Q4 FY25 earnings call
GE Vernova delivered a strong Q4 FY25, marked by record orders and significant backlog growth in Power and Electrification, driven by robust demand for gas equipment and grid solutions. The company successfully closed the Prolec GE acquisition, which is expected to further boost Electrification's revenue and market position. While facing headwinds from offshore wind project delays, management remains focused on operational execution and lean initiatives to drive future profitable growth and increased shareholder returns.
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GEV operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $123BWe now maintain a total backlog of $123 billion.Source: earnings call transcript | $135BAs a result, our backlog expanded to $135 billion, a year-over-year and sequential increase led by both Power and Electrification.Source: earnings call transcript | $150BIn '25, we increased our total backlog by over 25% or $31 billion to $150 billion with robust profitable order growth in Power and Electrification further underscoring our momentum as we kick off '26.Source: earnings call transcript | $163BWe've grown this backlog to $163 billion, with an 80% increase in our equipment backlog at considerably better margins.Source: earnings call transcript | $176BOur total backlog has reached $176 billion with improving margins.Source: earnings call transcript | +8% |
| Orders | $10.2BDemand remained robust in the first quarter as we booked $10.2 billion of orders, an increase of 8% year-over-year and approximately 1.3x revenue.Source: earnings call transcript | $14.6BWe booked orders of $14.6 billion, a 55% increase year-over-year and a book-to-bill ratio of approximately 1.5.Source: earnings call transcript | $22.2BIn the fourth quarter, we booked orders of $22.2 billion, a 65% increase year-over-year and a book-to-bill ratio of approximately 2x.Source: earnings call transcript | $18BWe booked $18 billion of orders in Q1, up 71% year-over-year.Source: earnings call transcript | $24.2BIn the second quarter, we booked orders of $24.2 billion, an 88% increase year-over-year and a book-to-bill ratio of slightly more than 2x with growth in both equipment and services.Source: earnings call transcript | +34.4% |
| Book-to-bill ratio | ~1.3 ratioDemand remained robust in the first quarter as we booked $10.2 billion of orders, an increase of 8% year-over-year and approximately 1.3x revenue.Source: earnings call transcript | ~1.5 ratioWe booked orders of $14.6 billion, a 55% increase year-over-year and a book-to-bill ratio of approximately 1.5.Source: earnings call transcript | ~2 ratioIn the fourth quarter, we booked orders of $22.2 billion, a 65% increase year-over-year and a book-to-bill ratio of approximately 2x.Source: earnings call transcript | ~2 ratioIn the first quarter, we booked orders of $18.3 billion, a 71% increase year-over-year and a book-to-bill ratio of approximately 2.Source: earnings call transcript | 2 ratio+In the second quarter, we booked orders of $24.2 billion, an 88% increase year-over-year and a book-to-bill ratio of slightly more than 2x with growth in both equipment and services.Source: earnings call transcript | β |
| Orders Electrification | ~$3.4BOrders remained strong at approximately $3.4 billion, roughly 1.8x revenue driven by the growing need for grid equipment.Source: earnings call transcript | ~$5.1BOrders remained strong at roughly 2x revenue and more than doubled year-over-year to approximately $5.1 billion, driven by the growing need for grid investment.Source: earnings call transcript | β | β | ~$6.3BOrders remained strong at roughly 1.7x revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand partially to support data center development.Source: earnings call transcript | β |
| Book-to-bill ratio Electrification | ~1.8 ratioOrders remained strong at approximately $3.4 billion, roughly 1.8x revenue driven by the growing need for grid equipment.Source: earnings call transcript | β | ~2.5 ratioIn the fourth quarter, orders remained strong at roughly 2.5x revenue and increased 50% year-over-year to approximately $7.4 billion due to growing grid equipment demand, particularly for synchronous condensers, substations partially to support data center growth and switchgear.Source: earnings call transcript | β | ~1.7 ratioOrders remained strong at roughly 1.7x revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand partially to support data center development.Source: earnings call transcript | β |
| Backlog Electrification Equipment | ~$22BEquipment orders outpaced revenue, further expanding the equipment backlog to approximately $22 billion, up more than $7 billion compared to the first quarter of 2024.Source: earnings call transcript | $26B+This equipment backlog was $6 billion entering '23 and is now more than $26 billion.Source: earnings call transcript | β | $39BElectrification equipment orders continued outpacing revenue, which combined with Prolec further increased our equipment backlog to $39 billion, up 75% or roughly $17 billion compared to the first quarter of 2025.Source: earnings call transcript | $41BElectrification equipment orders continued outpacing revenue and further increased our equipment backlog to $41 billion, up 69% or roughly $17 billion compared to the second quarter of 2025.Source: earnings call transcript | +5.1% |
| Backlog Equipment | β | $54BAs Scott mentioned, equipment backlog grew to $54 billion, up approximately $12 billion year-over-year, and equipment backlog margin remains healthy, reflecting favorable price and our continued focus on disciplined underwriting.Source: earnings call transcript | β | $76BEquipment backlog increased to $76 billion, up approximately $12 billion sequentially and 67% year-over-year, driven by both electrification, which now incorporates Prolec's backlog and power.Source: earnings call transcript | $88BEquipment backlog increased to $88 billion, up approximately $12 billion sequentially and 77% year-over-year, driven by both Power and Electrification, which incorporates Prolec's backlog.Source: earnings call transcript | +15.8% |
| Backlog Services | β | ~$81BOur services backlog grew more than $5 billion year-over-year to approximately $81 billion, led by Power.Source: earnings call transcript | β | $87BOur services backlog grew $9 billion or 12% year-over-year to $87 billion led by Power.Source: earnings call transcript | $88BOur services backlog grew approximately $10 billion or 12% year-over-year to $88 billion led by Power.Source: earnings call transcript | +1.1% |
| Backlog Electrification | β | β | $35BIn 4Q, we grew the segment's total backlog to $35 billion, up $4 billion sequentially and $11 billion year-over-year, representing Electrification's largest growth quarter on a dollar basis in '25.Source: earnings call transcript | $42BSince year-end '22, its backlog has grown from $9 billion to $42 billion, and we expect substantially more growth moving forward.Source: earnings call transcript | β | +20% |
| Employees | β | β | 75KWe are humbled with their confidence in us to drive that $150 billion backlog to the 75,000 employees we have today that I'm proud to represent every day, as is Ken, in these meetings.Source: earnings call transcript | β | 85KI want to thank our team of 85,000 people around the world for their ongoing commitment to excellence.Source: earnings call transcript | β |
| Gas turbines shipped | β | β | β | 25We shipped a total of 25 gas turbines in the quarter, a 32% increase year-over-year.Source: earnings call transcript | 29We shipped a total of 29 gas turbines in the quarter, a 38% increase year-over-year, including 16 aeroderivatives.Source: earnings call transcript | +16% |
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