GE Vernova (GEV) FY2025 results: revenue $38.1 billion, up 9.0% on the year

GE Vernova sells the equipment and services that generate, transmit, convert, store and coordinate electricity, and it services what it has already installed. The company reports that its installed base generates approximately 25 percent of the world's electricity. It is a Delaware corporation with headquarters in Cambridge, Massachusetts, and it became independent on 2 April 2024, when General Electric, now GE Aerospace, distributed its shares to GE shareholders. There are three segments: Power, Wind and Electrification.

Power

Gas Power is the largest part and sells heavy-duty and aeroderivative gas turbines along with the long-term service agreements that go with them. Nuclear Power includes an agreement with a customer to deploy small modular reactor technology, which the filing describes as the first commercial contract of its kind in North America, and the company reports it is in discussion with the United States administration about developing more; the argument for the design is that standardising and modularising it cuts plant cost and build time. Steam Power supplies steam turbine technologies and services, mainly for nuclear plants in North America and for coal-fired plants. Hydro Power covers large and small hydropower plants and their servicing. The company says gas power is a source of dispatchable power that supports grid stability, and that it keeps investing in production capacity at existing factories for both equipment and services, including a first commercial direct air capture deployment using its own solid sorbent technology.

Wind

The Wind segment engineers, makes and sells onshore and offshore wind turbines and blades. Onshore Wind concentrates on a small number of high-volume products; the installed base runs to approximately 59,000 turbines and the company holds service agreements on roughly 24,000 of them. Offshore Wind is under pressure on project cost and timing as it works through existing backlog. On 22 December 2025 the United States Department of the Interior announced it was pausing leases for all large-scale offshore wind projects under construction in the country, which the filing says directly affected the completion timeline of the Vineyard Wind project.

Electrification

This segment carries the equipment between the generator and the consumer, grouped as Electrification Systems, meaning grid solutions and power conversion and storage, plus Electrification Software. Named products include high-voltage direct current transmission, alternating current substation solutions, power transformers, switchgear, synchronous condensers and grid automation products and services. Grid Solutions sells to power utilities and industrial users managing electricity on their networks.

The order book

Remaining performance obligations, the work already contracted but not yet delivered, stood at $150.2 billion at the end of 2025 against $119.0 billion a year earlier. Power alone held approximately $94.4 billion of that, up $21.0 billion or 29 percent on the year, mostly at Gas Power on heavy-duty and aeroderivative turbine equipment and contractual services. The rise across the company was $31.2 billion, or 26 percent.

Research

Research and development is done inside each business and at research centres in Niskayuna, New York and Bangalore, India, which the company groups as Advanced Research and which also works with outside companies, start-ups and universities on technologies beyond the current businesses. The company says it expects to invest approximately $5 billion cumulatively in research and development from 2025 through 2028, with about half going to industrialising existing products and supporting the installed base for this decade and about half to the next generation of products.

People and competitors

The workforce is approximately 75,000 people, roughly 70 percent of them working in manufacturing, engineering or services, with over 3,000 in quality or environmental, health and safety roles. By region there are approximately 24,000 employees in Europe, 21,000 in the United States, 19,000 in Asia and 6,000 in Latin America. The named competitors are Siemens Energy, Mitsubishi Power, Westinghouse, Framatome and Rolls-Royce in Power; Vestas, Siemens-Gamesa, Nordex, Envision and Goldwind in Wind; and Hitachi Energy, Siemens Energy, Siemens, Schneider Electric and Mitsubishi Electric in Electrification.

From GE Vernova's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 29 January 2026: read the full 10-K.