Today, GE Vernova released its first quarter 2025 financial results. We had a strong start to 2025 with continued growth, margin expansion and significant cash generation, while executing our disciplined capital allocation strategy. We are reaffirming our 2025 financial guidance, including the impact of tariffs as currently outlined and resulting inflation, net of mitigating actions.
We encourage you to review the earnings materials and listen to our earnings call beginning at 7:30 AM ET. A replay of the webcast will be available on our website at https://www.gevernova.com/investors.
First quarter 2025 highlights:
- Orders of $10.2B, +8% organically, led by services +16% and Power equipment +43%
- Backlog growth of $4.4B1 sequentially from equipment and services
- 29 gigawatts of Gas Power equipment in backlog, with 21 gigawatts of slot reservation agreements not yet in backlog
- Revenue of $8.0B, +11%, +15% organically* with growth in both equipment and services
- Net income of $0.3B, +$0.4B; net income margin of 3.3%, +480 bps
- Adjusted EBITDA* of $0.5B and adjusted EBITDA margin* of 5.7%
- Cash from operating activities of $1.2B, up $1.6B; free cash flow* of $1.0B, up $1.6B
- $8.1B cash balance; $1.3B in capital returned to shareholders
GE Vernova CEO Scott Strazik said, “We delivered strong results in the first quarter and our businesses continued to execute well. We grew our equipment and services backlog, meaningfully improved margins in each segment, and are returning a significant amount of capital to shareholders. Our lean culture is enabling us to deliver on accelerating global electricity demand as we prioritize safety, quality, delivery, and cost. We are well-positioned to navigate the current dynamic environment, and we remain focused on creating value for stakeholders and investing in our future. I appreciate our customers’ continued trust in us and our team’s dedication and I’m excited for what’s ahead as we are only at the beginning of the electricity investment supercycle.”
GE Vernova CFO Ken Parks said, “We had a strong start to 2025 as we continue executing our financial strategy, delivering disciplined revenue growth, margin expansion, and significant free cash flow in the first quarter. We generated positive free cash flow in the first quarter, a milestone for the GE Vernova businesses, reflecting strong down payments and working capital management resulting in further improvement in linearity. We executed on our commitment to return cash to shareholders through our share repurchase actions and inaugural dividend payment, while maintaining a healthy cash balance and solid investment grade balance sheet. We are encouraged by our first quarter results and are reaffirming our 2025 financial guidance.”
GE Vernova 2025 financial guidance:
We are reaffirming our full-year 2025 GE Vernova financial guidance. We expect revenue of $36-$37 billion, high-single digits adjusted EBITDA margin*, and free cash flow* of $2.0-$2.5 billion. The guidance includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be approximately $300-$400 million, net of mitigating actions.
Overall, we're encouraged by our strong start to the year as we are delivering on growing demand and creating value for our stakeholders. To stay in touch with future GE Vernova releases, please visit our website and sign up for email alerts. We thank you for your interest in GE Vernova and look forward to connecting with you in the second quarter.
Best,
Michael & team
1Defined as remaining performance obligation (RPO)
*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our first quarter 2025 earnings release and presentation slides posted on our Investor Relations website at https://www.gevernova.com/investors.
This document contains forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions. Words such as “expects,” “intends,” “plans,” and similar expressions, may identify such forward-looking statements. Except as required by law, we disclaim any obligation to update any forward-looking statements.