GE Vernova Flaunts $150 Billion Backlog, Doubles Dividend

Core Insights - GE Vernova Inc. reported mixed fourth-quarter earnings, with revenue growth but an earnings miss, leading to a decline in share price [1] Financial Performance - Fourth-quarter revenue reached $10.956 billion, a 4% increase from $10.559 billion, surpassing analyst expectations of $10.213 billion [2] - Fourth-quarter EPS was $2.79, missing the estimate of $3.18, while diluted GAAP EPS rose significantly to $13.39 from $1.73 year-over-year [2] - Net income for the quarter was $3.670 billion, yielding a margin of 33.5%, which included a $2.9 billion tax benefit [2] - Adjusted EBITDA was $1.158 billion, with an adjusted EBITDA margin of 10.6% [2] Orders and Backlog - Total orders for the fourth quarter amounted to $22.2 billion, reflecting a 65% organic growth, with a sequential backlog increase of $15.0 billion [3] Segment Performance - In the Power segment, revenue increased by 6% to $5.749 billion, with an EBITDA margin rising to 16.9% from 14.9%, and orders totaling $11.693 billion [4] - In the Wind segment, revenue declined by 24% to $2.368 billion, with an EBITDA loss of $225 million, compared to a profit of $19 million a year earlier, resulting in an EBITDA margin of (9.5)% [5] - In Electrification, revenue rose by 36% to $2.960 billion, with an EBITDA margin increasing to 17.1% from 13.0%, and orders of $7.424 billion [5] Cash Flow - Cash from operating activities for the quarter was $2.480 billion, and free cash flow was $1.809 billion [5] Full-Year Results - For the full year 2025, revenue increased by 9% to $38.068 billion, with diluted GAAP EPS rising to $17.69 from $5.58 [7] - Net income for the year was $4.879 billion, with a margin of 12.8%, and adjusted EBITDA was $3.196 billion, yielding an adjusted EBITDA margin of 8.4% [7] - Operating cash flow for the year totaled $4.987 billion, and free cash flow was $3.710 billion, with cash and equivalents totaling $8.848 billion as of December 31, 2025 [7]