GE Vernova (NYSE:GEV) shares were little changed in early trade on Wednesday as the energy firm’s fourth quarter earnings topped Wall Street expectations.
Adjusted earnings per share were $13.39, far above the consensus of $3.05 due to a tax benefit.
Revenue came in at $10.96 billion, surpassing consensus estimates of $10.08 billion.
GE Vernova cited strong order activity, backlog growth, margin expansion, and cash generation as key drivers of the strong quarterly performance.
During the fourth quarter, total orders reached $22.2 billion, representing 65% organic growth, with increases across all business segments.
Backlog grew sequentially by $15 billion, supported by equipment and services demand in the Power and Electrification segments. Gas Power equipment backlog and slot reservation agreements expanded from 62 gigawatts to 83 gigawatts.
For the full year 2025, GE Vernova reported orders of $59.3 billion, reflecting 34% organic growth, led by equipment demand in Power and Electrification and services growth across all segments.
Total backlog increased by $31.2 billion year over year, with the company reporting improved equipment margins in backlog. Full-year revenue rose 9% to $38.1 billion, driven by growth in Electrification and Power.
“We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind,” GE Vernova CEO Scott Strazik.
“We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with significant momentum.”
GE Vernova ended the year with a cash balance of $8.8 billion and returned $3.6 billion to shareholders during 2025.