GE Vernova’s Power, Electrification Segments Grow in 2025 as Demand Rises

The power generation industry experienced a major surge in 2025, with rapidly increasing electricity demand, data center buildout, and grid constraints forcing the market to order gas turbines and transmission equipment in bulk. GE Vernova’s full-year highlights reflect this dynamic shift, as the company’s Power and Electrification segments obtained $59.3 billion in orders: a +34% organic increase from 2024.

However, an unprecedented market posed some challenges regarding gas turbine manufacturing and timely delivery. Demand, largely driven by AI data centers, is currently outpacing supply and generating significant backlogs and lead times for ordered equipment. GE Vernova’s backlog is $31.2 billion higher than 2024’s number, but the expected profit from this backlog grew by approximately $8 billion.

“We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind,” said Scott Strazik, CEO of GE Vernova. “We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with momentum. Our platform is positioned to serve the growing, long-cycle electric power market, and there is opportunity to deliver better performance ahead. I’m grateful for our team’s dedication and confidence in our ability to meet our full potential today and for the long-term.”

The growth in GE Vernova’s Electrification and Power segments helped to generate $38.1 billion in revenue – a +9% organic increase from 2024.

“We delivered a strong finish to 2025 as we executed our financial strategy with quarterly orders, revenue growth, margin expansion, and free cash flow generation,” said Ken Parks, CFO of GE Vernova. “We expanded our 2025 backlog across equipment and services, with equipment margin in backlog expanding six points year-over-year, reflecting favorable price and our continued focus on disciplined underwriting. Given our free cash flow generation, we ended the quarter with a cash balance of nearly $9 billion, which continues to give us confidence to invest in our core businesses and return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a strong investment grade balance sheet. Today, we’re also increasing our multi-year financial outlook to include Prolec GE.”

Industry-First in Vietnam

In early January 2025, PetroVietnam Power Corp.’s (PV Power) Nhon Trach 3 & 4 power plant began commercial operation in Ong Keo Industrial Park, Vietnam, approximately 70 km southeast of Ho Chi Minh City. The 1.6-GW plant is powered by two GE Vernova 800-MW blocks, each including one 50-Hz 9HA.02 gas turbine, STF-D650 steam turbine, W88 generator, and Once Through heat recovery steam generator (OT HRSG).

The OT HRSG enables advanced water-steam cycles to deliver higher combined-cycle efficiency; furthermore, GE Vernova’s integrated Mark VIe distributed control system will assist PV Power in improving asset visibility, reliability, and availability while cutting operational and maintenance costs. Nhon Trach 3 & 4 is the first HA-powered, LNG-firing plant in Vietnam. It was built by Samsung C&T and Lilama.

This project accelerates Vietnam’s transition from coal to natural gas-based power generation, expediting renewable energy integration by improving grid reliability and stability. GE Vernova’s H-class technology offers a lower environmental impact, generating approximately 60% fewer carbon emissions than coal-fired plants of the same electrical output. The power plant will play a vital role in satisfying the increasing electricity demand in southern Vietnam.