GE Vernova LLC

GE Vernova designs, builds and services the machines that produce and move electricity. Its customers include utilities, independent power producers, governments and industrial companies. The company says its installed base, meaning equipment already running at customer sites, generates about 25% of the world's electricity. General Electric (now GE Aerospace) spun it off to shareholders on April 2, 2024.

It reports three segments. Power offers gas, steam, hydro and nuclear power technology; the company sees gas power as essential to meeting rising electricity demand, including from data centers. At the end of 2025, Power had about $94.4 billion of contracted work still to deliver. Wind makes onshore and offshore wind turbines and, through LM Wind Power, their blades. Electrification supplies grid equipment and competes with ABB, Siemens and Hitachi Energy.

Equipment sales brought in 55% of the $38.1 billion in revenue for the year ended December 31, 2025; services such as maintenance and upgrades made up 45%. Service contracts can bring years of follow-on revenue: about 1,800 of its roughly 7,000 installed gas turbines are under long-term service agreements, with about 10 years left on average. By region, the U.S. supplied 45.6% of revenue, Europe 19.9%, the Middle East and Africa 14.2%, Asia 12.2% and the rest of the Americas 8.2%.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.64B, up 26.8% from a year earlier, and net income was $1.29B (+185.6%).
• For fiscal 2025, revenue was $38.07B (+9.0% year over year; +8.7% a year from FY2022 to FY2025) with a 12.8% net margin.

• Over FY2022–FY2025: $3.36B in buybacks and $275.0M in dividends.
• Special dividends in FY2025 are excluded from the streak.
• Dividends took 5.6% of earnings and 7.4% of free cash flow in the latest fiscal year.
• Shares outstanding changed -3.4% from Apr 26, 2024 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

GE Vernova LLC’s market value went from $90.67B at the end of 2024 to $228.22B on Nov 2, 2026, about 2.5 times as much; since the end of 2025 it is up 30%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($11.5M).

Large shareholders (13G filings)

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1. Product quality problems can be costly. Defects in gas turbines, wind turbines, grid or nuclear equipment can lead to warranty claims, repairs and replacements. The company says these costs have been a meaningful expense, and flaws across a whole product line hurt most.
2. Misjudging long service and fixed-price contracts. Its long-term gas turbine service agreements have about 10 years left on average, and some customer contracts are fixed-price. If costs run above estimates, margins shrink and projects can lose money.
3. Supply shortages and factory capacity limits. Some inputs, such as semiconductor chips, specialty metals and rare earths, come from few suppliers or one country. Shortages, tariffs or plant disruptions could delay deliveries, and new factory capacity could sit idle if demand fades.
4. New rivals as demand outruns capacity. It competes with Siemens Energy and Mitsubishi Power in power generation, Vestas and Goldwind in wind, and ABB and Hitachi Energy in grid gear. The company says demand exceeding supply is attracting new competitors.
5. Shifting energy policy and grid bottlenecks. Changes to energy, environmental and tax policies could reduce demand for its turbines and weaken project economics. Delays connecting new plants and wind farms to the grid can also hold up customer projects and revenue.
6. Possible tax bill from the GE spin-off. If the April 2024 split from GE were ruled taxable, it could create significant tax liabilities, and GE Vernova may have to reimburse GE significant amounts. A tax agreement also limits certain company actions.

• Oct 28, 2026 Quarterly results released
• Aug 27, 2026 Executive or board change
• Jul 22, 2026 Quarterly results released
• May 22, 2026 Shareholder vote results
• Apr 22, 2026 Quarterly results released
• Feb 4, 2026 Other company announcement
• Jan 28, 2026 Quarterly results released
• Jan 21, 2026 Executive or board change

GE Vernova pays a small dividend and has no record of yearly increases; it has been independent only since April 2024. Dividends were $0.25 per share for 2024 and $1.25 for 2025, but the 2025 total appears to include a one-time special payment. The yield was 0.22% as of October 27, 2026, so the stock offers little income. The company aims to return at least a third of its cash generation to stockholders, mostly through buybacks: $3.3 billion in 2025, versus $275 million in dividends, which used 5.6% of net income and 7.4% of free cash flow (cash left after capital spending). Shares outstanding fell 2.8% between April 26, 2024 and June 30, 2026.

Because the stock began trading in 2024, it has no record through the 2008, 2020 or 2022 market declines. Its deepest drop from a high, through October 27, 2026, was 38.3%. A single stock carries more risk than a diversified fund.