GE Vernova

U.S. government December 22 halt of offshore wind projects forced incremental Vineyard Wind accruals, pushing 2025 Wind EBITDA losses to approximately $600 million versus $400 million target from December investor day.

Electrification delivered largest order quarter in history at $7.4 billion with 50% YOY growth. Revenue grew 32% with 320bp margin expansion to 17.1%. Over $2 billion in direct data center orders in 2025, triple 2024.

Power EBITDA margins expanded 160 basis points to 16.9% in Q4 driven by price and productivity, with full-year margins at 14.7% up 100bp. SRA pricing 10-20 points above existing backlog.

Returned $3.6 billion to shareholders in 2025, doubled dividend for 2026, and increased share buyback authorization to $10 billion from $6 billion. Ended year with nearly $9 billion in cash.

First BWRX-300 SMR under construction at Darlington with OPG, productive conversations in Sweden and Poland. Nuclear was a drag on Power margins in 2025, expected directionally similar in 2026 with meaningful revenue contribution in the next decade.