GE Vernova Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

GE Vernova Q2 2025 Earnings Summary

Overview

  • GE Vernova delivered another strong quarter with revenue up 12% year-over-year and adjusted EBITDA up over 25% to $770 million.
  • Total backlog reached $129 billion, growing across both equipment and services.
  • Free cash flow was positive for the sixth consecutive quarter, with $200 million generated in Q2.
  • Cash balance remains strong at nearly $8 billion, with no debt.

Key Performance Highlights

Power Segment
  • Orders surged 44% year-over-year, driven by a near-tripling of Gas Power equipment orders.
  • 20 heavy-duty gas turbines booked (vs. 14 in Q2 2024), including 7 HA units.
  • 27 aeroderivative turbine orders vs. just 1 last year, reflecting increased demand from data centers and bridge-power needs.
  • Revenue grew 9%, with strong services activity and deliveries of 7 more HA units than last year.
  • EBITDA margin improved to 16.4%, up 40 basis points despite investment in R&D and capacity expansion.
  • Power remains on track to hit a 20‑gigawatt manufacturing run-rate by 2H 2026.
Electrification Segment
  • Orders were $3.3 billion (1.5x book-to-bill). Year-over-year comparisons were down due to two mega-orders last year, not operational weakness.

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Operator: Good day, ladies and gentlemen and welcome to GE Vernova's Second Quarter 2025 Earnings Conference Call. [Operator Instructions] My name is Liz and I will be your conference coordinator today. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed. Michael Jay Lapides: Welcome to GE Vernova's Second Quarter 2025 Earnings Call. I'm joined today by our CEO, Scott Strazik; and our CFO, Ken Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q, press release and the presentation slides, all of which are available on our website. Please note that year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA margin discussed during our prepared remarks are on an organic basis unless otherwise specified. We will make forward-looking statements about our performance. These statements are based on how we see things today. While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risks and uncertainties. With that, I'll hand the call over to Scott. Scott L. Strazik: Thanks, Michael and good morning, everyone. We had

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