GE Vernova Raises 2025 Free Cash Flow Guidance, Hikes Dividend And Expands Buyback

GE Vernova

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(RTTNews) - GE Vernova (GEV) reaffirmed its 2025 revenue and adjusted EBITDA margin guidance, raised its 2025 free cash flow guidance, and presented its financial outlook for 2026. The company also updated its long-term outlook through 2028, building on the projections shared at its 2024 Investor Update.

The company has declared a $0.50 per share quarterly dividend, doubling from a $0.25 quarterly dividend, payable on February 2, 2026, to shareholders of record as of January 5, 2026. The Board of Directors has also approved a share repurchase authorization increase to $10 billion, from the prior authorization of $6 billion.

For 2025, GE Vernova expects revenue to be in the range of $36 billion - $37 billion, trending toward the higher end of the range. The company anticipates an adjusted EBITDA margin of 8%-9% and has raised its free cash flow guidance to $3.5 billion -$4.0 billion, up from the previous estimate of $3.0 billion - $3.5 billion.

Looking ahead to 2026, GE Vernova projects revenue of $41 billion-$42 billion, with an adjusted EBITDA margin of 11%-13%. Free cash flow is expected to increase further, reaching $4.5 billion-$5.0 billion.

By 2028, the company expects revenue to be $52 billion, reflecting low-double-digit organic growth, compared to the earlier forecast of $45 billion with high-single-digit growth. The adjusted EBITDA margin is expected to reach 20%, up from the prior outlook of 14%. Cumulative free cash flow from 2025 to 2028 is now projected at $22 billion or more, an increase from the earlier estimate of $14 billion or more.

GE Vernova said it is positioned to deliver substantially higher returns beyond 2028, supported by several strategic drivers. These include a large and growing equipment and services backlog, which is expected to reach approximately $200 billion by year-end 2028. The company also anticipates more profitable, recurring Gas Power services revenue beginning in the 2030s.

In addition, GE Vernova is expanding investments into artificial intelligence, robotics, and automation to enhance efficiency and innovation across its operations.

The company is also focused on developing and commercializing breakthrough energy technologies, such as small modular nuclear reactors, carbon capture solutions, solid oxide fuel cells, and grid-related technologies to support both data centers and grid modernization.