GE Vernova Inc (NYSE: GEV) is an energy technology company that designs, manufactures, and services equipment for electricity generation, transmission, and distribution. Revenue comes from selling power generation and grid equipment plus long-term services contracts across three segments: Power, Wind, and Electrification. The company was spun off from General Electric and began trading as an independent public company on April 2, 2024. For FY2025, GE Vernova reported net income of $4.9 billion on an implied revenue base reflecting 9% organic revenue growth year-over-year, with Adjusted EBITDA of $3.2 billion and an Adjusted EBITDA margin of 8.4% (FY2025, 10-K filed 2026-01-29). The installed base includes approximately 59,000 onshore wind turbines, with services agreements covering approximately 24,000 units as of December 31, 2025. Equipment and services revenue split across onshore wind, offshore wind, gas power, grid solutions, and electrification software. The U.S. market represents approximately 60% of Onshore Wind equipment remaining performance obligations (RPO) as of December 31, 2025.

Revenue model

GE Vernova earns revenue through two primary streams: equipment sales (turbines, grid hardware, power conversion systems) and long-term services contracts on its installed base. Services agreements on approximately 24,000 onshore wind turbines provide recurring revenue. Organic equipment revenues grew $2.0 billion (11%) and organic services revenues grew $1.2 billion (7%) in FY2025 versus FY2024.

Products and services

Power segment: gas turbines and steam power equipment. Wind segment: onshore wind turbines, offshore wind turbines (Haliade-X 220m offshore unit), and wind turbine blades designed and produced by LM Wind Power. Electrification segment: Grid Solutions (transmission equipment, onshore and offshore interconnection), Power Conversion and Storage (electrification and energy storage systems), and Electrification Software (transmission, distribution, conversion, storage, and orchestration of electricity). Workhorse products account for approximately 75% of equipment RPO as of December 31, 2025.

Customers and end markets

Customers are utilities, independent power producers, grid operators, industrial companies, and data center operators requiring large-scale transmission and electrification infrastructure. End markets include renewable energy interconnection, grid modernization, offshore wind development, and industrial electrification including data centers supporting AI workloads. No individual customer concentration percentages are disclosed in the excerpts.

Value-chain role

GE Vernova sits in the energy infrastructure supply chain as an original equipment manufacturer and long-term service provider. It sells directly to large energy infrastructure project owners and grid operators globally, and also provides software and financial services ancillary to energy project development. A registered investment adviser entity and a registered broker-dealer entity support financing activities related to energy projects.

Geographic exposure

Global operations. The U.S. market represents approximately 60% of Onshore Wind equipment RPO as of December 31, 2025. Grid Solutions participates in both onshore and offshore interconnection sectors globally. The company operates across multiple jurisdictions subject to international customs, sanctions, and securities regulations.

Source: SEC 10-K, filed 2026-01-29

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