GE Vernova raises 2028 outlook and expands capital returns

GE Vernova has announced updated 2025–2026 guidance, a higher 2028 financial outlook, and expanded capital return plans at its 2025 Investor Update in New York.

• Financial guidance: The company targets 2025 revenue of $36–$37B, adjusted EBITDA margin of 8%–9%, and free cash flow of $3.5–$4.0B (raised from $3.0–$3.5B), rising in 2026 to $41–$42B revenue, 11%–13% adjusted EBITDA margin, and $4.5–$5.0B free cash flow, and by 2028 to $52B revenue, 20% adjusted EBITDA margin, and $22B+ cumulative free cash flow (2025–2028); segment outlooks include Power and Electrification margins rising to 22% and Wind reaching 6% margin with low-double-digit revenue declines.
• Capital allocation and growth initiatives: The Board doubled the quarterly dividend to $0.50 per share (payable February 2, 2026 to holders of record January 5, 2026), increased the share repurchase authorization to $10B from $6B (with $3.3B already spent as of December 3, 2025), and highlighted plans for organic investments, targeted M&A, completion of the remaining 50% Prolec GE acquisition by mid-2026 (regulatory approvals pending), and long-term growth from a ~$200B backlog by 2028, Gas Power services in the 2030s, and breakthrough energy technologies including small modular nuclear reactors, carbon capture, solid oxide fuel cells, and grid technologies for data centers and grid modernization.