GE Vernova (NYSE: GEV) delivered rock-solid gains in 2025, with its shares exiting the year up 98.7%, according to data provided by S&P Global Market Intelligence. The stock has already gained another 13% so far in 2026, as of this writing.
If you think GE Vernova stock has already topped out, wait until you see the company’s latest projections. This could just be the beginning of a massive bull run for this General Electric spin-off.
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GE Vernova, the world’s largest manufacturer of natural gas and wind turbines, stunned investors in early 2025 when it bagged orders worth $10.2 billion in just the first quarter and reported a total backlog of $123 billion. The company also struck a deal with Duke Energy in April 2025 to supply up to 11 natural gas turbines to the utility giant to meet surging power demand from data centers.
The Duke deal was the first tangible proof of concept showing investors just how much GE Vernova stands to gain from the artificial intelligence (AI) data center buildout. Data centers require massive amounts of uninterrupted power to keep servers and cooling systems running continuously. Utility grids are falling short, which is why GE Vernova’s turbines, which can be quickly installed and commissioned, are gaining so much attention.
GE Vernova just reported its results for the fiscal year ended Dec. 1, 2025. Here’s what GE pulled off in 2025: It bagged orders worth $59 billion, grew its backlog by $31 billion to $150 billion, grew revenue by 9% to $38 billion, generated $3.7 billion in free cash flow (FCF), and ended the year with nearly $9 billion in cash.
GE Vernova also doubled its dividend per share and bumped up its share repurchase program from $6 billion to $10 billion in 2025, signaling strong confidence in future cash flows.
GE Vernova has also just acquired its remaining 50% stake in transformer maker Prolec GE for $5.3 billion, positioning itself to dominate the grid infrastructure market in North America amid booming power demand.
Following a breakout growth year in 2025, GE Vernova just raised its guidance for 2026 and 2028.
For 2026, GE Vernova expects at least 15% revenue growth to $44 billion to $45 billion and FCF of $5 billion to $5.5 billion. By 2028, GE Vernova expects its revenue to reach $56 billion and cumulative FCF to reach $24 billion.
