Strong Backlog and Order Growth: GE Vernova reported a total backlog of $129 billion, with equipment backlog increasing from $45 billion to $50 billion in Q2 2025. The company booked $12.4 billion in orders, a 4% increase year-over-year, driven particularly by a 44% rise in Power orders. This growth reflects strong demand in gas power equipment and services, indicating robust future revenue potential.

Healthy Financial Performance: The company achieved an adjusted EBITDA of $770 million, marking a 25% year-over-year increase. Adjusted EBITDA margins expanded 80 basis points, driven by higher prices, volume, and productivity. Free cash flow remains positive, generating $200 million in Q2, allowing continued shareholder returns through dividends and buybacks, totaling approximately $450 million in Q2 alone.

Electrification Segment Outlook: The Electrification segment displayed impressive growth with revenue up 20% and an EBITDA margin expansion to 14.6%. However, order decline in long transmission line HVDC projects signals caution, necessitating a focus on maintaining pricing discipline for large contracts while capitalizing on smaller grid solutions, such as synchronous condensers, which represent an emerging $5 billion market opportunity.