GE Vernova Q4 Results: AI Demand Fuels Record Backlog and Strong Visibility

GE Vernova exited 2025 with one of the strongest AI demand and backlog profiles in the energy industry. This quarter, management emphasized accelerating slot reservations, rising pricing, improving backlog margins and multi-year visibility extending into the end of the decade. The company signed 6GW of incremental gas contracts in the final three weeks of December, bringing total Q425 as contracts to about 24GW. As a result, the Gas Power backlog plus slot reservation agreements (SRAs) expanded from 62GW to 83GW sequentially. Management now expects to reach 100GW under contract in 2026, an upward revision from the 60GW discussed in mid-2025.

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