GE Vernova Inc.

Total backlog reached $150.2B at FY2025 year-end, roughly 4x annual revenue of $38.1B, with the Power segment alone holding $94.4B in remaining performance obligations. Services represent 45% of revenue and are contracted long-term against an installed base of about 7,000 gas turbines.

Three reporting segments (Power, Wind, Electrification) with Power the dominant contributor in FY2025. Gas, nuclear, wind, grid, and electrification software diversify product types, but all segments serve power-infrastructure capex, so end-market correlation is high.

FY2025 revenue mix: United States approximately $17.3B (45%), Europe $7.6B (20%), Middle East and Africa $5.4B (14%), Asia $4.6B (12%), and other Americas $3.1B (8%). No country exceeds 45% of revenue, with meaningful contribution from four regions.

Equipment manufacturing is capex-intensive with heavy factory footprint, while the services half of revenue scales at higher incremental margin against a 7,000-turbine installed base. Only two fiscal years of independent operating history exist to judge structural operating leverage.

Services represent 45% of FY2025 revenue and are recurring against a long-lived installed base, with a services backlog of $85B. Equipment sales are project-based multi-year contracts to mission-critical utility customers, contractual but not subscription.