GE Vernova dividend
GE Vernova pays $0.50 per share each quarter, after doubling the quarterly dividend. Its $3,710 million of 2025 free cash flow covered nearly all of the dividends and buybacks paid to shareholders.
How much does GE Vernova pay per share?
Shareholders received nearly all of 2025’s free cash flow through dividends and buybacks. The board expanded the buyback authorization to $10 billion and doubled the quarterly dividend to $0.50, but authorization is only permission to spend. Buybacks create value only if Vernova repurchases shares below their future earning power.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 12.51 | 5.44 | 1.19 | ||
| Free cash flow per share | 13.44 | 6.12 | 1.62 | ||
| − Dividends paid, per share | 1.00 | 0.00 | 0.00 | ||
| − Share buybacks, per share | 12.01 | 0.15 | 0.00 |
Is GE Vernova's dividend covered by its cash?
Cash from operations rose from negative $1,660 million in 2021 to $4,987 million in 2025. After capital spending, free cash flow was $3,710 million. Deducting stock compensation gives an analytical “real” free cash flow figure, because compensation paid in shares dilutes owners even though it is not another cash payment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,710 | 1,700 | 442 | -627 | -2,237 |
| − Dividends paid | 275 | 0 | 0 | 0 | 0 |
| − Share buybacks | 3,316 | 43 | 0 | 0 | 0 |
| Cash and short-term investments | 9,314 | 8,205 | 1,551 | 2,067 | 1,800 |
| Paid to shareholders | 3,591 | 43 | 0 | 0 | 0 |
| Paid out, % of free cash flow | 96.8% | 2.5% | 0.0% | not meaningful | not meaningful |
What could change GE Vernova's dividend?
The base dividend is $2.00 per share in every period, matching four quarterly payments at the current $0.50 rate. The bear case gives $1.50 because one payment is cut, while the bull case reaches $2.40 after modest annual increases. The company has no dividend-growth target, and future declarations remain discretionary.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 4,500 (2,500 / 5,500) | 7,000 (3,500 / 9,000) | 8,500 (4,500 / 11,500) |
| Shares (millions) | 264 (266 / 263) | 262 (267 / 260) | 260 (267 / 256) |
| Dividends per share | 2.00 (1.50 / 2.00) | 2.00 (1.50 / 2.20) | 2.00 (1.50 / 2.40) |
| Net debt | -8,817 (-6,814 / -9,453) | -9,289 (-5,470 / -10,125) | -10,485 (-5,606 / -12,233) |
What is GE Vernova's dividend yield today?
Free cash flow can mislead for a similar reason. A utility may pay a deposit to reserve a future turbine, giving GE Vernova cash before it buys materials, pays suppliers and completes the machine. The deposit resembles a contractor’s advance for a house: useful financing, but not earned profit. The small dividend means the investment case rests mainly on future earnings and the eventual selling price, while the company still plans substantial capital spending through 2028. The next test is whether the optimism has already been priced in.