Overview
- New 2028 outlook calls for about $52 billion in annual revenue and a 20% adjusted EBITDA margin, up from prior goals of $45 billion and 14%.
- Guidance tightened and extended: 2025 revenue trending to the high end of $36–$37 billion, 2026 set at $41–$42 billion, and cumulative free cash flow raised to at least $22 billion for 2025–2028, with 2025 FCF now $3.5–$4.0 billion.
- The quarterly dividend rises to $0.50 per share beginning in the first quarter of 2026, and the share repurchase authorization increases to $10 billion.
- Commercial pipeline strengthens with 18 GW of gas‑turbine contracts signed quarter‑to‑date; total backlog is expected to climb from roughly $135 billion today to about $200 billion by 2028, supported by plans to boost gas equipment capacity ~20% by 2028.
- Shares climbed roughly 6%–10% following the investor day; analysts lifted views including a Bank of America price target to $804, while the company works with the U.S. government on yttrium supplies and notes its outlook excludes the pending Prolec GE purchase expected by mid‑2026.