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There is no meaningful winner from headline revenue alone. Siemens Energy and GE Vernova overlap in gas-power equipment, grid technology and wind, but they report on different fiscal calendars, in different currencies and with different segment boundaries. A sound comparison matches equivalent businesses first, then examines orders, backlog or remaining performance obligations, profitability measures and execution exposure with each figure’s definition attached.
What the two companies actually report
Siemens Energy and GE Vernova are large energy-technology suppliers rather than consumer-equipment companies. Their products are sold to utilities, grid operators, industrial customers and project developers, often through multiyear equipment-and-service contracts. That matters because a comparison based only on a company-wide sales number can hide very different mixes of turbines, transmission equipment, wind projects, services and emerging energy-conversion businesses.
| Company | Reporting period used here | Reported business segments | What the segmentation means for comparison |
|---|---|---|---|
| Siemens Energy | Fiscal year ended September 30, 2025 | Gas Services; Grid Technologies; Transformation of Industry; Siemens Gamesa | Gas, grid and wind are identifiable, while Transformation of Industry adds industrial-energy activities that do not map one-to-one to a GE Vernova segment. |
| GE Vernova | Calendar year ended December 31, 2025 | Power; Wind; Electrification | Power and Wind overlap with Siemens Energy activities; Electrification is a distinct segment that includes grid and power-conversion activities. |
GE Vernova’s own filing identifies Siemens Energy among competitors in relevant power and electrification markets and identifies Siemens Gamesa among wind competitors. That establishes product-level competition, not identical portfolios. Siemens Energy also describes a broader set of offerings spanning generation, transmission and storage, with Siemens Gamesa as its wind business.
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Gas generation and services
Both companies supply gas-power technology and related services. Siemens Energy’s Gas Services segment combines equipment and long-term service activities around gas turbines, steam turbines and generators. GE Vernova’s Power segment covers gas and other power-generation technologies. The shared market makes gas generation the most direct starting point for a like-for-like comparison.
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Do not treat every service dollar as equivalent to a new-turbine dollar. Service contracts can extend for years, while new-equipment orders are tied to project schedules, site permits and customer capital budgets. A useful analysis separates equipment orders, service revenue and the installed base supporting future maintenance.
Grid equipment and electrification
Siemens Energy’s Grid Technologies segment includes transmission and grid equipment such as transformers and related systems. GE Vernova reports Electrification as a separate segment covering grid equipment, power conversion and storage-related technologies. The businesses overlap in products that connect, control and convert electricity, but their accounting boundaries differ.
That difference means a Siemens Energy Grid Technologies figure should not automatically be compared with all of GE Vernova Electrification. Define whether the comparison includes only transmission hardware, or also distribution, digital controls, converters and storage systems.
Wind
Siemens Gamesa is Siemens Energy’s wind business. GE Vernova has a separate Wind segment. Both therefore face common demand drivers such as auction volumes, turbine pricing, supply-chain costs, project financing and the timing of offshore and onshore installations.
Wind results deserve separate treatment because a company can report strong orders while still experiencing weak profitability or execution pressure on existing projects. The available figures establish that the businesses compete; they do not provide enough evidence to rank their forward execution risk.
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Industrial transformation and power conversion
Siemens Energy reports Transformation of Industry, which covers industrial-energy transformation activities. GE Vernova does not present an identically named segment; its Electrification portfolio includes power-conversion and storage offerings. These are strategically related in some applications but are not interchangeable reporting categories.
For a portfolio comparison, keep Siemens Energy Transformation of Industry and GE Vernova Electrification as separate residual categories after matching gas, grid and wind. Otherwise, one company’s additional activities can make its mix appear larger or smaller for reasons caused solely by classification.
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Reported scale: the numbers and their limits
| Measure | Siemens Energy | GE Vernova | How to read it |
|---|---|---|---|
| Total revenue | €39.1 billion, FY2025 | $38.068 billion, calendar 2025 | Different currencies and nine-month offset in year-end dates prevent a clean ranking without a defined exchange-rate and period adjustment. |
| Orders or demand indicator | €58.9 billion of orders, FY2025 | Approximately $94.4 billion of remaining performance obligations at December 31, 2025 | Orders and remaining performance obligations are different measures with different timing and accounting definitions. |
| Profit measure | €2.355 billion profit before special items, FY2025 | A directly equivalent company-wide measure is not stated in the cited figures | Do not label Siemens Energy’s measure as net income or compare it silently with an adjusted GE Vernova figure. |
| Gas installed base | Not stated in the cited figures | Approximately 7,000 gas turbines installed, December 31, 2025 | This is a GE Vernova scale indicator, not a directly comparable Siemens Energy metric. |
| Employees and geographic reach | Around 103,000 employees across more than 90 countries, 2025 company statement | Not stated in the cited figures | Workforce counts are company-reported scale information and may use different counting dates or definitions. |
Siemens Energy’s €39.1 billion revenue and GE Vernova’s $38.068 billion revenue are close only as unconverted headline figures. Currency, fiscal-year timing and portfolio composition can change the apparent relationship. Use them to establish scale, not to declare one company larger or stronger.
Siemens Energy’s FY2025 business mix
Gas Services
Gas Services reported €22.996 billion of orders and €12.198 billion of revenue in FY2025. It is Siemens Energy’s largest named revenue contributor among the figures provided and includes gas and steam turbines, generators and associated service work. The gap between orders and revenue illustrates why current-year sales do not capture the full future workload.
When comparing this segment with GE Vernova Power, examine the proportion of equipment versus service activity, the geographic mix and whether orders represent firm contracts or expected project work. A larger service base can produce different cash-flow timing and margin characteristics from a business concentrated in new equipment.
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Grid Technologies
Grid Technologies reported €21.423 billion of orders and €11.305 billion of revenue in FY2025. Its offering includes transformers and transmission-related equipment and systems. Grid demand is influenced by transmission expansion, renewable interconnection, replacement cycles and the reliability requirements of network operators.
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Siemens Gamesa
Siemens Gamesa reported €9.324 billion of orders and €10.375 billion of revenue in FY2025. Revenue exceeding orders in the stated year can occur when projects ordered in earlier periods are delivered; it should not be interpreted by itself as a forecast of the next year.
For wind, track order quality, project completion, warranty and service obligations, input costs and the split between onshore and offshore work. The available company figures do not establish a complete profitability or execution comparison with GE Vernova Wind.
Transformation of Industry
Transformation of Industry is part of Siemens Energy’s FY2025 structure but no segment order or revenue amount is included in the stated figures. Keep it visible in a portfolio analysis because it represents exposure outside the direct gas, grid and wind matches. Do not infer its size by subtracting the three disclosed segment figures unless the company’s reporting definition confirms that the arithmetic is complete and comparable.
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GE Vernova’s reported business mix
Power
GE Vernova’s Power segment is the principal comparison point for Siemens Energy Gas Services. It covers power-generation technologies, including gas equipment and services. The 2025 company-wide revenue figure is $38.068 billion, but segment revenue amounts are not stated in the cited figures here.
GE Vernova also reported an installed base of approximately 7,000 gas turbines at December 31, 2025. That installed base can support recurring service demand, but installed units are not the same as annual service revenue, active contracts or comparable Siemens Energy units.
Wind
GE Vernova Wind competes with Siemens Gamesa in wind equipment and services. Analyze it on the same operational dimensions as Siemens Gamesa—order intake, delivery timing, contract economics, supply-chain exposure and service obligations—rather than relying on total-company revenue.
Electrification
Electrification is GE Vernova’s distinct segment for grid equipment and related power-conversion and storage activities. It provides the nearest broad portfolio comparison to Siemens Energy Grid Technologies plus selected Transformation of Industry activities, but it is not a one-for-one match.
Because segment boundaries differ, create a mapping table for your specific question. For example, a transmission-only study may pair Siemens Energy Grid Technologies with the transmission portion of Electrification, while a storage-and-conversion study may include GE Vernova Electrification and only selected Siemens Energy industrial-transformation activities.
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Orders, backlog and remaining performance obligations
Demand indicators are useful only when their definitions remain attached. Siemens Energy reported €58.9 billion of orders for FY2025. GE Vernova reported approximately $94.4 billion of remaining performance obligations at December 31, 2025. An order intake figure records bookings during a period; remaining performance obligations represent contracted work still to be recognized under the company’s accounting and contract definitions.
| Question | Siemens Energy evidence | GE Vernova evidence | Correct interpretation |
|---|---|---|---|
| How much was booked during the year? | €58.9 billion of FY2025 orders | Not stated as an equivalent total in the cited figures | Use Siemens Energy’s figure as an annual booking measure only. |
| How much contracted work remained? | A comparable figure is not stated in the cited figures | Approximately $94.4 billion RPO at December 31, 2025 | Use GE Vernova’s RPO as a contracted-work indicator, not as an order-intake equivalent. |
| Can the figures be ranked directly? | No | No | Currency, date and metric definition all differ. |
For an investment or industry model, place each metric in a separate column, record the measurement date, and avoid adding orders to RPO. If you need a common comparison, retrieve each company’s equivalent disclosure for the same type of measure and then document the conversion assumptions.
Profitability: keep the definitions visible
Siemens Energy reported FY2025 profit before special items of €2.355 billion. “Before special items” is a company-defined measure that excludes specified effects; it is not automatically the same as operating profit, net income, EBITDA or free cash flow.
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The cited GE Vernova figures do not provide a directly equivalent company-wide profitability number. A fair comparison therefore requires selecting the exact GE Vernova measure—such as reported operating profit or an adjusted segment measure—then presenting both definitions side by side. If one company’s figure excludes restructuring, project charges or other items and the other does not, the apparent margin advantage may be an accounting presentation effect.
At segment level, calculate revenue and profit margins only when both numerator and denominator are reported for the same segment and period. Do not manufacture a margin from company-wide revenue and a segment profit figure.
A practical, step-by-step comparison method
- Fix the date basis. Label Siemens Energy figures “FY2025, year ended September 30, 2025” and GE Vernova figures “calendar 2025, year ended December 31, 2025.” If you combine them, state that the periods are not aligned.
- Keep currencies separate at first. Show euros and U.S. dollars in their original units. If you convert, record the exchange-rate date and whether you used an average rate for income-statement figures or a closing rate for balance-sheet measures.
- Build a segment map. Pair Gas Services with GE Vernova Power, Grid Technologies with the relevant Electrification activities, and Siemens Gamesa with GE Vernova Wind. Put Transformation of Industry and unmatched Electrification activities in separate rows.
- Choose one demand metric. Compare orders with orders or RPO with RPO. Never treat €58.9 billion of orders and approximately $94.4 billion of RPO as the same measure.
- Normalize profitability. Use reported measures with their labels intact. Add footnotes for special-item exclusions, restructuring charges and segment definitions.
- Assess installed-base economics. Record GE Vernova’s approximately 7,000 gas turbines as an installed-base indicator. Seek a similarly defined Siemens Energy measure before drawing a relative scale conclusion.
- Separate wind from the rest. Review wind order quality, delivery performance and service obligations independently because wind economics can diverge sharply from gas and grid businesses.
- Test sensitivity. Recalculate conclusions under different currency rates, period alignments and segment mappings. If the conclusion changes easily, describe it as sensitive rather than definitive.
- State what the comparison cannot answer. Portfolio and reported-financial data alone do not establish which stock is a better investment or which company will execute better in future projects.
Example scorecard for an industry or investor review
| Dimension | Siemens Energy entry | GE Vernova entry | Decision rule |
|---|---|---|---|
| Gas exposure | Gas Services: €12.198 billion FY2025 revenue; €22.996 billion orders | Power; total segment revenue not stated in the cited figures; approximately 7,000 gas turbines installed | Compare service mix, equipment backlog and installed-base definitions. |
| Grid exposure | Grid Technologies: €11.305 billion FY2025 revenue; €21.423 billion orders | Electrification; segment revenue not stated in the cited figures | Define whether conversion, storage and distribution are included. |
| Wind exposure | Siemens Gamesa: €10.375 billion FY2025 revenue; €9.324 billion orders | Wind; segment figures not stated in the cited figures | Review contract economics and execution, not just order volume. |
| Company scale | €39.1 billion FY2025 revenue; around 103,000 employees across more than 90 countries | $38.068 billion calendar-2025 revenue; approximately $94.4 billion RPO | Keep currencies, dates and definitions in every row. |
| Profitability | €2.355 billion profit before special items, FY2025 | Equivalent figure not stated in the cited figures | Obtain identically defined measures before ranking. |
Common comparison mistakes
- Ranking by revenue without currency conversion. A euro figure and a dollar figure cannot be ordered reliably by their printed numbers.
- Ignoring the nine-month reporting offset. Siemens Energy’s fiscal year ended September 30, while GE Vernova’s calendar year ended December 31.
- Treating segment names as universal categories. “Grid,” “Power” and “Electrification” can contain different products and geographies.
- Mixing orders with backlog or RPO. These measures describe different points in the contract lifecycle.
- Calling profit before special items net income. Preserve the company’s exact label.
- Assuming wind orders prove wind profitability. Delivery costs, warranties and project changes can affect results after booking.
- Using installed-base counts as revenue forecasts. A turbine count does not reveal contract coverage, utilization or service pricing.
- Turning portfolio overlap into a complete-company equivalence. Siemens Energy has Transformation of Industry; GE Vernova has Electrification with its own boundaries.
- Forcing a consumer-product recommendation. These companies primarily sell utility- and industrial-scale equipment and services, not products suited to a normal consumer shopping list.
What the evidence supports—and what it does not
The reported facts support a structured comparison of business exposure, scale indicators and disclosed financial measures. They show that Siemens Energy and GE Vernova compete directly in selected gas, grid and wind markets, while retaining materially different portfolios and reporting structures.
They do not, by themselves, prove which company has superior future margins, project execution, valuation or shareholder returns. A forward-looking judgment would require additional work on contract profitability, cash conversion, regional demand, capital allocation, balance-sheet commitments, litigation and management guidance. Those are separate questions from identifying how the businesses compare.
For most readers, the most defensible conclusion is conditional: Siemens Energy offers a broad generation-and-grid portfolio with a separately reported industrial-transformation business and Siemens Gamesa; GE Vernova combines Power and Wind with a distinct Electrification segment and reports a large remaining-performance-obligation balance. Decide which is more attractive only after matching the specific business line, period, currency and metric that matters to your decision.
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