The Tool Desk
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Siemens Energy reports a fiscal year ending September 30, while GE Vernova’s 2025 reporting year ended December 31. Siemens Energy’s FY2025 revenue was €39.1 billion and its profit before special items was €2.355 billion. GE Vernova reported 2025 revenue of $38.068 billion. Those figures describe different periods, currencies and measures, so they should not be treated as a clean ranking.
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What the two companies actually sell
Both companies supply utility- and industrial-scale energy equipment and services rather than ordinary consumer products. Their portfolios cover parts of the electricity system from generation through transmission, conversion and storage, with wind businesses that overlap.
Siemens Energy
Siemens Energy’s FY2025 reporting comprised four businesses:
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- Gas Services: gas turbines, generators, service and related power-generation offerings.
- Grid Technologies: equipment and systems used in transmission and grid infrastructure, including transformers.
- Transformation of Industry: industrial-energy transformation activities.
- Siemens Gamesa: wind-generation equipment and services.
The company describes offerings spanning power generation, transmission and storage. Its scale indicator for 2025 was around 103,000 employees across more than 90 countries, a company-published figure.
GE Vernova
GE Vernova reports three segments:
- Power: power-generation technologies and services, including gas-related equipment.
- Wind: wind-generation products and services.
- Electrification: grid equipment, power conversion and storage.
GE Vernova’s 2025 Form 10-K reported an installed base of approximately 7,000 gas turbines and approximately $94.4 billion in remaining performance obligations at December 31, 2025. Those are company-reported scale indicators, not direct equivalents to Siemens Energy’s employee count, orders or revenue.
Segment names do not line up one-for-one
The first comparison error is treating a Siemens Energy segment as if it were identical to a GE Vernova segment. The companies organize and disclose their activities differently.
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|---|---|---|
| Gas Services | Power | Compare gas-generation equipment and services, while recognizing that GE Vernova’s Power segment is broader than gas alone. |
| Grid Technologies | Electrification | Compare grid equipment and related electrical infrastructure; Electrification also includes power conversion and storage. |
| Siemens Gamesa | Wind | Compare wind equipment and services, but check each company’s disclosures for scope and period. |
| Transformation of Industry | No separately named equivalent in the reported segment structure | Assess Siemens Energy’s industrial-transformation exposure separately rather than forcing it into Power or Electrification. |
GE Vernova’s filings identify Siemens Energy in relevant competitor groups and identify Siemens Gamesa among wind competitors. That establishes product- or market-level competition, not identical portfolios across the whole companies.
Align the reporting periods before comparing numbers
Siemens Energy FY2025 ended September 30, 2025. GE Vernova’s 2025 reporting year ended December 31, 2025. A three-month difference can matter in a project business where equipment deliveries, service milestones and customer acceptance move between quarters.
| Measure | Siemens Energy | GE Vernova | Why the difference matters |
|---|---|---|---|
| Reporting period used here | FY2025, year ended September 30, 2025 | Calendar year 2025, year ended December 31, 2025 | The periods are not the same twelve months. |
| Total revenue | €39.1 billion | $38.068 billion | Different currencies and periods prevent a direct ranking without a defined conversion and normalization method. |
| Profit measure disclosed in the reported results | €2.355 billion profit before special items | A directly comparable company-wide figure is not established by the cited filings | “Profit before special items” must not be silently equated with an adjusted, operating or segment measure from another company. |
| Orders or future-work indicator | €58.9 billion orders in FY2025 | Approximately $94.4 billion remaining performance obligations at December 31, 2025 | Orders and remaining performance obligations are different measures with different timing and accounting definitions. |
If you convert euros to dollars, state the exchange-rate date and method. A converted number is still not a like-for-like comparison unless the reporting periods and definitions are aligned as well.
Siemens Energy’s FY2025 figures by business
Siemens Energy’s FY2025 earnings release reported the following orders and revenue:
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| Business | Orders | Revenue |
|---|---|---|
| Gas Services | €22.996 billion | €12.198 billion |
| Grid Technologies | €21.423 billion | €11.305 billion |
| Siemens Gamesa | €9.324 billion | €10.375 billion |
The cited FY2025 figures do not provide a matching Siemens Energy revenue and order row for Transformation of Industry, so it should not be inferred from the company total or from another segment.
GE Vernova’s reported scale indicators
GE Vernova reported total 2025 revenue of $38.068 billion. Its year-end filing also reported approximately $94.4 billion in remaining performance obligations and an installed base of approximately 7,000 gas turbines.
Why remaining performance obligations are useful
Remaining performance obligations indicate contracted work that has not yet been recognized as revenue under the company’s reporting rules. They can help a reader understand future delivery visibility, but they are not the same as one year of orders, and they do not show when revenue or profit will be recognized.
Why the gas-turbine installed base matters
An installed base can support a services business over many years. It is a count of equipment in the field, not a measure of current-year sales, profitability or customer concentration. Siemens Energy’s cited figures do not provide an equivalent installed-base number for a direct side-by-side table.
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Compare the overlapping businesses first
Gas power: Gas Services versus Power
Start with gas-generation equipment and services because this is a clear area of overlap. Siemens Energy’s Gas Services business reported €22.996 billion of FY2025 orders and €12.198 billion of revenue. GE Vernova places gas-related activities inside its broader Power segment, so a company-wide or segment-wide GE Vernova figure cannot be treated as a gas-only result unless the filing supplies that split.
Useful questions include:
- Does the figure cover new equipment, long-term service, or both?
- Is it an order intake number, recognized revenue, or remaining obligation?
- What portion of the segment includes non-gas generation technologies?
- Are the periods and currency units shown next to every number?
Grid equipment: Grid Technologies versus Electrification
Siemens Energy’s Grid Technologies reported €21.423 billion of FY2025 orders and €11.305 billion of revenue. GE Vernova’s Electrification segment includes grid equipment as well as power conversion and storage. That broader scope means a segment-to-segment revenue comparison can overstate the degree of direct overlap if the additional activities are not separated.
For a practical comparison, identify the specific product or project category—such as transformers, transmission systems, conversion equipment or storage—before comparing growth or margins.
Wind: Siemens Gamesa versus Wind
Siemens Gamesa reported €9.324 billion of FY2025 orders and €10.375 billion of revenue. GE Vernova reports Wind as a segment. The companies therefore overlap directly in wind, but the cited figures do not establish a complete, normalized comparison of turbine volumes, regional mix, service margins or project execution.
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Industrial transformation: a Siemens Energy-specific exposure
Transformation of Industry is a separately reported Siemens Energy business. GE Vernova’s reported segment structure does not name a directly equivalent segment. Treat this as a portfolio-difference question: determine whether the industrial-energy exposure fits your analysis, rather than assigning it to GE Vernova’s Power or Electrification segment without evidence.
Use the right demand indicators
Orders and future-work measures answer different questions.
- Orders: new bookings reported for a period. Siemens Energy reported €58.9 billion of FY2025 orders in total.
- Remaining performance obligations: contracted work not yet recognized as revenue under the company’s rules. GE Vernova reported approximately $94.4 billion at December 31, 2025.
- Revenue: work recognized during the reporting period. It can lag orders when projects take years to deliver.
Do not divide GE Vernova’s remaining performance obligations by Siemens Energy’s orders or call the result a backlog ranking. A sound analysis keeps the measures in separate columns and explains each definition.
Handle profitability without creating a false ranking
Siemens Energy reported FY2025 profit before special items of €2.355 billion. “Before special items” is a defined company measure. It is not automatically equivalent to another company’s adjusted operating profit, segment profit, net income or cash flow.
Before comparing margins, verify:
- Whether both figures are company-wide or segment-level.
- Whether they are reported, adjusted or before special items.
- Whether restructuring, impairment, litigation or other special items are included.
- Whether the periods and currency presentation match.
The cited filings do not establish a directly comparable GE Vernova company-wide profit figure, so a definitive profitability winner cannot be stated from the available figures.
What scale indicators can—and cannot—tell you
Scale is multidimensional in heavy equipment. Siemens Energy’s approximately 103,000 employees across more than 90 countries indicate a large international operating footprint, while GE Vernova’s approximately 7,000 gas turbines indicate the size of one equipment population in service. Neither number is a substitute for revenue, orders or profit.
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Likewise, GE Vernova’s approximately $94.4 billion of remaining performance obligations is a point-in-time contracted-work measure. It may include work scheduled over several years and across multiple segments. Siemens Energy’s €58.9 billion of orders is a flow during FY2025. Comparing the two without labeling them as a stock and a flow creates a misleading sense of relative scale.
For charts, put the measurement date and unit in the column heading. A useful label would be “GE Vernova RPO, Dec. 31, 2025, USD” rather than simply “backlog.” Label Siemens Energy orders as “FY2025 order intake, EUR.” This small discipline prevents readers from assuming the figures have identical accounting definitions.
Build a comparison worksheet that survives review
A repeatable worksheet makes the analysis auditable. Start with one row per business line and separate columns for company, segment, product scope, reporting period, currency, metric, value and definition. Do not place gas-only commentary beside a total Power figure without a note that Power includes other generation activities.
- Record the source period. Use September 30, 2025 for Siemens Energy FY2025 and December 31, 2025 for GE Vernova’s 2025 year.
- Describe the scope in plain language. Note whether a row covers gas services, all Power, grid equipment, storage, wind or industrial transformation.
- Separate flows from stocks. Orders and revenue cover a period; installed base and remaining performance obligations are measured at a date.
- Keep reported and adjusted measures apart. A profit-before-special-items number belongs in a labeled column, not beside an unlabeled operating-profit figure.
- Record omissions explicitly. If no gas-only Power revenue or equivalent turbine installed-base number is disclosed, mark the field “not separately disclosed” instead of estimating it.
- Add a comparability note. Explain every broader segment, unmatched business or currency conversion in the chart or accompanying text.
This method is more useful than forcing a single ranking because it shows exactly where the companies overlap and where they do not.
Execution questions for projects and services
Financial totals do not answer whether a supplier fits a particular project. A buyer or developer should identify the required technology first: gas generation, transmission equipment, transformers, wind equipment, power conversion or storage. Then compare the relevant product and service scope rather than the corporate total.
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For long-cycle equipment, ask whether the disclosed number represents an initial booking, equipment delivery, service work or contracted obligations awaiting recognition. Check the period covered and the measurement date. For wind, keep turbine equipment and service economics separate from gas and grid because the businesses have different delivery schedules and project profiles. The available company figures establish overlap and scale, but they do not by themselves establish a complete forward-looking assessment of execution risk.
Why there is no useful consumer-product recommendation
Siemens Energy and GE Vernova primarily sell utility- and industrial-scale systems. A consumer tool, replacement part or unrelated shopping product would not help answer which company has the stronger gas, grid or wind business. The relevant decision is a business-line and project comparison, not a retail purchase, so an affiliate-style product recommendation would distract from the evidence.
A repeatable comparison method
- Write down the periods first. Label Siemens Energy as FY2025 ended September 30, 2025 and GE Vernova as 2025 ended December 31, 2025.
- Keep currencies visible. Use euros for Siemens Energy and U.S. dollars for GE Vernova until you have selected and documented a conversion rate.
- Map segments before collecting totals. Pair Gas Services with the gas portion of Power, Grid Technologies with the relevant portion of Electrification, and Siemens Gamesa with Wind.
- Separate unmatched businesses. Analyze Transformation of Industry on its own rather than hiding it inside an invented equivalent.
- Classify every number. Mark it as orders, revenue, profit before special items, remaining performance obligations or installed base.
- Check the measurement date. A year-end installed-base or obligation figure is a stock at a point in time; annual revenue and orders are flows over a period.
- Assess execution evidence. Look for disclosures on delivery, service, project milestones and wind performance, but do not infer a complete forward-looking risk assessment from portfolio facts alone.
- State what the comparison cannot prove. Company totals do not establish which individual business is stronger, and these figures do not establish which stock is the better investment.
Common mistakes to avoid
Ranking €39.1 billion against $38.068 billion
The totals use different currencies and reporting periods. Presenting them as “Siemens Energy is larger” or “GE Vernova is larger” without normalization is misleading.
Calling all Electrification revenue grid revenue
GE Vernova’s Electrification segment also includes power conversion and storage. Use a product-level comparison where possible.
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GE Vernova’s Power segment is broader than gas. A gas-only conclusion requires a gas-specific disclosure.
Equating orders with remaining performance obligations
Siemens Energy’s €58.9 billion orders and GE Vernova’s approximately $94.4 billion remaining performance obligations are not interchangeable indicators.
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Using installed base as a sales or profit proxy
Approximately 7,000 GE Vernova gas turbines indicate equipment in service, not annual bookings or earnings.
Turning portfolio overlap into a whole-company identity
The companies compete in selected markets, while each also has businesses the other does not report in the same way. A product-level competitor relationship is not proof that the portfolios are identical.
Filling gaps with estimates
If a filing does not disclose a gas-only Power result, a matching installed-base figure or a directly comparable profit measure, leave the field open. An inferred split can look precise while silently changing the scope of the comparison.
Which comparison is useful for which reader?
For an investor
Build a period- and currency-labeled worksheet, then compare matched segments, order or obligation definitions, disclosed profitability measures and the mix of generation, grid, wind and industrial activities. Treat any investment conclusion as separate analysis; the cited figures do not provide valuation or a “better stock” verdict.
For an equipment buyer or project developer
Compare the technology and service scope for the exact project: gas generation, transmission equipment, wind or storage. Then examine delivery requirements, service coverage and contractual obligations in the relevant company filings. Company-wide revenue is a poor substitute for project-level fit.
For an energy-industry researcher
Preserve each company’s segment definitions and reporting dates in every chart. Add a note whenever a segment includes adjacent activities, and avoid combining figures unless the underlying measure is genuinely comparable.
Frequently asked questions
Are Siemens Energy and GE Vernova direct competitors?
They compete in selected markets, including gas power, grid-related equipment and wind. GE Vernova’s filings identify Siemens Energy in relevant competitor groups and Siemens Gamesa among wind competitors. That does not mean every business or product in one portfolio competes directly with the other.
Which company had higher 2025 revenue?
Siemens Energy reported €39.1 billion for FY2025, while GE Vernova reported $38.068 billion for calendar-year 2025. Because the currencies and twelve-month periods differ, those values do not support a clean higher-versus-lower conclusion without a stated normalization method.
Can GE Vernova’s $94.4 billion RPO be compared with Siemens Energy’s €58.9 billion orders?
No. Remaining performance obligations are contracted work still to be recognized at a point in time; orders are bookings during a fiscal year. Keep them in separate columns and retain each company’s definition.
Does GE Vernova’s 7,000-turbine installed base prove it has the larger gas business?
No. The figure counts approximately 7,000 gas turbines in service. It does not measure current-year orders, revenue, profit, age of equipment or customer concentration, and no equivalent Siemens Energy installed-base figure is established here.
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GE Vernova’s Wind segment is the closest named match. Compare the two wind businesses separately and check the scope, period, regional mix and service disclosures before drawing conclusions.
Is Transformation of Industry equivalent to GE Vernova’s Electrification?
Not on the reported segment information. Siemens Energy reports Transformation of Industry separately, while GE Vernova’s Electrification includes grid equipment, power conversion and storage. Treat the industrial-transformation exposure as an unmatched portfolio difference unless a filing provides a narrower comparison.
Which stock is the better investment?
The reported figures alone do not answer that question. A stock judgment would require valuation, cash-flow, balance-sheet and forward-looking analysis beyond the segment, revenue, order and obligation data summarized here.
Bottom line
Siemens Energy and GE Vernova are best compared as overlapping portfolios, not as interchangeable companies. Match Gas Services with the gas portion of Power, Grid Technologies with the relevant Electrification activities, and Siemens Gamesa with Wind. Keep Siemens Energy’s FY2025 figures in euros and its September 30 year-end beside GE Vernova’s dollar-denominated calendar-year figures and December 31 obligations. That approach produces a more reliable business comparison than declaring a winner from total revenue, orders or installed-base numbers alone.
Frequently Asked Questions
Are Siemens Energy and GE Vernova direct competitors?
They compete in selected gas-power, grid-equipment and wind markets, but their overall portfolios and segment boundaries are not identical.
Can their 2025 revenues be ranked directly?
No. Siemens Energy’s €39.1 billion covers FY2025 ending September 30, while GE Vernova’s $38.068 billion covers the calendar year ending December 31, and the currencies differ.
Are orders and remaining performance obligations the same as backlog?
No. Siemens Energy’s €58.9 billion of FY2025 orders is a period flow; GE Vernova’s approximately $94.4 billion of remaining performance obligations is contracted work outstanding at December 31, 2025.
Does GE Vernova’s installed base prove a larger gas business?
No. Approximately 7,000 gas turbines measure equipment in service, not current sales, profit or market share.
Which segments should be compared first?
Compare Gas Services with the gas portion of Power, Grid Technologies with relevant Electrification activities, and Siemens Gamesa with Wind.
Which stock is better?
These operating figures do not establish a better investment. Valuation, cash flow, balance-sheet and forward-looking analysis would also be required.
The Bottom Line
Compare Siemens Energy and GE Vernova by matched business line, reporting period and metric definition—not by headline totals alone. Gas, grid and wind overlap, but broader and unmatched segments require separate treatment.
Quick Recap
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