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GE Vernova Inc.GEV

Sector
Technology
Industry
Electronic & Other Electrical Equipment (No Computer Equip)
Exchange
NYSE

Stock Price $GEV

Latest filings

You are here#4 of 57 in Industrials by market cap

Filing record · 2024–202610-K210-Q88-K19

GEV filed 2 annual reports (10-K), 8 quarterly reports (10-Q) and 19 current reports (8-K) between 2024 and 2026.

  1. Leadership change8-K · Sep ’24Sep ’24
  2. Deal closed8-K · Jul ’25Jul ’25
  3. FY2025 annual report10-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  4. $38.07B
YoY changeLargest recent move+12.1%in FY23Latest +9.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All GEV Financial Metrics52 metrics

Income Statement13

Balance Sheet23

Cash Flow11

Per Share5

02—Overview

GE Vernova Inc. Financial Overview 2024–2025

Updated Jul 10, 2026

GE Vernova more than tripled its net income to $4.9 billiona in FY2025, proving its recent separation unlocked immediate operational leverage. The company has successfully pivoted from legacy restructuring to capturing high-margin decarbonization demand, cementing its footing as a standalone entity. Anchoring this structural shift, total revenues grew from $34.9 billion in FY2024 to $38.1 billion in FY2025, fueled by a surge in global grid equipment orders.

The underlying segment data reveals aggressive profitability gains. The Electrification division led the charge, boosting revenue by 28% in FY2025 while nearly doubling its EBITDA margin to 14.9%. This operational discipline generated $3.7 billionb in free cash flow, empowering the company to execute $2.2 billion in share repurchases during the year. By the close of FY2025, the market heavily rewarded this execution, pricing the stock at $653.57 with a 36.9x P/E ratio and a $176.2 billion market cap.

This momentum accelerated directly into Q1 2026, where remaining performance obligations (RPO) ballooned to $163.3 billionc—a substantial leap from the $119 billion recorded at the end of FY2024. Additionally, the $5.3 billion acquisition of Prolec GE closed in early 2026, instantly injecting a one-time $4.0 billion pre-tax gain and driving the quarter's net income margin to 50.9%. Backed by an expanded $10 billion share repurchase authorization and a massive $5.2 billion in quarterly operating cash flow, the company is efficiently converting its multi-year backlog into tangible shareholder returns.

Recent Developments (Q4 2025 and Q1 2026)

GE Vernova generated $9.3 billiond in Q1 2026 revenue, achieving a 16% year-over-year expansion from $8.0 billion in Q1 2025. Total segment EBITDA climbed 67% to $958 million, aided by robust operations and a $330 million gain from the sale of the Proficy business. The company executed $1.3 billion in stock repurchases during the quarter, supported by $4.8 billion in free cash flow. To optimize its capital structure, the firm issued $2.6 billion in senior unsecured notes. Leadership also transitioned, with Eric Gray replacing Mavi Zingoni as CEO of the Power Segment in January 2026.

Bulls argue that surging top-line growth and massive free cash flow generation prove the core operations possess sustained momentum. Bears caution that the Wind segment continues to suffer significant EBITDA losses, and the stock is richly valued at 63.7x earnings with a $303.9 billione market cap as of April 22, 2026.

What to watch: Wind segment profitability improvements; Eric Gray's strategic shifts in the Power Segment.

03—Filings

Recent SEC Filings

  1. 8-KGE Vernova Inc. 8-K Report, Executive Changes (Aug 27, 2026)GE Vernova Inc. (GEV) announced a leadership transition in its finance department via an 8-K filing on August 27, 2026. Chief Financial Officer Kenneth Parks will retire on April 2, 2027, after a crucial period of guidance during the company's spin-off and initial operations. Mr. Parks will serve as a strategic advisor to CEO Scott Strazik until his retirement, ensuring a smooth handover. Claire McDonough will assume the role of CFO, effective January 1, 2027, and will join as a strategic advisor starting November 1, 2026. Ms. McDonough brings extensive financial experience from her tenure as CFO of Rivian Automotive and previous roles at J.P. Morgan. Her compensation package includes a significant base salary, annual incentive opportunity, and substantial long-term equity awards, including make-whole provisions for forfeited compensation from her prior employer. This transition signals continuity and a continued focus on financial leadership for GE Vernova.
  2. 8-KGE Vernova Inc. 8-K Report, Financial Results (Jul 22, 2026)GE Vernova (GEV) reported second-quarter 2026 results on July 22, 2026, and raised its full-year 2026 guidance. Orders reached $24.2B, up 88% organically, led by Power (orders $16.7B, up 134% organically, driven by gas turbine slot reservations and orders) and Electrification (orders $6.3B, up 66% organically, book-to-bill about 1.7). Total backlog reached $176B, with the Company growing it by $13.0B sequentially. Revenue was $11.1B, up 22% reported and 12% organically, and adjusted EBITDA margin expanded to 11.3%, up 280 bps reported and 340 bps organically. GAAP net income of $0.6B was flat-to-up year over year, but year-to-date GAAP net income of $5.4B is inflated by a $4.0B pre-tax remeasurement gain from acquiring the remaining 50% of Prolec GE, so it should not be read as run-rate earnings. Cash generation was the standout. Operating cash flow was $5.5B in the quarter and free cash flow was $5.1B, bringing year-to-date free cash flow to $9.9B. Management raised 2026 free cash flow guidance to $11.5-$12.5B from $6.5-$7.5B, lifted revenue guidance to $45.5-$46.5B, and held adjusted EBITDA margin guidance at 12%-14%. The company ended the quarter with $13.1B in cash and has returned $3.9B to shareholders year to date. Wind remains the weak spot, with segment revenue down 10% and an EBITDA loss of $0.3B in the quarter, and full-year Wind EBITDA losses guided to about $400M. Management says the company is on track for 20 GW of annual gas turbine output in Q3 2026, 24 GW in 2028, and 30 GW in 2030 under planned actions, with at least 125 GW of gas equipment under contract by year-end 2026. Investors should watch execution on this capacity ramp, the sustainability of the working-capital benefit that drove much of the free cash flow upside, and the Wind segment's turnaround.
  3. 8-KGE Vernova Inc. 8-K Report, Shareholder Vote Results (May 22, 2026)GE Vernova Inc. (GEV) filed an 8-K on May 22, 2026, reporting the results of its annual meeting of stockholders held on May 20, 2026. The key outcomes include the election of three Class II directors, the advisory approval of executive compensation, and the ratification of Deloitte & Touche LLP as the independent auditor for fiscal year 2026. The company's management and board can take comfort from the strong shareholder support for these routine corporate governance matters. Notably, a shareholder proposal requesting a report assessing sustainability goals based on net-present-value and return-on-investment calculations was not approved. This outcome suggests that, at this time, a majority of shareholders do not wish to mandate such a specific reporting framework for sustainability initiatives, though it does not negate the company's ongoing commitment to sustainability itself. Investors should monitor GE Vernova's continued disclosures on its sustainability performance and strategy.
  4. 8-KGE Vernova Inc. 8-K Report, Financial Results (Apr 22, 2026)GE Vernova (GEV) reported first-quarter 2026 results on April 22, 2026, and raised its full-year 2026 guidance. Orders were $18.3B, up 71% organically, with growth in all three segments, and backlog grew by $13.0B sequentially (including roughly $5B from Prolec GE). Revenue rose 16% to $9.3B (7% organically), led by Electrification and Power equipment. GAAP net income was $4.75B (diluted EPS $17.44), but this is heavily inflated by $4.5B of pre-tax M&A gains, primarily the remeasurement gain on the Prolec GE stake, so investors should focus on operating metrics rather than headline earnings. Operating momentum was strong. Adjusted EBITDA nearly doubled to $896M, with margin expanding 390 bps to 9.6%. Free cash flow was $4.8B, more than quadrupling year over year and exceeding all of 2025, helped by working capital benefits. Power orders rose 59% organically and gas turbine backlog plus slot reservation agreements reached 100 GW, with management now targeting at least 110 GW by year-end 2026. Electrification booked $7.1B of orders (book-to-bill of roughly 2.5) and ended the quarter with a $38.6B equipment backlog. Wind remained a drag, with revenue down 23% and segment EBITDA losses of $382M. Full-year 2026 guidance was raised across the board: revenue to $44.5-45.5B (from $44-45B), adjusted EBITDA margin to 12%-14% (from 11%-13%), and free cash flow to $6.5-7.5B (from $5.0-5.5B). Capital returns continued, with $1.3B of buybacks and $0.5 per share in quarterly dividends, while the company closed the Prolec GE acquisition (about $5.3B cash) and kept a $10.2B cash balance. Investors should weigh the strong growth and margin trajectory against Wind losses, the large one-time gains, and execution risk around the 110 GW gas turbine target.
  5. 8-KGE Vernova Inc. 8-K Report, Corporate Update (Feb 4, 2026)GE Vernova Inc. (GEV) announced the successful completion of a significant public offering of senior unsecured notes totaling $2.6 billion. This offering comprises three tranches with varying maturities and interest rates: $600 million of 4.250% Senior Notes due 2031, $1 billion of 4.875% Senior Notes due 2036, and $1 billion of 5.500% Senior Notes due 2056. The proceeds from this issuance are earmarked for general corporate purposes and, notably, to fund a portion of the acquisition of the remaining 50% stake in Prolec GE, which closed shortly before this offering. This debt issuance signifies GE Vernova's strategic moves to strengthen its financial position and support key growth initiatives. The dual purpose of the funding, covering both general operations and a significant acquisition, indicates management's confidence in future cash flows and strategic direction. Investors should note the fixed interest rates and maturities, which provide predictability for the company's debt servicing obligations and offer investors different yield and duration profiles.
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04—See also

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