01—Abstract
Summary
Summary of the 10-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.
GE Vernova Inc. (GEV) reported strong performance in its 2024 10-K filing, demonstrating significant progress as an independent company post-spin-off from GE.
The company achieved total revenues of $34.9 billiona, an increase of 5% year-over-year, driven by growth across its Power and Electrification segments. Net income turned positive, reaching $1.6 billion, a substantial improvement from a net loss in the prior year. This turnaround was supported by operational efficiencies, favorable pricing, increased gas turbine deliveries, and a significant gain from the sale of a portion of its Steam Power nuclear activities.
Key financial highlights include a substantial increase in Free Cash Flow to $1.7 billionb, up from $0.4 billion in the prior year, and a strong Remaining Performance Obligations (RPO) of $119 billion, indicating a robust future revenue pipeline. The company also announced a quarterly dividend and a $6 billion share repurchase authorization, signaling confidence in its financial health and commitment to returning capital to shareholders. While the Wind segment experienced challenges, particularly with offshore wind project execution and associated losses, overall performance reflects successful navigation of the energy transition and strategic initiatives.
02—Key points
Key Highlights
- Total revenues increased by 5% to $34.9 billion in 2024.
- Net income turned positive, reaching $1.6 billion, a significant improvement from a net loss in the prior year.
- Free Cash Flow increased substantially to $1.7 billion from $0.4 billion in 2023.
- Remaining Performance Obligations (RPO) stood at a robust $119 billion as of December 31, 2024, up 3% from the prior year.
- The company announced a quarterly dividend of $0.25 per share and a $6 billion share repurchase authorization.
- Segment EBITDA improved across all segments, with Power and Electrification showing strong growth, while Wind's EBITDA losses narrowed significantly.
- The sale of a portion of the Steam Power nuclear activities resulted in a pre-tax gain of $1.0 billion.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, GE Vernova Inc. kept $0.04.
- Revenue$34.94B100.0%
- Cost of revenue−$28.85B82.6%
- Gross profit$6.08B17.4%
- Operating costs−$5.61B16.1%
- Operating income$471.0M1.3%
- Interest, other & tax$1.08B3.1%
- Net income$1.55B4.4%
Where FY2024 revenue went
$34.94B- Cost of revenue: $28.85B, 83% of revenue
- SG&A: $4.63B, 13% of revenue
- Operating income: $471.0M, 1.3% of revenue
- R&D: $982.0M, 2.8% of revenue
Kept 1.3% as operating incomeOperating income $471.0M · 1.3%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 6, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $34.94B$33.24B | +5.1% |
| Cost of Revenue | $28.85B$28.42B | +1.5% |
| Gross Profit | $6.08B$4.82B | +26.3% |
| R&D Expenses | $982.00M$896.00M | +9.6% |
| SG&A Expenses | $4.63B$4.84B | −4.4% |
| Operating Income | $471.00M-$923.00M | +151.0% |
| Net Income | $1.55B-$438.00M | +454.3% |
| EPS (Basic) | $5.65$-1.60 | +453.1% |
| EPS (Diluted) | $5.58$-1.60 | +448.8% |
| Shares Outstanding (Basic) | 275.00M274.00M | +0.4% |
| Shares Outstanding (Diluted) | 278.00M274.00M | +1.5% |
05—Questions
Frequently Asked Questions
What was GE Vernova's overall financial performance in 2024?
GE Vernova reported total revenues of $34.9 billion, a 5% increase year-over-year. The company achieved a net income of $1.6 billion, a significant improvement from a net loss in the previous year. Free Cash Flow also saw a substantial increase to $1.7 billion.
How did the company's segments perform in 2024?
The Power segment saw increased revenues and a 32% rise in Segment EBITDA, driven by Gas Power. The Electrification segment reported strong revenue growth of 18% and a significant increase in Segment EBITDA. The Wind segment's revenues were relatively flat, and Segment EBITDA losses narrowed considerably due to improved pricing and cost reduction activities, although offshore wind projects incurred significant contract losses.
What is GE Vernova's outlook for shareholder returns?
The company announced its plan to return at least one-third of its cash generation to stockholders. This includes initiating a quarterly cash dividend of $0.25 per share and authorizing up to $6 billion in common stock repurchases.
What were the key drivers for the improved financial results?
Key drivers for the improved financial performance include growth in the Power and Electrification segments, driven by higher volume, favorable pricing, and productivity improvements. The sale of a portion of the Steam Power nuclear activities also contributed a significant pre-tax gain. The company also benefited from a substantial arbitration refund.
06—Continue