10-KPeriod: FY2025

GE Vernova Inc. Annual Report, Year Ended Dec 31, 2025

Filed January 29, 2026For Securities:GEV

Summary

GE Vernova Inc. (GEV) demonstrated significant financial growth and operational progress in its 2025 fiscal year, following its separation from General Electric Company. The company reported a substantial increase in total revenues to $38.1 billion, up from $34.9 billion in the prior year, driven by strong performance across its Power and Electrification segments. Net income surged to $4.9 billion from $1.6 billion in 2024, marking a significant improvement in profitability. This growth was supported by a robust increase in Remaining Performance Obligations (RPO) to $150.2 billion, indicating strong future demand for its products and services. The company also saw a significant positive swing in cash flow from operations, reaching $5.0 billion, and generated $3.7 billion in free cash flow. GE Vernova's strategic focus on enabling electrification and decarbonization is evident in its segment performance, with Electrification showing particularly strong revenue and EBITDA growth. The Power segment also grew, driven by Gas Power, while the Wind segment experienced a slight revenue decline but improved EBITDA margin. The company continues to invest in innovation and capacity expansion, including a significant R&D investment plan. Importantly, GE Vernova successfully navigated ongoing supply chain challenges and inflationary pressures through pricing adjustments and lean initiatives. The company also made progress in strengthening its balance sheet, with credit ratings being upgraded by S&P and Fitch.

Financial Highlights

48 data points
Beta

Revenue

$38.07B

19.8% Gross Margin

Net Income

$4.88B

12.8% Net Margin

EPS (Diluted)

$17.69

Total Assets

$63.02B

Cash & Equivalents

$8.85B

Free Cash Flow

$4.99B

Financial Statements
Beta
Revenue$38.07B
Cost of Revenue$30.53B
Gross Profit$7.54B
R&D Expenses$1.20B
SG&A Expenses$4.95B
Operating Income$1.39B
Net Income$4.88B
EPS (Basic)$17.92
EPS (Diluted)$17.69
Shares Outstanding (Basic)272.00M
Shares Outstanding (Diluted)276.00M

Key Highlights

  • 1Total revenues increased by 9% to $38.1 billion, with RPO growing by 26% to $150.2 billion.
  • 2Net income more than tripled to $4.9 billion, and diluted EPS increased to $17.69 from $5.58.
  • 3Cash flow from operations significantly improved to $5.0 billion, with free cash flow reaching $3.7 billion.
  • 4The Electrification segment led revenue growth, up 28%, and saw its EBITDA margin nearly double to 14.9%.
  • 5The Power segment also showed strong revenue growth (9%) and improved segment EBITDA by 28%.
  • 6The company announced plans to acquire the remaining 50% stake in Prolec GE for approximately $5.3 billion.
  • 7GE Vernova's credit ratings were upgraded by S&P and Fitch, reflecting improved financial health.

Frequently Asked Questions

GE Vernova's revenue grew by 9% to $38.1 billion, primarily driven by strong performance in the Electrification segment, which saw a 28% increase in revenue, particularly in Grid Solutions. The Power segment also contributed with a 9% revenue increase, led by Gas Power equipment and services. These increases were supported by strong demand for grid modernization, renewable energy interconnections, and industrial electrification.

Profitability significantly improved in 2025. Net income surged to $4.9 billion from $1.6 billion in 2024, with net income margin expanding to 12.8%. This improvement was largely due to a substantial $3.0 billion decrease in the provision for income taxes, primarily from a U.S. tax valuation allowance release, coupled with a $0.9 billion increase in operating income driven by favorable pricing, productivity gains, and volume increases across segments, especially in Electrification and Power.

GE Vernova's Remaining Performance Obligations (RPO) increased by 26% to $150.2 billion as of December 31, 2025. This substantial backlog, with growth across all segments but particularly strong in Power and Electrification, indicates robust future demand for the company's products and services, providing a strong foundation for continued revenue generation.

GE Vernova is actively managing supply chain challenges and inflationary pressures through strategies such as lean initiatives, collaborating closely with suppliers, and adjusting product and service pricing. Despite these ongoing pressures, the company has maintained cost productivity and improved gross margins to 19.8% from 17.4% in the prior year, demonstrating effective operational management.

The company's strategy focuses on delivering on global sustainability goals by providing electrification and decarbonization technologies, maintaining strong customer relationships, and improving profitability through servicing existing installed bases and delivering new technologies. Capital allocation priorities include investing in core businesses, targeted M&A, and returning capital to stockholders through dividends and share repurchases. The company is also investing approximately $5 billion in cumulative R&D from 2025 through 2028.