GE Vernova
GEV · NYSEElectronic & Other Electrical Equipment (No Computer Equip) · Fiscal year ends Dec 31
GE Vernova reported revenue of $38.1B in the fiscal year ended Dec 2025, up 9.0% from the year before. Operating income was $1.4B, an operating margin of 3.6%, and net income was $4.9B. Operating cash flow of $5B less capital expenditure of $1.3B left free cash flow of $3.7B. It held more cash than debt (net cash $8.5B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $29.7B | $33.2B | $34.9B | $38.1B |
| Cost of revenue | $26.2B | $28.4B | $28.9B | $30.5B |
| Gross profit | $3.5B | $4.8B | $6.1B | $7.5B |
| Research & development | $979M | $896M | $982M | $1.2B |
| Selling, general & admin | $5.4B | $4.8B | $4.6B | $4.9B |
| Operating income | −$2.9B | −$923M | $471M | $1.4B |
| Pre-tax income | −$2.5B | −$130M | $2.5B | $2.8B |
| Income tax | $248M | $344M | $939M | −$2.1B |
| Net income | −$2.7B | −$438M | $1.6B | $4.9B |
| Diluted EPS | −10.00 | −1.60 | 5.58 | 17.69 |
| Diluted shares | 274M | 274M | 278M | 276M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $2.1B | $1.6B | $8.2B | $8.8B |
| Receivables | – | – | $8.2B | $9.8B |
| Inventory | – | $8.3B | $8.6B | $10.4B |
| Current assets | – | $27.4B | $34.2B | $40.2B |
| Goodwill | $4.2B | $4.4B | $4.3B | $4.4B |
| Total assets | – | $46.1B | $51.5B | $63B |
| Deferred revenue | – | $15.1B | $17.6B | $25.8B |
| Current liabilities | – | $29.3B | $31.7B | $41B |
| Short-term debt | – | $145M | $60M | $63M |
| Long-term debt | – | – | – | $265M |
| Total liabilities | – | $37.7B | $40.9B | $50.7B |
| Shareholders' equity | $11.6B | $7.4B | $9.5B | $11.2B |
| Backlog (remaining obligations) | – | – | $119B | $150B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −$114M | $1.2B | $2.6B | $5B |
| Capital expenditure | $513M | $744M | $883M | $1.3B |
| Free cash flow | −$627M | $442M | $1.7B | $3.7B |
| Depreciation & amortisation | $779M | $724M | $895M | $615M |
| Stock-based compensation | – | – | $155M | $257M |
| Share buybacks | – | $0 | $43M | $3.3B |
| Dividends paid | – | $0 | $0 | $275M |
| Dividend per share | – | – | 0.25 | 1.25 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | 5.1% | 9.0% |
| Operating income growth (YoY) | – | – | – | 194.7% |
| EPS growth (YoY) | – | – | – | 217.0% |
| Gross margin | 11.7% | 14.5% | 17.4% | 19.8% |
| Operating margin | −9.7% | −2.8% | 1.3% | 3.6% |
| Net margin | −9.2% | −1.3% | 4.4% | 12.8% |
| Return on equityBlank when equity is negative | −23.6% | −5.9% | 16.3% | 43.7% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −5.5% | 2.4% | 6.3% |
| Free cash flow margin | −2.1% | 1.3% | 4.9% | 9.7% |
| Cash conversion (CFO ÷ net income) | 0.04x | −2.71x | 1.66x | 1.02x |
| Receivable days | – | – | 85 | 94 |
| Inventory days | – | 106 | 109 | 125 |
| Debt ÷ equity | – | – | – | 0.03x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −$8.5B |
| Current ratio | – | 0.94x | 1.08x | 0.98x |
Recent filings
More in Electronic & Other Electrical Equipment (No Computer Equip)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.