NYSE : GEV
GE Vernova Inc. — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 887.85 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 233.75B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
GE Vernova Inc. (GEV) reported revenue of 44.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 44.04B | 38.07B | 34.94B | 33.24B | 29.65B | 33.01B |
| Cost of Revenue | 34.45B | 30.42B | 28.59B | 28.27B | 26.00B | 27.69B |
| Gross Profit | 9.60B | 7.64B | 6.34B | 4.96B | 3.65B | 5.31B |
| Selling, General & Admin | 4.62B | 4.31B | 4.21B | 3.98B | 4.42B | 4.68B |
| Research & Development | 1.36B | 1.20B | 982.00M | 896.00M | 979.00M | 1.01B |
| Operating Expenses | 5.98B | 5.50B | 5.19B | 4.87B | 5.39B | 5.69B |
| Operating Income | 3.62B | 2.14B | 1.15B | 93.00M | -1.75B | -378.00M |
| Interest Expense | -10.00M | -45.00M | -54.00M | -63.00M | ||
| Interest & Investment Income | 474.00M | 270.00M | 66.00M | 63.00M | 42.00M | 71.00M |
| Earnings From Equity Investments | 167.00M | 269.00M | 53.00M | -64.00M | 60.00M | -179.00M |
| Other Non Operating Income (Expenses) | 271.00M | 247.00M | 205.00M | 57.00M | 339.00M | 314.00M |
| EBT Excluding Unusual Items | 4.53B | 2.93B | 1.47B | 104.00M | -1.36B | -235.00M |
| Merger & Restructuring Charges | -197.00M | -284.00M | -421.00M | -443.00M | -314.00M | -506.00M |
| Gain (Loss) on Sale of Investments | 4.22B | 185.00M | 183.00M | 209.00M | 22.00M | |
| Gain (Loss) on Sale of Assets | 366.00M | 964.00M | -123.00M | |||
| Asset Writedown | -824.00M | |||||
| Legal Settlements | 306.00M | |||||
| Pretax Income | 8.92B | 2.83B | 2.50B | -130.00M | -2.47B | -864.00M |
| Income Tax Expense | -1.44B | -2.05B | 939.00M | 344.00M | 248.00M | -140.00M |
| Earnings From Continuing Operations | 10.36B | 4.88B | 1.56B | -474.00M | -2.72B | -724.00M |
| Minority Interest in Earnings | 10.00M | 4.00M | -7.00M | 36.00M | -14.00M | 91.00M |
| Net Income | 10.37B | 4.88B | 1.55B | -438.00M | -2.74B | -633.00M |
| Net Income to Common | 10.37B | 4.88B | 1.55B | -438.00M | -2.74B | -633.00M |
| Shares Outstanding (Basic) | 267.50M | 272.00M | 275.00M | 274.00M | 274.00M | |
| Shares Outstanding (Diluted) | 270.75M | 276.00M | 278.00M | 274.00M | 274.00M | |
| EPS (Basic) | 38.76 | 17.96 | 5.64 | -1.60 | -9.99 | |
| EPS (Diluted) | 38.26 | 17.69 | 5.58 | -1.60 | -10.00 | |
| Free Cash Flow | 17.11B | 3.71B | 1.70B | 442.00M | -627.00M | -2.24B |
| Free Cash Flow Per Share | 63.21 | 13.44 | 6.12 | 1.61 | -2.29 | |
| Dividend Per Share | 2.00 | 1.25 | 0.25 | |||
| Gross Margin | 21.79% | 20.08% | 18.15% | 14.94% | 12.31% | 16.10% |
| Operating Margin | 8.22% | 5.63% | 3.30% | 0.28% | -5.88% | -1.15% |
| Profit Margin | 23.54% | 12.83% | 4.44% | -1.32% | -9.23% | -1.92% |
| Free Cash Flow Margin | 38.86% | 9.75% | 4.87% | 1.33% | -2.11% | -6.78% |
| EBITDA | 5.05B | 3.00B | 2.22B | 1.06B | -754.00M | 798.00M |
| EBITDA Margin | 11.46% | 7.87% | 6.34% | 3.18% | -2.54% | 2.42% |
| D&A For EBITDA | 1.43B | 853.00M | 1.06B | 964.00M | 991.00M | 1.18B |
| EBIT | 3.62B | 2.14B | 1.15B | 93.00M | -1.75B | -378.00M |
| EBIT Margin | 8.22% | 5.63% | 3.30% | 0.28% | -5.88% | -1.15% |
| Effective Tax Rate | 37.59% | |||||
| Revenue as Reported | 44.04B | 38.07B | 34.94B | 33.24B | 29.65B | 33.01B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 16.36B | 8.47B | 7.77B | 1.50B | 2.07B | |
| Short-Term Investments | 466.00M | |||||
| Cash & Short-Term Investments | 16.36B | 8.94B | 7.77B | 1.50B | 2.07B | |
| Accounts Receivable | 18.09B | 16.72B | 14.47B | 13.78B | 13.19B | |
| Other Receivables | 817.00M | 662.00M | 814.00M | 1.27B | 1.17B | |
| Receivables | 18.91B | 17.38B | 15.28B | 15.04B | 14.36B | |
| Inventory | 13.04B | 10.43B | 8.59B | 8.25B | 7.89B | |
| Prepaid Expenses | 698.00M | 298.00M | 128.00M | 80.00M | ||
| Restricted Cash | 400.00M | 379.00M | 438.00M | 50.00M | ||
| Other Current Assets | 2.96B | 2.40B | 1.78B | 2.45B | 1.50B | |
| Total Current Assets | 51.68B | 40.22B | 34.15B | 27.43B | 25.90B | |
| Property, Plant & Equipment | 7.82B | 6.01B | 5.15B | 5.23B | 5.11B | |
| Long-Term Investments | 1.43B | 1.83B | 2.15B | 3.56B | 3.69B | |
| Goodwill | 9.61B | 4.44B | 4.26B | 4.44B | 4.16B | |
| Other Intangible Assets | 4.34B | 727.00M | 813.00M | 1.04B | 1.17B | |
| Long-Term Accounts Receivable | 471.00M | 409.00M | 695.00M | 753.00M | 744.00M | |
| Long-Term Deferred Tax Assets | 6.52B | 5.32B | 1.64B | 1.58B | 1.60B | |
| Other Long-Term Assets | 4.35B | 4.06B | 2.62B | 2.10B | 2.10B | |
| Total Assets | 86.22B | 63.02B | 51.48B | 46.12B | 44.47B | |
| Accounts Payable | 9.22B | 7.26B | 7.02B | 4.74B | 6.75B | |
| Accrued Expenses | 295.00M | 2.48B | 2.20B | 2.08B | 1.67B | |
| Short-Term Debt | 70.00M | 63.00M | 60.00M | 145.00M | 121.00M | |
| Current Portion of Leases | 31.00M | 207.00M | 181.00M | 220.00M | 199.00M | |
| Current Income Taxes Payable | 487.00M | 80.00M | 123.00M | 75.00M | ||
| Current Unearned Revenue | 45.67B | 25.77B | 17.59B | 15.07B | 11.84B | |
| Other Current Liabilities | 7.18B | 4.70B | 4.56B | 6.93B | 5.38B | |
| Total Current Liabilities | 62.47B | 40.97B | 31.68B | 29.31B | 26.04B | |
| Long-Term Debt | 2.56B | 11.00M | 10.00M | 10.00M | 56.00M | |
| Long-Term Leases | 1.09B | 915.00M | 810.00M | 809.00M | 792.00M | |
| Long-Term Unearned Revenue | 175.00M | 157.00M | 173.00M | 296.00M | ||
| Long-Term Deferred Tax Liabilities | 1.47B | 1.16B | 827.00M | 382.00M | 449.00M | |
| Other Long-Term Liabilities | 5.54B | 7.49B | 7.40B | 7.06B | 5.23B | |
| Total Liabilities | 73.68B | 50.72B | 40.89B | 37.74B | 32.86B | |
| Common Stock | 3.00M | 3.00M | 3.00M | 8.05B | 12.11B | |
| Additional Paid-In Capital | 9.50B | 9.81B | 9.73B | |||
| Retained Earnings | 12.46B | 6.15B | 1.61B | |||
| Treasury Stock | -8.70B | -3.38B | -43.00M | |||
| Comprehensive Income & Other | -1.87B | -1.41B | -1.76B | -635.00M | -1.46B | |
| Total Common Equity | 11.38B | 11.18B | 9.55B | 7.42B | 10.65B | |
| Minority Interest | 1.16B | 1.12B | 1.05B | 964.00M | 957.00M | |
| Shareholders' Equity | 12.54B | 12.30B | 10.59B | 8.38B | 11.61B | |
| Total Liabilities & Equity | 86.22B | 63.02B | 51.48B | 46.12B | 44.47B | |
| Total Debt | 3.75B | 1.20B | 1.06B | 1.18B | 1.17B | |
| Net Cash (Debt) | 12.62B | 7.74B | 6.71B | 317.00M | 899.00M | |
| Net Cash Per Share | 46.60 | 28.04 | 24.12 | 1.16 | 3.28 | |
| Filing Date Shares Outstanding | 264.68M | 269.53M | 275.67M | 274.00M | 274.00M | |
| Total Common Shares Outstanding | 264.68M | 269.53M | 275.65M | 274.00M | 274.00M | |
| Working Capital | -10.79B | -756.00M | 2.47B | -1.88B | -141.00M | |
| Book Value Per Share | 43.00 | 41.47 | 34.63 | 27.07 | ||
| Tangible Book Value | -2.57B | 6.01B | 4.47B | 1.94B | 5.31B | |
| Tangible Book Value Per Share | -9.71 | 22.31 | 16.22 | 7.07 | ||
| Land | 358.00M | 337.00M | 352.00M | 344.00M | ||
| Buildings | 3.29B | 3.17B | 3.28B | 3.13B | ||
| Machinery | 8.43B | 7.94B | 7.76B | 7.59B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.37B | 4.88B | 1.55B | -438.00M | -2.74B | -633.00M |
| Depreciation & Amortization | 1.43B | 853.00M | 1.06B | 964.00M | 991.00M | 1.18B |
| Loss (Gain) From Sale of Assets | -964.00M | |||||
| Asset Writedown & Restructuring Costs | 108.00M | 806.00M | ||||
| Loss (Gain) From Sale of Investments | -138.00M | -138.00M | -66.00M | -90.00M | ||
| Other Operating Activities | -11.66B | -4.71B | -230.00M | -380.00M | 246.00M | -940.00M |
| Change in Accounts Receivable | -4.30B | -2.38B | -1.71B | -726.00M | -517.00M | -1.45B |
| Change in Inventory | -2.44B | -1.43B | -641.00M | -240.00M | -949.00M | 400.00M |
| Change in Accounts Payable | 851.00M | -105.00M | 667.00M | -716.00M | 643.00M | 63.00M |
| Change in Unearned Revenue | 25.11B | 8.02B | 2.80B | 2.81B | 1.28B | -495.00M |
| Change in Other Net Operating Assets | 120.00M | 214.00M | ||||
| Operating Cash Flow | 19.22B | 4.99B | 2.58B | 1.19B | -114.00M | -1.66B |
| Capital Expenditures | -2.10B | -1.28B | -883.00M | -744.00M | -513.00M | -577.00M |
| Sale of Property, Plant & Equipment | 214.00M | 39.00M | 25.00M | 60.00M | 53.00M | 69.00M |
| Divestitures | 600.00M | 60.00M | 813.00M | |||
| Investment in Securities | 232.00M | 377.00M | 130.00M | 149.00M | -53.00M | -369.00M |
| Other Investing Activities | 665.00M | 46.00M | -122.00M | -199.00M | 191.00M | -264.00M |
| Investing Cash Flow | -5.10B | -755.00M | -37.00M | -734.00M | -322.00M | -1.14B |
| Short-Term Debt Issued | 16.00M | 15.00M | ||||
| Total Debt Issued | 2.57B | 16.00M | 15.00M | |||
| Short-Term Debt Repaid | -23.00M | -104.00M | ||||
| Total Debt Repaid | -23.00M | -104.00M | ||||
| Net Debt Issued (Repaid) | 2.57B | -23.00M | 16.00M | 15.00M | -104.00M | |
| Repurchase of Common Stock | -6.37B | -3.32B | -43.00M | |||
| Common Dividends Paid | -474.00M | -275.00M | ||||
| Other Financing Activities | -984.00M | -222.00M | 3.72B | -424.00M | 796.00M | 2.10B |
| Financing Cash Flow | -5.26B | -3.81B | 3.65B | -408.00M | 811.00M | 2.00B |
| Foreign Exchange Rate Adjustments | -35.00M | 224.00M | -147.00M | 22.00M | -87.00M | -66.00M |
| Miscellaneous Cash Flow Adjustments | 5.00M | 2.00M | -603.00M | 582.00M | 21.00M | |
| Net Cash Flow | 8.82B | 645.00M | 5.45B | 648.00M | 309.00M | -871.00M |
| Free Cash Flow | 17.11B | 3.71B | 1.70B | 442.00M | -627.00M | -2.24B |
| Free Cash Flow Margin | 38.86% | 9.75% | 4.87% | 1.33% | -2.11% | -6.78% |
| Free Cash Flow Per Share | 63.21 | 13.44 | 6.12 | 1.61 | -2.29 | |
| Levered Free Cash Flow | 22.10B | 5.28B | 3.09B | 1.38B | ||
| Unlevered Free Cash Flow | 22.10B | 5.28B | 3.10B | 1.40B | ||
| Cash Interest Paid | 53.00M | 53.00M | 74.00M | 83.00M | 77.00M | 88.00M |
| Cash Income Tax Paid | 3.02B | 830.00M | 623.00M | 2.00M | 91.00M | 209.00M |
| Change in Working Capital | 19.22B | 4.10B | 1.12B | 1.13B | 579.00M | -1.26B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 229.02B | 177.33B | 90.60B | |||
| Enterprise Value | 216.40B | 171.94B | 85.20B | |||
| Last Close Price | 857.87 | 651.98 | 327.60 | |||
| PE Ratio | 22.73 | 36.31 | 58.38 | |||
| Forward PE | 37.65 | 59.60 | 51.96 | |||
| PS Ratio | 5.30 | 4.66 | 2.59 | |||
| PB Ratio | 19.95 | 14.42 | 8.55 | |||
| P/TBV Ratio | 29.50 | 20.27 | ||||
| P/FCF Ratio | 13.65 | 47.80 | 53.29 | |||
| P/OCF Ratio | 12.16 | 35.56 | 35.08 | |||
| PEG Ratio | 0.95 | 2.17 | 1.79 | |||
| EV/Sales Ratio | 5.02 | 4.52 | 2.44 | |||
| EV/EBITDA Ratio | 43.79 | 57.41 | 38.45 | |||
| EV/EBIT Ratio | 61.07 | 80.27 | 73.96 | |||
| EV/FCF Ratio | 12.91 | 46.35 | 50.12 | |||
| Debt / Equity Ratio | 0.30 | 0.10 | 0.10 | 0.14 | 0.10 | |
| Debt / EBITDA Ratio | 0.70 | 0.37 | 0.43 | 0.86 | ||
| Debt / FCF Ratio | 0.22 | 0.32 | 0.62 | 2.68 | ||
| Net Debt / Equity Ratio | -1.01 | -0.63 | -0.63 | -0.04 | -0.08 | |
| Net Debt / EBITDA Ratio | -2.50 | -2.58 | -3.03 | -0.30 | 1.19 | |
| Net Debt / FCF Ratio | -0.74 | -2.09 | -3.94 | -0.72 | 1.43 | |
| Asset Turnover | 0.63 | 0.67 | 0.72 | 0.73 | ||
| Inventory Turnover | 2.98 | 3.20 | 3.40 | 3.50 | ||
| Quick Ratio | 0.56 | 0.64 | 0.73 | 0.56 | 0.63 | |
| Current Ratio | 0.83 | 0.98 | 1.08 | 0.94 | 0.99 | |
| Return on Equity (ROE) | 93.03% | 42.64% | 16.43% | -4.74% | ||
| Return on Assets (ROA) | 3.22% | 2.34% | 1.47% | 0.13% | ||
| Return on Invested Capital (ROIC) | 50.73% | 12.03% | 0.99% | -16.30% | ||
| Return on Capital Employed (ROCE) | 15.20% | 9.70% | 5.80% | 0.60% | -9.50% | |
| Earnings Yield | 4.40% | 2.75% | 1.71% | |||
| FCF Yield | 7.33% | 2.09% | 1.88% | |||
| Dividend Yield | 0.23% | 0.19% | 0.08% | |||
| Payout Ratio | 5.23% | 5.63% | ||||
| Buyback Yield / Dilution | 2.61% | 0.72% | -1.46% | |||
| Total Shareholder Return | 2.83% | 0.91% | -1.38% |