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GE Vernova

GE Vernova's net income tripled in 2025 as Electrification grew

Total revenues rose 9.0% to $38.1B, and net income rose to $4.9B from $1.6B. Electrification revenue grew 27.7% and Wind fell 6.1%.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 29, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 22, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, GE Vernova (NYSE: GEV) took in $38.1B of total revenues (up 9.0% on fiscal 2024); net income to GE Vernova was $4.9B (up 214.7%). The most recent quarter, ended Jun 30, 2026, brought revenue of $11.1B, up 21.9% year over year, with net income of $668M. Power was the biggest single line by segment (before eliminations): 51% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Jan 29, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 22, 2026).

Revenue$38.1BFY2025 · +9.0% vs FY2024
Net income to GE Vernova$4.9BFY2025 · +214.7% vs FY2024
Operating cash flow$5.0BFY2025 · +93.1% vs FY2024
Cash & equivalents$13.1Bat Jun 30, 2026 · +48.3% vs FY2025 end
Total debt$2.8Bat Jun 30, 2026 · +751.8% vs FY2025 end
Diluted shares276MFY2025 avg · −0.7% vs FY2024
Total revenues and net income to GE Vernova, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income to GE Vernova
Total revenues and net income to GE Vernova by fiscal yearTotal revenues FY2023: $33.2B33.2Net income to GE Vernova FY2023: −$438M-0.44FY2023Total revenues FY2024: $34.9B34.9Net income to GE Vernova FY2024: $1.6B1.6FY2024Total revenues FY2025: $38.1B38.1Net income to GE Vernova FY2025: $4.9B4.9FY2025

Source: 10-K FY2025, filed Jan 29, 2026

Quarterly total revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenues, fiscal 2026 vs 2025FY2025 Q1: $8.0B8.0FY2026 Q1: $9.3B9.3Q1FY2025 Q2: $9.1B9.1FY2026 Q2: $11.1B11.1Q2

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 22, 2026

How it makes money

FY2025 total by categoryPower: $19.8B (51%)Electrification: $9.6B (25%)Wind: $9.1B (24%)$38.5BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Power$19.8B51%+9.0%
  • Electrification$9.6B25%+27.7%
  • Wind$9.1B24%−6.1%

Source: 10-K FY2025, XBRL breakdown

Power was 51% of 2025 segment revenue, Electrification 25% and Wind 24%. Equipment was 55% of total revenues and services 45%.

By segment (before eliminations): three-year mixShare of the total each fiscal year
PowerElectrificationWind

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$11.1B Q2 2026
$9.1B Q2 2025
21.9% increase
Net income
$668M Q2 2026
$514M Q2 2025
30.0% increase

Source: GE Vernova 10-Q for the quarter ended Jun 30, 2026, filed Jul 22, 2026

By segment

Power
$5.5B Q2 2026
$4.8B Q2 2025
14.5% increase
Electrification
$3.6B Q2 2026
$2.2B Q2 2025
68.2% increase
Wind
$2.0B Q2 2026
$2.2B Q2 2025
9.8% decrease

Source: GE Vernova 10-Q for the quarter ended Jun 30, 2026, filed Jul 22, 2026

  • Cash & equivalents $13.1B at Jun 30, 2026, vs $8.8B at FY2025 end.
  • Total debt $2.8B at Jun 30, 2026, vs $328M at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $10.7B vs $1.5B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Wind revenue fell 6.1% in 2025 to $9.1B. 10-K, FY2025
  • Debt rose to $2.8B at Jun 30, 2026 after it issued senior notes in 2026, from $328M at the end of 2025. 10-Q, quarter ended Jun 30, 2026
  • It reported a net loss of $438M in 2023. 10-K, FY2025
  • The 10-K lists product quality issues, supply-chain disruptions and the performance of its Wind business among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

GE Vernova makes equipment and services for generating and moving electricity: gas, nuclear, hydro and steam power equipment, grid and electrification systems, and wind turbines. It was spun off from General Electric in 2024.

It reports three segments. Power makes gas turbines, nuclear, hydro and steam equipment and services the installed fleet. Electrification makes grid equipment such as transformers, switchgear and high-voltage systems, plus software. Wind makes onshore and offshore wind turbines.

Its customers are mainly utilities, power producers and grid operators around the world. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in GE Vernova's latest 10-K. Read the original for the full list.

  1. QualityQuality issues with products and services can lead to claims, repairs and lost business.
  2. Supply chainSupply and logistics disruptions, including for components, can delay projects.
  3. WindThe wind business has faced losses, policy uncertainty and project problems.
  4. Long contractsLarge fixed-price projects can lose money if costs rise.
  5. Energy policyChanges in energy policy, subsidies and trade rules affect demand.
  6. InternationalIt operates around the world, exposing it to currency and political risk.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenues$33.2B$34.9B$38.1B
Net income to GE Vernova−$438M$1.6B$4.9B
Operating cash flow$1.2B$2.6B$5.0B
Cash & equivalents (year end)$1.6B$8.2B$8.8B
Total debt (year end)––$328M
Diluted shares274M278M276M
  • Total revenues: Sales of gas turbines, nuclear and hydro equipment, grid and electrification systems, wind turbines and related services.
  • Net income to GE Vernova: Net income attributable to GE Vernova, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash, cash equivalents and restricted cash, as reported by GE Vernova.
  • Total debt: Short-term borrowings plus long-term borrowings, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue is before eliminations between segments and corporate items, so the three segments add up to slightly more than total revenues.
  • Net income is net income attributable to GE Vernova.
  • GE Vernova became a separate public company in April 2024; earlier years come from its filings as a standalone company.

Recent filings

FormFiledPeriod
10-QJul 22, 2026Jun 30, 2026
10-QApr 22, 2026Mar 31, 2026
DEF 14AApr 3, 2026May 20, 2026
10-KJan 29, 2026Dec 31, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from GE Vernova in the last 30 days.

All GE Vernova filings notes →

Common questions about GE Vernova

How does GE Vernova make money?

In fiscal 2025, total revenues totaled $38.1B. Power was 51% of 2025 segment revenue, Electrification 25% and Wind 24%. Equipment was 55% of total revenues and services 45%. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

What was GE Vernova's revenue in fiscal 2025?

Total revenues came to $38.1B in the year ended Dec 31, 2025. Going back two years, it was $33.2B in fiscal 2023 and $34.9B in fiscal 2024, so the latest year was up 9.0%. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

Is GE Vernova profitable?

Yes, by US accounting rules (GAAP): net income to GE Vernova was $4.9B in fiscal 2025, up 214.7% from $1.6B a year earlier. For the quarter ended Jun 30, 2026, net income was $668M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

What did GE Vernova report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $11.1B, against $9.1B in the same quarter a year before (up 21.9%), and net income of $668M, against $514M (up 30.0%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 22, 2026.

How much cash and debt does GE Vernova have?

On Jun 30, 2026, cash and cash equivalents stood at $13.1B and total debt at $2.8B. Total debt here is short-term borrowings plus long-term borrowings, at carrying value. Source: 10-Q filed Jul 22, 2026.

What are the main risks GE Vernova lists?

Item 1A of the fiscal 2025 10-K (filed Jan 29, 2026) sets out the risks. Grouped, they fall into 6 areas: Quality; supply chain; wind; long contracts; energy policy; international. To start with the first: Quality issues with products and services can lead to claims, repairs and lost business. Source: 10-K, Item 1A Risk Factors.

Where do these GE Vernova numbers come from?

Two filings GE Vernova made with the SEC: its fiscal 2025 10-K, filed Jan 29, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 22, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in GEV
The editor holds no position in GE Vernova (GEV). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell GEV from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold GEV, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
GE VernovaGEVFY2025$38.1B+9.0%$4.9B
GE AerospaceGEFY2025$45.9B+18.5%$8.7B
CaterpillarCATFY2025$67.6B+4.3%$8.9B
RTXFY2025$88.6B+9.7%$6.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.