GE Vernova

Industrials Heavy Electrical Equipment Cambridge, Massachusetts Last filing Jan 29, 2026 · FY2025

                    Revenue
                    FY2025
                
$38.1B
                    3y CAGR +8.7%
                    
                    P72
                    
                    +9.0%
                    
                    Net income
                    FY2025
                
$4.9B
                    Net margin +12.8%
                    
                    P51
                    
                    +214.7%
                    
                    Total assets
                    FY2025
                
$63.0B
                    ROA +7.8%
                    
                    P49
                    
                    +22.4%
                    
                    Operating cash flow
                    FY2025
                
$5.0B
                    FCF margin +9.7%
                    
                    P31
                    
                    +93.1%

4 yrs · FY2022–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 4 years

Total assets $63.0B

Total liabilities $50.7B

Shareholders equity $11.2B

Account	2025	2024	2023	2022
Assets
Cash and Cash Equivalents	23.2%	23.5%	4.7%	7.0%
Accounts Receivable	25.8%	1.3%	1.5%	2.3%
Inventory	27.4%	24.6%	0.0%	0.0%
Prepaid Expenses	3.8%	1.6%	—	—
Other Current Assets	3.8%	1.6%	—	—
Total Current Assets	105.6%	97.8%	—	—
Operating Lease Assets	2.1%	1.9%	—	—
Goodwill	11.7%	12.2%	13.3%	0.0%
Intangible Assets	1.9%	2.3%	0.0%	0.0%
Long Term Investments	4.8%	6.2%	—	—
Deferred Tax Assets	14.0%	4.7%	—	—
Other Noncurrent Assets	10.8%	7.9%	—	—
Total Assets	165.5%	147.4%	—	—
Liabilities
Accrued Liabilities	16.6%	15.7%	0.0%	0.0%
Deferred Revenue	67.7%	50.3%	—	—
Other Current Liabilities	16.6%	15.7%	—	—
Total Current Liabilities	107.6%	90.7%	—	—
Deferred Revenue Noncurrent	0.5%	0.4%	—	—
Deferred Tax Liabilities	3.1%	2.4%	—	—
Other Noncurrent Liabilities	14.2%	14.6%	1.9%	2.6%
Total Liabilities	133.2%	117.1%	—	—
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	25.8%	27.9%	0.0%	0.0%
Retained Earnings	16.2%	4.6%	—	—
Treasury Stock	8.9%	0.1%	0.0%	0.0%
Accumulated Other Comprehensive Income	-3.7%	-5.0%	—	—
Noncontrolling Interest	2.9%	3.0%	0.1%	-0.2%
Total Stockholders Equity	29.4%	27.3%	25.2%	39.1%
Total Liabilitiesand Equity	165.5%	147.4%	—	—

Income Statement

Revenue, expense, and profitability

19 accounts · 4 years

Revenue $38.1B

Operating income $1.4B

Net income $4.9B

Account	2025	2024	2023	2022
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	80.2%	82.6%	85.5%	88.3%
Expenses Research and Development	3.1%	2.8%	2.7%	3.3%
Expenses Selling,General and Administrative	13.0%	13.3%	14.6%	18.1%
Expenses Depreciation and Amortization	0.6%	0.8%	0.7%	3.4%
Expenses Share Based Compensation	0.7%	0.4%	—	—
Expenses Restructuring and Asset Impairment	0.5%	0.5%	0.6%	0.4%
Other Income Expense Gross Profit	19.8%	17.4%	14.5%	11.7%
Other Income Expense Operating Income	3.6%	1.3%	-2.8%	-9.7%
Other Income Expense Interest Income	0.7%	0.2%	0.2%	0.1%
Other Income Expense Other Income/expense	2.1%	3.9%	1.0%	1.2%
Other Income Expense Income Before Tax	7.4%	7.2%	-0.4%	-8.3%
Income Tax Income Tax Expense	-5.4%	2.7%	1.0%	0.8%
net Income net Income	12.8%	4.4%	-1.3%	-9.2%
net Income Comprehensive Income	13.8%	1.2%	1.2%	-9.9%
Earnings Per Share Basic Eps	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%	0.8%	0.8%	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.8%	0.8%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 4 years

Operating cash flow $5.0B

Investing cash flow $-755.0M

Financing cash flow $-3.8B

Account	2025	2024	2023	2022
CashFlow
Operating Activities net Income	12.8%	4.4%	-1.3%	-9.2%
Operating Activities Depreciation and Amortization	1.6%	2.6%	2.2%	2.6%
Operating Activities Stock Based Compensation	0.7%	0.4%	0.0%	0.0%
Operating Activities Deferred Income Taxes	0.8%	-0.0%	0.1%	-0.6%
Operating Activities Changes In Operating Assets and Liabilities	24.8%	9.8%	9.2%	7.5%
Operating Activities Other Non Cash Items	-3.1%	0.7%	0.5%	1.0%
Operating Activities net Cash From Operating Activities	13.1%	7.4%	3.6%	-0.4%
Investing Activities Capital Expenditures	3.4%	2.5%	2.2%	1.7%
Investing Activities Purchases of Investments	0.2%	0.3%	0.2%	1.3%
Investing Activities Other Investing Activities	-0.1%	0.3%	0.6%	-0.6%
Investing Activities net Cash From Investing Activities	-2.0%	-0.1%	-2.2%	-1.1%
Financing Activities Repurchase of Common Stock	8.7%	0.1%	0.0%	—
Financing Activities Dividends Paid	0.7%	0.0%	0.0%	—
Financing Activities Proceeds From Stock Issuance	0.1%	0.4%	—	—
Financing Activities Other Financing Activities	-0.6%	2.2%	-0.2%	-0.5%
Financing Activities net Cash From Financing Activities	-10.0%	10.5%	-1.2%	2.7%
Cash Reconciliation Effect of Exchange Rate On Cash	23.2%	23.5%	4.7%	7.0%
Cash Reconciliation net Change In Cash	1.7%	17.3%	0.2%	1.0%
Cash Reconciliation Cash At Beginning of Period	23.2%	23.5%	4.7%	7.0%
Cash Reconciliation Cash At End of Period	23.2%	23.5%	4.7%	7.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 4 years

Ratio	2025	2024	2023	2022
Profitability
Gross margin	+19.8%	+17.4%	+14.5%	+11.7%
Operating margin	+3.6%	+1.3%	-2.8%	-9.7%
Net margin	+12.8%	+4.4%	-1.3%	-9.2%
FCF margin	+9.7%	+4.9%	+1.3%	-2.1%
Growth
Revenue CAGR (3y)	+8.7%	—	—	—
Returns
ROE	+43.7%	+16.3%	-5.2%	-23.6%
ROA	+7.8%	+3.0%	—	—
ROIC	—	+21.0%	—	—
Liquidity
Current ratio	0.98x	1.08x	—	—
Quick ratio	0.46x	0.27x	—	—
Leverage
D/E	4.54x	4.28x	—	—
Interest coverage	—	—	—	—
Efficiency
Asset turnover	0.60x	0.68x	—	—
Cash conversion cycle	+150d	—	—	—

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GE Vernova

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