GE Vernova Financials
GE Vernova (GEV) reported $38.1B in revenue for fiscal year 2025, up 9.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Margin expansion is finally dropping through to cash generation, turning GE Vernova from a loss-maker into a cash-funded operator.
A tax benefit of$2.1B helped lift FY2025 net income to$4.9B , so the bottom line looks stronger than the operating engine alone. The cleaner proof of improvement is cash: operating cash flow reached$5.0B and free cash flow hit$3.7B , showing the turnaround is arriving in cash even after reinvestment.
The key change is margin shape, not just higher sales: gross margin widened from
The balance sheet is financed more by operating liabilities than by borrowed money: FY2025 shows only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of GE Vernova's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
GE Vernova has an operating margin of 3.6%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from 1.4% the prior year.
GE Vernova's revenue grew 9.0% year-over-year to $38.1B, a solid pace of expansion. This earns a growth score of 57/100.
GE Vernova carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
GE Vernova's current ratio of 0.98 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.
GE Vernova has a free cash flow margin of 9.8%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
GE Vernova's ROE of 43.7% shows moderate profitability relative to equity, earning a score of 33/100. This is up from 16.3% the prior year.
GE Vernova scores 3.91, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($263.0B) relative to total liabilities ($50.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
GE Vernova passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, GE Vernova generates $1.02 in operating cash flow ($5.0B OCF vs $4.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
GE Vernova generated $38.1B in revenue in fiscal year 2025. This represents an increase of 9.0% from the prior year.
GE Vernova's EBITDA was $2.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.4% from the prior year.
GE Vernova reported $4.9B in net income in fiscal year 2025. This represents an increase of 214.7% from the prior year.
GE Vernova earned $17.69 per diluted share (EPS) in fiscal year 2025. This represents an increase of 217.0% from the prior year.
Cash & Balance Sheet
GE Vernova generated $3.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 118.2% from the prior year.
GE Vernova held $8.8B in cash against $265.0M in long-term debt as of fiscal year 2025, with $41.0B of liabilities due within a year.
GE Vernova paid $1.25 per share in dividends in fiscal year 2025. This represents an increase of 400.0% from the prior year.
Margins & Returns
GE Vernova's gross margin was 19.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the prior year.
GE Vernova's operating margin was 3.6% in fiscal year 2025, reflecting core business profitability. This is up 2.3 percentage points from the prior year.
GE Vernova's net profit margin was 12.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.4 percentage points from the prior year.
GE Vernova's ROE was 43.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.4 percentage points from the prior year.
Capital Allocation
GE Vernova invested $1.2B in research and development in fiscal year 2025. This represents an increase of 21.9% from the prior year.
GE Vernova spent $3.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7611.6% from the prior year.
GE Vernova invested $1.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 44.6% from the prior year.
GEV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $41.4B | $38.1B+9.0% | $34.9B+5.1% | $33.2B+12.1% | $29.7B |
| Cost of Revenue | $33.0B | $30.5B+5.8% | $28.9B+1.5% | $28.4B+8.5% | $26.2B |
| Gross Profit | $8.4B | $7.5B+23.8% | $6.1B+26.3% | $4.8B+39.3% | $3.5B |
| R&D Expenses | $1.3B | $1.2B+21.9% | $982.0M+9.6% | $896.0M-8.5% | $979.0M |
| SG&A Expenses | $5.2B | $4.9B+6.8% | $4.6B-4.4% | $4.8B-9.6% | $5.4B |
| Operating Income | $1.8B | $1.4B+194.7% | $471.0M+151.0% | -$923.0M+68.0% | -$2.9B |
| Income Tax | -$1.6B | -$2.1B-318.4% | $939.0M+173.0% | $344.0M+38.7% | $248.0M |
| Net Income | $9.5B | $4.9B+214.7% | $1.6B+454.3% | -$438.0M+84.0% | -$2.7B |
| EPS (Diluted) | — | $17.69+217.0% | $5.58+448.8% | -$1.60+84.0% | -$10.00 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GEV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $63.0B+22.4% | $51.5B+11.6% | $46.1B | N/A |
| Current Assets | $40.2B+17.8% | $34.2B+24.5% | $27.4B | N/A |
| Cash & Equivalents | $8.8B+7.8% | $8.2B+429.0% | $1.6B-25.0% | $2.1B |
| Inventory | $10.4B+21.5% | $8.6B+4.0% | $8.3B | N/A |
| Goodwill | $4.4B+4.1% | $4.3B-3.9% | $4.4B+6.6% | $4.2B |
| Total Liabilities | $50.7B+24.0% | $40.9B+8.3% | $37.7B | N/A |
| Current Liabilities | $41.0B+29.3% | $31.7B+8.1% | $29.3B | N/A |
| Long-Term Debt | $265.0M | N/A | N/A | N/A |
| Total Equity | $11.2B+17.1% | $9.5B+28.7% | $7.4B-36.1% | $11.6B |
| Retained Earnings | $6.2B+282.0% | $1.6B | $0 | N/A |
Not reported in any period shown, so not listed: Accounts Receivable.
GEV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | $14.1B | $5.0B+93.1% | $2.6B+117.8% | $1.2B+1140.4% | -$114.0M |
| Capital Expenditures | $1.7B | $1.3B+44.6% | $883.0M+18.7% | $744.0M+45.0% | $513.0M |
| Free Cash Flow | $12.4B | $3.7B+118.2% | $1.7B+284.6% | $442.0M+170.5% | -$627.0M |
| Investing Cash Flow | -$4.6B | -$755.0M-1940.5% | -$37.0M+95.0% | -$734.0M-128.0% | -$322.0M |
| Financing Cash Flow | -$4.3B | -$3.8B-204.4% | $3.7B+995.1% | -$408.0M-150.3% | $811.0M |
| Dividends Paid | $409.0M | $275.0M | $0 | $0 | N/A |
| Share Buybacks | $5.4B | $3.3B+7611.6% | $43.0M | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GEV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 19.8%+2.4pp | 17.4%+2.9pp | 14.5%+2.8pp | 11.7% |
| Operating Margin | 3.6%+2.3pp | 1.4%+4.1pp | -2.8%+6.9pp | -9.7% |
| Net Margin | 12.8%+8.4pp | 4.4%+5.8pp | -1.3%+7.9pp | -9.2% |
| Return on Equity | 43.7%+27.4pp | 16.3%+22.2pp | -5.9%+17.7pp | -23.6% |
| Return on Assets | 7.8%+4.7pp | 3.0%+4.0pp | -0.9% | N/A |
| Current Ratio | 0.98-0.1x | 1.08+0.1x | 0.94 | N/A |
| Debt-to-Equity | 0.02-4.3x | 4.28-0.8x | 5.09 | N/A |
| FCF Margin | 9.8%+4.9pp | 4.9%+3.5pp | 1.3%+3.4pp | -2.1% |
Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where GE Vernova Ranks
Frequently Asked Questions
What is GE Vernova's annual revenue?
GE Vernova (GEV) reported $38.1B in total revenue for fiscal year 2025. This represents a 9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is GE Vernova's revenue growing?
GE Vernova (GEV) revenue grew by 9.0% year-over-year, from $34.9B to $38.1B in fiscal year 2025.
Is GE Vernova profitable?
Yes, GE Vernova (GEV) reported a net income of $4.9B in fiscal year 2025, with a net profit margin of 12.8%.
What is GE Vernova's EBITDA?
GE Vernova (GEV) had EBITDA of $2.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does GE Vernova have?
As of fiscal year 2025, GE Vernova (GEV) had $8.8B in cash and equivalents against $265.0M in long-term debt.
What is GE Vernova's gross margin?
GE Vernova (GEV) had a gross margin of 19.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is GE Vernova's operating margin?
GE Vernova (GEV) had an operating margin of 3.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is GE Vernova's net profit margin?
GE Vernova (GEV) had a net profit margin of 12.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does GE Vernova pay dividends?
Yes, GE Vernova (GEV) paid $1.25 per share in dividends during fiscal year 2025.
What is GE Vernova's return on equity (ROE)?
GE Vernova (GEV) has a return on equity of 43.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is GE Vernova's free cash flow?
GE Vernova (GEV) generated $3.7B in free cash flow during fiscal year 2025. This represents a 118.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is GE Vernova's operating cash flow?
GE Vernova (GEV) generated $5.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are GE Vernova's total assets?
GE Vernova (GEV) had $63.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are GE Vernova's capital expenditures?
GE Vernova (GEV) invested $1.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does GE Vernova spend on research and development?
GE Vernova (GEV) invested $1.2B in research and development during fiscal year 2025.
What is GE Vernova's current ratio?
GE Vernova (GEV) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is GE Vernova's debt-to-equity ratio?
GE Vernova (GEV) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is GE Vernova's return on assets (ROA)?
GE Vernova (GEV) had a return on assets of 7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is GE Vernova's Altman Z-Score?
GE Vernova (GEV) has an Altman Z-Score of 3.91, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is GE Vernova's Piotroski F-Score?
GE Vernova (GEV) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are GE Vernova's earnings high quality?
GE Vernova (GEV) has an earnings quality ratio of 1.02x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is GE Vernova?
GE Vernova (GEV) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.