Short answer
GE Vernova (GEV) filed its fiscal 2025 10-K annual report with the SEC on Jan 29, 2026. It reported revenue of $38.1B (+9.0% year over year) and net income of $4.9B.
- Top risk flagged: Regulatory/legal risk: Parent company guarantee obligations of $8 billion at Spin-Off, with $6 billion maturing by 2029, requiring novation to GE Vernova
FY2025 key financial metrics · XBRL
- Revenue
- $38.1B
- +9.0% YoY
- Net income
- $4.9B
- +214.7% YoY
- Operating margin
- 3.6%
- +2.3 pp YoY
- Gross margin
- 19.8%
- +2.4 pp YoY
- EPS (diluted)
- $17.69
- +217.0% YoY
- ROE
- 43.7%
- +27.4 pp YoY
- Operating cash flow
- $5.0B
- +93.1% YoY
Source: XBRL data from the GE Vernova (GEV) FY2025 10-K on SEC EDGAR. USD.
GE Vernova FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design, manufacture, and service technologies generating, transferring, converting, and storing electricity for a reliable, sustainable power system
- New independent company post-April 2, 2024 spin-off from General Electric, enhancing standalone strategy and market focus
- Strategic emphasis on streamlining product portfolio to core workhorse products for improved cost, quality, and margin expansion
- Installed base generates ~25% of world's electricity, underpinning strong market presence and sustainability leadership
- Sustainability governance includes Chief Sustainability Officer and Board Safety and Sustainability Committee overseeing decarbonization and electrification goals
Management Discussion & Analysis
- Revenue $38.1B, up $3.1B (9%) YoY; Equipment $20.9B (+$2.0B), Services $17.1B (+$1.2B)
- Operating income $1.39B vs $0.47B; Net income $4.88B vs $1.55B; Net margin 12.8% vs 4.5%
- Best: Electrification segment revenue $9.64B (+28%), EBITDA margin 14.9% vs 9.0%; Worst: Wind revenue $9.11B (-6%), EBITDA margin -6.6%
- Cash from operations $5.0B vs $2.6B; Free cash flow $3.7B vs $1.7B; Share repurchases $3.3B; Capex $1.3B vs $0.9B
- Outlook risks: tariff costs $250M in 2025, geopolitical and regulatory uncertainties, acquisition of Prolec GE for $5.3B closing Feb 2026
Risk Factors
- Regulatory/legal risk: Parent company guarantee obligations of $8 billion at Spin-Off, with $6 billion maturing by 2029, requiring novation to GE Vernova
- Geopolitical/macro risk: 2025 revenue impacted by foreign currency, with organic revenue up 9% excluding $244 million FX gains
- Operational/supply chain risk: Revenue recognition depends on estimated customer asset utilization and maintenance costs under long-term service agreements
- Competitive/market disruption risk: Wind segment operating loss $598 million in 2025, with 6% revenue decline amid competitive pressures
- Financial risk: Goodwill of $3.3 billion in Wind unit with fair value 27% above carrying value but significant decline since prior year
Generated from the filing text; verify against the original. How to read a 10-K
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