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GE Vernova (GEV) FY2025 10-K Annual Report

Filed: Jan 29, 2026
Information Technology
Electronic & Other Electrical Equipment (No Computer Equip)SEC EDGAR
GE Vernova Overview

GE Vernova (GEV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jan 29, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

GE Vernova FY2025 10-K Analysis

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

GE Vernova FY2025 Key Financial Metrics
XBRL

Revenue

$38.1B

▲ +9.0% YoY

Net Income

$4.9B

▲ +214.7% YoY

Gross Margin

19.8%

▲ +238bp YoY

Operating Margin

3.6%

▲ +230bp YoY

Net Margin

12.8%

▲ +839bp YoY

ROE

43.7%

▲ +2743bp YoY

Total Assets

$63.0B

▲ +22.4% YoY

EPS (Diluted)

$17.69

▲ +217.0% YoY

Operating Cash Flow

$5.0B

▲ +93.1% YoY

Source: XBRL data from GE Vernova FY2025 10-K filing on SEC EDGAR. All figures in USD.

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