GE Vernova LLC (GEV) financial statements
GE Vernova LLC reported revenue of $38.1B in fiscal 2025, up 8.7% a year over 3 years.
Net income was $4.9B and the operating margin 3.6%, against -9.7% in 2022.
Free cash flow was $3.7B, and the company returned $275M in dividends and $3.3B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from GE Vernova LLC's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $29.7B | $33.2B | $34.9B | $38.1B |
| Cost of revenue | $26.2B | $28.4B | $28.9B | $30.5B |
| Gross profit | $3.5B | $4.8B | $6.1B | $7.5B |
| Research and development | $979M | $896M | $982M | $1.2B |
| Selling, general and admin | $5.4B | $4.8B | $4.6B | $4.9B |
| Operating income | -$2.9B | -$923M | $471M | $1.4B |
| Pre-tax income | -$2.5B | -$130M | $2.5B | $2.8B |
| Income tax | $248M | $344M | $939M | -$2.1B |
| Net income | -$2.7B | -$438M | $1.6B | $4.9B |
| EPS (diluted) | -$10.00 | -$1.60 | $5.58 | $17.69 |
| Diluted shares | 274M | 274M | 278M | 276M |
| Gross margin | 11.7% | 14.5% | 17.4% | 19.8% |
| Operating margin | -9.7% | -2.8% | 1.3% | 3.6% |
| Net margin | -9.2% | -1.3% | 4.4% | 12.8% |
Balance sheet
Fiscal years, from GE Vernova LLC's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $2.1B | $1.6B | $8.2B | $8.8B |
| Receivables | — | — | $8.2B | $9.8B |
| Inventory | — | $8.3B | $8.6B | $10.4B |
| Total current assets | — | $27.4B | $34.2B | $40.2B |
| Goodwill | $4.2B | $4.4B | $4.3B | $4.4B |
| Total assets | — | $46.1B | $51.5B | $63.0B |
| Total current liabilities | — | $29.3B | $31.7B | $41.0B |
| Long-term debt | — | — | — | $265M |
| Total liabilities | — | $37.7B | $40.9B | $50.7B |
| Shareholders' equity | $11.6B | $7.4B | $9.5B | $11.2B |
| Net debt | -$2.1B | -$1.6B | -$8.2B | -$8.6B |
Cash flow
Fiscal years, from GE Vernova LLC's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$114M | $1.2B | $2.6B | $5.0B |
| Capital spending | $513M | $744M | $883M | $1.3B |
| Free cash flow | -$627M | $442M | $1.7B | $3.7B |
| Stock-based compensation | — | — | $155M | $257M |
| Dividends paid | — | $0 | $0 | $275M |
| Share buybacks (net) | — | $0 | -$43M | -$3.3B |
| Free cash flow margin | -2.1% | 1.3% | 4.9% | 9.7% |
| Dividends per share | — | — | — | $1.00 |
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Open GEV in InvestinglyQuestions
What was GE Vernova LLC's revenue in 2025?
$38.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does GE Vernova LLC generate?
$3.7B in fiscal 2025 (operating cash flow minus capital spending).
From GE Vernova LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.