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GE Vernova Inc., an energy company, engages in the provision of various products and services that generate, transfer, orchestrate, convert, and store electricity in the United States, Europe, Asia, the Middle East, and Africa. The company operates through three segments: Power, Wind, and Electrification. The Power segment designs, manufactures, and services gas, nuclear, hydro, and steam technologies. It serves industrial, government, and other customers. The Wind segment offers wind generation technologies, including onshore and offshore wind turbines and blades. The Electrification segment provides grid solutions; power conversion; electrification software; and solar and storage solutions technologies required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption. The company was incorporated in 2023 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $38.1B | $2.2B | $4.9B | $3.7B | 43.7% | 9.0% | 214.7% |
| 2024 | $34.9B | $1.6B | $1.6B | $1.7B | 16.3% | 5.1% | -454.3% |
| 2023 | $33.2B | $932M | $-438M | $442M | -5.9% | 12.1% | -84.0% |
| 2022 | $29.7B | $-526M | $-2.7B | $-627M | -25.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 29,654 | 33,239 | 34,935 | 38,068 |
| Operating Revenue | - | 29,654 | 33,239 | 34,935 | 38,068 |
| Cost Of Revenue | - | 26,196 | 28,421 | 28,850 | 30,533 |
| Gross Profit | - | 3,458 | 4,818 | 6,085 | 7,535 |
| Operating Expense | - | 6,339 | 5,741 | 5,614 | 6,146 |
| Research And Development | - | 979 | 896 | 982 | 1,197 |
| Selling General And Administration | - | 5,360 | 4,845 | 4,632 | 4,949 |
| Total Expenses | - | 32,535 | 34,162 | 34,464 | 36,679 |
| Operating Income | - | -2,881 | -923 | 471 | 1,389 |
| Total Operating Income As Reported | - | -2,881 | -923 | 471 | 1,388 |
| EBITDA | - | -526 | 932 | 1,643 | 2,242 |
| Normalized EBITDA | - | -595 | 748 | 501 | 2,071 |
| EBIT | - | -2,323 | -32 | 471 | 1,389 |
| Interest Income | - | 42 | 63 | 186 | 455 |
| Interest Expense | 172 | 151 | 98 | - | - |
| Net Interest Income | - | -109 | -35 | 186 | 455 |
| Other Non Operating Income Expenses | - | 387 | 708 | 646 | 544 |
| Other Income Expense | - | 516 | 828 | 1,841 | 984 |
| Interest Income Non Operating | - | 42 | 63 | 186 | 455 |
| Interest Expense Non Operating | 172 | 151 | 98 | - | - |
| Net Non Operating Interest Income Expense | - | -109 | -35 | 186 | 455 |
| Pretax Income | - | -2,474 | -130 | 2,498 | 2,828 |
| Tax Provision | - | 248 | 344 | 939 | -2,051 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 14.49 | 38.64 | 429.39 | 35.91 |
| Net Income Continuous Operations | - | -2,722 | -474 | 1,559 | 4,879 |
| Net Income From Continuing And Discontinued Operation | - | -2,736 | -438 | 1,552 | 4,884 |
| Net Income From Continuing Operation Net Minority Interest | - | -2,736 | -438 | 1,552 | 4,884 |
| Net Income | - | -2,736 | -438 | 1,552 | 4,884 |
| Net Income Common Stockholders | - | -2,736 | -438 | 1,552 | 4,884 |
| Net Income Including Noncontrolling Interests | - | -2,722 | -474 | 1,559 | 4,879 |
| Normalized Income | - | -2,790.51 | -583.36 | 839.39 | 4,748.91 |
| Diluted NI Availto Com Stockholders | - | -2,736 | -438 | 1,552 | 4,884 |
| Basic Average Shares | - | 272.08 | 274.09 | 275 | 272 |
| Diluted Average Shares | - | 272.08 | 274.09 | 278 | 276 |
| Reconciled Depreciation | - | 1,797 | 964 | 1,172 | 853 |
| Reconciled Cost Of Revenue | - | 26,196 | 28,421 | 28,850 | 30,533 |
| Total Unusual Items | - | 69 | 184 | 1,142 | 171 |
| Total Unusual Items Excluding Goodwill | - | 69 | 184 | 1,142 | 171 |
| Minority Interests | - | -14 | 36 | -7 | 4 |
| Special Income Charges | - | 22 | 209 | 1,147 | 185 |
| Gain On Sale Of Business | -123 | 22 | - | - | - |
| Restructuring And Mergern Acquisition | - | -22 | -209 | -1,147 | -185 |
| Gain On Sale Of Security | - | 47 | -25 | -5 | -14 |
| Earnings From Equity Interest | - | 60 | -64 | 53 | 269 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| GE Vernova Inc.this co. | GEV | $258.9B | 53.00↑ premium | 23.16 | 43.7% | 112.04 |
| GE Aerospace | GE | $342.3B | 39.33 | 18.33 | 46.6% | 29.05 |
| RTX Corporation | RTX | $241.6B | 35.89 | 3.70 | 10.3% | 18.31 |
| The Boeing Company | BA | $171.4B | 90.73 | 31.43 | 34.6% | 26.69 |
| Eaton Corporation plc | ETN | $162.5B | 39.77 | 8.37 |
| - |
| - |
| - |
| - |
| - |
| 21.0% |
| 27.91 |
| Deere & Company | DE | $159.7B | 31.78 | 6.16 | 19.4% | 18.51 |
| Union Pacific Corporation | UNP | $156.7B | 21.95 | 8.48 | 38.7% | 14.55 |
| Honeywell International Inc. | HON | $137.9B | 29.16 | 9.92 | 34.0% | 19.61 |
| Vertiv Holdings Co | VRT | $124.4B | 93.35 | 31.57 | 33.8% | 58.93 |
| Peer Median | - | 37.61 | 9.20 | 33.9% | 23.15 | |