GE Vernova Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data GE Vernova Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
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
Research and development	979	896	982	1,197
Selling, general and administrative	5,360	4,845	4,632	4,949
Operating income	-2,881	-923	471	1,388
Other non-operating income	370	324	1,372	795
Pre-tax income	-2,474	-130	2,498	2,828
Income tax	248	344	939	-2,051
Net income to minority interests	14	-36	7	-4
Net income	-2,736	-438	1,552	4,884
EBITDA	-2,102	-199	1,366	2,003
EPS, basic	-10.00	-1.60	5.65	17.92
EPS, diluted	-10.00	-1.60	5.58	17.69
Shares, basic (weighted)	274	274	275	272
Shares, diluted (weighted)	274	274	278	276
Dividend per share			0.25	1.25

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	2,067	1,551	8,205	8,848
Receivables			8,177	9,803
Inventory		8,253	8,587	10,429
Other current assets		352	564	1,445
Total current assets		27,428	34,153	40,216
Lease right-of-use assets		668	671	788
Goodwill	4,164	4,437	4,263	4,439
Intangible assets		1,042	813	727
Other non-current assets		2,228	2,763	4,095
Total assets		46,121	51,485	63,016
Accounts payable			4,966	5,721
Accrued liabilities		1,619	1,824	2,145
Deferred revenue		15,074	17,587	25,774
Short-term debt		145	60	24
Total current liabilities		29,306	31,685	40,972
Long-term debt				265
Lease liabilities		525	562	661
Other non-current liabilities		4,780	5,116	5,151
Total liabilities		37,741	40,892	50,720
Total debt				289
Paid-in capital		0	9,733	9,813
Retained earnings		0	1,611	6,154
Treasury stock		0	-43	-3,385
Other comprehensive income		-635	-1,759	-1,407
Shareholders' equity		7,416	9,546	11,178
Minority interests		964	1,047	1,118
Total equity	11,607	8,380	10,593	12,296
Total liabilities and equity		46,121	51,485	63,016
Shares outstanding			276	270

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	-2,722	-474	1,559	4,879
Depreciation and amortization	779	724	895	615
Stock-based compensation			155	257
Change in inventory	-949	-240	-641	-1,433
Change in payables	643	-716	667	-105
Cash from operations	-114	1,186	2,583	4,987
Capital expenditures	-513	-744	-883	-1,277
Cash from investing	-322	-734	-37	-755
Stock issued			130	55
Share buybacks		0	-43	-3,316
Dividends paid		0	0	-275
Cash from financing	811	-408	3,652	-3,813
Net change in cash	288	66	6,051	644
Free cash flow	-627	442	1,700	3,710
Interest paid	77	83	74	53
Income taxes paid	91	2	623	830

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $957.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.2%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
EBITDA margin	6.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.0%	Pre-tax income / revenue.
Net margin	23.0%	Net income / revenue.
FCF margin	30.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.2%	Cash from operations / revenue.
Effective tax rate	-20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	79.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.8%	Net income / average total assets.
Return on invested capital (ROIC)	84.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.2%	Research and development expense / revenue.
SG&A / revenue	12.7%	Selling, general and administrative expense / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	23.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	194.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	46.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	214.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	217.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	93.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	118.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	400.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	17.1%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	22.4%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.85x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.5%	Total debt / total assets.
Liabilities / assets	83.8%	Total liabilities / total assets.
Net debt	-$10.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$8.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.24B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Inventory turnover	2.60x	Cost of revenue / average inventory.
Days inventory	140 days	365 x average inventory / cost of revenue.
Receivables turnover	3.73x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	165 days	Days inventory + days sales outstanding - days payables.
FCF conversion	130.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$35.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$153.22	Revenue / diluted weighted shares.
FCF per share	$46.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$52.37	Cash from operations / diluted weighted shares.
Book value per share	$44.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.41	Tangible book value / shares outstanding.
Cash per share	$49.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$255.05B	Share price x shares outstanding.
Enterprise value	$244.78B	Market cap + total debt - cash - short-term investments.
P/E	26.8x	Market cap / net income. Only when net income is positive.
P/S	6.17x	Market cap / revenue.
P/B	21.3x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	5.92x	Enterprise value / revenue.
EV/EBIT	136x	Enterprise value / operating income, when both are positive.
EV/EBITDA	99.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was GE Vernova Inc.'s revenue in fiscal 2025?

GE Vernova Inc. reported revenue of $38.07B for fiscal 2025, 9% higher than the year before.

Was GE Vernova Inc. profitable in fiscal 2025?

Yes. Net income was $4.88B, a net margin of 12.8%.

How much free cash flow did GE Vernova Inc. generate in fiscal 2025?

Cash from operations of $4.99B minus capital expenditures of $1.28B left free cash flow of $3.71B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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