$GEV

GE Vernova Inc.

CIK:0001996810|SEC Filings

CONSOLIDATED STATEMENT OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 11,104	$ 9,111	$ 20,442	$ 17,143
Cost of equipment and services	8,744	7,266	16,302	13,828
Gross profit	2,360	1,846	4,140	3,316
Selling, general, and administrative expenses	1,372	1,185	2,670	2,373
Research and development expenses	334	282	638	521
Operating income (loss)	653	378	833	421
Interest and other financial income (charges) – net	73	42	100	97
Non-operating benefit income	119	110	253	225
Other income (expense) – net (Note 19)	80	115	4,842	234
Income (loss) before income taxes	925	645	6,028	977
Provision (benefit) for income taxes (Note 16)	276	153	630	221
Net income (loss)	649	492	5,398	756
Net loss (income) attributable to noncontrolling interests	19	22	15	12
Net income (loss) attributable to GE Vernova	$ 668	$ 514	$ 5,413	$ 768
Earnings (loss) per share attributable to GE Vernova (Note 18):
Basic (in dollars per share)	$ 2.49	$ 1.89	$ 20.17	$ 2.80
Diluted (in dollars per share)	$ 2.47	$ 1.86	$ 19.96	$ 2.77
Weighted-average number of common shares outstanding:
Basic (in shares)	268	272	268	274
Diluted (in shares)	270	276	271	278
Equipment
Total revenues	$ 6,459	$ 4,894	$ 11,713	$ 9,091
Cost of equipment and services	5,613	4,265	10,328	8,181
Services
Total revenues	4,645	4,217	8,729	8,052
Cost of equipment and services	$ 3,130	$ 3,000	$ 5,974	$ 5,647

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows – operating activities
Net income (loss)	$ 5,398	$ 756
Adjustments to reconcile net income (loss) to cash from (used for) operating activities
Depreciation and amortization of property, plant, and equipment (Note 6)	348	294
Amortization of intangible assets (Note 8)	411	116
(Gains) losses on purchases and sales of business interests	(4,428)	(22)
Principal pension plans – net (Note 13)	(696)	(179)
Other postretirement benefit plans – net (Note 13)	(122)	(110)
Provision (benefit) for income taxes (Note 16)	630	221
Cash recovered (paid) during the year for income taxes	(1,258)	(363)
Changes in operating working capital:
Decrease (increase) in current receivables	(843)	1,031
Decrease (increase) in inventories, including deferred inventory costs	(1,744)	(883)
Decrease (increase) in current contract assets	(358)	(647)
Increase (decrease) in accounts payable and equipment project payables	949	207
Increase (decrease) in contract liabilities and current deferred income	13,695	1,860
All other operating activities	(1,302)	(754)
Cash from (used for) operating activities	10,680	1,528
Cash flows – investing activities
Additions to property, plant, and equipment and internal-use software	(783)	(359)
Dispositions of property, plant, and equipment	201	34
Purchases of and contributions to equity method investments	(20)	(30)
Sales of and distributions from equity method investments	78	91
Net cash paid for principal businesses purchased	(4,885)	(45)
Proceeds from principal business dispositions	594	1
All other investing activities	753	94
Cash from (used for) investing activities	(4,062)	(214)
Cash flows – financing activities
Newly issued debt (maturities longer than 90 days)	2,567	0
Dividends paid to stockholders	(273)	(139)
Purchases of common stock for treasury	(3,671)	(1,581)
All other financing activities	(925)	(142)
Cash from (used for) financing activities	(2,301)	(1,861)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(46)	235
Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale	4,271	(312)
Less: Net increase (decrease) in cash classified within assets held for sale	(2)	0
Increase (decrease) in cash, cash equivalents, and restricted cash	4,273	(312)
Cash, cash equivalents, and restricted cash at beginning of year	8,848	8,205
Cash, cash equivalents, and restricted cash as of June 30	$ 13,120	$ 7,892

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Cash, cash equivalents, and restricted cash	$ 13,120	$ 8,848
Current receivables – net (Note 4)	11,099	9,803
Inventories, including deferred inventory costs (Note 5)	12,692	10,429
Current contract assets (Note 9)	9,522	9,294
All other current assets (Note 10)	999	1,445
Assets held for sale (Note 3)	0	396
Current assets	47,433	40,216
Property, plant, and equipment – net (Note 6)	7,354	6,006
Goodwill (Note 8)	9,689	4,439
Intangible assets – net (Note 8)	4,507	727
Contract and other deferred assets (Note 9)	453	378
Equity method investments (Note 11)	1,384	1,834
Deferred income taxes (Note 16)	5,792	5,321
All other assets (Note 10)	4,188	4,095
Total assets	80,800	63,016
Accounts payable and equipment project payables (Note 12)	10,104	8,809
Contract liabilities and deferred income (Note 9)	39,944	25,774
All other current liabilities (Note 15)	5,782	6,310
Liabilities held for sale (Note 3)	0	79
Current liabilities	55,830	40,972
Long-term borrowings (Note 14)	2,794	265
Deferred income taxes (Note 16)	1,471	1,162
Non-current compensation and benefits	2,654	3,171
All other liabilities (Note 15)	4,936	5,151
Total liabilities	67,685	50,720
Commitments and contingencies (Note 22)
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 266,333,581 and 269,529,464 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	9,445	9,813
Retained earnings	11,296	6,154
Treasury common stock, 12,663,683 and 8,397,266 shares at cost as of June 30, 2026 and December 31, 2025, respectively	(7,057)	(3,385)
Accumulated other comprehensive income (loss) – net attributable to GE Vernova (Note 17)	(1,731)	(1,407)
Total equity attributable to GE Vernova	11,957	11,178
Noncontrolling interests	1,158	1,118
Total equity	13,115	12,296
Total liabilities and equity	$ 80,800	$ 63,016