GE Vernova Inc. (NYSE:GEV) is one of the stocks in Jim Cramer’s recent game plan. Cramer criticized the recent sell rating on the stock, as he commented: “Wednesday, we’ve got two data center stories, Vertiv… and GE Vernova, which makes the turbines that power so many of them gas turbines I should add… Someone put out a sell this week on GE Vernova, and I thought that was absurd. But then again, I wouldn’t have bought this one for the trust if I didn’t believe it was capable, not of a quarter or a year ru ...

GE Vernova swung to a profit in the third quarter as orders surged for its power and electrification businesses. ...

Forward-Looking Statements [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section highlights the inherent risks and uncertainties associated with forward-looking statements, covering operational, market, and economic factors - Forward-looking statements are subject to **risks and uncertainties**, including those related to the lean operating model, energy transition, demand for products/services, innovation, production capacity, and global economic trends[5](index=5&type=chunk)[7](index=7&type=chunk)[12](index=12&type=chunk) About GE Vernova [About GE Vernova](index=3&type=section&id=About%20GE%20Vernova) GE Vernova is a global leader in the electric power industry, dedicated to creating a reliable, secure, and sustainable electric power system - GE Vernova is a **global leader** in the electric power industry, focused on creating a reliable, secure, and sustainable electric power system, enabling electrification and decarbonization[9](index=9&type=chunk) - The company's installed base generates approximately **25% of the world's electricity**[10](index=10&type=chunk) - GE Vernova reports three business segments: **Power** (gas, nuclear, hydro, and steam technologies), **Wind** (onshore and offshore wind turbines and blades), and **Electrification** (grid solutions, power conversion and storage, and electrification software technologies)[11](index=11&type=chunk) Part I. Financial Information [Item 1. Financial Statements and Supplementary Data](index=4&type=section&id=Item%201.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the unaudited consolidated and combined financial statements of GE Vernova, including the Statement of Income (Loss), Financial Position, Cash Flows, Comprehensive Income (Loss), and Changes in Equity, along with detailed notes explaining the organization, accounting policies, and specific financial line items [Consolidated and Combined Statement of Income (Loss)](index=4&type=section&id=Consolidated%20and%20Combined%20Statement%20of%20Income%20%28Loss%29) This statement details the company's revenues, expenses, and net income or loss for specified periods, reflecting overall profitability Financial Performance (Three Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :----------------------------- | :------------------ | :------------------ | :------------ | | Total revenues | 9,969 | 8,913 | +1,056 (+11.8%) | | Gross profit | 1,897 | 1,109 | +788 (+71.0%) | | Operating income (loss) | 366 | (359) | +725 (Turnaround) | | Net income (loss) attributable to GE Vernova | 452 | (96) | +548 (Turnaround) | | Basic EPS | 1.66 | (0.35) | +2.01 (Turnaround) | | Diluted EPS | 1.64 | (0.35) | +1.99 (Turnaround) | Financial Performance (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :----------------------------- | :------------------ | :------------------ | :------------ | | Total revenues | 27,112 | 24,376 | +2,736 (+11.2%) | | Gross profit | 5,213 | 3,962 | +1,251 (+31.6%) | | Operating income (loss) | 787 | (122) | +909 (Turnaround) | | Net income (loss) attributable to GE Vernova | 1,220 | 1,068 | +152 (+14.2%) | | Basic EPS | 4.47 | 3.90 | +0.57 (+14.6%) | | Diluted EPS | 4.41 | 3.85 | +0.56 (+14.5%) | [Consolidated and Combined Statement of Financial Position](index=5&type=section&id=Consolidated%20and%20Combined%20Statement%20of%20Financial%20Position) This statement presents the company's assets, liabilities, and equity at specific points in time, providing a snapshot of its financial health Key Financial Position Data | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | Change | | :---------------------------------- | :-------------------------- | :-------------------------- | :------- | | Total assets | 54,398 | 51,485 | +2,913 | | Current assets | 36,278 | 34,153 | +2,125 | | Inventories, including deferred inventory costs | 10,032 | 8,587 | +1,445 | | Current contract assets | 9,485 | 8,621 | +864 | | Total liabilities | 44,669 | 40,892 | +3,777 | | Current liabilities | 35,272 | 31,685 | +3,587 | | Contract liabilities and deferred income | 20,151 | 17,587 | +2,564 | | Total equity | 9,729 | 10,593 | (864) | [Consolidated and Combined Statement of Cash Flows](index=6&type=section&id=Consolidated%20and%20Combined%20Statement%20of%20Cash%20Flows) This statement reports the cash generated and used by operating, investing, and financing activities over a period, indicating liquidity Cash Flow Summary (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------------- | :------------------ | :------------------ | :------------ | | Net income (loss) | 1,209 | 1,075 | +134 | | Cash from (used for) operating activities | 2,508 | 1,662 | +846 | | Cash from (used for) investing activities | (381) | 138 | (519) | | Cash from (used for) financing activities | (2,635) | 3,489 | (6,124) | | Increase (decrease) in cash, cash equivalents, and restricted cash | (259) | 5,844 | (6,103) | | Cash, cash equivalents, and restricted cash at September 30 | 7,945 | 7,395 | +550 | - Operating cash flow **increased by $846 million** in 2025 compared to 2024, primarily driven by **higher net income** and **increased contract liabilities**[190](index=190&type=chunk) - Financing cash flow **decreased by $6.1 billion** in 2025 compared to 2024, primarily due to the non-recurrence of transfers from parent (**$2.9 billion**), **$2.2 billion** in share repurchases, and **$200 million** in dividends paid[194](index=194&type=chunk) [Consolidated and Combined Statement of Comprehensive Income (Loss)](index=7&type=section&id=Consolidated%20and%20Combined%20Statement%20of%20Comprehensive%20Income%20%28Loss%29) This statement presents net income alongside other comprehensive income items, offering a broader view of financial performance Comprehensive Income (Loss) (Three Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :------------------------------------ | :------------------ | :------------------ | :------------ | | Net income (loss) attributable to GE Vernova | 452 | (96) | +548 | | Other comprehensive income (loss) | 7 | — | +7 | | Comprehensive income (loss) attributable to GE Vernova | 459 | (96) | +555 | Comprehensive Income (Loss) (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :------------------------------------ | :------------------ | :------------------ | :------------ | | Net income (loss) attributable to GE Vernova | 1,220 | 1,068 | +152 | | Other comprehensive income (loss) | 324 | (395) | +719 | | Comprehensive income (loss) attributable to GE Vernova | 1,540 | 672 | +868 | [Consolidated and Combined Statement of Changes in Equity](index=8&type=section&id=Consolidated%20and%20Combined%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in each component of shareholders' equity over a period, including net income, dividends, and other adjustments Equity Changes (Nine Months Ended September 30, 2025) | Metric | Amount (Millions USD) | | :------------------------------------ | :-------------------- | | Balances as of January 1, 2025 | 10,593 | | Net income (loss) | 1,220 | | Dividends declared | (205) | | Repurchase of common stock | (2,257) | | Currency translation adjustments – net of taxes | 471 | | Balances as of September 30, 2025 | 9,729 | - Common stock outstanding **decreased** from **275,880,314 shares** at December 31, 2024, to **271,320,459 shares** at September 30, 2025, primarily due to **share repurchases**[16](index=16&type=chunk)[23](index=23&type=chunk) - The company repurchased **6.3 million shares** for **$2,241 million** during the nine months ended September 30, 2025[185](index=185&type=chunk) [Note 1. Organization and Basis of Presentation](index=10&type=section&id=Note%201.%20Organization%20and%20Basis%20of%20Presentation) This note describes GE Vernova's corporate structure, its spin-off from General Electric, and the foundational principles underlying its financial statements - GE Vernova Inc. completed its **spin-off** from General Electric Company (now GE Aerospace) on **April 2, 2024**[26](index=26&type=chunk) - The company is a **global leader** in the electric power industry, with segments in Power, Wind, and Electrification[27](index=27&type=chunk) - Financial statements for periods prior to the Spin-Off are derived from GE's consolidated statements and do not necessarily reflect **stand-alone operations**[27](index=27&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=10&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles, methods, and estimates applied in preparing the financial statements - Financial statements require **management estimates and assumptions**, which could materially affect results if actual conditions differ[31](index=31&type=chunk) - Revenue from customized goods and long-term construction contracts is recognized **over time** using the **percentage of completion method**[34](index=34&type=chunk)[35](index=35&type=chunk) - Incremental contract losses for certain Offshore Wind contracts were **$171 million** for the three months ended and **$296 million** for the nine months ended September 30, 2025[38](index=38&type=chunk) [Note 3. Assets and Liabilities Held for Sale](index=11&type=section&id=Note%203.%20Assets%20and%20Liabilities%20Held%20for%20Sale) This note provides details on assets and liabilities classified as held for sale, including specific business divestitures - Binding agreements were signed to sell the **Proficy manufacturing software business** and **Linden VFT LLC**, a merchant transmission facility[40](index=40&type=chunk)[41](index=41&type=chunk) Assets and Liabilities Held for Sale (September 30, 2025) | Category | Amount (Millions USD) | | :-------------------------------- | :-------------------- | | Assets held for sale | 508 | | Liabilities held for sale | 80 | [Note 4. Current and Long-Term Receivables](index=11&type=section&id=Note%204.%20Current%20and%20Long-Term%20Receivables) This note details the composition of current and long-term receivables, including customer balances and allowances for credit losses Current Receivables – Net | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | | :-------------------------- | :-------------------------- | :-------------------------- | | Customer receivables | 5,661 | 6,312 | | Total current receivables – net | 7,374 | 8,177 | Allowance for Credit Losses (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Balance as of January 1 | 464 | 515 | | Net additions (releases) charged to costs and expenses | (1) | 34 | | Balance as of September 30 | 443 | 501 | - The Company sold **$971 million** and **$1,073 million** in current customer receivables in the nine months ended September 30, 2025 and 2024, respectively[43](index=43&type=chunk) [Note 5. Inventories, Including Deferred Inventory Costs](index=12&type=section&id=Note%205.%20Inventories%2C%20Including%20Deferred%20Inventory%20Costs) This note provides a breakdown of inventory components, including raw materials, work in process, finished goods, and deferred inventory costs Inventories, Including Deferred Inventory Costs | Category | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | | :------------------------------------ | :-------------------------- | :-------------------------- | | Raw materials and work in process | 6,157 | 5,328 | | Finished goods | 3,064 | 2,490 | | Deferred inventory costs | 812 | 769 | | Total inventories, including deferred inventory costs | 10,032 | 8,587 | [Note 6. Property, Plant, and Equipment](index=12&type=section&id=Note%206.%20Property%2C%20Plant%2C%20and%20Equipment) This note details the company's property, plant, and equipment, including depreciation, amortization, and any impairment charges Property, Plant, and Equipment – Net | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | | :------------------------------------ | :-------------------------- | :-------------------------- | | Property, plant, and equipment – net | 5,555 | 5,150 | - Depreciation and amortization related to property, plant, and equipment was **$446 million** for the nine months ended September 30, 2025, compared to **$715 million** in the prior year[46](index=46&type=chunk) - A non-cash pre-tax impairment charge of **$108 million** was recognized in the third quarter of 2024 due to restructuring at the Hydro Power business[47](index=47&type=chunk) [Note 7. Leases](index=12&type=section&id=Note%207.%20Leases) This note provides information on the company's operating and finance lease liabilities and associated expenses - Operating lease liabilities were **$801 million** as of September 30, 2025, up from **$725 million** at December 31, 2024[48](index=48&type=chunk) - Finance lease liabilities were **$279 million** as of September 30, 2025, up from **$266 million** at December 31, 2024[48](index=48&type=chunk) - Operating lease expense was **$175 million** for the nine months ended September 30, 2025, compared to **$193 million** in the prior year[48](index=48&type=chunk) [Note 8. Goodwill and Other Intangible Assets](index=12&type=section&id=Note%208.%20Goodwill%20and%20Other%20Intangible%20Assets) This note details the company's goodwill by segment and other intangible assets, including changes due to acquisitions, divestitures, and amortization Goodwill by Segment (September 30, 2025) | Segment | Amount (Millions USD) | | :-------------- | :-------------------- | | Power | 328 | | Wind | 3,306 | | Electrification | 693 | | Total | 4,327 | - Goodwill **increased** from **$4,263 million** at January 1, 2025, to **$4,327 million** at September 30, 2025, with **$299 million** reclassified to Assets held for sale due to the Proficy business sale[49](index=49&type=chunk) - Intangible assets **decreased $66 million** during the nine months ended September 30, 2025, primarily due to **amortization**[51](index=51&type=chunk) [Note 9. Contract and Other Deferred Assets & Contract Liabilities and Deferred Income](index=12&type=section&id=Note%209.%20Contract%20and%20Other%20Deferred%20Assets%20%26%20Contract%20Liabilities%20and%20Deferred%20Income) This note explains the balances and changes in contract assets, deferred assets, contract liabilities, and deferred income, including remaining performance obligations - Contract and other deferred assets **increased $795 million** in the nine months ended September 30, 2025, primarily due to **revenue recognition ahead of billing milestones**[53](index=53&type=chunk) - Contract liabilities and deferred income **increased $2,560 million** in the nine months ended September 30, 2025, primarily due to **new collections in excess of revenue recognition** at Power and Electrification[54](index=54&type=chunk) Remaining Performance Obligation (RPO) (September 30, 2025) | Category | Amount (Millions USD) | | :--------------- | :-------------------- | | Equipment | 54,092 | | Services | 81,177 | | Total RPO | 135,269 | [Note 10. Current and All Other Assets](index=13&type=section&id=Note%2010.%20Current%20and%20All%20Other%20Assets) This note provides details on the composition and changes in various current and long-term assets not categorized elsewhere - All other current assets **increased $370 million** for the nine months ended September 30, 2025, primarily due to the reclassification of China XD Electric Co., Ltd from equity method investments[60](index=60&type=chunk) - All other assets **increased $643 million** in the nine months ended September 30, 2025, primarily due to increases in **long-term receivables** and **pension surplus**[60](index=60&type=chunk) [Note 11. Equity Method Investments](index=13&type=section&id=Note%2011.%20Equity%20Method%20Investments) This note details the company's investments accounted for under the equity method, including changes in balances and income recognized Equity Method Investment Balance | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | | :-------------------------- | :-------------------------- | :-------------------------- | | Total investment balance | 1,916 | 2,149 | Equity Method Income (Loss) (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | | :-------------------------- | :------------------ | :------------------ | | Total equity method income (loss) | 205 | 44 | - The investment in China XD Electric Co., Ltd. was reclassified to All other current assets after selling portions of shares in **Q1 and Q3 2025**[68](index=68&type=chunk) [Note 12. Accounts Payable and Equipment Project Payables](index=14&type=section&id=Note%2012.%20Accounts%20Payable%20and%20Equipment%20Project%20Payables) This note provides a breakdown of accounts payable, including trade payables and amounts related to supply chain finance programs Accounts Payable and Equipment Project Payables | Category | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | | :------------------------------------ | :-------------------------- | :-------------------------- | | Trade payables | 5,887 | 4,966 | | Supply chain finance programs | 2,172 | 2,051 | | Total accounts payable and equipment project payables | 9,541 | 8,602 | - Total supplier invoices paid through third-party supply chain finance programs were **$3,166 million** for the nine months ended September 30, 2025, compared to **$2,642 million** in the prior year[62](index=62&type=chunk) [Note 13. Postretirement Benefit Plans](index=14&type=section&id=Note%2013.%20Postretirement%20Benefit%20Plans) This note details the costs and income associated with the company's principal pension, other pension, and retiree benefit plans Non-operating benefit costs (income) (Nine Months Ended September 30) | Plan Type | 2025 (Millions USD) | 2024 (Millions USD) | | :-------------------------- | :------------------ | :------------------ | | Principal pension | (263) | (279) | | Other pension | (44) | (71) | | Principal retiree benefit | (41) | (49) | - Defined contribution plan expenses for U.S. employees were **$119 million** for the nine months ended September 30, 2025, compared to **$110 million** in the prior year[66](index=66&type=chunk) [Note 14. Current and All Other Liabilities](index=14&type=section&id=Note%2014.%20Current%20and%20All%20Other%20Liabilities) This note provides information on various current and long-term liabilities not categorized elsewhere, including product warranties and operating lease liabilities - All other current liabilities **increased $3 million** in the nine months ended September 30, 2025[67](index=67&type=chunk) - All other liabilities **increased $266 million** in the nine months ended September 30, 2025, primarily due to an increase in **product warranties** and **operating lease liabilities**[67](index=67&type=chunk) [Note 15. Income Taxes](index=15&type=section&id=Note%2015.%20Income%20Taxes) This note details the company's effective tax rates, factors influencing them, and potential future tax impacts like valuation allowance releases - The **effective tax rate** was **39.2%** for the three months and **29.8%** for the nine months ended September 30, 2025, higher than the U.S. statutory rate of **21%** due to losses providing no tax benefit and finalization of pre-Spin-Off tax attributes[70](index=70&type=chunk) - Insignificant tax expenses were incurred in connection with **Pillar Two global minimum tax** in the nine months ended September 30, 2025[73](index=73&type=chunk) - It is reasonably possible that a **significant portion** of the U.S. valuation allowance against deferred tax assets could be released in the **fourth quarter of 2025** due to anticipated future profitability[74](index=74&type=chunk) [Note 16. Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock](index=15&type=section&id=Note%2016.%20Accumulated%20Other%20Comprehensive%20Income%20%28Loss%29%20%28AOCI%29%20and%20Common%20Stock) This note provides details on the AOCI balance and changes in common stock, including share repurchases and currency translation adjustments - The **Accumulated Other Comprehensive Income (Loss) (AOCI) balance improved** from **$(1,759) million** at January 1, 2025, to **$(1,438) million** at September 30, 2025, primarily due to **currency translation adjustments**[17](index=17&type=chunk)[76](index=76&type=chunk) - The company repurchased **1.1 million shares** for **$658 million** during the three months ended September 30, 2025, and **6.3 million shares** for **$2,241 million** during the nine months ended September 30, 2025[78](index=78&type=chunk) [Note 17. Earnings Per Share Information](index=15&type=section&id=Note%2017.%20Earnings%20Per%20Share%20Information) This note presents the calculation of basic and diluted earnings per share, including the weighted-average shares outstanding Earnings Per Share (Three Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Net income (loss) attributable to GE Vernova | 452 | (96) | | Basic weighted-average shares outstanding | 272 | 275 | | Diluted weighted-average shares outstanding | 275 | 275 | | Basic EPS | 1.66 | (0.35) | | Diluted EPS | 1.64 | (0.35) | Earnings Per Share (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Net income (loss) attributable to GE Vernova | 1,220 | 1,068 | | Basic weighted-average shares outstanding | 273 | 274 | | Diluted weighted-average shares outstanding | 277 | 277 | | Basic EPS | 4.47 | 3.90 | | Diluted EPS | 4.41 | 3.85 | [Note 18. Other Income (Expense) – Net](index=16&type=section&id=Note%2018.%20Other%20Income%20%28Expense%29%20%E2%80%93%20Net) This note details various non-operating income and expense items, including equity method income, interest, and gains or losses from business interests Other Income (Expense) – Net (Three Months Ended September 30) | Category | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Equity method investment income (loss) | 78 | (1) | | Net interest and investment income (loss) | 91 | 21 | | Gains (losses) on purchases and sales of business interests | 44 | 7 | | Total other income (expense) – net | 221 | 71 | Other Income (Expense) – Net (Nine Months Ended September 30) | Category | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Equity method investment income (loss) | 205 | 44 | | Net interest and investment income (loss) | 125 | 48 | | Gains (losses) on purchases and sales of business interests | 66 | 859 | | Total other income (expense) – net | 455 | 1,025 | - The 2024 nine-month figure included an **$853 million pre-tax gain** related to the sale of a portion of Steam Power nuclear activities to EDF[84](index=84&type=chunk) [Note 19. Financial Instruments](index=16&type=section&id=Note%2019.%20Financial%20Instruments) This note describes the company's use of financial instruments, particularly derivatives, to manage exposure to foreign currency, interest rate, and commodity risks - The company uses **foreign currency contracts** to reduce the volatility of cash flows related to forecasted revenues, expenses, assets, and liabilities, with maximum remaining maturities of up to **14 years**[86](index=86&type=chunk)[87](index=87&type=chunk) Gross Fair Value of Outstanding Derivative Instruments (September 30, 2025) | Category | Gross Notional (Millions USD) | Current Assets (Millions USD) | Non-Current Assets (Millions USD) | Current Liabilities (Millions USD) | Non-Current Liabilities (Millions USD) | | :------------------------------------ | :---------------------------- | :---------------------------- | :-------------------------------- | :--------------------------------- | :----------------------------------- | | Foreign currency exchange contracts accounted for as hedges | 6,718 | 89 | 122 | 35 | 56 | | Derivatives not accounted for as hedges | 34,140 | 429 | 195 | 356 | 175 | | Total gross derivatives | 40,858 | 518 | 317 | 391 | 230 | - The total amount in AOCI related to cash flow hedges was a **net $95 million gain** as of September 30, 2025, compared to a **net $33 million gain** as of December 31, 2024[88](index=88&type=chunk) [Note 20. Variable Interest Entities (VIEs)](index=18&type=section&id=Note%2020.%20Variable%20Interest%20Entities%20%28VIEs%29) This note provides information on the company's involvement with consolidated and unconsolidated variable interest entities - Consolidated VIEs had assets of **$68 million** and liabilities of **$115 million** as of September 30, 2025[94](index=94&type=chunk) - Investments in unconsolidated VIEs were **$130 million** as of September 30, 2025[95](index=95&type=chunk) [Note 21. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies](index=18&type=section&id=Note%2021.%20Commitments%2C%20Guarantees%2C%20Product%20Warranties%2C%20and%20Other%20Loss%20Contingencies) This note details various contractual obligations, financial guarantees, product warranty liabilities, and other potential loss contingencies - Total investment commitments were **$16 million** and unfunded lending commitments were **$65 million** at September 30, 2025[96](index=96&type=chunk) - Indemnification commitments totaled **$1,010 million**, with a recorded liability of **$674 million**, including **$219 million** related to Spin-Off agreements[98](index=98&type=chunk) - Product warranty liability was **$1,486 million** as of September 30, 2025, up from **$1,370 million** at December 31, 2024[99](index=99&type=chunk) - Asset retirement obligations were **$548 million** as of September 30, 2025, with **$466 million** related to nuclear decommissioning[104](index=104&type=chunk) [Note 22. Restructuring Charges and Separation Costs](index=19&type=section&id=Note%2022.%20Restructuring%20Charges%20and%20Separation%20Costs) This note outlines the costs incurred for restructuring initiatives, including workforce reductions and plant closures, and expenses related to the company's separation Total Restructuring and Other Charges (Nine Months Ended September 30) | Category | 2025 (Millions USD) | 2024 (Millions USD) | | :------------------------------------ | :------------------ | :------------------ | | Workforce reductions | 144 | 159 | | Plant closures and associated costs and other asset write-downs | 37 | 251 | | Total restructuring and other charges | 197 | 417 | - A new restructuring plan approved on **July 21, 2025**, is expected to incur approximately **$250 million to $275 million** in costs, primarily for **workforce reductions**, with estimated savings of **$250 million** beginning in 2026[109](index=109&type=chunk)[111](index=111&type=chunk) - Separation costs (benefits) were **$122 million** for the nine months ended September 30, 2025, compared to **$(64) million** in the prior year[114](index=114&type=chunk) [Note 23. Segment Information](index=20&type=section&id=Note%2023.%20Segment%20Information) This note provides financial data disaggregated by the company's operating segments: Power, Wind, and Electrification, including revenues, EBITDA, and assets Total Segment Revenues (Nine Months Ended September 30) | Segment | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------- | :------------------ | :------------------ | :----------- | | Power | 14,019 | 12,696 | +1,323 (+10.4%) | | Wind | 6,742 | 6,592 | +150 (+2.3%) | | Electrification | 6,682 | 5,369 | +1,313 (+24.5%) | | Total | 27,443 | 24,657 | +2,786 (+11.3%) | Segment EBITDA (Nine Months Ended September 30) | Segment | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------- | :------------------ | :------------------ | :----------- | | Power | 1,931 | 1,457 | +474 (+32.5%) | | Wind | (373) | (607) | +234 (Reduced Loss) | | Electrification | 929 | 396 | +533 (+134.6%) | | Total | 2,487 | 1,247 | +1,240 (+99.4%) | Assets by Segment (September 30, 2025) | Segment | Amount (Millions USD) | | :-------------- | :-------------------- | | Power | 24,956 | | Wind | 10,894 | | Electrification | 8,426 | | Other | 10,122 | | Total assets | 54,398 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on GE Vernova's financial condition and operating results for the three and nine months ended September 30, 2025 and 2024, discussing key trends, segment performance, and non-GAAP financial measures [Overview and Key Developments](index=22&type=section&id=Overview%20and%20Key%20Developments) This section highlights significant corporate events, strategic acquisitions, and operational changes impacting the company's business - GE Vernova completed its **separation** from General Electric Company on **April 2, 2024**[132](index=132&type=chunk) - GE Vernova will acquire the remaining **50% stake of Prolec GE** for approximately **$5.3 billion**, expected to close by mid-2026[133](index=133&type=chunk) - The estimated cost impact from global tariffs for the full year 2025 is trending towards the **lower end of approximately $300 million to $400 million**[134](index=134&type=chunk) - The Power Conversion and Solar & Storage Solutions business units within the Electrification segment were combined to form a new business unit, **Power Conversion & Storage**, effective January 1, 2025[135](index=135&type=chunk) [Results of Operations Summary](index=23&type=section&id=Results%20of%20Operations%20Summary) This section provides a high-level overview of the company's financial performance, including revenues, net income, and key non-GAAP metrics Summary of Results (Three Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :------------------------------------ | :------------------ | :------------------ | :------------ | | Total revenues | 9,969 | 8,913 | +1,056 (+11.8%) | | Net income (loss) | 453 | (99) | +552 (Turnaround) | | Diluted EPS | 1.64 | (0.35) | +1.99 (Turnaround) | | Adjusted EBITDA* | 811 | 243 | +568 (+233.7%) | Summary of Results (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :------------------------------------ | :------------------ | :------------------ | :------------ | | Total revenues | 27,112 | 24,376 | +2,736 (+11.2%) | | Net income (loss) | 1,209 | 1,075 | +134 (+12.5%) | | Diluted EPS | 4.41 | 3.85 | +0.56 (+14.5%) | | Adjusted EBITDA* | 2,038 | 957 | +1,081 (+113.0%) | | Cash flows from operating activities | 2,508 | 1,662 | +846 (+50.9%) | | Free cash flow* | 1,902 | 1,129 | +773 (+68.5%) | - Remaining Performance Obligation (RPO) **increased to $135.3 billion** as of September 30, 2025, up **14%** from December 31, 2024, and **15%** from September 30, 2024[139](index=139&type=chunk)[142](index=142&type=chunk) [Segment Operations](index=25&type=section&id=Segment%20Operations) This section analyzes the financial performance and key operational drivers of each of the company's distinct business segments [Power Segment](index=26&type=section&id=Power%20Segment) The Power segment experienced significant growth in RPO, revenues, and EBITDA, driven by strong demand for Gas Power equipment and services, favorable pricing, and increased productivity, despite additional investments and inflation impacts Power Segment RPO | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | Sep 30, 2024 (Millions USD) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Equipment | 18,977 | 12,461 | 11,392 | | Services | 65,083 | 60,890 | 59,911 | | Total RPO | 84,060 | 73,351 | 71,303 | - Power segment RPO **increased by $10.7 billion (15%)** from December 31, 2024, and **$12.8 billion (18%)** from September 30, 2024, primarily due to **Gas Power equipment and services**[157](index=157&type=chunk) Power Segment Revenues and EBITDA (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Total segment revenues | 14,019 | 12,696 | +1,323 (+10.4%) | | Segment EBITDA | 1,931 | 1,457 | +474 (+32.5%) | | Segment EBITDA margin | 13.8% | 11.5% | +2.3 pts | [Wind Segment](index=27&type=section&id=Wind%20Segment) The Wind segment experienced a decrease in RPO and revenues for the three months ended September 30, 2025, but a significant improvement in EBITDA, primarily due to lower contract losses in Offshore Wind and more profitable equipment and productivity in Onshore Wind, despite policy uncertainty and tariffs Wind Segment RPO | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | Sep 30, 2024 (Millions USD) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Equipment | 8,782 | 10,720 | 12,182 | | Services | 12,726 | 11,962 | 12,788 | | Total RPO | 21,508 | 22,682 | 24,969 | - Wind segment RPO **decreased by $1.2 billion (5%)** from December 31, 2024, and **$3.5 billion (14%)** from September 30, 2024, due to decreased orders at Onshore Wind (policy uncertainty) and Offshore Wind (contract execution)[163](index=163&type=chunk) Wind Segment Revenues and EBITDA (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Total segment revenues | 6,742 | 6,592 | +150 (+2.3%) | | Segment EBITDA | (373) | (607) | +234 (Reduced Loss) | | Segment EBITDA margin | (5.5)% | (9.2)% | +3.7 pts | [Electrification Segment](index=28&type=section&id=Electrification%20Segment) The Electrification segment demonstrated strong growth in RPO, revenues, and EBITDA, primarily driven by increased demand for Grid Solutions products like switchgear, substation solutions, and transformers, as well as battery energy storage solutions from Power Conversion & Storage Electrification Segment RPO | Metric | Sep 30, 2025 (Millions USD) | Dec 31, 2024 (Millions USD) | Sep 30, 2024 (Millions USD) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Equipment | 26,455 | 20,005 | 18,624 | | Services | 3,725 | 3,448 | 3,288 | | Total RPO | 30,179 | 23,453 | 21,912 | - Electrification segment RPO **increased by $6.7 billion (29%)** from December 31, 2024, and **$8.3 billion (38%)** from September 30, 2024, driven by demand for **Grid Solutions** and **Power Conversion & Storage products**[169](index=169&type=chunk)[170](index=170&type=chunk) Electrification Segment Revenues and EBITDA (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Total segment revenues | 6,682 | 5,369 | +1,313 (+24.5%) | | Segment EBITDA | 929 | 396 | +533 (+134.6%) | | Segment EBITDA margin | 13.9% | 7.4% | +6.5 pts | [Other Financial Information](index=28&type=section&id=Other%20Financial%20Information) This section discusses gross profit, selling, general, and administrative costs, interest income, and effective tax rates Gross Profit and Margin (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Gross profit | 5,213 | 3,962 | +1,251 (+31.6%) | | Gross margin | 19.2% | 16.3% | +2.9 pts | - Selling, general, and administrative (SG&A) costs were **flat** for Q3 2025 YoY, but **increased** for YTD Q3 2025 to **$3.6 billion** from **$3.4 billion**, primarily due to **higher stock-based compensation**, **labor inflation**, and **corporate costs**, partially offset by cost reduction initiatives[175](index=175&type=chunk) - Interest and other financial income (charges) – net **increased** for both the three and nine months ended September 30, 2025, driven by a **higher average balance of invested funds**[178](index=178&type=chunk) - The **effective tax rate** for YTD Q3 2025 was **29.8%**, higher than the U.S. statutory rate of **21%**, primarily due to losses providing no tax benefit in certain jurisdictions[179](index=179&type=chunk) [Capital Resources and Liquidity](index=29&type=section&id=Capital%20Resources%20and%20Liquidity) This section assesses the company's cash position, dividend policy, share repurchase programs, debt levels, and credit ratings - Cash, cash equivalents, and restricted cash totaled **$7.9 billion** as of September 30, 2025[184](index=184&type=chunk) - The Board declared a **$0.25 per share quarterly dividend** payable November 17, 2025[185](index=185&type=chunk) - The company repurchased **6.3 million shares** for **$2.2 billion** during the nine months ended September 30, 2025, under a **$6 billion authorization**[185](index=185&type=chunk) Free Cash Flow (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :------------------------------------ | :------------------ | :------------------ | :------------ | | Cash from (used for) operating activities | 2,508 | 1,662 | +846 | | Additions to property, plant, and equipment and internal-use software | (606) | (533) | (73) | | Free cash flow | 1,902 | 1,129 | +773 | - Total debt, excluding finance leases, was **less than $0.1 billion** as of September 30, 2025[196](index=196&type=chunk) Credit Ratings (as of filing date) | Agency | Outlook | Long-term | | :----- | :------- | :-------- | | S&P | Positive | BBB- | | Fitch | Positive | BBB | - GE Vernova RPO and other obligations related to GE credit support are approximately **$10 billion**, representing an **over 71% reduction** since the Spin-Off[202](index=202&type=chunk) [Recently Issued Accounting Pronouncements](index=30&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) This section outlines new accounting standards issued by FASB and their potential impact on the company's financial reporting - FASB issued **ASU No. 2024-03, Disaggregation of Income Statement Expenses**, effective for fiscal years beginning after **December 15, 2026**[203](index=203&type=chunk) - FASB issued **ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures**, effective for fiscal years beginning after **December 15, 2024**, with adoption planned for the fiscal year ended **December 31, 2025**[204](index=204&type=chunk)[205](index=205&type=chunk) [Critical Accounting Estimates](index=31&type=section&id=Critical%20Accounting%20Estimates) This section discusses the significant judgments and assumptions management makes in preparing financial statements, which could affect reported results - The preparation of financial statements requires management to make **estimates and assumptions** about material matters that are uncertain, and actual results may differ from these estimates[206](index=206&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures used by management to assess performance, such as organic revenues and Adjusted EBITDA - Non-GAAP financial measures such as **organic revenues**, **Adjusted EBITDA**, and **free cash flow** are used to provide a more complete understanding of underlying operating results and trends by excluding non-cash or non-core items[207](index=207&type=chunk) Organic Revenues (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Total revenues (GAAP) | 27,112 | 24,376 | +2,736 (+11.2%) | | Organic revenues (Non-GAAP) | 27,031 | 24,053 | +2,978 (+12.4%) | Adjusted EBITDA (Nine Months Ended September 30) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (YoY) | | :-------------------------- | :------------------ | :------------------ | :------------ | | Net income (loss) (GAAP) | 1,209 | 1,075 | +134 (+12.5%) | | Adjusted EBITDA (Non-GAAP) | 2,038 | 957 | +1,081 (+113.0%) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) States that GE Vernova is exposed to market risks primarily from fluctuations of foreign currency exchange rates, interest rates, and commodity prices, which are managed and mitigated with the use of financial instruments, including derivatives contracts - The company is exposed to **market risks** primarily from fluctuations of **foreign currency exchange rates**, **interest rates**, and **commodity prices**[222](index=222&type=chunk) - These exposures are managed and mitigated with the use of **financial instruments**, including **derivatives contracts**, with prohibitions on speculative activities[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Reports that the company's disclosure controls and procedures were effective as of September 30, 2025, and notes changes in internal control over financial reporting due to the exit from transition service agreements with GE Aerospace - The company's **disclosure controls and procedures** were **effective** as of September 30, 2025[223](index=223&type=chunk) - Changes in **internal control over financial reporting** occurred during the quarter due to exiting various **transition service agreements** with GE Aerospace, primarily related to information technology systems[224](index=224&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 21 for information regarding legal matters, indicating ongoing involvement in various arbitrations, class actions, litigation, investigations, and other legal, regulatory, or governmental actions in the normal course of business - The company is involved in various **arbitrations, class actions, litigation, investigations**, and other **legal, regulatory, or governmental actions** in the normal course of business, as detailed in Note 21[226](index=226&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Directs readers to the Annual Report on Form 10-K for a comprehensive list of risk factors that could materially and adversely affect the company's business, results of operations, cash flows, financial condition, and future prospects - The company is subject to a number of **risks** that could materially and adversely affect its business, results of operations, cash flows, financial condition, and/or future prospects, as identified in Item 1A. 'Risk Factors' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024[226](index=226&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports on the company's common stock repurchase activity under a $6 billion authorization and details purchases made during the three months ended September 30, 2025. It also mentions an issue with unregistered sales of RSP stock fund units that was subsequently resolved - The Board of Directors authorized up to **$6 billion** of **common stock repurchases** on December 10, 2024[227](index=227&type=chunk) Share Repurchase Activity (Three Months Ended September 30, 2025) | Month | Total shares purchased (thousands) | Average price paid per share | | :-------- | :--------------------------------- | :--------------------------- | | July | 85 | $555.80 | | August | 738 | $612.94 | | September | 273 | $577.28 | | Total | 1,097 | $599.61 | - Approximately **80,000 shares** of company common stock were purchased by Retirement Savings Plan (RSP) participants between July 1 and July 22, 2025, which were initially unregistered but subsequently registered on **July 23, 2025**[228](index=228&type=chunk) [Item 3. Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) States that there were no defaults upon senior securities - There were **no defaults** upon senior securities[229](index=229&type=chunk) [Item 4. Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that this item is not applicable to the company - Mine Safety Disclosures are **not applicable** to the company[229](index=229&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) Reports that none of the company's directors or officers adopted or terminated Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the three months ended September 30, 2025 - None of the company's directors or officers adopted or terminated a **Rule 10b5-1 trading arrangement** or a **non-Rule 10b5-1 trading arrangement** during the three months ended September 30, 2025[230](index=230&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the 10-Q report, including agreements, certifications, and XBRL formatted financial statements - Exhibits include the **Separation and Distribution Agreement**, **Certificate of Incorporation**, **By laws**, offer letters, incentive plans, and various certifications (Rule 13a-14(a), Section 1350)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) - The financial statements are provided in **XBRL (eXtensible Business Reporting Language) format**[234](index=234&type=chunk)[235](index=235&type=chunk) Signatures [Signatures](index=35&type=section&id=Signatures) This section confirms the official signing and submission of the report by the authorized corporate officer - The report was signed by **Matthew J. Potvin, Vice President, Controller and Chief Accounting Officer**, on **October 22, 2025**[237](index=237&type=chunk)

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K) This section details the official filing information for GE Vernova Inc.'s Form 8-K, including registrant details, financial results announcement, exhibits, and official signatures [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic identification details for GE Vernova Inc., including its state of incorporation, SEC file number, address, and its common stock trading symbol (GEV) on the New York Stock Exchange - GE Vernova Inc. is incorporated in Delaware and its common stock (GEV) is registered on the New York Stock Exchange[1](index=1&type=chunk)[2](index=2&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) GE Vernova Inc. announced its third-quarter 2025 financial results on October 22, 2025, which are available on its investor relations website and attached as Exhibit 99 to this Form 8-K. The information is furnished, not filed, and not subject to certain liabilities under the Exchange Act - Third-quarter 2025 financial results were released on October 22, 2025, and are available on the company's investor relations website[4](index=4&type=chunk) - The financial results are attached as Exhibit 99 and are furnished, not filed, meaning they are not subject to certain liabilities under Section 18 of the Securities Exchange Act of 1934[4](index=4&type=chunk)[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K, specifically Exhibit 99, which contains the third-quarter 2025 financial results, and Exhibit 104, the Inline XBRL formatted cover page - Exhibit 99 contains the third-quarter 2025 financial results released on GE Vernova Inc.'s website[6](index=6&type=chunk) - Exhibit 104 is the cover page of the Current Report on Form 8-K formatted as Inline XBRL[6](index=6&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) The report was officially signed on behalf of GE Vernova Inc. by Matthew J. Potvin, Vice President, Controller, and Chief Accounting Officer, on October 22, 2025 - The report was signed by Matthew J. Potvin, Vice President, Controller and Chief Accounting Officer, on October 22, 2025[8](index=8&type=chunk) [Third Quarter 2025 Financial Results (Press Release)](index=4&type=section&id=GE%20Vernova%20reports%20third%20quarter%202025%20financial%20results%20and%20reaffirms%20guidance) This section presents GE Vernova's third-quarter 2025 financial performance, including key highlights, strategic updates, reaffirmed guidance, and detailed segment results [Executive Summary & Highlights](index=4&type=section&id=Third%20Quarter%202025%20Highlights) GE Vernova reported strong third-quarter 2025 financial results, demonstrating robust orders and backlog growth, significant margin expansion, and positive free cash flow, driven by strong demand in Power and Electrification segments Q3 2025 Financial Highlights | Metric | Q3 2025 | YoY Change | | :----- | :------ | :--------- | | Orders (billions USD) | $14.6 | +55% organically | | Revenue (billions USD) | $10.0 | +12% (+10% organically) | | Net Income (billions USD) | $0.5 | N/A | | Net Income Margin (%) | 4.5 | N/A | | Adjusted EBITDA (billions USD) | $0.8 | N/A | | Adjusted EBITDA Margin (%) | 8.1 | N/A | | Cash from Operating Activities (billions USD) | $1.0 | N/A | | Free Cash Flow (billions USD) | $0.7 | Down YoY | | Cash Balance (billions USD) | $7.9 | N/A | - Backlog growth of **$16 billion** year-to-date, with Gas Power equipment backlog and slot reservation agreements increasing from **55 GW to 62 GW** sequentially, and Electrification equipment backlog increasing **$6.5 billion** year-to-date to approximately **$26 billion**[11](index=11&type=chunk)[13](index=13&type=chunk) - **$2.4 billion** in capital returned to shareholders year-to-date[13](index=13&type=chunk) [Company Updates](index=5&type=section&id=Company%20Updates) GE Vernova announced strategic acquisitions and divestitures, continued capital returns to shareholders through share repurchases and dividends, and significant investments in capital expenditures and R&D to support its growth and energy transition initiatives - Announced acquisition of the remaining **50% stake of Prolec GE for $5.275 billion**, expected to close by mid-2026, strengthening its position as a global grid equipment leader[16](index=16&type=chunk) - Repurchased approximately **1.1 million shares for $0.7 billion** in Q3 2025, contributing to a total of **6.3 million shares** repurchased year-to-date through September 30, 2025, at an average price of **$357**[20](index=20&type=chunk) - Paid a **$0.25 per share** quarterly dividend and declared a **$0.25 per share** fourth-quarter dividend[20](index=20&type=chunk) - Announced an agreement to sell its Proficy® manufacturing software business to TPG for **$0.6 billion**, with the transaction expected to close in the first half of 2026[20](index=20&type=chunk) - Completed the acquisition of Alteia SAS, enhancing GE Vernova's AI capabilities and GridOS platform[20](index=20&type=chunk) - Invested **$0.2 billion** in capital expenditures in Q3 2025, part of a commitment to invest **$4 billion** in capex through 2028[20](index=20&type=chunk) - Funded **$0.3 billion** in research and development (R&D) spending in Q3 2025, part of a commitment to invest **$5 billion** in R&D through 2028[20](index=20&type=chunk) [2025 Financial Guidance](index=5&type=section&id=2025%20Guidance) GE Vernova reaffirmed its 2025 financial guidance, expecting revenue to trend towards the higher end of its range, with updated segment-specific expectations for Wind and Electrification reflecting evolving market conditions and performance 2025 Guidance Summary | Metric | 2025 Guidance | | :----- | :------------ | | Revenue (billions USD) | $36-$37 (trending towards higher end) | | Adjusted EBITDA Margin (%) | 8-9 | | Free Cash Flow (billions USD) | $3.0-$3.5 | - The impact of tariffs and resulting inflation is estimated to be trending toward the lower end of approximately **$300-$400 million**, net of mitigating actions[18](index=18&type=chunk) - **Segment Guidance Updates:** * **Power:** Reaffirmed **6%-7%** organic revenue growth and **14%-15%** segment EBITDA margin * **Wind:** Organic revenue expected down high-single digits (compared to prior expectations of down mid-single digits), and **~$400 million** of segment EBITDA losses (changed from $200-400 million, trending towards the bottom of the range) * **Electrification:** Trending towards **25%** organic revenue growth (up from prior expectations of approximately 20%), and **14%-15%** segment EBITDA margin (raising the lower end of prior expectations of 13-15%)[21](index=21&type=chunk) [Results by Reporting Segment](index=6&type=section&id=Results%20by%20Reporting%20Segment) This section details the financial performance of GE Vernova's Power, Wind, and Electrification segments for the third quarter and year-to-date 2025, highlighting orders, revenues, and EBITDA margins, along with key drivers for each segment's results [Power Segment Performance](index=6&type=section&id=Power) The Power segment demonstrated strong growth in orders, revenues, and EBITDA margin in Q3 and YTD 2025, driven by increased Gas Power equipment volume and favorable pricing Power Segment Financials | Metric | Q3 2025 (millions USD) | Q3 2024 (millions USD) | YoY Change | YTD 2025 (millions USD) | YTD 2024 (millions USD) | YTD Change | | :----- | :--------------------- | :--------------------- | :--------- | :--------------------- | :--------------------- | :--------- | | Orders | $7,807 | $5,202 | +50% | $21,142 | $15,206 | +39% | | Revenues | $4,838 | $4,206 | +15% | $14,019 | $12,696 | +10% | | Segment EBITDA | $645 | $499 | +29% | $1,931 | $1,457 | +33% | | Segment EBITDA Margin (%) | 13.3 | 11.9 | +140 bps | 13.8 | 11.5 | +230 bps | - Organic orders increased **+50%**, primarily driven by Gas Power equipment more than doubling due to higher volume (**20 heavy-duty units**, including **13 HA turbines**) and favorable pricing[26](index=26&type=chunk) - Organic revenues increased **+14%**, led by Gas Power, with increased heavy-duty gas turbine deliveries, project commissioning, higher services volume, and favorable price[26](index=26&type=chunk) [Wind Segment Performance](index=6&type=section&id=Wind) The Wind segment experienced a decrease in revenues but a significant improvement in EBITDA margin in Q3 2025, driven by Onshore Wind profitability and productivity, despite lower equipment orders Wind Segment Financials | Metric | Q3 2025 (millions USD) | Q3 2024 (millions USD) | YoY Change | YTD 2025 (millions USD) | YTD 2024 (millions USD) | YTD Change | | :----- | :--------------------- | :--------------------- | :--------- | :--------------------- | :--------------------- | :--------- | | Orders | $1,833 | $1,747 | +5% | $4,535 | $5,057 | (10)% | | Revenues | $2,647 | $2,891 | (8)% | $6,742 | $6,592 | +2% | | Segment EBITDA | $(61) | $(317) | +81% | $(373) | $(607) | +39% | | Segment EBITDA Margin (%) | (2.3) | (11.0) | +870 bps | (5.5) | (9.2) | +370 bps | - Organic orders increased **+4%**, driven by higher Onshore Wind services, which more than offset lower Onshore Wind equipment orders[29](index=29&type=chunk) - Organic revenues decreased **(9)%**, primarily due to the nonrecurrence of a **$0.5 billion** settlement of a previously canceled Offshore Wind project and charges for blade events in Q3 2024[29](index=29&type=chunk) - Segment EBITDA margin improved **+1,070 basis points** organically, driven by Onshore Wind equipment profitability, price, and productivity, partially offset by tariffs[29](index=29&type=chunk) [Electrification Segment Performance](index=7&type=section&id=Electrification) The Electrification segment achieved substantial growth in orders, revenues, and EBITDA margin in Q3 2025, fueled by strong global demand for grid equipment and strategic solutions Electrification Segment Financials | Metric | Q3 2025 (millions USD) | Q3 2024 (millions USD) | YoY Change | YTD 2025 (millions USD) | YTD 2024 (millions USD) | YTD Change | | :----- | :--------------------- | :--------------------- | :--------- | :--------------------- | :--------------------- | :--------- | | Orders | $5,110 | $2,510 | +104% | $11,841 | $10,904 | +9% | | Revenues | $2,601 | $1,928 | +35% | $6,682 | $5,369 | +24% | | Segment EBITDA | $393 | $201 | +96% | $929 | $396 | Favorable | | Segment EBITDA Margin (%) | 15.1 | 10.4 | +470 bps | 13.9 | 7.4 | +650 bps | - Organic orders increased **+102%**, driven by strong demand for grid equipment in the Middle East, North America, and Europe, including **$1.6 billion** in orders for synchronous condensers in Saudi Arabia[14](index=14&type=chunk)[33](index=33&type=chunk) - Organic revenues grew **+32%**, led by Grid Solutions (HVDC and switchgear growth) and Power Conversion and Storage (battery energy storage solutions)[33](index=33&type=chunk) - Segment EBITDA margin grew **+550 basis points** organically, primarily due to volume, productivity, and price at Grid Solutions[33](index=33&type=chunk) [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures, including organic revenues, EBITDA, and free cash flow, to their most comparable GAAP measures, explaining their purpose and limitations [Purpose and Limitations](index=8&type=section&id=Purpose%20and%20Limitations) This section explains that non-GAAP financial measures are supplemental tools used by management and investors to understand core operating results by excluding non-cash or non-recurring items. It also highlights that organic measures specifically exclude the effects of acquisitions, dispositions, and foreign currency to reveal underlying trends, while acknowledging the inherent limitations and advising against sole reliance on these measures - Non-GAAP financial measures are supplemental to U.S. GAAP, helping investors understand financial condition and operating results by excluding non-cash or other items not indicative of core operations[35](index=35&type=chunk) - Organic measures provide a more complete understanding of underlying operating results and trends by excluding the effects of acquisitions, dispositions, and foreign currency[37](index=37&type=chunk) - Management recognizes that non-GAAP measures have limitations, including potential comparability issues with other companies, and should not be considered in isolation from or as alternatives to U.S. GAAP measures[36](index=36&type=chunk) [Organic Revenues, EBITDA, and EBITDA Margin by Segment Reconciliation](index=9&type=section&id=ORGANIC%20REVENUES%2C%20EBITDA%2C%20AND%20EBITDA%20MARGIN%20BY%20SEGMENT%20%28NON-GAAP%29) This section provides detailed reconciliations of GAAP to non-GAAP organic revenues, segment EBITDA, and segment EBITDA margins for the Power, Wind, and Electrification segments for both the three and nine months ended September 30, 2025, adjusting for acquisitions, dispositions, and foreign currency effects Q3 2025 Organic Revenues, EBITDA, and EBITDA Margin by Segment | Segment (Q3 2025) | GAAP Revenue (millions USD) | Organic Revenue (millions USD) | GAAP EBITDA (millions USD) | Organic EBITDA (millions USD) | GAAP EBITDA Margin (%) | Organic EBITDA Margin (%) | | :---------------- | :-------------------------- | :----------------------------- | :------------------------- | :--------------------------- | :----------------------- | :-------------------------- | | Power | $4,838 | $4,789 | $645 | $596 | 13.3 | 12.4 | | Wind | $2,647 | $2,619 | $(61) | $(2) | (2.3) | (0.1) | | Electrification | $2,601 | $2,537 | $393 | $399 | 15.1 | 15.7 | YTD 2025 Organic Revenues, EBITDA, and EBITDA Margin by Segment | Segment (YTD 2025) | GAAP Revenue (millions USD) | Organic Revenue (millions USD) | GAAP EBITDA (millions USD) | Organic EBITDA (millions USD) | GAAP EBITDA Margin (%) | Organic EBITDA Margin (%) | | :----------------- | :-------------------------- | :----------------------------- | :------------------------- | :--------------------------- | :----------------------- | :-------------------------- | | Power | $14,019 | $13,969 | $1,931 | $1,827 | 13.8 | 13.1 | | Wind | $6,742 | $6,757 | $(373) | $(301) | (5.5) | (4.5) | | Electrification | $6,682 | $6,636 | $929 | $924 | 13.9 | 13.9 | [Total Organic Revenues and Equipment/Services Organic Revenues Reconciliation](index=10&type=section&id=ORGANIC%20REVENUES%20%28NON-GAAP%29) This section provides reconciliations of total GAAP revenues to organic revenues, and further breaks down equipment and services revenues into their organic components for both the three and nine months ended September 30, 2025, by adjusting for acquisitions, dispositions, and foreign currency effects Q3 2025 Organic Revenues | Metric (Q3 2025) | GAAP (millions USD) | Organic (millions USD) | YoY Change (Organic) | | :--------------- | :------------------ | :--------------------- | :------------------- | | Total Revenues | $9,969 | $9,826 | +10% | | Equipment Revenues | $5,880 | $5,792 | +10% | | Services Revenues | $4,089 | $4,034 | +11% | YTD 2025 Organic Revenues | Metric (YTD 2025) | GAAP (millions USD) | Organic (millions USD) | YTD Change (Organic) | | :---------------- | :------------------ | :--------------------- | :------------------- | | Total Revenues | $27,112 | $27,031 | +12% | | Equipment Revenues | $14,971 | $14,946 | +16% | | Services Revenues | $12,141 | $12,086 | +9% | [Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation](index=11&type=section&id=ADJUSTED%20EBITDA%20AND%20ADJUSTED%20EBITDA%20MARGIN%20%28NON-GAAP%29) This section reconciles GAAP net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin for Q3 and YTD 2025, by adding back various non-operating or non-cash items such as restructuring charges, gains/losses on business interests, separation costs, non-operating benefit income, depreciation/amortization, interest, and income taxes. It also presents Adjusted Organic EBITDA and margin Q3 2025 Adjusted EBITDA and Margin | Metric (Q3 2025) | GAAP (millions USD) | Non-GAAP (Adjusted) (millions USD) | YoY Change (Adjusted) | | :--------------- | :------------------ | :-------------------------------- | :------------------- | | Net Income (Loss) | $453 | N/A | Favorable | | Adjusted EBITDA | N/A | $811 | Favorable | | Net Income (Loss) Margin (%) | 4.5 | N/A | +560 bps | | Adjusted EBITDA Margin (%) | N/A | 8.1 | +540 bps | | Adjusted Organic EBITDA (millions USD) | N/A | $833 | Favorable | | Adjusted Organic EBITDA Margin (%) | N/A | 8.5 | +600 bps | YTD 2025 Adjusted EBITDA and Margin | Metric (YTD 2025) | GAAP (millions USD) | Non-GAAP (Adjusted) (millions USD) | YTD Change (Adjusted) | | :---------------- | :------------------ | :-------------------------------- | :------------------- | | Net Income (Loss) | $1,209 | N/A | +12% | | Adjusted EBITDA | N/A | $2,038 | Favorable | | Net Income (Loss) Margin (%) | 4.5 | N/A | +10 bps | | Adjusted EBITDA Margin (%) | N/A | 7.5 | +360 bps | | Adjusted Organic EBITDA (millions USD) | N/A | $2,010 | +87% | | Adjusted Organic EBITDA Margin (%) | N/A | 7.4 | +290 bps | [Free Cash Flow Reconciliation](index=11&type=section&id=FREE%20CASH%20FLOW%20%28NON-GAAP%29) This section reconciles GAAP cash from operating activities to Free Cash Flow for both the three and nine months ended September 30, 2025, by deducting gross additions to property, plant, equipment, and internal-use software Q3 2025 Free Cash Flow | Metric (Q3 2025) | GAAP (millions USD) | Non-GAAP (Free Cash Flow) (millions USD) | YoY Change | | :--------------- | :------------------ | :---------------------------------------- | :--------- | | Cash from Operating Activities | $980 | N/A | (13)% | | Free Cash Flow | N/A | $732 | (24)% | YTD 2025 Free Cash Flow | Metric (YTD 2025) | GAAP (millions USD) | Non-GAAP (Free Cash Flow) (millions USD) | YTD Change | | :---------------- | :------------------ | :---------------------------------------- | :--------- | | Cash from Operating Activities | $2,508 | N/A | +51% | | Free Cash Flow | N/A | $1,902 | +68% | [Forward-Looking Statements](index=12&type=section&id=CAUTION%20CONCERNING%20FORWARD-LOOKING%20STATEMENTS) This section provides cautionary statements regarding forward-looking information, outlining inherent uncertainties and key risks that could impact actual financial results [Cautionary Language](index=12&type=section&id=Cautionary%20Language) This section contains cautionary statements regarding forward-looking information, emphasizing that such statements are based on current expectations and assumptions, are inherently uncertain, and are subject to various risks and uncertainties that could cause actual results to differ materially - The release contains forward-looking statements, identifiable by words such as 'believe', 'expect', 'anticipate', 'intend', 'plan', 'estimate', 'guidance', 'will', 'may,' and their negatives or derivatives[52](index=52&type=chunk) - Forward-looking statements reflect current expectations, are based on judgments and assumptions, are inherently uncertain, and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially[53](index=53&type=chunk) [Key Risks and Uncertainties](index=12&type=section&id=Key%20Risks%20and%20Uncertainties) This section outlines various factors that could cause actual results to differ materially from forward-looking statements, including operational execution, market competition, supply chain disruptions, government policies, global economic trends, product quality, and regulatory changes - Key risks include the company's ability to successfully execute its lean operating model, innovate, compete, and manage significant disruptions in its supply chain (e.g., high cost or unavailability of raw materials)[55](index=55&type=chunk) - Other significant factors are changes in government policies and priorities, shifts in demand related to energy transition, global economic trends, geopolitical risks, and product quality or safety failures[55](index=55&type=chunk) - Additional risks encompass the ability to attract and retain personnel, protect intellectual property, execute capital allocation plans, potential credit rating downgrades, cybersecurity incidents, and changes in law, regulation, or policy[55](index=55&type=chunk) [Additional Information](index=13&type=section&id=Additional%20Information) This section provides details on investor resources, including the company's website, social media, conference call information, and a brief overview of GE Vernova's mission and operations [Investor Resources](index=13&type=section&id=Investor%20Resources) GE Vernova provides comprehensive investor resources, including its dedicated investor relations website and social media channels, where financial and other relevant information is regularly updated and posted - GE Vernova's website at https://www.gevernova.com/investors serves as a primary source for financial and other investor information, updated regularly[56](index=56&type=chunk)[57](index=57&type=chunk) - Investors are encouraged to visit the company's LinkedIn and other social media accounts for additional information[56](index=56&type=chunk) [Conference Call and Webcast](index=13&type=section&id=Conference%20Call%20and%20Webcast%20Information) GE Vernova hosted an investor conference call and live webcast on October 22, 2025, to discuss its third-quarter results, with an archived version and accompanying slide presentation available on its investor website - An investor conference call was held on October 22, 2025, at 7:30 AM Eastern Time[58](index=58&type=chunk) - The conference call was broadcast live via webcast, and an archived version, along with the slide presentation, is available on the investor section of the company's website[58](index=58&type=chunk) [About GE Vernova](index=13&type=section&id=About%20GE%20Vernova) GE Vernova Inc. is a global energy company focused on leading the energy transition by electrifying and decarbonizing the world through its Power, Wind, and Electrification segments, supported by accelerator businesses - GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company comprising Power, Wind, and Electrification segments, supported by accelerator businesses[59](index=59&type=chunk) - The company's mission is to lead the energy transition by electrifying and decarbonizing the world, guided by its purpose: 'The Energy to Change the World'[59](index=59&type=chunk) - Headquartered in Cambridge, Massachusetts, U.S., GE Vernova has approximately **75,000 employees** across about **100 countries**[59](index=59&type=chunk)

Group 1 - OpenAI is launching a new AI-integrated web browser called ChatGPT Atlas, initially targeting Mac users, which may disrupt the competition with Chrome and Safari [5] - Airbnb's CEO Brian Chesky stated that the company heavily relies on Alibaba's Tongyi Qianwen model, claiming it is better and cheaper than OpenAI's offerings [6] - The first AI-assisted new drug MTS-004 developed by Jitai Technology has successfully completed Phase III clinical trials, filling a gap in the treatment of Pseudobulbar Affect in China [6] Group 2 - GE Vernova has agreed to acquire the remaining 50% stake in transformer manufacturer Prolec for approximately $5.3 billion, driven by the increasing demand for AI in the power sector [7] - Anthropic is in talks with Google for a cloud computing service agreement potentially worth hundreds of billions, which would enhance Google's position in the market [9] - Meta and private equity giant Blue Owl are raising $27 billion through bond issuance to build data centers, highlighting the significant capital demand for AI infrastructure [10][11]

| GEV GE Vernova | | | --- | --- | | 585.330 ↓ -8.740 -1.47% | 收盘价 10/21 15:59 美东 | | 602.000 + 16.670 +2.85% | 盘前价 10/22 04:43 美东 | | 一 24 24 2 8 8 8 日 ♥ 自选 | ● 快捷交易 | | 最高价 596.780 | 开盘价 593.860 成交量 395.64万 | | 最低价 581.760 | 昨收价 594.070 成交额 23.26亿 | | 平均价 587.868 | 市盈率 TM 140.16 总市值 1593.41亿 ( ... ) | | 振 幅 2.53% | 市盈率(静) 104.04 总股本 2.72亿 | | 换手率 1.46% | 市净率 17.949 流通值 1590.86亿 | | 52周最高 677.008 委 比 42.86% | 流通股 2.72亿 | | 52周最低 251.843 量 比 1.31 | 每 手 1股 | | 历史最高 677,007 股息TM 0.500 | | | 历史最低 114.728 股息率TT ...

Prolec是电网设备供应商，生产覆盖多数额定功率和电压等级的变压器。其在全球拥有7个生产基地(其 中5个位于美国)，员工约1万人。该合资企业最初由通用电气与墨西哥西格努斯集团于1995年共同创 立。 他称全资控股Prolec意味着GE Vernova能增加在北美和电网设备领域的投资，并扩大对建设数据中心的 超大规模企业的服务范围。"每个季度我们都在持续深化与数据中心的紧密联系。" 随着实现大科技公司AI目标所需的数据中心耗电量激增，加之经济电气化程度持续深化，全球电力需 求正迅猛增长。 数据显示，到2035年数据中心预计将消耗全球约4.4%的电力。其能耗规模之巨，足以使其在耗电量"国 家榜单"上位列中国、美国和印度之后，排名第四。 去年从通用电气分拆上市的GE Vernova公司成为这波电力热潮的主要受益者，这很大程度上得益于其燃 气轮机业务的强劲表现。该公司今年股价涨幅约78%。今年9月，该公司同意以6亿美元将其工业软件业 务Proficy出售给另类资产管理公司TPG，计划将收益用于再投资核心业务。 智通财经APP获悉，聚焦于电力系统与清洁能源的美国电力巨头GE Vernova(GEV.US)已同意收购变 ...

Oct 21, 2025 4:31 PM Eastern Daylight Time GE Vernova to Fully Acquire Prolec GE Joint Venture Share CAMBRIDGE, Mass.--(BUSINESS WIRE)--GE Vernova Inc. (NYSE: GEV) today announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, its unconsolidated joint venture with Xignux, further positioning GE Vernova as a global leader serving growing grid markets. The deal will accelerate GE Vernova's Electrification segment's growth trajectory, the company's fastest-growing segment, by expa ...

Core Insights - The company's products are crucial for addressing the increasing electricity demands associated with AI computing [1] Group 1 - The growing electricity demands of AI computing highlight the essential nature of the company's products [1]

The AI revolution seems to be picking up steam, even as some market strategists, economists, and stock analysts ring the alarm bell over extended valuations and the risks of things ending with a crash. ...