GE VernovaGEV決算レポート
NYSE · Industrials · Heavy Electrical Equipment
GE Vernova, Inc. is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts. The company operates through three main segments: Power, which designs, manufactures, and services gas, nuclear, hydro, and steam technologies; Wind, which provides onshore and offshore wind turbines and blades; and Electrification, which offers grid solutions, power conversion, solar and storage solutions, and digital technologies for the transmission, distribution, and manag...
What changed in GE Vernova's 10-K — 2024 vs 2025
Top changes in GE Vernova's 2025 10-K
506 paragraphs added · 847 removed · 76 edited across 8 sections
- Item 7. Management's Discussion & Analysis+193 / −294 · 4 edited
- Item 1A. Risk Factors+214 / −215
- Item 1. Business+74 / −307 · 52 edited
- Item 5. Market for Registrant's Common Equity+8 / −15 · 6 edited
- Item 7A. Quantitative and Qualitative Disclosures About Market Risk+6 / −5 · 3 edited
Item 1. Business
Business — how the company describes what it does
52 edited+22 added−255 removed66 unchanged
Item 1. Business
Business — how the company describes what it does
52 edited+22 added−255 removed66 unchanged
2024 filing
2025 filing
Our Electrification segment includes grid solutions, power conversion, solar and storage solutions, which we collectively refer to as Electrification Systems, and Electrification Software, that provide products and services required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption.
Our Electrification segment includes grid solutions and power conversion & storage, which we collectively refer to as Electrification Systems, and Electrification Software, that provide products and services required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption.
Annually, we purchase approximately $20 billion in materials and components sourced from over 100 countries. We face various supply chain challenges, many of which are industry-wide or arise from geopolitical and economic conditions beyond our control.
GLOBAL SUPPLY CHAIN. Annually, we purchase approximately $20 billion in materials and components sourced from over 100 countries. We face various supply chain challenges, many of which are industry-wide or arise from geopolitical and economic conditions beyond our control.
In addition to our IP portfolio, we have a license to use certain IP from GE Aerospace, including the GE name and the GE Monogram. The license applies to our products and services, as well as to natural extensions and evolutions thereof.
In addition to our IP portfolio, we have a license to use certain IP from GE , including the GE name and the GE Monogram. The license applies to our products and services, as well as to natural extensions and evolutions thereof.
These regulations, such as the Registration, Evaluation, Authorisation and Restriction of Chemicals ( REACH ) regulation of the European Union (EU), include those governing chemicals and components used or generated by products or manufacturing processes, such as per/polyfluoroalkyl substances (PFAS), contained in components and products sourced in connection with manufacturing and services operations.
These regulations, such as the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) regulation of the EU , include those governing chemicals and components used or generated by products or manufacturing processes, such as per/polyfluoroalkyl substances (PFAS), contained in components and products sourced in connection with manufacturing and services operations.
Beyond delivering innovative solutions that ensure grid resiliency such as GridOS, our Electrification Software business has made significant investments in compliance programs and security systems, allowing our products and services to comply with the applicable privacy, data, and cybersecurity regulations. ◦ Financial Services.
Beyond delivering innovative solutions that provide grid resiliency such as GridOS, our Electrification Software business has made significant investments in compliance programs and security systems, allowing our products and services to comply with the applicable privacy, data, and cybersecurity regulations. ◦ Financial Services.
From time to time, we may also need to comply with the EU’s Foreign Subsidies Regulation, which imposes mandatory notification and approval requirements on companies bidding on large public tenders in the EU. 2024 FORM 10-K 10 • Global, Publicly Traded Energy Company.
From time to time, we may also 2025 FORM 10-K 10 need to comply with the EU’s Foreign Subsidies Regulation, which imposes mandatory notification and approval requirements on companies bidding on large public tenders in the EU. • Global, Publicly Traded Energy Company.
These EHS laws apply to a broad range of activities across our whole product lifecycle and our entire global organization, including those related to: • protection of the environment and use of natural resources; • occupational health and safety; • the use, management, release, storage, transportation, r emediation, and disposal of, and exposure to, hazardous substances and waste; • our products, including the use of certain chemicals in our products and production processes; • emissions to air and water; and • climate change and greenhouse gas emissions.
These EHS laws apply to a broad range of activities across our whole product lifecycle and our entire global organization, including those related to: • protection of the environment and use of natural resources; • occupational health and safety; • the use, management, release, storage, transportation, remediation, and disposal of, and exposure to, hazardous substances and waste; • our products, including the use of certain chemicals in our products and production processes; • emissions to air and water; and • climate change and greenhouse gas emissions.
Nu clear Power - provides nuclear technology solutions for boiling water reactors including reactor design, reactor fuel and support services, and the design and development of small modular reactors through joint ventures with Hitachi, Ltd. Hydro Power - provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small hydropower solutions.
Nuclear Power - provides nuclear technology solutions for boiling water reactors including reactor design, reactor fuel and support services, and the design and development of small modular reactors through joint ventures with Hitachi, Ltd. Hydro Power - provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small hydropower solutions.
Various companies compete with us across single or multiple products and services. Key Power segment competitors include Siemens Energy, Mitsubishi Power, Westinghouse, Framatome, and Rolls-Royce. Key Wind segment competitors include Vestas, Siemens-Gamesa, and Nordex. Key Electrification segment competitors include Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, and ABB. SEGMENTS .
Various companies compete with us across single or multiple products and services. Key Power segment competitors include Siemens Energy, Mitsubishi Power, Westinghouse , Framatome, and Rolls-Royce. Key Wind segment competitors include Vestas, Siemens-Gamesa, Nordex, Envision, and Goldwind. Key Electrification segment competitors include Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, and ABB. SEGMENTS.
GE Vernova is committed to providing and promoting a safe and healthy working environmen t, using natural resources and energy in a sustainable way, and avoiding an adverse impact to employees and contractors, our customers, the environment, and the communities where we do business.
GE Vernova is committed to providing and promoting a safe and healthy working environment, using natural resources and energy in a sustainable way, and avoiding an adverse impact to employees and contractors, our customers, the environment, and the communities where we do business.
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available, without charge, on our website, as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act), are available, without charge, on our website, as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.
Gas Power - offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and numerous industrial applications, ranging from small, mobile power to utility scale power plants. Gas Power also delivers maintenance and service solutions across total plant assets and over their operational lifecycle.
Gas Power - offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and numerous industrial applications, ranging from small, mobile power to utility scale power plants. Gas Power also delivers maintenance and service solutions across total plant assets and over their operational lifecycl e.
We support our customers by maintaining the highest standards in safeguarding our employees, our contracting partners, and the environment. In addition to our own internal e nterprise standards and core requirements on various EHS topics, we are subject to international, national, state, and local EHS laws, regulations, and industry and customer standards, including EHS licensing and authorization requirements.
We support our customers by maintaining the highest standards in safeguarding our employees, our contracting partners, and the environment. In addition to our own internal enterprise standards and core requirements on various EHS topics, we are subject to international, national, state, and local EHS laws, regulations, and industry and customer standards, including EHS licensing and authorization requirements.
Onshore Wind - delivers wind turbines, technology, and services for the onshore wind power industry by focusing on work-horse products in select geographies, while continuing to innovate the technology to create wind turbines suitable for various markets and environmental conditions. Our workhorse products include our 2.8-127m, 3.6-154m, and 6.1-158m onshore units.
Onshore Wind - delivers wind turbines, technology, and services for the onshore wind power industry by focusing on workhorse products in select geographies, while continuing to innovate the technology to create wind turbines suitable for various markets and environmental conditions. Our workhorse products include our 2.8-127m, 3.6-154m, 6.1-158m, and 6.0-164m onshore units.
They are guided by our customers’ demands for sustainable, affordable, resilient, and secure energy. Additionally, Advanced Research partners with other established and start-up companies and educational institutions to incubate and commercialize new technology and launch new businesses in markets that are key to the energy transition but go beyond GE Vernova’s core businesses. INTELLECTUAL PROPERTY.
They are guided by our customers’ demands for sustainable, affordable, resilient, and secure energy. Additionally, Advanced Research partners with other established and start-up companies and educational institutions to incubate and commercialize new technology and launch new businesses in markets that are key to the energy transition but go beyond GE Vernova’s core businesses. 2025 FORM 10-K 7 INTELLECTUAL PROPERTY.
Our products and technologies harness resources such as natural gas, oil, diesel, water, and nuclea r to produce electric power and include gas and steam turbines, full balance of plant, upgrade, and service solutions.
Our products and technologies harness resources such as natural gas, oil, diesel, water, and nuclear to produce electric power and include gas and steam turbines, full balance of plant, upgrade, and service solutions.
We expect to invest approximately $5 billion of cumulative R&D from 2025 through 2028 across our businesses. Approximately half of this R&D is focused on continuously 2024 FORM 10-K 7 industrializing existing products and supporting our installed base for this decade. The other half is focused on long-term innovation to deliver our next generation of differentiated products.
We expect to invest approximately $ 5 billion of cumulative R&D from 2025 through 2028 across our businesses. Approximately half of this R&D is focused on continuously industrializing existing products and supporting our installed base for this decade. The other half is focused on long-term innovation to deliver our next generation of differentiated products.
Social dialogue, including information, consultation, and negotiation, is a key component of doing business in Europe and a driver of sustainable business growth for us in the region. • In addition to the U.S. and Europe, we also engage with employee representative bodies in China (2,200 employees), India (2,000 employees), Canada (700 employees), Brazil (600 employees), and Mexico (150 employees).
Social dialogue, including information and consultation, is a key component of doing business in Europe and a driver of sustainable business growth for us in the region. • In addition to the U.S. and Europe, we also engage with employee representative bodies in China (3,000 employees), India (2,000 employees), Canada (700 employees), Brazil (700 employees), and Mexico (175 employees).
In the U.S., the NRC oversees the licensing, permitting, and decommissioning of nuclear sites. Our Nuclear business’s standard process is to work with the national regulatory commissions in order to comply with all aspects of regulations from permitting at the time of site selection to decommissioning requirements at the end of life. ◦ Offshore Wind. The U.S.
Our Nuclear business’s standard process is to work with the national regulatory commissions in order to comply with all aspects of regulations from permitting at the time of site selection to decommissioning requirements at the end of life. ◦ Offshore Wind. The U.S.
We maintain processes and procedures that comply with such applicable global laws and regulations as they pertain to the various stages of 2024 FORM 10-K 9 our production life cycle, including the development of our products. Our ability to design, market, sell, and distribute our products globally depends upon our compliance with laws and regulations in each jurisdiction.
We maintain processes and procedures to comply with such applicable global laws and regulations as they pertain to the various stages of our production life cycle, including the development of our products. Our ability to design, market, sell, and distribute our products globally depends upon our compliance with laws and regulations in each jurisdiction.
As artificial intelligence (AI) is an emerging area, we expect to see increased legislation, such as the EU Artificial Intelligence Act, and additional regulatory obligations across the jurisdictions in which we operate. ◦ Anti-bribery and Anti-corruption. The U.S.
As AI is an emerging area, we expect to see increased legislation, such as the EU Artificial Intelligence Act, and additional regulatory obligations across the jurisdictions in which we operate. ◦ Anti-bribery and Anti-corruption. The U.S. Foreign Corrupt Practices Act (FCPA), the U.K.
Our company strategy is focused on: • Delivering on global sustainability, by developing, providing, and servicing technologies that enable electrification and decarbonization. • Maintaining and enhancing strong relationships with many of the leading and largest utilities, developers, governments, and electricity users. • Servicing the existing installed base and delivering new technologies and processes, which improve customer outcomes while driving increased profitability and cash flow. • Improving margins and lowering risk through better underwriting. • Streamlining our product portfolio to focus on core workhorse products, which will improve both cost and quality going forward. • Using Lean to improve our cost structure and productivity levels across our business and corporate functions. • Innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and decarbonize the world. • Allocating capital as a whole and within our various businesses – focused on generating cash flow to enable attractive stockholder returns, with a commitment to return at least 1/3 of our free cash flow* to our stockholders.
Our company strategy is focused on: • Delivering on global sustainab ility by developing, providing, and servicing technologies that enable electrification and decarbonization. • Maintaining and enhancing strong relationships with many of the leading and largest utilities, developers, governments, and electricity users. • Servicing the existing installed base and delivering new technologies and processes, which improve customer outcomes while driving increased profitability and cash flow. • Improving margins and lowering risk through better underwriting. • Streamlining our product portfolio to focus on core workhorse products, which will improve both cost and quality going forward. • Using l ean to improve our cost structure and productivity levels across our business and corporate functions. • Innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and decarbonize the world. • Allocating capital as a whole and within our various businesses – focused on generating cash flow to invest in our core businesses, invest in targeted mergers and acquisitions (M&A) , and return at least 1/3 of our cash generation to our stockholders .
Foreign Corrupt Practices Act ( FCPA) , the United Kingdom ( U.K.) Bribery Act of 2010, the Brazil Clean Companies Act, China’s Unfair Competition Law, India’s Prevention of Corruption Act, and similar anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business. • Employer.
Bribery Act of 2010, the Brazil Clean Companies Act, China’s Unfair Competition Law, India’s Prevention of Corruption Act, and similar anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business. • Employer.
As of December 31, 2024, our fundamentals remained strong with approximately $73.4 billion in r emaining performance obligations (RPO) and a gas turbine installed base of approximately 7,000 units with approximately 1,700 units under long-term service agreements and an average remaining contract life of approximately 10 years.
As of December 31, 2025 , our fundamentals remained strong with approximately $94.4 billion in remaining performance obligations (RPO) and a gas turbine installed base of approximately 7,000 units with approximately 1,800 units under long-term service agreements and an average remaining contract life of approximately 10 years.
Wind services assist customers in improving cost, capacity, and performance of their assets over the lifetime of their fleets, utilizing digital infrastructure to monitor, predict, and optimize wind farm energy performance. Offshore Wind - provides offshore wind power technologies and wind farm development for the offshore wind power sector .
Wind services assists customers in improving cost, capacity, and performance of their assets over the lifetime of their fleets, utilizing digital infrastructure to monitor, predict, and optimize wind farm energy performance. 2025 FORM 10-K 6 Offshore Wind - provides offshore wind power technologies and wind farm development for the offshore wind power sector.
Some of our businesses are subject to product regulatory regimes specific to their sector. In particular: ◦ Nuclear. Our nuclear products and technologies are regulated through country-specific laws and regulations and are subject to various safety-related requirements imposed by the U.S. Government, the Department of Energy, and the Nuclear Regulatory Commission ( NRC) .
Some of our businesses are subject to product regulatory regimes specific to their sector. In particular: ◦ Nuclear. Our nuclear products and technologies are regulated through country-specific laws and regulations and are subject to various safety-related requirements. In the U.S. , the U.S.
GE Vernova’s portfolio also includes Advanced Research with hundreds of technologists and cross-discipline experts focused on enabling ground-breaking innovations destined to shape the energy transition. Our footprint is tr uly global with ap proximately 24,000 employees in Europe, 19,000 employees in the U.S., 18,000 employees in Asia, and 7,000 employees in Latin America.
GE Vernova’s portfolio also includes Advanced Research with hundreds of technologists and cross-discipline experts focused on enabling ground-breaking innovations destined to shape the energy transition. Our footprint is truly global with approximately 24,000 employees in Europe, 21,000 employees in the U.S., 19,000 employees in Asia, and 6,000 employees in Latin America.
As of December 31, 2024, we had 32 HA-Turbines in RPO, 30 being installed and commissioned, and 115 HA-Turbines in our installed base with approximately 2.9 million operating hours. We maintain a strong focus on our underwriting discipline and risk management to secure deals that meet our financial hurdles and ensure we deliver confidently for our customers.
As of December 31, 2025 , we had 51 HA -Turbines in RPO, 43 being installed and commissioned, and 126 HA-Turbines in our installed base with approximately 3.6 million operating hours. We maintain a strong focus on our underwriting discipline and risk management to secure deals that meet our financial hurdles and ensure we deliver confidently for our customers.
The purpose, passion, and expertise our employees embody every day is fundamental to providing essential electricity around the world and for the future of our environment. It is our mission to inspire, engage, and develop our employees to their fullest potential. ENVIRONMENTAL, HEALTH, AND SAFETY MATTERS.
The purpose, passion, and expertise our employees embody every day is fundamental to providing essential electricity around the world and for the future of our environment. ENVIRONMENTAL, HEALTH, AND SAFETY MATTERS.
Our s ustainability framework is guided by our commitment to help the energy sector address the energy trilemma of reliability, affordability, and sustainability. To operationalize this commitment, we have built the sustainability governance framework of “the Control Room.” The Control Room is led by our Chief Sustainability Officer, who supervises a cross-functional, global team, and chairs our Sustainability Council.
To operationalize this commitment, we have built the sustainability governance framework of “the Control Room.” The Control Room is led by our Chief Sustainability Officer , who supervises a cross-functional, global team, and chairs our Sustainability Council.
In our Wind segment, we engineer, manufacture, and commercialize wind turbines, an important technology playing a role in the energy transition as we seek to decarbonize the world's energy sector .
Wind . Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades. In our Wind segment, we engineer, manufacture, and commercialize wind turbines, an important technology playing a role in the energy transition as we seek to decarbonize the world's energy sector.
See Item 1A. "Risk Factors" for further information about these risks. COMPETITION. We believe GE Vernova's businesses' ability to supply the electric power industry with a broad array of advanced technologies for an intelligent, sustainable power system that help customers accelerate the energy transition is a key differentiator among various of our competitors.
We believe GE Vernova's businesses' ability to supply the electric power industry with a broad array of advanced technologies for an intelligent, sustainable power system that help customers accelerate the energy transition is a key differentiator among various competitors .
SUSTAINABILITY. As a company whose technology base helps generate approximately 25% of the world’s electricity, our integration of sustainability into our core business strategy and culture reflects our strategic imperative to electrify and decarbonize the world and to play a crucial role in the energy transition.
SUSTAINABILITY . As a company whose technology base helps generate approximately 25% of the world’s electricity, our integration of sustainability into our core business strategy and culture reflects our mission to electrify to thrive and decarbonize the world.
We call these five principles the GE Vernova Way: • We drive innovation in everything we do to electrify and decarbonize the world. • We serve our customers with pride and a focus on mutual success and long-term impact. • We challenge ourselves to be better every day; l ean is how we work. • We break boundaries and cross borders to win as one team . • We remain accountable individually and collectively to deliver on our purpose and commitments. 2024 FORM 10-K 8 As we strive to live the GE Vernova Way, we create a more respectful, inclusive culture where we can each contribute to meaningful work.
We call this the GE Vernova Way: We drive innovation in everything we do to electrify and decarbonize the world. • We serve our customers with pride and a focus on mutual success and long-term impact. • We challenge ourselves to be better every day; lean is how we work. • We break boundaries and cross borders to win as one team . • We remain accountable individually and collectively to deliver on our purpose and commitments.
We are a manufacturer and servicer of energy products, a participant in the energy supply chain, a large publicly traded U.S. corporation that operates globally, a government contractor, and an employer of a large global workforce. As such, our businesses and operations are affected by global laws, regulations, and standards that impact each of these capacities. • Manufacturer and Servicer.
We are a manufacturer and servicer of energy products, a participant in the energy supply chain, a large publicly traded U.S. corporation that operates globally, a government contractor, and an employer of a large global workforce.
We continue to invest in new product development. In Nuclear Power, we have an agreement with a customer for the deployment of small modular nuclear reactor (SMR) technology, making it the first commercial contract of its kind in North America. SMRs have the potential to reduce nuclear power plant costs and cycle times through their standardized and modularized design.
We continue to invest in new product development. In Nuclear Power, we have an agreement with a customer for the deployment of small modular nuclear reactor (SMR) technology, making it the first commercial contract of its kind in North America. We are also in discussion with the U.S . Administration regarding the development of SMRs.
EHS operational reviews at both the business and GE Vernova level address progress on program execution as well as strategy discussions related to emerging EHS risks. REGULATION .
Operations are assessed on a regular basis as part of our management of change ( MOC ) process to mitigate safety risks. EHS operational reviews at both the business and GE Vernova level address progress on program execution as well as strategy discussions related to emerging EHS risks. REGULATION.
Our w orkhorse products account for approximately 70% of our equipment RPO at December 31, 2024 . Included in our RPO are services agreements on approximately 23,000 of our onshore wind turbines, from an installed base of approximately 57,000 units. At Onshore Wind, we are focused on improving our overall fleet availability.
Our workhorse products account for approximately 75% of our equipment RPO at December 31, 2025 . Included in our RPO are services agreements on approximately 24,000 of our onshore wind turbines, from an installed base of approximately 59,000 units.
Internally, we manage risks through cyber mitigation, business continuity planning, and crisis management. We have developed cross- business councils for supply chain and procurement to proactively share best practices around supply chain resiliency.
We are expanding these efforts to consider environmental impact and environmental, social, and governance (ESG) regulations along with alignment to our GE Vernova sustainability framework. Internally, we manage risks through cyber mitigation, business continuity planning, and crisis management. We have developed cross- business councils for supply chain and procurement to proactively share best practices around supply chain resiliency.
Several of the key offerings in this segment, for example, include our high-voltage direct current transmission (HVDC) products, power transformers, switchgear, and our grid automation related products and services. Grid Solutions - enables power utilities and industries worldwide to effectively manage electricity from the point of generation to consumption, helping the reliability, efficiency, and resiliency of the grid.
Several of the key offerings in this segment, for example, include our high-voltage direct current transmission (HVDC) and alternating current substation solutions, power transformers, switchgear, synchronous condensers, and our grid automation related products and services.
In Gas Power, we are committed to long-term investments to meet our growing demand from our customers by enhancing production capacity at existing factories to address the increasing need for both equipment and services. We continue to invest in technologies and decarbonization pathways to deliver lower carbon-emitting and more reliable power.
SMRs have the potential to reduce nuclear power plant costs and cycle times through their standardized and modularized design. In Gas Power, we are committed to long-term investments to meet our growing demand from our customers by enhancing production capacity at existing factories to address the increasing need for both equipment and services.
Finally , we are continuing our restructuring program to reduce our operating costs and are seeing the benefits both operationally and financially . At Offshore Wind , we continue to experience pressure related to our product and project costs and execution timelines, as we deliver on our existing backlog.
Finally, we continue to make investments to improve our fleet availability and services profitability. At Offshore Wind, we continue to experience pressure related to our project costs and execution timelines, as we deliver on our existing backlog .
We are committed to prioritizing safety, building and fostering an inclusive workplace globally and in the communities in which we operate, promoting a culture of compliance and ethics, and advancing human rights across our supply chain. *Non-GAAP Financial Measure 2024 FORM 10-K 5 The global shift towards a variety of energy sources, evolving and increased environmental regulations and requirements, and climate change effects, present both challenges and opportunities that may impact our business.
We are committed to prioritizing safety, building and fostering an inclusive workplace globally and in the communities in which we operate, promoting a culture of compliance and ethics, and advancing human rights across our supply chain.
In addition, we have approximately 1,800 employees in Quality or environmental, health, and safety (EHS) roles, critical disciplines for our success as a company. Our culture enables us to deliver on our purpose and drive performance. We operate according to a set of shared principles that guide how we aspire to speak, behave, interact, and make decisions.
In addition, we have over 3,000 employees in q uality or environmental, health, and safety (EHS) roles, critical disciplines for our success as a company. Our culture enables us to deliver on our purpose: Electrify to Thrive and Decarbonize.
Offerings include a comprehensive portfolio of equipment, hardware, protection and control, automation, and digital services. Grid Solutions also addresses the challenges of the energy transition by safely and reliably connecting intermittent renewable energy generation to transmission networks.
Grid Solutions also addresses the challenges of the energy transition by safely and reliably connecting intermittent renewable energy generation to transmission networks. Power Conversion & Storage - combines advanced energy conversion and storage systems to meet the electrification needs of utilities and industries.
To address these challenges, we maintain strong supplier relationships and prioritize opportunities to localize our supply chain to serve our distinct geographies, while at the same time allowing us to maintain a globally diverse supply chain for operational resiliency.
We also prioritize opportunities to localize our supply chain to se rve distinct geographies, while at the same time allowing us to maintain a globally diverse supply chain for operational resiliency. Our risk-base d supplier onboarding process involves thorough due diligence, focusing on performance, labor standards, ethical sourcing, and human rights , supported by an audit program.
We encourage investors to visit this website from time to time, as information is updated, and new information is posted. IT EM 1 A. R ISK FACT ORS . SUMMARY OF RISK FACTORS An investment in our company is subject to a number of risks.
We encourage investors to visit this website from time to time, as information is updated, and new information is posted.
Our EHS management system includes measures to verify that we are monitoring adherence to GE Vernova EHS standards and regulatory requirements through audits and inspections. Operations are assessed on a regular basis as part of our management of change (MOC) process to mitigate safety risks.
We reinforce safe start and mobilization practices, and deepened collaboration through contractor and partner forums to drive alignment and shared accountability for safety. Our EHS management system includes measures to verify that we are monitoring adherence to GE Vernova EHS standards and regulatory requirements through audits and inspections.
Demand remains strong for large scale transmission- related equipment to interconnect renewables and move bulk power. We also continue to benefit from higher growth in orders from other transmission activities within our Grid Solutions business. Our Grid Solutions business is positioned to support grid expansion and modernization needs globally.
We continue to experience robust demand for our systems, equipment, and services. Demand remains strong for large scale transmission- related equipment to interconnect renewables and move bulk power.
We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable power. Despite evolving market factors related to the energy transition, such as increased renewable energy penetration and new climate change-related legislation and policies, we anticipate the gas power industry will grow over the next decade.
We believe that gas power plays an essential role in the energy transition , serving as a fundamental source of reliable and dispatchable power to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers .
GE Vernova’s relationship with employee-representative organizations around the world takes many forms. • Within the U.S., we have approximately 1,300 union-represented production and maintenance employees who are covered by a four-year collective bargaining agreement that was ratified for a two-year extension in 2023 and expires in June of 2025. • In Europe, we engage with approximately 100 representative organizations such as works councils and trade unions, in accordance with local law.
S ., we have approximately 1,400 union-represented production and maintenance employees, of which approximately 1,350 are covered by a five-year collective bargaining agreement that expires in June 2030. • In Europe, we have a European Works Council which represents all of our employees in European Union ( EU) member states, the United Kingdom ( U.K.) , Switzerland, and Norway.
We are committed to driving quality improvements, installation efficiencies, and cost productivity. Similar to Onshore Wind, we have embarked on a restructuring program to reduce our operating costs . Electrification.
Despite these challenges, we are focused on driving quality improvements, installation efficiencies, cost productivity, and working with regulators to drive better outcomes for both our customers and businesses . Electrification.
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We expect gas power generation to increase at low-single digit rates, playing a critical role supporting load growth, maintaining grid stability, and energy security. During the year ended December 31, 2024, GE Vernova's gas turbine installed base utilization was flat compared to the same period last year .
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The global shift towards a variety of energy sources, evolving and increased environmental regulations and requirements, and climate change effects, present both challenges and opportunities that may impact our business. See Item 1A. "Risk Factors" for further information about these risks. 2025 FORM 10-K 5 COMPETITION.
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Growth in Asia from fewer outages and more HA units commissioned and higher utilization in the United States ( U.S.) were offset by Europe where increased nuclear, hydro, and renewable energy drove lower gas operations in the year. Global electricity demand increased by low-single digits.
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We continue to invest in technologies and decarbonization pathways to deliver lower carbon-emitting and more reliable power, launching our first commercial direct air capture deployment with a collaborator , using GE Vernova’s proprietary solid sorbent technology. We are committed to advancing decarbonization technologies that we believe will provide our customers with options for more renewable and more dependable energy.
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In the fourth quarter, we secured an agreement in the United Kingdom for one of the world's first commercial-scale gas-fired power stations with carbon capture, aiming to capture up to 2 million tons of CO 2 annually and contributing to the United Kingdom's net-zero goals.
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At Onshore Wind, we are growing our installed base by focusing on customers and markets that best align with our product offering, design philosophy, and supply chain footprint. The U.S. market currently represents approximately 60% of Onshore Wind's equipment RPO. This market has seen various changes related to sector-specific tariffs and p roduction tax credits , increasing short-term demand volatility.
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We are committed to advancing decarbonization technologies that we believe will provide our customers with options for more r enewable and more dependable energy. 2024 FORM 10-K 6 Wind. Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades.
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We monitor government actions for any changes that could adversely impact wind turbine manufacturers, while making strategic investment decisions that both preserve and enhance our competitive position in this market. In parallel, we are growing our international equipment profitability by selling established workhorse products in markets where we have a competitive advantage.
Removed
We are reducing product variants and deploying repairs and other corrective measures across the fleet. Concurrently, we intend to operate in fewer geographies and focus on those geographic regions that a lign better with our products and supply chain footprin t, positioning our workhorse products to targeted countries.
Added
On December 22, 2025, the United States Department of Interior announc ed that it is pausing the leases for all large-scale offshore wind projects under construction in the United States , which had a direct impact on the Vineyard Wind project completion timeline.
Removed
Our volume mix has shifted towards the U.S., currently representing approximately 75% of Onshore Wind's equipment RPO, while our international volume has become smaller and more profitable. Specifically in the U.S., the IRA introduced new, and extended existing, tax incentives, significantly improving project economics for our customers and tu rbine producers.
Added
Grid Solutions - enables power utilities and industries worldwide to effectively manage electricity from the point of generation to consumption , helping improve the reliability, efficiency, and stability of the grid. Offerings include a comprehensive portfolio of equipment, hardware, protection and control, automation, and digital services.
Removed
Our projects in the U.S. generally benefit from incentives available to our customers and broadly available IRA incentives . We will continue to monitor government actions for any changes that could adversely impact the market for wind turbine manufacturers.
Added
With a focus on industrial electrification, power stability, and energy storage solutions, Power Conversion & Storage empowers customers by addressing their most complex electrification challenges accelerating their transition to a sustainable, decarbonized future. Electrification Software - supports the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption.
Removed
Power Conversion - applies the science and systems of power conversion to provide motors, generators, automation, and control equipment, and drives for energy intensive industries such as marine, oil and gas, mining, rail, metals, and test systems.
Added
We also continue to benefit from higher growth in orders from other transmission activities to connect new power sources, to electrify industries including data centers playing a key role in the development of artificial intelligence (AI) , and to modernize existing grid infrastructure . Our Grid Solutions business is positioned to support grid expansion and modernization needs globally.
Removed
Solar & Storage Solutions - provides integration of renewable energies that drive stability to the grid and integrates storage and renewable energy generation sources. Electrification Software - supports the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption. We continue to experience robust demand for our systems, equipment, and services.
Added
See “Certain Relationships and Related Transactions and Director Independence” in Part III, Item 13 of our annual report on Form 10-K for the year ended December 31, 2024, which incorporated by reference the section titled "Agreements Governing Intellectual Property" that was included in the section titled "Certain Relationships and Related-Party and Other Transactions" in GE Vernova's definitive proxy statement relating to our 2025 Annual Meeting of Stockholders.
Removed
See “Certain Relationships and Related Person Transactions—Agreements with GE—Agreements Governing Intellectual Property” in our information statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the SEC on March 8, 2024 (the Information Statement). GLOBAL SUPPLY CHAIN.
Added
See "Risks Relating to Operations and Supply Chain" in Item 1A. "Risk Factors" for additional information. To address these challenges, we maintain strong supplier relationships and connected forecasting to identify and mitigate capacity risks as early in the process as possible.
Removed
Our risk- based supplier onboarding process involves thorough due diligence, focusing on performance, labor standards, ethical sourcing, and human rights, supported by an audit program. We are expanding these efforts to consider environmental impact and environmental, social and governance ( ESG) regulations, along with alignment to our GE Vernova sustainability framework.
Added
To mitigate the impact of tariffs, we are diversifying our supply chains, increasing U.S. manufacturing capabilities, and engaging with policy makers and industry associations to advocate for more beneficial trade policies.
Removed
Additional human capital priorities include: • Protecting the health and safety of our workforce and contractors. • Driving continuous improvement and eliminating waste through lean. • Operating as one GE Vernova. • Driving sustainable high performance. • Attracting and developing talent with the variety of skills to innovate and grow our business; fostering an inclusive culture.
Added
We operate according to a set of shared principles that guide how we create value for our customers, people, stockholders , and planet.
Removed
For Vineyard Wind, we are the manufacturer and supplier of our newly developed Haliade-X 220m wind turbines (Haliade-X). In July 2024, a wind turbine blade event occurred at the Vineyard Wind offshore wind farm as a result of a manufacturing deviation. See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further information.
Added
G E Vernova is strongly committed to attracting, developing, and retaining exceptional talent. This requires an environment where employees can learn, experiment and grow, professionally and personally . Employees are empowered to own their own career development through self-directed tools that facilitate career planning, growth experiences, and mentor connections.
Removed
These risks relate to our business and strategy, industry dynamics, laws and regulations, the Spin-Off, our common stock, and the securities market. Any of these risks and other risks as more fully described below under this Item 1A.
Added
In parallel, we continue to invest in world-class early career development programs, leadership learning, energy industry acumen, and hands-on l ean experiences. Clear expectations, ongoing feedback, and pay-for-performance are the essential elements of how we drive high performanc e.
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
0 edited+214 added−215 removed0 unchanged
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
0 edited+214 added−215 removed0 unchanged
2024 filing
2025 filing
Removed
Item 1A. "Risk Factors." Our worldwide operations are affected by regional and global factors impacting energy demand, including industry trends like decarbonization, an increasing demand for r enewable energy alternatives, and changes in broader economic and geopolitical conditions .
Added
ITEM 1A. RISK FACTORS. You should carefully consider the following risks and other information set forth in this Annual Report on Form 10-K in evaluating GE Vernova and GE Vernova’s common stock. The risks and uncertainties described below are not the only risks and uncertainties we face.
Removed
These trends, along with the growing focus on the digitization and sustainability of the electricity infrastructure, drive growth across each of our business segments.
Added
Additional risks and uncertainties not presently known to us or that we presently deem less significant may also adversely affect our business.
Removed
We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on these long-term trends: • Demand growth for electricity generation – Significant investment, infrastructure, and supply diversity will be essential to help meet forecasted energy demand growth arising from population and global economic growth. • Decarbonization – The urgency to combat climate change is fueling technology advancements that improve the economic viability and efficiency of r enewable energy alternatives and facilitate the transition to a more sustainable power sector. • Evolving generation mix – The power industry is shifting from coal generation to more electricity generated from zero- or low-carbon energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient and affordable system. • Energy resilience & security – Threats and challenges from extreme weather events, cyber-attacks, and geopolitical tensions have increased focus on the strength and resilience of power generation and transmission and reinforced the need for a diversified mix of energy sources. • Grid modernization and investment – Increased demand and the integration of advanced generation and storage solutions drive the need to update aging infrastructure with new grid integration and automation solutions. • Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and subsidies for renewable energy technologies, can significantly impact the power generation landscape.
Added
Risks Relating to Operations and Supply Chain Quality issues among our products, solutions, and services could cause us to incur significant costs, reduce demand for our products and services, lead to claims for damages or regulatory actions, and harm our business or reputation.
Removed
Staying ahead of regulatory changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage. • Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and deployment of new power generation projects. Understanding market dynamics and securing funding are key to progressing strategic initiatives.
Added
We design, manufacture, and service sophisticated, software-enabled industrial machinery and infrastructure (including gas turbines, onshore and offshore wind turbines, grid infrastructure, and nuclear power generation equipment), engineered for demanding conditions and compliance with stringent certification, performance, and reliability standards.
Removed
TRANSITION TO STAND-ALONE CO MPANY Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE) , which now operates as GE Aerospace, on April 2, 2024 (the Spin-Off). In connection with the Spin-Off, GE distrib ute d all of the shares of our common stock to its stockholders and we became an independent company.
Added
A serious product, solution, or execution failure could result in injury or death, widespread power outages, suspension of power production or operations, delivery delays, environmental impacts, or other systemic issues.
Removed
Historically, as a business of GE, we relied on GE to manage certain of our operations and provide certain services, the costs of which were either allocated or directly billed to us.
Added
Actual or perceived design, production, performance, or other quality issues in new introductions or existing product lines have resulted and can result in warranty, maintenance, and other damage claims, including costs for project delays, repairs, and replacements, potentially in significant amounts.
Removed
Accordingly, our historical costs for such services may not necessarily reflect the actual expenses we would have incurred, or will incur, as an independent company and may not reflect our results of operations, financial position, and cash flows had we been a separate, stand-alone company during the historical periods presented.
Added
These potential impacts are greater where the defects or issues affect an entire product line or component and can be more pronounced with new technologies. Developing and maintaining offerings that meet these standards is complex, costly, and technologically challenging and requires extensive coordination across suppliers and global manufacturing and project sites.
Removed
See Note 1 in the Notes to the consolidated and combined financial statements for further information . Stand-Alone Company Expenses. As a result of the Spin-Off, we are subject to the requirements of the federal and state securities laws and stock exchange requirements. We have established additional procedures and practices as a stand-alone public company.
Added
Failures to meet these standards, whether actual or perceived, may result in significant contractual or other claims and regulatory suspensions of installation or operations, with adverse financial, competitive, and reputational effects.
Removed
As a result, we are incurring additional costs related to external reporting, internal audit, treasury, investor relations, corporate governance, and stock administration. Production Tax Credit Investments. Our Financial Services business offers a wide range of financial solutions to customers and projects that utilize our Power and Wind products and services.
Added
Warranty and quality-related costs have represented, and may in the future represent, a meaningful portion of our expenses. 2025 FORM 10-K 11 Significant supply chain and logistics disruptions, including volatility in the cost or availability of critical materials and components, could delay or impact our ability to deliver on customer obligations, increase costs, and expose us to contractual and reputational risks.
Removed
These solutions historically included making minority investments in projects, often through common or preferred equity investments where we generally seek to exit as soon as practicable once a project achieves commercial operation.
Added
We rely on third-party suppliers, contract manufacturers, service providers, and commodity markets for raw materials, parts, components, and subsystems. Our globally distributed supply chains are subject to economic and geopolitical dynamics, sanctions, tariffs, import/export restrictions, severe weather events, as well as other factors.
Removed
Many such investments are in renewable energy U.S. tax equity vehicles that generate various tax credits, including production tax credits (PTCs), which can be used to offset an equity partner’s tax liabilities in the U.S. and support the overall target return on investment.
Added
We operate in a supply-constrained environment and have experienced, and may continue to experience, shortages of materials and skilled labor, inflationary pressures, transportation and logistics challenges, and manufacturing disruptions that affect revenues, profitability, cash flow, and on-time fulfillment.
Removed
In connection with the Spin-Off, GE retained all renewable energy U.S. tax equity investments of $1.2 billion and any tax attributes from historical tax equity investing activity. We manage these investments under the Framework Investment Agreement with GE.
Added
While we pursue mitigation measures, such as long-term supply agreements, dual-sourcing, increased inventory levels, factory capacity expansion, lean initiatives, alternative logistics, product or component redesign, and cost-sharing with customers and suppliers, supply chain pressures are expected to persist and may continue to adversely affect our operations and financial performance.
Removed
Additionally, during the second quarter, in connection with GE retaining the renewable energy U.S. tax equity investments, we recognized a $0.1 billion benefit, recorded in Cost of equipment, related to deferred intercompany profit from historical equipment sales to the related investees.
Added
Certain inputs are limited or sole-sourced, concentrated with a small number of suppliers, or primarily available from a single country, including semiconductor chips and critical materials (such as specialty metals and rare earths).
Removed
See Notes 11 , 21 and 23 in the Notes to the consolidated and combined financial statements for further information. DISPOSITION ACTIVITY . During the second quarter of 2024, our Steam Power business completed the sale of part of its nuclear activities to Electricité de France S.A. (EDF).
Added
Although prior disruptions have not been material, the inability of a supplier to deliver, and our inability to secure timely and cost-effective alternatives, could impair our ability to manufacture products or provide services.
Removed
In connection with the disposition, we received net cash proceeds of $0.6 billion , which is s ubject to customary working capital and other post-closing adjustments . As a result, we recog nized a pre-tax gain of $1.0 billion recorded in Other income (expense) – net in our Consolidated and Combined Statement of Income (Loss).
Added
Our operations may be adversely affected by delivery delays, capacity constraints, upstream or downstream production disruptions, price spikes, cyber-related attacks, or decreased availability of materials and commodities arising from war or other hostilities, natural disasters, public health emergencies, increased tariffs or trade restrictions, or other business continuity events.
Removed
See Not es 3 , 15 , 16 and 19 in the Notes to the consolidated and combined financial statements for further information. ARBITRATION REFUND .
Added
Supplier nonperformance or underperformance could impact our ability to fulfill customer commitments, trigger contract terminations or liability, and impair our competitiveness. We depend on multiple forms of transportation and transportation routes. Logistics can be disrupted by weather, strikes or lockouts, inadequate infrastructure or port capacity, hostilities, terrorism, or other events, and transportation costs can be volatile.
Removed
In June 2024, we received $306 million in cash, which represented the return of cash payments we previously made relating to two partial withdrawal liability assessments issued by a multiemployer pension plan (Fund) to which we contribute, plus interest on such amounts.
Added
Any of these factors could impede our ability to deliver quality products, solutions, and services and have a material adverse effect on our results of operations, cash flows, and financial condition.
Removed
We challenged the assessments in arbitration, but under ERISA, we were required to make 2024 FORM 10-K 36 monthly payments from May 2019 to September 2023 while the matter was arbitrated. In December 2023, an arbitrator ruled that we were exempt from the alleged liability, a decision that was appealed in January 2024 in a U.S. district court.
Added
Disruptions or capacity constraints at our manufacturing and operating facilities could delay deliveries, increase costs, damage customer relationships, and limit our ability to meet demand for our products and services, and planned capacity expansions may not result in the benefits we expect if demand does not meet expectations.
Removed
That court upheld the arbitration ruling in February 2025. The appeal period for that court's ruling has not expired. The arbitration ruling triggered a legal obligation for the Fund to return the payments to us with interest, which it did in June 2024.
Added
We depend on our global production and operating network to develop, manufacture, assemble, supply, and service our offerings.
Removed
During the second quarter, $254 million of cash, constituting the payments previously made to the Fund, was recorded in Selling, general, and administrative expenses and $52 million of cash, constituting interest on such amounts, was recorded in Interest and other financial charges – net in our Consolidated and Combined Statement of Income (Loss).
Added
Disruptions such as work stoppages, labor shortages, import/export restrictions, significant public health or safety events, severe weather or natural disasters, financial distress, unplanned downtime, manufacturing deviations or quality issues, production constraints, equipment failures, cybersecurity attacks, and geopolitical dynamics can interrupt our operations, with risks heightened in certain emerging markets . We also rely on our production facilities for critical components.
Removed
As this dispute is not yet resolved, we cannot predict its ultimate resolution, including whether we will retain the funds following all final appeals, whether we are entitled to additional interest, or whether the Fund may contend it is owed interest if it prevails. OFFSH ORE WIND.
Added
If disturbances at these locations prevent us from producing sufficient quantities, we may need to source more from external suppliers, which could introduce delays, quality control issues, or additional costs.
Removed
On July 13, 2024, a wind turbine blade event occurred, related to a manufacturing deviation, at the Vineyard Wind offshore wind farm where we are the manufacturer and supplier of our newly developed Haliade-X 220m wind turbines (Haliade-X).
Added
A significant event affecting any of our production or operating facilities, particularly when capacity is at or near full utilization or alternative sites are unavailable, may disrupt our ability to supply customers, require us to defer or decline orders, or cause late deliveries.
Removed
On July 15, 2024, BSEE issued a suspension order to cease power production and the installation of new wind turbines at the project site. On August 10, 2024, BSEE issued a superseding order allowing us to resume the installation of towers and nacelles, subject to certain conditions.
Added
Expanding our capacity to meet current or future demand or support new products requires significant capital investment and lead time and may be delayed in execution. Further, our capacity expansions and related commitments may outpace realized demand. We make capacity expansion decisions and supply commitments based on demand forecasts, orders, slot reservation agreements, and deposits.
Removed
On October 22, 2024, BSEE issued another superseding order allowing us to resume the installation of new blades, subject to certain conditions. In December, the first new blade set was installed, and commercial power production by that turbine commenced. On January 17, 2025, BSEE terminated its suspension order.
Added
If anticipated demand is delayed or does not materialize, orders may be deferred, reduced, or canceled and slot reservation agreements may not result in orders.
Removed
Going forward, the installation of new blades and the production of power are subject to specified conditions and we will be required to remove blades previously installed. In addition to the blade event at the Vineyard Wind offshore wind farm, there have been blade events in prior quarters related to commissioning and installation at the Dogger Bank offshore wind farm.
Added
As a result, we could be over-invested in our facilities and could incur excess or idle capacity, under-absorption of fixed costs, production inefficiencies, inventory build and write-downs, penalties under supply agreements, lower margins, and impairment of long-lived assets. Risks Related to Managing Growth and Competition We may fail to achieve anticipated cost savings .
Removed
As we work through these issues, we are gaining experience across our Haliade-X backlog related to installation timelines, including vessel availability, manufacturing and quality control processes, and various other project activities. Based on this experience, we are developing and implementing our remediation plans, which includes updates to our project timelines to account for the slower pace of execution.
Added
Achieving our long-term financial and cash flow goals depends on our ability to effectively manage operating costs. Because many costs are affected by factors outside our control, we rely on productivity initiatives (including lean operations and supply chain management) to drive savings, but there is no assurance they will succeed.
Removed
As a result of the above, we recorded incremental contract losses of approximately $0.9 billion in the third and fourth quarters for both projects which include the estimated impact of changes in execution timelines, project-related commercial liabilities, costs to remediate quality issues including the removal of previously installed blades at the Vineyard Wind project, and additional project-related supply chain and manufacturing costs.
Added
Expected savings are based on estimates and assumptions that are inherently uncertain and subject to business, economic, and competitive factors.
Removed
Additional changes or other developments could have an adverse effect on our cash collection timelines and contract margins and could result in further losses, which could be material.
Added
If we cannot identify, implement, and sustain initiatives that effectively manage costs and increase operating efficiency, or if implemented initiatives fail to generate expected savings, our financial results and cash flows could be adversely affected and we may fail to achieve our financial goals. We may fail to execute and accurately estimate long-term service obligations.
Removed
In addition, on September 12, 2024, we entered into a settlement agreement regarding a project that was previously canceled by a customer resulting in a gain of approximately $0.3 billion in the third quarter, which was recorded as $0.5 billion in revenues and $0.2 billion in cost of sales.
Added
We enter into long-term service agreements with many of our customers in connection with significant contracts for the sale of products.
Removed
The settlement included recovery of costs previously incurred on the canceled project. RESULTS OF OPERATIONS Summary of Results. RPO was $119.0 billion and $115.6 billion as of December 31, 2024 and 2023 , respectively. For the year ended December 31, 2024 , total revenues were $34.9 billion , an increase of $1.7 billion for the year.
Added
Profitability under these agreements, particularly in Gas Power, depends on our ability to execute and estimates of product durability and reliability, our costs to deliver products and services over time, and the availability of cost-reducing materials, technology, and skilled technicians.
Removed
Net income (loss) was $1.6 billion , an in crease of $2.0 billion in net income for the year, and net income (loss) margin was 4.5% . Diluted earnings (loss) per share was $5.58 for the year ended December 31, 2024 , an increase in diluted earnings per share of $7.18 for the year.
Added
Under such agreements for our long-cycle businesses, errors in estimating, planning, or execution may cause us to miss delivery, cost, or financial performance targets, leading to excess costs, inventory build (including obsolescence), lower profit margins and cash flows, loss contracts, and erosion of our competitive position.
Removed
Cash flows from (used for) operating activities were $2.6 billion and $1.2 billion for the years ended December 31, 2024 and 2023 , respectively. For the year ended December 31, 2024 , Adjusted EBITDA* was $2.0 billion , an increase of $1.2 billion .
Added
We may fail to compete successfully in the highly-competitive global markets in which we operate. We operate in highly competitive domestic and international markets, and our products, solutions, and services face significant pressure on technology, quality, delivery, and price. Remaining competitive requires continual development of advanced technologies and product enhancements, as well as cost- effective supply chain, production, and delivery.
Removed
Free cash flow* was $1.7 billion and $0.4 billion for the years ended December 31, 2024 and 2023 , respectively. RPO, a measure of backlog, includes unfilled firm and unconditional customer orders for equipment and services, excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.
Added
If we change strategic priorities or fail to anticipate or respond quickly to technological developments, evolving industry standards, new regulations or incentives, changing customer demands, supply chain disruptions, or innovations in production techniques, we could experience lower revenues, price erosion, reduced margins, and forgone growth opportunities.
Removed
Services RPO includes the estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period, excluding contracts that are not yet active.
Added
Competition has intensified as existing participants expand internationally and as new entrants, including manufacturers from 2025 FORM 10-K 12 regions such as China, improve quality and reliability and pursue markets outside their home countries. Some competitors are government- sponsored, which may provide them with an advantage over us, such as access to more resources.
Removed
Services RPO also includes the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs, and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.
Added
In addition, global competition increasingly depends on innovation in emerging technologies, including nuclear fuels and advanced energy systems, where failure to innovate could limit our ability to participate in new markets. Further, government policies and actions may impact us more adversely compared to competitors whose operations are more limited in scope or geographic exposure.
Removed
See Note 9 in the Notes to the consolidated and combined financial statements for further information.
Added
If we are unable to continue to compete successfully against our current or future competitors in our core businesses, we may experience declines in revenues and industry segment share. Our business success is dependent upon our ability to innovate and successfully commercialize new technologies in fast- changing markets, and manage our product cycles.
Removed
RPO December 31 2024 2023 2022 Equipment $ 43,047 $ 40,478 $ 31,902 Services 75,976 75,120 72,997 Total RPO $ 119,023 $ 115,598 $ 104,899 As of December 31, 2024 , RPO increase d $3.4 billion ( 3% ) from December 31, 2023 , primarily at Electrification by $7.1 billion from orders outpacing revenues across all businesses; at Power, due to orders outpacing revenues for Gas Power equipment and services, partially offset by a reduction of approximately $3.9 billion related to the sale of a portion of Steam Power nuclear activities to EDF; partially offset at Wind, due to decreases at Offshore Wind as we continue to execute on our contracts and finalized the settlement of a previously canceled project in the third quarter, and decreases at Onshore Wind due to revenues outpacing orders.
Added
We operate in industries where technology and customer needs evolve rapidly, and our growth and business depend on developing and bringing to market new products, solutions, and services.
Removed
REVENUES 2024 2023 2022 Equipment revenues $ 18,952 $ 18,258 $ 15,819 Services revenues 15,983 14,981 13,835 Total revenues $ 34,935 $ 33,239 $ 29,654 *Non-GAAP Financial Measure 2024 FORM 10-K 37 For the year ended December 31, 2024 , total revenues increase d $1.7 billion ( 5% ).
Added
The commercial success of technologies such as small modular or other advanced nuclear power, hydrogen-based power generation, carbon capture and sequestration, and grid-scale batteries or other storage solutions depends on factors including the pace of innovation; development costs; capital resource availability; the intensity of competition; our customers’ ability to obtain and maintain required permits or certifications; the effectiveness of our production, distribution, and marketing, including our ability to successfully deploy technologies intended to cost- effectively enhance our production, such as robotics and automation, and integration of AI; the availability of raw materials and components; our supply chain; the economics for customers to deploy and support these technologies; overall market demand and acceptance; and the timing of market entry.
Removed
Services revenues increased in all segments, primarily at Power due to growth in Gas Power and Steam Power from favorable price and volume.
Added
Global competition increasingly depends on innovation in emerging technologies, including nuclear fuels and advanced energy systems, where failure to innovate could limit our ability to participate in new markets. Failure to cost-effectively innovate and commercialize technologies, products, solutions, and services our customers demand could adversely impact our competitive position, growth, and financial results and position.
Removed
Equipment revenues increased at Electrification, led by growth at Grid Solutions and Power Conversion; and at Power from Heavy-Duty Gas Turbine deliveries and project commissioning; partially offset at Wind, from decreases at Offshore Wind, where revenue decreased as a result of slower execution which was partially offset by revenue recorded on the settlement of a previously canceled project in the third quarter and increased revenues at Onshore Wind.
Added
Rapid innovation can shorten product cycles and accelerate market introductions, increasing quality and execution risks, raising costs, and challenging profitability for new products. These risks are heightened in our Nuclear Power business, which is constructing small modular reactors.
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Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
7 edited+0 added−0 removed16 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
7 edited+0 added−0 removed16 unchanged
2024 filing
2025 filing
The Audit Committee of the GE Vernova’s Board of Directors is responsible for board-level oversight of cybersecurity risk, and the Audit Committee reports back to the full Board about this and other areas within its responsibility .
The Audit Committee of GE Vernova’s Board of Directors is responsible for board-level oversight of cybersecurity risk, and the Audit Committee reports back to the full Board about this and other areas within its responsibility .
GE Vernova’s CISO reports to GE Vernova’s Chief Information Officer and leads our overall cybersecurity function . The CISO has over 20 years of experience in managing and leading IT or cybersecurity teams and participates in various cyber security organizations.
GE Vernova’s CISO reports to GE Vernova’s Chief Information Officer (CIO) and leads our overall cybersecurity function . The CISO has over 20 years of experience in managing and leading IT or cybersecurity teams and participates in various cybersecurity organizations.
The CISO collaborates with business unit CISOs to identify and analyze cybersecurity risks to GE Vernova; consider industry trends; implement controls, as appropriate and feasible, to mitigate these risks; and enable business leaders to make risk-based business decisions that implicate cybersecurity considerations.
The CISO collaborates with business unit CISOs and CIOs to identify and analyze cybersecurity risks to GE Vernova; consider industry trends; implement controls, as appropriate and feasible, to mitigate these risks; and enable business leaders to make risk-based business 2025 FORM 10-K 21 decisions that implicate cybersecurity considerations.
As is the case for all large, global companies, we face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect the Company, including our operations, business strategy, results of operations, or financial condition. See Item 1A. "Risk Factors—Risks Relating to Technology and Intellectual Property" for further information about these risks.
As is the case for all large, global companies, we face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect the Company, including our operations, business strategy, results of operations, or financial condition. See Item 1A.
We outsource certain cybersecurity functions and will continue to look for opportunities to utilize managed security service providers. In addition, we collaborate with GE Aerospace on certain cybersecurity functions and will continue to do so during a transition period following our Spin-Off.
"Risk Factors— Risks Related to Technology, Cybersecurity, Data Privacy & Intellectual Property " for further information about these risks. We outsource certain cybersecurity functions and will continue to look for opportunities to utilize managed security service providers. In addition, we collaborate with GE on certain cybersecurity functions and will continue to do so during a transition period following our Spin-Off.
The framework is informed in part by industry standards such as the National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization 27001 (ISO 27001) Framework.
The framework is informed in part by industry standards such as the National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization 27001 (ISO 27001) Framework. This approach does not imply that GE Vernova meets all technical standards, specifications, or requirements under the NIST Cybersecurity Framework or ISO 27001.
This approach does not imply that GE Vernova meets all technical standards, specifications, or requirements under the NIST Cybersecurity Framework or ISO 27001. 2024 FORM 10-K 32 Our key cybersecurity processes include: • Risk-based controls for information systems and information on our network.
Our key cybersecurity processes include: • Risk-based controls for information systems and information on our network.
Item 2. Properties
Properties — owned and leased real estate
2 edited+0 added−0 removed2 unchanged
Item 2. Properties
Properties — owned and leased real estate
2 edited+0 added−0 removed2 unchanged
2024 filing
2025 filing
ITEM 2. PROPERTIES. GE Vernova is headquartered in Cambridge, Massachusetts and occupies approximately 600 sites in 465 cities and 95 countries. Approximately 85% of the sites are leased and 15% are owned. GE Vernova periodically reviews the portfolio of facilities for opportunities to optimize and best align our footprint needs.
ITEM 2. PROPERTIES. GE Vernova is headquartered in Cambridge, Massachusetts and occupies approximately 600 sites in 458 cities and 97 countries . Approximately 80% of the sites are leased and 20% are owned. GE Vernova periodically reviews the portfolio of facilities for opportunities to optimize and best align our footprint needs.
The manufacturing facilities are used by GE Vernova's segments as follows: SEGMENT Number of Facilities Power 38 Wind 19 Electrification 34 Total 91 2024 FORM 10-K 33 The locations of GE Vernova's manufacturing locations by geographic region are as follows: GEOGRAPHIC REGION Number of Facilities Americas 29 Association of Southeast Asian Nations (ASEAN) 25 Europe, the Middle East, and Africa (EMEA) 37 Total 91 In addition to the manufacturing facilities described above, GE Vernova maintains many offices, warehouses, and distribution facilities globally.
The manufacturing facilities are used by GE Vernova's segments as follows: SEGMENT Number of Facilities Power 41 Wind 17 Electrification 33 Total 91 The locations of GE Vernova's manufacturing locations by geographic region are as follows: GEOGRAPHIC REGION Number of Facilities Americas 27 Association of Southeast Asian Nations 26 Europe, the Middle East, and Africa 38 Total 91 In addition to the manufacturing facilities described above, GE Vernova maintains many offices, warehouses, and distribution facilities globally.
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
6 edited+2 added−9 removed0 unchanged
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
6 edited+2 added−9 removed0 unchanged
2024 filing
2025 filing
The Company currently expects quarterly dividends to continue in future periods, although they remain subject to determination and declaration by the Board of Directors. The payment of future dividends, if any, will be based on several factors, including the Company’s financial performance, outlook and liquidity. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
The Company currently expects quarterly dividends to continue in future periods, although they remain subject to determination and declaration by the Board of Directors. The payment of future dividends, if any, will be based on several factors, including the Company’s financial performance, outloo k, and liquidity. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
On April 2, 2024 , the Company began trading as an independent, publicly traded company under the stock symbol “GEV” on the New York Stock Exchange. The cumulative dollar returns shown on the graph represent the value that such investments would have had on the date indi cated.
On April 2, 2024 , the Company began trading as an independent, publicly traded company under the stock symbol “GEV” on the New York Stock Exchange. The cumulative dollar returns shown on the graph represent the value that such investments would have had on the date indicated.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES. GE Vernova common stock is listed on the New York Stock Exchange under the ticker symbol "GEV." As of January 15, 2025, there were approximately 175,000 stockholders of record.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES. GE Vernova common stock is listed on the New York Stock Exchange under the ticker symbol "GEV." As of December 31, 2025, there were approximately 167,000 stockholders of record.
FOUR-QUARTER PERFORMANCE GRAPH The annual changes for the four-quarter period shown in the above graph are based on the assumption that $100 had been invested in GE Vernova common stock, the Standard & Poor’s 500 Stock Index (S&P 500) and the Standard & Poor’s 500 Industrials Stock Index (S&P Industrial) on A pril 2, 20 24, and that all quarterly dividends were reinvested.
STOCK PERFORMANCE GRAPH $105 The changes for the periods shown in the above graph are based on the assumption that $100 had been invested in GE Vernova common stock, the Standard & Poor’s 500 Stock Index (S&P 500), and the Standard & Poor’s 500 Industrials Stock Index (S&P Industrial) on April 2, 2024 , and that all dividends were reinvested.
On December 10, 2024, the Board of Directors declared a $0.25 per share quarterly dividend on the outstanding common stock of the Company, which we paid on January 28, 2025 to stockholders of record as of December 20, 2024.
During 2025, we paid aggregate quarterly dividends of $1.00 per share of common stock outstanding ($0.25 per share for each dividend declared). Effective December 9, 2025, the Board of Directors declared a dividend of $0.50 per share of common stock outstanding payable on February 2, 2026, to stockholders of record as of January 5, 2026.
Period (Dollars in millions, except per share amounts) Total number of shares purchased Average price paid per share Total number of shares purchased as part of our share repurchase authorization Approximate dollar value of shares that may yet be purchased under our share repurchase authorization December 8,000 $ 337.39 8,000 $ 5,997 Total 8,000 $ 337.39 8,000 $ 5,997 ITEM 6. [RESERVED].
The following table summarizes the share repurchase activity for the three months ended December 31, 2025 : Total number of shares purchased (in thousands) Average price paid per share Total number of shares purchased as part of our share repurchase program (in thousands) Approximate dollar value of shares that may yet be purchased under our share repurchase program (in millions) October 1,287 $ 572.54 1,287 $ 3,020 November 613 551.84 613 2,681 December — — — 6,681 Total 1,900 $ 565.86 1,900 ITEM 6. [RESERVED]. 2025 FORM 10-K 23
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On December 10, 2024 , we announced that the Board of Directors had authorized up to $6 billion of common stock repurchases. We repurchased 8 thousand shares for $3 million during the three months ended December 31, 2024 under this authorization .
Added
On December 9, 2025, we announced that the Board of Directors had authorized an increase of our repurchase program to $10.0 billion of common stock repurchases, from the prior authorization of $6.0 billion, which was announced on December 10, 2024. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Added
We repurchased 1.9 million shares for $1, 075 million during the three months ended December 31, 2025, under our repurchase program.
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The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting principles (GAAP), and corresponding notes included elsewhere in this Annual Report on Form 10-K.
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The following discussion and analysis provides information that management believes to be relevant to understanding the financial condition and results of operations of the Company for the years ended December 31, 2024 and 2023 . Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars.
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Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the prior year.
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Refer to the "Management's 2024 FORM 10-K 35 Discussion and Analysis of Financial Condition and Results of Operations" included in the Information Statement for discussions of results for the years ended December 31, 2023 versus 2022.
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In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules.
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For the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures, see " — Non-GAAP Financial Measures." TRENDS AND FACTORS IMPACTING OUR PERFORMANCE.
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We believe our performance and future success depends on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in
Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
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Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
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2024 filing
2025 filing
Item 6. [Reserved] 34 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.
Item 6. [Reserved] 22 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.
Financial Statements and Supplementary Data 49 Auditor's Report 49 Consolidated and Combined Statement of Income (Loss) 51 Consolidated and Combined Statement of Financial Position 52 Consolidated and Combined Statement of Cash Flows 53 Consolidated and Combined Statement of Comprehensive Income (Loss) 54 Consolidated and Combined Statement of Changes in Equity 55 Note 1 Organization and Basis of Presentation 56 Note 2 Summary of Significant Accounting Policies 57 Note 3 Dispositions and Businesses Held for Sale 61 Note 4 Current and Long-Term Receivables 62 Note 5 Inventories, Including Deferred Inventory Costs 62 Note 6 Property, Plant, and Equipment 63 Note 7 Leases 63 Note 8 Acquisitions, Goodwill, and Other Intangible Assets 64 Note 9 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income 64 Note 10 Current and All Other Assets 65 Note 11 Equity Method Investments 66 Note 12 Accounts Payable and Equipment Project Payables 67 Note 13 Postretirement Benefit Plans 67 Note 14 Current and All Other Liabilities 72 Note 15 Income Taxes 72 Note 16 Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock 75 Note 17 Share-Based Compensation 76 Note 18 Earnings Per Share Information 77 Note 19 Other Income (Expense) – Net 77 Note 20 Financial Instruments 77 Note 21 Variable Interest Entities (VIEs) 80 Note 22 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies 80 Note 23 Restructuring Charges and Separation Costs 81 Note 24 Related Parties 82 Note 25 Segment and Geographical Information 83
Financial Statements and Supplementary Data 36 Auditor's Report 36 Consolidated and Combined Statement of Income (Loss) 38 Consolidated and Combined Statement of Financial Position 39 Consolidated and Combined Statement of Cash Flows 40 Consolidated and Combined Statement of Comprehensive Income (Loss) 41 Consolidated and Combined Statement of Changes in Equity 42 Note 1 Organization and Basis of Presentation 43 Note 2 Summary of Significant Accounting Policies 44 Note 3 Assets and Liabilities Held for Sale 48 Note 4 Current and Long-Term Receivables 49 Note 5 Inventories, Including Deferred Inventory Costs 49 Note 6 Property, Plant, and Equipment 50 Note 7 Leases 50 Note 8 Goodwill and Other Intangible Assets 51 Note 9 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income 51 Note 10 Current and All Other Assets 52 Note 11 Equity Method Investments 53 Note 12 Accounts Payable and Equipment Project Payables 54 Note 13 Postretirement Benefit Plans 54 Note 14 Current and All Other Liabilities 59 Note 15 Income Taxes 60 Note 16 Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock 64 Note 17 Share-Based Compensation 64 Note 18 Earnings Per Share Information 65 Note 19 Other Income (Expense) – Net 66 Note 20 Financial Instruments 66 Note 21 Variable Interest Entities (VIEs) 68 Note 22 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies 68 Note 23 Restructuring Charges and Separation Costs 69 Note 24 Segment and Geographical Information 70
Item 7. Management's Discussion & Analysis
Management's Discussion & Analysis (MD&A) — revenue / margin commentary
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Item 7. Management's Discussion & Analysis
Management's Discussion & Analysis (MD&A) — revenue / margin commentary
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2024 filing
2025 filing
To support GE Vernova in selling products and services globally, prior to the Spin-Off, GE entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of what are subsidiary legal entities transacting directly with customers of GE Vernova, in addition to having provided similar credit support for some non-customer related activities of GE Vernova (collectively, “GE credit support”), which is further described in "Certain Relationships and Related Person Transactions— Agreements with GE—Separation and Distribution Agreement—Credit Support” section in the Information Statement.
Prior t o the Spin-Off, to support GE Vernova businesses in selling products and services globally, GE often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of its subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for non- customer related activities of GE Vernova (collectively, the GE credit support).
Our ability to return cash to our stockholders will depend on our earnings, financial condition, cash requirements, other potential cash uses, prospects, and other factors. Further, the price, availability, and trading volumes of our common stock will affect the timing and size of any share repurchases.
The amount and timing of any future share repurchases under our share repurchase program will be based on the trading price and volume of our shares of common stock and other market factors as well as our earnings, financial condition, cash requirements, prospects, alternative uses for our cash, and other factors. Consolidated and Combined Statement of Cash Flows .
For additional information about our past financial performance and the basis of presentation of our combined financial statements, see “ Unaudited Pro Forma Condensed Combined Financial Statements" in the Information Statement and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our combined and consolidated financial statements and the notes thereto included in the Information Statement and in this Annual Report on Form 10-K.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting principles (GAAP), and corresponding notes included elsewhere in this Annual Report on Form 10-K .
For further information on material pending legal proceedings, see Note 22 in the Notes to the consolidated and combined financial statements. We are subject to antitrust and competition laws that can result in sanctions and conditions on the way we conduct our business.
See Note 9 in the Notes to the consolidated and combined financial statements for further information.
Removed
Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations — Offshore Wind" for further information. We may be impacted by material changes in EHS regulations or subject to substantial liability for environmental impacts, both of which may require increased capital expenditures.
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .
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We may also be subject to increasingly stringent environmental standards in the future, particularly as greenhouse gas emissions, and climate change regulations and initiatives increase and EHS laws and regulations grow in number and complexity.
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The following discussion and analysis provides information that management believes to be relevant to understanding the financial condition and results of operations of the Company for the years ended December 31, 2025 and 2024 . Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars.
Removed
Such laws and regulations may impose additional liability on industrial manufacturers for the use or generation of chemicals, such as per/polyfluoroalkyl substances (PFAS), contained in components and products sourced in connection with manufacturing and services operations, and if adopted, may create additional liability, impact product design, manufacturing, and/or servicing and negatively affect financial results.
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Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the prior year.
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Environmental laws also generally impose liability for investigation, remediation, and removal of hazardous materials and other waste products on property owners and those who dispose of materials at waste sites, whether or not the waste was disposed of legally at the time in question.
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Refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 , for discussions of results for the years ended December 31, 2024 versus 2023 .
Removed
Some environmental laws provide for joint and several or strict liability for remediation of releases of hazardous substances, which could result in us incurring a liability for environmental damage without regard to our negligence or fault.
Added
In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules.
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Such laws and regulations could expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts which were in compliance with all applicable laws at the time the acts were performed. 2024 FORM 10-K 21 Our nuclear operations expose us to various additional environmental, regulatory, and financial risks, including: • potential liabilities relating to harmful effects on the environment and human health resulting from nuclear operations and the storage, handling and disposal of radioactive materials; • unplanned expenditures relating to maintenance, operation, security, defects, upgrades and repairs required by the NRC and other government agencies; • limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with nuclear operations; and • potential liabilities arising out of a nuclear, radiological or criticality incident, whether or not it is within our control.
Added
For the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures, see " — Non-GAAP Financial Measures." Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE), which now operates as GE Aerospace, on April 2, 2024 (the Spin-Off).
Removed
Our nuclear operations are subject to various safety-related requirements imposed by the U.S. Government, the Department of Energy, and the NRC. In the event of non-compliance, these agencies might increase regulatory oversight, impose fines or shut down our operations, depending upon the assessment of the severity of the situation.
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For further information, see Note 1 in the Notes to the consolidated and combined financial statements. Prolec GE. On October 21, 2025, we announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, our unconsolidated joint venture with Xignux.
Removed
Revised security and safety requirements promulgated by these agencies could necessitate substantial capital and other expenditures. In addition, we must comply with and are affected by laws and regulations relating to the award, administration, and performance of U.S. Government contracts.
Added
Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. Under the purchase agreement, GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt.
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Government contract laws and regulations affect how we do business with our customers and, in some instances, impose added costs on our business. A violation of specific laws and regulations could result in the imposition of fines and penalties or the termination of our contracts or debarment from bidding on contracts.
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The acquisition is expected to close in February 202 6 . Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs have resulted, and any future tariffs will result in additional costs to us.
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We may be subject to periodic claims, litigation, regulatory proceedings, and enforcement actions, which may adversely affect our business and financial performance. From time to time, we are involved in claims, lawsuits, regulatory proceedings, investigations, and enforcement actions brought or threatened against us in the ordinary course of business.
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The total cost impact from the global tariffs for the full year 2025 was approximately $250 million , after taking into consideration contractual protections and mitigating actions.
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Our business is subject to the risk of claims involving current and former employees, affiliates, subcontractors, suppliers, competitors, stockholders, government regulatory agencies or others through private actions, class actions, whistleblower claims, administrative proceedings, regulatory actions, investigations, or other proceedings.
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The future impacts of tariffs may be significantly different and are subject to several factors including the amount, duration, scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications. Power Conversion & Storage.
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Additionally, we have had, and expect in the future to have, customers who assert contractual or other claims related to the performance or design of our products, timeliness of delivery or other aspects of our commercial relationships.
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Effective January 1, 2025 , our Power Conversion and Solar & Storage Solutions business units within our Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented within this report conforms to the new business unit structure within the Electrification segment. TRENDS AND FACTORS IMPACTING OUR PERFORMANCE.
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Given the nature of our business, which often involves large projects and long-term commercial relationships, such claims, whether asserted in commercial discussions, litigation or other types of proceedings, can be for significant amounts.
Added
We believe our performance and future success depends on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below.
Removed
Global enforcement of anti-corruption laws, such as the FCPA, has increased substantially in recent years, with more frequent voluntary self-disclosure by companies, aggressive investigations (including coordinated investigations across countries and governmental authorities) and enforcement proceedings by U.S. and non-U.S. governmental agencies, and assessment of significant civil and criminal fines, penalties, and other sanctions against companies and individuals.
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Our worldwide operations are affected by regional and global factors impacting energy demand, including industry trends like decarbonization, an increasing demand for renewable energy alternatives, governmental regulations and policies, and changes in broader economic and geopolitical conditions.
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We may face liability under anti-corruption laws based upon actions or inactions even when they are not subject to our control. Our global activities can also subject us to legacy legal proceedings and legal compliance risks that relate to claimed anti-competitive conduct or improper payments of certain companies we acquire during the pre-acquisition periods.
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These trends, along with the growing focus on the digitization and sustainability of the electricity infrastructure, can impact performance across each of our business segments.
Removed
Such investigations or government scrutiny may also impact our ability to participate in various governmental financing programs and could limit our access to project financing from multilateral development banks and the World Bank.
Added
We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends: • Demand growth for electricity generation – Significant investment, infrastructure, and supply diversity will be essential to help meet forecasted energy demand growth arising from population and global economic growth. • Decarbonization – The urgency to combat climate change is fueling technology advancements that improve the economic viability and efficiency of renewable energy alternatives and facilitate the transition to a more sustainable power sector. • Evolving generation mix – The power industry is shifting from coal generation to more electricity generated from zero- or low-carbon energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient, and affordable system. • Energy resilience & security – Threats and challenges from extreme weather events, cyber-attacks, and geopolitical tensions have increased focus on the strength and resilience of power generation and transmission and reinforced the need for a diversified mix of energy sources. • Grid modernization and investment – Increased demand and the integration of advanced generation and storage solutions drive the need to update aging infrastructure with new grid integration and automation solutions. • Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and subsidies for renewable energy technologies, can significantly impact the power generation landscape.
Removed
Due to the inherent uncertainties associated with the resolution of claims, litigation, regulatory proceedings, investigations, and enforcement actions, it is often difficult to accurately predict the ultimate outcome of any such actions or proceedings.
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Staying ahead of regulatory changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage. • Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and deployment of new power generation projects.
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The outcome of such claims, actions, lawsuits, investigations, and proceedings, is often difficult to assess or quantify, as plaintiffs or regulatory agencies may seek injunctive relief or recovery of very large or indeterminate amounts, and the magnitude of the potential loss may remain unknown for substantial periods of time or until the time of a final judgment, award, order or settlement.
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Understanding market dynamics and securing funding are key to progressing strategic initiatives. 2025 FORM 10-K 24 RESULTS OF OPERATIONS Summary of Results. RPO was $150.2 billion and $119.0 billion as of December 31, 2025 and 2024 , respectively. For the year ended December 31, 2025 , total revenues were $38.1 billion , an increase of $3.1 billion for the year.
Removed
Given that our business involves large scale infrastructure projects and products and service contracts with a long duration, we are involved in commercial litigation or disputes from time to time where the initial amounts claimed by counterparties have been and may be large, even if ultimately our liability or settlement amounts to resolve such claims is significantly lower.
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N et income (loss) was $4.9 billion , an increase of $3.3 billion in net income for the year, and net income (loss) margin was 12.8% . Diluted earnings (loss) per share was $17.69 for the year ended December 31, 2025 , an increase in diluted earnings per share of $12.11 for the year.
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In addition, plaintiffs in many types of actions may seek punitive damages, civil penalties, consequential damages or other losses, or injunctive or declaratory relief. Activist stockholders advocating for certain governance or strategic changes may also bring actions against us.
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Cash flows from (used for) operating activities were $5.0 billion and $2.6 billion for the years ended December 31, 2025 and 2024 , respectively. For the year ended December 31, 2025 , Adjusted EBITDA* was $3.2 billion , an increase of $1.2 billion .
Removed
These proceedings or actions could result in substantial cost and may require us to devote substantial resources to defend ourselves and distract our management from the operation of our business.
Added
Free cash flow* was $3.7 billion and $1.7 billion for the years ended December 31, 2025 and 2024 , respectively. RPO, a measure of backlog, includes unfilled firm and unconditional customer orders for equipment and services, excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.
Removed
While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions as well as caps on amounts recoverable.
Added
Services RPO includes the estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period, excluding contracts that are not yet active.
Removed
We may therefore incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely affect our results of operations, and cash flows, and financial condition.
Added
Services RPO also includes the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs, and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.
Removed
We are subject to antitrust and competition laws, which generally prohibit certain types of conduct deemed to be anti-competitive, including price fixing, bid rigging, cartel activities, price discrimination, market monopolization, tying arrangements, acquisitions of competitors, allocation schemes, and other practices that have, may have, or are perceived to have an adverse effect on competition.
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RPO December 31 2025 2024 2023 Equipment $ 64,245 $ 43,047 $ 40,478 Services 85,993 75,976 75,120 Total RPO $ 150,238 $ 119,023 $ 115,598 As of December 31, 2025 , RPO increase d $31.2 billion ( 26% ) from December 31, 2024 , primarily at Power, due to increases at Gas Power due to Heavy-Duty Gas Turbine and Aeroderivative equipment and contractual services , and increases at Steam Power services, Hydro Power equipment, and Nuclear Power equipment, partially offset by a decrease at Steam Power equipment; at Electrification, primarily due to demand for alternating current substation solutions, switchgear, and transformers at Grid Solutions and synchronous condensers and energy storage at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts and a decrease in orders at Onshore Wind as U.S. customers dealt with policy uncertainty .
Removed
Regulatory authorities may have authority to impose fines and sanctions or to require changes or impose conditions on the way we conduct business in connection with alleged non-compliance with applicable law. Under certain circumstances, violations of antitrust laws could result in suspension or debarment of our ability to contract with certain parties or complete certain transactions.
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REVENUES 2025 2024 2023 Equipment revenues $ 20,934 $ 18,952 $ 18,258 Services revenues 17,134 15,983 14,981 Total revenues $ 38,068 $ 34,935 $ 33,239 For the year ended December 31, 2025 , total revenues increase d $3.1 billion ( 9% ).
Removed
In addition, an increasing number of jurisdictions also provide private rights of action for competitors or consumers to seek damages asserting claims of anti-competitive conduct. Increased government scrutiny of our actions or enforcement or private rights of action could adversely affect our business or damage our reputation.
Added
Equipment revenues increased at Electrification, primarily at Grid Solutions due to growth in switchgear, high-voltage direct current solutions, and alternating current substation solutions volume and at Power Conversion & Storage; and at Power, due to increases in Gas Power from Heavy-Duty Gas Turbine and Aeroderivative units deliveries and favorable price; partially offset at Wind, due to decreases at Offshore Wind from the nonrecurrence of revenues recorded on the settlement of a previously canceled project in the third quarter of 2024, project delays, and fewer nacelles produced in the year, and decreases at LM Wind Power due to lower volume from footprint reduction, partially offset by increases at Onshore Wind due to improved pricing and delivery of more units.
Removed
In addition, as previously reported by GE, the power and grid businesses that GE acquired from Alstom in 2015 were the subject of significant cases involving alleged anti-competitive conduct or improper payments by Alstom in the pre-acquisition period.
Added
Services revenues increased at Power, driven by Gas Power higher parts volume and favorable price; at Electrification, primarily due to growth at Grid Solutions; and at Wind due to higher transactional services. Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency.
Removed
A number of these matters remain ongoing as we seek to resolve them, and it is possible that additional claims from legacy Alstom conduct could arise in the future. Conducting internal investigations or responding to audits or investigations by government agencies could be costly and time-consuming.
Added
Excluding these effects, organic revenues* increase d $3.2 billion ( 9% ), organic equipment revenues* increased $2.0 billion ( 11% ) and organic services revenues* increased $1.2 billion ( 7% ). Organic revenues * increased at Electrification and Power, partially offset at Wind.
Removed
An adverse outcome under any such investigation or audit could subject us to fines or criminal or other penalties, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects. 2024 FORM 10-K 22 We are subject to laws and regulations governing government contracts, public procurement, and government reimbursements in many jurisdictions, and the failure to comply could adversely affect our business.
Added
EARNINGS (LOSS) 2025 2024 2023 Operating income (loss) $ 1,388 $ 471 $ (923) Net income (loss) 4,879 1,559 (474) Net income (loss) attributable to GE Vernova 4,884 1,552 (438) Adjusted EBITDA* 3,196 2,035 807 Diluted earnings (loss) per share(a) 17.69 5.58 (1.60) (a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests.
Removed
We have agreements relating to the sale of our offerings to government entities around the world. As a result, we are subject to various statutes and regulations in a variety of jurisdictions that apply to companies doing business with the government.
Added
For periods prior to the Spin-Off, the Company participated in various GE stock-based compensation plans, and there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding prior to Spin-Off.
Removed
The laws governing government contracts can differ from the laws governing private contracts and government contracts may contain terms and conditions that are not applicable to private contracts or that expose us to higher levels of risk and potential liability than non-government contracts.
Added
For the year ended December 31, 2025 , operating income (loss) was $1.4 billion , a $0.9 billion increase , primarily due to: an increase in segment results at Electrification of $0.8 billion , primarily due to volume, favorable price, and productivity at Grid Solutions; at Power of $0.6 billion , primarily at Gas Power and Steam Power due to favorable price and increased productivity, partially offset by additional expenses to support investments at Nuclear Power and Gas Power and the impact of inflation ; partially offset by a slight decrease in segment results at Wind o f less than $0.1 billion , primarily at Offshore Wind due to the nonrecurrence of a gain recorded on the settlement of a previously canceled project in the third quarter of 2024 and a termination of a supply agreement in the first quarter of 2025 , partially offset by lower contract losses, and decreases from the impact of tariffs across the segment, partially offset by increases at Onshore Wind due to improved *Non-GAAP Financial Measure 2025 FORM 10-K 25 pricing on an increased number of units delivered; the nonrecurrence of $0.3 billion received related to an arbitration refund in the second quarter of 2024 ; the nonrecurrence of a $0.1 billion benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments in connection with the Spin-Off; and higher corporate costs required to operate as a stand-alone public company.
Removed
Similarly, most jurisdictions have public procurement laws and reimbursement policies that set out rules and regulations for purchases and reimbursements by governmental entities. Certain countries impose additional requirements on government suppliers as a prerequisite to doing business in the country including, among other things, local headcount requirements, local manufacturing and supplier requirements, and technology or IP transfers.
Added
Net income (loss) and Net income (loss) margin were $4.9 billion and 12.8% , respectively, for the year ended December 31, 2025 , an increase of $3.3 billion and 8.3% , respectively, primarily due to a decrease in provision for income taxes of $3.0 billion driven by a $2.9 billion benefit primarily from a U.S. tax valuation allowance release in the fourth quarter of 2025 and an increase in operating income (loss) of $0.9 billion , partially offset by a decrease in other income (expense) - net of $0.6 billion driven by the nonrecurrence of a $1.0 billion pre- tax gain from the sale of a portion of Steam Power nuclear activities to E lectricité de France S.A.
Removed
These jurisdictions may modify their laws, policies, rules, or regulations, or impose new requirements that could adversely affect our business. For contracts with the U.S. federal government, with certain exceptions, we must comply with the Federal Acquisition Regulation and applicable agency rules, the Procurement Integrity Act, the Buy American Act, and/ or the Trade Agreements Act.
Added
( EDF) in the second quarter of 2024. Adjusted EBITDA* and Adjusted EBITDA margin* were $3.2 billion and 8.4% , respectively, for the year ended December 31, 2025 , an increase of $1.2 billion and 2.6% , respectively, primarily driven by increases in segment results at Electrification and Pow er. SEGMENT OPERATIONS .
Removed
Some governmental entities, including the U.S. federal government, can terminate contracts for their convenience or for our default. These governmental entities may also be subject to continued legislative funding approval. Early termination for convenience of one or more of our contracts, or a change in a government customer’s funding levels, could impact our expected revenues.
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Segment revenues include sales of equipment and services by our segments. Segment EBITDA is determined based on performance measures used by our Chief Operating Decision Maker, who is our Chief Executive Officer (CEO), to assess the performance of each business in a given period.
Removed
A termination for default of one or more of our contracts could subject us to penalties and damages resulting from the default, including costs for the governmental entity to reprocure the items under contract, in addition to other penalties previously listed.
Added
In connection with that assessment, the CEO may exclude certain non-cash charges, such as depreciation and amortization, impairments and other matters, major restructuring programs, and certain gains and losses from purchases and sales of business interests.
Removed
In addition, the U.S. federal government could invoke the Defense Production Act, requiring that we accept and prioritize contracts for materials deemed necessary for national defense, regardless of loss in revenue incurred on such contracts.
Added
Certain corporate costs, including those related to shared services, employee benefits, and information technology (IT), are allocated to our segments based on usage or their relative net cost of operations.
Removed
In such circumstances, we may be required to reallocate time and resources away from our customers to fulfill U.S. federal government requests under the Defense Production Act.
Added
SUMMARY OF REPORTABLE SEGMENTS 2025 2024 2023 Power $ 19,767 $ 18,127 $ 17,436 Wind 9,110 9,701 9,826 Electrification 9,642 7,550 6,378 Eliminations and other (451) (442) (401) Total revenues $ 38,068 $ 34,935 $ 33,239 Segment EBITDA Power $ 2,902 $ 2,268 $ 1,722 Wind (598) (588) (1,033) Electrification 1,433 679 234 Corporate and other(a) (541) (323) (116) Adjusted EBITDA*(b) $ 3,196 $ 2,035 $ 807 (a) Includes our Financial Services business and other general corporate expenses, including costs required to operate as a stand-alone public company.
Removed
This could cause us to be unable to fulfill contractual obligations to non-U.S. federal government customers and harm long-term business relationships with our customers, suppliers, and channel partners, which could adversely affect our business. We are also subject to government audits, investigations, and oversight proceedings with respect to regulations governing government contracts, public procurement, and government reimbursements.
Added
(b) See "—Non-GAAP Financial Measures" for additional information related to Adjusted EBITDA*. Adjusted EBITDA* includes interest and other financial income (charges) and the benefit (provision) for income taxes of Financial Services as this business is managed on an after-tax basis due to the nature of its investments.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
3 edited+3 added−2 removed4 unchanged
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
3 edited+3 added−2 removed4 unchanged
2024 filing
2025 filing
We continuously monitor our exposure to commodity price fluctuations and adjust our risk management strategies as necessary. See Note 20 in the Notes to the consolidated and combined financial statements for further information regarding our risk exposures, our use of derivatives, and the effects of this activity on our consolidated and combined financial statements. 2024 FORM 10-K 49
See Note 20 in the Notes to the consolidated and combined financial statements for further information regarding our risk exposures, our use of derivatives, and the effects of this activity on our consolidated and combined financial statements. *Non-GAAP Financial Measure 2025 FORM 10-K 36
The effects from the foreign currency exchange rate fluctuations on the translation of net amounts to the U.S. dollar, the reporting currency, are reflected in our equity position.
The effects from the foreign currency exchange rate fluctuations on the translation of net amounts to the U.S. dollar, the reporting currency, are reflected in our equity position. See Note 2 in the Notes to the consolidated and combined financial statements for further information regarding our net gains (losses) from foreign currency transactions.
It is our policy to minimize currency exposures by conducting operations either within functional currencies or using the protection of hedging strategies. A 10% increase in exchange rates against the U.S. dollar would have decreased our net income for the year ended December 31, 2024 by approximately $0.1 billion.
A 10% increase in exchange rates against the U.S. dollar would have decreased our net income for the year ended December 31, 2025 by approximately $0.1 billion. This analysis considered the net currency exposure of foreign currency denominated monetary items and hedging instruments.
Removed
See Note 2 in the Notes to the consolidated and combined financial statements for further information regarding our net gains (losses) from foreign currency transactions. *Non-GAAP Financial Measure 2024 FORM 10-K 48 Foreign exchange rate risk is managed with a variety of techniques, including selective use of derivatives.
Added
Foreign exchange rate risk is managed with a variety of techniques, including selective use of derivatives. It is our policy to minimize currency exposures by conducting operations either within functional currencies or using the protection of hedging strategies.
Removed
This analysis considered the net currency exposure of foreign currency denominated monetary items and hedging instruments. Interest Rate Risk. We are subject to interest rate risks in the ordinary course of our business.
Added
For instruments designated as cash flow hedges, a 10% decrease in exchange rates against the U.S. dollar would have decreased Accumulated Other Comprehensive Income ( AOCI ) for the year ended December 31, 2025 by approximately $0.1 billion. Interest Rate Risk. We are subject to interest rate risks in the ordinary course of our business.
Added
We continuously monitor our exposure to commodity price fluctuations and adjust our risk management strategies as necessary.