GE Vernova: how the business works

• Gas turbines

  Heavy-duty and aeroderivative gas turbines for utilities, independent power producers and industrial sites, from small mobile units to large power plants, plus their maintenance. Gas Power revenue was $16,006 million in FY2025.

• Nuclear, hydro and steam power

  Reactor design, fuel and services for boiling water reactors, small modular reactors developed through joint ventures with Hitachi, hydropower equipment and steam turbines. FY2025 revenue: Nuclear $1,018 million, Hydro $806 million, Steam $1,937 million.

• Wind turbines

  Onshore wind turbines ($8,241 million of FY2025 revenue), offshore Haliade-X turbines ($652 million) and blades from LM Wind Power ($217 million), plus servicing of installed turbines.

• Grid equipment

  Equipment that carries electricity from power plants to users: HVDC and substation systems, power transformers, switchgear, synchronous condensers and grid automation. Grid Solutions revenue was $6,620 million in FY2025.

• Power conversion, storage and software

  Energy conversion and battery storage systems for utilities and industry ($2,049 million of FY2025 revenue), and software to run grids and power assets ($973 million).

• Long-term services

  Parts, repairs and upgrades for installed equipment, often under multi-year agreements. About 1,800 of roughly 7,000 installed GE Vernova gas turbines are under long-term service agreements, with about 10 years left on average.

1. 1Customers paid GE Vernova $38.1 billion in FY2025: $20.9 billion for equipment and $17.1 billion for services.
2. 2Making the equipment cost $18.8 billion and delivering the services $11.8 billion.
3. 3Selling and administration took $4.9 billion and research and development $1.2 billion, leaving operating income of $1,388 million.
4. 4Other income, retiree benefit income and net interest income added $1,440 million, for income before taxes of $2,828 million.
5. 5Releasing a US tax valuation allowance turned income tax into a $2,051 million benefit, lifting net income to $4,884 million.

• Factories and capacity

  Property, plant and equipment was $6,006 million at Dec 31, 2025. GE Vernova said in its Q3 FY2026 earnings release (Oct 28, 2026) that it plans $6 billion of capital spending over 2025 to 2028, including $1 billion for Prolec GE.

• A workforce

  About 75,000 employees: about 24,000 in Europe, 21,000 in the US, 19,000 in Asia and 6,000 in Latin America. About 70% work in manufacturing, engineering or services.

• Customer down payments

  Contract liabilities and deferred income, money customers paid before the work is done, were $45,669 million on Sep 30, 2026, up from $25,774 million at Dec 31, 2025.

• Investment-grade credit ratings

  The FY2025 10-K says its commercial relationships rely on investment-grade ratings. As of Oct 28, 2026 (Q3 FY2026 10-Q) they were BBB at S&P and A- at Fitch.

• Siemens Energy

  Named by GE Vernova as a key competitor in both Power and Electrification.

• Mitsubishi Power

  Named by GE Vernova as a key Power competitor, alongside Westinghouse, Framatome and Rolls-Royce.

• Vestas

  Named by GE Vernova as a key Wind competitor, alongside Siemens-Gamesa, Nordex, Envision and Goldwind.

• Hitachi Energy

  Named by GE Vernova as a key Electrification competitor.

• Schneider Electric

  Named by GE Vernova as a key Electrification competitor, alongside Siemens, Mitsubishi Electric and ABB.

• Gas turbines

  Working

  122 GW backlog and slot reservations, Sep 30, 2026

  Gas Power backlog plus slot reservation agreements, a company measure, rose from 50 GW at Mar 31, 2025. Q3 FY2026 Power orders were $21,780 million, up from $7,832 million a year earlier. Slot reservations are not in RPO.

  Status: Working, on track against what the company said.

• Grid equipment

  Working

  $3,862M Electrification revenue, Q3 FY2026

  Up 51% from $2,565 million a year earlier, or 16% organically, because Prolec GE is included from Feb 2, 2026. Electrification equipment backlog was $42.2 billion, including $5 billion from Prolec GE.

  Status: Working, on track against what the company said.

• Prolec GE

  New

  $5.2B cash, closed Feb 2, 2026

  GE Vernova bought the 50% of Prolec GE, a North American transformer maker, that Xignux owned. The 10-Q says Prolec GE has about 10,000 employees at seven factories in the Americas.

  Status: New, recently announced.

• Trench Group

  Early

  About €8.0B, agreed Oct 25, 2026

  An agreement with Triton Partners to buy Trench, to be funded equally by cash and debt. The 10-Q says closing is expected in late 2027, subject to regulatory approvals.

  Status: Early, too early to judge.

• Wind

  Behind

  $598M segment EBITDA loss, FY2025

  Q3 FY2026 segment EBITDA was $72 million, against a $61 million loss a year earlier. GE Vernova said on Oct 28, 2026 that it expects Wind organic revenue to fall by a mid-single-digit percentage in 2026.

  Status: Behind, behind the company's own plan.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

• Official (GAAP): Net income attributable to GE Vernova, FY2025

  $4.9B

  Company's own measure: Adjusted EBITDA, FY2025

  $3.2B

  GE Vernova's measure is total segment EBITDA ($3,737 million) less corporate costs. It leaves out tax (a $2,062 million benefit in its reconciliation), depreciation and amortization, interest, restructuring, separation costs, gains on business interests and retiree benefit income.

• Official (GAAP): Net income margin, FY2025

  12.8%

  Company's own measure: Adjusted EBITDA margin, FY2025

  8.4%

  The GAAP margin is higher because FY2025 net income includes the $2.9 billion tax benefit, which the adjusted measure leaves out.

• Official (GAAP): Net income attributable to GE Vernova, Q1 FY2026

  $4.7B

  Company's own measure: Adjusted EBITDA, Q1 FY2026

  $896M

  Net income includes the $4.0 billion pre-tax gain from remeasuring the 50% of Prolec GE that GE Vernova already owned; the adjusted measure leaves it out.

• Official (GAAP): Net income attributable to GE Vernova, Q3 FY2026

  $1.3B

  Company's own measure: Adjusted EBITDA, Q3 FY2026

  $1.9B

  Same definition. Adjusted EBITDA was $811 million in Q3 FY2025.

• Official (GAAP): Net income margin, Q3 FY2026

  10.2%

  Company's own measure: Adjusted EBITDA margin, Q3 FY2026

  15.4%

  Both margins as GE Vernova states them; the net income margin uses net income including noncontrolling interests ($1,289 million).

• Official (GAAP): Revenue, Q3 FY2026

  $12.6B

  Company's own measure: Organic revenue, Q3 FY2026

  $11.7B

  GE Vernova's measure leaves out the effects of acquisitions such as Prolec GE, dispositions and foreign currency. Revenue rose 27%, or 18% organically.

• Official (GAAP): Operating cash flow, first nine months of FY2026

  $16.7B

  Company's own measure: Free cash flow, first nine months of FY2026

  $15.3B

  GE Vernova's free cash flow is operating cash flow minus additions to property, plant and equipment and internal-use software, the same as this page's definition. Operating cash flow includes a $19,511 million rise in contract liabilities, mostly customer down payments.

• Official (GAAP): Revenue, FY2025

  $38.1B

  Company's own measure: Orders, FY2025

  $59.3B

  New orders as GE Vernova counts them, after sales between segments. Up 34% organically from $44.1 billion in FY2024. Orders are not a GAAP figure.

• Official (GAAP): Revenue, Q3 FY2026

  $12.6B

  Company's own measure: Orders, Q3 FY2026

  $29.3B

  Up from $14.6 billion in Q3 FY2025, as GE Vernova reports them.

• Official (GAAP): Remaining performance obligations (RPO), Sep 30, 2026

  $196.7B

  Company's own measure: Gas Power backlog and slot reservations, Sep 30, 2026

  122 GW

  64 GW of gas turbine backlog plus 58 GW of slot reservation agreements, which reserve future production and are not in RPO. GE Vernova said on Oct 28, 2026 that it anticipates at least 130 GW by the end of 2026.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

• Net cash of $13,938 million is cash, cash equivalents and restricted cash of $16,764 million minus borrowings of $2,826 million (Cityfort calculation from the Q3 FY2026 10-Q). On the same basis (long-term borrowings and finance leases), borrowings were $289 million at Dec 31, 2025.
• On Feb 4, 2026 GE Vernova issued $2.6 billion of senior notes: $600 million at 4.250% due 2031, $1,000 million at 4.875% due 2036 and $1,000 million at 5.500% due 2056, partly to pay for Prolec GE.
• Contract liabilities and deferred income rose from $25,774 million at Dec 31, 2025 to $45,669 million on Sep 30, 2026, from down payments and gas turbine slot reservation payments.
• A $3.0 billion revolving credit facility and a $3.0 billion letter of credit and guarantee facility, both due Apr 2, 2029, were undrawn on Sep 30, 2026.
• Debt to equity of 0.25 uses equity attributable to GE Vernova of $11,382 million (Cityfort calculation from the Q3 FY2026 10-Q). Operating lease liabilities, $844 million at Dec 31, 2025, are not counted as borrowings here.
• The Trench Group agreement of about €8.0 billion is to be funded equally by cash and debt, according to the Q3 FY2026 10-Q.

Officers and directors (as a group), shares

0.2%

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Auditor

Deloitte & Touche LLP, since 2022

Auditor changes

None in the period covered

Audit qualifications

None reported

Related-party dealings

The 2026 proxy reports two related-person transactions, both approved by the Audit Committee: the employment of Mr. Abate's son and Mr. Koziner's spouse, each paid between $120,000 and $400,000 a year plus benefits. Agreements with GE from the spin-off, including a Tax Matters Agreement, can require GE Vernova to indemnify GE.

Credit rating

S&P Global Ratings and Fitch Ratings (as stated in the Q3 FY2026 10-Q) BBB (S&P) / A- (Fitch) (Positive (S&P) / Stable (Fitch); Fitch upgraded from BBB+ on Aug 12, 2026), Oct 28, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Share price

$770.51

Market value (market cap)

$203.9B

Source: GEV historical prices, Oct 26 to Nov 5, 2026 (Nasdaq.com historical table; GEV is listed on the NYSE); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99) and 3 more