GE Vernova Inc.
For the period ended Jun 30, 2025. Filed Jul 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 23, 2025
GEV$774.11+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-23.
0001996810-25-000073
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-23.
0001996810-25-000133
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 350 previous paragraphs and 413 current paragraphs.
175 unchanged; 110 reworded; 116 added; 63 removed; 2 previous and 12 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (116)
Current report
activities were$1.5 billion and$0.5 billion for thesix months ended June 30, 2025 and 2024, respectively.
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and$0.2 billion for thesix months ended June 30, 2025 and 2024, respectively.
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2025 2Q FORM 10-Q 26
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contracts. RPOincreased$13.2 billion (11%) from June 30, 2024, primarily at Power, due to increases in Gas Power equipment and
Current report
services, and increases in Hydro Power equipment and Steam Power services; at Electrification, due to demand forhigh-voltage direct
Current report
current solutions, switchgear, and alternating current substation solutions at Grid Solutions; partially offset at Wind, due to decreases at
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primarily at Grid Solutions due to growth in high-voltage direct current solutions, switchgear, and transformer equipment volume; at Power,
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due toincreases in Gas Power from Heavy-Duty Gas Turbine deliveries partially offset by lower Aeroderivative unit shipments; and at Wind,
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primarily at Onshore Wind due to delivery of more units partially offset at Offshore Wind due to a slower pace of production. Services
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revenues increased at Power, driven by higher Gas Power parts volume, and at Wind and Electrification.
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For the six months ended June 30, 2025, total revenues increased$1.7 billion (11%). Equipment revenues increasedat Electrification,
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primarily at Grid Solutions due to growth in high-voltage direct current solutions, switchgear, and transformer equipment volume; at Power,
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increased$2.1 billion (14%), organic equipment revenuesincreased $1.5 billion (20%) and organic services revenuesincreased $0.5
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2025 2Q FORM 10-Q 27
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nonrecurrence of $0.3 billion received related to an arbitration refund in the second quarter of 2024; thenonrecurrence of a $0.1 billion
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benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments in
Current report
connection with the Spin-Off; higher corporate costs required to operate as a stand-alone public company; anda slight decrease in
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segment results at Wind of less than $0.1 billion, primarily at Onshore Wind services due to increased costs to improve fleet performance
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and Offshore Wind due to the impact of tariffs, partially offset at Onshore Wind equipment due to an increase in units delivered and market
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selectivity; partially offset by an increase in segment resultsat Electrification of$0.2 billion, primarily due to volume, productivity, and
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volume, and increased productivity partially offset by additional expenses to support investments at Gas Power and Nuclear Power and the
Current report
impact of inflation.
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France S.A. (EDF) in the second quarter of 2024 and a decrease in operating income (loss) of$0.1 billion, partially offset by adecrease in
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provision for income taxes of$0.2 billion.
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at Wind.
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For the six months ended June 30, 2025, operating income (loss) was$0.4 billion, a$0.2 billion increase, primarily due to: an increase in
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segment results at Electrification of$0.3 billion, primarily due to volume, productivity, and favorable price at Grid Solutions; andat Power of
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$0.3 billion, primarily at Gas Power and Steam Power due to favorable price, higher volume, and increased productivity partially offset by
Current report
nonrecurrence of $0.3 billion received related to an arbitration refund in the second quarter of 2024; the nonrecurrence of a $0.1 billion
Current report
benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investmentsin
Current report
connection with the Spin-Off; higher corporate costs required to operate as a stand-alone public company; anda slight decrease at Wind of
Current report
less than $0.1 billion, primarily at Onshore Wind services from increased costs to improve fleet performance and Offshore Wind due to a
Current report
termination of a supply agreement in the first quarter of 2025 and the impact of tariffs, partially offset at Onshore Wind equipment due to an
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increase in units delivered and market selectivity.
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Net income (loss) and Net income (loss) margin were$0.8 billion and 4.4%, respectively, forthesix months ended June 30, 2025, a
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decrease of$0.4 billion and 3.2%, respectively, primarily due to a decrease in other income (expense) - net of$0.7 billion driven by the
Current report
nonrecurrence of a $0.9 billion pre-tax gain from the sale of a portion of Steam Power nuclear activities to EDF in the second quarter of
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2024, partially offset by anincrease in operating income (loss) of$0.2 billion and a decrease in provision for income taxes of$0.1 billion.
Current report
Adjusted EBITDA* and Adjusted EBITDA margin* were$1.2 billion and 7.2%, respectively, for thesix months ended June 30, 2025, an
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increase of$0.5 billion and 2.5%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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Removed paragraphs (63)
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these long-term trends:
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operating activities were$1.2 billion and$(0.4) billion for thethree months ended March 31, 2025 and 2024, respectively.
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billion and$(0.7) billion for thethree months ended March 31, 2025 and 2024, respectively.
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2025 1Q FORM 10-Q 22
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primarily due to Gas Power, driven by increases in services and equipment, and increases in Hydro Power equipment, partially offset by a
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and delivery of more units partially offset at Offshore Wind due to a slower pace of production; and increased at Electrification, primarily at
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Power; at Electrification of$0.1 billion, primarily due to volume, productivity, and favorable price at Grid Solutions; and at Wind of less than
Previous report
$0.1 billion, primarily at Onshore Winddue to improved equipment pricing, market select ivity, and increases in units delivered at Onshore
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Wind, partially offset by decreases in Onshore Wind services from increased costs to improve fleet performance and decreases at Offshore
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Wind due to atermination of a supply agreement; partially offset by higher corporate costs required to operate as a stand-alone public
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company.
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increase in Interest and other financial income (charges) - net of$0.1 billion.
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2025 1Q FORM 10-Q 23
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from March 31, 2024, primarily at Gas Power due to increases inservices and equipment, and increases in Hydro Power equipment,
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partially offset by a reduction of approximately $3.9 billion related to the sale of a portion of Steam Power nuclear activities to EDF which
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was completed in the second quarter of 2024.
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2025 1Q FORM 10-Q 24
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billion (47%).
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equipment deliveries andi ncreases in Gas Power and Steam Power services from favorable volume and price.
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price, and increased productivity partially offset by the impact ofinflation and additional expenses to support investments at Gas Power and
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Nuclear Power.
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Onshore Wind.
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2025 1Q FORM 10-Q 25
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Segment revenues increased $0.2 billion (15%) organically*, primarily at Onshore Wind due to improved equipment pricing and delivery of
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more units partially offset by decreases at Offshore Wind due to a slower pace of production and decreases in volume at LM Wind Power.
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Segment EBITDA increased slightly (7%) organically*, primarily at Onshore Winddue to improved equipment pricing, market selectivity,
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and increases in units delivered partially offset by decreases in Onshore Wind services from increased costs to improve fleet performance
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and decreases at Offshore Wind due to atermination of a supply agreement.
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RPO as of March 31, 2025 increased $2.0 billion (9%) from December 31, 2024, primarily due todemand forswitchgear and transformers
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at Grid Solutions. RPOincreased $7.4 billion (41%) from March 31, 2024, primarily dueto demand forhigh-voltage direct current solutions
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and switchgear at Grid Solutions.
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For the three months ended March 31, 2025, segment revenues wereup $0.2 billion (14%) and segment EBITDA wasup $0.1
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billion.
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Segment revenues increased $0.3 billion (18%) organically*, primarily at Grid Solutionsdue to growth in switchgear and transformer
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equipment volume.
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favorable price primarily at Grid Solutions; partially offset by a decrease at Wind due to Offshore Wind termination of a supply agreement
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and Onshore Wind services from increased costs to improve fleet performance partially offset by improvement in equipment pricing, market
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selectivity and increases in units delivered at Onshore Wind.
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and higher corporate costs.
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financial statements for further information.
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the Company for thethree months ended March 31, 2025 and 2024. The below discussion should be read alongside Item 7.
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the Company for the three andsix months ended June 30, 2025 and 2024. The below discussion should be read alongside Item 7.
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combined financial statements in our Annual Report on Form 10-K for thefiscal year ended December 31, 2024.
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combined financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
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Tariffs. During April 2025, the United States and other countries imposed global tariffs. These tariffs and any future tariffs will result in
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Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs and any future tariffs will result in
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additional costs to us. The current total estimated cost impact from the global tariffs as outlined is approximately $300 million to $400 million
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additional costs to us. The current total estimated cost impact from the global tariffs as outlined is approxim ately$300 million to $400 million
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in 2025, after taking into consideration contractual protections and mitigating actions. The actual impact of the tariffs may be significantly
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for the full year 2025, after taking into consideration contractual protections and mitigating actions. The actual impact of the tariffs may be
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different than our current estimate. Our estimate is subject to several factors including the amount, duration, scope and nature of the tariffs,
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significantly different than our current estimate. Our estimate is subject to several factors including the amount, duration, scope and nature
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countermeasures that countries take, mitigating or other actions we take, and contractual implications.
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of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications.
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decarbonization, an increasing demand for renewable energy alternatives, and changes in broader economic and geopolitical conditions.
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decarbonization, an increasing demand for renewable energy alternatives, governmental regulations and policies, and changes in broader
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These trends, along with the growing focus on the digitization and sustainability of the electricity infrastructure, drive growth across each of
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economic and geopolitical conditions. These trends, along with the growing focus on the digitization and sustainability of the electricity
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our business segments. We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on
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infrastructure, can impact performance across each of our business segments. We believe that our industry-defining technologies and
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energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient and affordable
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energy sources, andan evolving balance of generation sources will be necessary to maintain a reliable, resilient and affordable
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Summary of Results. RPO was$123.4 billion and$116.3 billion as of March 31, 2025 and 2024, respectively. For thethree months ended
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Summary of Results. RPO was$128.7 billion and$115.5 billion as of June 30, 2025 and 2024, respectively. For thethree months ended
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March 31, 2025, total revenues were$8.0 billion, an increase of$0.8 billion for the quarter. Net income (loss) was$0.3 billion, an increase
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June 30, 2025, total revenues were$9.1 billion, anincrease of$0.9 billion for the quarter. Net income (loss) was$0.5 billion, adecrease of
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of$0.4 billion in net income for the quarter, and net income (loss) margin was 3.3%. Diluted earnings (loss) per share was$0.91 for the
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$0.8 billion in net income for the quarter, and net income (loss) margin was 5.4%. Diluted earnings (loss) per share was$1.86 for thethree
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three months ended March 31, 2025, an increase in diluted earnings per share of$1.38 for the quarter. Cash flows from (used for)
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months ended June 30, 2025, adecrease in diluted earnings per share of$(2.78) for the quarter. Cash flows from (used for) operating
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For thethree months ended March 31, 2025, Adjusted EBITDA* was$0.5 billion, anincrease of$0.3 billion. Free cash flow* was$1.0
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For thethree months ended June 30, 2025, Adjusted EBITDA* was$0.8 billion, anincrease of$0.2 billion. Free cash flow* was$1.2 billion
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As of March 31, 2025, RPOincreased$4.4 billion (4%) from December 31, 2024, primarily at Power, due to increases at Gas Power due
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As of June 30, 2025, RPOincreased$9.6 billion (8%) from December 31, 2024, primarily at Power, due to increases at Gas Power due to
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to Heavy-Duty Gas Turbine equipment and contractual services, and increases at Steam Power services and Hydro Power equipment; at
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Heavy-Duty Gas Turbine and Aeroderivative equipment and contractual services, and increases at Hydro Power equipment and Steam
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31, 2024, primarily at Electrification, due to demand for high-voltage direct current solutions and switchgear at Grid Solutions; at Power,
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Power services; at Electrification, primarily due to demand for switchgear, alternating current substation solutions, and transformers at Grid
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orders at Onshore Wind, and at Offshore Wind as we continue to execute on our contracts. RPOincreased$7.1 billion (6%) from March
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Solutions; partially offset at Wind, due to a decrease in ordersat Onshore Wind and at Offshore Wind as we continue to execute on our
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on our contracts and the finalization of the settlement of a previously canceled projectin the third quarter of 2024, anddecreases at
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Offshore Wind as we continue to execute on our contracts and the finalization of the settlement of a previously canceled project in the third
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For the three monthsended March 31, 2025, total revenues increased$0.8 billion (11%). Equipment revenues increased at Power, due
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For the three months ended June 30, 2025, total revenues increased$0.9 billion (11%). Equipment revenues increased at Electrification,
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increased$1.1 billion (15%), organic services revenuesincreased $0.3 billion (8%), and organic equipment revenuesincreased $0.8
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increased$1.0 billion (12%), organic equipment revenuesincreased $0.7 billion (18%), and organic services revenuesincreased $0.2
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billion (22%). Organic revenues* increased at Power, Electrification, and Wind.
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billion (6%). Organic revenues* increased at Power, Electrification, and Wind.
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toincreases in Gas Power from Heavy-Duty Gas Turbine deliveries; increased at Wind, primarily at Onshore Wind due to improved pricing
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due toincreases in Gas Power from Heavy-Duty Gas Turbine deliveries; and at Wind, primarily at Onshore Wind due to delivery of more
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Grid Solutions due to growth inswitchgear and transformer equipment volume. Services revenues increased at Power, driven by Gas
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units partially offset at Offshore Wind due to a slower pace of production. Services revenues increased at Power, driven by Gas Power and
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Power and Steam Power favorable volume and price; and increased at Electrification, primarily due to growth at Grid Solutions.
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Steam Power higher volume in contractual and non-contractual services; at Electrification, primarily due to growth at Grid Solutions; andat
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For the three months ended March 31, 2025, operating income (loss) was under$0.1 billion, a$0.3 billion increase, primarily due to: an
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For the three months ended June 30, 2025, operating income (loss) was$0.4 billion, a$0.1 billion decrease, primarily due to: the
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increase in segment results at Power of$0.2 billion, primarily at Gas Power and Steam Power due to higher volume, favorable price, and
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favorable price at Grid Solutions; and at Power of$0.2 billion, primarily at Gas Power and Steam Power due tofavorable price, higher
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Net income (loss) and Net income (loss) margin were$0.3 billion and 3.3%, respectively, forthe three months ended March 31, 2025, an
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Net income (loss) and Net income (loss) margin were$0.5 billion and 5.4%, respectively, forthe three months ended June 30, 2025, a
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increase of$0.4 billion and 4.8%, respectively, for the quarter, primarily due to an increase in operating income (loss) of$0.3 billion and an
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decrease of$0.8 billion and 10.2%, respectively, for the quarter, primarily due to adecrease in other income (expense) - net of$0.8 billion
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reduction of approximately $3.9 billion related to the sale of a portion of Steam Power nuclear activities to Electricité de France S.A. (EDF)
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driven by the nonrecurrence of a $0.9 billion pre-tax gain from the sale of a portion of Steam Power nuclear activities to Electricité de
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Adjusted EBITDA* and Adjusted EBITDA margin* were$0.5 billion and 5.7%, respectively, for thethree months ended March 31, 2025, an
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Adjusted EBITDA* and Adjusted EBITDA margin* were$0.8 billion and 8.5%, respectively, for thethree months ended June 30, 2025, an
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increase of$0.3 billion and 3.1%, respectively, primarily driven by increases in segment results at Power, Electrification, and Wind.
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increase of$0.2 billion and 2.1%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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basisdue to the nature of its investments.
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basis due to the nature of its investments.
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RPO as of March 31, 2025 increased $2.9 billion (4%) from December 31, 2024, primarily at Gas Power due to Heavy-Duty Gas Turbine
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RPO as of June 30, 2025 increased $5.7 billion (8%) from December 31, 2024, primarilyat Gas Power due to Heavy-Duty Gas Turbine and
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equipment and contractual services, and increases at Steam Power services and Hydro Power equipment. RPOincreased $3.5 billion (5%)
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Aeroderivative equipment and contractual services, and increases at Hydro Power equipment and Steam Power services. RPOincreased
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Segment revenues increased $0.6 billion (16%) organically*, primarily at Gas Power due to increases in Heavy-Duty Gas Turbine
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Segment revenues increased $0.4 billion (9%) organically*, primarily at Gas Power equipment due to increases in Heavy-Duty Gas Turbine
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Segment EBITDA increased $0.1 billion (23%) organically*, primarily at Gas Power and Steam Power due tohigher volume, favorable
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Segment EBITDA increased $0.1 billion (12%) organically*, primarily at Gas Power and Steam Power due to favorable price, higher
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increased productivity partially offset by the impact of inflation and additional expenses to support investments at Gas Power and Nuclear
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volume, and increased productivity partially offset by the impact of inflation and additional expenses to support investments at Gas Power
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commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends:
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quarter of 2024, and decreases at Onshore Wind.
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Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*
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billion (7%). Organic revenues* increased at Power, Electrification, and Wind.
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the impact of inflation and additional expenses to support investments at Gas Power and Nuclear Power; partially offset by the
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decreases at Offshore Wind due to a slower pace of production.
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Segment EBITDA increased $0.3 billion organically*, primarily due to volume, productivity, and favorable price at Grid Solutions.
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portion of Steam Power nuclear activities to EDF.
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See Note 21 in the Notes to the consolidated and combined financial statements for further information.
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borrowings, and interest earned on cash balances and short-term investments.
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Our effective tax rate was 20.1% for the three months ended June 30, 2024. The effective tax rate was lower than the U.S. statutory rate of
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see Note 20 in the Notes to the consolidated and combined financial statements.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Electrification, primarily due to demand forswitchgear and transformers at Grid Solutions; partially offset at Wind, due to a decrease in
Previous report — wording carried elsewhere
Note 22 in the Notes to the consolidated and combined financial statements for further information.