GE Vernova Inc.
For the period ended Mar 31, 2026. Filed Apr 22, 2026.
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.
Mar 31, 2026 · Filed Apr 22, 2026
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 2025-09-30; filed 2025-10-22.
0001996810-25-000160
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-22.
0001996810-26-000064
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 433 previous paragraphs and 374 current paragraphs.
104 unchanged; 124 reworded; 143 added; 199 removed; 6 previous and 3 current paragraphs rearranged.
Tables are not compared: 22 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 (143)
Current report
venture with Xignux, in exchange for cash consideration of approximately $5.3 billion. Prolec GE is an electric industry leader in North
Current report
wide variety of transformers and transformer components for the generation, transmission, and distribution of electricity, complemented by
Current report
its broad transformer services offering. Net assets and results of operations of Prolec GE are included in our results commencing on
Current report
February 2, 2026 and are reported within the Electrification segment. As a result of this acquisition, we remeasured our previously held
Current report
equity interest to fair value, with the resulting pre-tax gain of $4.0 billion recognized within Other income (expense) – net in our
Current report
Consolidated Statement of Income during the first quarter of 2026.
Current report
Long-term Borrowings. On February 4, 2026, we issued $2.6 billion aggregate principal amount of senior notes, consisting of $0.6 billion,
Current report
$1.0 billion, and $1.0 billion due February 2031, 2036, and 2056, respectively. The proceeds from the debt offering were used for general
Current report
corporate purposes, including financing a portion of the acquisition of the remaining 50% stake of Prolec GE.
Current report
Offshore Wind. At Offshore Wind, we continue to experience pressure related to our project costs and execution timelines, as we deliver
Current report
on our existing backlog. On December 22, 2025, the United States Department of Interior announced that it was pausing the leases for all
Current report
large-scale offshore wind projects under construction in the United States, which had a direct impact on the Vineyard Wind project
Current report
completion timeline. On January 27, that pause was lifted and during the first quarter of 2026, we successfully completed the installation of
Current report
all remaining wind turbines at the Vineyard Wind project and now have moved on to the remaining commissioning activities. As we work
Current report
through the final stages of the project, we are working with our customer to resolve outstanding claims and counterclaims.
Current report
Business Unit Realignment. Effective January 1, 2026, we realigned the reporting of certain of our business units. Historical financial
Current report
•Within our Power segment, our Steam Power business unit was realigned into Nuclear Power, Hydro Power, and Gas Power. In
Current report
addition, a component of our former Electrification Software business unit was realigned into Gas Power.
Current report
•Within our Electrification segment, we revised our Grid Solutions business unit into three new business units, Power Transmission,
Current report
Grid Systems Integration, and Grid Automation & Software. In addition, a component of our former Electrification Software business
Current report
unit was realigned into Grid Automation & Software and another component was realigned into Gas Power within our Power segment.
Current report
•Within our Wind segment, we combined our Onshore Wind and LM Wind Power business units into Onshore Wind.
Current report
2026 1Q FORM 10-Q 23
Current report
operating activities were$5.2 billion and$1.2 billion for thethree months ended March 31, 2026 and 2025, respectively.
Current report
billion and$1.0 billion for thethree months ended March 31, 2026 and 2025, respectively.
Current report
As of March 31, 2026, RPOincreased$13.0 billion (9%) from December 31, 2025, primarily at Electrification, due to the acquisition of
Current report
Prolec GE and demand for switchgear and transformers at Power Transmission, and demand for alternating current substation solutions at
Current report
Grid Systems Integration; at Power, due to increases at Gas Power from Heavy-Duty Gas Turbines and Nuclear Power services; partially
Current report
offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts. RPOincreased$39.8 billion (32%) from
Current report
equipment; at Electrification, due tothe acquisition of Prolec GE and demand for switchgear and transformers at Power Transmission,
Current report
demand for high-voltage direct current solutions and alternating current substation solutions at Grid Systems Integration, and synchronous
Current report
Electrification, primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission,
Current report
and at Grid Systems Integration due to increased volume in alternating current substation solutions and high voltage direct current
Current report
due to higher deliveries and installations. Services revenues increased at Power, Wind, and Electrification.
Current report
2026 1Q FORM 10-Q 24
Current report
and Grid Systems Integration; and at Power of$0.3 billion, primarily at Gas Power due to favorable pricing and higher volume, partially
Current report
offset by the impact of inflation; partially offset by a decreaseat Wind of$(0.2) billion, primarily at Onshore Wind due to lower equipment
Current report
deliveries and the impact of tariffs, and at Offshore Wind due to higher contract losses, partially offset by lower costs at Onshore Wind
Current report
services; and an increase in depreciation and amortization expense across all segments of $0.1 billion.
Current report
driven by a $4.0 billion pre-tax gain related to the acquisition of Prolec GE and a $0.3 billion pre-tax gain related to the sale of our Proficy
Showing the first 40 of 143 passages. Open the source sections for the rest.
Removed paragraphs (199)
Previous report
period in the prior year.
Previous report
Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE), which now operates
Previous report
as GE Aerospace, on April 2, 2024 (the Spin-Off). For further information, see Note 1 in the Notes to our audited consolidated and
Previous report
unconsolidated joint venture with Xignux. Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and
Previous report
purchase agreement, GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt. The
Previous report
acquisition is expected to close by mid-2026, subject to the completion of customary regulatory approvals.
Previous report
and contractual implications.
Previous report
Power Conversion & Storage. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our
Previous report
Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented
Previous report
2025 3Q FORM 10-Q 26
Previous report
(used for) operating activities were$2.5 billion and$1.7 billion for thenine months ended September 30, 2025 and 2024, respectively.
Previous report
billion and$1.1 billion for thenine months ended September 30, 2025 and 2024, respectively.
Previous report
As of September 30, 2025, RPOincreased$16.2 billion (14%) from December 31, 2024, primarily at Power, due to increases at Gas
Previous report
and Hydro Power equipment, partially offset by a decrease at Steam Power equipment; at Electrification, primarily due to demand for
Previous report
switchgear, alternating current substation solutions, and transformers at Grid Solutions and synchronous condensers at Power Conversion
Previous report
& Storage; partially offset at Wind, due to decreases in orders at Onshore Wind as U.S. customers dealt with policy uncertainty and
Previous report
decreases at Offshore Wind as we continue to execute on our contracts. RPOincreased$17.5 billion (15%) from September 30, 2024,
Previous report
services, partially offset by a decrease at Steam Power equipment; at Electrification, due to demand for switchgear, high-voltage direct
Previous report
current solutions, alternating current substation solutions, and transformers at Grid Solutions and synchronous condensers at Power
Previous report
as well as selectivity in the international market, and decreases at Offshore Wind as we continue to execute on our contracts.
Previous report
Electrification, primarily at Grid Solutions due to growth in high-voltage direct current solutions and switchgear volume and at Power
Previous report
Conversion & Storagedue to battery energy storage solutions; at Power, due toincreases at Gas Power from Heavy-Duty Gas Turbine
Previous report
revenues recorded on the settlement of a previously canceled project as well as charges for the impact of blade events, both in the third
Previous report
quarter of 2024, partially offset by higher deliveries. Services revenues increased at Power, driven by Gas Power higher parts volume and
Previous report
favorable price; and at Electrification and Wind.
Previous report
For the nine months ended September 30, 2025, total revenues increased$2.7 billion (11%). Equipment revenues increasedat
Previous report
Electrification, primarily at Grid Solutions due to growth in high-voltage direct current solutions, switchgear, and alternating current
Previous report
substation solutions volume and at Power Conversion & Storage; at Power, due toincreases in Gas Power from Heavy-Duty Gas Turbine
Previous report
deliveries and favorable price, partially offset by lower Aeroderivative project commissioning. Wind equipment revenues were flat, primarily
Previous report
due to an increase at Onshore Wind due to delivery of more units, offsetat Offshore Wind due to the nonrecurrence of revenues recorded
Previous report
on the settlement of a previously canceled project as well as charges for the impact of blade events, both in the third quarter of 2024.
Previous report
Services revenues increased at Power, driven by Gas Power higher volume and favorable price; at Electrification, primarily due to growth at
Previous report
Grid Solutions; and at Wind due to higher transactional services.
Previous report
increased$3.0 billion (12%), organic equipment revenuesincreased $2.0 billion (16%) and organic services revenuesincreased $1.0
Previous report
billion (9%). Organic revenues* increased at Power, Electrification, and Wind.
Previous report
2025 3Q FORM 10-Q 27
Previous report
(a)The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that
Previous report
were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the
Previous report
Company participated in various GE stock-based compensation plans, and there were no dilutive equity instruments as there were no
Previous report
equity awards of GE Vernova outstanding prior to Spin-Off.
Showing the first 40 of 199 passages. Open the source sections for the rest.
Reworded paragraphs (124)
Previous wording
with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting
Current wording
with our consolidated financial statements, which are prepared in conformity with U.S. generally accepted accounting principles (GAAP),
Previous wording
principles (GAAP), and corresponding notes included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and
Current wording
and corresponding notes included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis provides
Previous wording
analysis provides information that management believes to be relevant to understanding the financial condition and results of operations of
Current wording
information that management believes to be relevant to understanding the financial condition and results of operations of the Company for
Previous wording
the Company for the three andnine months ended September 30, 2025 and 2024. The below discussion should be read alongside Item 7.
Current wording
thethree months ended March 31, 2026 and 2025. The below discussion should be read alongside Item 7. "Management’s Discussion and
Previous wording
"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated and combined
Current wording
Analysis of Financial Condition and Results of Operations" and our audited consolidated and combined financial statements and
Previous wording
financial statements and corresponding notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Unless
Current wording
corresponding notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Unless otherwise noted, tables are
Previous wording
otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain
Current wording
presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within
Previous wording
columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from
Current wording
tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in
Previous wording
the underlying numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding
Current wording
millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the prior year.
Previous wording
In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial
Current wording
In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not
Previous wording
data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP
Current wording
presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial
Previous wording
financial measures” under SEC rules. For the reasons we use these non-GAAP financial measures and the reconciliations to their most
Current wording
measures” under SEC rules. For the reasons we use these non-GAAP financial measures and the reconciliations to their most directly
Previous wording
directly comparable GAAP financial measures, see "—Non-GAAP Financial Measures."
Current wording
comparable GAAP financial measures, see "—Non-GAAP Financial Measures."
Previous wording
Prolec GE. On October 21, 2025, we announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, our
Current wording
Prolec GE. On February 2, 2026, we completed the acquisition of the remaining 50% stake of Prolec GE, our former unconsolidated joint
Previous wording
voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. Under the
Current wording
America, with approximately 10,000 employees across seven manufacturing sites in the Americas, including five in the U.S. It produces a
Previous wording
Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs and any future tariffs will result in
Current wording
Tariffs. Throughout 2025 and 2026, the United States and other countries imposed global tariffs. These tariffs have resulted, and any
Previous wording
additional costs to us. The current total estimated cost impact from the global tariffs as outlined is trending towards thelower end of
Current wording
future tariffs will result, in additional costs to us. The current total estimated cost impact from the global tariffs as outlined is approximately
Previous wording
approximately $300 million to $400 millionfor the full year 2025, after taking into consideration contractual protections and mitigating
Current wording
$250 million to $350 million in 2026, after taking into consideration contractual protections and mitigating actions. The actual impacts of
Previous wording
actions. The actual impact of the tariffs may be significantly different than our current estimate. Our estimate is subject to several factors
Current wording
tariffs may be significantly different than our current estimate. Our estimate is subject to several factors including the amount, duration,
Previous wording
including the amount, duration, scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take,
Current wording
scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications.
Previous wording
within this report conforms to the new business unit structure within the Electrification segment.
Current wording
information presented within this report conforms to the new business unit structure within the Power, Electrification, and Wind segments.
Previous wording
TRENDS AND FACTORS IMPACTING OUR PERFORMANCE. We believe our performance and future success depends on a number of
Current wording
TRENDS AND FACTORS IMPACTINGOUR PERFORMANCE. We believe our performance and future success depends on a number of
Previous wording
Summary of Results. RPO was$135.3 billion and$117.7 billion as of September 30, 2025 and 2024, respectively. For thethree months
Current wording
Summary of Results. RPO was$163.3 billion and$123.4 billion as of March 31, 2026 and 2025, respectively. For thethree months ended
Previous wording
ended September 30, 2025, total revenues were$10.0 billion, anincrease of$1.1 billion for the quarter. Net income (loss) was$0.5 billion,
Current wording
March 31, 2026, total revenues were$9.3 billion, anincrease of$1.3 billion for the quarter. Net income (loss) was$4.7 billion, anincrease
Previous wording
anincrease of$0.6 billion in net income for the quarter, and net income (loss) margin was 4.5%. Diluted earnings (loss) per share was
Current wording
of$4.5 billion in net income for the quarter, and net income (loss) margin was 50.9%. Diluted earnings (loss) per share was$17.44 for the
Previous wording
$1.64 for thethree months ended September 30, 2025, anincrease in diluted earnings per share of$1.99 for the quarter. Cash flows from
Current wording
three months ended March 31, 2026, anincrease in diluted earnings per share of$16.53 for the quarter. Cash flows from (used for)
Previous wording
For thethree months ended September 30, 2025, Adjusted EBITDA* was$0.8 billion, anincrease of$0.6 billion. Free cash flow* was$1.9
Current wording
For thethree months ended March 31, 2026, Adjusted EBITDA* was$0.9 billion, anincrease of$0.4 billion. Free cash flow*was$4.8
Previous wording
substantive penalty. See Note 9 in the Notes to the consolidated and combined financial statements for further information.
Current wording
substantive penalty. See Note 9 in the Notes to the consolidated financial statements for further information.
Previous wording
primarily at Power, due to increases at Gas Power equipment and services, and increases at Hydro Power equipment and Steam Power
Current wording
March 31, 2025, primarily at Power, due to increases at Gas Power equipment and services, and increases at Nuclear Power services and
Previous wording
Conversion & Storage; partially offset at Wind, due to decreases in orders at Onshore Wind as U.S. customers dealt with policy uncertainty,
Current wording
condensers at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our
Previous wording
For the three months ended September 30, 2025, total revenues increased$1.1 billion (12%). Equipment revenues increased at
Current wording
For the three months ended March 31, 2026, total revenues increased$1.3 billion (16%). Equipment revenues increased at
Previous wording
Power due to Heavy-Duty Gas Turbine and Aeroderivative equipment and contractual services, and increases at Steam Power services
Current wording
solutions; and at Power, due toincreases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative equipment deliveries and
Previous wording
deliveries, project commissioning, and favorable price; partially offset at Wind, primarily at Offshore Wind due to the nonrecurrence of
Current wording
favorable pricing; partially offset at Wind, primarily at Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind
Previous wording
increased$0.9 billion (10%), organic equipment revenuesincreased $0.5 billion (10%) and organic services revenuesincreased $0.4
Current wording
increased$0.6 billion (7%), organic equipment revenuesincreased $0.4 billion (10%) and organic services revenuesincreased $0.2
Previous wording
billion (11%). Organic revenues* increased at Electrification and Power, partially offset at Wind.
Current wording
billion (4%). Organic revenues* increased at Electrification and Power, partially offsetat Wind.
Previous wording
For the three months ended September 30, 2025, operating income (loss) was$0.4 billion, a$0.7 billion increase, primarily due to: an
Current wording
For the three months ended March 31, 2026, operating income (loss) was$0.2 billion, a$0.1 billion increase, primarily due to: an
Previous wording
increase in segment results at Electrification of$0.5 billion, primarily due to volume, productivity, and favorable price at Grid Solutions; at
Current wording
increase in segment results at Electrification of$0.3 billion, primarily due to volume, productivity, and favorable price at Power Transmission
Previous wording
Net income (loss) and Net income (loss) margin were$0.5 billion and 4.5%, respectively, forthe three months ended September 30, 2025,
Current wording
Net income (loss) and Net income (loss) margin were$4.7 billion and 50.9%, respectively, forthe three months ended March 31, 2026, an
Previous wording
anincrease of$0.6 billion and 5.7%, respectively, for the quarter, primarily due to an increase in operating income (loss) of$0.7 billion and
Current wording
increase of$4.5 billion and 47.6%, respectively, for the quarter, primarily due toan increase in other income (expense) - net of$4.6 billion
Previous wording
an increase in other income (expense) - net of$0.1 billion, partially offset by an increase in provision for income taxes of$0.3 billion.
Current wording
manufacturing software business (Proficy), and operating income (loss) of$0.1 billion, partially offset by an increase in provision for income
Showing the first 40 of 124 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Turbine and Aeroderivative equipment deliveries and favorable pricing.
Current report — wording carried from elsewhere
repurchase a specified or any number or dollar value of shares under our share repurchase program. The declaration of any future
Current report — wording carried from elsewhere
$5.6 billion, driven by down payments on orders and slot reservation agreements at Power, and down payments at Electrification; current
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
combined financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Previous report — wording carried elsewhere
Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*
Previous report — wording carried elsewhere
the Spin-Off; and higher corporate costs required to operate as a stand-alone public company.
Previous report — wording carried elsewhere
Segment revenues increased $1.6 billion (13%) organically*, primarily at Gas Power equipment due to increases in Heavy-Duty Gas
Previous report — wording carried elsewhere
and combined financial statements for further information.
Previous report — wording carried elsewhere
2, 2024, and see Note 21 in the Notes to the consolidated and combined financial statements.