GE Vernova Inc.
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 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 2026-03-31; filed 2026-04-22.
0001996810-26-000064
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-22.
0001996810-26-000148
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 374 previous paragraphs and 435 current paragraphs.
218 unchanged; 106 reworded; 92 added; 43 removed; 7 previous and 19 current paragraphs rearranged.
Tables are not compared: 21 previous and 22 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 (92)
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prior year.
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2026 2Q FORM 10-Q 26
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activities were$10.7 billion and$1.5 billion for thesix months ended June 30, 2026 and 2025, respectively.
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and$1.2 billion for thesix months ended June 30, 2026 and 2025, respectively.
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As of June 30, 2026, RPOincreased$26.0 billion (17%) from December 31, 2025, primarily at Power, due to increases at Gas Power from
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Heavy-Duty Gas Turbine and Aeroderivative equipment and transactional services, and increases at Nuclear Power services; andat
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alternating current substation solutions at Grid Systems Integration; partially offset at Wind, due to a decrease at Offshore Wind as we
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continue to execute on our contracts and at Onshore Wind due to a decrease in orders primarily in North America. RPOincreased$47.6
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billion (37%) from June 30, 2025, primarily at Power, due to increases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative
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and at Onshore Wind due to a decrease in orders primarily in North America.
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Power, due toincreases at Gas Power from higher Aeroderivative deliveries and favorable pricing; partially offset at Wind, primarily at
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revenues increased at Power, due to increases at Nuclear Power and Gas Power from higher volume and favorable pricing; at Wind, due to
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an increase at Onshore Wind from higher transactional volume; and at Electrification.
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2026 2Q FORM 10-Q 27
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For the six months ended June 30, 2026, total revenues increased$3.3 billion (19%). Equipment revenues increased at Electrification,
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favorable pricing; at Wind, due to an increase at Onshore Wind from higher transactional volume; and at Electrification.
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increased$1.7 billion (10%), organic equipment revenuesincreased $1.1 billion (12%) and organic services revenuesincreased $0.6
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billion (7%). Organic revenues* increased at Electrification and Power, partially offset at Wind.
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in segment results at Electrification of$0.4 billion, primarily due to volume, productivity, and favorable price at Power Transmission and
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Power Conversion & Storage; and at Power of$0.2 billion, primarily at Gas Power due to higher volume and favorable pricing, partially
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deliveries and at Offshore Wind due to higher project costs, partially offset by lower costs at Onshore Wind services; and an increase in
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increase of$0.2 billion and 0.4%, respectively, for the quarter, primarily due to an increase in operating income (loss) of$0.3 billion,
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For the six months ended June 30, 2026, operating income (loss) was$0.8 billion, a$0.4 billion increase, primarily due to: an increase in
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segment results at Electrification of$0.7 billion, primarily due to volume, productivity, and favorable price at Power Transmission and Grid
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productivity, partially offset by the impact of inflation and additional expenses to support investments at Gas Power and Nuclear Power;
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Net income (loss) and Net income (loss) margin were$5.4 billion and 26.4%, respectively, forthesix months ended June 30, 2026, an
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Adjusted EBITDA* and Adjusted EBITDA margin* were$2.1 billion and 10.5%, respectively, for thesix months ended June 30, 2026, an
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at Wind.
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2026 2Q FORM 10-Q 28
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RPO as of June 30, 2026 increased $17.1 billion (18%) from December 31, 2025, primarily at Gas Power due to increases in Heavy-Duty
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Gas Turbine and Aeroderivative equipment and transactional services, and increases at Nuclear Power services. RPOincreased $32.4
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contractual services, and increases at Nuclear Power services and equipment, partially offset by Hydro Power equipment.
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2026 2Q FORM 10-Q 29
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For the three months ended June 30, 2026, segment revenues wereup $0.7 billion (14%) and segment EBITDA wasup $0.2 billion
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Segment revenues increased $0.7 billion (14%) organically*, primarily at Gas Power equipment due to higher Aeroderivative unit deliveries
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and favorable pricing, and increases at Nuclear Power and Gas Power services due to higher volume and favorable pricing.
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offset by the impact ofinflation.
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For thesix months ended June 30, 2026, segment revenues wereup $1.2 billion (13%) and segment EBITDA wasup $0.5 billion
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Aeroderivative deliveries and favorable pricing, and increases at Gas Power and Nuclear Power services due to higher parts volume and
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favorable pricing.
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2026 1Q FORM 10-Q 23
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operating activities were$5.2 billion and$1.2 billion for thethree months ended March 31, 2026 and 2025, respectively.
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billion and$1.0 billion for thethree months ended March 31, 2026 and 2025, respectively.
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As of March 31, 2026, RPOincreased$13.0 billion (9%) from December 31, 2025, primarily at Electrification, due to the acquisition of
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Grid Systems Integration; at Power, due to increases at Gas Power from Heavy-Duty Gas Turbines and Nuclear Power services; partially
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offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts. RPOincreased$39.8 billion (32%) from
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March 31, 2025, primarily at Power, due to increases at Gas Power equipment and services, and increases at Nuclear Power services and
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contracts.
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billion (4%). Organic revenues* increased at Electrification and Power, partially offsetat Wind.
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2026 1Q FORM 10-Q 24
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increase in segment results at Electrification of$0.3 billion, primarily due to volume, productivity, and favorable price at Power Transmission
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taxes of$0.3 billion.
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2026 1Q FORM 10-Q 25
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RPO as of March 31, 2026 increased $5.1 billion (5%) from December 31, 2025, primarily at Gas Power from Heavy-Duty Gas Turbines
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and Nuclear Power services. RPOincreased $23.2 billion (30%) from March 31, 2025, primarily at Gas Power due to increases in
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For the three months ended March 31, 2026, segment revenues wereup $0.5 billion (12%) and segment EBITDA wasup $0.3
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billion (57%).
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Turbine and Aeroderivative equipment deliveries and favorable pricing.
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2026 1Q FORM 10-Q 26
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For the three months ended March 31, 2026, segment revenues wereup $1.1 billion (61%) and segment EBITDA wasup $0.3
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Segment EBITDA increased $0.2 billion organically*, primarily due to volume, productivity, and favorable price at Power Transmission and
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respectively, primarily due to a decrease at Offshore Wind as we continue to execute on ourcontracts.
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billion.
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Segment EBITDA decreased $0.2 billion organically*, primarily at Onshore Wind due to lower equipment deliveries and the impact of tariffs,
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2026 1Q FORM 10-Q 27
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decrease at Wind primarily at Onshore Wind due to lower equipment deliveries and the impact of tariffs, and at Offshore Wind due to higher
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contract losses.
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of 21% primarily due to an income tax benefit from stock-based compensation, mostly offset by losses providing no tax benefit in certain
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jurisdictions.
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million shares for$1.3 billion during the three months ended March 31, 2026. Cumulatively we have repurchased$4.6 billion of common
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2026 1Q FORM 10-Q 28
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Cash from operating activities was$5.2 billion and$1.2 billion for thethree months ended March 31, 2026 and 2025, respectively.
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higher down payments and milestone collections at Electrification, and lower revenue recognition at Wind; an increase from accounts
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a decrease in prepayments, in Electrification and Power; inventories of$(0.9) billion, primarily due to higher production and fewer
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in Wind and Power and a decrease in past dues; inventories of$(0.4) billion, primarily due to volume in Power and
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exceeding billings, primarily in Power and Wind; and accounts payable and equipment project payables of$(0.3) billion due to
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disbursements outpacing purchases of materials, partially offset by a decrease in prepayments.
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component of free cash flow*, was$0.4 billion and$0.2 billion for thethree months ended March 31, 2026 and 2025, respectively.
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respectively. Cash from financing activities increased by$1.7 billion in 2026 compared to 2025 primarily driven by: net cash from newly
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2026 1Q FORM 10-Q 29
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thethree months ended March 31, 2026 and 2025. The below discussion should be read alongside Item 7. "Management’s Discussion and
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the three andsix months ended June 30, 2026 and 2025. The below discussion should be read alongside Item 7. "Management’s
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Analysis of Financial Condition and Results of Operations" and our audited consolidated and combined financial statements and
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Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated and combined financial statements
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corresponding notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Unless otherwise noted, tables are
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and corresponding notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Unless otherwise noted, tables
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presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within
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are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows
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tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in
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within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying
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millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the prior year.
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numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the
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Consolidated Statement of Income during the first quarter of 2026.
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Consolidated Statement of Income (Loss) during the first quarter of 2026.
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$250 million to $350 million in 2026, after taking into consideration contractual protections and mitigating actions. The actual impacts of
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$100 million to $200 million in 2026, after taking into consideration contractual protections and mitigating actions, including pursuing the
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tariffs may be significantly different than our current estimate. Our estimate is subject to several factors including the amount, duration,
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recovery of certain tariffs. The actual impacts of tariffs may be significantly different than our current estimate. Our estimate is subject to
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scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications.
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several factors including the amount, duration, andscope and nature of the tariffs, countermeasures that countries take, mitigating or other
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TRENDS AND FACTORS IMPACTINGOUR PERFORMANCE. We believe our performance and future success depends on a number of
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TRENDS AND FACTORS IMPACTING OUR PERFORMANCE. We believe our performance and future success depends on a number of
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Summary of Results. RPO was$163.3 billion and$123.4 billion as of March 31, 2026 and 2025, respectively. For thethree months ended
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Summary of Results. RPO was$176.3 billion and$128.7 billion as of June 30, 2026 and 2025, respectively. For thethree months ended
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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
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June 30, 2026, total revenues were$11.1 billion, anincrease of$2.0 billion for the quarter. Net income (loss) was$0.6 billion, anincrease
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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
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of$0.2 billion in net income for the quarter, and net income (loss) margin was 5.8%. Diluted earnings (loss) per share was$2.47 for the
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three months ended March 31, 2026, anincrease in diluted earnings per share of$16.53 for the quarter. Cash flows from (used for)
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three months ended June 30, 2026, anincrease in diluted earnings per share of$0.61 for the quarter. Cash flows from (used for) operating
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For thethree months ended March 31, 2026, Adjusted EBITDA* was$0.9 billion, anincrease of$0.4 billion. Free cash flow*was$4.8
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For thethree months ended June 30, 2026, Adjusted EBITDA* was$1.2 billion, anincrease of$0.5 billion. Free cash flow* was$9.9 billion
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Prolec GE and demand for switchgear and transformers at Power Transmission, and demand for alternating current substation solutions at
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Electrification, due to the acquisition of Prolec GE and demand for switchgear and transformers at Power Transmission, and demand for
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equipment and services, and increases at Nuclear Power services and equipment.
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equipment and contractual services, and increases at Nuclear Power services and equipment, partially offset by Hydro Power equipment;
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equipment; at Electrification, due tothe acquisition of Prolec GE and demand for switchgear and transformers at Power Transmission,
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and at Electrification, due tothe acquisition of Prolec GE and demand for switchgear and transformers at Power Transmission, demand for
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condensers at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our
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at Power Conversion & Storage; partially offset at Wind, due to a decrease at Offshore Wind as we continue to execute on our contracts
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For the three months ended March 31, 2026, total revenues increased$1.3 billion (16%). Equipment revenues increased at
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For the three months ended June 30, 2026, total revenues increased$2.0 billion (22%). Equipment revenues increased at Electrification,
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Electrification, primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission,
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primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission, and at Grid
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demand for high-voltage direct current solutions and alternating current substation solutions at Grid Systems Integration, and synchronous
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Systems Integration due to increased volume in alternating current substation solutions and high-voltage direct current solutions; and at
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increased$0.6 billion (7%), organic equipment revenuesincreased $0.4 billion (10%) and organic services revenuesincreased $0.2
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increased$1.1 billion (12%), organic equipment revenuesincreased $0.7 billion (14%) and organic services revenuesincreased $0.4
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receivables of$0.6 billion, driven by net collections in Power and Electrification, partially offset by an increase in supplier advances in
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billion (10%). Organic revenues* increased at Power and Electrification, partially offset at Wind.
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solutions; and at Power, due toincreases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative equipment deliveries and
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Power, due toincreases at Gas Power from Heavy-Duty Gas Turbine and Aeroderivative deliveries and favorable pricing; partially offset at
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favorable pricing; partially offset at Wind, primarily at Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind
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Wind, primarily at Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and
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due to higher deliveries and installations. Services revenues increased at Power, Wind, and Electrification.
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installations. Services revenues increased at Power, due to increases at Gas Power and Nuclear Power from higher parts volume and
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For the three months ended March 31, 2026, operating income (loss) was$0.2 billion, a$0.1 billion increase, primarily due to: an
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For the three months ended June 30, 2026, operating income (loss) was$0.7 billion, a$0.3 billion increase, primarily due to: an increase
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offset by the impact of inflation; partially offset by a decreaseat Wind of$(0.2) billion, primarily at Onshore Wind due to lower equipment
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offset by the impact of inflation; partially offset by a decreaseat Wind of$(0.1) billion, primarily at Onshore Wind due to lower equipment
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services; and an increase in depreciation and amortization expense across all segments of $0.1 billion.
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depreciation and amortization expense across all segments of $0.2 billion.
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Net income (loss) and Net income (loss) margin were$4.7 billion and 50.9%, respectively, forthe three months ended March 31, 2026, an
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Net income (loss) and Net income (loss) margin were$0.6 billion and 5.8%, respectively, forthe three months ended June 30, 2026, an
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Adjusted EBITDA* and Adjusted EBITDA margin* were$0.9 billion and 9.6%, respectively, for thethree months ended March 31, 2026, an
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Adjusted EBITDA* and Adjusted EBITDA margin* were$1.2 billion and 11.3%, respectively, for thethree months ended June 30, 2026, an
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increase of$0.4 billion and 3.9%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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increase of$0.5 billion and 2.8%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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and Grid Systems Integration; and at Power of$0.3 billion, primarily at Gas Power due to favorable pricing and higher volume, partially
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Systems Integration; and at Power of$0.5 billion, primarily at Gas Power due to favorable pricing, higher volume, and increased
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deliveries and the impact of tariffs, and at Offshore Wind due to higher contract losses, partially offset by lower costs at Onshore Wind
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and at Offshore Wind due to higher contract losses, partially offset by lower costs at Onshore Wind services; and an increase in
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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
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increase of$4.6 billion and 22.0%, respectively, for the year, primarily due to an increase in other income (expense) - net of$4.6 billion
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manufacturing software business (Proficy), and operating income (loss) of$0.1 billion, partially offset by an increase in provision for income
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manufacturing software business (Proficy), and an increase in operating income (loss) of$0.4 billion, partially offset by an increase in
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charges, such asdepreciation and amortization, impairments and other matters, major restructuring programs, and certain gains and
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charges, such as depreciation and amortization, impairments and other matters, major restructuring programs, and certain gains and
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(a)Includes our Financial Services business and other general corporate expenses, including costs required to operate as a stand-alone
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(a)Includes our Financial Services business and other general corporate expenses, including costs required to operate as astand-alone
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actions we take, and contractual implications.
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alternating current substation solutions and high-voltage direct current solutions at Grid Systems Integration, and synchronous condensers
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Onshore Wind due to lower deliveries, partially offset by increases at Offshore Wind due to higher deliveries and installations. Services
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primarily due to the acquisition of Prolec GE, and increased volume in switchgear and transformers at Power Transmission, and at Grid
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Systems Integration due to increased volume in alternating current substation solutions and high-voltage direct current solutions; and at
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Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*
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partially offset by an increase in provision for income taxes of$0.1 billion.
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partially offset by a decreaseat Wind of$(0.3) billion, primarily at Onshore Wind due to lower equipment deliveries and the impact of tariffs,
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depreciation and amortization expense across all segments of $0.4 billion.
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provision for income taxes of$0.4 billion.
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increase of$0.9 billion and 3.3%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset
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billion (41%) from June 30, 2025, primarily at Gas Power due to increases in Heavy-Duty Gas Turbine and Aeroderivative equipment and
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Segment EBITDA increased $0.3 billion organically*, primarily due to volume, productivity, and favorable price at Power Transmission and
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Segment revenues increased $1.1 billion (29%) organically*, primarily at Power Transmission due to increased volume in switchgear and
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transformers, and at Grid Systems Integration due to increased volume in alternating current substation solutions and high-voltage direct
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by increases at Onshore Wind services due to increased transactional volume and Offshore Wind due to higher deliveries and installations.
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priorities that profitably grow the Company and return capital to stockholders through dividends and share repurchases as part of our
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on our earnings, financial condition, cash requirements, prospects, and other factors. The amount and timing of any future share
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by inventories of$(0.9) billion, primarily due to volume across all businesses to support fulfillment and deliveries expected in 2025 and
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and at Grid Systems Integration due to increased volume in alternating current substation solutions and high voltage direct current
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offset by the impact of inflation.
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repurchase a specified or any number or dollar value of shares under our share repurchase program. The declaration of any future
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trading price and volume of our shares of common stock and other market factors as well as our earnings, financial condition, cash
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interests, and provision (benefit) for income taxes) of$0.5 billion; partially offset by a decrease from inventories of$(0.5) billion, primarily
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settlements for share repurchases of$0.2 billion; and higher dividends paid of$0.1 billion.
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Note 24 in the Notes to the consolidated financial statements for further information.