GEV GE Vernova Inc.

Overview and Growth

In fiscal 2025, GE Vernova Inc. recorded $38.07B of revenue, net income of $4.88B, and an operating cash inflow of $4.99B. The $38.07B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 9.0% above fiscal 2024 revenue of $34.94B, marking a year-over-year increase. Diluted earnings per share were $17.69, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 217.0% from $5.58 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.6x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $7.54B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 19.8% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $1.39B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 3.6%, showing how efficiently sales converted into operating profit. Net income came to $4.88B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 12.8% margin after operating costs and the remaining recognized items. Pretax income was $2.83B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 7.4%, adding a pre-tax profitability layer between revenue and net income. The company recognized an income-tax benefit of $2.05B, increasing after-tax earnings relative to the pretax result. The tax benefit equaled 72.5% of positive pretax income, lifting the after-tax result. Return on period-end equity was 39.7%, relating annual net income to the equity capital on the balance sheet. Net income represented 7.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $63.02B, supported by $50.72B of liabilities and $12.30B of shareholder equity. Current assets were $40.22B against $40.97B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.98x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $8.85B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 21.6%, excluding receivables and other current assets. The liabilities-to-assets relationship was 80.5%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 14.0%, comparing reported cash and equivalents with the full positive asset balance. Compared with $51.48B in fiscal 2024, the current asset base moved 22.4% and finished higher.

Cash Flow and Earnings Quality

The company reported $4.99B of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.02x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $1.28B of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 25.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $3.71B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 9.7%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 5.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.