GE Vernova Inc.
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 9,111 | 8,204 | +11.1% |
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| Product | 4,894 | 4,194 | +16.7% |
| Product · Electrification | 1,649 | 1,246 | +32.3% |
| Product · Operating Segments | 4,894 | 4,190 | +16.8% |
| Product · Power | 1,459 | 1,284 | +13.6% |
| Product · Wind | 1,786 | 1,660 | +7.6% |
| Service | 4,217 | 4,010 | +5.2% |
| Service · Electrification | 503 | 475 | +5.9% |
| Service · Operating Segments | 4,205 | 3,997 | +5.2% |
| Service · Power | 3,254 | 3,129 | +4.0% |
| Service · Wind | 447 | 393 | +13.7% |
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| Electrification · Electrification Software | 220 | 223 | -1.3% |
| Electrification · Grid Solutions | 1,570 | 1,142 | +37.5% |
| Electrification · Intersegment Elimination | 49 | 69 | -29.0% |
| Electrification · Operating segments, inclusive of intersegment sales | 2,201 | 1,790 | +23.0% |
| Electrification · Power Conversion & Storage | 411 | 426 | -3.5% |
| Power · Gas Power | 3,884 | 3,459 | +12.3% |
| Power · Hydro Power | 201 | 182 | +10.4% |
| Power · Intersegment Elimination | 45 | 42 | +7.1% |
| Power · Nuclear Power | 189 | 222 | -14.9% |
| Power · Operating segments, inclusive of intersegment sales | 4,758 | 4,455 | +6.8% |
| Power · Steam Power | 484 | 592 | -18.2% |
| Wind · Intersegment Elimination | 11 | 9 | +22.2% |
| Wind · LM Wind Power | 58 | 149 | -61.1% |
| Wind · Offshore Wind | 225 | 353 | -36.3% |
| Wind · Onshore Wind | 1,962 | 1,560 | +25.8% |
| Wind · Operating segments, inclusive of intersegment sales | 2,245 | 2,062 | +8.9% |
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| Intersegment Elimination | 105 | 119 | -11.8% |
| Operating segments, inclusive of intersegment sales | 9,204 | 8,307 | +10.8% |
| Other revenues and elimination of intersegment revenues | -92 | -103 | +10.7% |
| Cost of Revenue | 7,266 | 6,502 | +11.8% |
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| Product | 4,265 | 3,853 | +10.7% |
| Service | 3,000 | 2,649 | +13.3% |
| Gross Profit | 1,846 | 1,702 | +8.5% |
| Research & Development | 282 | 237 | +19.0% |
| Selling, General & Administrative | 1,185 | 938 | +26.3% |
| Operating Income | 378 | 527 | -28.3% |
| Other Non-Operating Income (Expense) | 115 | 881 | -86.9% |
| Income Before Taxes | 645 | 1,602 | -59.7% |
| Income Tax Expense (Benefit) | 153 | 322 | -52.5% |
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| Corporate Non Segment · Financial Services | 2 | -11 | +118.2% |
| Material Reconciling Items | 151 | 333 | -54.7% |
| Net Income | 492 | 1,280 | -61.6% |
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| Noncontrolling Interest | -22 | -14 | -57.1% |
| Retained Earnings | 514 | 1,294 | -60.3% |
| Net Income | 514 | 1,294 | -60.3% |
| Comprehensive Income | 729 | 930 | -21.6% |
| EPS (Basic) | 1.89 | 4.72 | -60.0% |
| EPS (Diluted) | 1.86 | 4.65 | -60.0% |
| Wtd Avg Shares (Basic) | 272 | 274 | -0.7% |
| Wtd Avg Shares (Diluted) | 276 | 278 | -0.7% |
| Net Income Loss Attributable To Noncontrolling Interest | 22 | 14 | +57.1% |
| Income Loss From Equity Method Investments | 67 | 1 | +6600.0% |
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| Electrification · Operating Segments | 54 | 12 | +350.0% |
| Power · Operating Segments | 16 | 28 | -42.9% |
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| Corporate Non Segment | -3 | -40 | +92.5% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Receivables Net Current | 6,948 | — | — |
| Inventory | 9,825 | 9,346 | +5.1% |
| Contract With Customer Asset Net Current | 9,489 | 8,702 | +9.0% |
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| Product | 3,892 | 3,356 | +16.0% |
| Product · Electrification | 1,368 | 1,065 | +28.5% |
| Product · Power | 1,665 | 1,696 | -1.8% |
| Product · Wind | 858 | 595 | +44.2% |
| Service | 5,597 | 5,346 | +4.7% |
| Service · Power | 5,597 | 5,346 | +4.7% |
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| Electrification | 1,368 | 1,065 | +28.5% |
| Power | 7,262 | 7,042 | +3.1% |
| Wind | 858 | 595 | +44.2% |
| Other Assets Current | 555 | 463 | +19.9% |
| Total Current Assets | 34,709 | 30,722 | +13.0% |
| Non-Current Assets | |||
| Goodwill | 4,528 | — | — |
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| Electrification · Operating Segments | 926 | — | — |
| Power · Operating Segments | 328 | — | — |
| Wind · Operating Segments | 3,274 | — | — |
| Contract And Other Deferred Assets Noncurrent | 496 | 614 | -19.2% |
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| Electrification | 11 | 11 | 0.0% |
| Power | 483 | 593 | -18.5% |
| Wind | 2 | 11 | -81.8% |
| Deferred Tax Assets | 1,733 | 1,383 | +25.3% |
| Other Non-Current Assets | 3,282 | 2,480 | +32.3% |
| Total Assets | 53,078 | — | — |
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| Electrification · Operating Segments | 7,992 | — | — |
| Power · Operating Segments | 24,389 | — | — |
| Wind · Operating Segments | 10,492 | — | — |
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| Variable Interest Entity Not Primary Beneficiary | 109 | — | — |
| Variable Interest Entity Not Primary Beneficiary · Financial Services | 51 | — | — |
| Variable Interest Entity Primary Beneficiary | 76 | — | — |
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| Corporate Non Segment | 10,205 | — | — |
| Operating Lease Right-of-Use Assets | 750 | 649 | +15.6% |
| Other Assets | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 7,892 | 5,779 | +36.6% |
| Property Plant And Equipment And Operating Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 5,419 | 5,168 | +4.9% |
| Intangible Assets Net Excluding Goodwill | 739 | 925 | -20.1% |
| Equity Method Investments | 2,170 | 2,405 | -9.8% |
Show Business Segments breakouts |
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| Electrification · Operating Segments | 731 | 824 | -11.3% |
| Power · Operating Segments | 898 | 1,034 | -13.2% |
| Wind · Operating Segments | 47 | 48 | -2.1% |
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| Corporate Non Segment | 495 | 500 | -1.0% |
| Current Liabilities | |||
| Accounts Payable And Other Accrued Liabilities Current | 9,035 | — | — |
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| Aero Alliance · Related Party | 72 | — | — |
| Deferred Revenue (Current) | 19,603 | 16,536 | +18.5% |
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| Electrification | 5,160 | 3,252 | +58.7% |
| Power | 11,643 | 8,143 | +43.0% |
| Wind | 2,798 | 5,140 | -45.6% |
| Other Liabilities Current | 5,123 | 4,644 | +10.3% |
| Total Current Liabilities | 33,761 | 29,065 | +16.2% |
| Non-Current Liabilities | |||
| Deferred Tax Liabilities | 818 | 674 | +21.4% |
| Deferred Compensation Liability Classified Noncurrent | 3,243 | 3,224 | +0.6% |
| Other Non-Current Liabilities | 5,309 | 5,040 | +5.3% |
| Total Liabilities | 43,131 | — | — |
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| Variable Interest Entity Primary Beneficiary | 110 | — | — |
| Contract With Customer Liability Noncurrent | 148 | 193 | -23.3% |
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| Electrification | 15 | 26 | -42.3% |
| Power | 30 | 49 | -38.8% |
| Wind | 103 | 118 | -12.7% |
| Stockholders' Equity | |||
| Common Stock | 3 | 3 | 0.0% |
| Additional Paid-In Capital | 9,714 | 8,801 | +10.4% |
| Retained Earnings | 2,241 | 1,294 | +73.2% |
| Treasury Stock Common Value | -1,636 | — | — |
| Accumulated Other Comprehensive Income | -1,445 | -1,031 | -40.2% |
| Total Stockholders' Equity | 8,877 | 9,067 | -2.1% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,947 | 10,049 | -1.0% |
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| Accumulated Defined Benefit Plans Adjustment | -217 | 333 | -165.2% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | 68 | 77 | -11.7% |
| Accumulated Other Comprehensive Income | -1,445 | -1,031 | -40.2% |
| Accumulated Translation Adjustment | -1,296 | -1,441 | +10.1% |
| Additional Paid In Capital | 9,714 | 8,801 | +10.4% |
| Common Stock | 3 | 3 | 0.0% |
| Noncontrolling Interest | 1,070 | 982 | +9.0% |
| Retained Earnings | 2,241 | 1,294 | +73.2% |
| Treasury Stock Common | -1,636 | — | — |
| Total Liabilities & Equity | 53,078 | 48,052 | +10.5% |
| Minority Interest | 1,070 | 982 | +9.0% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization (YTD) | — | — | — |
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| Material Reconciling Items | -406 | -445 | +8.8% |
| Change in Inventory | -883 | -1,288 | +31.4% |
| Change in Deferred Revenue | 1,860 | 1,596 | +16.5% |
| Change in Other Liabilities | 193 | — | — |
| Net Cash from Operations | 1,528 | 535 | +185.6% |
| Investing Activities | |||
| Other Investing Activities | 49 | 51 | -3.9% |
| Net Cash from Investing | -214 | 252 | -184.9% |
| Financing Activities | |||
| Share Repurchases | -1,581 | — | — |
| Net Cash from Financing | -1,861 | 2,904 | -164.1% |
| Supplemental | |||
| Income Taxes Paid | -363 | -173 | -109.8% |
| Other Cash Flow | |||
| Net Change in Cash | -312 | 3,625 | -108.6% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.