GE Vernova Inc. (GEV) Income Statement
GEV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGEV revenue and net income
Where GEV's revenue goes
2025Each bar shows an amount and its share of revenue. GEV kept 12.8% of revenue as net income.
GEV profit margins
GEV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.9% | +8.7% | — | — |
| Gross profit | +19.4% | +29.6% | — | — |
| Operating income | +76.4% | — | — | — |
| Net income | +214.7% | — | — | — |
| EPS (diluted) | +989.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GEV quarterly EPS vs estimates
GE Vernova beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 28, 2026 (estimate $4.03).
GEV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $38.07B | $34.94B | $33.24B | $29.65B | $33.01B |
| Cost of revenue | $30.53B | $28.63B | $28.42B | $26.20B | $28.06B |
| Gross profit | $7.54B | $6.31B | $4.82B | $3.46B | $4.95B |
| Research & development | $1.20B | $982.0M | $896.0M | $979.0M | $1.01B |
| Sales, general & admin | $4.95B | $4.63B | $4.93B | $5.36B | $4.82B |
| Total operating expenses | $6.15B | $5.52B | $5.74B | $6.34B | $5.83B |
| Operating income | $1.39B | $787.0M | −$923.0M | −$2.88B | −$884.0M |
| Interest income | $455.0M | $186.0M | $63.0M | $42.0M | $71.0M |
| Interest expense | — | $120.0M | $98.0M | $151.0M | $172.0M |
| Income before taxes | $2.83B | $2.50B | −$130.0M | −$2.47B | −$864.0M |
| Income taxes | −$2.05B | $939.0M | $344.0M | $248.0M | −$140.0M |
| Net income | $4.88B | $1.55B | −$438.0M | −$2.74B | −$633.0M |
| EBITDA | $3.68B | $3.67B | $932.0M | −$526.0M | $484.0M |
| EPS (diluted) | $17.32 | $1.59 | $1.70 | −$9.99 | — |
| Gross margin | 19.8% | 18.1% | 14.5% | 11.7% | 15.0% |
| Operating margin | 3.6% | 2.3% | −2.8% | −9.7% | −2.7% |
| Net margin | 12.8% | 4.4% | −1.3% | −9.2% | −1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.10B | $9.34B | $10.96B | $9.97B | $9.11B | $8.04B | $10.56B | $8.91B | $8.20B | $7.26B | $10.04B | $8.25B |
| Cost of revenue | $8.74B | $7.56B | $8.63B | $8.07B | $7.26B | $6.52B | $8.44B | $7.80B | $6.50B | $6.11B | $8.36B | $7.20B |
| Gross profit | $2.36B | $1.78B | $2.32B | $1.90B | $1.85B | $1.52B | $2.12B | $1.11B | $1.70B | $1.15B | $1.69B | $1.05B |
| Research & development | $334.0M | $304.0M | $366.0M | $310.0M | $282.0M | $239.0M | $265.0M | $243.0M | $237.0M | $237.0M | $255.0M | $223.0M |
| Sales, general & admin | $1.37B | $1.30B | $1.35B | $1.22B | $1.19B | $1.19B | $1.27B | $1.23B | $938.0M | $1.20B | $1.33B | $1.14B |
| Total operating expenses | $1.71B | $1.60B | $1.72B | $1.53B | $1.47B | $1.45B | $1.53B | $1.47B | $1.18B | $1.44B | $1.59B | $1.36B |
| Operating income | $655.0M | $179.0M | $601.0M | $366.0M | $378.0M | $76.0M | $593.0M | −$359.0M | $527.0M | −$289.0M | $97.0M | −$307.0M |
| Interest income | $101.0M | — | $189.0M | $135.0M | $59.0M | $72.0M | $104.0M | $57.0M | $81.0M | $6.0M | — | $23.0M |
| Interest expense | — | — | — | $44.0M | $42.0M | $56.0M | — | $36.0M | $60.0M | $14.0M | $8.0M | $21.0M |
| Income before taxes | $925.0M | $5.10B | $1.10B | $746.0M | $645.0M | $333.0M | $1.11B | −$122.0M | $1.60B | −$96.0M | $409.0M | −$16.0M |
| Income taxes | $276.0M | $354.0M | −$2.56B | $293.0M | $153.0M | $68.0M | $629.0M | −$23.0M | $322.0M | $10.0M | $305.0M | $169.0M |
| Net income | $668.0M | $4.75B | $3.66B | $452.0M | $514.0M | $254.0M | $484.0M | −$96.0M | $1.29B | −$130.0M | $95.0M | −$170.0M |
| EBITDA | $1.34B | $5.45B | $1.33B | $959.0M | $850.0M | $538.0M | $861.0M | $38.0M | $1.86B | $169.0M | $669.0M | $247.0M |
| EPS (diluted) | $2.47 | $2.01 | $12.91 | $1.64 | $1.86 | $0.91 | $1.33 | −$0.35 | $1.02 | −$0.41 | $1.70 | — |
| Gross margin | 21.3% | 19.1% | 21.2% | 19.0% | 20.3% | 18.9% | 20.1% | 12.4% | 20.7% | 15.8% | 16.8% | 12.7% |
| Operating margin | 5.9% | 1.9% | 5.5% | 3.7% | 4.1% | 0.9% | 5.6% | −4.0% | 6.4% | −4.0% | 1.0% | −3.7% |
| Net margin | 6.0% | 50.8% | 33.4% | 4.5% | 5.6% | 3.2% | 4.6% | −1.1% | 15.8% | −1.8% | 0.9% | −2.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GEV's financial statements (latest annual report filed January 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GEV financial results
In fiscal year 2025 (ended December 31, 2025), GE Vernova reported revenue of $38.1 billion, up 8.9% from the year before. It had net income of $4.9 billion (up 214.7%), a net profit margin of 12.8%. Diluted earnings per share came to $17.32.
See the GEV stock overview for the latest quote and news, or the GEV chart for price history and technical indicators.
GEV income statement FAQ
What is GE Vernova's annual revenue?
GE Vernova reported total revenue of $38.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.9% from $34.9 billion the previous year.
Is GE Vernova profitable?
Yes. GE Vernova reported net income of $4.9 billion in fiscal 2025, a net profit margin of 12.8%; its operating margin was 3.6%.
What is GE Vernova's gross margin?
GE Vernova's gross margin was 19.8% in fiscal 2025: for every $100 of revenue, GE Vernova kept $20 after the direct cost of its products and services.
How much does GE Vernova spend on research and development?
GE Vernova spent $1.2 billion on research and development in fiscal 2025, 3.1% of revenue.
What are GE Vernova's earnings per share?
GE Vernova earned $17.32 per diluted share in fiscal 2025, compared with $1.59 a year earlier.
When will GE Vernova report its next earnings?
GE Vernova is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does GE Vernova's fiscal year end?
GE Vernova's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on January 29, 2026.