GE Vernova (GEV) Q4 FY2025 earnings: revenue $11.0 billion, up 3.8% on the year

GE Vernova Inc. (GEV) reported revenue of $11.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.8% on the same quarter a year earlier. Net income was $3.7 billion, up 657.0% on the year, and diluted earnings per share $13.39. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2026.

Revenue

$11.0 billion

+3.8% on the year · +9.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

5.5%

5.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$3.7 billion

+657.0% on the year · +710.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$13.39

+674.0% on the year · +716.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 1 kept.

Orders and revenue both grew: Full-year orders were $59.3 billion, up 34% organically, and full-year revenue was $38.1 billion, up 9%. Fourth-quarter orders were $22.2 billion, up 65% organically.
Wind fourth-quarter revenue fell: Fourth-quarter Wind revenue was $2.4 billion, down 25% organically, as Onshore Wind equipment deliveries fell. Segment EBITDA was a $0.2 billion loss, a (9.5)% margin.
Gas backlog and reservations grew: Gas Power equipment backlog and slot reservation agreements rose from 62 to 83 GW in the quarter. The company signed 24 GW of new contracts, including 21 GW of slot reservation agreements.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	10,956	9,969	10,558	+9.9%	+3.8%
Cost of revenue	8,634	8,071	8,435	+7.0%	+2.4%
Gross profit	2,322	1,897	2,124	+22.4%	+9.3%
Gross margin	21.2%	19.0%	20.1%
Research and development	366	310	265	+18.1%	+38.1%
Selling, general and administrative	1,355	1,221	1,266	+11.0%	+7.0%
Operating income	601	366	592	+64.2%	+1.5%
Operating margin	5.5%	3.7%	5.6%
Pre-tax income	1,105	746	1,114	+48.1%	-0.8%
Income tax	-2,565	293	630
Effective tax rate	-232.1%	39.3%	56.6%
Net income	3,664	452	484	+710.6%	+657.0%
Net margin	33.4%	4.5%	4.6%
Diluted EPS	$13.39	$1.64	$1.73	+716.5%	+674.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,479	980	921	+153.0%	+169.2%
Capital expenditure	671	247	350	+171.7%	+91.7%
Free cash flow	1,808	733	571	+146.7%	+216.6%
Free cash flow margin	16.5%	7.4%	5.4%
Cash from investing	-374	-167	-175
Cash from financing	-1,178	-774	163
Depreciation and amortisation	230	213	268	+8.0%	-14.2%
Buybacks	1,075	660	3.0	+62.9%	+35,733.3%
Dividends paid	68.0	68.0	0.0	0.0%
Dividend per share	n/a	$0.25	n/a
Diluted shares, weighted	274m	275m	280m	-0.4%	-2.1%
Shares outstanding at period end	270m	271m	276m	-0.7%	-2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	11,178	8,646	9,546	+29.3%	+17.1%
Non-controlling interest	1,118	1,083	1,047	+3.2%	+6.8%
Short-term borrowings	63.0	n/a	60.0		+5.0%
Debt	265	0.0	n/a
Operating lease liabilities	661	n/a	562		+17.6%
Finance lease liabilities	254	n/a	248		+2.4%
Other liabilities	49,477	44,669	40,022	+10.8%	+23.6%
Total liabilities and equity	63,016	54,398	51,485	+15.8%	+22.4%
Goodwill	4,439	4,327	4,263	+2.6%	+4.1%
Intangible assets	727	747	813	-2.7%	-10.6%
Cash and equivalents	8,848	7,945	8,205	+11.4%	+7.8%
Receivables	9,803	7,374	8,177	+32.9%	+19.9%
Inventory	10,429	10,032	8,587	+4.0%	+21.5%
Other assets	28,770	23,973	21,440	+20.0%	+34.2%
Total assets	63,016	54,398	51,485	+15.8%	+22.4%

Questions

What was GE Vernova's revenue in Q4 FY2025?

GE Vernova (GEV) reported revenue of $11.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.8% on the same quarter a year earlier.

How much did GE Vernova earn in Q4 FY2025?

Net income for Q4 FY2025 was $3.7 billion, up 657.0% on the year, and diluted earnings per share $13.39.

When did GE Vernova report Q4 FY2025 results?

GE Vernova filed its 10-K for the year that ended with the quarter on 29 January 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,822	8,119	8,253	10,045	7,260	8,204	8,913	10,558	8,032	9,111	9,969	10,956	9,339	11,104	12,642
Cost of revenue	5,903	6,973	7,201	8,344	6,109	6,502	7,804	8,435	6,562	7,266	8,071	8,634	7,558	8,744	9,536
Gross profit	919	1,147	1,051	1,701	1,150	1,702	1,109	2,124	1,470	1,846	1,897	2,322	1,781	2,360	3,107
Gross margin	13%	14%	13%	17%	16%	21%	12%	20%	18%	20%	19%	21%	19%	21%	25%
R&D	202	216	223	255	237	237	243	265	239	282	310	366	304	334	358
SG&A	1,186	1,272	1,135	1,252	1,202	938	1,226	1,266	1,188	1,185	1,221	1,355	1,298	1,372	1,354
Operating income	-469	-341	-307	194	-289	527	-359	592	43.0	378	366	601	179	653	1,394
Operating margin	-7%	-4%	-4%	2%	-4%	6%	-4%	6%	1%	4%	4%	5%	2%	6%	11%
Pre-tax income	-415	-27.0	-16.0	328	-96.0	1,602	-122	1,114	332	645	746	1,105	5,103	925	1,782
Tax rate	n/a	n/a	n/a	37%	n/a	20%	n/a	57%	20%	24%	39%	-232%	7%	30%	28%
Net income	-315	-150	-170	197	-130	1,294	-96.0	484	254	514	452	3,664	4,745	668	1,291
Net margin	-5%	-2%	-2%	2%	-2%	16%	-1%	5%	3%	6%	5%	33%	51%	6%	10%
Diluted EPS	n/a	-$0.55	-$0.62	n/a	-$0.47	$4.65	-$0.35	$1.73	$0.91	$1.86	$1.64	$13.39	$17.44	$2.47	$4.81
Operating cash flow	-690	-288	233	1,931	-444	979	1,127	921	1,161	367	980	2,479	5,188	5,492	6,057
Capital expenditure	124	159	181	280	217	157	159	350	186	173	247	671	397	386	647
Free cash flow	-814	-447	52.0	1,651	-661	822	968	571	975	194	733	1,808	4,791	5,106	5,410
Buybacks	n/a	n/a	n/a	n/a	0.0	0.0	40.0	3.0	1,101	480	660	1,075	1,278	2,393	1,625
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	69.0	70.0	68.0	68.0	137	136	133
Shares outstanding	274m	275m	276m	276m	274m	275m	276m	276m	273m	272m	271m	270m	269m	266m	265m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 29 January 2026: the filing.