GE Vernova Inc. (GEV) financials
NYSE · Industrials · Industrial - Machinery · 78,000 employees · CEO Scott L. Strazik
- Price
- $857.87 -3.38%
- Market cap
- $227B
- Enterprise value
- $213B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-01-27 EPS est. $6.60
Revenue (TTM)$44B+16.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)6.4%+2.7 pp vs a year agoOperating income $2.83B
Net income (TTM)$10.4B+508.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$17.1B+592.1% vs a year agoCapex $2.1B
Diluted EPS (TTM)$38.00+518.9% vs a year agoSum of the last 4 quarters
Net cash$13.9B+75.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $227B EV $213B
- Revenue
- $44B Trailing 12 months
- Revenue growth
- +23% FY2026 consensus
- Profit margin
- 23.5% Net income / revenue, TTM
- P/E
- 22.3× Forward 27.2× (FY2026)
- P/S
- 5.2× Price / sales, TTM
- EV / EBITDA
- 20.6× TTM
- Free cash flow
- $17.1B Trailing 12 months
- Net income
- $10.4B Trailing 12 months
- Revenue estimate
- $46.9B FY2026 consensus
- Earnings
- 2027-01-27 Revenue est. $13.9B
- Dividend
- $1.75 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 5.4%, EPS beat by 19.4%Revenue $12.6B vs $12B expected (+5.4%); EPS $4.81 vs $4.03 (+19.4%).
- Revenue growth accelerating: 26.8% year on yearQ3 '26 revenue $12.6B, against an average of 13.4% over the four quarters before.
- Operating margin 6.4% (TTM), +2.7 pp on a year agoOperating income grew 100.2% while revenue grew 16.9%.
- 68.3% of pre-tax profit is non-operatingPre-tax income $8.92B vs operating income $2.83B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 4.8% of revenue (a year ago 2.5%)$2.1B invested in the last 4 quarters (+119.8% on a year earlier). Free cash flow $17.1B = 165.1% of net income.
- Returned $6.85B to shareholders = 40.0% of free cash flowBuybacks $6.37B (a year earlier $2.24B), dividends $474M, stock-based pay $0 (TTM).
- Diluted share count down 2.5% in a year268M diluted shares in Q3 '26, 275M a year earlier.
- Net cash $13.9BCash + short-term investments $16.8B, debt incl. leases $2.83B; a year ago net cash $7.95B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $12.6B | $9.97B | +26.8% |
| Gross margin | 24.6% | 19.0% | +5.5 pp |
| Operating income | $1.39B | $366M | +280.9% |
| Operating margin | 11.0% | 3.7% | +7.4 pp |
| Net income | $1.29B | $452M | +185.6% |
| Diluted EPS | $4.81 | $1.64 | +193.3% |
| Operating cash flow | $6.06B | $980M | +518.1% |
| Capex | $647M | $247M | +161.9% |
| Free cash flow | $5.41B | $733M | +638.1% |
| R&D | $358M | $310M | +15.5% |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $12.6B | $12B | +5.4% |
| EPS (as estimated) | $4.81 | $4.03 | +19.4% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $8.34B | +41.8% | 66.0% | $26B | +24.9% | |
| Service | $4.3B | +5.2% | 34.0% | $18B | +6.9% | |
| Power Segment | – | – | – | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $19.2B
- Capex
- -$2.1B
- Buybacks
- -$6.37B
- Dividends
- -$474M
- Acquisitions
- -$4.28B
- Net debt issued
- $2.57B
- Stock-based compensation
- $0
- Free cash flow
- $17.1B
- Returned to shareholders / FCF
- 40.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 22.3× | 47.4× 2 of 5 years | 36.5× – 58.3× |
| EV / EBITDA | 20.6× | 35.7× 3 of 5 years | 22.9× – 45.9× |
| EV / Sales | 4.8× | 2.3× 4 of 5 years | 1.1× – 4.4× |
| Price / FCF | 13.3× | 60.6× 3 of 5 years | 47.9× – 80.8× |
| Price / Book | 20.0× | 8.4× 4 of 5 years | 3.4× – 15.9× |
| FCF yield | 7.5% | -0.6% | -6.3% – 2.1% |
| Return on invested capital | 28.1% | -2.5% | -15.4% – 6.3% |
| Return on equity | 85.6% | 5.7% | -25.7% – 43.7% |
Analysts
Consensus target $1,240.56 (+44.6%)
range $949.00 – $1,450.00 · rating Buy
Strong buy0
Buy22
Hold6
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $46.9B | +23.2% | $31.51 | +78.1% | 27.2× | 16 |
| FY2027 | $53.7B | +14.5% | $25.70 | -18.5% | 33.4× | 19 |
| FY2028 | $62.1B | +15.8% | $35.99 | +40.1% | 23.8× | 19 |
| FY2029 | $70.7B | +13.9% | $45.93 | +27.6% | 18.7× | 8 |
| FY2030 | $80.6B | +14.0% | $58.67 | +27.7% | 14.6× | 14 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 324 figures GE Vernova Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Other Accrued Liabilities, Current | $10.8B | $9.54B | +13.0% | $8.81B | $8.6B | +2.4% |
| Accounts Payable, Trade, Current | $7.11B | $5.89B | +20.8% | $5.72B | $4.97B | +15.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $365M | $443M | -17.6% | $441M | $464M | -5.0% |
| Accounts Receivable, Allowance for Credit Loss, Noncurrent | $196M | $120M | +63.3% | $197M | $142M | +38.7% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $70M | $12M | +483.3% | $30M | $36M | -16.7% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $9.14B | $5.66B | +61.4% | $7.87B | $6.31B | +24.6% |
| Accounts Receivable, before Allowance for Credit Loss, Noncurrent | $210M | $307M | -31.6% | $228M | $282M | -19.1% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $1M | -$14M | +107.1% | $2M | $33M | -93.9% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year One | $24M2025-12-31 | $13M | +84.6% | $24M | $13M | +84.6% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Two | $20M2025-12-31 | $11M | +81.8% | $20M | $11M | +81.8% |
| Accrual for Taxes Other than Income Taxes, Current | $295M | $272M | +8.5% | $335M | $375M | -10.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.28B | $8.14B | +1.7% | – | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.87B | -$1.44B | -30.3% | -$1.41B | -$1.76B | +20.0% |
| Additional Paid in Capital | $9.5B | $9.76B | -2.6% | $9.81B | $9.73B | +0.8% |
| Amortization of Intangible Assets | $239M | $61M | +291.8% | $238M | $277M | -14.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1M | -100.0% | 1M | 1M | 0.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $59M | $54M | +9.3% | $257M | $155M | +65.8% |
| Asset Retirement Obligation | $554M | $548M | +1.1% | $541M | $622M | -13.0% |
| Asset Retirement Obligations, Noncurrent | $541M2025-12-31 | $510M | +6.1% | $541M | $510M | +6.1% |
| Assets | $86.2B | $54.4B | +58.5% | $63B | $51.5B | +22.4% |
| Assets for Plan Benefits, Defined Benefit Plan | $1.16B2025-12-31 | $890M | +30.7% | $1.16B | $890M | +30.7% |
| Assets, Current | $51.7B | $36.3B | +42.5% | $40.2B | $34.2B | +17.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $16.8B | $7.95B | +111.0% | $8.85B | $8.21B | +7.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $3.64B | $54M | +6,648.1% | $644M | $6.05B | -89.4% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations | $3.64B | $53M | +6,775.5% | $643M | $6.65B | -90.3% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations | $0 | $2M | -100.0% | $2M | -$603M | +100.3% |
| Common Stock, Dividends, Per Share, Declared | $0.50 | $0.25 | +100.0% | $1.25 | $0.25 | +400.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 265M | – | – | 270M | 276M | -2.3% |
| Common Stock, Shares, Outstanding | 265M | 271M | -2.4% | 270M | 276M | -2.3% |
| Common Stock, Value, Issued | $3M | $3M | 0.0% | $3M | $3M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$22M | $1M | -2,300.0% | -$2M | $11M | -118.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.15B | $459M | +150.1% | $5.24B | $428M | +1,123.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.13B | $460M | +144.8% | $5.23B | $439M | +1,092.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $9.32B | $9.49B | -1.7% | $9.29B | $8.62B | +7.8% |
| Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | -$1.32B | -$1.25B | -5.7% | -$5.36B | -$5.02B | -6.8% |
| Contract with Customer, Liability | $45.7B | $20.3B | +125.3% | $26B | $17.7B | +46.2% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | -$341M2025-12-31 | -$226M | -50.9% | -$637M | -$1.01B | +36.6% |
| Contract with Customer, Liability, Current | $45.7B | $20.2B | +126.6% | $25.8B | $17.6B | +46.6% |
| Contract with Customer, Liability, Noncurrent | $77M | $153M | -49.7% | $175M | $157M | +11.5% |
| Contract with Customer, Liability, Revenue Recognized | $3.18B | $2.68B | +18.5% | $11.2B | $9.93B | +13.0% |
| Cost of Goods and Services Sold | $9.54B | $8.07B | +18.2% | $30.5B | $28.9B | +5.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $280M | $272M | +2.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $866M | $636M | +36.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $77M | $55M | +40.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $55M | – | – | – | – | – |
| Decommissioning Liability, Noncurrent | $474M | $466M | +1.7% | $459M | $546M | -15.9% |
| Deferred Compensation Liability, Classified, Noncurrent | $2.16B | $3.2B | -32.4% | $3.17B | $3.26B | -2.8% |
| Deferred Costs, Current | $961M | $812M | +18.3% | $786M | $769M | +2.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$3.07B | -$10M | -30,590.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $306M | -$13M | +2,453.8% |
| Deferred Income Tax Assets, Net | $6.52B | $1.68B | +287.1% | $5.32B | $1.64B | +224.6% |
| Deferred Income Tax Liabilities, Net | $1.47B | $820M | +79.1% | $1.16B | $827M | +40.5% |
| Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $1.18B2025-12-31 | $1.17B | +0.7% | $1.18B | $1.17B | +0.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$511M | -$1M | -51,000.0% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $563M2025-12-31 | $503M | +11.9% | $563M | $503M | +11.9% |
| Deferred Tax Assets, Gross | $10.1B2025-12-31 | $10.3B | -2.1% | $10.1B | $10.3B | -2.1% |
| Deferred Tax Assets, Net | $4.16B2025-12-31 | $812M | +412.2% | $4.16B | $812M | +412.2% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.3B2025-12-31 | $1.92B | +176.8% | $5.3B | $1.92B | +176.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01