Operating cash flow reached $5.2 billion in 2026Q1, though aggressive capital investment remains high with a CapEx-to-OCF ratio of 82.7%.
| Cash from Operations | 9.02B | 4.99B | 2.58B | 1.19B | -114M |
| Operating CF Growth % | 440.8% | 93.11% | 117.79% | 1140.35% | - |
| Operating CF / Revenue % | 22.9% | 13.1% | 7.39% | 3.57% | -0.38% |
| Net Income | 9.38B | 4.88B | 1.56B | -438M | -2.74B |
| Depreciation & Amortization | 990M | 853M | 1.17B | 964M | 991M |
| Deferred Taxes | -1.04B | -2.05B | 316M | 0 | 0 |
| Other Non-Cash Items | -7.14B | -1.61B | -1.81B | -412M | 771M |
| Working Capital Changes | 6.84B | 2.91B | 1.35B | 1.07B | 860M |
| Capital Expenditures | -5.38B | -1.28B | -883M | -744M | -513M |
| CapEx / Revenue % | 13.67% | 3.35% | 2.53% | 2.24% | 1.73% |
| CapEx / D&A | 5.44x | 1.50x | 0.75x | 0.77x | 0.52x |
| CapEx Coverage (OCF/CapEx) | 1.68x | 3.91x | 2.93x | 1.59x | -0.22x |
| Cash from Investing | -4.95B | -755M | -37M | -734M | -322M |
| Acquisitions | 64M | 99M | 0 | 60M | 53M |
| Purchase of Investments | -91M | -87M | -114M | -83M | -393M |
| Sale of Investments | 418M | 464M | 244M | 232M | 340M |
| Other Investing | -3.86B | 46M | 716M | -199M | 191M |
| Cash from Financing | -2.11B | -3.81B | 3.65B | -408M | 811M |
| Dividends Paid | -343M | -275M | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 5.63% | - | - | - |
| Debt Issuance (Net) | 1000K | 0 | -1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.49B | -3.32B | 0 | 0 | 0 |
| Other Financing | -845M | -222M | 3.67B | -424M | 796M |
| Net Change in Cash | 2.06B | 643M | 6.05B | -516M | 2.07B |
| Exchange Rate Effect | 119M | 223M | -147M | -560M | 1.69B |
| Cash at Beginning | 8.85B | 8.21B | 1.55B | 2.07B | 0 |
| Cash at End | 10.17B | 8.85B | 7.6B | 1.55B | 2.07B |
| Free Cash Flow | 3.63B | 3.71B | 1.7B | 442M | -627M |
| FCF Growth % | -9.85% | 118.29% | 284.62% | 170.49% | - |
| FCF Margin % | 9.23% | 9.75% | 4.87% | 1.33% | -2.11% |
| FCF / Net Income % | 38.75% | 75.98% | 109.54% | -100.91% | 22.92% |
Project execution and warranty
As reported in recent financial statements, GEV generated $5.2 billion in operating cash flow during 2026Q1, a significant increase from the $980 million recorded in 2025Q3, suggesting that the company's core service-heavy business model is successfully converting its massive installed base into tangible liquidity.
The sharp rise in operating cash flow appears to reflect the high-margin nature of long-term service agreements within the Power segment. Investors should monitor whether this cash generation remains sustainable or if it is temporarily inflated by favorable timing in progress billings for large-scale infrastructure projects.
According to quarterly filings, GEV's capital expenditure reached $4.3 billion in 2026Q1, representing a CapEx-to-OCF ratio of 82.7%, which indicates a period of aggressive investment in manufacturing capacity and grid-related infrastructure to meet the surging demand for baseload power and electrification solutions.
This elevated investment level suggests that management is prioritizing long-term growth over immediate free cash flow maximization. While this capital deployment is necessary to support the Electrification segment's expansion, the high ratio warrants caution regarding the company's ability to maintain such spending levels if project margins face further compression.
Based on reported figures, GEV maintained a net stock issuance outflow of $1.3 billion in 2026Q1, while simultaneously accessing $1.0 million in long-term debt, signaling a strategic shift toward utilizing internal cash reserves and equity adjustments to fund its capital-intensive growth initiatives.
The company's ability to fund significant CAPEX while returning capital to shareholders suggests a healthy balance sheet post-spin-off. However, the reliance on equity-related outflows may indicate that management is sensitive to debt-to-capital margins, preferring to preserve borrowing capacity for potential future operational volatility.
As indicated by the 2026Q1 data, GEV's dividend payout of $137 million is well-covered by its $5.2 billion in operating cash flow, resulting in a coverage ratio of 37.9, which appears to provide a substantial buffer for shareholders even during periods of high capital expenditure.
The current dividend policy appears conservative, reflecting management's focus on maintaining financial flexibility during the ongoing turnaround of the Wind segment. This coverage level suggests that the dividend is unlikely to be at risk, provided that the Power segment continues to deliver consistent cash flows.
Quick answers to the most common questions about buying GEV stock.
GE Vernova Inc. (GEV) generated $4.99B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GE Vernova Inc. (GEV) generated $3.71B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
GE Vernova Inc. (GEV) spent $1.28B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GE Vernova Inc. (GEV) returned $275.0M to shareholders via cash dividends and spent $3.32B on share repurchases. This shows the company's commitment to returning capital to its equity investors.