Revenue growth accelerated to 16.1% in 2026Q1, though operating margins remain compressed at 1.9% due to ongoing manufacturing and warranty cost pressures.
| Revenue | 39.38B | 38.07B | 34.94B | 33.24B | 29.65B |
| Revenue Growth % | 10.24% | 8.94% | 5.13% | 12.09% | - |
| Cost of Revenue | 31.53B | 30.53B | 28.63B | 28.42B | 26.2B |
| Gross Profit | 7.85B | 7.54B | 6.31B | 4.82B | 3.46B |
| Gross Margin % | 19.93% | 19.79% | 18.06% | 14.5% | 11.66% |
| Gross Profit Growth % | - | 19.43% | 30.95% | 39.33% | - |
| Operating Expenses | 6.32B | 6.15B | 5.52B | 5.74B | 6.34B |
| Other Operating Expenses | - | - | - | - | - |
| EBITDA | 2.17B | 2.24B | 1.85B | 41M | -1.08B |
| EBITDA Margin % | 5.52% | 5.89% | 5.3% | 0.12% | -3.66% |
| EBITDA Growth % | 10.65% | 21.07% | 4414.63% | 103.78% | - |
| Depreciation & Amortization | 648M | 853M | 1.06B | 964M | 1.8B |
| D&A / Revenue % | 1.65% | 2.24% | 3.04% | 2.9% | 6.06% |
| Operating Income (EBIT) | 1.52B | 1.39B | 787M | -923M | -2.88B |
| Operating Margin % | 3.87% | 3.65% | 2.25% | -2.78% | -9.72% |
| Operating Income Growth % | - | 76.37% | 185.27% | 67.96% | - |
| Interest Expense | 0 | 0 | 0 | 98M | 151M |
| Interest Coverage | - | - | - | -0.33x | -15.38x |
| Interest / Revenue % | 0% | 0% | 0% | 0.29% | 0.51% |
| Non-Operating Income | 4M | 1000K | 1000K | 1000K | 1000K |
| Pretax Income | 7.6B | 2.83B | 2.5B | -130M | -2.47B |
| Pretax Margin % | 19.3% | 7.43% | 7.15% | -0.39% | -8.34% |
| Income Tax | -1.76B | -2.05B | 939M | 344M | 248M |
| Effective Tax Rate % | -23.23% | -72.52% | 37.59% | -264.62% | -10.02% |
| Net Income | 9.38B | 4.88B | 1.55B | -438M | -2.74B |
| Net Margin % | 23.81% | 12.83% | 4.44% | -1.32% | -9.23% |
| Net Income Growth % | 384.25% | 214.69% | 454.34% | 83.99% | - |
| EPS (Diluted) | 34.47 | 17.69 | 5.58 | -1.61 | -10.06 |
| EPS Growth % | 393.08% | 217.03% | 446.58% | 84% | - |
| EPS (Basic) | - | 17.92 | 5.64 | -1.61 | -10.06 |
| Diluted Shares Outstanding | 272M | 276M | 278M | 272.08M | 272.08M |
High volatility in segment margins and project-based accounting
According to recent financial disclosures, GEV achieved a 16.1% revenue growth rate in 2026Q1, signaling a robust acceleration in demand for power infrastructure that appears to be outpacing the more modest 3.8% growth observed in the final quarter of the previous fiscal year.
The recent revenue surge suggests that the company is successfully capturing increased baseload power demand, likely tied to data center electrification. Investors should monitor whether this top-line momentum is sustainable or if it remains tethered to the cyclical nature of large-scale equipment delivery schedules.
As reported in quarterly filings, GEV's operating margin fluctuated significantly, reaching a low of -4.0% in 2024Q3 before recovering to 1.9% in 2026Q1, illustrating the persistent difficulty in translating high revenue volume into consistent operating profitability amidst ongoing manufacturing and warranty cost pressures.
The disparity between revenue growth and operating margin suggests that inflationary input costs and legacy project liabilities continue to weigh on the bottom line. The current margin profile indicates that the company has yet to achieve the operational leverage typical of its more mature industrial peers.
Based on the provided income statement data, GEV reported a net income of $4.7 billion in 2026Q1, a figure that appears heavily influenced by non-operating gains rather than core regulated earnings, given the stark contrast with the modest $179 million in reported operating income.
The significant gap between net income and operating income warrants further investigation into the nature of these one-time tax benefits or spin-off related adjustments. Relying on headline EPS figures may obscure the underlying volatility of the core power and wind segments.
Financial statements suggest that GEV's reliance on percentage-of-completion accounting may mask future earnings volatility, as evidenced by the historical swings in net income that do not always align with the more stable, albeit low, operating margin trends observed over the last ten quarters.
The potential for retroactive warranty charges and project cost overruns remains a significant risk that is not fully captured in current operating income. Investors should remain skeptical of earnings quality until the company demonstrates a sustained period of margin expansion free from significant non-operating distortions.
Quick answers to the most common questions about buying GEV stock.
For fiscal year 2025, GE Vernova Inc. (GEV) reported total revenue of $38.07B. This represents a 28.4% increase compared to $29.65B in 2022.
GE Vernova Inc. (GEV) is profitable, generating $4.88B in net income for the fiscal year ending 2025 with a net profit margin of 12.8%.
GE Vernova Inc. (GEV) reported an operating income of $1.39B, resulting in an operating profit margin of 3.6%. This margin reflects the operational efficiency of the business before interest and taxes.
GE Vernova Inc. (GEV) generated $7.54B in gross profit for the year, representing a gross profit margin of 19.8%. This demonstrates the company's core pricing power and production efficiency.