Revenue accelerated 21.9% year-over-year to $11.1B in 2026Q2, but operating margin of 5.9% remains modest and net income volatility (50.8% net margin in 2026Q1) suggests earnings quality is distorted by non-operating items.
GE Vernova Inc. (GEV) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Revenue | 41.37B | 38.07B | 34.94B | 33.24B | 29.65B |
| Revenue Growth % | 12.96% | 8.94% | 5.13% | 12.09% | - |
| Cost of Revenue | 33.01B | 30.53B | 28.63B | 28.42B | 26.2B |
| Gross Profit | 8.36B | 7.54B | 6.31B | 4.82B | 3.46B |
| Gross Margin % | 20.21% | 19.79% | 18.06% | 14.5% | 11.66% |
| Gross Profit Growth % | - | 19.43% | 30.95% | 39.33% | - |
| Operating Expenses | 6.56B | 6.15B | 5.52B | 5.74B | 6.34B |
| Other Operating Expenses | - | - | - | - | - |
| EBITDA | 2.86B | 2.24B | 1.85B | 41M | -1.08B |
| EBITDA Margin % | 6.9% | 5.89% | 5.3% | 0.12% | -3.66% |
| EBITDA Growth % | 61.81% | 21.07% | 4414.63% | 103.78% | - |
| Depreciation & Amortization | 785M | 853M | 1.06B | 964M | 1.8B |
| D&A / Revenue % | 1.9% | 2.24% | 3.04% | 2.9% | 6.06% |
| Operating Income (EBIT) | 1.8B | 1.39B | 787M | -923M | -2.88B |
| Operating Margin % | 4.35% | 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 | 7.88B | 2.83B | 2.5B | -130M | -2.47B |
| Pretax Margin % | 19.05% | 7.43% | 7.15% | -0.39% | -8.34% |
| Income Tax | -1.64B | -2.05B | 939M | 344M | 248M |
| Effective Tax Rate % | -20.84% | -72.52% | 37.59% | -264.62% | -10.02% |
| Net Income | 9.53B | 4.88B | 1.55B | -438M | -2.74B |
| Net Margin % | 23.03% | 12.83% | 4.44% | -1.32% | -9.23% |
| Net Income Growth % | 724.31% | 214.69% | 454.34% | 83.99% | - |
| EPS (Diluted) | 35.29 | 17.69 | 5.58 | -1.61 | -10.06 |
| EPS Growth % | 739.28% | 217.03% | 446.58% | 84% | - |
| EPS (Basic) | - | 17.92 | 5.64 | -1.61 | -10.06 |
| Diluted Shares Outstanding | 270M | 276M | 278M | 272.08M | 272.08M |
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.
Key Metrics
Top Statement Risk
Wind segment warranty exposure
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by Grid Demand
GEV's revenue grew 21.9% year-over-year in 2026Q2 to $11.1B, according to the latest quarterly report, marking the strongest growth in the ten-quarter series and signaling sustained demand for gas turbines and grid hardware.
The revenue trajectory shows a clear acceleration from the mid-single-digit growth seen in 2024 to double-digit expansion in 2025 and 2026, with the most recent quarter benefiting from data center electrification orders exceeding $2 billion. This growth appears driven by structural demand for grid-stabilization equipment and gas-fired generation, not merely cyclical recovery, as evidenced by the consistent sequential improvement in revenue from $7.3B in 2024Q1 to $11.1B in 2026Q2. The durability of this trajectory hinges on the pace of grid interconnection queue processing and continued data center buildout, both of which appear favorable based on recent order disclosures.
Margin Quality Masked by One-Time Gains
Operating margin improved to 5.9% in 2026Q2 from 4.1% a year earlier, as reported in financial statements, but the 50.8% net margin in 2026Q1 suggests non-operating items are distorting underlying profitability.
The gap between operating margin (1.9% in 2026Q1) and net margin (50.8% in the same quarter) indicates significant one-time gains, likely related to the spin-off or tax benefits, which should be excluded to assess core earnings power. Excluding these distortions, the underlying operating margin trend shows improvement from negative territory in 2024 to consistently positive mid-single-digit levels in 2025-2026, suggesting the lean transformation is taking hold. However, the 3.65% trailing operating margin remains below the peer average of roughly 10-15% for grid equipment makers, implying that the Wind segment's losses are still dragging consolidated profitability.
Wind Segment Costs Pressure Margins
Gross margin of 19.79% reflects a blend of high-margin gas services and loss-making offshore wind projects, according to company disclosures, with warranty costs in the Wind segment continuing to require monitoring as a potential drag on future earnings.
The cost structure is dominated by raw materials and manufacturing overhead, making margins sensitive to factory utilization and commodity prices. The Wind segment's legacy loss-making contracts and ongoing technical challenges appear to be absorbing the profitability gains from the Power and Electrification segments, as evidenced by the operating margin remaining below 6% despite strong revenue growth. Investors should monitor the Wind equipment backlog margin, as new orders booked at prices that cover inflationary input costs will determine whether this segment transitions from a drag to a contributor.
Earnings Distorted by Non-Operating Items
Net income of $4.7B in 2026Q1 versus operating income of $179M, as per the income statement, indicates substantial one-time gains that inflate reported EPS and obscure the underlying regulated earnings power.
The 42.7% ROE and 12.83% net margin are not representative of sustainable operations, as they are heavily influenced by tax benefits and spin-off-related gains. Normalized earnings, stripping out these items, suggest a company generating mid-single-digit operating margins with improving but not exceptional profitability. The percentage-of-completion accounting for large projects introduces estimation risk, and changes in warranty provisions, particularly in Wind, have historically caused earnings volatility that investors should adjust for when assessing quality.
CAPEX Cycle Translating to Revenue Growth
Revenue growth of 21.9% in 2026Q2, as reported in the latest quarterly filing, suggests that incremental capital expenditure in grid infrastructure and gas turbines is translating into top-line expansion, though the earnings conversion remains incomplete.
The $2 billion in secured data center electrification orders indicates that CAPEX investments are aligning with demand, supporting the 8.9% revenue growth trajectory. However, the operating margin of 5.9% in 2026Q2 implies that the earnings conversion from this CAPEX cycle is still in early stages, with the Wind segment absorbing a disproportionate share of costs. The sustainability of this growth depends on whether the Electrification segment can capture higher-margin software revenue, which would improve the quality of earnings beyond hardware sales.
Wind Segment Could Undermine Growth
Despite strong revenue growth, the Wind segment's ongoing technical challenges and warranty costs, as noted in recent disclosures, could pressure gross margins and require incremental cash outlays, potentially offsetting strength in Power and Electrification.
The historical pattern of fleet-wide technical issues in offshore wind has caused significant earnings volatility, and the current backlog margins may not fully cover inflationary input costs. If the Wind segment continues to book orders at prices that fail to reflect rising steel and copper costs, the consolidated operating margin could remain suppressed below the 6% level seen in 2026Q2. Additionally, the reliance on percentage-of-completion accounting means that cost overruns on long-term projects could trigger retroactive charges, as seen in 2024Q3 when operating income was -$359M. Investors should monitor the contract assets versus progress billings gap, as a widening could signal future write-downs that would challenge the current growth narrative.