Power

- Gas Power

- Nuclear Power

- Hydro Power

- Steam Power

Wind

- Onshore Wind

- Offshore Wind

- LM Wind Power

Electrification

- Grid Solutions

- Power Conversion

- Electrification Software

- Solar & Storage Solutions

Equipment Revenue

Services Revenue

Total Revenue

add8fd6a8b8f2fc013616c7382a402075ca0114e7dd389271390163791b66873

Operating cash flow was negative in Q1 2024 because the net result of operating activities amounted to a **cash outflow of $(444) million**. This negative figure was driven by several factors, including significant working capital changes—such as a **$0.5 billion** cash outflow due to increases in inventory (up **$0.7 billion**) and a decrease in accounts payable (down **$0.3 billion**)—as well as adjustments in contract liabilities, deferred income, and due to related parties. These factors collectively led to operating activities not generating sufficient inflows to offset the outflows, resulting in the negative cash flow during that quarter.  **[0001996810-24-000008_gev-20240331.htm:26]** **[0001193125-24-131304_d783090ds1a.htm:133]** **[0001996810-24-000008_gev-20240331.htm:15]** 

Why was Operating Cash Flow negative in Q1 2024?

The negative Free Cash Flow in Q1 2024 was primarily driven by **significant working capital changes**. These included an **increase in inventory** in Gas Power and Onshore Wind of **$0.7 billion**, a **decrease in payables** to related parties by **$0.4 billion** due to settlements of payables with GE for the Spin-Off, an **increase in current contract assets** by **$0.3 billion** as revenue recognition outpaced billings in the Offshore Wind business, and a **decrease in accounts payable and equipment project accruals** by **$0.3 billion** as disbursements exceeded volume across businesses. These factors, partly offset by a **$0.9 billion increase in contract liabilities and current deferred income** from down payments and collections on large projects, collectively contributed to the negative Free Cash Flow of **$(661) million** in Q1 2024.  **[0001193125-24-131304_d783090ds1a.htm:33]** **[0001193125-24-131304_d783090ds1a.htm:133]** 

What factors contributed to negative Free Cash Flow in Q1 2024?

The Q4 2024 headline figure for Free Cash Flow (Non-GAAP) was listed as **N/A**; however, detailed commentary shows that the company reported a value of **$572 million** for the period and explained that the significant decline was driven by several factors. These factors include **lower customer down payments** (especially in the Wind segment), **improved cash linearity** (which aligned the timing of disbursements and collections), **increased capital expenditures** (rising from **$281 million** in Q4 2023 to **$350 million** in Q4 2024), **higher cash taxes**, and **working capital changes** that resulted in a smaller cash benefit relative to Q4 2023.  **[GEV_3412987_4]** **[0001996810-25-000004_gev4q2024earningsrelease.htm:13]** **[0001996810-25-000004_gev4q2024earningsrelease.htm:2]**  The “N/A” in the summary may reflect that the standalone non-GAAP FCF metric was not highlighted separately, even though further details provided a reconcilable figure and context for the change.

Why is Free Cash Flow not reported for Q4 2024?

61b86cb817d5398a92cbe5c8d2b8f2e0c8b849d62587fcc51ae2db0100586bb9

GE Vernova’s **$3,255 million** cash, cash equivalents, and restricted cash balance in Q1 2024 was relatively low because it reflected the company’s pre–spin-off cash position. As of December 31, 2023, the cash balance was only **$1,551 million**. The lower level in Q1 was due to the fact that the benefits of the spin‐off had not yet been fully recognized—specifically, the company had not yet incorporated the **$0.5 billion cash contribution** and the additional **$0.3 billion in restricted cash** tied to legal matters that were part of the spin‐off process.  **[0001193125-24-131304_d783090ds1a.htm:95]** **[0001193125-24-131304_d783090ds1a.htm:100]** **[0001996810-24-000067_gev-20240630.htm:16]** 

Why was Cash, cash equivalents, and restricted cash so low in Q1 2024?

In Q1 2024, the **high value** of the Due from related parties account at **$104 million** primarily reflected historical transactions that were recorded under related parties. These transactions were later **reclassified to appropriate third-party or employee-related accounts**, a change that significantly reduced the balance in subsequent periods. Additionally, a **deemed settlement through Net Parent Investment** of certain payables with GE—requiring no cash settlement as part of the Spin-Off—also contributed to the adjustment.  **[0001193125-24-131304_d783090ds1a.htm:102]** **[0001193125-24-131304_d783090ds1a.htm:99]** 

What explains the high value of Due from related parties in Q1 2024?

The jump in total liabilities in Q3 2024 was driven primarily by several factors. **Contract liabilities and deferred income increased by $1,834 million**, largely due to higher contractual service and equipment/service agreement liabilities. Additionally, **accounts payable and equipment project payables rose by $1,042 million** as a result of higher operational activity and project execution costs. Further, **other current liabilities increased due to business disposition activities, incremental contract losses in the Wind segment, and higher employee compensation and benefit liabilities**. Finally, **non-current liabilities such as deferred income taxes and indemnification liabilities, particularly linked to the GE spin-off, also contributed to the overall increase**.  **[0001996810-24-000083_gev-20240930.htm:40]** **[0001996810-24-000083_gev-20240930.htm:29]** **[0001996810-24-000083_gev-20240930.htm:43]** 

What drove the jump in total liabilities in Q3 2024?

The significantly higher Q1 2024 Equity method investments reflected the inclusion of GE Vernova’s investments before GE retained its renewable energy U.S. tax equity investments. In effect, GE Vernova’s Equity method Investments were reported at **$3,647 million** in Q1 2024, and the notably lower amount seen later was primarily a result of the spin-off. During the spin-off, GE retained approximately **$1,244 million** in renewable energy tax equity investments, which accounts for the bulk of the reduction in the reported Equity method investments.  **[0001996810-24-000008_gev-20240331.htm:35]** **[0001193125-24-131304_d783090ds1a.htm:99]** **[0001996810-24-000067_gev-20240630.htm:36]** **[0001193125-24-131304_d783090ds1a.htm:356]** 

Why were Equity method investments significantly higher in Q1 2024?

4e7cf18b8cae7a1e463e92072900c0720bc10bd58869f86174f7bb53d50ebec2

Operating income (loss) was significantly low in Q3 2024 due to a combination of factors. **GE Vernova recorded approximately a $676 million incremental loss in its Offshore Wind projects** because of revised product and project cost estimates, execution delays, and quality challenges.  **[0001996810-24-000083_gev-20240930.htm:36]** **[0001996810-24-000080_gev3q2024earningsrelease.htm:2]**  In addition, the Wind segment experienced **a decline in segment EBITDA margin by 320 basis points**, partly due to the aforementioned contract losses, despite a partial offset from a $300 million gain related to the settlement of a canceled offshore project.  **[0001996810-24-000080_gev3q2024earningsrelease.htm:2]**  The company also faced **higher costs in the Onshore Wind services** as additional crews and cranes were deployed to improve fleet availability.  **[GEV_3403348_5]**  While the Power and Electrification segments showed improved profitability, these gains were insufficient to counteract the significant losses incurred in the Wind segment, thereby contributing to the notably low operating income in Q3 2024.  **[0001996810-24-000083_gev-20240930.htm:36]** **[0001996810-24-000080_gev3q2024earningsrelease.htm:2]** **[GEV_3403348_5]** 

Why was Operating income so low in Q3 2024?

In Q3 2024, the income tax benefit was primarily driven by **three key factors**: a **pre-tax loss** that resulted in an income tax benefit (in contrast to previous quarters where there were taxable profits in certain jurisdictions), **jurisdictional differences** where some pre-tax losses did not generate tax benefits, and the **spin-off and separation effects** from GE, which led to the tax provision being prepared on a stand-alone basis along with the recognition of deferred tax liabilities transferred during the separation.  **[0001996810-24-000083_gev-20240930.htm:28]** **[0001996810-24-000083_gev-20240930.htm:43]** 

What drove the income tax benefit in Q3 2024?

In Q3 2024, **GE Vernova's Basic EPS was negative** because the company recorded a **net loss of $(96) million** and faced persistent challenges in certain segments, notably the Wind segment with **incremental contract losses in Offshore Wind**. Although there were improvements including **revenue growth** and better performance in the Power and Electrification segments—which helped mitigate the losses—the underlying net loss resulted in a **Basic EPS of $(0.35)** overall.  **[0001996810-24-000083_gev-20240930.htm:47]** **[0001996810-24-000083_gev-20240930.htm:28]** **[0001996810-24-000080_gev3q2024earningsrelease.htm:0]** **[0001996810-24-000083_gev-20240930.htm:9]** 

Why was Basic EPS negative in Q3 2024?

The surge in Other income in Q4 2024 was primarily driven by **gains from business dispositions**—specifically, a **pre-tax gain of $964 million** from the sale of part of Steam Power nuclear activities to EDF and a **$66 million gain** from the sale of a portion of the equity method investment in China XD Electric Co., Ltd. Additionally, **improved equity method investment income** (rising to **$53 million** compared to a loss of **$64 million**), along with **higher net interest and investment income** (increasing to **$66 million** from **$63 million**), contributed to the overall increase, although they were partially offset by a decline in licensing income (from **$97 million** down to **$38 million**).  **[0001996810-25-000011_gev-20241231.htm:140]** 

What contributed to the surge in Other income in Q4 2024?

In Q1 2024, the company recorded a net loss of **$(106) million** despite several operational improvements. The loss persisted primarily due to challenges in certain segments—most notably, the **Wind** segment experienced a **6% decline in revenue** due to lower onshore wind deliveries. This adverse performance in Wind, alongside other costs such as restructuring and charges, contributed to the net loss even as other metrics (like revenue growth and improved margins) showed positive momentum.  **[0001996810-24-000004_gev1q2024earningsrelease.htm:0]** **[0001996810-24-000008_gev-20240331.htm:8]** 

Why did the company report a net loss in Q1 2024?

251f2f56d29c44b9ed1a2018e016e5194d9aad66e60a312cc4a87e8140b30bc4

Cash from (Used for) Operating Activities (USD, millions)

Additions to Property, Plant, and Equipment and Internal-Use Software (USD, millions)

Free Cash Flow (Non-GAAP) (USD, millions)

49510ba76f4c209c49975142ee0f755a9a8b417e4c923d8e2a3f8a72afe5375b

Current receivables – net (USD, millions)

Inventories, including deferred inventory costs (USD, millions)

Current contract assets (USD, millions)

All other current assets (USD, millions)

Current assets (USD, millions)

Property, plant, and equipment – net (USD, millions)

Goodwill (USD, millions)

Intangible assets – net (USD, millions)

Contract and other deferred assets (USD, millions)

Equity method investments (USD, millions)

Deferred income taxes (Assets) (USD, millions)

All other assets (USD, millions)

Total assets (USD, millions)

Accounts payable and equipment project payables (USD, millions)

Contract liabilities and deferred income (USD, millions)

All other current liabilities (USD, millions)

Current liabilities (USD, millions)

Deferred income taxes (Liabilities) (USD, millions)

Non-current compensation and benefits (USD, millions)

All other liabilities (USD, millions)

Total liabilities (USD, millions)

Common stock (USD, millions)

Additional paid-in capital (USD, millions)

Retained earnings (USD, millions)

Treasury common stock (USD, millions)

Accumulated other comprehensive income (loss) – net attributable to GE Vernova (USD, millions)

Total equity attributable to GE Vernova (USD, millions)

Noncontrolling interests (USD, millions)

Total equity (USD, millions)

Total liabilities and equity (USD, millions)

830ed24871d2fa1df147b5f0cf4fddbe03f9de43fb9e1db90e58ede4af7a1c7c

Sales of equipment (USD, millions)

Sales of services (USD, millions)

Total revenues (USD, millions)

Interest and other financial charges – net (USD, millions)

Non-operating benefit income (USD, millions)

Provision (benefit) for income taxes (USD, millions)

Net income (loss) (USD, millions)

Diluted earnings (loss) per share attributable to GE Vernova (USD)

f64e39772fba62379c83b592b89d5a11362ca74591bca84f3bc7efc010b38ac0

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

Property, Plant, and Equipment (PP&E) [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

cc0f9f998eb7791706b5f88daef91c81cd53d955fca729e4b65252eb3b91481a

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

7c3f4280656d3d89695f95cff9583f8ca8c822c47ddd5773a117a3cae4568e64

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

2190d71cf582764bbc0cae739494a9f3e79716a057d7ab707b4f4e0990c76409

837538f3c24a483f73a8409c03c4d0d8c58379c292f1535fa896217911f2c6b3

GE Vernova (GEV)

Financials