GE Vernova (GEV) Financials

GE Vernova (NYSE: GEV) has demonstrated a strong recovery trajectory over the past several quarters and year-over-year periods, as reflected in their recent financial statements through Q2 2025. Here are the key trends and notable points from the company's income statements, balance sheets, and cash flow statements spanning approximately the last two years:

• Increasing Revenue and Gross Profit: Operating revenue grew from around $6.8 billion in Q1 2023 to over $9.1 billion by Q2 2025. Correspondingly, gross profit improved significantly, reaching $1.85 billion in Q2 2025 from $919 million in Q1 2023, indicating improving operational efficiency and scale.
• Improved Net Income: The company moved from a net loss of $346 million in Q1 2023 to a consolidated net income of $492 million in Q2 2025, reflecting a solid turnaround in profitability.
• Operating Income Recovery: Total operating income turned positive and increased notably to $378 million in Q2 2025 from losses of several hundred million in early 2023, showing progress in controlling operating expenses relative to revenue.
• Strong Operating Cash Flow: Net cash from operating activities rose to $367 million in Q2 2025, supporting the company's ability to generate cash from its core business, up from negative operating cash flow in early 2023.
• Reduction in Interest Expense: Interest expenses have been relatively stable and manageable around $35-60 million per quarter, which helps maintain profitability.
• Consistent Capital Expenditures: The company continues to invest heavily in property, plant, and equipment (around $150-$350 million quarterly), suggesting ongoing efforts to maintain or expand operations but also tying up significant cash.
• Stable Asset Base: Total assets have grown modestly from about $47.9 billion in Q1 2023 to $53.1 billion in Q2 2025, showing moderate asset accumulation aligned with business growth.
• High Current Liabilities: The company carries a large current liabilities balance (~$29B to $33.7B over the period), which requires ongoing management of working capital but has stayed proportional to current assets.
• Significant Share Repurchases: Large repurchases of common equity were recorded, notably $480 million in Q2 2025 and $1.1 billion in Q1 2025, which reduces cash reserves and could indicate management confidence but may limit cash flexibility.
• Fluctuating Net Income and Losses in Prior Periods: The company experienced several quarters with net losses (e.g., Q1 and Q3 2023), indicating volatility that investors should monitor as the business continues its turnaround.

Summary: GE Vernova has shown marked improvement in profitability, cash flow, and revenue growth over the last few years, signaling a positive operational turnaround. However, the company still faces challenges with high liabilities and cash usage for share repurchases. Investors should watch for sustained profit growth and effective management of liabilities as key indicators of continued progress.