GE Vernova Inc.GEV
GE Vernova Inc. Segments Disclosure
SEGMENT AND GEOGRAPHICAL INFORMATION. Operating segments include components of an enterprise about
which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker (CODM) for
the purpose of assessing performance and allocating resources. The Company’s CODM is its Chief Executive Officer (CEO). Our operating
activities are managed through three segments: Power, Wind, and Electrification. These segments have been identified based on the
nature of the products and services sold and how the Company manages its operations.
The performance of these segments is principally measured based on revenues and segment EBITDA. Segment EBITDA is determined
based on the performance measures used by our CEO to assess the performance of each business in a given period. In connection with
that assessment, the CEO may exclude matters, such as charges for impairments, significant higher-cost restructuring programs,
manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses
from acquisitions or dispositions, and certain other non-operational items.
Consistent accounting policies have been applied by all segments for all reporting periods. See Note 1 for a description of our reportable
segments.
TOTAL SEGMENT REVENUES BY BUSINESS UNIT | 2025 | 2024 | 2023 |
Gas Power | $16,006 | $14,465 | $13,220 |
Nuclear Power | 1,018 | 819 | 827 |
Hydro Power | 806 | 781 | 887 |
Steam Power | 1,937 | 2,063 | 2,502 |
Power | $19,767 | $18,127 | $17,436 |
Onshore Wind | $8,241 | $7,781 | $7,761 |
Offshore Wind | 652 | 1,377 | 1,455 |
LM Wind Power | 217 | 542 | 610 |
Wind | $9,110 | $9,701 | $9,826 |
Grid Solutions | $6,620 | $4,957 | $3,955 |
Power Conversion & Storage | 2,049 | 1,676 | 1,549 |
Electrification Software | 973 | 917 | 874 |
Electrification | $9,642 | $7,550 | $6,378 |
Total segment revenues | $38,519 | $35,377 | $33,640 |
SEGMENT EBITDA | ||||
Year ended December 31, 2025 | Power | Wind | Electrification | Total |
Equipment revenues | $6,420 | $7,224 | $7,290 | $20,934 |
Services revenues | 13,072 | 1,858 | 2,168 | 17,098 |
Intersegment revenues | 276 | 28 | 183 | 487 |
Segment revenues | 19,767 | 9,110 | 9,642 | 38,519 |
Other revenues and elimination of intersegment revenues | (451) | |||
Total revenues | 38,068 | |||
Less:(a) | ||||
Cost of revenues(b) | 14,627 | 9,008 | 6,644 | |
Selling, general, and administrative expenses(b) | 1,836 | 527 | 1,350 | |
Research and development expenses(b) | 549 | 161 | 426 | |
Other segment items(c) | (147) | 12 | (212) | |
Segment EBITDA | $2,902 | $(598) | $1,433 | $3,737 |
Year ended December 31, 2024 | Power | Wind | Electrification | Total |
Equipment revenues | $5,509 | $8,018 | $5,412 | $18,939 |
Services revenues | 12,391 | 1,642 | 1,923 | 15,955 |
Intersegment revenues | 227 | 41 | 215 | 483 |
Segment revenues | 18,127 | 9,701 | 7,550 | 35,377 |
Other revenues and elimination of intersegment revenues | (442) | |||
Total revenues | 34,935 | |||
Less:(a) | ||||
Cost of revenues(b) | 13,608 | 9,513 | 5,359 | |
Selling, general, and administrative expenses(b) | 2,022 | 566 | 1,295 | |
Research and development expenses(b) | 384 | 222 | 345 | |
Other segment items(c) | (155) | (12) | (128) | |
Segment EBITDA | $2,268 | $(588) | $679 | $2,358 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
Intersegment expenses are included within the amounts shown.
(b) Excludes depreciation and amortization expenses.
(c) Primarily includes equity method investment income and other interest and investment income.
Year ended December 31, 2023 | Power | Wind | Electrification | Total |
Equipment revenues | $5,535 | $8,327 | $4,385 | $18,246 |
Services revenues | 11,758 | 1,488 | 1,733 | 14,979 |
Intersegment revenues | 143 | 11 | 260 | 414 |
Segment revenues | 17,436 | 9,826 | 6,378 | 33,640 |
Other revenues and elimination of intersegment revenues | (401) | |||
Total revenues | 33,239 | |||
Less:(a) | ||||
Cost of revenues(b) | 13,425 | 10,006 | 4,690 | |
Selling, general, and administrative expenses(b) | 2,124 | 611 | 1,213 | |
Research and development expenses(b) | 315 | 248 | 320 | |
Other segment items(c) | (149) | (6) | (79) | |
Segment EBITDA | $1,722 | $(1,033) | $234 | $923 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
Intersegment expenses are included within the amounts shown.
(b) Excludes depreciation and amortization expenses.
(c) Primarily includes equity method investment income and other interest and investment income.
RECONCILIATION OF SEGMENT EBITDA TO NET INCOME (LOSS) | 2025 | 2024 | 2023 |
Segment EBITDA | $3,737 | $2,358 | $923 |
Corporate and other(a) | (541) | (323) | (116) |
Restructuring and other charges | (277) | (426) | (433) |
Gains (losses) on purchases and sales of business interests(b) | 281 | 1,024 | 92 |
Separation (costs) benefits(c) | (180) | 9 | — |
Arbitration refund(d) | — | 254 | — |
Non-operating benefit income | 459 | 536 | 567 |
Depreciation and amortization(e) | (847) | (1,008) | (847) |
Interest and other financial income (charges) – net(f) | 185 | 130 | (53) |
Russia and Ukraine charges(g) | — | — | (95) |
Benefit (provision) for income taxes | 2,062 | (995) | (512) |
Net income (loss) | $4,879 | $1,559 | $(474) |
(a) Includes interest expense (income) of $(1) million, $10 million, and $45 million and benefit (provision) for income taxes of $(11) million,
$56 million, and $168 million for the years ended December 31, 2025, 2024, and 2023, respectively, related to our Financial Services
business which, because of the nature of its investments, is measured on an after-tax basis.
(b) Includes unrealized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income
(loss) which is part of Other income (expense) - net. See Note 19 for further information.
(c) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant,
and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized
upon GE retaining the renewable energy U.S. tax equity investments.
(d) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million
related to the interest on such amounts that was recorded in Interest and other financial charges - net in the second quarter of 2024.
(e) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences
included in Equity method investment income (loss) which is part of Other income (expense) - net.
(f) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business
operations primarily with customers.
(g) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting
sanctions primarily related to our Power business.
ASSETS BY SEGMENT December 31 | 2025 | 2024 |
Power | $26,663 | $24,161 |
Wind | 11,444 | 9,970 |
Electrification | 9,201 | 7,402 |
Other(a) | 15,709 | 9,952 |
Total assets | $63,016 | $51,485 |
(a)We classify deferred tax assets as "Other" for purposes of this disclosure.
Property, plant, and equipment additions | Depreciation and amortization | ||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||
Power | $573 | $380 | $319 | $467 | $519 | $494 | |
Wind | 193 | 250 | 325 | 228 | 350 | 249 | |
Electrification | 273 | 153 | 74 | 95 | 88 | 85 | |
Other(a) | 214 | 93 | 20 | 63 | 216 | 136 | |
Total | $1,253 | $877 | $738 | $853 | $1,172 | $964 | |
(a) Depreciation and amortization includes impairments related to our Hydro Power business of $108 million for the year ended December
31, 2024. See Notes 6 and 23 for further information.
Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is
presented separately from the remainder of the Americas.
REVENUES BY GEOGRAPHY | 2025 | 2024 | 2023 |
U.S. | $17,341 | $14,679 | $12,467 |
Non-U.S. | |||
Europe | 7,594 | 8,325 | 8,417 |
Asia | 4,629 | 4,698 | 5,259 |
Americas | 3,116 | 3,038 | 3,177 |
Middle East and Africa | 5,389 | 4,194 | 3,919 |
Total Non-U.S. | $20,728 | $20,256 | $20,772 |
Total geographic revenues | $38,068 | $34,935 | $33,239 |
LONG LIVED ASSETS BY GEOGRAPHY December 31 | 2025 | 2024 |
U.S. | $2,444 | $1,940 |
Non-U.S. | ||
Europe | 2,109 | 1,811 |
Asia | 833 | 798 |
Americas | 333 | 320 |
Middle East and Africa | 287 | 282 |
Total Non-U.S. | $3,562 | $3,210 |
Total long-lived assets | $6,006 | $5,150 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 29, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.