GEVGE Vernova
INTRODUCTION. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. 10-K, Item 1
- Employees
- 3,000
- Headquarters
- Cambridge, MA
- CEO
- Scott Strazik
- Next results
- around Jan 27, 2027
376 paragraphs in Risk Factors of the 10-K filed Jan 29, 2026 with nothing like them in the 10-K filed Feb 6, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 81 Industrials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Quality issues among our products, solutions, and services could cause us to incur significant costs, reduce demand for our
products and services, lead to claims for damages or regulatory actions, and harm our business or reputation. We design,
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offshore wind turbines, grid infrastructure, and nuclear power generation equipment), engineered for demanding conditions and compliance
with stringent certification, performance, and reliability standards. A serious product, solution, or execution failure could result in injury or
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significant amounts. These potential impacts are greater where the defects or issues affect an entire product line or component and can be
Developing and maintaining offerings that meet these standards is complex, costly, and technologically challenging and requires extensive
coordination across suppliers and global manufacturing and project sites. Failures to meet these standards, whether actual or perceived,
may result in significant contractual or other claims and regulatory suspensions of installation or operations, with adverse financial,
competitive, and reputational effects. Warranty and quality-related costs have represented, and may in the future represent, a meaningful
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components, could delay or impact our ability to deliver on customer obligations, increase costs, and expose us to contractual
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materials, parts, components, and subsystems. Our globally distributed supply chains are subject to economic and geopolitical dynamics,
sanctions, tariffs, import/export restrictions, severe weather events, as well as other factors. We operate in a supply-constrained
environment and have experienced, and may continue to experience, shortages of materials and skilled labor, inflationary pressures,
transportation and logistics challenges, and manufacturing disruptions that affect revenues, profitability, cash flow, and on-time fulfillment.
While we pursue mitigation measures, such as long-term supply agreements, dual-sourcing, increased inventory levels, factory capacity
expansion, lean initiatives, alternative logistics, product or component redesign, and cost-sharing with customers and suppliers, supply
chain pressures are expected to persist and may continue to adversely affect our operations and financial performance. Certain inputs are
limited or sole-sourced, concentrated with a small number of suppliers, or primarily available from a single country, including semiconductor
chips and critical materials (such as specialty metals and rare earths). Although prior disruptions have not been material, the inability of a
supplier to deliver, and our inability to secure timely and cost-effective alternatives, could impair our ability to manufacture products or
Our operations may be adversely affected by delivery delays, capacity constraints, upstream or downstream production disruptions, price
spikes, cyber-related attacks, or decreased availability of materials and commodities arising from war or other hostilities, natural disasters,
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underperformance could impact our ability to fulfill customer commitments, trigger contract terminations or liability, and impair our
We depend on multiple forms of transportation and transportation routes. Logistics can be disrupted by weather, strikes or lockouts,
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Disruptions or capacity constraints at our manufacturing and operating facilities could delay deliveries, increase costs, damage
customer relationships, and limit our ability to meet demand for our products and services, and planned capacity expansions
may not result in the benefits we expect if demand does not meet expectations. We depend on our global production and operating
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dynamics can interrupt our operations, with risks heightened in certain emerging markets.
We also rely on our production facilities for critical components. If disturbances at these locations prevent us from producing sufficient
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91 more
sites are unavailable, may disrupt our ability to supply customers, require us to defer or decline orders, or cause late deliveries. Expanding
our capacity to meet current or future demand or support new products requires significant capital investment and lead time and may be
Further, our capacity expansions and related commitments may outpace realized demand. We make capacity expansion decisions and
supply commitments based on demand forecasts, orders, slot reservation agreements, and deposits. If anticipated demand is delayed or
does not materialize, orders may be deferred, reduced, or canceled and slot reservation agreements may not result in orders. As a result,
we could be over-invested in our facilities and could incur excess or idle capacity, under-absorption of fixed costs, production inefficiencies,
inventory build and write-downs, penalties under supply agreements, lower margins, and impairment of long-lived assets.
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(including lean operations and supply chain management) to drive savings, but there is no assurance they will succeed. Expected savings
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We may fail to execute and accurately estimate long-term service obligations. We enter into long-term service agreements with many
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Power, depends on our ability to execute and estimates of product durability and reliability, our costs to deliver products and services over
time, and the availability of cost-reducing materials, technology, and skilled technicians. Under such agreements for our long-cycle
businesses, errors in estimating, planning, or execution may cause us to miss delivery, cost, or financial performance targets, leading to
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domestic and international markets, and our products, solutions, and services face significant pressure on technology, quality, delivery, and
price. Remaining competitive requires continual development of advanced technologies and product enhancements, as well as cost-
effective supply chain, production, and delivery. If we change strategic priorities or fail to anticipate or respond quickly to technological
developments, evolving industry standards, new regulations or incentives, changing customer demands, supply chain disruptions, or
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opportunities. Competition has intensified as existing participants expand internationally and as new entrants, including manufacturers from
regions such as China, improve quality and reliability and pursue markets outside their home countries. Some competitors are government-
sponsored, which may provide them with an advantage over us, such as access to more resources. In addition, global competition
increasingly depends on innovation in emerging technologies, including nuclear fuels and advanced energy systems, where failure to
innovate could limit our ability to participate in new markets. Further, government policies and actions may impact us more adversely
compared to competitors whose operations are more limited in scope or geographic exposure. If we are unable to continue to compete
successfully against our current or future competitors in our core businesses, we may experience declines in revenues and industry
Similar paragraph at 1 of 81 other Industrials companies: RTXOur business success is dependent upon our ability to innovate and successfully commercialize new technologies in fast-
Similar paragraph at 1 of 81 other Industrials companies: Jchanging markets, and manage our product cycles. We operate in industries where technology and customer needs evolve rapidly, and
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effectively enhance our production, such as robotics and automation, and integration of AI; the availability of raw materials and
components; our supply chain; the economics for customers to deploy and support these technologies; overall market demand and
Global competition increasingly depends on innovation in emerging technologies, including nuclear fuels and advanced energy systems,
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technologies, products, solutions, and services our customers demand could adversely impact our competitive position, growth, and
financial results and position. Rapid innovation can shorten product cycles and accelerate market introductions, increasing quality and
execution risks, raising costs, and challenging profitability for new products. These risks are heightened in our Nuclear Power business,
which is constructing small modular reactors. Due to the nascent nature of the industry and higher ramp-up costs, new product
introductions could result in losses in the near and long term. Further, breakthrough technologies deployed at scale by competitors may
We may not realize the benefits we expect from our strategic transactions. Our strategy includes acquiring technologies and
businesses that expand, enhance or complement our portfolio through acquisitions, minority equity investments, joint ventures, and other
alliances, and divesting non-core assets or businesses and reinvesting any proceeds in our core businesses. Success depends on
identifying suitable opportunities and synergies, conducting effective due diligence, negotiating favorable terms, obtaining required
approvals, closing transactions, effectively integrating acquired businesses or separating divested operations, and collaborating well with
Strategic transactions may expose us to risks and uncertainties, including competition driving higher prices or less favorable terms; delays,
costs, or failures in integration or separation of assets, people, systems, and products; noncompliance with multi-jurisdictional laws,
regulations, disclosures, and filings; operational disruption and management distraction from core operations; dependence on external
capital and financing availability and cost; antitrust or other regulatory reviews, conditions, or adverse rulings; legacy noncompliance or
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acceptance; due diligence gaps or unidentified/underestimated liabilities; successor liability for pre-acquisition conduct; inadequate
compliance and risk management organization and infrastructure at acquired companies; retained liabilities or continued losses after
divestitures; loss of key customers or personnel; and adverse market reactions and stock price volatility.
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expectations. In joint ventures and other strategic alliances, we may share ownership and, in some cases, management with others whose
objectives, priorities, or resources may differ from ours, increasing governance and execution risk. Further, any such joint venture or other
strategic alliance, may restrict us from taking certain actions in our business and we may be limited in our ability to exit such arrangements
Divestitures may be delayed or prevented by difficulties finding buyers or by regulatory, governmental, or contractual constraints, including
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Agreements with GE" in Part III, Item 13 of our annual report on Form 10-K for the year ended December 31, 2024, as incorporated by
reference from our definitive proxy statement relating to our 2025 Annual Meeting of Stockholders filed with the SEC pursuant to Regulation
Joint ventures, consortiums, and other third-party collaborations expose us to partner, governance, compliance, and financial
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manufacturing, commercial operations, and project development and funding, and into consortium arrangements to perform projects. These
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partners face financial distress, restructure, or declare bankruptcy, we may be required to provide additional investment or services,
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Our influence over joint ventures varies by ownership and negotiated rights, and major decisions often require consensus, creating risks of
impasses and delays where partner interests diverge. Disputes may arise over performance milestones, interpretation of key terms
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cannot control partner actions; in some projects we have joint and several liability and cannot ensure partners will satisfy their
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subject to governmental limitations on cash distributions. Consortium project outcomes depend on partner performance. Partners may
block or delay critical decisions, pursue strategies contrary to our interests, or fail to fulfill obligations, reducing expected returns. We may
need to provide or procure additional services to compensate for such failures, which can increase costs and expose us to reputational
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Issues with grid connectivity and customers’ ability to sell generated electricity could delay projects, reduce output, demand and
revenues, increase costs, and cause reputational harm. Many of our customers, projects, and offerings depend on timely grid
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land for connection infrastructure, and system failures, may impede or prevent grid connection. If customers cannot obtain grid access or
agreements to sell their electricity on reasonable terms and timelines, order timing and project milestones may be delayed. Grid connection
and operations are governed by statutory and regulatory frameworks intended to ensure safety and stability, but transmission constraints
and operating practices can lead to curtailment (e.g., congestion, limited transmission capacity, or dispatch restrictions). Unplanned project
execution or commissioning challenges due to delays from construction, contractors, or severe weather issues (e.g., wind speed or
direction) can further delay project execution leading to reduced electricity output, reduced demand for our products and solutions,
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success depends on delivering in accordance with contractual requirements and anticipating changes in customer and counterparty needs.
Customers and counterparties, including those undertaking large infrastructure projects, may delay or cancel purchases or be unable to
meet their obligations due to business deterioration, cash flow constraints, reduced availability of financing for certain technologies (such as
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major customer reduces purchases, ceases doing business with us, favors competitors or new entrants, or changes purchasing patterns,
Many of our contracts are complex and contain warranty, performance, delivery, and availability provisions that can trigger significant repair
or replacement costs, penalties, liquidated damages, or other unanticipated expenses if we fail, actually or allegedly, to meet specifications
or schedules. For example, in our Wind business, delays in assembling and delivering critical components (such as nacelles) or other
noncompliance with contract terms have increased costs, presented litigation risks, and exposed us to damages, and we may experience
similar delays and possible consequences in the future. Warranty costs and contract-related penalties have represented, and may in the
We also contract with U.S. and non-U.S. governmental and government-affiliated entities, which may delay, modify, or terminate contracts if
funding or support is unavailable. Collecting receivables can be more challenging with sovereign or state-owned customers and in
Engaging in new types of transaction structures or unique contractual relationships with nontraditional customers, such as hyperscalers,
government departments focused on energy, or other first‑time counterparties, or with new contracting approaches adopted by traditional
customers, may challenge our ability to effectively negotiate and manage our relationships. Due to our limited experience with such
customers, counterparties, and contracting parties, we may fail to anticipate or control the unique expectations, costs, and operational
complexities associated with such arrangements. Some counterparties may have limited operating histories, different contracting practices,
or weaker credit profiles. They may depend on external financing, subsidies, or project milestones, and may delay payment, seek to
renegotiate terms, or default. Further, some counterparties to slot reservation agreements may not place orders equal to the value of their
reservation amount or at all, and the volume of orders we expect under such agreements may fail to materialize.
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on maintaining corporate investment grade credit ratings, which are evaluated by major rating agencies. Any downgrade could increase the
cost of existing or future indebtedness, constrain borrowing and bonding capacity or worsen terms, and limit or prevent access to capital on
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Fixed‑price customer contracts expose us to reduced margins and project loss risks if costs exceed expectations. We enter into
contracts that commit to a fixed price well before project completion. However, actual revenues and costs may differ from estimates due to
factors that are difficult to predict or control, which include: procurement challenges and schedule disruptions on large projects; product
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inability to be compensated for additional work arising from unanticipated technical issues or deficient customer‑provided designs,
engineering information, products, or materials; inaccurate estimates based on historical data under current conditions (e.g., inflation, labor
and material cost increases); weather and other force majeure events that cause delays or productivity losses; contractual obligations to
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subcontractors, manufacturers, or suppliers, or their underperformance or nonperformance, resulting in delays and added costs; and
project modifications or change orders that create unanticipated costs or delays and potential claims or disputes. Any of these factors can
reduce our margins or result in project losses. Cost overruns and related penalties have represented, and may in the future represent, a
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Our business depends on the availability of financing. Capital and credit markets can experience volatility and disruptions that reduce
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changes in banking and capital market regulations, and market risk repricing, could limit or increase the cost of financing. Adverse market
conditions or credit rating changes could impair our access to capital on acceptable terms or at all. These conditions may also hinder our
customers’ and suppliers’ ability to obtain debt, guarantees, trade finance, or hedging, negatively affecting our business. In addition, our
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We are subject to decarbonization and energy-transition dynamics, including shifting policies, market economics, and
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changes driven by decarbonization and energy transition dynamics. For example, increased policy support for fossil fuels or the rollback or
suspension of renewable-supportive policies could reduce demand for our renewable and other decarbonization products and services.
Conversely, as a supplier to the power generation sector, falling renewable costs and evolving stakeholder expectations can reduce
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Continued increases in renewables’ share of capacity additions and generation, depending on pace and timing, could materially affect our
Power segment and consolidated results. Key uncertainties include the level and timing of government subsidies and credits (including the
implementation of U.S. and global policies), regulatory and permit approval timeframes, level of price competition among manufacturers,
competition from solar and other technologies, deprioritization of renewables, the pace of grid modernization needed to maintain reliability
Our long-term success depends on addressing both electrification and decarbonization by adapting our portfolio and scaling less carbon-
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hydrogen-based power generation, carbon capture and sequestration, and grid-scale storage). These transitions require substantial
investments by us and third parties in grids, infrastructure, R&D, and new technologies, and depend on timely governmental and regulatory
support, incentives, and market design. If we do not succeed, or are perceived to not succeed, to advance our electrification and
decarbonization objectives, or if investors and financial institutions shift funding away from certain types of generation, our and our
customers’ access to capital could be negatively affected. Government actions may also affect these dynamics in unforeseeable ways.
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landscape evolves faster or differently than anticipated, demand for our products, solutions, and services could be adversely affected.
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businesses benefit from government incentives and policies supporting utility-scale renewable energy (e.g., tax incentives). In addition,
regulatory policies influencing renewable energy mandates and grid integration standards directly impact the demand for wind energy.
Reductions, elimination, suspension or adverse modifications have and could in the future limit markets for new projects, reduce returns on
projects or manufacturing, lead to project abandonment, or impair investments. Eligibility and structuring rely on legal and regulatory
guidance, which is subject to uncertainty, potential modification (possibly retroactive), and governmental audit challenge. Repeal,
modification, suspension or unfavorable interpretations could reduce available credits, require changes to tax equity arrangements, or force
Separately, changes to environmental regulations and enforcement could increase costs or impede sales. For example, broader
greenhouse gas regulations and carbon pricing could increase compliance costs for us and our customers. While such policies can
increase demand for decarbonization technologies we are developing (e.g., hydrogen and carbon capture capabilities for our gas turbines
and direct air capture), they may also impose significant compliance burdens that adversely affect our business and may reduce demand
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prices, and global and regional supply and demand, all of which are largely outside our control. More stringent regulations and
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in gas turbine generation; further, if renewable energy or other alternatives become more affordable than gas, customers may switch away
from gas-fired solutions. Periods of elevated prices and volatility can contribute to economic slowdowns and prompt countries dependent
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Operating globally, especially in emerging markets, creates complex legal, regulatory, and compliance risks. We operate across
diverse legal and regulatory systems in approximately 100 different countries and, as a result, are subject to varying requirements,
procedures and standards, including country-specific regulatory regimes relating to anti-corruption and anti-bribery laws, tax, trade controls,
environmental, employment and labor requirements, sustainability, product safety, liability and design regulations, human rights laws, and
privacy, data protection and cybersecurity laws. Further, we expect increasingly stringent environmental and safety standards across
diverse global jurisdictions, including potential liabilities related to chemicals such as PFAS, that could affect product design, manufacturing,
Navigating a variety of legal and regulatory regimes, which may evolve and be interpreted differently across jurisdictions, including on an
extra-territorial basis, increases the complexity of compliance. Risks in emerging markets may be particularly complex due to less mature
regulatory frameworks, inconsistent and aggressive enforcement, and heightened exposure to geopolitical and economic volatility, which
can amplify the challenges of maintaining compliance across our global operations. Any actual or perceived failure to comply with relevant
laws, regulations, or standards could damage our reputation and customer relationships, and expose us to investigations, inquiries,
litigation, or other proceedings initiated by governmental entities, customers, or individuals. Such actions could result in significant fines,
sanctions, penalties, awards, or judgments, all of which could negatively affect our business and operating results.
Further, as a global employer in more than 100 countries of permanent and fixed-term contract employees, contingent workers and
contractors, we must design and maintain compensation programs, employment policies, cybersecurity and other intellectual property
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and interpretations may influence how we structure our operations and investments, and can lead to rising costs, including those
associated with organizational changes and protective measures. We implement, communicate, audit and monitor, and enforce group-wide
standards and practices across our businesses to address these risks; however, these efforts may not be successful. We are also
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floods, severe weather, product failures, and power outages in regions where we, our customers or our suppliers operate can damage
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hazards, rising average temperatures and sea levels, and long-term changes in precipitation. These events and conditions can disrupt our
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delay logistics and transportation to project sites, and contribute to supply chain disruption and market volatility. Changes in temperature
and precipitation can also affect electricity demand patterns. Public health crises, epidemics or pandemics can prevent employees,
contractors, suppliers, customers, and other partners from conducting business due to shutdowns, travel restrictions, or other governmental
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and prospects. Insurance may not cover all losses from these events or may become more costly or less available, and our disaster
recovery and business continuity plans (including for information technology systems) may not fully mitigate the impact of these events.
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as armed conflicts, acts and threats of terrorism, civil unrest and political and economic instability in regions where we, our customers or
our suppliers operate can damage facilities, cause partial or complete plant or distribution center closures, disrupt component supply,
damage infrastructure and delay transportation to project sites. The broader consequences of geopolitical and terrorism threats, which may
also include sanctions that prohibit our ability to do business in specific countries, embargoes, restrictions on repatriation of funds, the
potential inability to service our remaining performance obligations, and potential contractual breaches and litigation, regional political and
economic instability and geopolitical shifts, and the extent of any such threats effect our business and results of operations as well as the
global economy, cannot be predicted. Geopolitical conflicts also contribute to volatility in financial markets, energy costs, and commodity
prices. If global economic and market conditions were to deteriorate, we may experience material harm to our business, operating results,
Failure to meet expectations, standards, or our goals for sustainability could harm our business and reputation. Certain of our
Similar paragraph at 1 of 81 other Industrials companies: CMIregulators and stakeholders focus on ESG topics, including emissions and climate risk, inclusive employment, responsible sourcing, human
rights, and governance. We have set sustainability goals aligned with these objectives, but our ability to accomplish them presents
numerous operational, regulatory, financial, legal, and other challenges, several of which are outside of our control. Perceived deficiencies
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Climate-related Financial Disclosures), could negatively affect investor sentiment, our stock price, and our cost of capital. Regulatory
requirements are frequently changing, including EU CSRD, EU Taxonomy, and EU CSDDD, and U.S. state-level requirements. Given our
extensive disclosures about our sustainability framework and goals and notwithstanding efforts we undertake to manage those disclosures
appropriately, we also face increasing risks of allegations of inaccurate or misleading ESG statements. Failure to meet our goals or comply
with evolving requirements could lead to penalties, supply chain disruption, operational restrictions, product redesign investments, carbon
offset purchases, competitive disadvantages, reputational harm, talent attraction and retention challenges, and heightened scrutiny or
International trade policies could limit market access, disrupt supply chains and operations, raise costs, and harm our
competitiveness. Changes globally in various countries’ international trade and investment policies have increased and may in the future
increase our costs and could meaningfully reduce demand for our offerings or restrict our ability to sell, manufacture, and transport to or in
certain countries. Changes to tariffs, import/export controls, trade barriers, inflation, sanctions, licensing and authorization requirements,
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requirements, supply chain impacts, and/or other barriers to entry have been and could in the future be disruptive and costly to us and our
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increase our exposure to regulatory enforcement actions or penalties. Global or regional economic conditions and government policies may
change in ways we do not anticipate. In addition, our responses to mitigate the impact of these conditions, such as potential price
increases, could negatively impact our sales volume, market share, or relationships with our customers.
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delayed or not renewed, or made more onerous. Noncompliance leads to suspended operations, curtailed work, penalties, and other
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and may in the future be jeopardized by noncompliance, violations, or community and political opposition, resulting in substantial costs.
Heightened climate concerns and activism may slow approvals for fossil fuel-related activities in certain regions where we sell our products,
affecting associated offerings. New or amended laws or changed enforcement may require additional approvals, facility, labor or product
adaptations, leading to substantial costs. Our customers and suppliers are also subject to such approvals; their failures or difficulties in
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harm. We are subject to extensive EHS regulations worldwide, including, for example, hazardous chemical handling laws, and may incur
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at current or former facilities, including from third-party contractor activities. Real or perceived safety issues can be costly, damage our
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continue to face increased regulatory oversight and operational suspensions at our projects. We invest significant amounts to maintain
policies and procedures designed to comply with EHS regulations, and we may need to invest increased amounts in the future if there are
material changes in EHS regulations or in their interpretation or application or in potential environmental liability exposures. In some
jurisdictions, environmental laws can impose strict, joint, and several liability for investigation and remediation, including for conduct
compliant at the time or caused by others. We are subject to governmental safety-related requirements globally, including the U.S.
Department of Energy and the NRC; noncompliance could lead to increased oversight, fines, or shutdowns. Changes to security and safety
For our nuclear operations, the handling of radioactive and hazardous materials exposes us and our customers to regulation, attendant
costs and delays, and potential liabilities. Improper handling could cause personal injury, environmental contamination, property damage,
and harm to surrounding communities. Accident severity may depend on the nature of the event, speed of corrective action, and factors
beyond our control (such as weather). Releases may damage or destroy property, depress property values, injure people, and require
costly response actions. Activities of contractors, suppliers, or other counterparties involving these materials may also expose us to
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new or stricter requirements, changed interpretations, or newly discovered contamination could require material expenditures or create
unanticipated liabilities. Contractual protections and insurance may not be effective in all cases or cover all liabilities; defense costs and
damages resulting from an accident or release (including those associated with a precautionary evacuation) could adversely affect our
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ordinary course of business, regularly subject to claims, lawsuits, regulatory proceedings, inquiries, investigations, and enforcement actions
involving customers and their insurers, employees, joint venture and consortium participants, subcontractors, suppliers, and government
agencies. We also face legacy risks associated with previously owned businesses or acquired businesses or liabilities assigned to GE
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contracts, large and long-duration projects and long-term relationships, claims can be significant. Global customs and anti-corruption
enforcement (e.g., under the U.S. Foreign Corrupt Practices Act) is unpredictable, and in such proceedings, we have incurred, and may in
incur in the future, liability for actions beyond our control, including with respect to prior actions taken by others we have assumed by
acquisition or by assignment in connection with the Spin-Off. These proceedings may limit our access to financing from, or being involved
with projects funded by, multilateral development banks, the World Bank, and other sources of financing. Outcomes are uncertain; plaintiffs
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periods. Initial claims in commercial disputes can be large even if ultimate liability is lower, and plaintiffs may seek punitive, consequential,
or other damages. Defense can be costly and distract management from the operation of the business. We may incur significant defense
costs and payments or be required to alter operations, adversely affecting results, cash flows, and financial condition. Insurance may not
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Noncompliance with antitrust and competition laws could result in fines, sanctions, business restrictions, and reputational harm.
Antitrust and competition laws prohibit conduct deemed anti-competitive (e.g., price fixing, bid rigging, cartels, price discrimination,
monopolization, tying, anti-competitive acquisitions, and market allocation). Authorities may impose fines, sanctions, restrictions, or
conditions on our business, and violations can lead to suspension or debarment from certain contracts or transactions. The risk of
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Increased scrutiny or enforcement in this area could harm our business and reputation and result in increased compliance or defense
Noncompliance with government contracting and procurement laws and rules could result in penalties, contract loss, or
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procurement, which differ from private contracting and may impose additional risks and liabilities, including local presence, local
manufacturing or sourcing, and technology or IP transfer requirements. Governments have a broader array of criminal, civil, administrative
Many government entities can terminate contracts for convenience or for default and their ongoing business with us may be subject to
legislative or executive funding approvals. Termination or funding changes could reduce expected revenues; a default termination could
We are subject to audits, investigations, and oversight; ensuring compliance imposes costs, and authorities may conclude our practices are
noncompliant. Adverse findings could result in civil, criminal, and administrative penalties, damages, disgorgement, exclusion from
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of securities, advisory and structuring, and investment management (including tax equity). These activities may present conflicts of interest
because they often involve investments in large energy infrastructure projects to which our businesses sell equipment and services,
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FINRA rules; investment advisers are regulated by the SEC under the Advisers Act. These regimes are extensive and evolving, and
complying with them, or failing to comply, could be costly, time consuming, and disruptive.
Risks Related to Technology, Cybersecurity, Data Privacy & Intellectual Property
We may fail to secure, successfully deploy, and protect our IP or defend against third party IP claims. We may be unable to secure,
successfully deploy, and protect our IP rights. IP laws and enforcement requirements and standards vary by jurisdiction. In some countries
where we do business, there are limited protection or effective remedies. Protecting proprietary technology is difficult and costly, and IP
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are costly or unavailable on acceptable terms, if at all. Failure to obtain necessary licenses could result in financial damages or injunctions
that restrict our business. Any settlement or license may limit our ability to use or protect our own IP in the future. We do not maintain
insurance for IP claims, and any IP dispute—regardless of merit—could require significant financial and management resources.
Our pending and future IP applications may not issue, and any issued rights may be narrower than expected, challenged, invalidated, held
unenforceable, or circumvented. Competitors may infringe, misappropriate, or otherwise violate our IP; both our ability to detect it and the
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obligations for certain third-party IP claims; we may be unable to limit our liability and could face significant indemnity payments or
damages for alleged contractual breaches. If we fail to obtain and protect our IP, secure necessary licenses and approvals, and defend
against third-party IP claims, our competitiveness may be harmed and we may incur liabilities.
We do not own GE trademarks and use them under a license agreement that, if terminated, could require costly rebranding and
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licensees use, promote, and protect it, which are factors largely outside our control. The Trademark License Agreement may be terminated
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reinstated license on less favorable terms or discontinue use of those marks. Loss of these rights would likely require a corporate name
change and significant global rebranding, which could be costly, require substantial management resources, disrupt customer relationships,
Security or data privacy incidents or disruptions of our or our third parties’ information technology systems could adversely
affect our business. In some of our businesses, we design, build and support software that are embedded in our products and may
operate within our customers’ IT environments and process data. In many jurisdictions, customers and regulators require built in
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constantly evolving and increasingly sophisticated, and our measures may not prevent, detect, or mitigate attacks across our installed
base, current offerings, newly introduced products, or legacy technologies still in use.
Global cybersecurity threats, including malware and ransomware, human or technology errors, and attacks by state, state-affiliated actors
or cybercriminal groups, pose risks to us and to our customers, partners, suppliers, and service providers as well as to those of companies
we have acquired. Broader attacks on critical infrastructure could disrupt our operations even if our existing or new systems or products are
not directly targeted. Industry wide third-party incidents continue to increase, and our large supplier base requires ongoing verification of
cybersecurity practices. Growing interconnectedness and shared liability within our ecosystem heighten our exposure to cybersecurity
risks. We also outsource certain cybersecurity functions, use managed service providers, and collaborate with GE during the transition
period that follows our Spin-Off; these arrangements increase risk due to interconnectivity and potential impacts from a cybersecurity
We handle sensitive, confidential, and personal information in accordance with privacy and security requirements. Security incidents, data
loss, programming or employee errors, social engineering or malfeasance (including by employees or third parties) could result in
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We rely on third-party hardware, software, and other components. A supplier’s cyber incident could interrupt component availability and our
manufacturing or business process. Third-party software (including open source or embedded code), malicious code, or critical
vulnerabilities could increase customer risk. A significant incident involving our systems or data could result in significant material
investigation, remediation, and notification costs, damage our reputation, and expose us to litigation and regulatory enforcement.
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safeguard personal information, could lead to significant costs, fines, litigation, operational restrictions, and reputational harm.
We access sensitive, confidential, proprietary, and personal information subject to numerous jurisdiction specific laws and regulations
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complex and rigorous, with continually evolving requirements, including novel issues arising from new technologies such as generative AI.
In the United States, the Federal Trade Commission and various state laws may impose privacy and security obligations that may require
changes to our data processing practices and policies and could result in substantial compliance costs and operational impacts.
Internationally, many jurisdictions maintain unique privacy and cybersecurity frameworks. Violations can lead to substantial fines, regulatory
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These laws differ significantly and are interpreted and enforced inconsistently across jurisdictions, often with delayed guidance that creates
prolonged uncertainty. Increasing cross border transfer restrictions and reliance on globally distributed third parties add complexity,
potentially necessitating organizational changes, additional technical safeguards, vendor management measures, and external expertise,
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controls relating to data privacy and security, or to adequately protect personal information, could damage customer and employee
Inability to attract, retain, and safely deploy highly qualified personnel could impair execution of our strategy and adversely affect
our operations, reputation, and financial results. Our success depends on our personnel, particularly senior management, key
employees, and technical staff, to develop, manufacture, and deliver our products and provide services worldwide. Competition for talent,
our reputation, the availability of qualified individuals, and the emergence of new skills could limit our ability to hire and retain needed
personnel. Difficulties hiring, ineffective succession planning, or depletion of institutional knowledge, as well as inefficient workforce
utilization and ability to engage qualified contractors, could impede execution of our strategy and growth objectives and adversely affect our
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safety requirements and to attract and retain skilled workers, and some roles—such as the installation, operation, and maintenance of
offshore wind turbines—are difficult, labor-intensive, costly, and depend on the availability of highly-skilled labor. Despite our safety
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Significant postretirement benefit obligations and volatility in assumptions and asset returns could increase required
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Our defined benefit expense is determined under U.S. generally accepted accounting principles using actuarial valuations and annual
remeasurements that rely on assumptions and market inputs, including discount rates (generally based on high-quality corporate bond
yields), expected long-term returns on plan assets, compensation growth, and biometric factors (such as participant mortality). Changes in
these assumptions or economic conditions, such as lower discount rates or sustained market volatility, can increase our obligations and
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and actuarial assumptions, as well as deviations in investment performance, can materially change net plan liabilities and funding
requirements. In addition, changes in legislation, regulations, case law, or accounting standards could result in increased obligations, cash
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Labor disputes, collective bargaining obligations, and other labor actions could disrupt our operations and increase our costs. A
significant number of our employees are represented by labor unions under collective bargaining agreements, and many of our European
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changes, and employees who are not currently represented may seek representation in the future. We cannot assure that existing
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negotiations will not result in increased labor costs (including wages, healthcare, pensions, and other benefits). Negotiations, potential work
stoppages, and related disputes may divert management attention. In addition, labor actions affecting our customers or suppliers, or
general country strikes or work stoppages, could disrupt our operations, project execution, supply chain, and deliveries.
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Because we operate globally, we transact in a variety of currencies. Fluctuations in exchange rates can affect our pricing, cost structure,
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since our financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates between the U.S. dollar and
Similar paragraph at 1 of 81 other Industrials companies: CMIRead in the 10-K ↗
we use hedging and derivatives to reduce earnings and cash flow volatility, our efforts may not be successful. For additional information,
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and property, plant, and equipment, for impairment whenever indicators of impairment arise. Adverse changes in market conditions or in
our business outlook, as well as future events or strategic decisions (including asset sales or changes in business direction), could result in
impairment charges and related losses. Certain non-cash impairments may arise from shifts in strategic goals or broader business
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sales, excise, and value added) in the U.S. and numerous foreign jurisdictions. Determining our worldwide tax provision requires significant
judgment across diverse legal regimes. Changes in tax laws, tax rates, or interpretations; new or increased tariffs; adverse positions by
taxing authorities; and the resolution of governmental audits and assessments may significantly increase our tax obligations and costs. We
have deferred tax assets in certain countries, and their utilization depends on generating sufficient taxable income in those jurisdictions
(and within applicable carryforward periods). Subsequent changes in tax laws, rates, or rules in those jurisdictions could restrict or delay
utilization, reduce the value of these assets, and adversely affect our financial results.
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liabilities for GE and its stockholders and substantial indemnification obligations by us to GE. Although GE obtained an IRS private letter
ruling and tax opinions supporting tax-free treatment under Sections 355 and 368(a)(1)(D), these are not binding on the IRS or courts, rely
on compliance with specified agreements and representations, and do not cover state, local, or foreign taxes. The IRS could determine that
the Spin-Off or related transactions are taxable, including due to incorrect assumptions, breaches of covenants, or post-Spin-Off ownership
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Agreement with GE, if tax-free treatment fails because of our actions or certain ownership changes (including a 50% or greater change in
our stock by vote or value within the specified four-year period under Section 355(e), excluding the change that resulted from the Spin-Off),
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subject to covenants under the Tax Matters Agreement for the period required under the agreement. These covenants are intended to
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and foreign tax laws). The covenants include limits on certain acquisitions, mergers, liquidations, sales, dispositions, transfers or stock
redemptions involving our stock or assets; discontinuing the active conduct of our Gas Power business; issuing or selling stock or other
securities (including convertibles, except certain compensatory arrangements); and selling, disposing or transferring assets outside the
ordinary course. We may be required to indemnify GE for taxes, interest, penalties, and related expenses that may result from any violation
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matters. Any such allocation or indemnification amounts could be substantial. These covenants and indemnification obligations may require
us to forgo, delay, or restructure strategic transactions and other initiatives, and may discourage third parties from proposing transactions
We may not realize expected benefits from the Spin-Off. We may not realize the benefits we expect from the Spin-Off, including greater
Similar paragraph at 1 of 81 other Industrials companies: VRTstrategic focus, operational simplification, cost savings, targeted innovation, and a tailored capital allocation policy. Achieving these benefits
depends on timely and successful execution of our stand alone strategy and may be limited by the costs and distractions of operating as an
independent public company, restrictions intended to preserve the tax-free treatment of the Spin-Off that may limit strategic transactions for
a period of time, and reduced scale and diversification versus GE pre-separation. Building and sustaining standalone capabilities takes
time, may be less effective, and could be costly and disruptive. Our ongoing relationship with GE creates potential conflicts of interest,
including where directors or officers have roles or equity interests in both companies, and our governance policies may not fully mitigate
these risks. We and GE are subject to multiple separation and transition agreements; if either party fails to perform (including with respect
to indemnities, transition services, or other obligations), we could experience operational disruption and increased costs. Further, we may
be obligated to indemnify GE for actions and positions taken prior to the Spin-Off, and we may have limited influence on the determination
of the indemnifiable amounts, which could be significant. In addition, certain GE credit support and guarantees of our obligations may not
be replaced or released when expected, which could impose contractual restrictions, require alternative credit support, and obligate us to
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fluctuated, and may in the future fluctuate, significantly. Because we manufacture and sell products used in AI infrastructure, our
performance and the market price of our common stock are frequently linked to AI investment trends and sector sentiment, which has
resulted in, and may continue to result in, significant volatility. A significant decline could result in securities class action litigation, which
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stock repurchases depends on earnings, financial condition, cash needs, other potential uses of cash, and market conditions. In addition,
the price, availability, and trading volumes of our stock will also affect repurchase timing and size.
Future equity issuances, including equity compensation, may dilute stockholders. We may issue equity to finance acquisitions, raise
capital, or for other purposes. We also grant stock-based awards to directors, officers, and employees, and some of those persons also
have stock-based awards granted by GE prior to the Spin-Off that converted to our stock-based awards at the Spin-Off. We plan to
continue granting additional awards (e.g., annual, new hire, and retention) under our equity compensation programs. These issuances
dilute existing stockholders and may reduce earnings per share, potentially adversely affecting our stock price.
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include: a classified board through 2029 with directors removable only for cause during that period; advance notice requirements for
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Off’s tax treatment. These provisions may discourage certain unsolicited transactions that could offer stockholders a premium for their
Exclusive forum provisions may limit stockholders’ choice of judicial forum. Unless we consent otherwise, our certificate of
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bylaws, or (d) any action asserting a claim governed by the internal affairs doctrine, and that federal district courts are the exclusive forum
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exclusive federal jurisdiction. Courts may not enforce our exclusive forum provisions in all circumstances. The provisions may increase the
cost of litigation for stockholders, limit forums perceived as more favorable, discourage certain lawsuits, or, if found unenforceable, require
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New in the latest 10-Q
42 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Jul 22, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
agreement to acquire Trench Group and the expected benefits and timing of closing.
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Our agreement to acquire Trench Group and our expectations for the transaction and Trench Group business are based on judgments and
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assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially, including, among others: the
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performance and continued expansion of the Trench Group business; demand for GE Vernova's and Trench Group 's products and
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services, the loss of, or reduced orders from, key customers; retention of key suppliers and employees; changes in tariffs, changes in
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currency exchange rates; difficulties in integrating Trench Group or realizing the expected benefits and synergies; the availability and terms
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of acquisition financing; transaction-related costs and litigation; delays in closing the acquisition, which could increase its cost or result in
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the acquisition not being completed; regulatory approvals for the acquisition not being obtained, or obtained subject to conditions or
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undertakings that could limit the combined business or reduce the anticipated benefits of the transaction; the outcome of required
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consultations with employee representatives; other closing conditions not being satisfied; and termination of the acquisition agreement.
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Financial statements and notes
Principal Retiree Benefit. During the third quarter of 2026, the Company entered into agreements to transfer a portion of its principal
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retiree benefit obligations to a third-party insurance carrier who will assume full legal and administrative responsibility for future benefit
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obligations. The Company expects to pay a total of approximately $ 375 million within the next twelve months, of which $ 353 million was
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As a result of these transactions, the Company will accelerate the recognition of net actuarial gains/(losses) and prior service credits of
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Position that will be recognized as settlement gains recorded in Non-operating benefit income in our Consolidated Statement of Income
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finalization of the Company's pre-separation from GE tax attributes that increased the Company's current provision for income taxes,
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respectively, excluding commission fees and excise taxes. On October 28, 2026, we announced that our Board of Directors increased our
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share repurchase authorization to $ 20 billion of common stock. Cumulatively, as of September 30, 2026, we have repurchased $ 8,593
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due from GE Vernova to GE, which are not reasonably estimable at this time and for which no liability has been accrued.
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Trench Group. On October 25, 2026, GE Vernova entered into an agreement with Triton Partners to purchase the Trench Group for
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approximately 8.0 billion Euros. Trench Group is a global developer, manufacturer, and supplier of specialized high- and medium-voltage
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electrical components, including bushings, instrument transformers, and coils, with more than 3,000 employees across eleven
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manufacturing sites. We currently expect to fund the acquisition equally between cash and debt. The acquisition is expected to close in late
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2027, subject to the completion of customary regulatory approvals. See Part II, Item 5. Other Information for further information.
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Vineyard Wind project and have commissioned substantially all wind turbines with the remainder expected to be completed in early 2027.
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and the impact of tariff recoveries at Onshore Wind; and an increase in depreciation and amortization expense across all segments of $0.6
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volume at Onshore Wind services, and the impact of tariff recoveries at Onshore Wind.
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acquisition of Prolec GE and labor inflation, partially offset by cost reduction activities.
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finalization of the Company's pre-separation from GE tax attributes that increased the Company's current provision for income taxes,
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increased our share repurchase authorization to $20.0 billion of common stock. Cumulatively, as of September 30, 2026, we have
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driven by reductions in prepayments and purchases of materials outpacing disbursements primarily at Electrification; current receivables of
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expected in the fourth quarter of 2025 and in 2026 primarily at Gas Power and Onshore Wind; and current contract assets of $(0.7) billion,
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upgraded GE Vernova Inc.'s long-term credit rating to A- from BBB+ and issued a Stable outlook. Our credit ratings as of the date of this
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Controls and procedures
Total number of Average price paid Total number of Approximate dollar shares purchased per share shares purchased as value of shares that (in thousands) part of our share may yet be repurchase program purchased under our (in thousands) share repurchase program (in millions) ────────────────────────────────────────────────────────────────────────────────────────────────────────────── July 437 $1,014.65 437 $2,593 August 594 944.76 594 2,032 September 687 910.18 687 1,407 Total 1,718 $948.72 1,718
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Other information
Disclosure provided pursuant to Item 8.01 of Form 8-K. Other Events. On October 25, 2026, GE Vernova Inc. (the “Company”) entered
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into a Sale and Purchase Agreement (the “Agreement”) with Triton Partners to acquire the Trench Group (the “Acquisition”) for
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Trench Group is a global developer, manufacturer, and supplier of specialized high- and medium-voltage electrical components, including
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bushings, instrument transformers, and coils, with more than 3,000 employees across eleven manufacturing sites.
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The transaction is expected to close in late 2027, subject to the satisfaction of customary closing conditions, including regulatory approvals.
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The Company has agreed to pay a customary termination fee if regulatory approvals are not obtained within specified timeframes. If the fee
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The Agreement includes a fixed purchase price mechanism with relevant protections and customary representations, warranties, and
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The Company currently expects to fund the Purchase Price equally between cash and debt.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Jan 29, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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