Sentences and paragraphs added, removed or reworded
Every change, by type
Sentences and paragraphs of GEV's Risk Factors and MD&A, 10-K Jan 29, 2026 against 10-K Feb 6, 2025. Each links to the text at sec.gov.
AddedRisk Factors
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, manufacture, and service sophisticated, software-enabled industrial machinery and infrastructure (including gas turbines, onshore and 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 death, widespread power outages, suspension of power production or operations, delivery delays, environmental impacts, or other systemic issues.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
Actual or perceived design, production, performance, or other quality issues in new introductions or existing product lines have resulted and can result in warranty, maintenance, and other damage claims, including costs for project delays, repairs, and replacements, potentially in significant amounts. These potential impacts are greater where the defects or issues affect an entire product line or component and can be more pronounced with new technologies.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
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 portion of our expenses.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
Significant supply chain and logistics disruptions, including volatility in the cost or availability of critical materials and components, could delay or impact our ability to deliver on customer obligations, increase costs, and expose us to contractual and reputational risks. We rely on third-party suppliers, contract manufacturers, service providers, and commodity markets for raw 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 provide services.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
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, public health emergencies, increased tariffs or trade restrictions, or other business continuity events. Supplier nonperformance or underperformance could impact our ability to fulfill customer commitments, trigger contract terminations or liability, and impair our competitiveness.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
We depend on multiple forms of transportation and transportation routes. Logistics can be disrupted by weather, strikes or lockouts, inadequate infrastructure or port capacity, hostilities, terrorism, or other events, and transportation costs can be volatile. Any of these factors could impede our ability to deliver quality products, solutions, and services and have a material adverse effect on our results of operations, cash flows, and financial condition.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
We also rely on our production facilities for critical components. If disturbances at these locations prevent us from producing sufficient quantities, we may need to source more from external suppliers, which could introduce delays, quality control issues, or additional costs.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
A significant event affecting any of our production or operating facilities, particularly when capacity is at or near full utilization or alternative 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 delayed in execution.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
Show the other 11
AddedRisk Factors
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.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
We may fail to achieve anticipated cost savings. Achieving our long-term financial and cash flow goals depends on our ability to effectively manage operating costs. Because many costs are affected by factors outside our control, we rely on productivity initiatives (including lean operations and supply chain management) to drive savings, but there is no assurance they will succeed. Expected savings are based on estimates and assumptions that are inherently uncertain and subject to business, economic, and competitive factors. If we cannot identify, implement, and sustain initiatives that effectively manage costs and increase operating efficiency, or if implemented initiatives fail to generate expected savings, our financial results and cash flows could be adversely affected and we may fail to achieve our financial goals.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
Our business success is dependent upon our ability to innovate and successfully commercialize new technologies in fast-changing markets, and manage our product cycles. We operate in industries where technology and customer needs evolve rapidly, and our growth and business depend on developing and bringing to market new products, solutions, and services. The commercial success of technologies such as small modular or other advanced nuclear power, hydrogen-based power generation, carbon capture and sequestration, and grid-scale batteries or other storage solutions depends on factors including the pace of innovation; development costs; capital resource availability; the intensity of competition; our customers’ ability to obtain and maintain required permits or certifications; the effectiveness of our production, distribution, and marketing, including our ability to successfully deploy technologies intended to cost-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 acceptance; and the timing of market entry.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedRisk Factors
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. Failure to cost-effectively innovate and commercialize 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 reduce the demand for legacy products and technologies.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
Prolec GE. On October 21, 2025, we announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, our unconsolidated joint venture with Xignux. Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. Under the purchase agreement, GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt. The acquisition is expected to close in February 2026.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs have resulted, and any future tariffs will result in additional costs to us. The total cost impact from the global tariffs for the full year 2025 was approximately $250 million, after taking into consideration contractual protections and mitigating actions. The future impacts of tariffs may be significantly different and are subject to several factors including the amount, duration, scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
Power Conversion & Storage. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented within this report conforms to the new business unit structure within the Electrification segment.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
On December 9, 2025, we announced that the Board of Directors had authorized an increase of our repurchase program to $10.0 billion of common stock repurchases, from the prior authorization of $6.0 billion, which was announced on December 10, 2024. We repurchased 8.2 million shares for $3.3 billion during the year ended December 31, 2025. Although we intend to fund priorities that profitably grow the company and return capital to stockholders through dividends and share repurchases as part of our capital allocation strategy, we are not obligated to pay cash dividends or to repurchase a specified or any number or dollar value of shares under our share repurchase program. The declaration of any future dividends is at the discretion of our Board of Directors and will be based on our earnings, financial condition, cash requirements, prospects, and other factors. The amount and timing of any future share repurchases under our share repurchase program will be based on the trading price and volume of our shares of common stock and other market factors as well as our earnings, financial condition, cash requirements, prospects, alternative uses for our cash, and other factors.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
Add: (Gains) losses on purchases and sales of business interests(a) (281) (1,024) (92)
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
(a) Includes unrealized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
AddedMD&A
(loss) which is part of Other income (expense) - net. See Note 19 for further information.
Read it in 10-K Jan 29, 2026 at sec.govopen_in_new
