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Quality issues among our products, solutions, and services could cause us to incur significant costs, reduce demand for our
The 10-K against last year's
1653 changes: 422 added, 1151 removed, 78 reworded, 2 quiet changes
10-K 0001996810-26-000015 (2026-01-29) vs 10-K 0001996810-25-000011 (2025-02-06) Not compared: Legal Proceedings.
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MD&A 205 words changed in this paragraph; it is 75% similar to last year's version.
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP) 2025 2024 V% 2023 V% 2022 Net income (loss) (GAAP) $4,879 $1,559 F $(474) F $(2,722) Add: Restructuring and other charges(a) charges 277 426 433 288 Add: Steam Power asset sale impairment — — 824 Add: Purchases (Gains) losses on purchases and sales of business interests(b) interests(a) (281) (1,024) (92) (55) Add: Russia and Ukraine charges(c) charges(b) — — 95 188 Add: Separation costs (benefits)(d) (benefits)(c) 180 (9) — — Add: Arbitration refund(e) refund(d) — (254) — — Add: Non-operating benefit income(f) income (459) (536) (567) (188) Add: Depreciation and amortization(g) amortization(e) 847 1,008 847 893 Add: Interest and other financial (income) charges – net(h)(i) net(f)(g) (185) (130) 53 97 Add: Provision (benefit) for income taxes(i) taxes(g) (2,062) 995 512 247 Adjusted EBITDA (Non-GAAP) $3,196 $2,035 57% $807 F $(428) Net income (loss) margin (GAAP) 12.8% 4.5% 8.3 pts (1.4)% 5.9 pts (9.2)% Adjusted EBITDA margin (Non-GAAP) 8.4% 5.8% 2.6 pts 2.4% 3.4 pts (1.4)% (a) Consists 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 severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. Other income (expense) - net. See Note 19 for further information. (b) Consists of gains and losses resulting from the purchases and sales of business interests and assets. (c) 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. (d) (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 at the time of the Spin-Off in the second quarter of 2024. (e) investments. (d) Represents a cash refund received in connection with related to an arbitration proceeding, constituting the payments previously made to proceeding with a multiemployer pension plan, 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. (f) Primarily related to the expected return on plan assets, partially offset by interest cost. (g) net. (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. (h) (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. (i) (g) Excludes interest expense (income) of $(1) million, $10 million, million and $45 million, and $54 million and benefit (provision) for income taxes of $(11) million, $56 million, million and $168 million, and $(1) million for the years ended December 31, 2024, 2025, 2024 and 2023, and 2022, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis due to its strategic investments in renewable energy tax equity investments. basis.
Source: Item 7, 10-K 0001996810-26-000015 vs Item 7, 10-K 0001996810-25-000011
Risk Factors 34 words changed in this paragraph; it is 32% similar to last year's version.
Source: Item 1A, 10-K 0001996810-26-000015 vs Item 1A, 10-K 0001996810-25-000011
Accounting Policies 20 words changed in this paragraph; it is 52% similar to last year's version.
ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. 2027, and interim periods within those annual periods. We are currently evaluating the impact that this guidance
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001996810-26-000015 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001996810-25-000011
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Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of GEV's Risk Factors and MD&A, 10-K 2026-01-29 against 10-K 2025-02-06. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldAddedRisk Factors
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
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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
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Developing and maintaining offerings that meet these standards is complex, costly, and technologically challenging and requires extensive
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coordination across suppliers and global manufacturing and project sites. Failures to meet these standards, whether actual or perceived,
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may result in significant contractual or other claims and regulatory suspensions of installation or operations, with adverse financial,
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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,
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sanctions, tariffs, import/export restrictions, severe weather events, as well as other factors. We operate in a supply-constrained
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Significant disruptions supply chain and logistics disruptions, including volatility in our supply chain, including the high cost or unavailability availability of raw materials, components, critical materials and products
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For example, our U.S. nuclear operations in the U.S. are subject to regulation regulated by the NRC. NRC; failure to obtain or renew NRC licenses could significantly
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Failure to obtain obtain, maintain, or comply with federal, state and local government approvals, licenses, and permits may negatively affect our could disrupt operations and growth.
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From time to time, we may receive notices from third parties alleging infringement, misappropriation, or violation of allege that our offerings violate their IP rights.
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We do not own the GE trademark or logo, which we use in line with our Trademark License Agreement with GE and in logo.
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We sell to government entities globally and are subject to laws and regulations rules governing government contracts, contracts and public procurement, and government reimbursements
Quiet changesRisk Factors
Our ability to maintain our investment grade credit ratings could affect our ability to access capital, could increase our interest rates,
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Prolec GE. On October 21, 2025, we announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, our
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unconsolidated joint venture with Xignux. Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and
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voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. Under the
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purchase agreement, GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt. The
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Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs have resulted, and any future tariffs will
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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
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into consideration contractual protections and mitigating actions. The future impacts of tariffs may be significantly different and are subject
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to several factors including the amount, duration, scope and nature of the tariffs, countermeasures that countries take, mitigating or other
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Power Conversion & Storage. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our
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Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented
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within this report conforms to the new business unit structure within the Electrification segment.
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commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends:
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Foreign currency effect (114) (257) 31 (96) Adjusted organic EBITDA (Non-GAAP) $2,160 $1,084 99% $3,168 $2,172 46% Adjusted EBITDA margin (Non-GAAP) 8.4% 5.8% 2.4% 3.4 2.6 pts Adjusted organic EBITDA margin (Non-GAAP) 6.2% 3.3% 2.9 8.4% 6.3% 2.1 pts
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We recorded an income tax expense benefit on a pre-tax loss in income for the years year ended December 31, 2023 and 2022 2025, primarily due to taxes a decrease in profitable valuation
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Based on the results of the impairment tests as of October 1, 2024, this test, the fair values of our reporting units substantially exceeded their each of
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Discussion and Analysis of Financial Condition and Results of Operations" included in the Information Statement Part II, Item 7 of our Annual Report on Form 10-K for discussions of results
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RPO as of December 31, 2024 2025 increased $7.1 $11.2 billion (44%) (48%) from December 31, 2023 2024, primarily due to orders outpacing revenues across all demand for alternating current
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Segment EBITDA increased $0.5 $0.7 billion (24%) organically*, primarily at Gas Power where higher due to volume, favorable pricing, price, and increased productivity at Grid Solutions.
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Cash from financing used for investing activities increased by $4.1 $0.7 billion in 2024 2025 compared to 2023 2024 primarily driven by: higher transfers from the nonrecurrence of
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Interest and Other Financial Charges other financial income (charges) – Net. net was a $0.2 billion and $0.1
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Cash from used for financing activities increased by $4.1 $7.5 billion in 2024 2025 compared to 2023 2024 primarily driven by: higher transfers from cash settlements for
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See Note 2 in the Notes to the consolidated and combined financial statements for further information regarding our significant