GE Vernova cash flow statement

In fiscal 2025, GE Vernova's operations generated $4.99bn of cash; it spent $1.28bn on capital projects, leaving free cash flow of $3.71bn. It returned $275m in dividends and $3.32bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

GE Vernova: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	−0.1	1.2	2.6	5.0	19.2
Depreciation and amortisation	0.8	0.7	0.9	0.6	0.7
Stock-based pay	—	—	0.2	0.3	0.3
Capital spending	0.5	0.7	0.9	1.3	2.1
Free cash flow	−0.6	0.4	1.7	3.7	17.1
Free cash flow after stock pay	—	—	1.5	3.5	16.8
Dividends paid	—	0.0	0.0	0.3	0.5
Share buybacks	—	0.0	0.0	3.3	6.4

US$ millions unless shown otherwise. Fiscal quarters.

GE Vernova: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	921	1,161	367	980	2,479	5,188	5,492	6,057
Depreciation and amortisation	180	149	145	152	169	166	182	200
Stock-based pay	51	56	70	54	77	65	70	59
Capital spending	350	186	173	247	671	397	386	647
Free cash flow	571	975	194	733	1,808	4,791	5,106	5,410
Free cash flow after stock pay	520	919	124	679	1,731	4,726	5,036	5,351

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: GEV vs GNRC GEV vs SMR

More: Heavy Electrical Equipment stocks compared, Industrials sector, rankings of US companies

Figures from GE Vernova's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to GE Vernova.