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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-41966

GE Vernova Inc.

(Exact name of registrant as specified in its charter)


Delaware			92-2646542
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

58 Charles Street,	Cambridge,	MA	02141
(Address of principal executive offices)			(Zip Code)

(617) 674-7555

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GEV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has

been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to

Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was

required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”

and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 271,320,459 shares of common stock with a par value of $0.01 per share outstanding at September 30, 2025.

TABLE OF CONTENTS


					Page
Forward-Looking Statements					3
About GE Vernova					4
Part I					5
	Item 1. Financial Statements and Supplementary Data				5
		Consolidated and Combined Statement of Income (Loss)			5
		Consolidated and Combined Statement of Financial Position			6
		Consolidated and Combined Statement of Cash Flows			7
		Consolidated and Combined Statement of Comprehensive Income (Loss)			8
		Consolidated and Combined Statement of Changes in Equity			9
		Note	1	Organization and Basis of Presentation	11
		Note	2	Summary of Significant Accounting Policies	11
		Note	3	Assets and Liabilities Held for Sale	12
		Note	4	Current and Long-Term Receivables	12
		Note	5	Inventories, Including Deferred Inventory Costs	13
		Note	6	Property, Plant, and Equipment	13
		Note	7	Leases	13
		Note	8	Goodwill and Other Intangible Assets	14
		Note	9	Contract and Other Deferred Assets & Contract Liabilities and Deferred Income	14
		Note	10	Current and All Other Assets	15
		Note	11	Equity Method Investments	15
		Note	12	Accounts Payable and Equipment Project Payables	15
		Note	13	Postretirement Benefit Plans	15
		Note	14	Current and All Other Liabilities	16
		Note	15	Income Taxes	16
		Note	16	Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock	17
		Note	17	Earnings Per Share Information	17
		Note	18	Other Income (Expense) – Net	18
		Note	19	Financial Instruments	18
		Note	20	Variable Interest Entities (VIEs)	20
		Note	21	Commitments, Guarantees, Product Warranties, and Other Loss Contingencies	20
		Note	22	Restructuring Charges and Separation Costs	21
		Note	23	Segment Information	22
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations				25
	Item 3. Quantitative and Qualitative Disclosures About Market Risk				37
	Item 4. Controls and Procedures				37

Part II					38
	Item 1. Legal Proceedings				38
	Item 1A. Risk Factors				38
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds				38
	Item 3. Defaults Upon Senior Securities				38
	Item 4. Mine Safety Disclosures				38
	Item 5. Other Information				38
	Item 6. Exhibits				39
Signatures					40

2025 3Q FORM 10-Q 3

FORWARD-LOOKING STATEMENTS. This quarterly report of GE Vernova Inc. (the Company, GE Vernova, our, we, or us) contains

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are

subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “guidance”, “anticipate”, “intend”,

“plan”, “estimate”, “will”, “may”, and negatives or derivatives of these or similar expressions. These forward-looking statements include,

among others, statements about the benefits GE Vernova expects from our lean operating model; our expectations regarding the energy

transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our

ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our

underwriting and risk management; the estimated impact of tariffs; the experiences we believe we are gaining across our Haliade-X

backlog related to installation timelines and related remediation plans; benefits we expect to receive from tax incentives; current and future

customer orders and projects; our actual and planned investments, including in research and development, capital expenditures, joint

ventures and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure

spending; government policies that further or limit the global energy transition; our expected cash generation and management; our capital

allocation framework, including share repurchases and dividends; our restructuring programs and strategies to reduce operational costs;

our ability to novate or assign credit support provided by General Electric Company; disputes, litigation, arbitration, and governmental

proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; and our credit ratings.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain, and are

subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially

from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those

expressed or implied by forward-looking statements include the following:

•Our ability to successfully execute our lean operating model;

•Our ability to innovate and successfully identify and meet customer demands and needs;

•Our ability to successfully compete;

•Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products

essential to our business;

•Significant disruptions to our manufacturing and production facilities and distribution networks;

•Changes in government policies and priorities that reduce funding and demand for energy equipment and services;

•Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and sustainability;

•Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on economic

activity;

•Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services;

•Our ability to obtain required permits, licenses, and registrations;

•Our ability to attract and retain highly qualified personnel;

•Our ability to develop, deploy, and protect our intellectual property rights;

•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic

investments, and other priorities;

•Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and other

investments;

•The price, availability, and trading volumes of our common stock;

•Downgrades of our credit ratings or ratings outlooks;

•The amount and timing of our cash flows and earnings;

•Our ability to meet our sustainability goals;

•The impact from cybersecurity or data security incidents;

•Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;

•Natural disasters, weather conditions and events, public health events, or other emergencies;

•Tax law and policy changes;

•Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and

•Other changes in macroeconomic and market conditions and volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking

statements, and these and other factors are more fully discussed elsewhere in this Quarterly Report on Form 10-Q and in our Annual

Report on Form 10-K for the fiscal year ended December 31, 2024, including in Item 1A. "Risk Factors" and Item 7. "Management's

Discussion and Analysis of Financial Condition and Results of Operations" therein as may be updated from time to time in our Securities

and Exchange Commission (SEC) filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any

obligation to update or revise our forward-looking statements except as may be required by law or regulation.

2025 3Q FORM 10-Q 4

ABOUT GE VERNOVA. 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. We design, manufacture, deliver, and service

technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization,

underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope

and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own

profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers’

needs.

The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our

customers’ energy and sustainability goals. Our installed base generates approximately 25% of the world’s electricity. We build, modernize,

and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system

reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and

services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand.

We report three business segments that are aligned with the nature of equipment and services they provide, specifically Power, Wind, and

Electrification. Within our segments, Power includes gas, nuclear, hydro, and steam technologies, providing a critical foundation of

dispatchable, flexible, stable, and reliable power. Our Wind segment includes our wind generation technologies, inclusive of onshore and

offshore wind turbines and blades. Electrification includes grid solutions, power conversion and storage, and electrification software

technologies required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point

of consumption.

Our corporate headquarters is located at 58 Charles Street, Cambridge, Massachusetts 02141, and our telephone number is (617)

674-7555. Our website address is www.gevernova.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current

Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act

of 1934, as amended (the Exchange Act), are available, without charge, on our website, as soon as reasonably practicable after they are

electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website is not part of, and

is not incorporated into, this Quarterly Report on Form 10-Q or any other filings we make with the SEC. Our website at

www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for

investors. We encourage investors to visit this website from time to time, as information is updated, and new information is posted.

2025 3Q FORM 10-Q 5

PART I

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.


CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS) (UNAUDITED)
	Three months ended September 30		Nine months ended September 30
(In millions, except per share amounts)	2025	2024	2025	2024
Sales of equipment	$5,880	$5,290	$14,971	$13,101
Sales of services	4,089	3,623	12,141	11,276
Total revenues	9,969	8,913	27,112	24,376

Cost of equipment	5,165	5,076	13,346	12,621
Cost of services	2,906	2,728	8,553	7,794
Gross profit	1,897	1,109	5,213	3,962

Selling, general, and administrative expenses	1,221	1,226	3,594	3,366
Research and development expenses	310	243	832	717
Operating income (loss)	366	(359)	787	(122)

Interest and other financial income (charges) – net	44	36	141	82
Non-operating benefit income	115	130	340	399
Other income (expense) – net (Note 18)	221	71	455	1,025
Income (loss) before income taxes	746	(122)	1,723	1,385
Provision (benefit) for income taxes (Note 15)	293	(23)	514	310
Net income (loss)	453	(99)	1,209	1,075
Net loss (income) attributable to noncontrolling interests	(1)	3	11	(7)
Net income (loss) attributable to GE Vernova	$452	$(96)	$1,220	$1,068


Earnings (loss) per share attributable to GE Vernova (Note 17):
Basic	$1.66	$(0.35)	$4.47	$3.90
Diluted	$1.64	$(0.35)	$4.41	$3.85

Weighted-average number of common shares outstanding:
Basic	272	275	273	274
Diluted	275	275	277	277

2025 3Q FORM 10-Q 6


CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
(In millions, except share and per share amounts)	September 30, 2025	December 31, 2024
Cash, cash equivalents, and restricted cash	$7,945	$8,205
Current receivables – net (Note 4)	7,374	8,177
Inventories, including deferred inventory costs (Note 5)	10,032	8,587
Current contract assets (Note 9)	9,485	8,621
All other current assets (Note 10)	934	564
Assets held for sale (Note 3)	508	—
Current assets	36,278	34,153

Property, plant, and equipment – net (Note 6)	5,555	5,150
Goodwill (Note 8)	4,327	4,263
Intangible assets – net (Note 8)	747	813
Contract and other deferred assets (Note 9)	486	555
Equity method investments (Note 11)	1,916	2,149
Deferred income taxes (Note 15)	1,684	1,639
All other assets (Note 10)	3,406	2,763
Total assets	$54,398	$51,485

Accounts payable and equipment project payables (Note 12)	$9,541	$8,602
Contract liabilities and deferred income (Note 9)	20,151	17,587
All other current liabilities (Note 14)	5,499	5,496
Liabilities held for sale (Note 3)	80	—
Current liabilities	35,272	31,685

Deferred income taxes (Note 15)	820	827
Non-current compensation and benefits	3,195	3,264
All other liabilities (Note 14)	5,382	5,116
Total liabilities	44,669	40,892

Commitments and contingencies (Note 21)
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 271,320,459 and 275,880,314 shares outstanding as of September 30, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	9,755	9,733
Retained earnings	2,626	1,611
Treasury common stock, 6,497,383 and 226,290 shares at cost as of September 30, 2025 and December 31, 2024, respectively	(2,300)	(43)
Accumulated other comprehensive income (loss) – net attributable to GE Vernova (Note 16)	(1,438)	(1,759)
Total equity attributable to GE Vernova	8,646	9,546
Noncontrolling interests	1,083	1,047
Total equity	9,729	10,593
Total liabilities and equity	$54,398	$51,485

2025 3Q FORM 10-Q 7


CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS (UNAUDITED)	Nine months ended September 30
(In millions)	2025	2024
Net income (loss)	$1,209	$1,075
Adjustments to reconcile net income (loss) to cash from (used for) operating activities
Depreciation and amortization of property, plant, and equipment (Note 6)	446	715
Amortization of intangible assets (Note 8)	177	188
(Gains) losses on purchases and sales of business interests	(66)	(859)
Principal pension plans – net (Note 13)	(268)	(280)
Other postretirement benefit plans – net (Note 13)	(167)	(189)
Provision (benefit) for income taxes (Note 15)	514	310
Cash recovered (paid) during the year for income taxes	(489)	(299)
Changes in operating working capital:
Decrease (increase) in current receivables	563	24
Decrease (increase) in inventories, including deferred inventory costs	(1,047)	(1,151)
Decrease (increase) in current contract assets	(656)	(234)
Increase (decrease) in accounts payable and equipment project payables	566	604
Increase (decrease) in contract liabilities and current deferred income	2,419	1,660
All other operating activities	(693)	98
Cash from (used for) operating activities	2,508	1,662

Additions to property, plant, and equipment and internal-use software	(606)	(533)
Dispositions of property, plant, and equipment	33	16
Purchases of and contributions to equity method investments	(57)	(110)
Sales of and distributions from equity method investments	248	32
Proceeds from principal business dispositions	60	639
All other investing activities	(58)	94
Cash from (used for) investing activities	(381)	138

Net increase (decrease) in borrowings of maturities of 90 days or less	—	(23)
Transfers from (to) Parent	—	2,933
Dividends paid to stockholders	(207)	—
Purchases of common stock for treasury	(2,241)	(40)
All other financing activities	(187)	620
Cash from (used for) financing activities	(2,635)	3,489
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	250	(48)
Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale	(258)	5,241
Less: Net increase (decrease) in cash classified within assets held for sale	2	(603)
Increase (decrease) in cash, cash equivalents, and restricted cash	(259)	5,844
Cash, cash equivalents, and restricted cash at beginning of year	8,205	1,551
Cash, cash equivalents, and restricted cash as of September 30	$7,945	$7,395

2025 3Q FORM 10-Q 8


CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
	Three months ended September 30		Nine months ended September 30
(In millions)	2025	2024	2025	2024
Net income (loss) attributable to GE Vernova	$452	$(96)	$1,220	$1,068
Net loss (income) attributable to noncontrolling interests	(1)	3	11	(7)
Net income (loss)	$453	$(99)	$1,209	$1,075

Other comprehensive income (loss):
Currency translation adjustments – net of taxes	31	99	471	(7)
Benefit plans – net of taxes	(50)	(79)	(209)	(418)
Cash flow hedges – net of taxes	27	(20)	62	30
Other comprehensive income (loss)	$7	$—	$324	$(395)

Comprehensive income (loss)	$460	$(98)	$1,534	$680
Comprehensive loss (income) attributable to noncontrolling interests	(1)	3	7	(9)
Comprehensive income (loss) attributable to GE Vernova	$459	$(96)	$1,540	$672

2025 3Q FORM 10-Q 9


CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
	Common stock
(In millions)	Common shares outstanding	Par value	Additional paid-in capital	Retained earnings	Treasury common stock	Accumulated other comprehensive income (loss) – net	Equity attributable to noncontrolling interests	Total equity
Balances as of July 1, 2025	272	$3	$9,714	$2,241	$(1,636)	$(1,445)	$1,070	$9,947
Issuance of shares in connection with equity awards	—	—	(13)	—	—	—	—	(13)
Share-based compensation expense	—	—	54	—	—	—	—	54
Dividends declared ($0.25 per common share)	—	—	—	(68)	—	—	—	(68)
Repurchase of common stock	(1)		—	—	(663)	—	—	(663)
Net income (loss)	—	—	—	452	—	—	1	453
Currency translation adjustments – net of taxes	—	—	—	—	—	30	—	31
Benefit plans – net of taxes	—	—	—	—	—	(50)	—	(50)
Cash flow hedges – net of taxes	—	—	—	—	—	27	—	27
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	12	12
Balances as of September 30, 2025	271	$3	$9,755	$2,626	$(2,300)	$(1,438)	$1,083	$9,729

Balances as of July 1, 2024	275	$3	$8,801	$1,294	$—	$(1,031)	$982	$10,049
Issuance of shares in connection with equity awards(a)	1	—	9	—	(40)	—	—	(31)
Share-based compensation expense	—	—	50	—	—	—	—	50
Net income (loss)	—	—	—	(96)	—	—	(3)	(99)
Currency translation adjustments – net of taxes	—	—	—	—	—	99	—	99
Benefit plans – net of taxes	—	—	—	—	—	(79)	—	(79)
Cash flow hedges – net of taxes	—	—	—	—	—	(20)	—	(20)
Changes in equity attributable to noncontrolling interests(b)	—	—	514	—	—	—	34	548
Balances as of September 30, 2024	276	$3	$9,374	$1,198	$(40)	$(1,031)	$1,014	$10,517

(a) During the third quarter of 2024, restrictions lapsed on 435,719 shares of GE Vernova common stock in connection with the vesting of

performance shares originally awarded by General Electric Company, now operating as GE Aerospace. We withheld 218,290 shares of

GE Vernova common stock to satisfy tax withholding obligations, resulting in $40 million of Treasury common stock.

(b) Primarily relates to proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission

and distribution solution provider, in the third quarter of 2024, net of directly attributable taxes.

2025 3Q FORM 10-Q 10


CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
	Common stock
(In millions)	Common shares outstanding	Par value	Additional paid-in capital	Retained earnings	Treasury common stock	Net parent investment	Accumulated other comprehensive income (loss) – net	Equity attributable to noncontrolling interests	Total equity
Balances as of January 1, 2025	276	$3	$9,733	$1,611	$(43)	$—	$(1,759)	$1,047	$10,593
Issuance of shares in connection with equity awards	2	—	(159)	—	—	—	—	—	(159)
Share-based compensation expense	—	—	180	—	—	—	—	—	180
Dividends declared ($0.75 per common share)	—	—	—	(205)	—	—	—	—	(205)
Repurchase of common stock	(6)		—	—	(2,257)	—	—	—	(2,257)
Net income (loss)	—	—	—	1,220	—	—	—	(11)	1,209
Currency translation adjustments – net of taxes	—	—	—	—	—	—	468	3	471
Benefit plans – net of taxes	—	—	—	—	—	—	(210)	1	(209)
Cash flow hedges – net of taxes	—	—	—	—	—	—	62	—	62
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	42	42
Balances as of September 30, 2025	271	$3	$9,755	$2,626	$(2,300)	$—	$(1,438)	$1,083	$9,729

Balances as of January 1, 2024	—	$—	$—	$—	$—	$8,051	$(635)	$964	$8,380
Transfers from (to) Parent, including Spin-Off related adjustments	—	—	—	—	—	794	—	—	794
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment	274	3	8,712	—	—	(8,715)	—	—	—
Issuance of shares in connection with equity awards(a)	2	—	45	—	(40)	—	—	—	4
Share-based compensation expense	—	—	104	—	—	—	—	—	104
Net income (loss)	—	—	—	1,198		(130)	—	7	1,075
Currency translation adjustments – net of taxes	—	—	—	—	—	—	(7)	—	(7)
Benefit plans – net of taxes	—	—	—	—	—	—	(420)	1	(418)
Cash flow hedges – net of taxes	—	—	—	—	—	—	30	—	30
Changes in equity attributable to noncontrolling interests(b)	—	—	514	—	—	—	—	41	555
Balances as of September 30, 2024	276	$3	$9,374	$1,198	$(40)	$—	$(1,031)	$1,014	$10,517

(a) During the third quarter of 2024, restrictions lapsed on 435,719 shares of GE Vernova common stock in connection with the vesting of

performance shares originally awarded by General Electric Company, now operating as GE Aerospace. We withheld 218,290 shares of

GE Vernova common stock to satisfy tax withholding obligations, resulting in $40 million of Treasury common stock.

(b) Primarily relates to proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission

and distribution solution provider, in the third quarter of 2024, net of directly attributable taxes.

2025 3Q FORM 10-Q 11

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization. On April 2, 2024, General Electric Company, which now operates as GE Aerospace (GE or Parent) completed the previously

announced spin-off (the Spin-Off) of GE Vernova Inc. (the Company, GE Vernova, our, we, or us). See Note 1 and Note 24 in the Notes to

our audited consolidated and combined financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31,

2024 for further information. Our common stock is listed under the symbol "GEV" on the New York Stock Exchange.

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and

store electricity. We design, manufacture, deliver, and service technologies to create a more reliable and sustainable electric power system,

enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We report our financial

results across three business segments:

•Our Power segment includes the design, manufacture, and servicing of gas, nuclear, hydro, and steam technologies, providing a

critical foundation of dispatchable, flexible, stable, and reliable power.

•Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades.

•Our Electrification segment includes grid solutions, power conversion and storage, and electrification software technologies

required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of

consumption. 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.

Basis of Presentation. For periods prior to the Spin-Off, the unaudited combined financial statements have been derived from the

consolidated financial statements and accounting records of GE, including the historical cost basis of assets and liabilities comprising the

Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company,

using the historical accounting policies applied by GE. The unaudited combined financial statements do not purport to reflect what the

results of operations, comprehensive income, financial position, or cash flows would have been had the Company operated as a separate,

stand-alone entity during the periods prior to the Spin-Off.

We have prepared the accompanying unaudited consolidated and combined financial statements pursuant to the rules and regulations of

the Securities and Exchange Commission (SEC) applicable to interim financial statements. Accordingly, certain information related to our

significant accounting policies and note disclosures normally included in financial statements prepared in accordance with U.S. generally

accepted accounting principles (U.S. GAAP) have been condensed or omitted. These unaudited consolidated and combined financial

statements reflect, in the opinion of management, all material adjustments (which include only normally recurring adjustments) necessary to

fairly state, in all material respects, our financial position, results of operations, and cash flows for the periods presented. These unaudited

consolidated and combined financial statements should be read in conjunction with our audited consolidated and combined financial

statements, corresponding notes, and significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended

December 31, 2024. We have reclassified certain prior year amounts to conform to the current year’s presentation. The information

presented in tables throughout the notes is presented in millions of U.S. dollars unless otherwise stated. Certain columns and rows may not

add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions.

All intercompany balances and transactions within the Company have been eliminated in the consolidated and combined financial

statements. Transactions between the Company and GE have been included in these consolidated and combined financial statements.

Certain financing transactions with GE are deemed to have been settled immediately through Net parent investment in the Consolidated

and Combined Statement of Financial Position and are accounted for as a financing activity in the Consolidated and Combined Statement

of Cash Flows as Transfers from (to) Parent. Within the caption Increase (decrease) in accounts payable and equipment project payables

in our Consolidated and Combined Statement of Cash Flows, the increase (decrease) in due to related parties, which primarily included

transactions with GE, in the nine months ended September 30, 2024, was $(366) million.

For periods prior to the Spin-Off, the Consolidated and Combined Statement of Financial Position reflects all of the assets and liabilities of

GE that are specifically identifiable as being directly attributable to the Company, including Net parent investment as a component of equity.

Net parent investment represents GE’s historical investment in the Company and includes accumulated net income and losses attributable

to the Company, and the net effect of transactions with GE and its subsidiaries.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Estimates and Assumptions. The preparation of the consolidated and combined financial statements in conformity with U.S. GAAP

requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market

conditions which affect reported amounts and related disclosures in the consolidated and combined financial statements. We believe these

assumptions to be reasonable under the circumstances, and although our current estimates contemplate current and expected future

conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our

results of operations, financial position, and cash flows.

Estimates are used for, but are not limited to, determining revenues from contracts with customers, recoverability of inventory, long-lived

assets and investments, valuation of goodwill and intangible assets, useful lives used in depreciation and amortization, income taxes and

related valuation allowances, accruals for contingencies including legal, indemnifications, product warranties, and environmental, actuarial

assumptions used to determine costs of pension and postretirement benefits, valuation and recoverability of receivables, valuation of

derivatives, and valuation of assets acquired and liabilities assumed as a result of acquisitions.

Revenues from the Sale of Equipment. Sales of equipment includes the sales of gas turbines, wind turbines and repower units, and other

power generation equipment related to energy production.

2025 3Q FORM 10-Q 12

Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power

generation equipment and long-term construction contracts on an over-time basis as we customize the customer’s equipment during the

manufacturing or integration process and obtain right to payment for work performed.

We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs

incurred to date relative to our estimate of total expected costs and the transaction price to which we expect to be entitled. Variable

consideration is included in the transaction price if, in our judgment, it is expected that a significant future reversal of cumulative revenue

under the contract will not occur. Some of our contracts with customers for the sale of equipment contain clauses for the payment of

liquidated damages related to milestones established for on-time delivery or meeting certain performance specifications. On an ongoing

basis, we evaluate the probability and magnitude of liquidated damages. This is factored into our estimate of variable consideration using

the expected value method taking into consideration progress towards meeting contractual milestones, specified liquidated damages rates,

if applicable, and history of paying liquidated damages to the customer or similar customers. Our estimate of costs to be incurred to fulfill

our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to

reflect changes in quantity or cost of the inputs. In certain projects, such as new product introductions, the underlying technology or

promise to the customer is unique to what we have historically promised and reliably estimating the total cost to fulfill the promise to the

customer requires a significant level of judgment. Where the profit from a contract cannot be estimated reliably, revenue is only recognized

equaling the cost incurred to the extent that it is probable that the costs will be recovered. We provide for a potential loss on these

agreements when it is expected that we will incur such loss.

Primarily as a result of changes in product and project cost estimates, we recorded incremental contract losses for certain Offshore Wind

contracts of $171 million and $676 million for the three months ended and $296 million and $779 million for the nine months ended

September 30, 2025 and 2024, respectively. Further changes in our execution timelines or other adverse developments could result in

further losses beyond the amounts that we currently estimate.

Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of

our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract

asset or contract liability positions. See Note 9 for further information.

For further information on our significant accounting policies, please refer to our Annual Report on Form 10-K for the fiscal year ended

December 31, 2024.

NOTE 3. ASSETS AND LIABILITIES HELD FOR SALE. During the third quarter of 2025, we signed a binding agreement to sell the

Proficy manufacturing software business (Proficy) within our Electrification Software business. The transaction is subject to information and

consultation with employee representatives and other customary closing conditions, including certain regulatory approvals. We expect the

transaction to close in the first half of 2026.

Additionally, during the third quarter of 2025, we signed a binding agreement to sell the issued and outstanding membership interests of

Linden VFT LLC, a merchant transmission facility owned by our Gas Power business. The transaction is subject to regulatory approvals

and customary closing conditions, and we expect to complete the sale in the near term.

The major components of assets and liabilities held for sale in the Company’s Consolidated and Combined Statement of Financial Position

are summarized as follows:


ASSETS AND LIABILITIES HELD FOR SALE	September 30, 2025
Property, plant, and equipment - net	$137
Goodwill	299
Other assets	72
Assets held for sale	$508

Other liabilities	$80
Liabilities held for sale	$80

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES


CURRENT RECEIVABLES – NET	September 30, 2025	December 31, 2024
Customer receivables	$5,661	$6,312
Non-income based tax receivables	690	814
Supplier advances and other receivables	1,466	1,514
Other receivables	$2,156	$2,328
Allowance for credit losses	(443)	(464)
Total current receivables – net	$7,374	$8,177

2025 3Q FORM 10-Q 13

Activity in the allowance for credit losses related to current receivables for the nine months ended September 30, 2025 and 2024 consists

of the following:


ALLOWANCE FOR CREDIT LOSSES	2025	2024
Balance as of January 1	$464	$515
Net additions (releases) charged to costs and expenses	(1)	34
Write-offs, net	(27)	(15)
Foreign exchange and other	6	(33)
Balance as of September 30	$443	$501

Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to

customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer

receivables to third parties and subsequently collected $971 million and $1,073 million in the nine months ended September 30, 2025 and

2024, respectively. Transactions under these arrangements are accounted for as sales, and the sold receivables are removed from the

Company's balance sheet. The Company maintains no continuing involvement with respect to the receivables being transferred.


LONG-TERM RECEIVABLES	September 30, 2025	December 31, 2024
Long-term customer receivables	$307	$282
Supplier advances	335	285
Non-income based tax receivables	84	74
Other receivables	523	247
Allowance for credit losses	(120)	(142)
Total long-term receivables – net	$1,129	$745

NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS


	September 30, 2025	December 31, 2024
Raw materials and work in process	$6,157	$5,328
Finished goods	3,064	2,490
Deferred inventory costs(a)	812	769
Inventories, including deferred inventory costs	$10,032	$8,587

(a) Represents cost deferral for shipped goods (such as components for wind turbine assemblies in our Wind segment) and labor and

overhead costs on time and material service contracts (primarily originating in our Power segment) and other costs where the criteria for

revenue recognition have not yet been met.

NOTE 6. PROPERTY, PLANT, AND EQUIPMENT


	September 30, 2025	December 31, 2024
Original cost	$12,938	$12,207
Less: Accumulated depreciation and amortization	(8,142)	(7,729)
Right-of-use operating lease assets	758	671
Property, plant, and equipment – net	$5,555	$5,150

Depreciation and amortization related to property, plant, and equipment was $152 million and $336 million in the three months ended and

$446 million and $715 million in the nine months ended September 30, 2025 and 2024, respectively.

In the third quarter of 2024, we recognized a non-cash pre-tax impairment charge of $108 million related to property, plant, and equipment

due to restructuring at our Hydro Power business, which is included in depreciation and amortization. This charge was recorded in Cost of

sales in our Consolidated and Combined Statement of Income (Loss). See Note 22 for further information.

NOTE 7. LEASES. Our operating lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated and

Combined Statement of Financial Position, were $801 million and $725 million as of September 30, 2025 and December 31, 2024,

respectively. Expense related to our operating lease portfolio, primarily from our long-term fixed leases, was $59 million and $58 million for

three months ended and $175 million and $193 million for the nine months ended September 30, 2025 and 2024, respectively. Our finance

lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated and Combined Statement of Financial

Position, were $279 million and $266 million as of September 30, 2025 and December 31, 2024, respectively.

2025 3Q FORM 10-Q 14

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS


GOODWILL	Power	Wind	Electrification	Total
Balance as of January 1, 2025	$310	$3,035	$918	$4,263
Acquisitions	15	—	71	86
Currency exchange and other(a)	3	271	(296)	(22)
Balance as of September 30, 2025	$328	$3,306	$693	$4,327

(a) During the third quarter of 2025, we signed a binding agreement to sell the Proficy business, which resulted in $299 million of goodwill

being reclassified to Assets held for sale on the Consolidated and Combined Statement of Financial Position. See Note 3 for further

information.

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or

circumstances between annual impairment testing dates. In the third quarter of 2025, we did not identify any reporting units that required an

interim impairment test.

Intangible assets. All intangible assets are subject to amortization. Intangible assets decreased $66 million during the nine months ended

September 30, 2025, primarily as a result of amortization, partially offset by acquisitions. Amortization expense was $61 million and $63

million for the three months ended and $177 million and $188 million for the nine months ended September 30, 2025 and 2024,

respectively.

NOTE 9. CONTRACT AND OTHER DEFERRED ASSETS & CONTRACT LIABILITIES AND DEFERRED INCOME

Contract assets reflect revenue recognized on contracts in excess of billings based on contractual terms. Contract liabilities primarily

represent cash received from customers under ordinary commercial payment terms in advance of delivery of equipment orders or servicing

of customers’ installed base.

Contract and other deferred assets increased $795 million in the nine months ended September 30, 2025 primarily due to the timing of

revenue recognition ahead of billing milestones on equipment and other service agreements. Contract liabilities and deferred income

increased $2,560 million in the nine months ended September 30, 2025 primarily due to new collections received in excess of revenue

recognition at Power and Electrification, partially offset by revenue recognition in excess of collections at Wind. Net contractual service

agreements increased primarily due to revenues recognized of $3,824 million, partially offset by billings of $3,781 million and net

unfavorable changes in estimated profitability of $36 million.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $9,754 million and $7,761

million for the nine months ended September 30, 2025 and 2024, respectively.


CONTRACT AND OTHER DEFERRED ASSETS
September 30, 2025	Power	Wind	Electrification	Total
Contractual service agreement assets	$5,535	$—	$—	$5,535
Equipment and other service agreement assets	1,712	842	1,396	3,950
Current contract assets	$7,247	$842	$1,396	$9,485
Non-current contract and other deferred assets(a)	474	2	11	486
Total contract and other deferred assets	$7,720	$844	$1,406	$9,971


December 31, 2024	Power	Wind	Electrification	Total
Contractual service agreement assets	$5,321	$—	$—	$5,321
Equipment and other service agreement assets	1,622	538	1,139	3,300
Current contract assets	$6,944	$538	$1,139	$8,621
Non-current contract and other deferred assets(a)	536	8	11	555
Total contract and other deferred assets	$7,479	$546	$1,150	$9,176

(a) Primarily represents amounts due from customers at Gas Power for the sale of services upgrades, which we collect through incremental

fixed or usage-based fees from servicing the equipment under contractual service agreements.


CONTRACT LIABILITIES AND DEFERRED INCOME
September 30, 2025	Power	Wind	Electrification	Total
Contractual service agreement liabilities	$1,989	$—	$—	$1,989
Equipment and other service agreement liabilities	10,617	2,042	5,204	17,865
Current deferred income	21	227	49	298
Contract liabilities and current deferred income	$12,627	$2,269	$5,254	$20,151
Non-current deferred income	18	121	14	153
Total contract liabilities and deferred income	$12,645	$2,390	$5,268	$20,304

2025 3Q FORM 10-Q 15


December 31, 2024	Power	Wind	Electrification	Total
Contractual service agreement liabilities	$1,789	$—	$—	$1,789
Equipment and other service agreement liabilities	7,879	3,684	3,946	15,511
Current deferred income	6	193	88	287
Contract liabilities and current deferred income	$9,674	$3,877	$4,034	$17,587
Non-current deferred income	29	112	16	157
Total contract liabilities and deferred income	$9,703	$3,989	$4,050	$17,744

Remaining Performance Obligation (RPO). As of September 30, 2025, the aggregate amount of the contracted revenues allocated to our

unsatisfied (or partially unsatisfied) performance obligations were $135,269 million. We expect to recognize revenue as we satisfy our

remaining performance obligations as follows:

(1)Equipment-related RPO of $54,092 million of which 41%, 71%, and 97% is expected to be recognized within 1, 2, and 5 years,

respectively, and the remaining thereafter.

(2)Services-related RPO of $81,177 million of which 17%, 53%, 78%, and 91% is expected to be recognized within 1, 5, 10, and 15

years, respectively, and the remaining thereafter.

Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related RPO.

NOTE 10. CURRENT AND ALL OTHER ASSETS. All other current assets primarily include investment securities, prepaid taxes and

deferred charges and derivative instruments (see Note 19). All other current assets increased $370 million for the nine months ended

September 30, 2025 primarily due to an increase in investment securities as a result of the reclassification of China XD Electric Co., Ltd

from equity method investments (see Note 11). The fair value of our investment in China XD Electric Co., Ltd was $340 million as of

September 30, 2025, which is considered to be Level 1. All other assets primarily include pension surplus, long-term receivables (see Note

4), taxes receivable, and prepaid taxes and deferred charges. All other assets increased $643 million in the nine months ended September

30, 2025 primarily due to increases in long-term receivables and pension surplus.

NOTE 11. EQUITY METHOD INVESTMENTS


	Equity method investment balance		Equity method income (loss)
	Equity method investment balance		Three months ended September 30		Nine months ended September 30
	September 30, 2025	December 31, 2024	2025	2024	2025	2024
Power(a)	$925	$919	$19	$(11)	$25	$29
Wind	32	49	—	—	—	1
Electrification(b)	463	743	57	36	161	78
Corporate(c)	495	438	2	(26)	19	(64)
Total	$1,916	$2,149	$78	$(1)	$205	$44

(a) Includes Aero Alliance, our joint venture with Baker Hughes Company, that supports our customers through the fulfillment of

aeroderivative engines, spare parts, repairs, and maintenance services. Purchases of parts and services from the joint venture were

$206 million and $131 million in the three months ended and $498 million and $494 million in the nine months ended September 30,

2025 and 2024, respectively. The Company owed Aero Alliance $91 million and $24 million as of September 30, 2025 and December

31, 2024, respectively. These amounts have been recorded in Accounts payable and equipment project payables on the Consolidated

and Combined Statement of Financial Position.

(b) In the first quarter of 2025, we sold a portion of our shares in China XD Electric Co., Ltd., which is publicly traded on the Shanghai Stock

Exchange, decreasing our ownership percentage in the investee by approximately 2%. In the third quarter of 2025, we sold a further

portion of our shares, decreasing our ownership percentage by approximately 3%. As a result, the investment was reclassified to All

other current assets on the Consolidated and Combined Statement of Financial Position. See Notes 10 and 18 for further information.

(c) In connection with GE retaining certain renewable energy U.S. tax equity investments as part of the Spin-Off, the Company recognized

a $136 million benefit related to deferred intercompany profit from historical equipment sales to the related investees, recorded in Cost

of equipment in the second quarter of 2024.

NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES


	September 30, 2025	December 31, 2024
Trade payables	$5,887	$4,966
Supply chain finance programs	2,172	2,051
Equipment project payables	1,210	1,211
Non-income based tax payables	272	375
Accounts payable and equipment project payables	$9,541	$8,602

We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE

Vernova receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through

these third-party programs were $3,166 million and $2,642 million for the nine months ended September 30, 2025 and 2024, respectively.

NOTE 13. POSTRETIREMENT BENEFIT PLANS. GE Vernova sponsored plans, including those allocated to GE Vernova in

connection with the Spin-Off, are presented in three categories: principal pension plans, other pension plans, and principal retiree benefit

plans. See Note 13 in the Notes in our audited consolidated and combined financial statements in our Annual Report on Form 10-K for the

fiscal year ended December 31, 2024 for further information.

2025 3Q FORM 10-Q 16

The components of benefit plans cost (income) other than the service cost are included in the caption Non-operating benefit income in our

Consolidated and Combined Statement of Income (Loss).


	2025			2024
Three months ended September 30	Principal pension	Other pension	Principal retiree benefit	Principal pension	Other pension	Principal retiree benefit
Service cost – operating	$6	$7	$1	$6	$8	$1
Interest cost	140	58	10	137	57	9
Expected return on plan assets	(178)	(82)	—	(186)	(84)	—
Amortization of net loss (gain)	(50)	10	(10)	(46)	8	(11)
Amortization of prior service cost (credit)	—	(2)	(14)	2	(2)	(15)
Curtailment/settlement loss (gain)	—	—	(1)	—	—	—
Non-operating benefit costs (income)	$(88)	$(16)	$(14)	$(93)	$(21)	$(16)
Net periodic expense (income)	$(82)	$(8)	$(13)	$(87)	$(13)	$(15)


	2025			2024
Nine months ended September 30	Principal pension	Other pension	Principal retiree benefit	Principal pension	Other pension	Principal retiree benefit
Service cost – operating	$17	$21	$4	$20	$24	$4
Interest cost	420	169	29	411	170	28
Expected return on plan assets	(535)	(237)	—	(557)	(250)	—
Amortization of net loss (gain)	(149)	30	(29)	(138)	24	(32)
Amortization of prior service cost (credit)	—	(6)	(41)	5	(5)	(45)
Curtailment/settlement loss (gain)	—	1	(1)	—	(11)	—
Non-operating benefit costs (income)	$(263)	$(44)	$(41)	$(279)	$(71)	$(49)
Net periodic expense (income)	$(246)	$(22)	$(37)	$(260)	$(47)	$(44)

Defined Contribution Plan. GE Vernova sponsors a defined contribution plan for its eligible U.S. employees that is similar to the

corresponding GE-sponsored defined contribution plan that was in effect prior to the Spin-Off. Expenses associated with their participation

in GE Vernova's plan beginning on April 2, 2024 and in GE's plan through April 1, 2024 represent the employer contributions for GE

Vernova employees and were $33 million and $29 million for the three months ended and $119 million and $110 million for the nine months

ended September 30, 2025 and 2024, respectively.

NOTE 14. CURRENT AND ALL OTHER LIABILITIES. All other current liabilities primarily include liabilities related to employee

compensation and benefits, equipment projects and other commercial liabilities, product warranties (see Note 21), liabilities related to

business disposition activities, and restructuring liabilities (see Note 22). All other current liabilities increased $3 million in the nine months

ended September 30, 2025. All other liabilities primarily include liabilities related to uncertain and other income taxes, product warranties

(see Note 21), legal liabilities (see Note 21), asset retirement obligations (see Note 21), operating lease liabilities (see Note 7), equipment

projects and other commercial liabilities, and indemnifications in connection with the Spin-Off (see Note 21). All other liabilities increased

$266 million in the nine months ended September 30, 2025 primarily due to an increase in product warranties and operating lease

liabilities.

NOTE 15. INCOME TAXES. The Company’s income tax provision through March 31, 2024 was prepared based on a separate return

basis. Following the Spin-off, the Company's income tax provision is prepared on a stand-alone basis.

Our effective tax rate was 39.2% and 29.8% for the three and nine months ended September 30, 2025, respectively. The effective tax rate

was higher than the U.S. statutory rate of 21% in both periods primarily due to losses providing no tax benefit in certain jurisdictions and the

finalization of the Company's pre-Spin-Off tax attributes that increased the Company's current provision for income taxes, partially offset by

an income tax benefit from stock-based compensation.

We recorded an income tax benefit on a pre-tax loss with an effective tax rate of 18.9% for the three months ended September 30, 2024.

The effective tax rate was lower than the U.S. statutory rate of 21% primarily due to a portion of the pre-tax loss providing no tax benefit in

certain jurisdictions.

We recorded an income tax expense on pre-tax income with an effective tax rate of 22.4% for the nine months ended September 30, 2024.

The effective tax rate was higher than the U.S. statutory rate of 21% primarily due to losses providing no tax benefit in certain jurisdictions,

partially offset by a lower effective tax rate on a foreign pre-tax gain from the sale of a portion of Steam Power nuclear activities to

Electricité de France S.A. (EDF) which was completed in the second quarter of 2024.

The Organization for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits (Pillar Two)

and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a

framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines

and may adjust domestic tax incentives in response to Pillar Two. We incurred insignificant tax expenses in connection with Pillar Two in

the nine months ended September 30, 2025.

2025 3Q FORM 10-Q 17

Based on our assessment of the realizability of our deferred tax assets as of September 30, 2025, we continue to maintain valuation

allowances against our deferred tax assets in the U.S. and certain foreign jurisdictions, primarily due to cumulative losses in those

jurisdictions. Given the current year profit and anticipated future profitability in the U.S., it is reasonably possible that the continued

improvement in our U.S. operations could result in the positive evidence necessary to warrant the release of a significant portion of our U.S.

valuation allowance in the fourth quarter of 2025. A release of the valuation allowance would result in the recognition of certain U.S.

deferred tax assets and a corresponding benefit in our provision for income taxes in the period the release occurs.

On July 4, 2025, the United States enacted House Resolution 1 of the 119th Congress (the Act). The Act did not have a significant impact

on our provision for income taxes for the three months ended

GE Vernova Inc. 10-Q