GE Vernova Inc.

Name: GE Vernova Inc. financial statements and ratios
Creator: Annalist

GEV · NYSE · Industrials, electrical equipment · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 22 July 2026. Snapshot FY2026Q2_d7627397.

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Overview

Revenue, quarter

+21.9% year on year

Operating income, quarter

+72.8% year on year

Net income, quarter

+30.0% year on year

Diluted EPS, quarter

+32.8% year on year

Operating margin, last 4 quarters

+2.6pp year on year

Return on equity, last 4 quarters

+78.6pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$11.1 billion, 21.9% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q1 FY2025
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 10 records
1. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$11.1 billion, 21.9% higher than in the same quarter a year earlier.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$9.3 billion, 16.3% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedRevenue for the quarter ended 31 December 2025 was US$11.0 billion, 3.8% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 ConfirmedRevenue for the quarter ended 30 September 2025 was US$10.0 billion, 11.8% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 ConfirmedRevenue for the quarter ended 30 June 2025 was US$9.1 billion, 11.1% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$8.0 billion, 10.6% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q4 FY2024 ConfirmedRevenue for the quarter ended 31 December 2024 was US$10.6 billion.Reconstructed · data update
9. Q3 FY2024 ConfirmedRevenue for the quarter ended 30 September 2024 was US$8.9 billion.Reconstructed · data update
10. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$8.2 billion.Reconstructed · initial
Net income attributable to the company was US$668 million, 30.0% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2026 · stated since Q4 FY2025
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 15 records
1. Q2 FY2026 WeakenedNet income attributable to the company was US$668 million, 30.0% higher than in the same quarter a year earlier.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 StrengthenedNet income attributable to the company was US$4.7 billion, 1,768.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 NewNet income attributable to the company was US$3.7 billion, 657.0% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q3 FY2025 NewNet income attributable to the company was US$452 million, against a net loss of US$96 million in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
7. Q2 FY2025 NewNet income attributable to the company was US$514 million, 60.3% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
9. Q1 FY2025 NewNet income attributable to the company was US$254 million, against a net loss of US$130 million in the same quarter a year earlier.Reconstructed · data update
10. Q1 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
11. Q4 FY2024 NewNet income attributable to the company was US$484 million.Reconstructed · data update
12. Q4 FY2024 RetiredThe finding changed to stated without a comparison.Reconstructed · data update
13. Q3 FY2024 NewThe company reported a net loss of US$96 million.Reconstructed · data update
14. Q3 FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
15. Q2 FY2024 NewNet income attributable to the company was US$1.3 billion.Reconstructed · initial
The operating margin over the last 4 quarters was 4.3%, 2.6 percentage points higher than a year earlier.
Strengthenedin Q2 FY2026 · stated since Q4 FY2025
Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-K 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 8 records
1. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 4.3%, 2.6 percentage points higher than a year earlier.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was 3.9%, 1.6 percentage points higher than a year earlier.Reconstructed · data update
3. Q4 FY2025 NewThe operating margin over the last 4 quarters was 3.6%, 2.3 percentage points higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q3 FY2025 ConfirmedThe operating margin over the last 4 quarters was 3.7%.Reconstructed · data update
6. Q2 FY2025 ConfirmedThe operating margin over the last 4 quarters was 1.8%.Reconstructed · data update
7. Q1 FY2025 ConfirmedThe operating margin over the last 4 quarters was 2.3%.Reconstructed · data update
8. Q4 FY2024 NewThe operating margin over the last 4 quarters was 1.4%.Reconstructed · initial
Return on equity over the last 4 quarters was 91.5%, against 12.9% a year earlier.
Strengthenedin Q2 FY2026 · stated since Q1 FY2026
Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 7 records
1. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 91.5%, against 12.9% a year earlier.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 NewReturn on equity over the last 4 quarters was 83.2%, against 22.0% a year earlier.Reconstructed · data update
3. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 ConfirmedReturn on equity over the last 4 quarters was 47.1%.Reconstructed · data update
5. Q3 FY2025 ConfirmedReturn on equity over the last 4 quarters was 18.8%.Reconstructed · data update
6. Q2 FY2025 ConfirmedReturn on equity over the last 4 quarters was 12.9%.Reconstructed · data update
7. Q1 FY2025 NewReturn on equity over the last 4 quarters was 22.0%.Reconstructed · initial
Free cash flow over the last 4 quarters was US$12.4 billion, and operating cash flow was 1.5 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q2 FY2026 · stated since Q4 FY2024
Rule: Free cash flow · Sources 10-Q 2025-06, 10-Q 2025-09, 10-K 2025-12 and 2 more
History of this finding, 7 records
1. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$12.4 billion, and operating cash flow was 1.5 times net income attributable to the company.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$7.5 billion, and operating cash flow was 1.0 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$3.7 billion, and operating cash flow was 1.0 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2025 WeakenedFree cash flow over the last 4 quarters was US$2.5 billion, and operating cash flow was 2.0 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2025 WeakenedFree cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 3.1 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$3.3 billion, and operating cash flow was 2.2 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2024 NewFree cash flow over the last 4 quarters was US$1.7 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$10.3 billion at 30 June 2026.
Strengthenedin Q2 FY2026 · stated since Q4 FY2025
Rule: Net debt or net cash · Sources 10-Q 2026-06
History of this finding, 5 records
1. Q2 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$10.3 billion at 30 June 2026.Recorded from FY2026Q2_c32fb06a · data update
2. Q1 FY2026 WeakenedCash and short-term investments exceeded total debt by US$7.3 billion at 31 March 2026.Reconstructed · data update
3. Q4 FY2025 NewCash and short-term investments exceeded total debt by US$8.5 billion at 31 December 2025.Reconstructed · data update
4. Q1 FY2025 RetiredThe rule did not apply to the figures as at Q1 FY2025.Reconstructed · data update
5. Q4 FY2024 NewCash and short-term investments exceeded total debt by US$8.1 billion at 31 December 2024.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: Annalist left the amortisation of intangible assets that GE Vernova reports on a line of its own out of depreciation and amortisation: US$0.62 billion for 2025 against US$0.85 billion with it. The dividend per share of the fourth quarter of 2025, derived from the figures of 2 filings, is no longer published. Record 80 states the corrected credit finding: lease-adjusted debt of 1.1 times adjusted EBITDA over the 4 quarters to 30 June 2026. Records 12, 22, 48, 60, 71, 75 and 78 cite figures that the correction changed.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents11 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_d7627397

Corporate Events

Acquisition or disposal23 July 2025
Completed an acquisition or disposition of assets.
Source 8-K 2025-07

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 22 July 2026. Changes are against the previous report, and each figure shows its period.

6changes1threshold crossed

Changes in This Report 6

StrengthenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$11.1 billion, 21.9% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$9.3 billion, 16.3% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$668 million, 30.0% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$4.7 billion, 1,768.1% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 4.3%, 2.6 percentage points higher than a year earlier.
Earlier record, Q1 FY2026
The operating margin over the last 4 quarters was 3.9%, 1.6 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 91.5%, against 12.9% a year earlier.
Earlier record, Q1 FY2026
Return on equity over the last 4 quarters was 83.2%, against 22.0% a year earlier.

2 more changes

StrengthenedFree Cash Flow10-Q 2026-06
Free cash flow over the last 4 quarters was US$12.4 billion, and operating cash flow was 1.5 times net income attributable to the company.
Earlier record, Q1 FY2026
Free cash flow over the last 4 quarters was US$7.5 billion, and operating cash flow was 1.0 times net income attributable to the company.
StrengthenedNet Debt or Net Cash10-Q 2026-06
Cash and short-term investments exceeded total debt by US$10.3 billion at 30 June 2026.
Earlier record, Q1 FY2026
Cash and short-term investments exceeded total debt by US$7.3 billion at 31 March 2026.

Thresholds Crossed 1

ConfirmedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was 0.64, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.15x · Q2 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.1 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin Q2 FY2026 · first stated
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-06, 10-Q 2025-09, 10-Q 2025-06 and 2 more
History of this finding, 10 records
1. Q2 FY2026 ConfirmedLease-adjusted debt was 1.1 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Recorded from FY2026Q2_debe99bc · correction
2. Q2 FY2026 ConfirmedLease-adjusted debt was 1.4 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Recorded from FY2026Q2_5aefd2b7 · methodology
3. Q2 FY2026 ConfirmedLease-adjusted debt was 1.4 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Recorded from FY2026Q2_5aefd2b7 · methodology
4. Q2 FY2026 NewLease-adjusted debt was 1.4 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Recorded from FY2026Q2_c32fb06a · data update
5. Q2 FY2026 RetiredThe finding changed to the minimal band.Recorded from FY2026Q2_c32fb06a · data update
6. Q1 FY2026 NewLease-adjusted debt was 1.6 times adjusted EBITDA over the last 4 quarters, within the modest band of the S&P standard volatility table.Reconstructed · data update
7. Q1 FY2026 RetiredThe finding changed to the modest band.Reconstructed · data update
8. Q4 FY2025 ConfirmedLease-adjusted debt was 0.5 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Reconstructed · data update
9. FY2024 ConfirmedLease-adjusted debt was 0.5 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 125.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
10. Q4 FY2024 NewLease-adjusted debt was 0.5 times adjusted EBITDA over the last 4 quarters, within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q2 FY2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 1.1 years of adjusted EBITDA.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	1.15xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes			n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	minimal	n/a
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)			n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Total debt	$60.0m	$352m	$2.8bn
Operating lease liabilities	$725m	$843m	$871m
Lease-adjusted debt	$785m	$1.2bn	$3.7bn
EBIT	$471m	$1.4bn	$1.8bn
Depreciation and amortisation	$1.2bn	$853m	$1.2bn
Goodwill impairment	$0	$0	$0
Share-based compensation	$155m	$257m	$0
Operating lease cost	$194m	$220m	$246m
Adjusted EBITDA	$2.0bn	$2.7bn	$3.2bn
Cash interest	−$74.0m	−$53.0m	n/a
Lease interest	−$31.9m	−$36.1m	n/a
Cash taxes	−$623m	−$830m	n/a
Funds from operations	$1.3bn	$1.8bn	n/a

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 12.59x, Debt due within 12 months $55.0m · Q2 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 12.6 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q2 FY2026 · stated since Q4 FY2024
Rule: Liquidity cover · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 more
History of this finding, 7 records
1. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 12.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_5aefd2b7 · methodology
2. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 12.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_5aefd2b7 · methodology
3. Q2 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 12.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_c32fb06a · data update
4. Q1 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 10.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q4 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 8.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. FY2024 ConfirmedCash, short-term investments and operating cash flow for fiscal 2024 equalled 11.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q4 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 11.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q2 FY2026

Sources	Amount
Cash and short-term investments	$13.1bn
Operating cash flow	$14.1bn
Sources	$27.3bn

Uses	Amount
Debt due within 12 months	$55.0m
Capital expenditure	$1.7bn
Dividends paid	$409m
Uses	$2.2bn

Liquidity cover 12.6x

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.9%, Operating cash flow to EBITDA 4.71x · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.9% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · first stated
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.9% of average total assets.Recorded from FY2026Q2_5aefd2b7 · methodology
2. Q2 FY2026 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.9% of average total assets.Recorded from FY2026Q2_c32fb06a · data update
3. Q2 FY2026 RetiredThe finding changed to earnings backed by cash.Recorded from FY2026Q2_c32fb06a · data update
4. Q1 FY2026 NewNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 0.6% of average total assets.Reconstructed · data update
5. Q1 FY2026 RetiredThe finding changed to earnings led by accruals.Reconstructed · data update
6. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 0.2% of average total assets.Reconstructed · data update
7. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.3% of average total assets.Reconstructed · data update
8. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.8% of average total assets.Reconstructed · data update
9. Q1 FY2025 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.64, Last 4 quarters 0.13 at Q2 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 0.64, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 2 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 0.64, below the distress threshold of 1.10.Reconstructed · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 0.75, below the distress threshold of 1.10.Reconstructed · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.64Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.64 is in the distress zone of the model, below 1.10. The largest part is retained earnings, at 0.32; working capital below zero lowers the score by 0.08.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.012	6.560	−0.079
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.098	3.260	0.318
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.022	6.720	0.148
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.242	1.050	0.255
Score			0.642

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	22 Jul 2026	10-Q:0001996810-26-000148
Form 10-Q, period ended 31 March 2026	22 Apr 2026	10-Q:0001996810-26-000064
Form 10-K, period ended 31 December 2025	29 Jan 2026	10-K:0001996810-26-000015
Form 10-Q, period ended 30 September 2025	22 Oct 2025	10-Q:0001996810-25-000160
Form 8-K, period ended 23 July 2025	23 Jul 2025	8-K:0001996810-25-000132
Form 10-Q, period ended 30 June 2025	23 Jul 2025	10-Q:0001996810-25-000133
Form 10-Q, period ended 31 March 2025	23 Apr 2025	10-Q:0001996810-25-000073
Form 10-K, period ended 31 December 2024	6 Feb 2025	10-K:0001996810-25-000011
Form 10-Q, period ended 30 September 2024	23 Oct 2024	10-Q:0001996810-24-000083
Form 10-Q, period ended 30 June 2024	24 Jul 2024	10-Q:0001996810-24-000067
Form 10-Q, period ended 31 March 2024	30 Apr 2024	10-Q:0001996810-24-000008

Checks

112108 of 112 checks passed, 4 warnings

Fiscal calendar24 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year48 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity10 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure10 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities2 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months3 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit8 of 12 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Q1 FY2024: 1,151,000,000 against 1,150,000,000

Q4 FY2024: 2,124,000,000 against 2,123,000,000

Q2 FY2025: 1,845,000,000 against 1,846,000,000

Q3 FY2025: 1,898,000,000 against 1,897,000,000

Earnings per share2 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	531
Proven by a check	53.9%, 286 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	21.1%, 112 values
Values withheld	0
Restated figures tracked	4
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, GE Vernova Inc., snapshot ge-vernova/FY2026Q2_d7627397 (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_d7627397 · dataset SHA-256 d76273975b88ce2e9e5a8bb5f9c5f906f91fd476d9668cf17a2f07460b1e9d01 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json