Financial Analysis

SHARE-BASED COMPENSATION . We grant stock options, restricted stock units (RSUs), and performance share units (PSUs) to employees under the 2024 Long-Term Incentive Plan (LTIP). Under the LTIP, we are authorized to issue up to approximately 25 million shares. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, RSUs vest, and PSUs are earned, we issue shares from authorized unissued common stock. Stock options provide awardees the opportunity to purchase shares of GE Vernova common stock in the future at the market price of our common stock on the date the award is granted (Strike price). The options become exercisable over the vesting period, typically becoming fully vested in either 3 or 4 years from the date of grant, and generally expire 10 years from the grant date if not exercised. RSUs entitle the awardee to receive shares of GE Vernova common stock upon vesting. PSUs entitle an awardee to receive shares of GE Vernova common stock upon certification by the Company's Compensation and Human Capital Committee at the level of performance achievement of the applicable performance metrics over a defined performance period. We value stock options using a Black-Scholes option pricing model, RSUs using the market price of our common stock on the grant date, and PSUs using the market price of our common stock on the grant date a …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS CHANGES IN GOODWILL BALANCES Power Wind Electrification Total Balance at December 31, 2023 $ 308 $ 3,204 $ 925 $ 4,437 Currency exchange and other 3 (170) (7) (174) Balance at December 31, 2024 $ 310 $ 3,035 $ 918 $ 4,263 Acquisitions 15 70 84 Currency exchange and other(a) 3 267 (180) 91 Balance at December 31, 2025 $ 328 $ 3,302 $ 808 $ 4,439 (a) During the third quarter of 2025 , we signed a binding agreement to sell the Proficy business , which resulted in $184 million of goodwill being reclassified to Assets held for sale i n our Consolidated and Combined Statement of Financial Position. See Note 3 for further information. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2025 2024 December 31 Useful lives (in years) Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer-related 3 - 23 $ 2,414 $ (2,168) $ 246 $ 2,292 $ (1,974) $ 318 Patents and technology 5 - 15 3,080 (2,755) 325 2,869 (2,587) 283 Capitalized software 3 - 10 1,071 (945) 127 1,035 (871) 165 Trademarks & other 3 - 25 204 (175) 29 208 (160) 48 Total $ 6,769 $ (6,042) $ 727 $ 6,404 $ (5,592) $ 813 All intangible assets are subject to amortization. Intangible assets decreased $86 million in 2025 , primarily as a result of amortization, partially offset by acquisitions. Amortization expense was $238 million , $277 million , and $240 million for the years ended December 31, 2025 , 2024 , and 2023 , respectively. During 2025 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a prospective basis for the year ended December 31, 2025. Components of Income Taxes. The components of income (loss) before income taxes and the provision (benefit) for income taxes, excluding other comprehensive income (loss) and changes in equity attributable to noncontrolling interests recorded after-tax, for the years ended December 31 were as follows: INCOME (LOSS) BEFORE INCOME TAXES 2025 (a) 2024 2023 U.S. $ 78 $ 1,285 $ (357) Non-U.S. 2,750 1,213 227 Total $ 2,828 $ 2,498 $ (130) (a) On a prospective basis, our U.S. income before income taxes does not include flow-through income from non-U.S. operations which is also taxed in the U.S. PROVISION (BENEFIT) FOR INCOME TAXES 2025 2024 2023 Current U.S. Federal $ 280 $ 272 $ (184) U.S. State and Local 77 55 Non-U.S. 866 636 500 Deferred U.S. Federal (3,069) (10) U.S. State and Local (511) (1) Non-U.S. 306 (13) 28 Total $ (2,051) $ 939 $ 344 Effective Tax Rate Reconciliation. In accordance with the updated requirements of ASU 2023-09 for the year ended December 31, 2025 , a reconciliation of the U.S. federal statutory income tax rate to the effective tax rate was as follows: 2025 Amount Rate U.S. federal statutory income tax rate $ 594 21.0 % U.S. tax effects: State taxes, net of federal benefit(a) (343) (12.1) Effect of cross-border tax laws: Foreign flow-through income, net of credits 60 2.1 Global Intangible …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Operating Lease Liabilities. The Company leases certain logistics, office, and manufacturing facilities, as well as vehicles and other equipment. Certain of the Companys leases may include options to extend. Our operating lease liabilities are included in All other current liabilities and All other liabilities in our Consolidated and Combined Statement of Financial Position, as detailed below. December 31 2025 2024 Current portion of operating lease liability $ 183 $ 163 Noncurrent portion of operating lease liability 661 562 Total operating lease liability $ 843 $ 725 OPERATING LEASE EXPENSE 2025 2024 2023 Long-term (fixed) $ 220 $ 194 $ 205 Long-term (variable) 21 47 49 Short-term 14 25 63 Total operating lease expense $ 255 $ 265 $ 317 MATURITY OF LEASE LIABILITIES 2026 2027 2028 2029 2030 Thereafter Total Undiscounted lease payments $ 217 $ 179 $ 150 $ 102 $ 79 $ 276 $ 1,003 Less: Imputed interest (160) Total lease liability as of December 31, 2025 $ 843 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES 2025 2024 2023 Operating cash flows used for operating leases $ 225 $ 242 $ 214 Right-of-use assets obtained in exchange for new lease liabilities 309 259 278 Weighted-average remaining lease term as of December 31 7.1 years 7.3 years 7.1 years Weighted-average discount rate as of December 31 4.6 % 4.4 % 4.0 % Finance Lease Liabilities. Our finance lease liabilities are included in All other current liabilities and All other liabilities in our Consolidated and Co …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements . In November 2024, the Financial Accounting Standards Board (FASB) issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE). The new standard requires disclosure about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosure about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated and combined financial statements. In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted improvements to the Accounting for Internal-Use Software . The ASU updates the accounting for internal-use software by eliminating the concept of development stages. Under this updated guidance, software costs are capitalized once management has authorized and committed funding to the project, and it is probable the project will be completed and the software used as intended. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods. We are currently evaluating the impact that this guidance will have on our consolidated and combined financial statements. In December 2025, the FASB issued ASU No. 2025-10, …

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POSTRETIREMENT BENEFIT PLANS Pension Benefits and Retiree Health and Life Benefits Sponsored by GE, Allocated to GE Vernova in Connection with the Spin- Off. On January 1, 2023 , in advance of the Spin-Off, principal and other pension plans sponsored by GE, which were previously accounted for as multiemployer plans, were legally split and allocated to GE Vernova beginning in 2023 . Liabilities related to the retiree health and life benefit plans sponsored by GE were allocated to GE Vernova as a participating employer and were accounted for as multiple employer plans starting in 2023 . Effective January 1, 2025 , retiree health and life benefit plans previously sponsored by GE are now sponsored by GE Vernova. 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. GE Vernova employees began participating in GE Vernova's plan on April 2, 2024 and participated in GE's plan through April 1, 2024 . Expenses associated with their participation in these plans represent the employer contributions for GE Vernova employees and were $156 million , $144 million , and $130 million for the years ended December 31, 2025 , 2024 , and 2023 , respectively. Pension Benefits and Retiree Health and Life Benefits Sponsored by GE Vernova, Including Those Allocated to GE Vernova in Connection with the Spin-Off. GE Vernova sponsored p …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING CHARGES AND SEPARATION COSTS Restructuring and Other Charges. The Company has undertaken or committed to various restructuring initiatives, including workforce reductions and the consolidation of manufacturing and service facilities. Restructuring and other charges primarily include employee-related termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. We expect the majority of costs to be incurred within two years of the commitment of a restructuring initiative. This table is inclusive of all restructuring charges and the charges are shown below for the business where they originated. Separately, in our reported segment results, major restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges. See Note 24 for further information. RESTRUCTURING AND OTHER CHARGES 2025 2024 2023 Workforce reductions $ 193 $ 147 $ 224 Plant closures and associated costs and other asset write-downs 53 266 173 Acquisition/disposition net charges and other 38 8 46 Total restructuring and other charges $ 285 $ 421 $ 443 Cost of equipment and services $ 110 $ 256 $ 147 Selling, general, and administrative expenses 174 165 296 Total restructuring and other charges $ 285 $ 421 $ 443 Power $ 76 $ 266 $ 124 Wind 79 141 232 Electrification 57 19 54 Other 72 (5) 33 Total restructuring and other c …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"SEGMENT AND GEOGRAPHICAL INFORMATION . Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the Companys Chief Operating Decision Maker (CODM) for the purpose of assessing performance and allocating resources. The Companys CODM is its Chief Executive Officer (CEO) . Our operating activities are managed through three segments: Power, Wind, and Electrification. These segments have been identified based on the nature of the products and services sold and how the Company manages its operations. The performance of these segments is principally measured based on revenues and segment EBITDA. Segment EBITDA is determined based on the performance measures used by our CEO to assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude matters, such as charges for impairments, significant higher-cost restructuring programs, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions, and certain other non-operational items. Consistent accounting policies have been applied by all segments for all reporting periods. See Note 1 for a description of our reportable segments. TOTAL SEGMENT REVENUES BY BUSINESS UNIT 2025 2024 2023 Gas Power $ 16,006 $ 14,465 $ 13,220 Nuclear Power 1,018 819 827 Hydro Power 806 781 887 Steam Power 1,937 2,063 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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 revenue 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, product warranties, environmenta l and asset retirement obligations, actuarial assumptions used to determine costs of pension and postretirement benefits, valuation and recoverability of receivables, valuation of derivatives, and valuation of assets acquired, liabilities assumed, and contingent consideration as a result of acquisitions. Revenues from the Sale of Equipment. Sales o …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

ACQUISITIONS , GOODWILL, AND OTHER INTANGIBLE ASSETS Acquisitions. On February 2, 2026, GE Vernova completed the acquisition of the remaining 50% stake of Prolec GE, our former unconsolidated joint venture with Xignux, in exchange for cash consideration of $5,254 million . Prolec GE is an electric industry leader in North America, with approximately 10,000 employeesacross seven manufacturing sites in the Americas, including five in the U.S. It produces a wide variety of transformers and transformer components for the generation, transmission, and distribution of electricity, complemented by its broad transformer services offering. The acquisition increases our ability to serve the North American transformer market. Net assets and results of operations of Prolec GE are included in our results commencing on February 2, 2026 and are reported within the Electrification segment. As a result of this acquisition, we remeasured our previously held equity interest to fair value, with the resulting pre-tax gain of $3,992 million recognized within Other income (expense) net in our Consolidated Statement of Income (Loss) during the first quarter of 2026 and was determined by using the implied total equity value from the transaction price, adjusted for an assumed control premium. Pro forma results of operations are not presented because the acquisition is not material to the Companys consolidated results of operations for the three and six months ended June 30, 2026 and 2025, respectively …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

ACQUISITIONS , GOODWILL, AND OTHER INTANGIBLE ASSETS Acquisitions. On February 2, 2026, GE Vernova completed the acquisition of the remaining 50% stake of Prolec GE, our former unconsolidated joint venture with Xignux, in exchange for cash consideration of $5,254 million . Prolec GE is an electric industry leader in North America, with approximately 10,000 employeesacross seven manufacturing sites in the Americas, including five in the U.S. It produces a wide variety of transformers and transformer components for the generation, transmission, and distribution of electricity, complemented by its broad transformer services offering. The acquisition increases our ability to serve the North American transformer market. Net assets and results of operations of Prolec GE are included in our results commencing on February 2, 2026 and are reported within the Electrification segment. As a result of this acquisition, we remeasured our previously held equity interest to fair value, with the resulting pre-tax gain of $3,992 million recognized within Other income (expense) net in our Consolidated Statement of Income (Loss) during the first quarter of 2026 and was determined by using the implied total equity value from the transaction price, adjusted for an assumed control premium. Pro forma results of operations are not presented because the acquisition is not material to the Companys consolidated results of operations for the three and six months ended June 30, 2026 and 2025, respectively …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES . Our effective tax rate was 29.8% for the three months ended June 30, 2026 . The effective tax rate was higher than the U.S. statutory rate of 21% primarily due to updated estimates of the purchase price allocation on the acquisition of Prolec GE and losses providing no tax benefit in certain jurisdictions, partially offset by an income tax benefit from stock-based compensation. Our effective tax rate was 10.5% for the six months ended June 30, 2026 . The effective tax rate was lower than the U.S. statutory rate of 21% primarily due to a nontaxable gain on the acquisition of Prolec GE and an income tax benefit from stock-based compensation, partially offset by losses providing no tax benefit in certain jurisdictions. Our effective tax rate was 23.7% and 22.6% for the three and six months ended June 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, partially offset by an income tax benefit from stock-based compensation.

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LEASES . Our operating lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated Statement of Financial Position, were $871 million and $843 million as of June 30, 2026 and December 31, 2025 , respectively. Expense related to our operating lease portfolio, primarily from our long-term fixed leases, was $74 million and $63 million for the three months ended and $142 million and $116 million for the six months ended June 30, 2026 and 2025 , respectively. Our finance lease liabilities, included in All other current liabilities and L ong-term borrowings in our Consolidated Statement of Financial Position, were $295 million and $278 million as of June 30, 2026 and December 31, 2025 , respectively.

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LONG-TERM BORROWINGS June 30, 2026 December 31, 2025 4.250% senior notes due 2031 $ 600 $ 4.875% senior notes due 2036 1,000 5.500% senior notes due 2056 1,000 Other long-term borrowings and finance leases 305 289 Unamortized discount and issuance costs (56) Total $ 2,849 $ 289 Less: Current maturities of long-term borrowings and finance leases 55 24 Total long-term borrowings $ 2,794 $ 265 On February 4, 2026, GE Vernova issued $2,600 million aggregate principal amount of senior notes, consisting of $600 million of 4.250% senior notes due February 2031, $1,000 million of 4.875% senior notes due February 2036, and $1,000 million of 5.500% senior notes due February 2056. The senior notes contain customary optional redemption provisions. Net proceeds from the offering were approximately $2,543 million , net of the original issue discount, underwriting fees, and deferred issuance costs. The net proceeds from the debt issuance were used for general corporate purposes, including financing a portion of the acquisition of the remaining 50% interest in Prolec GE, which closed on February 2, 2026. The estimated fair value of our long-term borrowings, excluding finance leases, was $2,553 million and $11 million as of June 30, 2026 and December 31, 2025 , respectively, compared to carrying values of $2,552 million and $11 million as of June 30, 2026 and December 31, 2025 , respectively. The fair value of the senior notes is classified as Level 2 within the fair value hierarchy. Credit F …

LongTermDebtTextBlock · excerpt; the full note is in the filing

POSTRETIREMENT BENEFIT PLANS . GE Vernova-sponsored plans are presented in three categories: principal pension plans, other pension plans, and principal retiree benefit plans. See Note 13 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, 2025 for further information. The components of benefit plans cost (income) other than the service cost are included in the caption Non-operating benefit income in our Consolidated Statement of Income (Loss). 2026 2025 Three months ended June 30 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Service cost operating $ 6 $ 7 $ 1 $ 5 $ 7 $ 1 Interest cost 135 55 8 140 57 10 Expected return on plan assets (170) (80) (178) (80) Amortization of net loss (gain) (54) 6 (13) (50) 10 (10) Amortization of prior service cost (credit) 2 (2) (14) (2) (14) Curtailment/settlement loss (gain) Non-operating benefit costs (income) $ (88) $ (22) $ (19) $ (88) $ (15) $ (13) Net periodic expense (income) $ (82) $ (14) $ (18) $ (82) $ (8) $ (12) 2026 2025 Six months ended June 30 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Service cost operating $ 12 $ 14 $ 2 $ 11 $ 14 $ 3 Interest cost 270 114 16 280 111 20 Expected return on plan assets (341) (167) (356) (155) Amortization of net loss (gain) (109) 12 (26) (100) 19 (19) Amortizati …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING CHARGES AND SEPARATION COSTS Restructuring and Other Charges. The Company has undertaken or committed to various restructuring initiatives, including workforce reductions and the consolidation of manufacturing and service facilities. Restructuring and other charges primarily include employee-related termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. We expect the majority of costs to be incurred within two years of the commitment of a restructuring initiative. This table is inclusive of all restructuring charges and the charges are shown below for the business where they originated. Separately, in our reported segment results, major restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges. See Note 24 for further information. RESTRUCTURING AND OTHER CHARGES Three months ended June 30 Six months ended June 30 2026 2025 2026 2025 Workforce reductions $ (9) $ 29 $ 27 $ 70 Plant closures and associated costs and other asset write-downs (2) 9 31 Acquisition/disposition net charges and other 20 5 76 10 Total restructuring and other charges $ 9 $ 43 $ 103 $ 111 Cost of equipment and services $ (1) $ 24 $ 11 $ 78 Selling, general, and administrative expenses 9 19 92 33 Total restructuring and other charges $ 9 $ 43 $ 103 $ 111 Power $ (14) $ 12 $ $ 23 Electrification 2 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION . Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the Companys Chief Operating Decision Maker (CODM) for the purpose of assessing performance and allocating resources. The Companys CODM is its Chief Executive Officer (CEO). Our operating activities are managed through three segments: Power, Electrification, and Wind. These segments have been identified based on the nature of the products and services sold and how the Company manages its operations. The performance of these segments is principally measured based on revenues and segment EBITDA. Segment EBITDA is determined based on the performance measures used by our CEO to assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude matters, such as charges for impairments, significant higher-cost restructuring programs, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions, and certain other non-operational items. Consistent accounting policies have been applied by all segments for all reporting periods. See Note 1 for a description of our reportable segments. Three months ended June 30 Six months ended June 30 TOTAL SEGMENT REVENUES BY BUSINESS UNIT 2026 2025 2026 2025 Gas Power $ 4,427 $ 3,911 $ 8,493 $ 7,516 Nuclear Power 817 649 1,575 1,31 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Estimates and Assumptions . The preparation of the consolidated 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 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. See Note 2 in the Notes to our audited consolidated and combined financial statement s in our Annual Report …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing