GE Vernova Swings to $4.75B Net Income in Q1 2026 on Exceptional Gain

GE Vernova Inc. (NYSE: GEV), a power generation and energy equipment company, reported net income of $4.75 billion for the three months ending March 31, 2026, compared to $254 million in the year-earlier period. The outsized earnings figure reflects what appears to be a significant one-time gain, as operating income rose to just $179 million from $43 million. Read more earnings reports.

Revenue for the first quarter of fiscal 2026 climbed 16% to $9.34 billion from $8.03 billion in the first quarter of fiscal 2025. Cost of goods sold increased to $7.56 billion from $6.56 billion.

Gross profit expanded to $1.78 billion from $1.47 billion in the prior-year quarter. Selling, general and administrative expenses rose to $1.30 billion from $1.19 billion, while research and development spending increased to $304 million from $239 million.

The company's income tax expense surged to $354 million from $68 million in the first quarter of 2025, consistent with the higher reported earnings. Diluted earnings per share came in at $17.44, up sharply from $0.91 in the year-earlier period, based on 272 million weighted average diluted shares outstanding versus 279 million.

Balance Sheet and Cash Flow

Total assets stood at $75.61 billion as of March 31, 2026, up from $63.02 billion at the end of December 2025. Goodwill jumped to $9.86 billion from $4.44 billion over the same period, while intangible assets increased to $4.54 billion from $727 million, suggesting acquisition activity during the quarter.

Cash and restricted cash rose to $10.17 billion from $8.85 billion at year-end 2025. Inventory climbed to $11.92 billion from $10.43 billion. Current assets totaled $42.97 billion versus $40.22 billion three months earlier.

Total liabilities increased to $60.55 billion from $50.72 billion. Current liabilities rose to $48.09 billion from $40.97 billion. Total stockholders' equity stood at $13.92 billion as of March 31, 2026, compared to $11.18 billion at December 31, 2025.

Cash from operations totaled $5.19 billion for the quarter, a substantial increase from $1.16 billion in the first quarter of 2025. Cash used in investing activities was $4.29 billion, compared to $93 million in the prior-year period. Cash from financing activities was $442 million versus a use of $1.26 billion a year earlier.

Retained earnings increased to $10.76 billion from $6.15 billion at the end of the prior quarter, driven by the net income reported in the period. The company had 268.7 million common shares outstanding as of March 31, 2026, down slightly from 269.5 million at year-end 2025.

Financial Summary