GE Vernova Inc 2025年度报告

FORM 10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 GE Vernova Inc.(Exact name of registrant as specified in its charter) (Registrant’s telephone number, including area code)(617) 674-7555 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☑ 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 ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See 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 filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☑ The aggregate market value of the outstanding common equity of the registrant not held by affiliates as of the last business day of theregistrant’s most recently completed second fiscal quarter (June 30, 2025) was approximately $144.0billion. There were 269,529,464shares of common stock with a par value of $0.01 outstanding at December 31, 2025. DOCUMENTS INCORPORATED BY REFERENCEPortions of the definitive proxy statement relating to the registrant's 2026 Annual Meeting of Stockholders (2026 Proxy Statement) to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December 31, 2025, are incorporated byreference into Part III of this Annual Report on Form 10-K to the extent described therein. TABLE OF CONTENTS Forward-Looking StatementsPart IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 2. Properties Part II22Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities22Item 6. [Reserved]22Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations23Item 7A. Quantitative and Qualitative Disclosures About Market Risk35Item 8. Financial Statements and Supplementary Data36Auditor's Report36Consolidated and Combined Statement of Income (Loss)38Consolidated and Combined Statement of Financial Position39Consolidated and Combined Statement of Cash Flows40Consolidated and Combined Statement of Comprehensive Income (Loss)41Consolidated and Combined Statement of Changes in Equity42Note1Organization and Basis of Presentation43Note2Summary of Significant Accounting Policies44Note3Assets and Liabilities Held for Sale48Note4Current and Long-Term Receivables49Note5Inventories, Including Deferred Inventory Costs49Note6Property, Plant, and Equipment50Note7Leases50Note8Goodwill and Other Intangible Assets51Note9Contract and Other Deferred Assets & Contract Liabilities and Deferred Income51Note10 Current and All Other Assets52Note11 Equity Method Investments53Note12 Accounts Payable and Equipment Project Payables54Note13 Postretirement Benefit Pl