How much did GE Vernova spend on capital expenditures last quarter?

GE Vernova spent $0.6 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 162% from the same quarter a year earlier. Over its latest four reported quarters it spent $2.1 billion.

Did GE Vernova's capital spending exceed its operating cash flow?

No. In the quarter ended September 30, 2026 capital spending was 11% of GE Vernova's $6.1 billion of operating cash flow, leaving free cash flow of $5.4 billion.

What is GE Vernova's free cash flow?

$5.4 billion in the quarter ended September 30, 2026, and $17.1 billion over the latest four reported quarters, against $2.5 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.

Is this GE Vernova's AI spending?

No. These are GE Vernova's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

PowerGEVFilings through October 28, 2026

GE Vernova capital spending

In the quarter ended September 30, 2026, GE Vernova spent $0.6 billion on capital equipment, 11% of its $6.1 billion of operating cash flow and up 162% from a year earlier. Free cash flow was $5.4 billion.

Next report: January 26, 2027, before the open. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through October 28, 2026

GE Vernova’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, GE Vernova capital spending, filings through October 28, 2026.

GE Vernova, quarter ended September 30, 2026

11%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $647.0M; +161.9% against the same quarter a year earlier
Free cash flow, quarter: $5.4B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $2.1B; +119.8% against the four quarters before
Long-term debt, change: Not reported; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 3.2×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

Spending against cash flow

$ billion, quarterly

GE Vernova, quarterly capital spending and operating cash flow through Sep 2026

Sep 2026Capital spending $647.0MOperating cash flow $6.1BFree cash flow $5.4B

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 15 reported quarters shown.

GE Vernova’s quarterly capital spending has been above the same quarter a year earlier for six consecutive quarters. Over the latest four quarters it generated $19.2 billion from operations and spent $2.1 billion, leaving $17.1 billion of free cash flow against $2.5 billion over the four before.

Financing the build

The five hyperscalers combined

GE Vernova, sources and uses of cash by quarter through Sep 2026

$ billion, quarterly. Sources above the axis, uses below.

Sep 2026Operating cash flow $6.1BLong-term debt issued $0.0MShort-term borrowing, net $0.0MCapital spending $647.0MFinance-lease principal $0.0MLong-term debt repaid $0.0MReturned to shareholders $1.8BChange in cash $3.6B

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Operating cash flow	921	1,161	367	980	2,479	5,188	5,492	6,057
Long-term debt issued	0	0	0	0	0	2,567	0	0
Short-term borrowing, net	0	0	0	0	0	0	0	0
Stock issued	19	0	0	0	55	0	0	0
Capital spending	350	186	173	247	671	397	386	647
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	0	0	0	0	0	0	0	0
Share repurchases	3	1,101	480	660	1,075	1,278	2,393	1,625
Dividends	0	69	70	68	68	137	136	133
Free cash flow	571	975	194	733	1,808	4,791	5,106	5,410
Net long-term debt issued	0	0	0	0	0	2,567	0	0
Returned to shareholders	3	1,170	550	728	1,143	1,415	2,529	1,758
Outside funding needed	(568)	195	356	(5)	(665)	(3,376)	(2,577)	(3,652)
Change in cash	810	(98)	(214)	54	902	1,323	2,948	3,644
Stock-based compensation	51	—	—	—	—	—	—	—

Millions of dollars, outflows positive as reported in the cash flow statement.

The balance sheet

The five hyperscalers combined

GE Vernova, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Sep 2026Gross debt $2.8B

Gross debt

GE Vernova balance sheet, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Long-term debt	—	—	—	—	265	2,806	2,794	2,795
Current debt	—	—	—	—	24	51	55	31
Gross debt	—	—	—	—	289	2,857	2,849	2,826
Finance-lease liability	266	267	275	279	278	303	295	271
Accumulated depreciation	7,729	7,888	8,186	8,142	8,360	8,303	8,357	8,277
Inventory	8,587	9,156	9,825	10,032	10,429	11,919	12,692	13,045
Inventory days	93 days	127 days	123 days	113 days	110 days	144 days	133 days	125 days
Total assets	51,485	51,559	53,078	54,398	63,016	75,612	80,800	86,220
Shareholders’ equity	9,546	8,607	8,877	8,646	11,178	13,922	11,957	11,382
Stock-based compensation	51	—	—	—	—	—	—	—
Shares outstanding, millions	276	273	272	271	270	269	266	265

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies

GE Vernova, Electrification segment revenue, by fiscal quarter

$ billion, quarterly

Sep 2026Electrification segment revenue $3.9B

Electrification segment revenue

Electrification segment: $3.9B of revenue in Sep 2026. Revenue only; GE Vernova reports segment EBITDA, not operating income. Members read: StatementBusinessSegmentsAxis=ElectrificationSegmentMember.

GE Vernova, Power segment revenue, by fiscal quarter

$ billion, quarterly

Sep 2026Power segment revenue $6.1B

Power segment revenue

Power segment: $6.1B of revenue in Sep 2026. Revenue only. Members read: StatementBusinessSegmentsAxis=PowerSegmentMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

What the asset base is made of

Across the hyperscalers

GE Vernova, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Dec 2025Machinery and equipment $8.4BBuildings $3.3BLand $358.0MConstruction in progress $1.5B

Machinery and equipmentBuildingsLandConstruction in progress

GE Vernova property and equipment by class, millions of US dollars
Millions of dollars	Dec 2023 Q4 FY2023	Dec 2024 Q4 FY2024	Dec 2025 Q4 FY2025
Machinery and equipment	7,763	7,938	8,426
Buildings	3,278	3,171	3,295
Land	352	337	358
Construction in progress	514	762	1,500
Classes combined	11,907	12,208	13,579
Property and equipment, gross, as reported	11,907	12,207	13,579
Accumulated depreciation	7,347	7,729	8,360
Share of the balance the classes explain	100.0%	100.0%	100.0%

Gross cost before depreciation, by the classes the company reports. Classes read: Buildings Structures and Related Equipment, Land and Land Improvements, Leasehold Costs and Manufacturing Plant Under Construction, Machinery and Equipment.

Debt issued

The ledger across all companies

GE Vernova bonds, notes, term loans and facilities since 2024
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Feb 2, 2026	Registered notes	3 tranches, 2031 to 2056	4.25 to 5.50%	2,600	High: term sheet	FWP
Apr 2, 2024	Credit facility	—	—	2,700	Low: one amount read from the filing text	8-K

In 2026 GE Vernova has priced $2.6B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side

GE Vernova, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter

$ billion, quarterly

Sep 2026Remaining performance obligations $196.7BQuarterly revenue $12.6B

Remaining performance obligationsQuarterly revenue

GE Vernova contracted revenue, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Revenue	10,559	8,032	9,111	9,969	10,956	9,339	11,104	12,642
Remaining performance obligations	119,023	123,438	128,650	135,269	150,238	163,276	176,284	196,721
Backlog over trailing revenue	3.4×	3.5×	3.5×	3.6×	3.9×	4.1×	4.3×	4.5×
Deferred revenue, current	17,587	18,708	19,603	20,151	25,774	31,830	39,944	45,669
Deferred revenue	17,744	18,851	19,751	20,304	25,950	31,949	40,037	45,747

At Sep 2026 GE Vernova carried $196.7B of remaining performance obligations, 4.5× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined

GE Vernova, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Sep 2026Depreciation of property and equipment $200.0MCapital spending $647.0M

Depreciation of property and equipmentCapital spending

GE Vernova capital spending and depreciation, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Capital spending	350	186	173	247	671	397	386	647
Depreciation of property and equipment	180	149	145	152	169	166	182	200
Capex to depreciation	1.9×	1.2×	1.2×	1.6×	4.0×	2.4×	2.1×	3.2×
Amortization of intangibles	89	56	60	61	61	176	236	239
Depreciation and amortization, as reported	269	205	205	213	230	342	418	439
Property and equipment, gross	12,207	12,408	12,854	12,938	13,579	14,582	14,882	15,290

In Sep 2026 GE Vernova spent 3.2× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 15 of 15 quarters on file.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Revenue	10,559	8,032	9,111	9,969	10,956	9,339	11,104	12,642
Operating cash flow	921	1,161	367	980	2,479	5,188	5,492	6,057
Capital spending	350	186	173	247	671	397	386	647
Free cash flow	571	975	194	733	1,808	4,791	5,106	5,410
Depreciation and amortization	269	205	205	213	230	342	418	439
Long-term debt	—	—	—	—	—	—	—	—
First filed / release date	Feb 6, 2025	Apr 23, 2025	Jul 23, 2025	Oct 22, 2025	Jan 29, 2026	Apr 22, 2026	Jul 22, 2026	Oct 28, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did GE Vernova spend on capital expenditures last quarter?: GE Vernova spent $0.6 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 162% from the same quarter a year earlier. Over its latest four reported quarters it spent $2.1 billion.
Did GE Vernova's capital spending exceed its operating cash flow?: No. In the quarter ended September 30, 2026 capital spending was 11% of GE Vernova's $6.1 billion of operating cash flow, leaving free cash flow of $5.4 billion.
What is GE Vernova's free cash flow?: $5.4 billion in the quarter ended September 30, 2026, and $17.1 billion over the latest four reported quarters, against $2.5 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is GE Vernova's capital spending still rising?: Yes. GE Vernova's quarterly capital spending has been above the same quarter a year earlier for six consecutive quarters. The latest four quarters' spending is 120% above the four before.
Is this GE Vernova's AI spending?: No. These are GE Vernova's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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