The 10-K against last year's
165 changes: 13 added, 23 removed, 127 reworded, 2 quiet changes
10-K 0000040545-26-000008 (Jan 29, 2026) vs 10-K 0000040545-25-000015 (Feb 3, 2025) Not compared: Accounting Policies.
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Marked against last year's 10-K:
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Risk Factors 416 words changed in this paragraph; it is 54% similar to last year's version.
Regulatory - We are subject to a wide variety of laws, regulations and government policies that require ongoing compliance efforts and may change in significant ways. Our business is subject to regulation under a wide variety of U.S. federal and state and non-U.S. laws, regulations and policies that require ongoing compliance efforts. There can be no assurance that laws, regulations and policies will not be changed or interpreted or enforced in ways that will require us to modify our business models and objectives or affect our returns on investments by restricting existing activities and products, subjecting them to escalating costs or prohibiting them outright. In particular, recent trends globally toward increased protectionism, import and export controls, required licenses or authorizations to engage in business with certain countries or entities, the use of tariffs, restrictions on outbound investment and other trade barriers can result in actions by the U.S. government and governments around the world that have been and may continue to be disruptive and costly to our business, and can interfere with our global operating model and weaken our competitive position. Changes in product design and certification, production or maintenance requirements could lead to additional costs or compliance requirements that could negatively impact our business or competitive position. In addition, changes in environmental and climate change laws, regulations or policies (including emissions pricing and taxes, emissions standards or sustainable finance, among others) affecting the aerospace and defense sector could lead to additional costs or compliance requirements, a need for additional investment in product designs, require carbon offset investments or otherwise negatively impact our business or competitive position. Other legislative and regulatory areas of significance for our business that U.S. and non-U.S. governments have focused and continue to focus on include cybersecurity, data privacy and sovereignty, artificial intelligence, anti-corruption, competition law, public procurement law, compliance with complex trade controls and economic sanctions laws, technical regulations or local content requirements that could result in market access criteria that our products cannot or do not meet, restrictions related to per- and polyfluoroalkyl substances (PFAS), foreign exchange intervention in response to currency volatility and currency controls that could restrict the movement of liquidity from particular jurisdictions. Potential changes We are also subject to ongoing tax laws, audits in various jurisdictions, and tax authorities may disagree with positions we have taken and assess additional taxes that could be material. Developments in a tax audits, administrative appeals, litigation or the relevant laws or tax authority interpretations, including changes to taxation of global income, may have an effect on our subsidiaries’ structure, operations, sales, liquidity, cash flows, capital requirements, effective tax rate and performance. For example, legislative or regulatory measures by U.S. federal, state or non-U.S. governments, or rules, interpretations or audits under new or existing tax laws such as global minimum taxes or other changes to the treatment of global income, could increase our cash tax costs and effective tax rate. Regulation or government scrutiny may impact the requirements for marketing our products and slow our ability to introduce new products, resulting in an adverse impact on our business. Furthermore, we make sales to U.S. and non-U.S. governments and other public sector customers, and we participate in various governmental financing programs, that require us to comply with strict governmental regulations. As a U.S. government contractor, we are also subject to risks relating to U.S. government audits and investigations that in the past have led, and in the future may lead, to cash withholds, fines, damages or other penalties under civil or criminal laws. Inability to comply with applicable regulations could adversely affect our status with government customers or our ability to participate in projects and could have collateral consequences such as suspension or debarment. Suspension or debarment, depending on the entity involved and length of time, can limit our ability to bid for new U.S. government contracts or business with other government-related customers, and this could adversely affect our results of operations, financial position and cash flows.
Source: Item 1A, 10-K 0000040545-26-000008 vs Item 1A, 10-K 0000040545-25-000015
MD&A 284 words changed in this paragraph; it is 78% similar to last year's version.
ADJUSTED EARNINGS NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP) 2025 2024 2023 2022 (Per-share (Diluted, per-share amounts in dollars) Earnings Income EPS Earnings Income EPS Earnings EPS Earnings Net income (loss) from continuing operations (GAAP) (Note 18) $ 8,598 $ 8.05 $ 6,670 $ 6.09 $ 9,151 $ 8.33 $ 1,065 $ 0.97 Insurance earnings net income (loss) (pre-tax) 1,002 0.94 1,025 0.94 334 0.30 210 0.19 Tax effect on Insurance earnings (loss) net income (loss)(a) (125) (0.12) (219) (0.20) (74) (0.07) (52) (0.05) Less: Insurance earnings net income (loss) (net of tax) (Note 12) 877 0.82 806 0.74 260 0.24 159 0.14 U.S. tax equity earnings net income (loss) (pre-tax) (220) (0.21) (191) (0.17) (176) (0.16) (124) (0.11) Tax effect on U.S. tax equity earnings net income (loss) 259 0.24 235 0.21 217 0.20 184 0.17 Less: U.S. tax equity earnings net income (loss) (net of tax) 38 0.04 44 0.04 41 0.04 60 0.05 Non-operating benefit (cost) income (pre-tax) (GAAP) 788 0.74 842 0.77 978 0.89 60 0.05 Tax effect on non-operating benefit (cost) income (166) (0.15) (177) (0.16) (205) (0.19) (13) (0.01) Less: Non-operating benefit (cost) income (net of tax) 623 0.58 665 0.61 772 0.70 47 0.04 Gains (losses) on purchases and sales of business interests (pre-tax)(a) (pre-tax)(b) 5 — 398 0.36 (104) (0.10) 35 0.03 Tax effect on gains (losses) on purchases and sales of business interests 2 — (2) — (3) — 59 0.05 Less: Gains (losses) on purchases and sales of business interests (net of tax) 7 0.01 396 0.36 (108) (0.10) 94 0.09 Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(a) (pre-tax)(b) 312 0.29 532 0.49 5,776 5.26 100 0.09 Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(b)(c) securities(a)(c) (61) (0.06) (3) — — — (23) (0.02) Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax) 251 0.23 529 0.48 5,776 5.26 77 0.07 Restructuring & other (pre-tax)(a) (pre-tax)(b) 87 0.08 (525) (0.48) (246) (0.22) (514) (0.47) Tax effect on restructuring & other (18) (0.02) 110 0.10 52 0.05 108 0.10 Less: Restructuring & other (net of tax) 69 0.06 (415) (0.38) (194) (0.18) (406) (0.37) Goodwill impairments (pre-tax)(a) (pre-tax)(b) — — (251) (0.23) — — — — Tax effect on goodwill impairments 3 — — — — 3 — Less: goodwill impairments (net of tax) — — (248) (0.23) — — — — Separation costs (pre-tax)(a) (pre-tax)(b) (207) (0.19) (492) (0.45) (692) (0.63) (625) (0.57) Tax effect on separation costs 129 0.12 349 0.32 113 0.10 4 — Less: Separation costs (net of tax) (79) (0.07) (143) (0.13) (579) (0.53) (621) (0.56) Russia & Ukraine charges (pre-tax)(a) — — — — (75) (0.07) Tax effect on Russia & Ukraine charges — — — — 16 0.01 Less: Russia & Ukraine charges (net of tax) — — — — (59) (0.05) Debt extinguishment costs (pre-tax)(a) — — — — (465) (0.42) Tax effect on debt extinguishment costs — — — — 68 0.06 Less: debt extinguishment costs (net of tax) — — — — (397) (0.36) Less: Excise tax and accretion of preferred share redemption — — (58) (0.05) 4 — Less: U.S. and foreign tax law change enactment — — — — (5) — Adjusted earnings net income (loss) (Non-GAAP) $ 6,812 $ 6.37 $ 5,035 $ 4.60 $ 3,241 $ 2.95 $ 2,112 $ 1.92 Earnings (loss) Income from continuing operations before taxes (GAAP) $ 10,000 $ 7,620 $ 10,441 $ 1,522 Less: Total adjustments above (pre-tax) 1,767 1,338 5,869 (1,397) Adjusted earnings income before taxes (Non-GAAP) $ 8,233 $ 6,282 $ 4,572 $ 2,919 Provision (benefit) for income taxes (GAAP) $ 1,405 $ 962 $ 994 $ 169 Less: Tax effect on adjustments above (19) (297) (99) (346) Adjusted provision (benefit) for income taxes (Non-GAAP) $ 1,425 $ 1,260 $ 1,093 $ 515 Effective income tax rate (GAAP) 14.1% 12.6% 9.5% 11.1% Adjusted effective income tax rate (Non-GAAP) 17.3% 20.1% 23.9% 17.6% (a) Includes related tax valuation allowances. Tax effect on Insurance net income includes valuation allowances for 2025. (b) See the Corporate & Other and Other Consolidated Information sections for further information. (b) (c) Includes tax benefits available to offset the tax on gains (losses) on equity securities. (c) Includes related tax valuation allowances. Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. We believe that Adjusted earnings* net income* and the Adjusted effective income tax rate* provide management and investors with useful measures to evaluate the performance of the total company and increased period-to-period comparability, as well as a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding items that are not closely related with ongoing operations. We also use Adjusted EPS* as a performance metric at the company level for our performance stock units granted in 2024. 2025.
Source: Item 7, 10-K 0000040545-26-000008 vs Item 7, 10-K 0000040545-25-000015
Legal Proceedings 14 words changed in this paragraph; it is 84% similar to last year's version.
The liability for future policy benefits as of December 31, 2024 2025 is measured under ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts” (LDTI) based on current assumptions applied to the underlying policy cash flows. The liability for future policy benefits includes $24,675 $25,792 million for long term care policies.
Source: Item 3, 10-K 0000040545-26-000008 vs Item 3, 10-K 0000040545-25-000015
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Sentences and paragraphs of GE's Risk Factors and MD&A, 10-K Jan 29, 2026 against 10-K Feb 3, 2025. Each links to the text at sec.gov.
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