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GEGE Aerospace

Industrials · Electrical Equipment · NYSE
Headquarters
Evendale, OH
Next results
around Jan 21, 2027
Compare with peers → Embed

10-K 0000040545-26-000008 (2026-01-29) vs 10-K 0000040545-25-000015 (2025-02-03)

SectionCompared textWords nowChanged
Risk FactorsItem 1A8,937 25.8%
MD&AItem 711,157 24.7%
Legal ProceedingsItem 32,291 0.9%
Accounting PoliciesItem 8, Note 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES8,042 not compared

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

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

Every change, by type

Sentences and paragraphs of GE's Risk Factors and MD&A, 10-K 2026-01-29 against 10-K 2025-02-03. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
our products and services, which could have a material adverse effect on our competitive position, results of operations, financial condition or cash flows.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedRisk Factors
The continued adoption of new technologies across our business and by our customers and suppliers, including emerging technologies, system migrations and network transitions, also increases our exposure to cybersecurity threats. Any vulnerability or compromise in our or a third-party product (for example, open-source software) exposes our systems, networks, software or connected products to malicious actors that seek to misuse our products, steal intellectual property, misappropriate sensitive, confidential or personal data, or

Read it in 10-K 2026-01-29 at sec.gov ↗

RemovedRisk Factors
when any new product is ready to enter into service. We also have dependencies on our suppliers and partners for commercial engine programs to develop, manufacture and service their share of an engine, and on the major airframers that we supply to timely and successfully develop, certify and commercialize aircraft that utilize our engines as well as to successfully sell those aircraft against aircraft powered by our competitors. A reduction in spending in the commercial aviation sector, or challenges for key industry participants, could have a significant effect on the demand for our products and services, which could have a material adverse effect on our competitive position, results of operations, financial condition or cash flows.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
pricing and taxes, energy taxes, product fuel efficiency standards, mandatory disclosure obligations, including U.S. government procurement-related contractual climate disclosures, could increase our operational and compliance expenditures and those of our customers and suppliers, including increased energy and raw materials costs and costs associated with manufacturing changes, and could require new or additional investments in product designs and facility upgrades. In addition, we face, along with others across the aerospace and defense sector, increasing demand for transitioning to lower emission technologies, including low to no carbon products and services, the use of alternative energy sources and other sustainable aviation technologies and climate adaptation products and services. Customers, regulators, institutional investors, the flying public and other stakeholders also continue to focus on environmental, social and governance issues, including our environmental sustainability practices and commitments with respect to our operations, products and suppliers. We anticipate that over time we will make additional investments in new technologies and capabilities and devote additional management and other resources in connection with these dynamics.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
including our policies and controls, will be effective in promptly or effectively detecting, containing or remediating cybersecurity attacks, which may result in material harm to our systems, information or business.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
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

Read it in 10-K 2025-02-03 at sec.gov ↗

RewordedRisk Factors
Cybersecurity-related and data privacy and protection laws and regulatory regimes are evolving, can vary significantly by country and present increasing compliance challenges, and we from time to time receive, and in the future will likely receive, We periodically receive regulatory inquiries about regarding specific incidents or aspects of our cybersecurity framework; these dynamics framework, which can increase our costs, affect our competitiveness competitiveness, and can expose us to fines fines, penalties, or other penalties and reputational risks.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Our long-term operating results and competitive position also depend substantially upon our ability to continue to improve or upgrade current products and services, to have our engines power leading existing and new aircraft platforms, to cultivate, maintain and grow long-term customer relationships and to increase our productivity over time as we perform on long-term service agreements, as well as our ability to develop, introduce, and market new and innovative technology, products, services and platforms, such as the RISE program suite of technologies. agreements.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Our long-term operating results and competitive position and success also depend substantially upon our ability to continue to improve or upgrade current products and services, to maintain long-term customer relationships and to increase our productivity over time as we perform on long-term service agreements, as well as our ability to develop, introduce, and market new and innovative technology, products, services and platforms, such as the RISE program suite of technologies.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Declines in the value of equity interests or other assets that we sell can diminish the cash proceeds that we realize, and our ability and timing to sell can depend we may dispose of businesses or assets at a price or on market conditions, the liquidity of the relevant asset or other restrictions. terms that are less favorable than we had anticipated.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
In addition, the Company may not achieve the anticipated benefits of the GE Vernova and GE HealthCare separations and may be exposed to additional risks, including potential liabilities pursuant to agreements entered into in connection with the spin-offs, the credit support provided to GE Vernova (see in the Other Items – event that GE Vernova Parent Company Guarantees section within MD&A) is unable to perform the underlying obligations (see Note 24) and the various restructuring and business transformation actions that have brought changes across the Company’s organizational structure, senior leadership, functional alignment, outsourcing and other areas.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Disruptions in deliveries, capacity constraints, production disruptions up- or down-stream, price increases, or decreased availability of raw materials or commodities, including as a result of war, natural disasters (including the effects of climate change such as sea level rise, drought, flooding, wildfires and more intense weather events), disasters, actual or threatened public health pandemics or emergencies, governmental, legislative or regulatory actions, actions (including international trade controls or other restrictions on the use of particular materials or suppliers), or other business continuity events, adversely affect our operations and, depending on the length and severity of the disruption, can limit our ability to meet our commitments to customers or significantly impact our operating profit or cash flows.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Further, political changes and trends Political developments or policy shifts in areas such as populism, protectionism, economic nationalism and sentiment toward multinational companies, as well as tariffs, export controls, including restrictions on outbound investment rare earth minerals or other trade barriers, sanctions, technical or local content regulations, currency controls or changes to controls, global tax laws or other laws and policies, have been and may continue to be disruptive and costly to our business.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
These Lastly, an increase in the frequency and severity of acute extreme weather events could damage our and our suppliers’ facilities, products and other assets, and cause disruptions to our business and operations, supply chain and distribution networks, and could negatively impact the businesses of our customers, partners, subcontractors, service providers, distributors and could require an increase in expenditures to improve climate resiliency of our operations. customers.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
For example, The aerospace sector’s ambition to reduce carbon emissions reduction over time the coming decades is likely to depend in part on technologies that are not yet developed, deployed or widely adopted today, and it will likely require a combination of changes such as continued technological innovation in the fuel efficiency of engines, expanded use of low carbon fuels and the development of electric flight and hydrogen-based aviation technologies.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Developing and maintaining products that meet or exceed these standards can be costly and technologically challenging, and may also involve extensive coordination of suppliers and highly skilled labor from thousands of workers; a A failure to deliver products and services that meet these standards could have significant adverse financial, competitive or reputational effects.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
For example, it is possible that results of our statutory testing of insurance reserves in future years will require additional capital contributions to our insurance subsidiaries, even after the capital contribution made in the first quarter of 2024 that completed the contributions in connection with the statutory permitted practice approved in 2018 by the Kansas Insurance Department (KID). subsidiaries.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedRisk Factors
Actual or perceived design, production, performance, durability or other product safety or quality issues related to new product introductions or existing product lines can result in financial and reputational harm to our business, in addition to the potential need for increased inspections and shop visits, and direct warranty, maintenance and other costs that may arise. business.

Read it in 10-K 2026-01-29 at sec.gov ↗

Quiet changesRisk Factors
Failure to comply with provisions of our government contracts or other applicable laws and regulations could can lead to civil or criminal enforcement under the U.S.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from “Earnings” to “Net income” and our non-GAAP earnings from "Adjusted earnings" to "Adjusted net income." The change in terminology does not impact the amounts reported in the financial statements.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
We support efforts to revitalize domestic manufacturing and invested $1 billion in U.S manufacturing and hired 5,000 U.S workers in 2025. At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
Additionally, we are expanding capacity across our global maintenance, repair and overhaul (MRO) network to support aftermarket demand. We are investing $1 billion to increase our MRO capacity, including $500 million to increase LEAP MRO capacity by expanding several sites.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs to reduce the impact from tariffs. In late 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact. We are continuing to monitor the tariff environment, including relevant U.S. Supreme Court rulings.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
On January 15, 2026, we announced that our Commercial Engines & Services (CES) segment will expand to include the entire commercial engine lifecycle, including safety and quality, product management, engineering, supply chain, manufacturing and aftermarket services. In addition, our Aeroderivative business, currently reported in CES, will move to our Defense Propulsion & Technologies segment.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
We secured a series of landmark engine commitments in 2025 from leading global carriers. These wins span GE9X, GEnx and LEAP programs and include major selections by Qatar Airways, Emirates International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus. Collectively, these agreements reinforce our leadership on next-generation widebody and narrowbody platforms and provide strong multi-year visibility across equipment and services. We believe these awards underscore the competitiveness of our technology and the durability of airline demand.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
In 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. In addition, we received an order from Hindustan Aeronautics (HAL) valued at $1.6 billion for F404-GE-IN20 engines.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
D&S revenue increased primarily due to increased engine deliveries and aircraft systems product growth, price and mix. P&AT revenue increased primarily due to volume and price.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
Profit increased primarily due to higher volume in Defense and Avio, aircraft systems product growth, customer mix and price, partially offset by incremental investments to support next-generation products and inflation.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
(a) Includes taxes paid/(refunds) related to discontinued operations. The decrease from 2025 compared to 2024 is primarily related to a 2025 decrease in discontinued operations.

Read it in 10-K 2026-01-29 at sec.gov ↗

AddedMD&A
In July 2025, GE Aerospace issued a total of $2.0 billion in aggregate principal amount of senior unsecured debt, comprised of $1.0 billion of 4.3% senior notes due 2030, and $1.0 billion of 4.9% senior notes due 2036 (see Note 10).

Read it in 10-K 2026-01-29 at sec.gov ↗

RemovedMD&A
Given the significant business we have with airframers and many airlines, challenges affecting the commercial aviation industry or key participants can adversely impact the demand for our products and services, the timing of orders, deliveries and related payments and other factors. We are monitoring the production and other challenges at The Boeing Company, and we continue to align with them on production expectations and assess potential impacts to our business. The Boeing worker's strike, resolved in the fourth quarter of 2024, had no significant impact to our revenue, earnings and cash flows for the year ended December 31, 2024.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Profit was $7.6 billion, a decrease of $2.8 billion. Profit margin was 19.7%, a decrease from 29.5%. Operating profit* was $7.3 billion, an increase of $1.7 billion. Operating profit margin* was 20.7%, an increase of 330 basis points. Continuing earnings (loss) per share was $6.09. Excluding the results from our run-off insurance operations, separation costs, restructuring and other costs, non-operating benefit (cost) income, gains on retained and sold ownership interests, gains (losses) on purchases and sales of business interests and goodwill impairments, adjusted earnings per share* was $4.60, an increase of 56%.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Additionally, the DoD is focused on advanced combat, enhancing platform capability and groundbreaking technology primarily in classified programs, including support for the next generation T901 turboshaft engine and advanced engine architectures. In June 2024, GE Aerospace delivered two T901-GE-900 engines to Sikorsky for integration and testing aboard a UH-60 Black Hawk as part of the U.S. Army upgrade program. In addition, GE Aerospace was awarded a $1.1 billion contract to provide T700 series turbine engines to the U.S. Army through the first half of 2029.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Revenue increased in both D&S and P&AT. D&S revenue increased primarily due to services growth, improved pricing and additional volume in aircraft systems products. This increase was partially offset by lower engine deliveries. P&AT revenue increased, primarily due to higher output at Avio Aero and Unison and improved pricing.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Profit increased primarily due to services growth, improved pricing and prior year impacts from program costs. This increase was partially offset by incremental investments to support next generation products, inflation in our supply chain and lower deliveries of new engines.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
D&S revenue increased due to product mix, higher prices, and growth in development contracts and aircraft systems products. P&AT revenue also increased, primarily due to higher output at Avio Aero and Unison and improved pricing.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Adjusted Corporate & Other operating costs* increased primarily due to higher EHS costs and higher intercompany eliminations primarily resulting from additional intercompany engine part sales volume in our Propulsion & Additive Technologies business partially offset by a reduction in our functional costs and favorability from higher bank interest.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
DEBT EXTINGUISHMENT COSTS were zero, zero, and $0.5 billion, for the years ended December 31, 2024, 2023 and 2022 respectively. There were no debt tenders in 2024 and 2023.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
As part of the spin-off of GE HealthCare completed in the first quarter of 2023, we retained 19.9% stake of GE HealthCare common stock upon the spin. During the year ended December 31, 2024, we sold all of our remaining GE Healthcare shares and received total proceeds of $5.2 billion from the disposition of 61.6 million shares. See Notes 3 and 19 for further information.

Read it in 10-K 2025-02-03 at sec.gov ↗

RewordedMD&A
Cash used for financing activities was $6.6 $8.7 billion in 2024, a decrease 2025, an increase of $3.9 $2.1 billion compared to 2023, 2024, primarily due to: cash paid for redemption of GE preferred stock of $5.8 billion in 2023; lower net debt maturities of $2.6 billion and an increase in treasury stock repurchases of $1.7 billion, a decrease in cash received of $0.9 $1.1 billion from stock option exercises (a component of All other financing activities); partially offset by an increase in treasury stock repurchases of $4.6 billion activities) and higher dividends paid to shareholders of $0.4 billion. billion, partially offset by net debt issuance of $1.0 billion, including new long-term debt issuance of $2.0 billion in 2025.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
The cash impacts from changes in working capital were $(0.4) $(1.0) billion, a decrease of $1.1 $0.6 billion compared to 2023, 2024, due to: current receivables of $(0.9) $(1.4) billion, driven by higher volume partially offset by higher collections, including increased collections from CFM International; collections; inventories, including deferred inventory, of $(0.2) $(0.5) billion, driven by higher material purchases and lower liquidations primarily due to output challenges; purchases; current contract assets, contract liabilities and current deferred income of $(0.2) $(0.4) billion, driven by higher revenue recognition, partially offset by billings and net unfavorable changes in estimated profitability; profitability on long-term service contracts mainly related to tariffs; progress collections of $0.3 billion, driven by higher collections partially offset by higher liquidations; and accounts payable was flat, of $1.3 billion, driven by higher disbursements related to purchases of materials in prior periods, partially offset by higher volume. volume for material purchases.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
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:

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
Cash from operating activities was $5.8 $8.5 billion in 2024, 2025, an increase of $1.2 $2.7 billion compared to 2023, 2024, primarily due to: an increase in net income (after adjusting for depreciation of property, plant and equipment, amortization of intangible assets, goodwill impairments and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap and Baker Hughes) other equity securities) driven by all segments, a decrease increases in income tax payments, sales discount and allowances and All other operating activities, partially offset by working capital growth and decrease in All other operating activities. higher income tax payments.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
U.S. tax equity cost and expenses 20 14 — — Less: interest and other financial charges(a) 843 986 1,029 1,339 Less: non-operating benefit cost (income) (788) (842) (978) (60) Less: restructuring & other(a) (87) 525 246 514 Less: goodwill impairments(a) — 251 — — Less: separation costs(a) 202 492 692 625 Add: noncontrolling interests (6) (13) Adjusted costs (Non-GAAP) $ 34,606 $ 29,348 Other income (loss) (GAAP) $ 1,487 $ 2,264 Less:

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
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:

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
Consolidated total borrowings were $19.3 $20.5 billion and $20.5 $19.3 billion at December 31, 2024 2025 and December 31, 2023, 2024, respectively, a decrease an increase of $1.2 billion, mainly primarily due to maturities. new debt issued of $2.0 billion, and currency exchange of $0.9 billion, partially offset by maturities of $1.8 billion.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
U.S. tax equity (169) (146) (132) (89) Less: gains (losses) on retained and sold ownership interests and other equity securities(a) 312 532 5,776 100 Less: gains (losses) on purchases and sales of business interests(a) 5 398 (104) 35 Adjusted other income (loss) (Non-GAAP) $ 1,339 $ 1,480 $ 1,179 $ 766 Profit (loss) (GAAP) $ 10,000 $ 7,620 $ 10,441 $ 1,522 Profit (loss) margin (GAAP) 21.8% 19.7% 29.5% 5.2% Operating profit (loss) (Non-GAAP) $ 9,055 $ 7,253 $ 5,561 $ 4,227 Operating profit (loss) margin (Non-GAAP) 21.4% 20.7% 17.4% 16.1% (a) See the Corporate & Other and Other Consolidated Information sections for further information.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
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) See the Corporate & Other and Other Consolidated Information sections for further information. Includes related tax valuation allowances.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
FCF* increased primarily due to higher net income, higher sales discount and allowances and higher All other operating activities, partially offset by higher working capital growth, higher income tax payments and working capital growth, higher net investments in property, plant and equipment and internal-use software, after adjusting for increases a decrease in separation cash and Corporate & Other restructuring cash expenditures, which are excluded from FCF*.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
As of December 31, 2023, 2025, RPO increased $18.6 $16.2 billion, or 14%, 11%, from December 31, 2022, primarily at Commercial Engines & Services 2024, as a result of contract modifications, engines contracted under long-term service agreements that have now been put into service and contract modifications, and an increase in from equipment orders since December 31, 2022. outpacing revenue recognized.

Read it in 10-K 2026-01-29 at sec.gov ↗

RewordedMD&A
In April 2024, the The Company replaced its previous $10.0 billion syndicated credit facility with also holds a five-year unsecured revolving credit facility maturing in 2029 in an aggregate committed amount of $3.0 billion. billion and had zero outstanding at December 31, 2025.

Read it in 10-K 2026-01-29 at sec.gov ↗

Work on GE in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/GE/export.csv") into a cell.