AddedRisk Factors
This summary of risks is intended to provide an overview of the principal risks we face and should not be considered a substitute for a review of the more detailed risk factors discussed immediately following this summary.
The 10-K against last year's
177 changes: 23 added, 29 removed, 117 reworded, 8 quiet changes
10-K 0001932393-26-000007 (2026-02-04) vs 10-K 0001932393-25-000005 (2025-02-13)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 240 words changed in this paragraph; it is 57% similar to last year's version.
The imposition of tariffs, non-tariff barriers, and other import and export restrictions have contributed to increased global economic uncertainty. The rise of economic nationalism could make it more difficult for us to attract new customers, retain existing customers, continue to produce and source in an optimal manner, or maintain sales at existing levels, both in the United States U.S. and in other countries. Geopolitical and economic risks have increased over the past few years in many regions of the world, including in the United States. U.S. Our operations expose us to the risk that increased trade protectionism may adversely affect our business. For example, in late 2024 and early during 2025, the United States, China, and the European Union each announced either U.S. imposed a variety of new tariffs, non-tariff barriers (principally related to participation in public procurement of healthcare equipment), or export controls. Any of these risks, ensuing retaliation, or the further deterioration of trade relations between tariffs on most imports from all countries could make our offerings more expensive or non-competitive in the affected countries. world. This in turn prompted several countries to announce tariffs on U.S. imports. While the situation continues to be fluid, tariffs materially impacted our profitability and cash flows in 2025, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at formally communicated levels, we expect to continue to see a material impact to our financial results through the incurrence of additional costs. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. We do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs. In addition, current changes and uncertainties in global tariffs are causing volatility in our cost positioning in some international markets. Growing tensions, protectionist trade policies, and tariffs may also lead to a fragmentation of the global economy, operational and logistical shifts in supply chains that may lead to higher costs and longer lead times, a general reduction of international trade in goods and services, and a reduction in the integration of financial markets, any of which could materially and adversely affect our business results, cash flows, financial condition, or prospects.
Source: Item 1A, 10-K 0001932393-26-000007 vs Item 1A, 10-K 0001932393-25-000005
Accounting Policies 161 words changed in this paragraph; it is 31% similar to last year's version.
In November 2023, September 2025, the Financial Accounting Standards Board (“FASB”) FASB issued Accounting Standards Update (“ASU”) ASU No. 2023-07 2025-06 (“ASU 2023-07”), Segment Reporting (Topic 280): 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to Reportable Segment Disclosures. the Accounting for Internal-Use Software. ASU 2023-07 requires annual 2025-06 updates the accounting for internal-use software by eliminating the concept of development stages. Under the updated guidance, software costs are capitalized once management has authorized and interim disclosures that are expected committed to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. funding the project, and it is probable the project will be completed and the software will be used to perform the function intended. The provisions of ASU 2023-07 2025-06 are effective for fiscal years annual reporting periods beginning after December 15, 2023, 2027, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted those annual periods. We are currently evaluating the effect that ASU 2023-07 for the year ended December 31, 2024, retrospectively applied to all prior periods presented in the 2025-06 will have on our financial statements. See Note 4, “Segment and Geographical Information” for further information.
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001932393-26-000007 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001932393-25-000005
Legal Proceedings 121 words changed in this paragraph; it is 37% similar to last year's version.
Source: Item 3, via Note 14 – COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES, 10-K 0001932393-26-000007 vs Item 3, via Note 14 – COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES, 10-K 0001932393-25-000005
MD&A 121 words changed in this paragraph; it is 59% similar to last year's version.
Source: Item 7, 10-K 0001932393-26-000007 vs Item 7, 10-K 0001932393-25-000005
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of GEHC's Risk Factors and MD&A, 10-K 2026-02-04 against 10-K 2025-02-13. Each links to the text at sec.gov.
AddedRisk Factors
•Our business is subject to the effects of global geopolitical and economic instability and public health crises.
AddedRisk Factors
•Our business strategy could be adversely affected if we are unable to successfully complete strategic transactions or manage our collaboration, joint venture, or similar arrangements.
AddedRisk Factors
•Our business strategy includes substantial investment in R&D, with a focus on AI, cloud, edge computing, and software offerings. We cannot guarantee that these investments will generate new offerings, attract customers, or generate sufficient revenue.
AddedRisk Factors
•We manufacture and sell products that rely upon software and computer systems to operate properly and process and store confidential information. Our business could be adversely affected by increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted cybercrimes, and our inability to obtain, maintain, protect, or effectively enforce our IP rights.
AddedRisk Factors
•Our existing indebtedness, and any additional indebtedness that we may incur, could have important consequences for our business.
AddedRisk Factors
•the performance, capability, and integrity of third parties, including due to their financial instability or their compliance or regulatory failures;
AddedRisk Factors
•a failure to successfully enter new or emerging geographic or adjacent product markets, including as a result of pricing pressures from local and international competitors in those markets;
Show the other 13
AddedRisk Factors
•inquiries and rulings by antitrust, foreign direct investment, or other regulatory bodies;
AddedMD&A
GE HealthCare’s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”), and we assessed their performance using Segment revenues and Segment EBIT. For additional information on the nature of our business and our segments, refer to Item 1, “Business” and Note 4, “Segment and Geographical Information.”
AddedMD&A
Throughout 2025, the U.S. imposed a variety of new tariffs on most imports from all countries in the world. This in turn prompted several countries to announce tariffs on U.S. imports. While the situation continues to be fluid, tariffs materially impacted our Operating income by approximately $245 million and cash flows by approximately $285 million for the year ended December 31, 2025, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at formally communicated levels, we expect to continue to see a material impact to our financial results. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs.
AddedMD&A
We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government spending and reimbursement, and indirect impacts from the tariffs. Should these factors dampen economic growth, slow global trade, or impact inflation, we could see adverse impacts to our business as our customers adapt to the change in economic environment. We also continue to monitor potential impacts on purchasing decisions by both public and private customers in China and other markets as a result of the current trade environment, as well as other actions related to tariffs and trade frictions, investigations, or activities that could similarly increase our costs or otherwise impact our business. In addition, if negative sentiment towards U.S. companies influences the purchasing decisions of global customers, our business could be impacted materially.
AddedMD&A
We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and commercial infrastructure should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of Volume Based Procurement policies, both of which have impacted our orders and revenues and may continue to do so.
AddedMD&A
Geopolitical instability, across multiple regions, could adversely impact our operations, supply chains, and logistics. These events may result in increased costs, delays in product deliveries, and challenges in maintaining service levels in affected areas. While these events have not materially impacted our operations, we continue to monitor these developments closely.
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act was signed into U.S. law, which includes significant changes to the federal income tax system. The changes did not have a material impact to the Company’s tax provision for the year ended December 31, 2025.
AddedMD&A
•Other income – net increased $103 million primarily driven by the remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest. For additional detail on the NMP acquisition, refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets”; and
AddedMD&A
(5) Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
AddedMD&A
(5) Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
AddedMD&A
(7) Consists of certain income tax adjustments, including one-time adjustments to deferred tax balances, impacts from tax law changes, the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, and discrete tax impacts resulting from the Spin-Off and separation from GE.
AddedMD&A
(5) Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
AddedMD&A
(7) Consists of certain income tax adjustments, including one-time adjustments to deferred tax balances, impacts from tax law changes, the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, and discrete tax impacts resulting from the Spin-Off and separation from GE.