General Electric Company operates as GE Aerospace, supplying commercial and military aircraft engines, propulsion systems, spare parts and maintenance services. Its continuing operations also retain run-off insurance and substantial legacy obligations.
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A snapshot of what GENERAL ELECTRIC CO owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000040545-24-000027 | Feb 2, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000040545-25-000015 | Feb 3, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000040545-26-000008 | Jan 29, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
GE Aerospace’s economics depend on servicing a large installed engine base, not simply delivering more engines. In 2025, stronger aftermarket activity, pricing and recovering production lifted revenue and operating earnings, although investment gains, reserve releases and other nonrecurring items also influenced GAAP results. After the January 29, 2026 annual filing, growth continued: nine-month revenue reached $39.859 billion, but commercial-engine margins narrowed and insurance assumption charges absorbed part of the aerospace improvement. Cash generation increased year to date, yet quarterly cash flow weakened and shareholder distributions remained substantial. The proposed $11.75 billion CPP acquisition would expand casting capacity but remains conditional, with cash and new-debt funding planned rather than completed. The central trade-off is growing aftermarket demand against production investment, long-term service-cost estimates and persistent legacy liabilities.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · 8-K · 2026-09-08 · EX-99 · 2026-10-20
GE’s approximately 50,000 commercial and 30,000 military installed engines include parked aircraft. This base supports aftermarket services representing approximately 70% of revenue. Engine installations create long-lived service opportunities, but their immediate economics can be less attractive: in 2025, equipment costs exceeded equipment revenue, while services generated a substantial gross contribution before other expenses. CFM International is a 50–50 unconsolidated Safran venture; its entire sales are not GE revenue. Government funding, airline utilization, airframer production and engine durability all influence demand.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
For the year ended December 31, 2025, GAAP continuing revenue was $45.855 billion and consolidated net income, including discontinued operations and before noncontrolling interests, was $8.698 billion. Management attributed aerospace growth to spare parts, shop visits, heavier workscopes, deliveries and pricing. Non-GAAP operating profit reached $9.055 billion, with a 21.4% margin on revenue excluding insurance. GAAP results also benefited from a $164 million restructuring-reserve release, $295 million of BETA investment income and the absence of the prior-year additive-manufacturing impairment. Continuing diluted EPS benefited from fewer average shares. These effects prevent treating every dollar of earnings improvement as recurring engine-service growth.
Sources: 10-K · 2025-12-31
2025 continuing operating cash flow was $8.543 billion. GE-defined non-GAAP free cash flow was $7.694 billion after capital spending, asset-disposal receipts and addbacks for separation and specified restructuring cash costs. The definition began including PP&E dispositions in third-quarter 2025, with the displayed 2024 comparator revised accordingly. In the first nine months of 2026, continuing operating cash flow reached $7.329 billion and adjusted FCF $6.728 billion. Increased discount and durability-reserve liabilities supported cash conversion, while receivables and inventories consumed cash. Third-quarter operating cash flow nevertheless fell to $2.203 billion from $2.556 billion. A sale-leaseback added proceeds but also a twelve-year operating lease obligation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99 · 2026-10-20
At September 30, 2026, balance-sheet cash, equivalents and restricted cash were $8.764 billion, supplemented by $1.500 billion of longer-term deposits. Borrowings were $19.326 billion; the undrawn $3 billion revolver was borrowing capacity, not cash. GE reported covenant compliance without numerical headroom. Nine-month treasury-share cash purchases were $6.506 billion and dividends paid were $1.362 billion. Separately, the signed CPP acquisition carries an $11.75 billion cash price subject to closing adjustments. GE plans approximately $7 billion of cash funding and the remainder in new debt. Closing is expected in second-half 2027, subject to regulatory and customary conditions; neither payment nor acquisition financing is established as completed.
Sources: 10-Q · 2026-09-30 · 8-K · 2026-09-08
Long-term service profitability depends on future maintenance costs and utilization, so current estimates can change recognized revenue. Supply constraints, inflation, certification delays and product durability remain material. Run-off insurance adds a different risk: its 2026 annual assumption review produced a $328 million pretax charge, principally attributed to claims experience and long-term-care inflation. Insurance assets support regulated obligations rather than unrestricted aerospace liquidity. Bank BPH recorded a $108 million borrower-litigation charge, and future funding remains possible. Environmental reserves, pension obligations, potential IRS assessments and continuing GE Vernova guarantees also survive the completed corporate separations.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
The October 20, 2026 filings reported nine-month GAAP revenue of $39.859 billion and non-GAAP operating profit of $8.262 billion. Commercial Engines & Services grew strongly, but more install engines, investment and inflation reduced its year-to-date margin. Lower quarterly corporate costs helped consolidated adjusted margin, while insurance weakened GAAP profitability. GE raised its 2026 non-GAAP outlook to approximately 19–20% adjusted revenue growth, $10.9–$11.0 billion operating profit, $8.00–$8.10 adjusted EPS and $9.1–$9.4 billion FCF. These remain forecasts. Reduced GE9X financial impact partly supports the profit outlook because recognition of certain delivered engines awaits FAA midseal certification; the amount and timing are not quantified.
Sources: 10-Q · 2026-09-30 · EX-99 · 2026-10-20
USD 45.855 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 45.855 bn | 18.5% |
| 2024 | USD 38.702 bn | 9.5% |
| 2023 | USD 35.348 bn | — |
Consolidated continuing-operation revenue, including run-off insurance and excluding discontinued operations.
Sources: 10-K · 2025-12-31
USD 8.698 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.698 bn | 32.5% |
| 2024 | USD 6.566 bn | -30.5% |
| 2023 | USD 9.445 bn | — |
Net income including continuing and discontinued operations, before attribution to noncontrolling interests.
Sources: 10-K · 2025-12-31
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