filings.toolsGeneral Electric (GE) 10-K risk factor changes: FY2025 vs FY2024
The 2025-12-31 10-K against the 2024-12-31 one, compared heading by heading and sentence by sentence.
Item 1A0 rewritten0 added0 removed1 unchanged
All filing items1,374 rewritten418 added500 removed1,571 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: only 0 carried over between the two years, which usually means one filing was read wrongly, so none is reported as new or removed.
- Sentence by sentence, 418 added, 500 removed, 1,374 rewritten and 1,571 unchanged across 2 items that differ.
Sentences by item
24 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Item 1A. Risk Factors 24-31 | 0 | 0 | 0 | 1 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 7-22 | 0 | 0 | 0 | 1 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk 13, 68-69 | 0 | 0 | 0 | 1 |
| Item 1. Business 4-7, 9-10, 71-73 | 0 | 0 | 0 | 1 |
| Item 3. Legal Proceedings 70-71 | 0 | 0 | 0 | 1 |
| Cover and table of contents | 414 | 496 | 1,364 | 1,517 |
| Item 1B. Unresolved Staff Comments Not applicable | 0 | 0 | 0 | 0 |
| Item 1C. Cybersecurity 23 | 0 | 0 | 0 | 0 |
| Item 2. Properties 4 | 0 | 0 | 0 | 1 |
| Item 4. Mine Safety Disclosures Not applicable | 0 | 0 | 0 | 1 |
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 | 0 | 0 | 0 | 1 |
| Item 6. [Reserved] Not applicable | 0 | 0 | 0 | 1 |
| Item 8. Financial Statements and Supplementary Data 36-73 | 0 | 0 | 0 | 1 |
| Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Not applicable | 0 | 0 | 0 | 1 |
| Item 9A. Controls and Procedures 32 | 0 | 0 | 0 | 1 |
| Item 9B. Other Information Not applicable | 0 | 0 | 0 | 1 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable | 0 | 0 | 0 | 1 |
| Item 10. Directors, Executive Officers and Corporate Governance 74, (a) | 0 | 0 | 0 | 1 |
| Item 11. Executive Compensation (b) | 0 | 0 | 0 | 1 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (c) | 0 | 0 | 0 | 1 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence (d) | 0 | 0 | 0 | 1 |
| Item 14. Principal Accountant Fees and Services (e) | 0 | 0 | 0 | 1 |
| Item 15. Exhibits and Financial Statement Schedules 75-78 | 0 | 0 | 0 | 1 |
| Item 16. Form 10-K Summary Not applicable | 4 | 4 | 10 | 34 |
Underlined words on a shaded ground are new in FY2025; struck-through words were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
1,364 rewritten, 414 added, 496 removed, 1,517 unchanged
For the fiscal year ended December 31, [removed: 2024][added: 2025]
[removed: ][added: ]
(Registrant’s telephone number, including area code) [removed: (617) 443-3000][added: (513) 243-2000]
The aggregate market value of the outstanding common equity of the registrant not held by affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was at least [removed: $170.0] [added: $270.2] billion.
There were [removed: 1,073,290,505] [added: 1,048,813,612] shares of common stock with a par value of $0.01 outstanding at January 15, [removed: 2025.][added: 2026.]
The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May [removed: 6, 2025,] [added: 5, 2026,] is incorporated by reference into Part III to the extent described therein.
| [Forward-Looking [removed: Statements](#id913165b39c64b39b915c0e0726aa953_7)] [added: Statements](#i3a840c1f5fe6437fb587cdbcd6812325_7)] | | | [removed: [3](#id913165b39c64b39b915c0e0726aa953_7)] [added: [3](#i3a840c1f5fe6437fb587cdbcd6812325_7)] | | |
| [Management’s Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A)](#id913165b39c64b39b915c0e0726aa953_16)] [added: (MD&A)](#i3a840c1f5fe6437fb587cdbcd6812325_16)] | | | [removed: [8](#id913165b39c64b39b915c0e0726aa953_16)] [added: [7](#i3a840c1f5fe6437fb587cdbcd6812325_16)] | | |
| [Consolidated [removed: Results](#id913165b39c64b39b915c0e0726aa953_19)] [added: Results](#i3a840c1f5fe6437fb587cdbcd6812325_238)] | | | [removed: [8](#id913165b39c64b39b915c0e0726aa953_19)] [added: [8](#i3a840c1f5fe6437fb587cdbcd6812325_238)] | | |
| [Segment [removed: Operations](#id913165b39c64b39b915c0e0726aa953_22)] [added: Operations](#i3a840c1f5fe6437fb587cdbcd6812325_22)] | | | [removed: [9](#id913165b39c64b39b915c0e0726aa953_22)] [added: [9](#i3a840c1f5fe6437fb587cdbcd6812325_22)] | | |
| [removed: [Corporate](#id913165b39c64b39b915c0e0726aa953_31)] [added: [Corporate](#i3a840c1f5fe6437fb587cdbcd6812325_31)] & Other | | | [removed: [11](#id913165b39c64b39b915c0e0726aa953_31)] [added: [10](#i3a840c1f5fe6437fb587cdbcd6812325_31)] | | |
| [Other Consolidated [removed: Information](#id913165b39c64b39b915c0e0726aa953_205)] [added: Information](#i3a840c1f5fe6437fb587cdbcd6812325_235)] | | | [removed: [12](#id913165b39c64b39b915c0e0726aa953_205)] [added: [11](#i3a840c1f5fe6437fb587cdbcd6812325_235)] | | |
| [Capital Resources and [removed: Liquidity](#id913165b39c64b39b915c0e0726aa953_37)] [added: Liquidity](#i3a840c1f5fe6437fb587cdbcd6812325_37)] | | | [removed: [13](#id913165b39c64b39b915c0e0726aa953_37)] [added: [12](#i3a840c1f5fe6437fb587cdbcd6812325_37)] | | |
| [Critical Accounting [removed: Estimates](#id913165b39c64b39b915c0e0726aa953_226)] [added: Estimates](#i3a840c1f5fe6437fb587cdbcd6812325_232)] | | | [removed: [16](#id913165b39c64b39b915c0e0726aa953_226)] [added: [14](#i3a840c1f5fe6437fb587cdbcd6812325_232)] | | |
| [Other [removed: Items](#id913165b39c64b39b915c0e0726aa953_229)] [added: Items](#i3a840c1f5fe6437fb587cdbcd6812325_229)] | | | [removed: [18](#id913165b39c64b39b915c0e0726aa953_229)] [added: [16](#i3a840c1f5fe6437fb587cdbcd6812325_229)] | | |
| [Non-GAAP Financial [removed: Measures](#id913165b39c64b39b915c0e0726aa953_55)] [added: Measures](#i3a840c1f5fe6437fb587cdbcd6812325_55)] | | | [removed: [21](#id913165b39c64b39b915c0e0726aa953_55)] [added: [19](#i3a840c1f5fe6437fb587cdbcd6812325_55)] | | |
[removed: | [Other Financial Data](#id913165b39c64b39b915c0e0726aa953_232) | | | [24](#id913165b39c64b39b915c0e0726aa953_232) | | |][added: OTHER FINANCIAL DATA]
| [Management and Auditor's [removed: Reports](#id913165b39c64b39b915c0e0726aa953_238)] [added: Reports](#i3a840c1f5fe6437fb587cdbcd6812325_214)] | | | [removed: [34](#id913165b39c64b39b915c0e0726aa953_238)] [added: [32](#i3a840c1f5fe6437fb587cdbcd6812325_214)] | | |
| Audited [Financial Statements and [removed: Notes](#id913165b39c64b39b915c0e0726aa953_67)] [added: Notes](#i3a840c1f5fe6437fb587cdbcd6812325_67)] | | | [removed: [38](#id913165b39c64b39b915c0e0726aa953_67)] [added: [36](#i3a840c1f5fe6437fb587cdbcd6812325_67)] | | |
| [Statement of Financial [removed: Position](#id913165b39c64b39b915c0e0726aa953_70)] [added: Position](#i3a840c1f5fe6437fb587cdbcd6812325_70)] | | | [removed: [39](#id913165b39c64b39b915c0e0726aa953_70)] [added: [37](#i3a840c1f5fe6437fb587cdbcd6812325_70)] | | |
| [Statement of Cash [removed: Flow](#id913165b39c64b39b915c0e0726aa953_76)s] [added: Flow](#i3a840c1f5fe6437fb587cdbcd6812325_76)s] | | | [removed: [40](#id913165b39c64b39b915c0e0726aa953_76)] [added: [38](#i3a840c1f5fe6437fb587cdbcd6812325_76)] | | |
| [Statement of Comprehensive Income [removed: (Loss)](#id913165b39c64b39b915c0e0726aa953_79)] [added: (Loss)](#i3a840c1f5fe6437fb587cdbcd6812325_79)] | | | [removed: [41](#id913165b39c64b39b915c0e0726aa953_79)] [added: [39](#i3a840c1f5fe6437fb587cdbcd6812325_79)] | | |
| [Statement of Changes in Shareholders' [removed: Equity](#id913165b39c64b39b915c0e0726aa953_82)] [added: Equity](#i3a840c1f5fe6437fb587cdbcd6812325_82)] | | | [removed: [41](#id913165b39c64b39b915c0e0726aa953_82)] [added: [39](#i3a840c1f5fe6437fb587cdbcd6812325_82)] | | |
| [Note 1 Basis of Presentation and Summary of Significant Accounting [removed: Policies](#id913165b39c64b39b915c0e0726aa953_244)] [added: Policies](#i3a840c1f5fe6437fb587cdbcd6812325_253)] | | | [removed: [42](#id913165b39c64b39b915c0e0726aa953_244)] [added: [40](#i3a840c1f5fe6437fb587cdbcd6812325_253)] | | |
| [Note 3 Investment [removed: Securities](#id913165b39c64b39b915c0e0726aa953_94)] [added: Securities](#i3a840c1f5fe6437fb587cdbcd6812325_97)] | | | [removed: [50](#id913165b39c64b39b915c0e0726aa953_94)] [added: [47](#i3a840c1f5fe6437fb587cdbcd6812325_97)] | | |
| [Note 4 Current and Long-Term [removed: Receivables](#id913165b39c64b39b915c0e0726aa953_100)] [added: Receivables](#i3a840c1f5fe6437fb587cdbcd6812325_103)] | | | [removed: [52](#id913165b39c64b39b915c0e0726aa953_100)] [added: [49](#i3a840c1f5fe6437fb587cdbcd6812325_103)] | | |
| [Note 5 Inventories, Including Deferred Inventory [removed: Costs](#id913165b39c64b39b915c0e0726aa953_106)] [added: Costs](#i3a840c1f5fe6437fb587cdbcd6812325_109)] | | | [removed: [52](#id913165b39c64b39b915c0e0726aa953_106)] [added: [49](#i3a840c1f5fe6437fb587cdbcd6812325_109)] | | |
| [Note 6 Property, Plant and [removed: Equipment](#id913165b39c64b39b915c0e0726aa953_250)] [added: Equipment](#i3a840c1f5fe6437fb587cdbcd6812325_262)] and Operating Leases | | | [removed: [52](#id913165b39c64b39b915c0e0726aa953_250)] [added: [49](#i3a840c1f5fe6437fb587cdbcd6812325_262)] | | |
| [Note 7 Goodwill and Other Intangible [removed: Assets](#id913165b39c64b39b915c0e0726aa953_253)] [added: Assets](#i3a840c1f5fe6437fb587cdbcd6812325_265)] | | | [removed: [53](#id913165b39c64b39b915c0e0726aa953_253)] [added: [50](#i3a840c1f5fe6437fb587cdbcd6812325_265)] | | |
| [Note 8 Contract and Other Deferred Assets, Contract Liabilities and Deferred [removed: Income](#id913165b39c64b39b915c0e0726aa953_115)] [added: Income](#i3a840c1f5fe6437fb587cdbcd6812325_118)] & Progress Collections | | | [removed: [54](#id913165b39c64b39b915c0e0726aa953_115)] [added: [51](#i3a840c1f5fe6437fb587cdbcd6812325_118)] | | |
| [Note 9 All Other [removed: Assets](#id913165b39c64b39b915c0e0726aa953_118)] [added: Assets](#i3a840c1f5fe6437fb587cdbcd6812325_121)] | | | [removed: [55](#id913165b39c64b39b915c0e0726aa953_118)] [added: [51](#i3a840c1f5fe6437fb587cdbcd6812325_121)] | | |
| [Note 11 Accounts [removed: Payable](#id913165b39c64b39b915c0e0726aa953_124)] [added: Payable](#i3a840c1f5fe6437fb587cdbcd6812325_127)] | | | [removed: [55](#id913165b39c64b39b915c0e0726aa953_124)] [added: [52](#i3a840c1f5fe6437fb587cdbcd6812325_127)] | | |
| [Note 12 Insurance Liabilities and Annuity [removed: Benefits](#id913165b39c64b39b915c0e0726aa953_127)] [added: Benefits](#i3a840c1f5fe6437fb587cdbcd6812325_130)] | | | [removed: [55](#id913165b39c64b39b915c0e0726aa953_127)] [added: [52](#i3a840c1f5fe6437fb587cdbcd6812325_130)] | | |
| [Note 13 Postretirement Benefit [removed: Plans](#id913165b39c64b39b915c0e0726aa953_265)] [added: Plans](#i3a840c1f5fe6437fb587cdbcd6812325_277)] | | | [removed: [57](#id913165b39c64b39b915c0e0726aa953_265)] [added: [54](#i3a840c1f5fe6437fb587cdbcd6812325_277)] | | |
| [Note 14 Sales Discounts and Allowances & All [removed: Other](#id913165b39c64b39b915c0e0726aa953_139) [Liabilities](#id913165b39c64b39b915c0e0726aa953_139)] [added: Other Liabilities](#i3a840c1f5fe6437fb587cdbcd6812325_139)] | | | [removed: [63](#id913165b39c64b39b915c0e0726aa953_139)] [added: [60](#i3a840c1f5fe6437fb587cdbcd6812325_139)] | | |
| [Note 15 Income [removed: Taxes](#id913165b39c64b39b915c0e0726aa953_271)] [added: Taxes](#i3a840c1f5fe6437fb587cdbcd6812325_286)] | | | [removed: [63](#id913165b39c64b39b915c0e0726aa953_271)] [added: [60](#i3a840c1f5fe6437fb587cdbcd6812325_286)] | | |
| [Note 16 Shareholders' [removed: Equity](#id913165b39c64b39b915c0e0726aa953_145)] [added: Equity](#i3a840c1f5fe6437fb587cdbcd6812325_145)] | | | [removed: [66](#id913165b39c64b39b915c0e0726aa953_145)] [added: [64](#i3a840c1f5fe6437fb587cdbcd6812325_145)] | | |
| [Note 17 Share-Based [removed: Compensation](#id913165b39c64b39b915c0e0726aa953_277)] [added: Compensation](#i3a840c1f5fe6437fb587cdbcd6812325_292)] | | | [removed: [67](#id913165b39c64b39b915c0e0726aa953_277)] [added: [64](#i3a840c1f5fe6437fb587cdbcd6812325_292)] | | |
| [Note [removed: 1](#id913165b39c64b39b915c0e0726aa953_280)[8](#id913165b39c64b39b915c0e0726aa953_280)] [added: 1](#i3a840c1f5fe6437fb587cdbcd6812325_295)[8](#i3a840c1f5fe6437fb587cdbcd6812325_295)] [Earnings Per Share [removed: Information](#id913165b39c64b39b915c0e0726aa953_280)] [added: (EPS) Information](#i3a840c1f5fe6437fb587cdbcd6812325_295)] | | | [removed: [68](#id913165b39c64b39b915c0e0726aa953_280)] [added: [65](#i3a840c1f5fe6437fb587cdbcd6812325_295)] | | |
| [Note [removed: 1](#id913165b39c64b39b915c0e0726aa953_154)[9](#id913165b39c64b39b915c0e0726aa953_154)] [added: 1](#i3a840c1f5fe6437fb587cdbcd6812325_157)[9](#i3a840c1f5fe6437fb587cdbcd6812325_157)] [Other [removed: Income](#id913165b39c64b39b915c0e0726aa953_154)] [added: Income](#i3a840c1f5fe6437fb587cdbcd6812325_157)] (Loss) | | | [removed: [68](#id913165b39c64b39b915c0e0726aa953_154)] [added: [66](#i3a840c1f5fe6437fb587cdbcd6812325_157)] | | |
| [About GE](#i3a840c1f5fe6437fb587cdbcd6812325_205) Aerospace | | | [4](#i3a840c1f5fe6437fb587cdbcd6812325_205) | | |
| [Other Financial Data](#i3a840c1f5fe6437fb587cdbcd6812325_226) | | | [22](#i3a840c1f5fe6437fb587cdbcd6812325_226) | | |
| [Cybersecurity](#i3a840c1f5fe6437fb587cdbcd6812325_220) | | | [23](#i3a840c1f5fe6437fb587cdbcd6812325_220) | | |
| [Risk Factors](#i3a840c1f5fe6437fb587cdbcd6812325_217) | | | [24](#i3a840c1f5fe6437fb587cdbcd6812325_217) | | |
| [Legal Proceedings](#i3a840c1f5fe6437fb587cdbcd6812325_241) | | | [31](#i3a840c1f5fe6437fb587cdbcd6812325_241) | | |
| [Statement of](#i3a840c1f5fe6437fb587cdbcd6812325_67) Operations | | | [36](#i3a840c1f5fe6437fb587cdbcd6812325_67) | | |
| [Note 10 Borrowings](#i3a840c1f5fe6437fb587cdbcd6812325_271) | | | [52](#i3a840c1f5fe6437fb587cdbcd6812325_271) | | |
| [Signatures](#i3a840c1f5fe6437fb587cdbcd6812325_334) | | | [79](#i3a840c1f5fe6437fb587cdbcd6812325_334) | | |
These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," "range" or similar expressions.
2025 FORM 10-K 3
We are committed to investing and developing technologies that improve safety, durability, reliability and efficiency for our current engine products over their lifecycle and for the future of flight.
For example, in November 2025, the GEnx high-pressure turbine (HPT) blade, which has improved time-on-wing over 2.5 times in hot and harsh environments, surpassed 4,000 cycles.
Additionally, we launched our second dust ingestion test on the GE9X engine, preparing this engine now for what it will experience in various conditions in the years to come.
This builds upon over 30,000 cycles of testing, including 9,000 endurance cycles.
In 2025, we began dust ingestion testing on next-generation HPT blades for the RISE program’s compact engine core development, the earliest we have conducted this testing in the development process and a key milestone for addressing durability to meet customer needs.
In 2025, we achieved important development and testing milestones on two advanced engines for the U.S. war fighter, and we achieved first flight for the T901 on a Black Hawk helicopter.
4 2025 FORM 10-K
Avio Aero is a strategic partner in Europe, and the defense business is the propulsion champion for the Italian Ministry of Defence (MoD) supporting the development of indigenous, classified engine technology with significant contributions to the EJ200 engine for the Eurofighter, the new Global Combat Air Programme (GCAP) engine and the Catalyst engine for Eurodrone.
In 2025, the Company successfully negotiated collective bargaining agreements with the majority of its U.S. unions (including the IUE-CWA, UAW and IAM), resulting in agreements that we believe provide employees with fair wages and benefits while addressing the competitive realities facing GE Aerospace.
2025 FORM 10-K 5
(a) Customer funded is primarily from the U.S. Government.
6 2025 FORM 10-K
Failure to comply with these regulations can result in civil and criminal penalties, loss of eligibility to perform government contracts and reputational harm.
Results for the years ended December 31, 2025 versus 2024 are discussed within this report.
Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for discussions of results for the years ended December 31, 2024 versus 2023.
2025 FORM 10-K 7
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.
However, through FLIGHT DECK and the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter.
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.
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.
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.
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.
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0.875% Notes due 2025 | | | GE 25 | | | New York Stock Exchange | | |
| [About GE](#id913165b39c64b39b915c0e0726aa953_199) Aerospace | | | [4](#id913165b39c64b39b915c0e0726aa953_199) | | |
| [Cybersecurity](#id913165b39c64b39b915c0e0726aa953_235) | | | [25](#id913165b39c64b39b915c0e0726aa953_235) | | |
| [Risk Factors](#id913165b39c64b39b915c0e0726aa953_208) | | | [26](#id913165b39c64b39b915c0e0726aa953_208) | | |
| [Legal Proceedings](#id913165b39c64b39b915c0e0726aa953_211) | | | [33](#id913165b39c64b39b915c0e0726aa953_211) | | |
| [Statement of Earnings (Loss)](#id913165b39c64b39b915c0e0726aa953_67) | | | [38](#id913165b39c64b39b915c0e0726aa953_67) | | |
| [Note 2 Businesses Held for Sale and Discontinued Operations](#id913165b39c64b39b915c0e0726aa953_247) | | | [48](#id913165b39c64b39b915c0e0726aa953_247) | | |
| [Note 10 Borrowings](#id913165b39c64b39b915c0e0726aa953_259) | | | [55](#id913165b39c64b39b915c0e0726aa953_259) | | |
| [Note 27 Quarterly Information](#id913165b39c64b39b915c0e0726aa953_301) | | | [77](#id913165b39c64b39b915c0e0726aa953_301) | | |
| [Signatures](#id913165b39c64b39b915c0e0726aa953_313) | | | [83](#id913165b39c64b39b915c0e0726aa953_313) | | |
2024 FORM 10-K 3
On January 3, 2023, the Company completed the separation of its healthcare business into an independent publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare), and on April 2, 2024, the Company completed the separation of its GE Vernova business into an independent publicly traded company, GE Vernova, Inc. (GE Vernova).
In connection with these separations, the historical results of GE HealthCare and GE Vernova, and certain assets and liabilities included in the separations, are reported in our consolidated financial statements as discontinued operations.
We have been and remain committed to investing in developing and maturing technologies that enable a more sustainable future of flight.
We recently completed more than 250 tests on developing a full-scale Open Fan engine.
This is one of several initiatives underway to help invent the future of flight.
Recently, our team successfully demonstrated a hybrid electric propulsion system rated at one megawatt with the U.S. Army.
4 2024 FORM 10-K
In 2024, GE Aerospace conducted its first annual enterprise-wide culture survey as an independent company.
In 2023, the Company negotiated or extended collective bargaining agreements with the majority of its U.S. unions (including the IUE-CWA, UAW and IAM), and these agreements are scheduled to expire between June and August of 2025.
GE Aerospace will hold negotiations to enter into new agreements prior to their respective expiration dates.
While the outcome of the 2025 negotiations cannot be predicted, the Company’s recent past negotiations have resulted in agreements that we believe provide employees with fair wages and benefits while addressing the competitive realities facing GE Aerospace, and were completed without a work stoppage.
2024 FORM 10-K 5
(a) Customer funded is principally U.S. Government funded.
6 2024 FORM 10-K
2024 FORM 10-K 7
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.
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Equipment revenue increased, driven by improved pricing and favorable customer and product mix.
For the year ended December 31, 2023, total revenue increased $6.2 billion, or 21%, compared to the year ended December 31, 2022.
For the year ended December 31, 2024, continuing earnings decreased $2.5 billion compared to the year ended December 31, 2023, driven by a decrease in gains on retained and sold ownership interests of $5.2 billion, primarily related to our GE HealthCare and AerCap investments, an increase in restructuring and other charges of $0.3 billion and a goodwill impairment loss related to our Colibrium Additive reporting unit of $0.3 billion.
These decreases were partially offset by an increase in segment profit of $1.6 billion, an increase in profit from our run-off insurance operations of $0.7 billion, an increase in gains on sales of business interests of $0.5 billion, primarily related to the sale of our non-core licensing business, the nonrecurrence of prior year preferred stock dividends of $0.3 billion, and a reduction in separation costs of $0.2 billion.
*Non-GAAP Financial Measure
8 2024 FORM 10-K
Profit margin was 19.7%, a decrease from 29.5%.
Continuing earnings (loss) per share was $6.09.
For the year ended December 31, 2023, continuing earnings increased $8.1 billion, primarily due to an increase in gains on retained and sold ownership interests of $5.7 billion, primarily related to our GE HealthCare and AerCap investments, an increase in segment profit of $1.4 billion, an increase in non-operating benefit income of $0.9 billion, the nonrecurrence of debt extinguishment costs of $0.5 billion, a decrease in interest and other financial charges of $0.3 billion, a decrease in restructuring and other charges of $0.3 billion and an increase in profit from our run-off insurance operations of $0.1 billion.
An excerpt. Shown here: 40 of 1,364 rewritten, 40 of 414 added and 40 of 496 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2025 filing and the FY2024 filing.
Item 16. Form 10-K Summary Not applicable
10 rewritten, 4 added, 4 removed, 34 unchanged
| Signatures | | | | | | | | | | | | [removed: 83] [added: 79] | | |
(a)Incorporated by reference to [removed: "Governance"] [added: “Governance”] and “Other Executive Compensation Policies & Practices” in the [removed: 2025] [added: 2026] Proxy Statement.
(b)Incorporated by reference to [removed: "Compensation Discussion & Analysis",] [added: “Compensation”,] “Other Executive Compensation Policies & Practices” and "Management Development & Compensation Committee [removed: Report"] [added: Report”] in the [removed: 2025] [added: 2026] Proxy Statement.
(c)Incorporated by reference to “Stock Ownership Information” and [removed: "Equity] [added: “Equity] Compensation Plan [removed: Information"] [added: Information”] in the [removed: 2025] [added: 2026] Proxy Statement.
(d)Incorporated by reference to “Related Person Transactions” and “How We Assess Director Independence” in the [removed: 2025] [added: 2026] Proxy Statement.
(e)Incorporated by reference to “Independent Auditor” in the [removed: 2025] [added: 2026] Proxy Statement for Deloitte and Touche LLP (PCAOB ID No. [removed: 34) .][added: 34).]
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report on Form 10-K for the fiscal year ended December 31, [removed: 2024,] [added: 2025,] to be signed on its behalf by the undersigned, and in the capacities indicated, thereunto duly authorized in the Village of Evendale and State of Ohio on the [removed: 3rd] [added: 29th] day of [removed: February 2025.][added: January 2026.]
| | | | /s/ Rahul Ghai | | | | | | Principal Financial Officer | | | | | | [removed: February 3, 2025] [added: January 29, 2026] | | |
| | | | /s/ Robert Giglietti | | | | | | Principal Accounting Officer | | | | | | [removed: February 3, 2025] [added: January 29, 2026] | | |
| | | | /s/ H. Lawrence Culp, Jr. | | | | | | Principal Executive Officer | | | | | | [removed: February 3, 2025] [added: January 29, 2026] | | |
78 2025 FORM 10-K
| | | | Wesley G. Bush* | | | | | | Director | | | | | | | | |
| | | | January 29, 2026 | | | | | | | | | | | | | | |
2025 FORM 10-K 79
82 2024 FORM 10-K
| | | | Stephen Angel* | | | | | | Director | | | | | | | | |
| | | | February 3, 2025 | | | | | | | | | | | | | | |
2024 FORM 10-K 83