Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

Commission file number 001-41528

GE-HLTHCR_Standard_RGB_GEHCPrpl.jpg

GE HEALTHCARE TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

Delaware88-2515116
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
500 W. Monroe Street, Chicago, IL60661
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (833) 735-1139

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareGEHCThe Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the outstanding common stock of the Registrant held by non-affiliates as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $34 billion. There were 455,749,767 shares of common stock with a par value of $0.01 per share outstanding as of January 28, 2026.

DOCUMENTS INCORPORATED BY REFERENCE

The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held May 7, 2026, is incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.

Table of Contents
Page
Forward-Looking Statements4
Part I.
Item 1.Business5
Item 1A.Risk Factors14
Item 1B.Unresolved Staff Comments35
Item 1C.Cybersecurity35
Item 2.Properties36
Item 3.Legal Proceedings36
Item 4.Mine Safety Disclosures36
Part II.
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities37
Item 6.[Reserved]37
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations38
Trends and Factors Impacting Our Performance38
Summary of Key Performance Measures39
Results of Operations40
Results of Operations – Segments42
Non-GAAP Financial Measures43
Liquidity and Capital Resources47
Recently Issued Accounting Pronouncements48
Critical Accounting Estimates48
Item 7A.Quantitative and Qualitative Disclosures about Market Risk50
Item 8.Financial Statements and Supplementary Data53
Report of Independent Registered Public Accounting Firm - Deloitte & Touche LLP (PCAOB ID No. 34)53
Consolidated Statements of Income56
Consolidated Statements of Comprehensive Income (Loss)57
Consolidated Statements of Financial Position58
Consolidated Statements of Changes in Equity59
Consolidated Statements of Cash Flows60
Notes to the Consolidated Financial Statements61
Note 1. Organization and Basis of Presentation61
Note 2. Summary of Significant Accounting Policies61
Note 3. Revenue Recognition70
Note 4. Segment and Geographical Information71
Note 5. Receivables73
Note 6. Financing Receivables74
Note 7. Leases74
Note 8. Acquisitions, Goodwill, and Other Intangible Assets75
Note 9. Borrowings78
Note 10. Postretirement Benefit Plans80
Note 11. Income Taxes85
Note 12. Shareholders’ Equity89
Note 13. Financial Instruments and Fair Value Measurements90
Note 14. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies94
Note 15. Restructuring Activities95
Note 16. Share-Based Compensation96
Note 17. Earnings Per Share98
Note 18. Supplemental Financial Information98
Note 19. Related Parties and Transition Services Agreement102
Note 20. Subsequent Events102
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure102
Item 9A.Controls and Procedures102
Item 9B.Other Information103
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections103
Part III.
Item 10.Directors, Executive Officers and Corporate Governance103
Item 11.Executive Compensation103
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters103
Item 13.Certain Relationships and Related Transactions, and Director Independence103
Item 14.Principal Accountant Fees and Services103
Part IV.
Item 15.Exhibits and Financial Statement Schedules104
Item 16.Form 10-K Summary106
Signatures107

Table of Contents

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business, financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows; the impacts of macroeconomic and market conditions, including the impact of tariffs and other trade restrictions, and volatility on our business, operations, financial results, and financial position and on supply chains and the world economy; our cost structure; our funding and liquidity; the impacts on our business of manufacturing, sourcing, and supply chain management; the Russia and Ukraine conflict; share repurchases; and risks related to foreign currency exchange, interest rates, and commodity price volatility. These forward-looking statements involve risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, operating in highly competitive markets; global geopolitical and economic instability, including as a result of changes in trade and tariff policy, and international conflicts and tensions, including between Ukraine and Russia and in other regions; public health crises, epidemics, and pandemics, and their effects on our business; changes in third-party and government reimbursement processes, rates, and contractual relationships, including related to government shutdowns, and changes in the mix of public and private payers; demand for our products, services, or solutions and factors that affect that demand; developments in the market in China; our ability to control increases in healthcare costs and any subsequent effect on demand for our products, services, or solutions; our ability to successfully complete strategic transactions; the actions or inactions of third parties with whom we partner and the various collaboration, licensing, and other partnerships and alliances we have with third parties; the impacts related to our increasing focus on and investment in cloud, edge computing, artificial intelligence (“AI”), and software offerings; management of our supply chain and our ability to cost-effectively secure the materials we need to operate our business; disruptions in our operations; the impact of potential information technology, cybersecurity, or data security breaches; maintenance and protection of our intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; our ability to attract and/or retain key talent and qualified employees; increasing attention to sustainability matters; compliance with the various legal, regulatory, tax, privacy, and other laws to which we are subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the impact of potential product liability claims or potential litigation, arbitration, or similar proceedings; and our level of indebtedness and the impact of complying with the covenants and other terms of our debt instruments on our business. Please also see Item 1A, “Risk Factors” of this Annual Report on Form 10-K filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and any updates or amendments we make in future filings. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation.

Table of Contents

PART I

Next: Item 1. BUSINESS