Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of GE HealthCare Technologies Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of GE HealthCare Technologies Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 4, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Revenue Recognition – Allocation of the Transaction Price to Each Performance Obligation – Refer to Notes 2 and 3 to the financial statements

Critical Audit Matter Description

Contracts for the sale of products and services often include multiple distinct performance obligations, usually involving an upfront deliverable of equipment and future performance obligations such as installation, training, or the future delivery of products or services. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative stand-alone selling price. Stand-alone selling price is obtained from sources such as the separate selling price for that or a similar item, if reasonably available. If such evidence is not reasonably available, the Company uses its best estimate of selling price, which is established consistent with the pricing strategy of the Company and considers product configuration, geography, customer type, and other market-specific factors.

The Company’s allocation of the transaction price to each performance obligation involves judgments and estimates, including its best estimate of stand-alone selling price for performance obligations. Auditing the Company’s allocation of the transaction price to the performance obligations in a contract required a high degree of auditor judgment and an increased extent of auditor effort.

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How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the allocation of the transaction price to the performance obligations included the following, among others:

• We tested the effectiveness of relevant controls related to the Company’s determination of stand-alone selling price and the allocation of transaction price to performance obligations.

• We selected certain products and services and tested the Company’s estimate of stand-alone selling price by evaluating historical prices charged for those performance obligations by the Company or other third parties, or by evaluating the reasonableness of the Company’s estimate if stand-alone selling prices were not available.

• We selected a sample of revenue transactions and tested the Company’s allocation of transaction price to performance obligations.

• We evaluated whether management’s revenue recognition accounting policies with respect to allocation of the transaction price to performance obligations are in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers, and evaluated the appropriateness of management’s application of those accounting policies in the determination of revenue recognition conclusions.

/s/ Deloitte & Touche LLP
Chicago, Illinois
February 4, 2026
We have served as the Company’s auditor since 2022.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of GE HealthCare Technologies Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of GE HealthCare Technologies Inc. (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 4, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP
Chicago, Illinois
February 4, 2026

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Consolidated Statements of Income
									For the years ended December 31
(In millions, except per share amounts)												2025			2024			2023
Sales of products												$	13,661		$	13,075		$	13,127
Sales of services												6,964			6,597			6,425
Total revenues												20,625			19,672			19,552
Cost of products												8,942			8,271			8,465
Cost of services												3,436			3,196			3,165
Gross profit												8,248			8,205			7,922
Selling, general, and administrative												4,225			4,269			4,282
Research and development												1,260			1,311			1,205
Total operating expenses												5,485			5,580			5,487
Operating income												2,763			2,625			2,435
Interest and other financial charges – net												440			504			542
Non-operating benefit (income) costs												(288)			(406)			(382)
Other (income) expense – net												(157)			(55)			(86)
Income from continuing operations before income taxes												2,768			2,581			2,361
Benefit (provision) for income taxes												(614)			(531)			(743)
Net income from continuing operations												2,154			2,050			1,618
Income (loss) from discontinued operations, net of taxes												—			—			(4)
Net income												2,154			2,050			1,614
Net (income) loss attributable to noncontrolling interests												(70)			(57)			(46)
Net income attributable to GE HealthCare												2,084			1,993			1,568
Deemed preferred stock dividend of redeemable noncontrolling interest												—			—			(183)
Net income attributable to GE HealthCare common stockholders												$	2,084		$	1,993		$	1,385
Earnings per share from continuing operations attributable to GE HealthCare common stockholders:
Basic												$	4.56		$	4.37		$	3.06
Diluted												4.55			4.34			3.04
Earnings per share attributable to GE HealthCare common stockholders:
Basic												$	4.56		$	4.37		$	3.05
Diluted												4.55			4.34			3.03
Weighted-average number of shares outstanding:
Basic												456			456			455
Diluted												458			459			458

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Comprehensive Income (Loss)
									For the years ended December 31
(In millions)												2025			2024			2023
Net income attributable to GE HealthCare												$	2,084		$	1,993		$	1,568
Net income (loss) attributable to noncontrolling interests												70			57			46
Net income												2,154			2,050			1,614
Other comprehensive income (loss):
Currency translation adjustments – net of taxes												418			(271)			74
Pension and Other Postretirement Plans – net of taxes												(422)			(456)			(897)
Cash flow hedges – net of taxes												(16)			36			(27)
Other comprehensive income (loss)												(19)			(691)			(850)
Comprehensive income (loss)												2,134			1,359			764
Less: Comprehensive income (loss) attributable to noncontrolling interests												60			53			9
Comprehensive income attributable to GE HealthCare												$	2,074		$	1,306		$	755

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Financial Position
			As of
(In millions, except share and per share amounts)			December 31, 2025			December 31, 2024
Cash, cash equivalents, and restricted cash			$	4,512		$	2,889
Receivables – net of allowances of $103 and $103			3,955			3,566
Inventories			2,234			1,939
Contract and other deferred assets			1,073			974
All other current assets			726			532
Current assets			12,501			9,901
Property, plant, and equipment – net			3,092			2,550
Goodwill			13,489			13,136
Other intangible assets – net			1,130			1,078
Deferred income taxes			4,491			4,474
All other non-current assets			2,205			1,950
Total assets			$	36,906		$	33,089
Short-term borrowings			$	508		$	1,502
Accounts payable			3,250			3,035
Contract liabilities			2,095			1,943
Current compensation and benefits			1,666			1,521
All other current liabilities			1,587			1,552
Current liabilities			9,105			9,553
Long-term borrowings			9,495			7,449
Non-current compensation and benefits			5,453			5,583
Deferred income taxes			193			56
All other non-current liabilities			2,061			1,796
Total liabilities			26,307			24,437
Commitments and contingencies
Redeemable noncontrolling interests			209			188
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 458,844,209 shares issued as of December 31, 2025; 457,246,971 shares issued as of December 31, 2024			5			5
Treasury stock, at cost, 3,107,626 shares as of December 31, 2025 and 291,053 shares as of December 31, 2024			(225)			(25)
Additional paid-in capital			6,707			6,583
Retained earnings			5,281			3,262
Accumulated other comprehensive income (loss) – net			(1,388)			(1,379)
Total equity attributable to GE HealthCare			10,379			8,446
Noncontrolling interests			11			18
Total equity			10,390			8,464
Total liabilities, redeemable noncontrolling interests, and equity			$	36,906		$	33,089

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Changes in Equity
			Common stock						Treasury stock
(In millions, except per share amounts)			Shares			Amount			Shares			Amount			Additional paid-in capital			Retained earnings			Net parent investment			Accumulated other comprehensive income (loss) – net			Equity attributable to noncontrolling interests			Total equity
Balances as of December 31, 2022			—			$	—		—			$	—		$	—		$	—		$	11,235		$	(1,878)		$	5		$	9,362
Net transfers from GE, including Spin-Off-related adjustments			—			—			—			—			—			—			(4,851)			2,000			2			(2,849)
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment			454			5			—			—			6,379			—			(6,384)			—			—			—
Issuance of shares under equity awards, net of shares withheld for taxes and other			1			—			—			—			—			—			—			—			—			—
Net income attributable to GE HealthCare			—			—			—			—			—			1,568			—			—			—			1,568
Dividends declared ($0.12 per common share)			—			—			—			—			—			(55)			—			—			—			(55)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—			—			(813)			—			(813)
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—			—			—			5			5
Share-based compensation			—			—			—			—			114			—			—			—			—			114
Changes in equity due to redemption value adjustments on redeemable noncontrolling interests			—			—			—			—			—			(187)			—			—			—			(187)
Balances as of December 31, 2023			455			5			—			—			6,493			1,326			—			(691)			12			7,145
Issuance of shares under equity awards, net of shares withheld for taxes and other			2			—			—			(25)			(35)			—			—			—			—			(60)
Net income attributable to GE HealthCare			—			—			—			—			—			1,993			—			—			—			1,993
Dividends declared ($0.125 per common share)			—			—			—			—			—			(58)			—			—			—			(58)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—			—			(688)			—			(688)
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—			—			—			7			7
Share-based compensation			—			—			—			—			125			—			—			—			—			125
Balances as of December 31, 2024			457			5			—			(25)			6,583			3,262			—			(1,379)			18			8,464
Issuance of shares under equity awards, net of shares withheld for taxes and other			2			—			—			—			(5)			—			—			—			—			(5)
Repurchase of common stock			—			—			3			(200)			—			—			—			—			—			(200)
Net income attributable to GE HealthCare			—			—			—			—			—			2,084			—			—			—			2,084
Dividends declared ($0.14 per common share)			—			—			—			—			—			(64)			—			—			—			(64)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—			—			(9)			—			(9)
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—			—			—			(8)			(8)
Share-based compensation			—			—			—			—			129			—			—			—			—			129
Balances as of December 31, 2025			459			$	5		3			$	(225)		$	6,707		$	5,281		$	—		$	(1,388)		$	11		$	10,390

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Cash Flows
			For the years ended December 31
(In millions)			2025			2024			2023
Net income			$	2,154		$	2,050		$	1,614
Less: Income (loss) from discontinued operations, net of taxes			—			—			(4)
Net income from continuing operations			2,154			2,050			1,618
Adjustments to reconcile Net income to Cash from (used for) operating activities – continuing operations:
Depreciation of property, plant, and equipment			287			268			248
Amortization of intangible assets			291			312			362
Gain on remeasurement of Nihon Medi-Physics equity method investment			(97)			—			—
Net periodic postretirement benefit plan (income) expense			(267)			(357)			(332)
Postretirement plan contributions			(338)			(332)			(357)
Share-based compensation			130			125			114
Provision for income taxes			614			531			743
Cash paid during the year for income taxes			(429)			(491)			(474)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Receivables			(216)			(157)			(173)
Inventories			(142)			(81)			111
Contract and other deferred assets			(60)			3			10
Accounts payable			90			60			(100)
Contract liabilities			81			68			26
Current compensation and benefits			94			39			153
All other operating activities – net			(204)			(83)			151
Cash from (used for) operating activities – continuing operations			1,987			1,955			2,101
Cash flows – investing activities
Additions to property, plant and equipment and internal-use software			(482)			(401)			(387)
Dispositions of property, plant, and equipment			—			—			1
Purchases of businesses, net of cash acquired			(378)			(313)			(147)
Purchases of investments			(118)			(40)			(48)
All other investing activities – net			(69)			(160)			23
Cash from (used for) investing activities – continuing operations			(1,047)			(914)			(558)
Cash flows – financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)			1			—			(12)
Newly issued debt, net of debt issuance costs (maturities longer than 90 days)			2,734			995			2,006
Repayments and other reductions (maturities longer than 90 days)			(1,767)			(1,418)			(855)
Dividends paid to stockholders			(64)			(55)			(41)
Repurchase of common stock			(200)			—			—
Redemption of noncontrolling interests			—			—			(211)
Net transfers (to) from GE			—			—			(1,317)
Proceeds from stock issued under employee benefit plans			37			33			34
Taxes paid related to net share settlement of equity awards			(42)			(93)			(33)
All other financing activities – net			(81)			(34)			(49)
Cash from (used for) financing activities – continuing operations			617			(573)			(478)
Cash from (used for) operating activities – discontinued operations			—			(4)			—
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash			66			(77)			(10)
Increase (decrease) in cash, cash equivalents, and restricted cash			1,623			387			1,055
Cash, cash equivalents, and restricted cash at beginning of year			2,893			2,506			1,451
Cash, cash equivalents, and restricted cash at end of year			$	4,515		$	2,893		$	2,506
Supplemental disclosure of cash flows information
Cash paid during the year for interest			$	(522)		$	(550)		$	(570)
Non-cash investing activities
Acquired but unpaid property, plant, and equipment			$	164		$	143		$	140

The accompanying notes are an integral part of these consolidated financial statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

GE HealthCare Technologies Inc. is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions.

The consolidated financial statements (the “financial statements”) of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for annual financial information and in accordance with the instructions to Form 10-K. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and operating results have been included. All intercompany balances and transactions within the Company have been eliminated in the financial statements. Tables throughout this document are presented in millions of U.S. dollars unless otherwise stated and certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts.

On January 3, 2023, General Electric Company, which now operates as GE Aerospace (“GE”), completed the spin-off of GE HealthCare Technologies Inc. (the “Spin-Off”). Following this transaction, GE continues to be considered a related party due to board member affiliation. Refer to Note 19, “Related Parties and Transition Services Agreement” for further information.

Certain prior year amounts in the financial statements and notes thereto have been reclassified to conform to the current year presentation. Amounts due from related parties and due to related parties, which were previously shown on separate lines on the Consolidated Statements of Financial Position and Consolidated Statements of Cash Flows, were reclassified to Receivables, All other current assets, Accounts Payable, All other current liabilities, and All other operating activities – net as applicable. Additionally, gain on fair value remeasurement of contingent consideration amounts, which was previously shown on a separate line on the Consolidated Statements of Cash Flows, was reclassified to All other operating activities – net.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ESTIMATES AND ASSUMPTIONS.

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions, which affect the reported amounts and related disclosures in the financial statements. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Estimates are used for, but are not limited to, determining the following: revenue from contracts with customers; recoverability of long-lived assets and inventory; valuation of goodwill and intangible assets; useful lives used in depreciation and amortization; asset retirement obligations; income taxes and related valuation allowances; accruals for contingencies including legal and product warranties; actuarial assumptions used to determine costs of pension and other postretirement benefits; valuation of pension assets; valuation and recoverability of receivables; valuation of derivatives; and valuation of assets acquired, liabilities assumed, and contingent consideration as a result of acquisitions. Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position, and cash flows.

REVENUE RECOGNITION.

Our revenues primarily consist of sales of products and services to customers. Products include equipment, imaging agents, software-related offerings, and upgrades. Services include contractual and stand-by preventative maintenance and corrective services, as well as related parts and labor, extended warranties, training, and other service-type offerings. The Company recognizes revenue from contracts with customers when the customer obtains control of the underlying products or services.

The Company recognizes a contract with a customer when there is a legally enforceable agreement between the Company and its customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. The Company’s revenues are measured based on the consideration specified in the contract with each customer net of any sales incentives, discounts, returns, chargebacks, group purchasing organization fees, rebates, or credits, as well as taxes collected from customers that are remitted to government authorities. Our estimates for these deductions, which are accounted for as variable consideration, are based on historical experience and consider current and forecasted market trends. We record these estimated amounts as a reduction to revenue when we recognize the related product or service sales. Payment terms are generally within 12 months. Payment terms within 12 months are not treated as significant financing components.

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Contracts for the sale of products and services often include multiple distinct performance obligations, usually involving an upfront deliverable of equipment and future performance obligations such as installation, training, or the future delivery of products or services. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative stand-alone selling price. Stand-alone selling price is obtained from sources such as the separate selling price for that or a similar item if reasonably available. If such evidence is not reasonably available, we use our best estimate of selling price, which is established consistent with the pricing strategy of the Company and considers product configuration, geography, customer type, and other market-specific factors.

Revenue is recognized in the period in which the customer obtains control of the underlying products or services, allowing them the ability to direct the use of, and obtain substantially all of, the remaining benefits of such product or service. This may occur at a point in time or over time. Shipping and handling costs to deliver products to customers are expensed as incurred and recognized within Cost of products or Cost of services in our Consolidated Statements of Income.

For standard, assurance-type warranties that are provided with products, we estimate the cost that may be incurred during the warranty period and record a liability at the time the revenue is recognized. The provision recorded reflects the estimated costs of replacement and free-of-charge services that will be incurred related to the products sold. Service-type warranties or extended warranties sold with products are considered separate performance obligations. As such, a portion of the overall transaction price is allocated to these performance obligations and recognized in revenue over time, as the performance obligations are satisfied.

The Company capitalizes certain direct incremental costs incurred to obtain a contract, primarily commissions. Costs to obtain a contract are classified within Contract and other deferred assets or All other non-current assets in the Consolidated Statements of Financial Position and are recognized within Selling, general, and administrative (“SG&A”) in the Consolidated Statements of Income based on the timing of when the Company expects to earn related revenues. Management assesses these costs for impairment based on periodic assessments of recoverability.

Performance Obligations Satisfied at a Point in Time

We primarily recognize revenue from sales of products at the point in time that the customer obtains control, which is generally no earlier than when the customer has physical possession. Our billing terms for these point-in-time product contracts generally coincide with delivery to the customer and customer acceptance; however, periodically, we transfer control of products in advance of billing or we receive customer advances and deposits from customers in advance of transfer of control of products which are recognized as contract assets or contract liabilities, respectively, in the Consolidated Statements of Financial Position. Any differences between the timing of our revenue recognition and customer billings (based on contractual terms) result in changes to our contract asset or contract liability positions.

Performance Obligations Satisfied Over Time

We recognize revenue from the sale of certain service contracts, including preventative maintenance, corrective services, and extended warranties over time on a ratable basis consistent with the nature, timing, and extent of our services, which primarily relate to routine maintenance and as-needed product repairs. Our billing terms for these contracts vary and can occur in advance of or following the period of service; however, we generally invoice periodically as services are provided. The differences between the timing of our revenue recognized and customer billings (based on contractual terms) result in changes to our contract asset or contract liability positions.

See Note 3, “Revenue Recognition” for further information.

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.

Cash deposits, short-term investments, and high-liquidity mutual funds with original maturities of three months or less are included in Cash, cash equivalents, and restricted cash in the Consolidated Statements of Financial Position. Restricted cash primarily relates to funds restricted in connection with escrow accounts and other contractual and legal restrictions.

See Note 18, “Supplemental Financial Information” for further information.

INVESTMENT SECURITIES.

Publicly traded equity securities for which we do not have the ability to exercise significant influence are recorded at fair value with changes in fair value recognized in Other (income) expense – net in the Consolidated Statements of Income. Certain private equity securities for which we do have the ability to exercise significant influence are also recorded at fair value with changes in fair value recognized in Other (income) expense – net in the Consolidated Statements of Income based on an election made. Privately held equity securities for which we do not have the ability to exercise significant influence are accounted for using the measurement alternative approach and are recorded at cost less impairment, if any, adjusted to fair value for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer, with changes in the measurement recognized through Other (income) expense – net in the Consolidated Statements of Income. Equity investments without readily determinable fair value as of December 31, 2025 and 2024 were $217 million and $176 million, respectively. Investment securities are recognized within All other non-current assets in the Consolidated Statements of Financial Position.

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EQUITY METHOD INVESTMENTS.

Investments in equity securities in which we do not have a controlling financial interest, but over which we have significant influence are accounted for using the equity method of accounting, or at fair value if we elect the fair value option. Equity method investments are assessed for other-than-temporary impairment when events occur or circumstances change that indicate it is more likely than not the fair value of the asset is below its carrying value. Equity method investments are recognized within All other non-current assets in the Consolidated Statements of Financial Position. Our share of the results of equity method investments is recognized within Other (income) expense – net in the Consolidated Statements of Income.

See Note 18, “Supplemental Financial Information” for further information.

RECEIVABLES.

Amounts due from customers arising from the sales of products and services are recorded at the outstanding amount, less allowances for credit losses, chargebacks, and other credits. We regularly monitor the recoverability of our receivables.

See Note 5, “Receivables” for further information.

FINANCING RECEIVABLES.

Our financing receivables portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases, and smaller-balance homogeneous loans and leases.

Loans

Loans represent term loans that are collateralized by equipment and other assets. Loans are classified as either held for sale or held for investment (“HFI”) based on management’s intent and ability to hold the loans for the foreseeable future. Loans where the Company does not have the ability and intent to hold for investment purposes and those where the Company intends to hold for sale in the foreseeable future are accounted for as loans held for sale. Loans held for sale are recorded at the lower of cost or current fair value with any fair value write-down (or change to the write-down) recorded as a valuation allowance through current period earnings in the period in which the change occurs. Loans classified as HFI are recorded at amortized cost.

Investment in Finance Leases

Finance leases include mostly sales-type leases of equipment and represent net unpaid rentals and estimated unguaranteed residual values of leased equipment, less related deferred income and the allowance for credit losses.

See Note 7, “Leases” for further information on our finance leases and “Allowance for credit losses” below for the Company’s policy regarding allowances for credit losses on financing receivables.

Credit Quality Indicators

We manage our financing receivables portfolio using delinquency and nonaccrual data as key performance indicators. We assess the overall quality of the portfolio based on a potential risk of loss measure. The metric incorporates both the borrower’s credit quality along with any related collateral protection. Financing receivables are considered past due if default on a contractual principal or interest payment exists for a period of 30 days or more. We stop accruing interest on financing receivables at the earlier of when collection of an account becomes doubtful or the account becomes 90 days past due. Although we stop accruing interest in advance of payments, we recognize income within Other (income) expense – net in the Consolidated Statements of Income when we determine that the account is returned to accrual status, provided that the amount does not exceed that which would have been earned at the historical effective interest rate.

See Note 6, “Financing Receivables” for further information.

ALLOWANCE FOR CREDIT LOSSES**.**

When we record customer receivables, contract assets, and financing receivables, we maintain an allowance for credit losses for the current expected credit losses. Each period, the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. The credit losses are recognized within SG&A in the Consolidated Statements of Income. For financing receivables, expected credit losses are calculated based on the gross carrying amount of the financial asset, multiplied by a factor reflecting the probability of default and the loss in the event of default. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment.

We estimate expected credit losses based on relevant information from past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses.

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INVENTORIES.

Inventories are stated at lower of cost or net realizable values. Cost of inventories is determined on a first-in, first-out basis. Inventories are generally classified as current, however, based on consumption timelines, certain inventories are considered non-current and are recognized, net of related reserves, within All other non-current assets in the Consolidated Statements of Financial Position. As necessary, we record provisions and write-downs for excess, slow moving, and obsolete inventory. To determine these amounts, we regularly review inventory quantities on hand and compare them to historical utilization and estimates of future product demand, market conditions, and technological developments.

See Note 18, “Supplemental Financial Information” for further information.

PROPERTY, PLANT, AND EQUIPMENT.

Property, plant, and equipment is stated at cost and is depreciated on a straight-line basis over its estimated useful life. Estimated useful lives generally range from 8 to 40 years for buildings, structures and related equipment, 3 to 20 years for machinery and equipment, and 1 to 16 years for leasehold improvements. Repair and maintenance costs are expensed as incurred. Property, plant and equipment is reviewed for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In such circumstances, assets are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values.

See Note 18, “Supplemental Financial Information” for further information.

LEASES.

Lessee Arrangements

At lease commencement, we record a lease liability and corresponding right-of-use (“ROU”) asset. ROU assets are recognized within Property, plant, and equipment – net and lease liabilities are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position. Options to extend a lease are included as part of the ROU lease asset and liability at commencement when it is reasonably certain the Company will exercise the option. We have elected to combine lease and non-lease components in determining our lease liability, primarily for real estate leases. Non-lease components are generally related to services that the lessor performs for the Company associated with the leased asset. As the Company’s leases typically do not provide an implicit rate, the present value of our lease liability is determined using our incremental collateralized borrowing rate at lease commencement for leases that commenced post-Spin-Off and GE’s incremental collateralized borrowing rate at lease commencement for leases that commenced pre-Spin-Off. For leases with an initial term of 12 months or less, an ROU asset and lease liability are not recognized, and lease expense is recognized on a straight-line basis over the lease term. Certain of our leases include provisions for variable lease payments which are based on, but not limited to, maintenance, insurance, taxes, index escalations, and usage-based amounts. The Company recognizes variable lease payments not included in its lease liabilities in the period in which the obligation for those payments is incurred. We review ROU assets for impairment annually or when events occur or circumstances change that indicate that the asset may be impaired.

Lessor Arrangements

Equipment leased to others under operating leases is recognized within Property, plant, and equipment – net in the Consolidated Statements of Financial Position. Leases classified as sales-type leases or direct finance leases are recognized within All other current assets and All other non-current assets, respectively, in the Consolidated Statements of Financial Position. The terms of the related contracts, including the proportion of fixed versus variable payments and any options to shorten or extend the lease term or purchase the underlying asset, vary by customer.

See Note 6, “Financing Receivables” and Note 7, “Leases” for further information.

GOODWILL AND OTHER INTANGIBLE ASSETS.

Goodwill and Acquired Intangibles

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. We test goodwill for impairment at the reporting unit level annually in the fourth quarter of each year as of October 1st, or more frequently when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, an impairment charge is recognized based on the difference between the reporting unit’s carrying value and its fair value. When performing a quantitative test, the market approach is typically used for estimating the fair values for our reporting units. Under the market approach, we estimate the fair value based on market multiples of earnings derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting unit. Depending on the specific reporting unit circumstances, we may also consider performing a valuation based on an income approach. It is reasonably possible that the judgments and estimates used could change in future periods.

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In-process research and development (“IPR&D”) acquired as part of a business acquisition is capitalized at fair value when acquired and is considered an indefinite-lived intangible asset. We test indefinite-lived intangible assets for impairment annually in the third quarter of each year or when events occur or circumstances change that indicate it is more likely than not the fair value of the asset is below its carrying value. When testing IPR&D for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of the IPR&D is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that the IPR&D is impaired, an impairment charge is recognized based on the difference between the IPR&D’s carrying value and its fair value. When the IPR&D project is complete, the asset is considered a finite-lived intangible asset and subject to an impairment test at that date. Thereafter, the resulting asset is amortized over its estimated useful life and is subject to impairment assessments in the same manner as all amortizing intangible assets.

For other intangible assets that are not deemed indefinite-lived, the cost of the intangible asset is amortized on a straight-line basis over the asset’s estimated useful life. Amortizable intangible assets are reviewed for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In such circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values.

Internal-use Software

Internal-use software is software that is developed, purchased, or modified to meet internal needs and for which no substantive plan exists to sell, lease, or otherwise market the software externally. All costs associated with project tasks classified in the preliminary project development or post-implementation/operation stage are expensed as incurred. Capitalization of application development stage costs begins after both of the following occur: (1) the preliminary project development stage is completed and (2) management authorizes and commits to funding the software project and it is probable that the project will be completed and the software will be used for the purpose for which it was intended. Capitalization ceases when the project is substantially complete. Capitalized amounts are recognized within Other intangible assets – net in the Consolidated Statements of Financial Position and are amortized on a straight-line basis over the asset’s estimated useful life.

Capitalized cloud computing arrangement implementation costs

For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal-use software requirements. Capitalized amounts are recognized within All other non-current assets in the Consolidated Statements of Financial Position and are amortized on a straight-line basis over the expected term of the related service contract.

External-use Software

External-use software relates to software that is (1) intended to be sold, licensed, or marketed to our customers or (2) embedded and integral to our tangible products for which research and development (“R&D”) has been completed. Costs that are related to the conceptual formulation and design of software are expensed as incurred. Costs that are incurred after technological feasibility has been established until general release of the product are capitalized as an intangible asset and recognized within Other intangible assets – net in the Consolidated Statements of Financial Position. Capitalized costs for software to be sold, leased, or otherwise marketed are amortized on an individual product basis using straight-line amortization over the estimated useful life of the product. The Company performs regular reviews to assess whether unamortized capitalized external use software program costs remain recoverable through future revenue.

See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” and Note 18, “Supplemental Financial Information” for further information.

DERIVATIVES AND HEDGING.

We use derivative contracts to reduce the volatility of earnings and cash flows associated with risks related to foreign currency exchange rates, interest rates, and equity prices. Our policy is to use derivatives solely for managing risks and not for speculative purposes.

We employ the following hedge types: (1) cash flow hedges of foreign currency risk associated with third-party and intercompany foreign currency-denominated forecasted transactions and firm commitments, (2) net investment hedges of foreign currency risk associated with investments in foreign operations, (3) fair value hedges of interest rate risk associated with long-term borrowings, and (4) economic hedges not designated as qualifying hedging relationships of foreign currency risk associated with monetary assets and liabilities, including intercompany balances and equity price risk.

For net investment hedges, changes in the fair value of the components of the hedging derivatives excluded from the assessment of hedge effectiveness are deferred and amortized to earnings in the Consolidated Statements of Income using a systematic and rational method over the life of the derivative transaction.

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Contracts that do not in their entirety meet the definition of a derivative instrument and are not measured at fair value may contain embedded features affecting some or all of the cash flows or value of other exchanges that would otherwise be considered derivatives when assessed separately from the host contract. Such embedded features are separated from the host contract and accounted for as a derivative measured at fair value if their economic characteristics and risks are not clearly and closely related to those of the host contract.

See Note 13, “Financial Instruments and Fair Value Measurements” for further information.

INCOME TAXES.

Uncertain tax positions that meet the more likely than not recognition threshold are included in the financial statements. Such uncertain tax positions are measured at the largest amount of benefit that the Company believes has a greater than 50% likelihood of realization upon settlement. Our policy is to adjust these reserves when facts and circumstances change, such as the change in the technical merit of a position, an uncertain tax position is effectively settled with the relevant taxing authority, or the statute of limitations has expired. Penalties and interest related to income tax matters are recognized within Benefit (provision) for income taxes in the Consolidated Statements of Income.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their respective tax basis, as well as net operating loss and tax credit carryforwards. The deferred income tax balances are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits considering all available positive and negative evidence, including the impact of the Tax Matters Agreement with GE, specifically assessing the adequacy of future expected taxable income from all sources, including reversal of existing taxable temporary differences, forecasted operating earnings, taxable income in prior carryback years, if applicable, and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established to reduce its carrying value to the amount that is more likely than not to be realized. Deferred taxes are provided for the outside basis difference of certain investments in non-U.S. affiliates and associated companies based upon our evaluation of the undistributed earnings of such entities if the permanently reinvested assumption cannot be made.

See Note 11, “Income Taxes” and Note 19, “Related Parties and Transition Services Agreement” for further information.

POSTRETIREMENT BENEFIT PLANS.

We measure our plan assets at fair value and categorize plan assets for disclosure purposes in accordance with the fair value hierarchy. Certain assets for which the fair value is measured using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The components of net periodic benefit costs, other than the service cost component, are recognized within Non-operating benefit (income) costs in the Consolidated Statements of Income for plans sponsored by the Company.

We engage third-party actuaries to assist in the determination of benefit obligations and related net periodic benefit costs. We develop significant long-term assumptions, including discount rates and the expected rate of return on assets in connection with our pension accounting. In the fourth quarter of each fiscal year and whenever a plan is determined to qualify for a remeasurement, we recognize differences between expected long-term return on plan assets and actual returns, and net actuarial gains and losses for the pension plan liabilities within the Consolidated Statements of Comprehensive Income (Loss).

We amortize gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions, that exceed 10% of the greater of the market related value of plan assets or benefit obligations, determined as of the beginning of the year. The period over which gains and losses are amortized to earnings is generally over the average remaining life expectancy of plan participants.

See Note 10, “Postretirement Benefit Plans” for further information.

LOSS CONTINGENCIES.

Loss contingencies are uncertain and unresolved matters that arise in the ordinary course of business and result from events that have the potential to result in a future loss. Such contingencies include, but are not limited to, product warranties, claims, litigation, environmental obligations, regulatory investigations and proceedings, product quality, and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the loss. When there appears to be a range of possible losses with equal likelihood, liabilities are based on the low end of such range. Disclosure is provided for material loss contingencies when a loss is probable and a reasonable estimate can be made, when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. Legal costs incurred in connection with loss contingencies are expensed as incurred.

See Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” for further information.

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ASSET RETIREMENT OBLIGATIONS.

Our operations involve the use, disposal, and cleanup of substances regulated under nuclear decommissioning regulations that require asset retirement obligations. Liabilities for nuclear decommissioning exclude possible insurance recoveries. Due to uncertainties or changes regarding the status of laws, regulations, technology, and information related to individual sites and lawsuits, it is reasonably possible that our exposure will exceed amounts accrued, and amounts not currently reasonably estimable and/or probable may need to be accrued in future periods. We record asset retirement obligations associated with the retirement of tangible long-lived assets as a liability in the period in which the obligation is incurred and its fair value can be reasonably estimated. The liability is measured at the present value of the obligation when incurred and is adjusted in subsequent periods. Corresponding asset retirement costs are generally capitalized as part of the carrying value of the related long-lived assets and depreciated over the assets’ useful lives.

See Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” for further information.

SUPPLY CHAIN FINANCE PROGRAMS.

The Company participates in voluntary supply chain finance programs which provide participating suppliers the opportunity to sell their GE HealthCare receivables to third parties at the sole discretion of both the suppliers and the third parties. We evaluate supply chain finance programs to ensure the use of a third-party intermediary to settle our trade payables does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables to borrowings. In connection with the supply chain finance programs, payment terms normally range from 30 to 180 days, depending on the underlying supplier agreements.

See Note 18, “Supplemental Financial Information” for further information.

FAIR VALUE MEASUREMENTS.

The following sections describe the valuation methodologies we use to measure financial and non-financial instruments at fair value including certain assets within our postretirement benefit plans. Observable inputs for fair value measurements reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish the following fair value hierarchy:

• Level 1 — Quoted prices for identical instruments in active markets.

• Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3 — Significant inputs to the valuation model are unobservable.

See Note 13, “Financial Instruments and Fair Value Measurements” for further information.

RECURRING FAIR VALUE MEASUREMENTS.

For financial assets and liabilities measured at fair value on a recurring basis, primarily money market funds, investment securities, derivatives, and contingent consideration, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Money Market Funds

Money market funds are valued using pricing information from the fund managers, quoted on a daily basis, and are considered Level 2 inputs.

Investment Securities

Publicly traded equity securities are valued using Level 1 quoted price inputs. Non-publicly traded equity securities for which the fair value option was elected are classified within Level 3 and are valued using unobservable inputs, primarily by discounting expected future cash flows.

Derivatives

The majority of our derivatives are valued using model-derived offers received from financial institutions for similar over-the-counter instruments without an active market or internal models. The models maximize observable inputs including interest rates and both forward and spot prices for currencies. As of December 31, 2025 and 2024, foreign currency contracts, interest rate contracts, embedded derivatives, and equity-linked total return swaps were valued using Level 2 inputs.

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Contingent Consideration

When an acquisition involves a contingent consideration arrangement, we record on the date of acquisition a liability for the fair value of the estimated additional consideration we may be obligated to pay in the future. The fair value is based upon estimates of future financial projections under various potential scenarios using a probability-weighted expected payment model discounted to present value. The estimates used to determine the fair value are subject to significant judgment and as such are considered Level 3 inputs. We subsequently remeasure such liabilities at the end of each reporting period and record changes in the fair value within SG&A in the Consolidated Statements of Income.

Investments in Annuity Contracts, Private Equity, Real Estate and Collective Funds held within our Postretirement Benefit Plans

Investments are generally valued using the NAV per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to an annuity contract, real estate, and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 10, “Postretirement Benefit Plans” for further information.

Debt Securities held within our Postretirement Benefit Plans

When available, we use quoted market prices to determine the fair value of debt securities which are Level 1 inputs. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are classified within Level 2. See Note 10, “Postretirement Benefit Plans” for further information.

There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the years ended December 31, 2025, 2024, and 2023. See Note 13, “Financial Instruments and Fair Value Measurements” for further information.

NON-RECURRING FAIR VALUE MEASUREMENTS.

Certain assets and liabilities are measured at fair value on a non-recurring basis. These items may include financing receivables and long-lived assets reduced to fair value upon classification as held for sale and impaired equity method investments and long-lived assets, which, when written down to fair value upon an impairment, are not subsequently adjusted to fair value unless further impairment occurs. The following sections describe the valuation methodologies the Company uses to measure these assets not measured on a recurring fair value basis.

Equity Method Investments

Equity method investments for which the fair value option was not elected are initially recorded at cost and are adjusted in each period for the Company’s share of the investee’s income or loss and dividends paid. In instances of impairment, equity method investments are written down to fair value using market observable data such as quoted prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources, or a combination of these approaches, as appropriate. These investments are generally valued using Level 3 inputs.

Equity Investments Without Readily Determinable Fair Value

Equity investments without readily determinable fair value, subject to a policy choice on a transaction-by-transaction basis, are accounted for under the measurement alternative at cost less impairment and adjusted to fair value for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In the instance of impairment, if any, equity investments are adjusted to fair value using market observable data if available. If market observable data is not available, fair values are estimated using discounted cash flow models, comparative market multiples, or a combination of these approaches using Level 3 inputs.

Financing Receivables

We generally use market data, including pricing on recently closed market transactions, to value financing receivables that are held for sale. Such financing receivables are valued using Level 2 inputs. When data is unobservable, we use valuation methodologies based on current market interest rate data adjusted for inherent credit risk. Such financing receivables are valued using Level 3 inputs.

Long-Lived Assets

Fair values of long-lived assets are primarily developed internally and are corroborated by available external appraisal information, as applicable. These assets are generally valued using Level 3 inputs.

FOREIGN CURRENCY.

We have determined that the functional currency for many of our international operations is the local currency, and for other international operations the functional currency is the USD. The basis of this determination is the currency in which each of the international operations primarily generates and expends cash. When the functional currency is not the USD, asset and liability accounts are translated at period-end exchange rates. The Company translates functional currency income and expense amounts to their USD equivalents using average exchange rates for the period. These translation gains and losses are recognized within Accumulated other comprehensive income (loss) – net (“AOCI”) in the Consolidated Statements of Financial Position.

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Gains and losses from foreign currency transactions, such as those resulting from the settlement of monetary items in the non-functional currency and those resulting from remeasurements of monetary items, are included in Cost of products, Cost of services, SG&A, and R&D in the Consolidated Statements of Income, depending on the underlying nature of the item. Net gains (losses) from foreign currency transactions were $(149) million, $16 million, and $16 million for the years ended December 31, 2025, 2024, and 2023, respectively.

BUSINESS COMBINATIONS.

Our financial statements include the operations of acquired businesses from the date of acquisition. The Company accounts for acquired businesses using the acquisition method of accounting in accordance with U.S. GAAP, which requires that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. When we acquire the remaining equity ownership of a company in which we hold an equity interest, we remeasure our equity interest to fair value. Any excess of the purchase price over the assigned values of the net assets acquired is recorded as Goodwill. Transaction costs are expensed as incurred. For those arrangements that involve potential future contingent consideration, on the date of acquisition we record a liability equal to the fair value of the estimated additional consideration we may be obligated to pay in the future.

See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” and Note 13, “Financial Instruments and Fair Value Measurements” for further information.

DISCONTINUED OPERATIONS.

Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or are spun-off. Presentation as discontinued operations is consistent for all periods presented.

RESTRUCTURING COSTS.

We record liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee termination costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period.

See Note 15, “Restructuring Activities” for further information.

RESEARCH AND DEVELOPMENT.

The Company conducts R&D activities to create new products, develop new applications for existing products, and enhance existing products. Clinical study and certain research costs are recognized over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. R&D costs are expensed as incurred.

In certain instances, R&D activities may be funded by third parties, including government entities. These R&D funding arrangements may include upfront payments, R&D cost sharing payments, and future milestone payments that may be based upon the occurrence of future R&D or commercialization events. Payments received as part of the R&D funding arrangements are generally presented as an offset to R&D expense.

COLLABORATIVE ARRANGEMENTS.

We enter into collaborative arrangements primarily related to development of new products. A collaborative arrangement is a contractual arrangement that involves two or more parties who are active participants in the activity, and are exposed to significant risks and rewards dependent on the commercial success of the activity. The assessment for a collaborative arrangement is performed throughout the life of the arrangement based on changes in the responsibilities of all parties. Amounts that are owed by collaboration partners related to R&D activities are generally presented as an offset to R&D expense.

ACCOUNTING CHANGES.

We evaluate Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not included in our disclosures were assessed and determined to either be not applicable or are not expected to have a significant impact on our financial statements.

Recent Accounting Pronouncements Reflected in Our Consolidated Financial Statements

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025, prospectively applied to disclosures in our notes to the financial statements. See Note 11, “Income Taxes.” for further information.

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Other Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 addresses investor requests for more transparency about expense information through the disaggregation of relevant expense captions in the notes to the financial statements. The provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We expect the adoption to increase disclosures in our notes to the financial statements.

In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 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 committed to 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 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. We are currently evaluating the effect that ASU 2025-06 will have on our financial statements.

NOTE 3. REVENUE RECOGNITION

CONTRACT AND OTHER DEFERRED ASSETS.

Contract assets reflect revenue recognized on contracts with customers in excess of billings based on contractual terms. Contract assets are classified as current or non-current based on the amount of time expected to lapse until the Company’s right to consideration becomes unconditional. Other deferred assets consist of costs to obtain contracts, primarily commissions, other cost deferrals for shipped products, and deferred service, labor, and direct overhead costs.

			As of
			December 31, 2025			December 31, 2024
Contract assets			$	645		$	589
Other deferred assets			428			385
Contract and other deferred assets			1,073			974
Non-current contract assets(1)			91			103
Non-current other deferred assets(1)			120			105
Total contract and other deferred assets			$	1,285		$	1,183

(1)Non-current contract and other deferred assets are recognized within All other non-current assets in the Consolidated Statements of Financial Position.

Capitalized costs to obtain a contract were $253 million and $217 million as of December 31, 2025 and 2024, respectively. Generally, these costs are recognized within two years of being capitalized. When recognized, the costs to obtain a contract are recorded within SG&A in the Consolidated Statements of Income.

CONTRACT LIABILITIES.

Contract liabilities include customer advances and deposits received when orders are placed and billed in advance of completion of performance obligations. Contract liabilities are classified as current or non-current based on the periods over which these remaining performance obligations are expected to be satisfied with our customers.

			As of
			December 31, 2025			December 31, 2024
Contract liabilities			$	2,095		$	1,943
Non-current contract liabilities(1)			803			686
Total contract liabilities			$	2,899		$	2,629

(1)Non-current contract liabilities are recognized within All other non-current liabilities in the Consolidated Statements of Financial Position.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $1,588 million and $1,585 million for the years ended December 31, 2025 and 2024, respectively.

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REMAINING PERFORMANCE OBLIGATIONS.

Remaining performance obligations (“RPO”) represents the estimated revenue expected from customer contracts that are partially or fully unperformed inclusive of amounts deferred in contract liabilities, excluding contracts, or portions thereof, that provide the customer with the right to cancel or terminate without incurring a substantive penalty. RPO also excludes estimated revenue from arrangements where we lease equipment manufactured by the Company to customers.

			As of
			December 31, 2025			December 31, 2024
Products			$	5,001		$	4,755
Services			10,728			9,737
Total RPO			$	15,729		$	14,491

We expect to recognize substantially all of the revenue for our product-related RPO within two years and services-related RPO within five years.

NOTE 4. SEGMENT AND GEOGRAPHICAL INFORMATION

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”). These segments have been identified based on the nature of the products sold and how the Company manages its operations. We have not aggregated any of our operating segments to form reportable segments. A description of our reportable segments has been provided in Item 1, “Business” of this Annual Report on Form 10-K.

The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) for the purpose of assessing performance and allocating resources. The Company’s CODM is our Chief Executive Officer. The CODM assesses segment performance using Total revenues and an earnings metric defined as “Segment EBIT.” Segment EBIT is calculated as income before income taxes in our Consolidated Statements of Income excluding the impact of the following: Interest and other financial charges – net, Non-operating benefit (income) costs, restructuring costs, acquisition and disposition-related benefits (charges), gain (loss) on business and asset dispositions, Spin-Off and separation costs, amortization of acquisition-related intangible assets, and investment revaluation gain (loss). Segment EBIT is also used in the annual budget and periodic forecasting processes and informs the CODM in decision making regarding the allocation of resources to the segments.

Total Revenues by Segment									For the years ended December 31
												2025			2024			2023
Total Imaging												$	9,245		$	8,855		$	8,944
AVS:
Procedural Guidance												2,752			2,711			2,666
Specialized Ultrasound												2,601			2,420			2,428
Total AVS												5,354			5,131			5,094
PCS:
Monitoring Solutions												2,256			2,194			2,283
Life Support Solutions												831			931			859
Total PCS												3,086			3,125			3,142
Total PDx												2,900			2,508			2,306
Other**(1)**												40			52			66
Total revenues												$	20,625		$	19,672		$	19,552

(1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services (“HFS”) which does not meet the definition of an operating segment.

No single customer accounted for more than 10% of the Company’s revenues for the years ended December 31, 2025, 2024, or 2023. Additionally, no single customer accounted for more than 10% of accounts receivable as of December 31, 2025 or 2024.

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Significant Expenses by Segment									For the years ended December 31
												2025			2024			2023
Imaging:
Cost of sales												$	6,099		$	5,623		$	5,901
Other segment items(1)												2,255			2,270			2,222
Total Imaging												$	8,353		$	7,893		$	8,123
AVS:
Cost of sales												$	2,629		$	2,485		$	2,485
Other segment items(1)												1,550			1,528			1,485
Total AVS												$	4,178		$	4,014		$	3,970
PCS:
Cost of sales												$	2,028		$	1,930		$	1,890
Other segment items(1)												849			848			869
Total PCS												$	2,877		$	2,778		$	2,759
PDx:
Cost of sales												$	1,450		$	1,236		$	1,192
Other segment items(1)												579			490			497
Total PDx												$	2,028		$	1,725		$	1,689

(1) Other segment items for each segment includes selling, general, administrative, research, and development related expenses, as well as other segment income and expenses.

Segment EBIT									For the years ended December 31
												2025			2024			2023
Segment EBIT
Imaging												$	891		$	962		$	821
AVS												1,175			1,118			1,124
PCS												209			347			383
PDx												872			783			617
Other(1)												7			2			11
												3,155			3,211			2,956
Restructuring costs												(120)			(120)			(54)
Acquisition and disposition-related benefits (charges)												(39)			(3)			15
Gain (loss) on business and asset dispositions												5			—			—
Spin-Off and separation costs												(38)			(251)			(270)
Amortization of acquisition-related intangible assets												(156)			(137)			(127)
Investment revaluation gain (loss)												112			(22)			1
Interest and other financial charges – net												(440)			(504)			(542)
Non-operating benefit income (costs)												288			406			382
Income before income taxes												$	2,768		$	2,581		$	2,361

(1) Financial information not presented within the reportable segments, shown within the Other category, primarily represents HFS which does not meet the definition of an operating segment.

The following table represents the depreciation and amortization amounts reported within the Segment EBIT metric for our reportable segments. Depreciation and amortization expense related to shared property, plant, and equipment and intangibles, exclusive of acquisition-related intangible assets, has been fully allocated to our segments and those allocations are reflected in the amounts presented in the table below. These amounts are included within Cost of sales and Other segment items disclosed in the Significant Expenses by Segment table above.

Depreciation and Amortization by Segment									For the years ended December 31
												2025			2024			2023
Imaging												$	227		$	249		$	274
AVS												70			78			90
PCS												53			55			69
PDx												66			55			45

The Company does not report total assets by segment as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

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GEOGRAPHIC INFORMATION.

Revenues are classified according to the country in which products and services are sold.

Total Revenues by Country			For the years ended December 31
			2025			2024			2023
United States			$	9,168		$	8,617		$	8,228
China			2,031			2,135			2,560
All other countries			9,427			8,919			8,764
Total revenues			$	20,625		$	19,672		$	19,552

Long-lived assets represent Property, plant, and equipment – net and are classified according to the country where the asset is located.

Long-Lived Assets – Net by Country			As of
			December 31, 2025			December 31, 2024
United States			$	962		$	908
China			439			392
Norway			368			296
Japan			296			62
All other countries			1,027			893
Total long-lived assets – net			$	3,092		$	2,550

NOTE 5. RECEIVABLES

Current Receivables			As of
			December 31, 2025						December 31, 2024
Current customer receivables**(1)**			$	3,719					$	3,382
Non-income based tax receivables			159						155
Other sundry receivables			180						133
Current sundry receivables			339						287
Allowance for credit losses			(103)						(103)
Total current receivables – net			$	3,955					$	3,566

(1) Chargebacks, which are primarily related to our PDx business, are generally settled through issuance of credits, typically within one month of initial recognition, and are recorded as a reduction to Current customer receivables. Balances related to chargebacks were $148 million and $153 million as of December 31, 2025 and 2024, respectively.

Activity in the allowance for credit losses related to current receivables consisted of the following:

			For the years ended December 31
			2025			2024			2023
Balance at beginning of period			$	103		$	98		$	91
Additions charged to costs and expenses			10			20			16
Write-offs			(15)			(12)			(11)
Foreign currency exchange and other			4			(2)			2
Balance at end of period			$	103		$	103		$	98

Long-Term Receivables			As of
			December 31, 2025			December 31, 2024
Long-term customer receivables			$	73		$	59
Non-income based tax receivables			24			20
Other sundry receivables			100			68
Long-term sundry receivables			124			88
Allowance for credit losses			(7)			(5)
Total long-term receivables – net			$	190		$	142

Long-term receivables are recognized within All other non-current assets in the Consolidated Statements of Financial Position.

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NOTE 6. FINANCING RECEIVABLES

Current financing receivables and non-current financing receivables are recognized within All other current assets and All other non-current assets, respectively, in the Consolidated Statements of Financial Position.

			As of
			December 31, 2025			December 31, 2024
Loans receivable, at amortized cost			$	21		$	23
Investment in finance leases, net of deferred income			76			69
Allowance for credit losses			(2)			(2)
Current financing receivables – net			$	95		$	90
Loans receivable, at amortized cost			$	44		$	35
Investment in finance leases, net of deferred income			149			152
Allowance for credit losses			(3)			(4)
Non-current financing receivables – net			$	190		$	183

As of December 31, 2025, 1%, 1%, and 1% of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral. As of December 31, 2024, 4%, 4%, and 3% of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral.

NOTE 7. LEASES

OPERATING LEASES.

As a lessee, the Company leases certain logistics, office, and manufacturing facilities, as well as vehicles and other equipment. Certain of the Company’s leases may include options to extend. Our ROU operating lease assets are recognized within Property, plant, and equipment – net in the Consolidated Statements of Financial Position. Our operating lease liabilities are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position, as detailed below.

Operating Lease Assets and Liabilities			As of
			December 31, 2025			December 31, 2024
Operating lease ROU assets			$	410		$	364
Current operating lease liabilities			134			115
Non-current operating lease liabilities			284			270
Total operating lease liabilities			$	419		$	385

Operating Lease Expense			For the years ended December 31
			2025			2024			2023
Long-term (fixed)			$	136		$	134		$	121
Long-term (variable)			101			120			106
Short-term			12			4			2
Total operating lease expense			$	249		$	258		$	229

Maturity of Lease Liabilities
			2026			2027			2028			2029			2030			Thereafter			Total
Undiscounted lease payments			$	153		$	116		$	73		$	42		$	20		$	56		$	460
Less: imputed interest																					41
Total lease liability as of December 31, 2025																					$	419

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Supplemental Information Related to Operating Leases			For the years ended December 31
			2025			2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities			$	151		$	138		$	130
Right-of-use assets obtained in exchange for new lease liabilities			162			147			154
Weighted-average remaining lease term (in years)			4.6			4.4			4.7
Weighted-average discount rate			4.4		%	4.5		%	4.4		%

FINANCE LEASES.

The Company leases equipment manufactured or sold by the Company to customers through sales-type leases. Sales-type leases are included in financing receivables and are recognized within All other current assets and All other non-current assets in the Consolidated Statements of Financial Position.

Finance lease income was $14 million, $14 million, and $13 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is recognized within Other (income) expense – net in the Consolidated Statements of Income.

Net Investment in Finance Leases			As of
			December 31, 2025			December 31, 2024
Minimum lease payments receivable			$	243		$	242
Less: deferred income			(30)			(31)
Discounted lease receivable			213			211
Estimated unguaranteed residual value of leased assets, net of deferred income			12			10
Investment in finance leases, net of deferred income			$	225		$	221

Contractual Maturities
Due In			2026			2027			2028			2029			2030			Thereafter			Total
Minimum lease payments receivable			$	86		$	56		$	39		$	26		$	16		$	19		$	243

We expect actual maturities to differ from contractual maturities, primarily as a result of prepayments.

NOTE 8. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

PROPOSED ACQUISITION.

On November 20, 2025, we announced an agreement to acquire Intelerad for a purchase price of $2,300 million to be paid in cash. The proceeds of senior unsecured notes issued in the fourth quarter of 2025, together with borrowings under a new delayed draw term loan facility and cash on hand, are expected to be used to fund the purchase price of the acquisition. See Note 9, “Borrowings” for additional information on the borrowings. Intelerad is a leading medical imaging software and digital enterprise workflow solutions company with a significant presence in outpatient ambulatory care settings. Its cloud-first products are designed for radiology and cardiology and extend across both inpatient and outpatient care settings. Intelerad’s outpatient footprint complements GE HealthCare’s footprint in hospital-based imaging. Together, these combined capabilities are expected to create a more comprehensive, cloud-first and AI-enabled imaging offering spanning diverse care settings—from large academic medical centers to rapidly expanding ambulatory networks. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, including regulatory approvals.

ACQUISITIONS.

icometrix

On November 7, 2025, the Company acquired 100% of the stock of icometrix NV (“icometrix”) for approximately $98 million of upfront payment, net of cash acquired and potential earn-out payments up to $35 million based on sales targets over two years. icometrix is focused on providing AI-powered brain imaging analysis for neurological disorders such as Alzheimer’s disease. Through this acquisition, we expect to integrate the icometrix platform with our MRI systems. icometrix is included in the Company’s Imaging segment.

This transaction was accounted for as a business combination. The preliminary purchase price allocation resulted in goodwill of $74 million, intangible assets of $34 million, and deferred tax liabilities of $9 million. Purchase price allocations are based on preliminary valuations. Our estimates and assumptions are subject to change within the measurement period. The goodwill associated with the acquired business is non-deductible for tax purposes.

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Nihon Medi-Physics

On March 31, 2025, the Company acquired the remaining 50% interest in Nihon Medi-Physics Co., Ltd. (“NMP”) from joint venture partner Sumitomo Chemical for net cash consideration of $271 million. NMP is a leading pharmaceutical manufacturer in Japan, focused on radiopharmaceuticals, which are used to enable clinical images across neurology, cardiology, and oncology procedures, as well as nonclinical and clinical development of radiotracers and theranostics research. Their product portfolio includes several GE HealthCare radiopharmaceuticals. NMP is included in the Company’s PDx segment.

On March 31, 2025, the fair value of the Company’s existing 50% interest in NMP was determined to be $301 million based on the cash consideration exchanged for acquiring the remaining 50% equity interest. The carrying value of our 50% interest was $204 million. The Company recognized a net gain of $97 million resulting from this remeasurement to fair value. This gain included the reclassification of certain amounts related to the Company’s 50% interest out of AOCI including foreign currency translation gains of $63 million and losses related to a defined benefit pension plan of $8 million. The net gain from this remeasurement was recorded in Other (income) expense – net in the Company’s Consolidated Statements of Income for the year ended December 31, 2025.

The following table provides a summary of the purchase price consideration transferred for the acquisition of NMP.

			Purchase consideration
Cash consideration, net of cash acquired			$	271
Fair value of previously held interest in NMP			301
Fair value of contingent consideration			5
Total allocable purchase price			$	577

The preliminary fair values of the assets and liabilities assumed in connection with the acquisition of NMP are as follows.

			Preliminary allocation
Receivables			$	53
Inventories			9
All other current assets(1)			35
Property, plant, and equipment			240
Goodwill			220
Other intangible assets			235
All other non-current assets			39
Deferred income taxes			(81)
All other non-current liabilities			(145)
Other(2)			(28)
Total net assets post acquisition			$	577

(1) All other current assets includes $35 million of indemnification assets, with the underlying indemnified liabilities recorded in All other non-current liabilities.

(2) Other includes Accounts payable, All other current liabilities, and Current compensation and benefits.

The allocation of purchase price of NMP to the tangible and intangible assets acquired and liabilities assumed, as reflected in the table above, is based on the Company’s preliminary allocations of their fair values. As of December 31, 2025, measurement period adjustments included changes to the purchase price allocation, resulting in a net increase of approximately $4 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired intangibles and decommissioning liabilities based on facts and circumstances that existed as of the acquisition date. While all amounts remain subject to adjustments, the areas potentially subject to the most significant adjustments are decommissioning liabilities and deferred income taxes. The Company’s management believes the fair values recognized for the assets acquired and the liabilities assumed are based on reasonable estimates and assumptions.

Property, plant, and equipment is mostly comprised of land, buildings, equipment (including machinery, furniture, and fixtures) and construction in process. The fair value of property, plant, and equipment was determined using a market participant approach.

Other intangibles relate to $235 million of definite-lived intangible assets. Definite-lived intangible assets consist primarily of developed product market authorization rights and customer relationships. The acquired definite-lived intangibles are being amortized over a weighted-average estimated useful life of approximately 13 years. The estimated fair value of intangibles was determined using the income approach, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of cash flows an asset would generate over its useful life.

The goodwill associated with NMP, recorded within the PDx segment, is non-deductible for tax purposes and is attributed to expected synergies with NMP’s existing assets and workforce that are expected to allow the Company greater access and growth in the Japan market.

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Included in All other non-current liabilities are asset retirement obligations and decommissioning liabilities of $124 million, which were assumed in the transaction.

NMP has a defined benefit pension plan which has pension assets of $71 million and pension liabilities of $33 million, a net asset of $38 million, which we acquired in the transaction and is included in All other non-current assets.

Deferred income tax liabilities include the expected U.S. federal, state, and foreign tax consequences associated with temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and the respective tax basis.

If the acquisition of NMP had taken place as of the beginning of 2024, consolidated revenues and earnings would not have been significantly different than reported amounts.

MIM Software

On April 1, 2024, the Company acquired 100% of the stock of MIM Software Inc. (“MIM Software”) for approximately $259 million, net of cash acquired of $11 million, and potential contingent payments valued at $13 million pertaining to achievement of certain milestones, for a total purchase price of $283 million. The acquisition included up to $23 million of other contingent payments based on service requirements. The acquisition was funded with cash on hand. This transaction was accounted for as a business combination. The purchase price allocation, which was finalized in the first quarter of 2025 without material adjustments, resulted in goodwill of $189 million, customer-related intangible assets of $52 million, developed technology intangible assets of $48 million, net deferred tax liabilities of $13 million, and other net assets of $7 million. The goodwill associated with the acquired business, recorded within the Imaging segment, is non-deductible for tax purposes and is attributed to expected synergies and commercial benefits from use of the MIM Software technology in our existing GE HealthCare portfolio. MIM Software is a global provider of medical imaging analysis and AI solutions for the practice of radiation oncology, molecular radiotherapy, diagnostic imaging, and urology at imaging centers, hospitals, specialty clinics, and research organizations worldwide.

If the acquisition of MIM Software had taken place as of the beginning of 2023, consolidated revenues and earnings would not have been significantly different from reported amounts.

GOODWILL.

			Imaging			AVS			PCS			PDx			Total
Balance at December 31, 2023			$	4,431		$	3,933		$	2,038		$	2,534		$	12,936
Reallocation			(1,031)			1,031			—			—			—
Acquisitions(1)			194			42			—			—			236
Foreign currency exchange and other			(13)			(19)			(3)			(1)			(36)
Balance at December 31, 2024			3,581			4,987			2,035			2,533			13,136
Acquisitions(2)			81			—			—			220			301
Foreign currency exchange and other			20			33			6			(8)			51
Balance at December 31, 2025			$	3,682		$	5,020		$	2,041		$	2,745		$	13,489

(1) Includes the purchase of MIM Software recorded within our Imaging segment, as described above, and Intelligent Ultrasound Group PLC in our AVS segment.

(2) Includes the purchase of icometrix, as described above, and Spectronic Medical AB, both recorded within our Imaging segment. Also included is the purchase of NMP, as described above, recorded within our PDx segment.

The Company performs an impairment test of goodwill annually in the fourth quarter using either the quantitative or qualitative approach. In 2025 the impairment testing was conducted using the qualitative approach. Based on the results of the testing conducted, we concluded that no goodwill impairments existed for the years ended December 31, 2025, 2024 and 2023.

OTHER INTANGIBLE ASSETS.

			As of December 31, 2025												As of December 31, 2024
			Gross Carrying Amount			Accumulated Amortization			Net						Gross Carrying Amount			Accumulated Amortization			Net
Definite-lived assets
Customer-related			$	279		$	(43)		$	236					$	112		$	(24)		$	88
Patents and technology			2,698			(2,128)			570						2,593			(1,987)			606
Capitalized software			1,703			(1,470)			233						1,743			(1,437)			306
Trademarks and other			47			(31)			15						33			(29)			4
Total definite-lived assets			4,727			(3,672)			1,055						4,481			(3,477)			1,004
Indefinite-lived assets**(1)**			75			—			75						74			—			74
Total other intangible assets			$	4,802		$	(3,672)		$	1,130					$	4,555		$	(3,477)		$	1,078

(1) Indefinite-lived intangible assets relate to acquired IPR&D prior to project completion and are not amortized.

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The Company performs an impairment test of IPR&D in the third quarter. In 2025, 2024, and 2023, the Company performed qualitative testing for all IPR&D assets and quantitative testing when warranted. Based on the results of this testing, there were no material impairments of indefinite-lived intangible assets recognized in the years ended December 31, 2025, 2024, or 2023.

During the year ended December 31, 2025, we recorded additions to acquired intangible assets subject to amortization of $280 million, primarily related to patents and technology and customer-related intangibles, with a weighted-average useful life of ten years.

Amortization expense was $291 million, $312 million, and $362 million for the years ended December 31, 2025, 2024, and 2023, respectively. There were no material impairments of definite-lived intangible assets recognized in the years ended December 31, 2025, 2024, or 2023.

Estimated annual pre-tax amortization expense for intangible assets as of December 31, 2025 over the next five calendar years is as follows.

			2026			2027			2028			2029			2030
Estimated annual pre-tax amortization			$	259		$	178		$	127		$	108		$	93

NOTE 9. BORROWINGS

The Company’s borrowings include the senior unsecured notes and credit agreements detailed below.

Senior Unsecured Notes

In the second quarter of 2025, the Company issued $650 million of 4.800% senior unsecured notes due in 2031 and $850 million of 5.500% senior unsecured notes due in 2035. In the fourth quarter of 2025, the Company issued $600 million of 4.150% senior unsecured notes due in 2028 and $650 million of 4.950% senior unsecured notes due in 2035. The senior unsecured notes issued in the fourth quarter of 2025 are subject to a special mandatory redemption at a price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest thereon, if the acquisition of Intelerad is not consummated on or prior to November 20, 2026, or if prior to such date the agreement to acquire Intelerad is terminated. Otherwise, the non-economic terms of the newly issued senior unsecured notes are substantially similar to the terms of the Company’s existing senior unsecured notes. For additional information on the proposed Intelerad acquisition, see Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”

In the fourth quarter of 2025, the Company repaid $1,500 million aggregate principal amount of 5.600% senior unsecured notes due November 2025. As of December 31, 2025, the Company’s borrowings include $9,500 million aggregate principal amount of senior unsecured notes in nine series with maturity dates ranging from 2027 through 2052 (collectively, the “Notes”).

Interest payments on the Notes are due semi-annually until maturity. In the event of a change in control and a related downgrade of the ratings of the Notes below investment grade, the indenture governing the Notes requires that the Company make an offer to each holder of the Notes to repurchase all or any part of that holder’s notes at a repurchase price equal to 101% of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid interest. The indenture also includes a limitation on liens incurred by the Company and its wholly owned U.S. subsidiaries. The indenture does not restrict the Company or its subsidiaries from incurring indebtedness, nor does it contain any financial covenants. All covenants are subject to a number of exceptions, limitations, and qualifications. Refer to the table below for further information about the Notes.

Credit Facilities

In the first quarter of 2025, the Company terminated its existing five-year and 364-day senior unsecured revolving credit facilities. These were replaced with new five-year and 364-day senior unsecured revolving credit facilities in aggregate committed amounts of $3,000 million and $500 million, respectively. The terms of these new facilities are substantially similar to those of the terminated facilities. In the fourth quarter of 2025, the Company entered into a delayed draw term loan facility in an aggregate committed amount of $750 million.

The Company has credit agreements providing for:

• a five-year senior unsecured revolving credit facility in an aggregate committed amount of $3,000 million, maturing on March 27, 2030;

• a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $500 million, maturing on March 26, 2026;

• a three-year senior unsecured term loan credit facility in an aggregate principal amount of $2,000 million, maturing on January 2, 2026 (the “Term Loan Facility”), and

• a three-year senior unsecured delayed draw term loan credit facility in an aggregate principal amount of $750 million, maturing on the third anniversary of the date on which the term loan is made to the Company (the “Delayed Draw Term Loan Facility” and, together with the five-year revolving credit facility, the 364-day revolving credit facility, and the Term Loan Facility, the “Credit Facilities”).

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There were no outstanding amounts under the Delayed Draw Term Loan Facility, the five-year revolving credit facility, or the 364-day revolving credit facility, and there was $500 million and $750 million outstanding on the Term Loan Facility as of December 31, 2025 and 2024, respectively. In the first quarter of 2025, we repaid $250 million of the Term Loan Facility. The Company expects to use borrowings under the Delayed Draw Term Facility to partially fund the expected acquisition of Intelerad.

The Company pays a facility fee to each lender, which accrues at a rate equal to an applicable margin specified in the revolving credit facility agreements on the daily commitments of the lenders. The borrowings under each of the Credit Facilities will bear interest at variable interest rates equal to: (1) the alternate base rate or (2) the Secured Overnight Financing Rate, in each case plus an applicable margin specified in the respective credit agreement. The Credit Facilities contain affirmative and negative covenants customary to financings of this type that limit, among other things, the Company’s ability to incur additional liens and to enter into certain fundamental change transactions and the incurrence of indebtedness by the Company’s subsidiaries. In addition, the Credit Facilities contain a financial covenant that requires the Company to not exceed a maximum consolidated net leverage ratio. The Company was in compliance with the financial covenant at each reporting period during 2025. The revolving credit facilities will be used for general corporate purposes.

Borrowings Composition			As of
			December 31, 2025			December 31, 2024
5.600% senior notes due November 15, 2025			$	—		$	1,500
5.650% senior notes due November 15, 2027			1,750			1,750
4.150% senior notes due December 15, 2028			600			—
4.800% senior notes due August 14, 2029			1,000			1,000
5.857% senior notes due March 15, 2030			1,250			1,250
4.800% senior notes due January 15, 2031			650			—
5.905% senior notes due November 22, 2032			1,750			1,750
5.500% senior notes due June 15, 2035			850			—
4.950% senior notes due December 15, 2035			650			—
6.377% senior notes due November 22, 2052			1,000			1,000
Floating rate Term Loan Facility due January 2, 2026			500			750
Other			24			36
Total principal debt issued			10,024			9,036
Less: Unamortized debt issuance costs and discounts			49			33
Add: Cumulative basis adjustment for fair value hedges			27			(51)
Total borrowings			10,003			8,951
Less: Short-term borrowings(1)			508			1,502
Long-term borrowings			$	9,495		$	7,449

(1) Short-term borrowings as of December 31, 2025 and 2024 includes $502 million and $1,500 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

Interest expense associated with long-term debt was $540 million, $580 million, and $616 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included in Interest and other financial charges – net in the Consolidated Statements of Income.

Scheduled maturities of borrowings, excluding amortization of discounts and debt issuance costs, are as follows.

2026			2027			2028			2029			2030			Thereafter			Total
$	508		$	1,767		$	600		$	1,000		$	1,250		$	4,900		$	10,024

See Note 13, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of December 31, 2025 and 2024, the Company had bank guarantees and surety bonds of approximately $1,149 million and $784 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $22 million and $25 million of guarantees as of December 31, 2025 and 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Consolidated Statements of Financial Position reflect a liability of $3 million as of both December 31, 2025 and 2024 related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost.

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NOTE 10. POSTRETIREMENT BENEFIT PLANS

In connection with the Spin-Off, on January 1, 2023, GE HealthCare assumed a portion of former GE pension and other postretirement obligations and assets. The pension and other postretirement obligations assumed relate to benefits owed to current GE HealthCare employees, former GE HealthCare employees, and certain GE legacy plan participants. As of January 1, 2023, GE HealthCare established the assumed pension plans as single-employer plans, but continued to participate in legacy GE multiple-employer other postretirement benefit (“OPEB”) plans sponsored by GE. On January 1, 2024, we transitioned from the legacy GE multiple-employer OPEB plans to a GE HealthCare sponsored single-employer OPEB plan. This change did not have an impact on our results of operations or financial position.

The total assets and liabilities for all plans assumed by GE HealthCare on January 1, 2023, are shown in the tables below.

Accumulated Benefit Obligations and Unrecognized Gain
			As of January 1, 2023
			Defined benefit plans**(1)**			Other postretirement plans**(2)**			Total
Accumulated benefit obligations			$	21,696		$	1,210		$	22,906
Unrecognized gain recorded in AOCI			1,258			1,223			2,481

Net Benefit Liability
			As of January 1, 2023
			Defined benefit plans**(1)**			Other postretirement plans**(2)**			Total
Projected benefit obligations			$	21,743		$	1,210		$	22,953
Fair value of plan assets			18,908			—			18,908
Net liability			$	2,835		$	1,210		$	4,045

(1) Defined benefit plans are comprised of both U.S. Plans and International Plans, as described below. (2) OPEB Plans are comprised of benefits, as described below.

DESCRIPTION OF OUR PLANS.

We disclose in the following tables postretirement plans with assets or obligations that exceed $50 million. We use a December 31st measurement date for these plans and all tables presented below are for the years ended December 31st.

The U.S. Pension Plans are comprised of the obligations transferred to GE HealthCare from GE in connection with the Spin-Off and obligations that existed prior to the Spin-Off. The largest plans include the GE HealthCare Pension Plan and the GE HealthCare Supplemental Pension Plan, which provides supplementary benefits to higher-level, longer-service U.S. employees. The GE HealthCare Pension Plan and the GE HealthCare Supplemental Pension Plan have been closed to new participants since 2012. All remaining service accruals for the GE HealthCare Pension Plan were frozen effective December 31, 2024. Benefits for participants of the GE HealthCare Supplemental Pension Plan who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue a benefit which is paid out in ten annual installments upon retirement. The GE HealthCare Pension Plan has a projected benefit obligation of $15,519 million, plan assets of $13,988 million, and is 90% funded per U.S. GAAP as of December 31, 2025. The GE HealthCare Supplemental Pension plan has a projected benefit obligation of $1,672 million as of December 31, 2025, and the benefits are paid to eligible participants directly by the Company as described further in “Funding” below.

Our International Pension Plans include all other plans that cover non-U.S. participants. These plans include obligations that existed prior to the Spin-Off and obligations transferred to GE HealthCare from GE in connection with the Spin-Off. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.

The OPEB Plans include unfunded postretirement health and life insurance defined benefit obligations to U.S. participants. GE HealthCare assumed the obligations associated with these plans in connection with the Spin-Off. Participants share in the cost of the healthcare and life insurance benefits. With the exception of production employees, subsidized benefits are generally only available to closed groups of employees and retirees.

Funding

The Company funds annually, at a minimum, the statutorily required minimum amount for our qualified plans. Non-qualified plans are unfunded and we pay benefits from our cash on hand. In 2026, the Company expects to make total cash contributions of approximately $350 million to these plans.

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Plan Funded Status			U.S. Plans									International Plans									OPEB Plans
			2025			2024						2025			2024						2025			2024
Change in projected benefit obligations
Balance at January 1			$	18,241		$	19,363					$	2,957		$	3,385					$	1,016		$	1,133
Service cost			4			35						21			20						6			7
Interest cost			996			970						151			141						50			54
Participant contributions			—			4						1			—						14			16
Actuarial loss (gain) – net			591			(799)						(122)			(357)						(45)			(48)
Benefits paid			(1,266)			(1,332)						(136)			(131)						(134)			(146)
Settlements			—			—						(8)			(4)						—			—
Special termination cost			3			—						—			—						1			—
Acquisitions/Divestitures/Mergers			—			—						33			—						—			—
Exchange rate adjustments			—			—						252			(96)						—			—
Balance at December 31			$	18,569		$	18,241					$	3,148		$	2,957					$	908		$	1,016
Change in plan assets
Balance at January 1			$	14,378		$	15,485					$	3,276		$	3,733					$	—		$	—
Actual gain (loss) on plan assets			1,443			49						14			(263)						—			—
Employer contributions			176			172						41			30						120			130
Participant contributions			—			4						1			—						14			16
Benefits paid			(1,266)			(1,332)						(144)			(136)						(134)			(146)
Acquisitions/Divestitures/Mergers			—			—						72			—						—			—
Exchange rate adjustments			—			—						269			(89)						—			—
Balance at December 31			$	14,731		$	14,378					$	3,528		$	3,276					$	—		$	—
Funded status – surplus (deficit)			$	(3,838)		$	(3,863)					$	380		$	319					$	(908)		$	(1,016)

Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). Actuarial losses in 2025 and gains in 2024 related to projected benefit obligations were primarily the result of changes in discount rates.

Amounts Recorded in Consolidated Statements of Financial Position
			U.S. Plans									International Plans									OPEB Plans
			2025			2024						2025			2024						2025			2024
All other non-current assets			$	13		$	11					$	723		$	642					$	—		$	—
Current compensation and benefits			(178)			(172)						(23)			(18)						(118)			(135)
Non-current compensation and benefits			(3,673)			(3,702)						(319)			(305)						(790)			(881)
Net amount recorded			$	(3,838)		$	(3,863)					$	380		$	319					$	(908)		$	(1,016)

The projected benefit obligation balance at December 31 represents the actuarial present value of benefits based on employee service and compensation as of the measurement date and incorporates assumptions relating to future compensation levels and other demographic and financial assumptions. The accumulated benefit obligation represents the same actuarial obligations, excluding an assumption about future compensation levels.

Plan Obligations in Excess of Plan Assets			As of
			December 31, 2025			December 31, 2024
Accumulated benefit obligation			$	22,595		$	22,185
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation			$	19,754		$	19,517
Fair value of plan assets			14,677			14,327
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation			$	19,778		$	19,540
Fair value of plan assets			14,677			14,327

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Pre-Tax Amounts Recorded in AOCI
			U.S. Plans									International Plans									OPEB Plans
			2025			2024						2025			2024						2025			2024
Net loss (gain)			$	(147)		$	(506)					$	909		$	849					$	(450)		$	(469)
Prior service cost (credit)			(40)			(51)						(15)			(16)						(367)			(447)
Total recorded in AOCI			$	(187)		$	(557)					$	893		$	833					$	(818)		$	(916)

Pre-tax Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income
			U.S. Plans												International Plans												OPEB Plans
			2025			2024			2023						2025			2024			2023						2025			2024			2023
Cost (income) of postretirement benefit plans			$	(218)		$	(250)		$	(224)					$	37		$	(20)		$	(22)					$	(86)		$	(87)		$	(86)
Changes in other comprehensive loss (income):
Transfers from GE at Spin-Off			—			—			(1,791)						—			—			542						—			—			(1,216)
Plan amendments			—			—			53						—			(1)			—						—			—			—
Net loss (gain) – current year			294			348			695						16			98			198						(45)			(48)			50
Reclassifications out of AOCI:
Curtailment / settlement gain (loss)			—			—			(108)						1			—			—						—			—			—
Amortization of net (loss) gain			65			68			121						(21)			(14)			(6)						64			61			64
Amortization of prior service (cost) credit			11			(8)			(4)						2			2			3						80			87			87
Total changes in other comprehensive loss (income)			$	370		$	408		$	(1,034)					$	(2)		$	86		$	737					$	98		$	100		$	(1,015)
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)			$	152		$	158		$	(1,258)					$	35		$	66		$	715					$	12		$	13		$	(1,101)

With respect to the retirement benefit balances included on our Consolidated Statement of Financial Position as of December 31, 2025, we estimate that we will amortize $108 million of net actuarial gain and $93 million of prior service credit from AOCI into Non-operating benefit (income) cost in the Consolidated Statement of Income during 2026.

Components of Expense (Income)
			U.S. Plans												International Plans												OPEB Plans
			2025			2024			2023						2025			2024			2023						2025			2024			2023
Service cost – Operating			$	4		$	35		$	35					$	21		$	20		$	20					$	6		$	7		$	6
Interest cost			996			970			1,022						151			141			139						50			54			59
Expected return on plan assets			(1,145)			(1,196)			(1,242)						(152)			(193)			(184)						—			—			—
Amortization of net loss (gain)			(65)			(68)			(121)						21			14			6						(64)			(61)			(64)
Amortization of prior service cost (credit)			(11)			8			4						(2)			(2)			(3)						(80)			(87)			(87)
Curtailment loss (gain)			—			—			17						—			—			—						—			—			—
Settlement loss (gain)			—			—			61						(1)			—			—						—			—			—
Special termination cost			3			1			—						—			—			—						1			—			—
Non-operating			$	(222)		$	(285)		$	(259)					$	17		$	(40)		$	(42)					$	(92)		$	(94)		$	(92)
Net periodic expense (income)			$	(218)		$	(250)		$	(224)					$	37		$	(20)		$	(22)					$	(86)		$	(87)		$	(86)

In 2023, management approved an amendment to the U.S. based GE HealthCare Pension Plan whereby the benefits for all remaining active employees were frozen effective December 31, 2024, and additional benefit enhancements were provided. As a result, we recognized a non-cash pre-tax curtailment loss of approximately $17 million as non-operating benefit costs and an increase to our pension liability of $23 million in the year ended December 31, 2023. As a result of the plan changes, we remeasured the plan assets and the projected benefit obligation. These changes collectively decreased AOCI by $305 million as of December 31, 2023.

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Also in 2023, management approved and paid a one-time lump sum payment for certain terminated employees in two plans who were vested in their benefits. These lump sum settlements reduce our future cash requirements. As a result of the partial settlement of the pension liability, we recognized a non-cash pre-tax settlement charge in the year ended December 31, 2023. The settlement charge of $61 million represents a pro rata portion of unrecognized net loss recorded in AOCI and is recorded in Non-operating benefit (income) costs in the Consolidated Statement of Income.

Assumptions
			U.S. Plans												International Plans												OPEB Plans
			2025			2024			2023						2025			2024			2023						2025			2024			2023
Weighted-average benefit obligations assumptions
Discount rate			5.4		%	5.7		%	5.2		%				5.1		%	4.9		%	4.2		%				5.0		%	5.5		%	5.1		%
Compensation increases			3.5		%	3.5		%	3.7		%				2.7		%	2.8		%	3.1		%				3.6		%	3.6		%	3.6		%
Weighted-average benefit cost assumptions
Discount rate			5.7		%	5.2		%	5.5		%				4.9		%	4.2		%	4.6		%				5.5		%	5.1		%	5.4		%
Expected rate of return on plan assets			7.0		%	7.0		%	7.0		%				4.7		%	5.3		%	5.2		%				—		%	—		%	—		%

For the December 31, 2025 postretirement health care obligations remeasurement, the Company assumed a 8.4% initial weighted average rate of increase in the per capita cost of the various covered health care benefits, which applies primarily to non-Medicare eligible participants. The trend rate was assumed to decrease gradually to an ultimate rate of 4.5% in 2038 and remain at that level thereafter.

Assumptions Used in Calculations

Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit at retirement, and how long they live. To reflect the obligation in today’s U.S. dollars, we discount the future payments using a rate that matches the time frame over which the payments are expected to be made. We also assume a long-term rate of return that will be earned on investments used to fund these payments.

GE HealthCare engages third-party actuaries to assist in the determination of the pension and other postretirement defined benefit plan assumptions. We evaluate these assumptions annually. We periodically evaluate other assumptions, such as retirement age, mortality, and turnover, and update them as necessary to reflect our actual experience and expectations for the future.

We determine the discount rate using the weighted average yields on high-quality fixed-income securities that have maturities consistent with the expected timing of benefit payments.

The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, we consider the current and target composition of plan investments, our historical returns earned, and our expectations about the future.

The compensation assumption is used to estimate the annual rate at which compensation of active plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Consolidated Statements of Financial Position and amortized to earnings in subsequent periods.

Expected Future Benefit Payments of Our Benefit Plans
			U.S. Plans			International Plans			OPEB Plans
2026			$	1,397		$	157		$	118
2027			1,403			158			116
2028			1,408			167			112
2029			1,409			172			110
2030			1,404			179			105
2031-2035			6,797			980			436

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PENSION PLAN ASSETS.

The GE HealthCare Employee Benefits Investment Committee (the “Investment Committee”) and various country pension boards oversee and monitor the investment decisions related to the assets of our U.S. funded pension plans and other international pension assets, respectively. The Investment Committee retains independent investment managers and advisors and uses documented policies and procedures relating to investment goals, targeted asset allocations, risk management practices, allowable and prohibited investment holdings, diversification, use of derivatives, the relationship between plan assets and benefit obligations, the funded status of the plans, and other relevant factors and considerations.

The assets of our U.S. funded pension plans are invested in a portfolio that includes U.S. and international equity securities; U.S. government and corporate debt securities; asset-backed debt securities; private equity; real estate and other alternative investments; as well as cash and cash equivalents and derivatives contracts. This combination of assets and derivatives is utilized to implement the investment strategies as well as for hedging asset and liability risks. The Investment Committee sets target allocation percentages at an asset class level, including permitted ranges above or below the target allocation percentages.

In October 2025, the Trustee of the Company’s United Kingdom (“U.K.”) defined benefit pension plan entered into an agreement with a third-party insurance company to execute a full bulk annuity purchase (“buy-in”) for the plan. The agreement does not relieve the Company of the primary responsibility to fund the pension obligations. The buy-in was undertaken to reduce pension risk, including investment, longevity, interest rate and inflation risk, by closely aligning plan assets with the plan’s long-term benefit obligations. The annuity contract is reported within the fair value of plan assets and is intended to provide payments to the plan in amounts equivalent to the benefits owed to members in accordance with the plan rules.

The plan assets for international plans are managed and allocated by the country pension boards in each country.

The following tables summarize our pension plan assets that are measured at fair value on a recurring basis. There are no plan assets associated with our OPEB Plans. The inputs and valuation techniques used to measure the fair value of the assets are consistent with the valuation methodologies we use to measure financial assets at fair value on a recurring basis, as described in Note 2, “Summary of Significant Accounting Policies.”

Composition of Plan Assets						Basis of fair value measurement
			Balance as of December 31, 2025			Level 1			Level 2			Level 3			Measured at NAV**(1)**
Global equity securities			$	4,832		$	2,292		$	108		$	—		$	2,432
Debt securities, cash, and cash equivalents			8,412			2,042			5,330			—			1,040
Real estate			793			—			—			299			494
Private equities and other investments			1,990			(75)			46			161			1,858
Annuity contract			2,104			—			—			2,104			—
Other			128			—			—			—			—
Fair value of plan assets			$	18,259		$	4,258		$	5,484		$	2,564		$	5,825

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent), as a practical expedient, have not been classified in the fair value hierarchy.

						Basis of fair value measurement
			Balance as of December 31, 2024			Level 1			Level 2			Level 3			Measured at NAV**(1)**
Global equity securities			$	4,084		$	944		$	38		$	—		$	3,101
Debt securities, cash, and cash equivalents			10,593			1,307			8,000			—			1,285
Real estate			1,100			—			—			476			623
Private equities and other investments			1,877			7			53			216			1,602
Fair value of plan assets			$	17,654		$	2,258		$	8,091		$	692		$	6,612

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent), as a practical expedient, have not been classified in the fair value hierarchy.

As of December 31, 2025 and 2024, the fair value of plan assets that used significant unobservable inputs (Level 3) was $2,564 million and $692 million, respectively. These assets primarily relate to an annuity contract, real estate, and private equity investments. The changes to the balances of Level 3 plan assets during 2025 were primarily driven by the buy-in transaction for the U.K. defined benefit pension plan described above. The changes to the balances of Level 3 plan assets during 2024 were not significant.

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Weighted Average Asset Allocation of Pension Plans			2025 Target						2025 Actual
Global equity securities			22		%				26		%
Debt securities, cash, and cash equivalents			49		%				46		%
Real estate			5		%				4		%
Private equities and other instruments			12		%				12		%
Annuity contract			12		%				12		%

DEFINED CONTRIBUTION PLAN.

GE HealthCare sponsors a defined contribution plan for its eligible U.S. employees. Expenses associated with our employees’ participation in GE HealthCare’s defined contribution plan were $154 million, $130 million, and $122 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 11. INCOME TAXES

The Company is subject to income taxes in the U.S. (both federal and state) and in numerous foreign jurisdictions. Changes in the tax laws or regulations in these jurisdictions, or in positions by the relevant authorities regarding their application, administration, or interpretation, may affect our tax liability, return on investments, and business operations.

The Tax Cuts and Jobs Act imposes tax on the Company for net controlled foreign corporation (“CFC”) tested income earned by certain non-U.S. subsidiaries (previously referred to as global intangible low-taxed income or “GILTI”). We have elected to account for net CFC tested income as a period cost. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into U.S. law, which includes significant changes to the federal income tax system. The Company has recorded the OBBBA tax impacts in its provision for income taxes for the year ended December 31, 2025, none of which are material to our financial statements.

Income From Continuing Operations Before Income Taxes
			For the years ended December 31
			2025			2024			2023
U.S. income			$	1,028		$	593		$	816
Non-U.S. income			1,740			1,988			1,545
Total			$	2,768		$	2,581		$	2,361

Provision for Income Taxes			For the years ended December 31
			2025			2024			2023
Current
U.S. Federal			$	4		$	62		$	171
Non-U.S.			317			412			345
U.S. State			8			8			42
Deferred
U.S. Federal			110			3			—
Non-U.S.			131			(12)			103
U.S. State			44			58			82
Total			$	614		$	531		$	743

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The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
			For the year ended December 31, 2025
			Amount			Percent
Income from continuing operations before income taxes			$	2,768
Tax expected at 21%			581			21.0		%
State and local income taxes, net of federal income tax effect**(1)**			41			1.5		%
Foreign tax effects
China			30			1.1		%
Other foreign jurisdictions			54			2.0		%
Effect of cross-border tax laws
Foreign-derived deduction eligible income			(49)			(1.8)		%
Net CFC tested income			45			1.6		%
Other			5			0.2		%
Tax credits
R&D tax credits			(28)			(1.0)		%
Foreign tax credits			(81)			(2.9)		%
Changes in valuation allowances			9			0.3		%
Nontaxable or nondeductible items**(2)**			22			0.8		%
Changes in unrecognized tax benefits			(24)			(0.9)		%
Other adjustments			8			0.3		%
Effective tax rate			$	614		22.2		%

(1) In 2025, state and local income taxes in California, Illinois, New York, Florida, New Jersey, New York City, and Pennsylvania comprise more than 50% of state and local income taxes, net of federal income tax effect.

(2) The tax impact of any share-based compensation items are included in this category.

For the years ended December 31, 2024 and 2023, the effective income tax rate differs from the statutory federal income tax rate as follows.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
						For the years ended December 31
						2024			2023
Income from continuing operations before income taxes						$	2,581		$	2,361
Tax expected at 21%						542			496
Foreign operations						38			63
Withholding taxes						34			28
U.S. tax on foreign operations						(43)			(35)
Uncertain tax positions						170			11
R&D benefits						(51)			(33)
State and local income taxes, net of federal income tax effect						49			24
Valuation allowance						(281)			19
Spin-Off and separation costs						72			184
Other						—			(14)
Provision for income taxes						$	531		$	743
Effective income tax rate						20.6%			31.5%

For the years ended December 31, 2025 and 2024, included in State and local income taxes, net of federal income tax effect is $10 million and $35 million of expense related to revaluation of deferred tax assets as a result of changes in future apportionment and state tax rates based on the 2024 and 2023 as-filed tax returns. For the year ended December 31, 2023, the Spin-Off and separation costs line includes $59 million of expense related to revaluation of state deferred tax assets associated with the Spin-Off.

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UNRECOGNIZED TAX BENEFITS.

The Company is subject to periodic tax audits by tax authorities in the U.S. (both federal and state) and the numerous countries in which we operate. While the Company currently is being audited, or remains subject to audit, in a number of jurisdictions for tax years 2004-2024, including China, France, Germany, India, Japan, Norway, the U.K., and the United States, we believe that there are no jurisdictions in which the ultimate outcome of unresolved issues or claims is likely to be material to the results of operations, financial position, or cash flows. We believe that we have made adequate provisions for all unrecognized tax benefits.

The balance of unrecognized tax benefits, the amount of related interest and penalties, and the portion that, if recognized, would reduce tax expense and effective tax rate are as follows.

			2025			2024			2023
Balance at beginning of period			$	551		$	409		$	465
Additions for tax positions of the current year			5			4			—
Additions for tax positions of prior years			43			181			156
Reductions for tax positions of prior years			(108)			(33)			(203)
Settlements with tax authorities			(7)			(4)			(6)
Expiration of the statute of limitations			(21)			(6)			(3)
Balance at end of period			$	463		$	551		$	409

For the year ended December 31, 2025, the Additions for tax positions of prior years line includes $37 million of currency translation adjustments (“CTA”), and the Reductions for tax positions of prior years line includes $102 million related to a tax attribute that expired in 2025.

For the year ended December 31, 2024, the Additions for tax positions of prior years line includes $172 million of reserves established due to ongoing audits, of which $142 million was established against a net operating loss deferred tax asset. Also for the year ended December 31, 2024, the Reductions for tax positions of prior years includes CTA of $14 million and a reversal of $19 million related to various tax audits that were closed during the year.

For the year ended December 31, 2023, the Additions for tax positions of prior years line in the table above includes $134 million related to the Spin-Off. Also during the year ended December 31, 2023, a matter was closed with local tax authorities which resulted in the reversal of a net operating loss deferred tax asset and the related $183 million unrecognized tax benefit, which is included in the Reductions for tax positions of prior years line above.

Unrecognized Tax Benefits			For the years ended December 31
			2025			2024			2023
Unrecognized tax benefits			$	463		$	551		$	409
Accrued interest on unrecognized tax benefits			65			81			72
Portion that, if recognized, would reduce tax expense and effective tax rate			158			182			157

Interest and penalties on unrecognized tax benefits recorded in Benefit (provision) for income taxes in the Consolidated Statements of Income were not material during the years ended December 31, 2025, 2024, and 2023.

DEFERRED INCOME TAXES.

We regularly evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce the deferred tax assets to an amount that is more likely than not to be realized (a likelihood of more than 50%). Significant judgment is required in determining whether a valuation allowance is necessary and the amount of such valuation allowance. In assessing the recoverability of our deferred tax assets at December 31, 2025, we considered all available evidence, including the nature of financial statement losses, reversing taxable temporary differences, estimated future operating profits, and tax planning actions and strategies.

			As of
			December 31, 2025			December 31, 2024
Total assets			$	4,491		$	4,474
Total liabilities			(193)			(56)
Net deferred income tax asset (liability)			$	4,298		$	4,418

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Components of the Net Deferred Income Tax Asset (Liability)			As of
			December 31, 2025			December 31, 2024
Deferred tax assets:
Employee benefits			$	1,247		$	1,340
Reserves and accruals			481			413
Operating loss carryforwards			463			447
Lease liabilities			48			57
Tax credit carryforwards			119			80
U.S. interest restriction carryforwards			135			156
Goodwill and other intangible assets			1,184			1,355
Property, plant, and equipment			181			223
Capitalized R&D			834			689
Other deferred tax assets			100			55
Total deferred income tax asset			4,793			4,817
Valuation allowances			(251)			(231)
Total deferred income tax asset after valuation allowance			4,542			4,586
Deferred tax liabilities:
ROU assets			(47)			(42)
Other deferred tax liabilities			(198)			(126)
Total deferred income tax liability			(244)			(168)
Net deferred income tax asset (liability)			$	4,298		$	4,418

Valuation allowances primarily relate to non-U.S. deferred taxes where there were historical losses and U.S. federal and state credit carryforwards. Activity in the valuation allowance consists of the following:

Valuation Allowances			For the years ended December 31
			2025			2024			2023
Balance at beginning of period			$	231		$	540		$	272
Provision for income taxes			4			(279)			(12)
Foreign currency exchange and other			16			(31)			280
Balance at end of period			$	251		$	231		$	540

For the year ended December 31, 2024, our valuation allowance decreased by $310 million, which included a release of a valuation allowance in France of $295 million reflected in the Provision for income taxes line. Based on our analysis of all positive and negative evidence during the year ended December 31, 2024, we concluded that it is more likely than not that France deferred tax assets will be realizable based on our profitability in France as a stand-alone company post Spin-Off and our expectation for the continued generation of prospective positive income in the jurisdiction. In making these judgments, we considered various business and structural factors as a stand-alone company, which support our conclusion of the realization of the deferred tax assets. As a result of the Spin-Off, there was an increase in the valuation allowance of $269 million in 2023, which is included in the Foreign currency exchange and other line of the table above.

NET OPERATING LOSSES.

As of December 31, 2025, the Company had net operating loss carryforwards of $5,987 million primarily related to Ireland, France, Brazil, Germany, and the Netherlands, which can be carried forward indefinitely. The gross net operating loss carryforwards resulted in a deferred tax asset of $1,170 million as of December 31, 2025. This amount excludes accruals of $300 million for unrecognized tax benefits the Company has recorded related to the underlying tax positions which generated the net operating losses and expected impacts to U.S. foreign tax credits of $407 million.

UNDISTRIBUTED EARNINGS.

Post Spin-Off, the Company’s previously undistributed earnings of certain of our foreign subsidiaries are no longer indefinitely reinvested in non-U.S. businesses due to current U.S. funding needs. Therefore, in 2023, an incremental deferred tax liability of $21 million was recorded for withholding and other foreign taxes due upon future distribution of earnings. In addition, the Company is providing for withholding and other foreign taxes due upon future distribution of current period earnings. However, the Company generally considers instances of outside basis differences in foreign subsidiaries that would incur additional U.S. tax upon an unforeseen future reversal (e.g., capital gain distribution or disposition to an unrelated third party) of approximately $8 billion to be permanent in duration. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.

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CASH TAXES PAID.

The amounts of cash paid for income taxes by GE HealthCare are as follows.

			For the year ended December 31, 2025
U.S. Federal			$	38
U.S. State			17
Foreign
Norway			69
China			66
India			41
Japan			23
United Kingdom			23
Other			151
Cash paid during the year for income taxes			$	429

NOTE 12. SHAREHOLDERS' EQUITY

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET.

Changes in AOCI by component were as follows.

			Currency translation adjustments**(1)**			Pension and Other Postretirement Plans			Cash flow hedges			Total AOCI
December 31, 2022			$	(1,845)		$	(42)		$	9		$	(1,878)
Other comprehensive income (loss) before reclassifications – net of taxes(2) of $22, $186, and $1			74			(601)			(5)			(532)
Reclassifications from AOCI – net of taxes(3) of $—, $97, and $6			—			(296)			(22)			(318)
Other comprehensive income (loss)			74			(897)			(27)			(850)
Spin-Off related adjustments – net of taxes(4) of $— $(509), and $—			28			1,972			—			2,000
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(37)			—			—			(37)
December 31, 2023			(1,706)			1,033			(18)			(691)
Other comprehensive income (loss) before reclassifications – net of taxes of $(19), $93, and $(11)			(271)			(306)			33			(545)
Reclassifications from AOCI – net of taxes(3) of $—, $44, and $(1)			—			(150)			3			(147)
Other comprehensive income (loss)			(271)			(456)			36			(691)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(4)			—			—			(4)
December 31, 2024			(1,973)			576			18			(1,379)
Other comprehensive income (loss) before reclassifications – net of taxes of $60, $74, and $5			354			(259)			5			101
Reclassifications from AOCI – net of taxes(3)(5) of $—, $50, and $2			63			(163)			(21)			(120)
Other comprehensive income (loss)			418			(422)			(16)			(19)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(7)			(3)			—			(10)
December 31, 2025			$	(1,548)		$	158		$	3		$	(1,388)

(1) The amount of CTA recognized in Other comprehensive income (loss) (“OCI”) included net gains (losses) relating to net investment hedges, as further discussed in Note 13, “Financial Instruments and Fair Value Measurements.”

(2) Includes pre-tax impact to Pension and Other Postretirement Plans of $(305) million for the pension plan amendment and related remeasurement of plan assets and benefit obligations. Refer to Note 10, “Postretirement Benefit Plans” for further information.

(3) Reclassifications from AOCI into earnings for Pension and Other Postretirement Plans are recognized within Non-operating benefit (income) costs, while Cash flow hedges are recognized within Cost of products and Cost of services in our Consolidated Statements of Income.

(4) Refer to Note 10, “Postretirement Benefit Plans” for further information on the unrecognized gain transferred from the GE pension and other postretirement plans in connection with the Spin-Off.

(5) Includes net of tax impact of $63 million of gains to Currency translation adjustments and $8 million of losses to Pension and Other Postretirement Plans related to the derecognition of the prior NMP equity method investment. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

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SHARE REPURCHASES.

On April 30, 2025, our Board of Directors authorized a share repurchase program (the “repurchase program”) for up to $1,000 million of our common stock. The repurchase program does not have an expiration date, does not obligate the Company to acquire any particular amount of common stock, and may be suspended or terminated at any time at the Company's discretion. During the year ended December 31, 2025, we repurchased 2.8 million shares under the repurchase program for total consideration of approximately $200 million.

NOTE 13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

DERIVATIVES AND HEDGING.

Our primary objective in executing and holding derivative contracts is to reduce the volatility of earnings and cash flows associated with risks related to foreign currency exchange rates, interest rates, and equity prices. These derivative contracts reduce, but do not entirely eliminate, the aforementioned risks. Our policy is to use derivative contracts solely for managing risks and not for speculative purposes.

The fair values of derivative contracts are recognized within All other current assets, All other non-current assets, All other current liabilities, and All other non-current liabilities in the Consolidated Statements of Financial Position based upon the contractual timing of settlements for these contracts. We designate certain derivative contracts as hedging instruments in cash flow, fair value, or net investment hedges. We evaluate the effectiveness of our derivative contracts designated as hedging instruments on a quarterly basis.

Cash Flow Hedges

We use foreign currency forward contracts to hedge the volatility of cash flows related to firm commitments and forecasted transactions, including intercompany transactions, denominated in foreign currencies other than a subsidiary’s functional currency. The maximum length of time over which we hedge forecasted transactions is five years. As of December 31, 2025, these contracts have a maximum remaining maturity of 51 months.

For derivative instruments designated as cash flow hedges, changes in the fair value of designated hedging instruments are initially recorded as a component of AOCI and subsequently reclassified to earnings in the period in which the hedged transaction affects earnings and to the same financial statement line item impacted by the hedged transaction. As of December 31, 2025, we expect to reclassify $7 million of pre-tax net deferred gains associated with designated cash flow hedges to earnings in the next 12 months, contemporaneously with the impact on earnings of the related hedged transactions.

The cash flows associated with derivatives designated as cash flow hedges are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Net Investment Hedges

We use cross-currency interest rate swaps and foreign currency forward contracts in combination with foreign currency option contracts to hedge the foreign currency risk associated with our net investment in foreign operations. As of December 31, 2025, these contracts were designated as hedges of our net investment in foreign operations, primarily in Euro and Chinese Renminbi currencies.

We use the spot method to assess hedge effectiveness for our net investment hedges. Changes in the fair value of the designated hedging instruments attributable to fluctuations in foreign currency to USD spot exchange rates are initially recorded and held as a component of the CTA portion of AOCI until the hedged foreign operation is either sold or substantially liquidated. Changes in fair value of the portion of net investment hedging derivatives excluded from the assessment of effectiveness are recorded in CTA and then recognized within Interest and other financial charges – net in the Consolidated Statements of Income using a systematic and rational method over the life of the hedge. Excluded components on the cross-currency swaps designated as net investment hedges, in the form of accrued interest, are recorded within Interest and other financial charges – net in the Consolidated Statements of Income.

The cash flows associated with derivatives designated as net investment hedges are recorded in All other investing activities – net in the Consolidated Statements of Cash Flows. For the years ended December 31, 2025 and 2024, All other investing activities – net includes $178 million and $94 million, respectively, of payments for the settlement of cross-currency swaps that were designated as net investment hedges. Cash flows from the periodic interest settlements on the cross-currency swaps are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Fair Value Hedges

We use interest rate swaps to hedge the interest rate risk on our fixed rate borrowings. These derivatives are designated as fair value hedges to hedge the changes in fair value due to benchmark interest rate risk of specific designated cash flows of our senior unsecured notes.

We record the changes in fair value on these swap contracts in Interest and other financial charges – net in our Consolidated Statements of Income, the same line item where the offsetting change in the fair value of the designated cash flows of the senior unsecured note is recorded as a basis adjustment.

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Cash flows for the periodic interest settlements on the interest rate swaps are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Derivatives Not Designated as Hedging Instruments

We also execute derivative instruments, such as foreign currency forward contracts and equity-linked total return swaps, which are not designated as qualifying hedges. These derivatives serve as economic hedges of foreign currency exchange rate and equity price risks. We also identify and record foreign currency-related features in our purchase or sales contracts where the currency is not the local or functional currency of any substantive party to the contract as embedded derivatives.

The changes in fair value of derivatives not designated as qualifying hedge transactions are recorded in Cost of products, Cost of services, SG&A, and Other (income) expense – net in the Consolidated Statements of Income based on the nature of the underlying hedged transaction. Changes in fair value of embedded derivatives are recognized in Other (income) expense – net in the Consolidated Statements of Income.

The cash flows associated with derivatives not designated but used as economic hedges are recorded, based on the nature of the underlying hedged transaction, in All other operating activities – net and All other investing activities – net in the Consolidated Statements of Cash Flows. The cash flows related to embedded derivatives are included in All other operating activities – net in the Consolidated Statements of Cash Flows.

The following table presents the gross fair values of our outstanding derivative instruments.

Fair Value of Derivatives			December 31, 2025												December 31, 2024
			Gross Notional			Fair Value – Assets			Fair Value – Liabilities						Gross Notional			Fair Value – Assets			Fair Value – Liabilities
Foreign currency forward contracts			$	1,508		$	52		$	23					$	1,210		$	43		$	11
Derivatives accounted for as cash flow hedges			1,508			52			23						1,210			43			11
Cross-currency swaps(1)			4,115			51			135						1,995			15			46
Foreign currency forward and options contracts			2,581			50			37						1,731			30			18
Derivatives accounted for as net investment hedges			6,697			101			172						3,726			45			64
Interest rate swaps(1)			2,700			28			—						2,700			—			51
Derivatives accounted for as fair value hedges			2,700			28			—						2,700			—			51
Foreign currency forward contracts			4,761			20			7						3,925			11			29
Other derivatives(1)(2)			320			56			5						370			47			—
Derivatives not designated as hedging instruments			5,081			76			12						4,294			57			29
Total derivatives			$	15,986		$	256		$	207					$	11,930		$	145		$	155

(1) As of December 31, 2025, accrued interest is included in the above fair value and is not considered material. As of December 31, 2024, accrued interest is excluded from the above fair value and is not considered material.

(2) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.

The following table presents amounts recorded in Long-term borrowings in the Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.

			December 31, 2025									December 31, 2024
			Carrying amount			Cumulative basis adjustment included in the carrying amount						Carrying amount			Cumulative basis adjustment included in the carrying amount
Long-term borrowings designated as fair value hedges			$	2,722		$	27					$	2,644		$	(51)

Under the master arrangements with the respective counterparties to our derivative contracts, in certain circumstances and subject to applicable requirements, we are allowed to net settle transactions with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our Consolidated Statements of Financial Position and in the table above.

As of December 31, 2025 and 2024, the potential effect of rights of offset associated with the derivative contracts would be an offset to both assets and liabilities by $107 million and $77 million, respectively.

The table below presents the pre-tax gains (losses) recognized in OCI associated with the Company’s cash flow and net investment hedges.

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Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
									For the years ended December 31
												2025			2024			2023
Cash flow hedges												$	—		$	44		$	(6)
Net investment hedges(1)												(263)			80			(97)

(1) Amounts recognized in OCI for excluded components for the periods presented were immaterial.

The tables below present the gains (losses) on our derivative financial instruments and hedging activity in the Consolidated Statements of Income.

Derivative Financial Instruments and Hedging Activity
			For the year ended December 31, 2025
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other**(4)**
Foreign currency forward contracts			$	18		$	5		$	—		$	—		$	—
Effects of cash flow hedges			18			5			—			—			—
Cross-currency swaps			—			—			—			38			—
Foreign currency forward and options contracts			—			—			—			21			—
Effects of net investment hedges**(1)**			—			—			—			59			—
Interest rate swaps(2)			—			—			—			63			—
Debt basis adjustment on Long-term borrowings			—			—			—			(78)			—
Effects of fair value hedges			—			—			—			(15)			—
Foreign currency forward contracts			28			7			—			—			(1)
Other derivatives(3)			—			—			5			—			9
Effects of derivatives not designated as hedging instruments			28			7			5			—			7

			For the year ended December 31, 2024
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other**(4)**
Foreign currency forward contracts			$	(4)		$	(1)		$	—		$	—		$	—
Effects of cash flow hedges			(4)			(1)			—			—			—
Cross-currency swaps			—			—			—			31			—
Foreign currency forward and option contracts			—			—			—			11			—
Effects of net investment hedges**(1)**			—			—			—			42			—
Interest rate swaps(2)			—			—			—			(103)			—
Debt basis adjustment on Long-term borrowings			—			—			—			76			—
Effects of fair value hedges			—			—			—			(27)			—
Foreign currency forward contracts			(37)			(9)			—			—			1
Other derivatives(3)			—			—			8			—			37
Effects of derivatives not designated as hedging instruments			(37)			(9)			8			—			38

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			For the year ended December 31, 2023
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other**(4)**
Foreign currency forward contracts			$	23		$	6		$	—		$	—		$	—
Effects of cash flow hedges			23			6			—			—			—
Cross-currency swaps			—			—			—			34			—
Foreign currency forward and option contracts			—			—			—			3			—
Effects of net investment hedges**(1)**			—			—			—			37			—
Interest rate swaps(2)			—			—			—			24			—
Debt basis adjustment on Long-term borrowings			—			—			—			(25)			—
Effects of fair value hedges			—			—			—			(1)			—
Foreign currency forward contracts			3			2			—			—			5
Other derivatives(3)			—			—			10			—			47
Effects of derivatives not designated as hedging instruments			3			2			10			—			52

(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the years ended December 31, 2025, 2024, and 2023.

(2) Amount includes interest expense on interest rate derivatives of $(15) million, $(27) million, and $(1) million for the years ended December 31, 2025, 2024, and 2023 respectively.

(3) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.

(4) Amounts are inclusive of gains (losses) in Other (income) expense – net in the Consolidated Statements of Income.

Counterparty Credit Risk

The Company would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts is represented by the fair value of contracts as of the reporting date. The fair value of the Company’s derivatives can change significantly from period to period based on, among other factors, market movements, and changes in our positions.

We manage concentration of counterparty credit risk by limiting acceptable counterparties to major financial institutions with investment grade credit ratings, by limiting the amount of credit exposure to individual counterparties, and by actively monitoring counterparty credit ratings and the amount of individual credit exposure.

We also employ master netting arrangements that limit the risk of counterparty non-payment on a particular settlement date to the net gain that would have otherwise been received from the counterparty. Although not completely eliminated, we do not consider the risk of counterparty default to be significant as a result of these protections. None of our derivative instruments are subject to collateral or other security arrangements, nor do they contain provisions that are dependent on our credit ratings from any credit rating agency.

FAIR VALUE MEASUREMENTS.

The following table represents assets and liabilities that are recorded and measured at fair value on a recurring basis.

Fair Value of Assets and Liabilities Measured on a Recurring Basis
			As of December 31, 2025															As of December 31, 2024
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets:
Money market funds			$	—		$	399		$	—		$	399					$	—		$	312		$	—		$	312
Investment securities			47			—			30			77						32			—			—			32
Derivatives			—			256			—			256						—			145			—			145
Liabilities:
Derivatives			—			207			—			207						—			155			—			155
Contingent consideration			—			—			30			30						—			—			34			34

Cash equivalents

As of December 31, 2025 and 2024, Cash, cash equivalents, and restricted cash of $4,512 million and $2,889 million, respectively, included money market funds of $399 million and $312 million, and other cash equivalents of $3,046 million and $1,573 million, respectively. The carrying values of the other cash equivalents approximates the fair value due to their short maturities and are valued using Level 1 or Level 2 inputs. Refer to Note 18, “Supplemental Financial Information” for further information.

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Derivatives

Derivatives are measured at fair value using a discounted cash flow method or option models using interest rates, foreign exchange spot and forward rates and yield curves observable at commonly quoted intervals, implied volatilities, and credit spreads as key inputs. Unobservable inputs relate to our own credit risk which is not significant to the overall measurement of fair value.

Contingent consideration

Contingent consideration is recorded at fair value based on estimates of future cash flows in connection with business acquisitions. As the valuation of these liabilities is based on inputs that are less observable or not observable in the market, the determination of fair value is classified within Level 3 of the fair value hierarchy.

Non-recurring fair value measurements

Changes in fair value measurements of assets and liabilities measured at fair value on a non-recurring basis, such as equity method investments, equity investments without readily determinable fair value, financing receivables, and long-lived assets, were not material for the years ended December 31, 2025, 2024, and 2023, with the exception of the gain on fair value measurement of the NMP equity method investment as described in Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”

Fair value of other financial instruments

The estimated fair value of borrowings as of December 31, 2025 and 2024 was $10,545 million and $9,374 million, respectively, compared to a carrying value (which only includes a reduction for unamortized debt issuance costs and discounts and cumulative basis adjustment) of $10,003 million and $8,951 million, respectively. The fair value of our borrowings includes accrued interest and is determined based on observable and quoted prices and spreads of comparable debt and benchmark securities and is considered Level 2 in the fair value hierarchy. See Note 9, “Borrowings” and Note 18, “Supplemental Financial Information” for further information.

NOTE 14. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES

GUARANTEES.

The Company has off-balance sheet credit exposure through standby letters of credit, bank guarantees, bid bonds, and surety bonds. See Note 9, “Borrowings” for further information.

PRODUCT WARRANTIES.

We provide warranty coverage to our customers as part of customary practices in the market to provide assurance that the products we sell comply with agreed-upon specifications. We provide estimated product warranty expenses when we sell the related products. Warranty accruals are estimates that are based on the best available information, mostly historical claims experience, therefore claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows.

			For the years ended December 31
			2025			2024			2023
Balance at beginning of period			$	168		$	192		$	193
Current-year provisions			208			202			216
Expenditures			(214)			(220)			(218)
Foreign currency exchange and other			6			(6)			1
Balance at end of period			$	169		$	168		$	192

Product warranties are recognized within All other current liabilities in the Consolidated Statements of Financial Position.

LEGAL MATTERS.

In the normal course of our business, we are involved from time to time in various arbitrations; class actions; commercial, intellectual property, and product liability litigation; government investigations; investigations by competition/antitrust authorities; and other legal, regulatory, or governmental actions, including the significant matter described below that could have a material impact on our results of operations and cash flows. In many proceedings, including the specific matter described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties, and other factors that may have a material effect on the outcome. For such matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated.

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Contracts with Iraqi Ministry of Health

In 2017, a number of U.S. Service members, civilians, and their families brought a complaint in the U.S. District Court for the District of Columbia (the “District Court”) against a number of pharmaceutical and medical device companies, including GE HealthCare and certain affiliates, alleging that the defendants violated the U.S. Anti-Terrorism Act. The complaint seeks monetary relief and alleges that the defendants provided funding for an Iraqi terrorist organization through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health. In July 2020, the District Court granted defendants’ motions to dismiss and dismissed all of the plaintiffs’ claims. In January 2022, a panel of the U.S. Court of Appeals for the District of Columbia Circuit reversed the District Court’s decision. In February 2022, the defendants requested review of the decision by all of the judges on the U.S. Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”). In February 2023, the D.C. Circuit denied this request. In June 2023, defendants petitioned the Supreme Court to review the D.C. Circuit’s decision. On June 24, 2024, the Supreme Court vacated the D.C. Circuit’s decision and remanded the case to the D.C. Circuit for further consideration. On January 23, 2026, the D.C. Circuit reversed the District Court’s decision to dismiss the complaint and remanded the case for further proceedings.

ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS.

Our environmental remediation liabilities, which are measured on an undiscounted basis, were $15 million and $16 million as of December 31, 2025 and 2024, respectively, and are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position.

Our asset retirement obligations were $409 million and $292 million as of December 31, 2025 and 2024, respectively, and are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position. The increase is primarily driven by $124 million in asset retirement obligations and decommissioning liabilities assumed as part of the NMP acquisition. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for further information.

OTHER UNRECOGNIZED CONTRACTUAL OBLIGATIONS.

In the normal course of business, we enter into purchase commitments that are legally binding and specify minimum purchase quantities or spending amounts for items such as inventory, contractual services, and capital expenditures. As of December 31, 2025, these future purchase obligations are as follows.

			2026			2027			2028			2029			2030			Thereafter			Total
Other Unrecognized Contractual Obligations			$	468		$	188		$	171		$	155		$	77		$	89		$	1,149

NOTE 15. RESTRUCTURING ACTIVITIES

Restructuring activities are essential to optimize the business operating model for GE HealthCare and mostly involve workforce reductions, organizational realignments, and revisions to our real estate footprint. Specifically, restructuring charges (gains) primarily include employee-related termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. For segment reporting, restructuring activities are not allocated.

Net expenses for restructuring initiatives committed to by management through December 31, 2025 are included in the table below.

									For the years ended December 31
												2025			2024			2023
Employee termination costs												$	100		$	85		$	38
Facility and other exit costs												8			18			3
Asset write-downs												12			17			13
Total restructuring activities – net												$	120		$	120		$	54

These restructuring initiatives are expected to result in additional expenses of approximately $53 million, to be incurred primarily over the next 12 months, substantially related to employee-related termination benefits and asset write-downs. Restructuring expenses (gains) are recognized within Cost of products, Cost of services, or SG&A, as appropriate, in the Consolidated Statements of Income.

Liabilities related to restructuring are recognized within Current compensation and benefits, All other current liabilities, Non-current compensation and benefits, and All other non-current liabilities in the Consolidated Statements of Financial Position. The activity related to our restructuring liabilities follows.

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			Employee termination costs			Facility and other exit costs			Total
Balance at December 31, 2023			$	43		$	25		$	68
Charges			85			8			93
Payments and other adjustments			(60)			(15)			(75)
Balance at December 31, 2024			67			18			86
Charges			95			7			102
Payments and other adjustments			(81)			(15)			(96)
Balance at December 31, 2025			$	82		$	11		$	92

NOTE 16. SHARE-BASED COMPENSATION

We grant stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees under the 2023 Long-Term Incentive Plan (“LTIP”). The Talent, Culture, and Compensation Committee of the Board of Directors approves grants under the LTIP. Under the LTIP, we are authorized to issue up to approximately 41 million shares. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, RSUs vest, and PSUs are earned, we issue shares from authorized unissued common stock.

Stock options provide employees the opportunity to purchase GE HealthCare shares in the future at the market price of our stock on the date the award is granted. The options become exercisable over the vesting period, typically becoming fully vested in three to three and a half years, and expire ten years from the grant date if not exercised. We value stock options using a Black-Scholes option pricing model.

RSUs provide an employee the right to shares of GE HealthCare stock when the restrictions lapse over the vesting period of three to three and a half years. Upon vesting, each RSU is converted into one share of GE HealthCare common stock. We value RSUs using the market price on the grant date.

PSUs provide an employee with the right to receive shares of GE HealthCare stock based upon achievement of certain performance metrics. PSUs are subject to an employee service period of three years. PSUs may include a relative total shareholder return (“TSR”) modifier to determine the number of shares earned at the end of the performance period. We engage third-party valuation specialists to assist with the fair value estimate of the PSUs that include the TSR modifier using a Monte Carlo simulation to model the probability of possible outcomes.

The following tables provide the weighted average fair value of options, RSUs, and PSUs granted to employees during the years ended December 31, 2025, 2024, and 2023, and the related weighted average stock option valuation assumptions used in the Black-Scholes model.

Weighted Average Grant Date Fair Value			For the years ended December 31
(In dollars)			2025			2024			2023
Stock options			$	30		$	32		$	25
RSUs			83			89			73
PSUs			85			96			85

Key Assumptions in the Black-Scholes Valuation for Stock Options			For the years ended December 31
			2025			2024			2023
Risk-free rate			4.0		%	4.1		%	3.6		%
Dividend yield			0.16		%	0.13		%	0.01		%
Expected volatility			26.7		%	26.2		%	26.2		%
Expected term (in years)			6.2			6.2			6.2

For awards granted in 2023, 2024, and 2025, the expected volatility was derived from a peer group’s blended historical and implied volatility as GE HealthCare does not have sufficient historical volatility based on the expected term of the underlying options. The expected term of the stock options was determined using the simplified method. The risk-free interest rate was determined using the implied yield currently available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options. The dividend yield assumption is based on the expected annualized dividend payment at the date of grant.

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Stock Option Activity
			Shares (in thousands)			Weighted average exercise price (in dollars)			Weighted average contractual term (in years)			Intrinsic value (in millions)
Outstanding as of January 1, 2025			4,246			$	82
Granted			666			85
Exercised/Vested			(606)			61
Forfeited			(208)			79
Expired			(339)			126
Outstanding as of December 31, 2025			3,760			$	82		6.0			$	28
Exercisable as of December 31, 2025			2,219			$	83		4.6			$	20
Expected to vest			3,634			$	82		5.9			$	28

RSU and PSU Activity
			RSUs															PSUs
			Shares (in thousands)			Weighted average grant date fair value (in dollars)			Weighted average vesting period (in years)			Intrinsic value (in millions)						Shares (in thousands)			Weighted average grant date fair value (in dollars)			Weighted average vesting period (in years)			Intrinsic value (in millions)
Outstanding as of January 1, 2025			2,860			$	78											778			$	91
Granted			1,478			83												492			85
Exercised/Vested			(1,484)			75												(72)			70
Forfeited			(313)			81												(122)			89
Expired			—			—												—			—
Outstanding as of December 31, 2025			2,542			$	82		2.0			$	208					1,076			$	88		2.0			$	88

Share-based compensation expense is recognized within Cost of products, Cost of services, SG&A, or R&D, as appropriate, in the Consolidated Statements of Income.

Share-based Compensation Expense									For the years ended December 31
									2025			2024			2023
Share-based compensation expense (pre-tax)									$	130		$	125		$	114
Income tax benefits									(24)			(23)			(23)
Share-based compensation expense (after-tax)									$	106		$	102		$	91

Other Share-based Compensation Data			For the years ended December 31
			2025			2024			2023
Cash received from stock options exercised			$	37		$	33		$	34
Intrinsic value of stock options exercised and RSUs/PSUs vested			141			251			106

Unrecognized compensation expense was $159 million as of December 31, 2025 and is expected to be recognized over a weighted-average period of approximately 2.0 years.

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NOTE 17. EARNINGS PER SHARE

The numerator for both basic and diluted earnings per share (“EPS”) is Net income attributable to GE HealthCare. The denominator of basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs, and PSUs is reflected in the denominator for diluted EPS using the treasury stock method.

Earnings Per Share									For the years ended December 31
(In millions, except per share amounts)												2025			2024			2023
Numerator:
Net income from continuing operations												$	2,154		$	2,050		$	1,618
Net (income) loss attributable to noncontrolling interests												(70)			(57)			(46)
Net income from continuing operations attributable to GE HealthCare												2,084			1,993			1,572
Deemed preferred stock dividend of redeemable noncontrolling interest												—			—			(183)
Net income from continuing operations attributable to GE HealthCare common stockholders												2,084			1,993			1,389
Income (loss) from discontinued operations, net of taxes												—			—			(4)
Net income attributable to GE HealthCare common stockholders												$	2,084		$	1,993		$	1,385
Denominator:
Basic weighted-average shares outstanding												456			456			455
Dilutive effect of common stock equivalents												1			2			3
Diluted weighted-average shares outstanding												458			459			458
Basic Earnings Per Share:
Continuing operations												$	4.56		$	4.37		$	3.06
Discontinued operations												—			—			(0.01)
Attributable to GE HealthCare common stockholders												4.56			4.37			3.05
Diluted Earnings Per Share:
Continuing operations												$	4.55		$	4.34		$	3.04
Discontinued operations												—			—			(0.01)
Attributable to GE HealthCare common stockholders												4.55			4.34			3.03
Antidilutive securities(1)												3			3			4

(1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.

NOTE 18. SUPPLEMENTAL FINANCIAL INFORMATION

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.

			As of
			December 31, 2025			December 31, 2024
Cash and cash equivalents(1)			$	4,492		$	2,874
Short-term restricted cash			20			16
Total Cash, cash equivalents, and restricted cash as presented in the Consolidated Statements of Financial Position			4,512			2,889
Long-term restricted cash(2)			3			3
Total Cash, cash equivalents, and restricted cash as presented in the Consolidated Statements of Cash Flows			$	4,515		$	2,893

(1) The increase in Cash and cash equivalents was primarily due to proceeds from the issuance of senior unsecured notes by the Company in the fourth quarter of 2025. Refer to Note 9, “Borrowings” for further information.

(2) Long-term restricted cash is recognized within All other non-current assets in the Consolidated Statements of Financial Position.

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INVENTORIES.

			As of
			December 31, 2025			December 31, 2024
Raw materials			$	1,002		$	921
Work in process			95			92
Finished goods			1,137			926
Inventories			$	2,234		$	1,939

Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Consolidated Statements of Financial Position and are not reflected in the table above. See the supplemental table “All Other Non-Current Assets” for further information.

PROPERTY, PLANT, AND EQUIPMENT – NET.

			As of
			December 31, 2025			December 31, 2024
Land and improvements			$	144		$	66
Buildings, structures, and related equipment			2,140			1,943
Machinery and equipment			2,872			2,705
Leasehold improvements and manufacturing plants under construction			574			553
Total property, plant, and equipment, at original cost			5,731			5,267
Accumulated depreciation			(3,049)			(3,080)
Right-of-use operating lease assets, net of amortization(1)			410			364
Property, plant, and equipment – net			$	3,092		$	2,550

(1) See Note 7, “Leases” for further information.

Depreciation expense related to Property, plant, and equipment – net, exclusive of ROU operating lease assets, was $287 million, $268 million, and $248 million for the years ended December 31, 2025, 2024, and 2023, respectively.

ALL OTHER ASSETS AND ALL OTHER LIABILITIES.

All Other Current Assets			As of
			December 31, 2025			December 31, 2024
Prepaid expenses and deferred costs			$	228		$	188
Financing receivables – net			95			90
Derivative instruments(1)			169			123
Tax receivables			154			115
Other(2)			81			16
All other current assets			$	726		$	532

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.

(2) As of December 31, 2025, Other primarily consists of indemnity assets associated with the NMP acquisition and separation agreements with GE. These amounts were not material as of December 31, 2024.

All Other Non-Current Assets			As of
			December 31, 2025			December 31, 2024
Prepaid pension asset			$	742		$	657
Equity method and other investments			351			373
Financing receivables – net			190			183
Derivative instruments(1)			88			22
Long-term receivables – net			190			142
Inventories			121			139
Contract and other deferred assets			211			208
Capitalized cloud computing arrangement implementation costs(2)			200			84
Other(3)			112			142
All other non-current assets			$	2,205		$	1,950

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.

(2) See the supplemental table “Capitalized Cloud Computing Arrangement Implementation Costs” for further information.

(3) Other primarily consists of indemnity assets associated with separation agreements with GE, and tax receivables.

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All Other Current Liabilities			As of
			December 31, 2025			December 31, 2024
Sales allowances and related liabilities			$	256		$	242
Income and indirect tax liabilities including uncertain tax positions			324			279
Product warranties			169			168
Accrued logistics and utilities			197			163
Operating lease liabilities			134			115
Derivative instruments(1)			47			90
Interest payable on borrowings			100			92
Environmental and asset retirement obligations			11			17
Other(2)			348			386
All other current liabilities			$	1,587		$	1,552

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.

(2) Other primarily consists of miscellaneous accrued costs, dividends payable, and contingent consideration liabilities.

All Other Non-Current Liabilities			As of
			December 31, 2025			December 31, 2024
Contract liabilities			$	803		$	686
Operating lease liabilities			284			270
Environmental and asset retirement obligations(1)			413			291
Income and indirect tax liabilities including uncertain tax positions			156			237
Derivative instruments(2)			160			64
Finance lease obligations			42			40
Sales allowances and related liabilities			23			23
Other(3)			178			184
All other non-current liabilities			$	2,061		$	1,796

(1) Refer to Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” for further information on the increase in Environmental and asset retirement obligations.

(2) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.

(3) Other primarily consists of miscellaneous accrued costs, indemnity liabilities associated with separation agreements with GE, and contingent consideration liabilities.

CAPITALIZED CLOUD COMPUTING ARRANGEMENT IMPLEMENTATION COSTS.

			As of
			December 31, 2025			December 31, 2024
Capitalized implementation costs			$	249		$	114
Accumulated amortization			(49)			(30)
Total Capitalized cloud computing arrangement implementation costs, net			$	200		$	84

Amortization expense related to capitalized cloud computing arrangement implementation costs was $19 million, $10 million, and $7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

EQUITY METHOD INVESTMENTS.

						Equity method investment balance									Equity method income (loss)
As of December 31			Ownership Percentage			2025			2024						2025			2024			2023
Nihon Medi-Physics Co., Ltd.(1)			50%			$	—		$	139					$	2		$	10		$	10
Other						28			24						1			(2)			1
Total						$	28		$	163					$	3		$	8		$	11

(1) In the first quarter of 2025, the Company acquired its remaining interest in NMP. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

As of December 31, 2025 and 2024, the fair value of investments over which we have significant influence and have elected the fair value option was $32 million and $6 million, respectively.

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SUPPLY CHAIN FINANCE PROGRAMS.

A rollforward of our outstanding obligations confirmed and paid under the supply chain finance programs, which are included within Accounts payable in the Consolidated Statements of Financial Position, is presented below.

			For the years ended December 31
			2025			2024
Confirmed obligations outstanding at beginning of period			$	394		$	365
Invoices confirmed during the year			818			886
Confirmed invoices paid during the year			(853)			(855)
Foreign exchange and other			1			(2)
Confirmed obligations outstanding at end of period			$	360		$	394

REDEEMABLE NONCONTROLLING INTERESTS**.**

The Company has noncontrolling interests with redemption features. These redemption features, such as put options, could require the Company to purchase the noncontrolling interests upon the occurrence of certain events. All noncontrolling interests with redemption features that are not solely within our control are recognized within the Consolidated Statements of Financial Position between liabilities and equity. Redeemable noncontrolling interests are initially recorded at the issuance date fair value. Those that are currently redeemable, or probable of becoming redeemable, are subsequently adjusted to the greater of current redemption value or initial carrying value.

Activity attributable to redeemable noncontrolling interests is presented below.

			For the years ended December 31
			2025			2024			2023
Balance at beginning of period			$	188		$	165		$	230
Net income attributable to redeemable noncontrolling interests			66			50			41
Redemption value adjustments(1)			—			—			183
Distributions to redeemable noncontrolling interests and other(2)			(45)			(28)			(289)
Balance at end of period			$	209		$	188		$	165

(1) As of January 3, 2023, certain redeemable noncontrolling interests were probable of becoming redeemable due to the change of control that occurred upon consummation of the Spin-Off. As a result, these redeemable noncontrolling interests were remeasured to their current redemption value. The remeasurement was accounted for as a deemed preferred stock dividend of redeemable noncontrolling interest and recorded as an adjustment to Retained earnings in the Consolidated Statements of Financial Position.

(2) In 2023, the redeemable noncontrolling interest holder exercised its option redemption provision and the Company paid a redemption amount of $211 million.

OTHER INCOME (EXPENSE) – NET.

									For the years ended December 31
												2025			2024			2023
Net financing income and investment income (loss)												$	41		$	(1)		$	26
Equity method income (loss)												3			8			11
Change in fair value of assumed obligations												(30)			(32)			(32)
Gain on remeasurement of NMP equity method investment(1)												97			—			—
Other items, net(2)												46			80			81
Total other income (expense) – net												$	157		$	55		$	86

(1) During the year ended December 31, 2025, the Company acquired its remaining interest in NMP. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

(2) Other items, net primarily consists of a mix of licensing and royalty income, government grants, lease income, change in tax indemnities, and gains and losses related to derivatives. Additionally, for the year ended December 31, 2025 it includes a realization of a gain contingency.

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NOTE 19. RELATED PARTIES AND TRANSITION SERVICES AGREEMENT

On January 3, 2023, GE completed the Spin-Off of GE HealthCare through a distribution of approximately 80.1% of the Company’s outstanding common stock to holders of record of GE’s common stock as of the close of business on December 16, 2022 (the “Distribution”). On April 2, 2024, GE completed the separation of its GE Vernova business into an independent publicly traded company. As of December 31, 2024, GE had sold the rest of its remaining ownership of the Company’s outstanding common stock. Following the share sell-down, GE continues to be considered a related party due to board member affiliation.

In connection with the Spin-Off, certain adjustments were recorded to reflect transfers from GE, the draw-down of the Term Loan Facility, and settlement of Spin-Off transactions with GE, which resulted in the net reduction in Total equity of $2,849 million for the year ended December 31, 2023. These items substantially consisted of the transfer of certain pension plan liabilities and assets, certain deferred income taxes, deferred compensation liabilities, and employee termination obligations.

Also in connection with the Spin-Off, the Company entered into or adopted several agreements that provide a framework for the relationship between the Company and GE.

• Separation and Distribution Agreement – sets forth the principal actions to be taken in connection with the Spin-Off, including the transfer of assets and assumption of liabilities, and establishes certain rights and obligations between the Company and GE following the Distribution, including procedures with respect to claims subject to indemnification and related matters.

• Transition Services Agreement – governed all matters relating to the provision of shared services between the Company and GE on a transitional basis. The services the Company received included support for information technology, human resources, supply chain, finance, and facilities services, among others. The services generally commenced on the date of the Spin-Off and terminated in the 24 months following the Distribution Date depending upon the related transitional service. Net costs incurred were not significant for the year ended December 31, 2025, and we incurred $172 million, net, and $372 million, net, for the years ended December 31, 2024 and 2023, respectively, under this agreement. These amounts represent fees charged from GE and GE Vernova to the Company, the majority of which are related to information technology, and are net of fees charged from the Company to GE and GE Vernova for facilities and other shared services.

• Tax Matters Agreement – governs the respective rights, responsibilities, and obligations between the Company and GE with respect to all tax matters (excluding employee-related taxes covered under the Employee Matters Agreement), in addition to certain restrictions which generally prohibited us from taking or failing to take any action in the two-year period following the Distribution that would have prevented the Distribution from qualifying as tax-free for U.S. federal income tax purposes, including limitations on our ability to pursue certain strategic transactions. The Tax Matters Agreement specifies the portion of tax liability, including certain pre-Spin-Off tax obligations attributable to the Company that may result from audit or other tax proceedings, for which the Company will bear contractual responsibility, and the Company and GE each agree to indemnify each other against any amounts for which such indemnified party is not responsible. The resolution of pre-Spin-Off tax obligations may result in changes to our unrecognized tax benefits and indemnity obligations.

NOTE 20. SUBSEQUENT EVENTS

On January 2, 2026, we repaid $500 million of the remaining Term Loan Facility upon maturity.