Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS


Condensed Consolidated Statements of Income (Unaudited)
	For the three months ended June 30				For the six months ended June 30
(In millions, except per share amounts)	2025		2024		2025		2024
Sales of products	$	3,263	$	3,207	$	6,380	$	6,253
Sales of services	1,743		1,632		3,404		3,237
Total revenues	5,007		4,839		9,784		9,489
Cost of products	2,160		2,045		4,122		4,012
Cost of services	863		792		1,665		1,574
Gross profit	1,985		2,002		3,997		3,904
Selling, general, and administrative	1,029		1,067		2,069		2,105
Research and development	302		327		646		651
Total operating expenses	1,331		1,395		2,714		2,756
Operating income	654		608		1,283		1,148
Interest and other financial charges – net	113		131		224		254
Non-operating benefit (income) costs	(73)		(101)		(148)		(204)
Other (income) expense – net	1		(1)		(98)		8
Income before income taxes	613		578		1,304		1,090
Benefit (provision) for income taxes	(113)		(143)		(216)		(267)


Net income	500		435		1,088		823
Net (income) loss attributable to noncontrolling interests	(14)		(7)		(39)		(21)
Net income attributable to GE HealthCare	$	486	$	428	$	1,049	$	802






Earnings per share attributable to GE HealthCare:
Basic	$	1.06	$	0.94	$	2.30	$	1.76
Diluted	1.06		0.93		2.29		1.75
Weighted-average number of shares outstanding:
Basic	457		457		457		456
Diluted	458		459		459		459

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

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

	For the three months ended June 30				For the six months ended June 30
(In millions, net of tax)	2025		2024		2025		2024
Net income attributable to GE HealthCare	$	486	$	428	$	1,049	$	802
Net income (loss) attributable to noncontrolling interests	14		7		39		21
Net income	500		435		1,088		823
Other comprehensive income (loss):

Currency translation adjustments – net of taxes	221		(30)		478		(106)
Pension and Other Postretirement Plans – net of taxes	(79)		(36)		(148)		(71)
Cash flow hedges – net of taxes	(33)		8		(41)		24
Other comprehensive income (loss)	108		(58)		288		(154)
Comprehensive income (loss)	608		377		1,376		669
Less: Comprehensive income (loss) attributable to noncontrolling interests	14		7		39		21
Comprehensive income attributable to GE HealthCare	$	594	$	370	$	1,338	$	648

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

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Condensed Consolidated Statements of Financial Position (Unaudited)
	As of
(In millions, except share and per share amounts)	June 30, 2025		December 31, 2024
Cash, cash equivalents, and restricted cash	$	3,763	$	2,889
Receivables – net of allowances of $107 and $103	3,562		3,566

Inventories	2,283		1,939
Contract and other deferred assets	1,062		974
All other current assets	638		532
Current assets	11,308		9,901
Property, plant, and equipment – net	2,962		2,550
Goodwill	13,417		13,136
Other intangible assets – net	1,220		1,078
Deferred income taxes	4,517		4,474
All other non-current assets	2,076		1,950
Total assets	$	35,500	$	33,089
Short-term borrowings	$	2,005	$	1,502
Accounts payable	2,975		3,035

Contract liabilities	1,979		1,943
Current compensation and benefits	1,364		1,521
All other current liabilities	1,426		1,552
Current liabilities	9,748		9,553
Long-term borrowings	8,270		7,449
Non-current compensation and benefits	5,351		5,583
Deferred income taxes	173		56
All other non-current liabilities	2,005		1,796
Total liabilities	25,548		24,437
Commitments and contingencies
Redeemable noncontrolling interests	220		188
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 458,275,427 shares issued as of June 30, 2025; 457,246,971 shares issued as of December 31, 2024	5		5
Treasury stock, at cost, 1,718,413 shares as of June 30, 2025 and 291,053 shares as of December 31, 2024	(125)		(25)
Additional paid-in capital	6,628		6,583
Retained earnings	4,295		3,262

Accumulated other comprehensive income (loss) – net	(1,090)		(1,379)
Total equity attributable to GE HealthCare	9,712		8,446
Noncontrolling interests	21		18
Total equity	9,733		8,464
Total liabilities, redeemable noncontrolling interests, and equity	$	35,500	$	33,089

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

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Condensed Consolidated Statements of Changes in Equity (Unaudited)
	Common stock			Treasury stock
(In millions, except per share amounts)	Shares	Amount		Shares	Amount		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss) – net		Equity attributable to noncontrolling interests		Total equity
Balances as of March 31, 2025	458	$	5	—	$	(25)	$	6,597	$	3,810	$	(1,199)	$	20	$	9,207
Issuance of shares under equity awards, net of shares withheld for taxes and other	—	—		—	—		(3)		—		—		—		(3)
Repurchase of common stock	—	—		1	(100)		—		—		—		—		(100)
Net income attributable to GE HealthCare	—	—		—	—		—		486		—		—		486

Other comprehensive income (loss) attributable to GE HealthCare	—	—		—	—		—		—		109		—		109
Changes in equity attributable to noncontrolling interests	—	—		—	—		—		—		—		1		1
Share-based compensation	—	—		—	—		34		—		—		—		34
Balances as of June 30, 2025	458	$	5	2	$	(125)	$	6,628	$	4,295	$	(1,090)	$	21	$	9,733



	Common stock
(In millions, except per share amounts)	Shares	Amount		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss) – net		Equity attributable to noncontrolling interests		Total equity
Balances as of March 31, 2024	456	$	5	$	6,504	$	1,687	$	(787)	$	14	$	7,423
Issuance of shares under equity awards, net of shares withheld for taxes and other	—	—		—		—		—		—		—
Net income attributable to GE HealthCare	—	—		—		428		—		—		428
Dividends declared ($0.03 per common share)	—	—		—		(14)		—		—		(14)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—		—		(58)		—		(58)
Changes in equity attributable to noncontrolling interests	—	—		—		—		—		2		2
Share-based compensation	—	—		36		—		—		—		36
Balances as of June 30, 2024	457	$	5	$	6,540	$	2,101	$	(845)	$	16	$	7,817

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

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Condensed Consolidated Statements of Changes in Equity (Unaudited)
	Common stock			Treasury stock
(In millions, except per share amounts)	Shares	Amount		Shares	Amount		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss) – net		Equity attributable to noncontrolling interests		Total equity
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	1	—		—	—		(11)		—		—		—		(11)
Repurchase of common stock	—	—		1	(100)		—		—		—		—		(100)
Net income attributable to GE HealthCare	—	—		—	—		—		1,049		—		—		1,049
Dividends declared ($0.035 per common share)	—	—		—	—		—		(16)		—		—		(16)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—	—		—		—		288		—		288
Changes in equity attributable to noncontrolling interests	—	—		—	—		—		—		—		2		2
Share-based compensation	—	—		—	—		56		—		—		—		56
Balances as of June 30, 2025	458	$	5	2	$	(125)	$	6,628	$	4,295	$	(1,090)	$	21	$	9,733



	Common stock
(In millions, except per share amounts)	Shares	Amount		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss) – net		Equity attributable to noncontrolling interests		Total equity
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	1	—		(24)		—		—		—		(24)
Net income attributable to GE HealthCare	—	—		—		802		—		—		802
Dividends declared ($0.06 per common share)	—	—		—		(28)		—		—		(28)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—		—		(154)		—		(154)
Changes in equity attributable to noncontrolling interests	—	—		—		—		—		4		4
Share-based compensation	—	—		70		—		—		—		70
Balances as of June 30, 2024	457	$	5	$	6,540	$	2,101	$	(845)	$	16	$	7,817

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

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Condensed Consolidated Statements of Cash Flows (Unaudited)
	For the six months ended June 30
(In millions)	2025		2024
Net income	$	1,088	$	823


Adjustments to reconcile Net income to Cash from (used for) operating activities
Depreciation of property, plant, and equipment	138		137
Amortization of intangible assets	146		160
Gain on remeasurement of Nihon Medi-Physics equity method investment	(97)		—

Net periodic postretirement benefit plan (income) expense	(138)		(180)
Postretirement plan contributions	(182)		(170)
Share-based compensation	56		70
Provision for income taxes	216		267
Cash paid during the year for income taxes	(270)		(287)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Receivables	185		126

Inventories	(188)		(116)
Contract and other deferred assets	(48)		12
Accounts payable	(113)		(97)

Contract liabilities	(23)		(20)
Current compensation and benefits	(207)		(266)
All other operating activities – net	(218)		(161)
Cash from (used for) operating activities	344		300
Cash flows – investing activities
Additions to property, plant and equipment and internal-use software	(238)		(209)

Purchases of businesses, net of cash acquired	(279)		(259)
Purchases of investments	(28)		(30)
All other investing activities – net	(84)		(39)
Cash from (used for) investing activities	(630)		(537)
Cash flows – financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	1		—
Newly issued debt, net of debt issuance costs (maturities longer than 90 days)	1,493		1
Repayments and other reductions (maturities longer than 90 days)	(261)		(156)
Dividends paid to stockholders	(32)		(28)
Repurchase of common stock	(100)		—


Proceeds from stock issued under employee benefit plans	21		24
Taxes paid related to net share settlement of equity awards	(33)		(48)
All other financing activities – net	(15)		(4)
Cash from (used for) financing activities	1,075		(210)



Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash	84		(41)
Increase (decrease) in cash, cash equivalents, and restricted cash	873		(488)
Cash, cash equivalents, and restricted cash at beginning of year	2,893		2,506

Cash, cash equivalents, and restricted cash at end of period	$	3,766	$	2,018

Supplemental disclosure of cash flows information
Cash paid during the year for interest	$	(260)	$	(274)
Non-cash investing activities
Acquired but unpaid property, plant, and equipment	$	90	$	76

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

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

GE HealthCare Technologies Inc. is a trusted partner and leading global healthcare solutions provider, innovating medical technology, pharmaceutical diagnostics, and integrated, cloud-first AI-enabled solutions, services, and data analytics.

The condensed 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 interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. 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. Operating results for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for the fiscal year as a whole. The December 31, 2024 period presented on the Condensed Consolidated Statement of Financial Position was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. 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.

The financial statements and notes should be read in conjunction with the Company’s audited consolidated and combined financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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 the nature of our relationship and board member affiliation. Net costs incurred with GE were not significant for the six months ended June 30, 2025.

Certain prior year amounts in the financial statements and notes thereto have been reclassified to conform to the current year presentation. On the Condensed Consolidated Statements of Cash Flows, new line items were added and amounts were reclassified accordingly for the following items: amounts related to purchases of investments previously reported within All other investing activities – net and amounts related to equity award activity previously reported within All other financing activities – net. Additionally, amounts due from related parties and due to related parties which were previously shown on separate lines on the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Financial Position were reclassified to Receivables, All other current assets, Accounts Payable, All other current liabilities, and All other operating activities - net as applicable.

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. 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.

RECENT ACCOUNTING PRONOUNCEMENTS.

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 material impact on our 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. We expect the adoption to impact disclosures in our notes to the financial statements.

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 impact disclosures in our notes to the financial statements.

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NOTE 2. 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.

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
	June 30, 2025		December 31, 2024
Contract assets	$	669	$	589
Other deferred assets	393		385
Contract and other deferred assets	1,062		974
Non-current contract assets(1)	92		103
Non-current other deferred assets(1)	115		105
Total contract and other deferred assets	$	1,269	$	1,183

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

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
	June 30, 2025		December 31, 2024
Contract liabilities	$	1,979	$	1,943
Non-current contract liabilities(1)	741		686
Total contract liabilities	$	2,720	$	2,629

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

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $1,134 million and $1,116 million for the six months ended June 30, 2025 and 2024, respectively.

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
	June 30, 2025		December 31, 2024
Products	$	4,805	$	4,755
Services	10,500		9,737
Total RPO	$	15,304	$	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.

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NOTE 3. SEGMENT INFORMATION

Effective July 1, 2024, Image Guided Therapies, previously part of the Imaging segment, was realigned to the Ultrasound segment. The Ultrasound segment was subsequently renamed Advanced Visualization Solutions (“AVS”). Following this realignment, the Company continues to have four reportable segments: Imaging, Advanced Visualization Solutions, 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Historical segment financial information presented within this report has been recast to conform to the new reportable segments structure.

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 its 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 Condensed 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 three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Total Imaging	$	2,204	$	2,171	$	4,344	$	4,233
AVS:
Procedural Guidance	660		668		1,301		1,319
Specialized Ultrasound	630		581		1,228		1,156
Total AVS	1,289		1,249		2,529		2,475
PCS:
Monitoring Solutions	578		538		1,135		1,065
Life Support Solutions	200		235		397		454
Total PCS	778		772		1,531		1,519
Total PDx	729		639		1,362		1,238
Other(1)	6		9		19		24
Total revenues	$	5,007	$	4,839	$	9,784	$	9,489

(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.


Significant Expenses by Segment	For the three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Imaging:
Cost of sales	$	1,470	$	1,393	$	2,823	$	2,731
Other segment items(1)	546		569		1,135		1,129
Total Imaging	$	2,016	$	1,963	$	3,957	$	3,860
AVS:
Cost of sales	$	637	$	611	$	1,235	$	1,209
Other segment items(1)	386		382		766		754
Total AVS	$	1,022	$	993	$	2,001	$	1,963
PCS:
Cost of sales	$	507	$	480	$	988	$	939
Other segment items(1)	212		215		436		421
Total PCS	$	719	$	694	$	1,423	$	1,360
PDx:
Cost of sales	$	371	$	314	$	666	$	609
Other segment items(1)	144		125		278		251
Total PDx	$	516	$	439	$	943	$	860

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

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Segment EBIT	For the three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Segment EBIT
Imaging	$	188	$	208	$	387	$	373
AVS	267		255		528		512
PCS	60		78		108		159
PDx	213		200		418		378
Other(1)	1		1		3		1
	729		742		1,443		1,423
Restructuring costs	(18)		(29)		(40)		(68)
Acquisition and disposition-related benefits (charges)	(7)		3		(15)		3
Gain (loss) on business and asset dispositions	(5)		—		5		—
Spin-Off and separation costs	(5)		(67)		(29)		(126)
Amortization of acquisition-related intangible assets	(40)		(35)		(75)		(66)
Investment revaluation gain (loss)	(1)		(6)		92		(26)
Interest and other financial charges – net	(113)		(131)		(224)		(254)
Non-operating benefit income (costs)	73		101		148		204
Income before income taxes	$	613	$	578	$	1,304	$	1,090

(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 three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024

Imaging	$	58	$	63	$	115	$	128
AVS	18		20		36		40
PCS	13		14		27		29
PDx	17		15		29		31

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.

NOTE 4. RECEIVABLES


Current Receivables	As of
	June 30, 2025		December 31, 2024
Current customer receivables(1)	$	3,337	$	3,382
Non-income based tax receivables	167		155
Other sundry receivables	165		133
Current sundry receivables	332		287
Allowance for credit losses	(107)		(103)
Total current receivables – net	$	3,562	$	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 $133 million and $153 million as of June 30, 2025 and December 31, 2024, respectively.

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Long-Term Receivables	As of
	June 30, 2025		December 31, 2024
Long-term customer receivables	$	86	$	59
Non-income based tax receivables	24		20
Other sundry receivables	88		68
Long-term sundry receivables	111		88

Allowance for credit losses	(7)		(5)
Total long-term receivables – net	$	191	$	142

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

NOTE 5. 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 Condensed Consolidated Statements of Financial Position.



	As of
	June 30, 2025		December 31, 2024
Loans receivable, at amortized cost	$	23	$	23
Investment in finance leases, net of deferred income	79		69
Allowance for credit losses	(2)		(2)
Current financing receivables – net	$	100	$	90

Loans receivable, at amortized cost	$	39	$	35
Investment in finance leases, net of deferred income	156		152
Allowance for credit losses	(4)		(4)
Non-current financing receivables – net	$	190	$	183

As of June 30, 2025, 2%, 2%, and 2% 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 6. LEASES

Operating lease liabilities recognized within All other current liabilities and All other non-current liabilities in the Condensed Consolidated Statements of Financial Position were $398 million and $385 million as of June 30, 2025 and December 31, 2024, respectively. The total lease expense related to our operating lease portfolio was $60 million and $59 million for the three months ended June 30, 2025 and 2024, respectively, and $122 million and $119 million for the six months ended June 30, 2025 and 2024, respectively.

NOTE 7. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

ACQUISITIONS.

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 Accumulated other comprehensive income (loss) – net (“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 Condensed Consolidated Statements of Income for the six months ended June 30, 2025.

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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	10
Property, plant, and equipment	244
Goodwill	208
Other intangible assets	238
All other non-current assets(1)	51
Deferred income taxes	(92)
All other non-current liabilities	(107)
Other(2)	(28)
Total net assets post acquisition	$	577

(1) All other non-current assets includes $12 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. Measurement period adjustments during the three months ended June 30, 2025 included changes to the purchase price allocation, resulting in a net decrease of approximately $8 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired intangibles based on facts and circumstances that existed as of the acquisition date. While all amounts remain subject to adjustments, the areas subject to the most significant potential 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 and $3 million of acquired in-process research and development (“IPR&D”). 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.

Included in All other non-current liabilities are asset retirement obligations and decommissioning liabilities of $96 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.

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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 preliminary 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 artificial intelligence (“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, 2024	$	3,581	$	4,987	$	2,035	$	2,533	$	13,136

Acquisitions(1)	6		—		—		208		214
Foreign currency exchange and other	18		32		6		10		66
Balance at June 30, 2025	$	3,606	$	5,020	$	2,041	$	2,750	$	13,417

(1) Includes the purchase of Spectronic Medical AB in the second quarter of 2025, recorded within the Imaging segment.

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. We did not identify any reporting units that required an interim impairment test since the last annual impairment testing date.

OTHER INTANGIBLE ASSETS.



	As of June 30, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Definite-lived assets
Customer-related	$	289	$	(32)	$	258	$	112	$	(24)	$	88
Patents and technology	2,671		(2,060)		611		2,593		(1,987)		606
Capitalized software	1,779		(1,523)		256		1,743		(1,437)		306
Trademarks and other	47		(30)		17		33		(29)		4
Total definite-lived assets	4,787		(3,645)		1,142		4,481		(3,477)		1,004
Indefinite-lived assets(1)	78		—		78		74		—		74
Total other intangible assets	$	4,865	$	(3,645)	$	1,220	$	4,555	$	(3,477)	$	1,078

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

Amortization expense was $75 million and $81 million for the three months ended June 30, 2025 and 2024, respectively, and $146 million and $160 million for the six months ended June 30, 2025 and 2024, respectively.

NOTE 8. BORROWINGS

The Company’s borrowings include the following senior unsecured notes and credit agreements:

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. 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. As of June 30, 2025, the Company’s borrowings include $9,750 million aggregate principal amount of senior unsecured notes in eight series with maturity dates ranging from 2025 through 2052 (collectively, the “Notes”). Refer to the table below for further information about the Notes.

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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 the new facilities are substantially similar to those of the terminated facilities.

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; and
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, together with the five-year revolving credit facility and the 364-day revolving credit facility, the “Credit Facilities”).

There were no outstanding amounts under the five-year revolving credit facility and 364-day revolving credit facility, and there was $500 million and $750 million outstanding on the Term Loan Facility as of June 30, 2025 and December 31, 2024, respectively. In the first quarter of 2025, we repaid $250 million of the Term Loan Facility.


Borrowings Composition	As of
	June 30, 2025		December 31, 2024
5.600% senior notes due November 15, 2025	$	1,500	$	1,500
5.650% senior notes due November 15, 2027	1,750		1,750
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		—
6.377% senior notes due November 22, 2052	1,000		1,000
Floating rate Term Loan Facility due January 2, 2026	500		750
Other	28		36
Total principal debt issued	10,278		9,036
Less: Unamortized debt issuance costs and discounts	41		33
Add: Cumulative basis adjustment for fair value hedges	37		(51)
Total borrowings	10,275		8,951
Less: Short-term borrowings(1)	2,005		1,502
Long-term borrowings	$	8,270	$	7,449

(1) Short-term borrowings as of June 30, 2025 and December 31, 2024 includes $2,002 million and $1,500 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

See Note 12, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of June 30, 2025 and December 31, 2024, the Company had bank guarantees and surety bonds of approximately $883 million and $784 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $26 million and $25 million of guarantees as of June 30, 2025 and December 31, 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Condensed Consolidated Statements of Financial Position reflect a liability of $4 million and $3 million as of June 30, 2025 and December 31, 2024, respectively, 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.

NOTE 9. POSTRETIREMENT BENEFIT PLANS

We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories: U.S. Plans, International Plans, and Other Postretirement Plans (“OPEB Plans”). Please refer to Note 10, “Postretirement Benefit Plans” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for further information. Pension plans with pension assets or obligations less than $50 million are not included in the results below.

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Components of Expense (Income)
	U.S. Plans				International Plans				OPEB Plans

For the three months ended June 30,	2025		2024		2025		2024		2025		2024
Service cost – Operating	$	1	$	8	$	5	$	5	$	1	$	2
Interest cost	249		242		38		35		13		14
Expected return on plan assets	(287)		(299)		(38)		(48)		—		—
Amortization of net loss (gain)	(20)		(17)		5		3		(15)		(15)
Amortization of prior service cost (credit)	(3)		2		(1)		—		(20)		(22)

Special termination cost	1		—		—		—		—		—
Non-operating	$	(59)	$	(72)	$	4	$	(10)	$	(21)	$	(23)
Net periodic expense (income)	$	(58)	$	(64)	$	10	$	(5)	$	(20)	$	(21)



	U.S. Plans				International Plans					OPEB Plans
For the six months ended June 30,	2025		2024			2025		2024			2025		2024
Service cost – Operating	$	2	$	16		$	10	$	10		$	3	$	4
Interest cost	497		484			74		70			26		27
Expected return on plan assets	(573)		(597)			(74)		(96)			—		—
Amortization of net loss (gain)	(40)		(34)			10		6			(30)		(30)
Amortization of prior service cost (credit)	(5)		4			(1)		—			(40)		(44)


Special termination cost	2		—			—		—			1		—
Non-operating	$	(119)	$	(143)		$	9	$	(20)		$	(43)	$	(47)
Net periodic expense (income)	$	(117)	$	(127)		$	19	$	(10)		$	(40)	$	(43)

In the six months ended June 30, 2025, the Company made cash payments totaling $87 million to its U.S. Plans, $22 million to its International Plans, and $73 million to its OPEB Plans. As of June 30, 2025, the Company expects to make total cash contributions of approximately $350 million to these plans in 2025. 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.

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 $39 million and $40 million for the three months ended June 30, 2025 and 2024, respectively, and $83 million and $73 million for the six months ended June 30, 2025 and 2024, respectively.

NOTE 10. INCOME TAXES

Our effective income tax rate was 18.4% and 24.7% for the three months ended June 30, 2025 and 2024, respectively, and 16.6% and 24.5% for the six months ended June 30, 2025 and 2024, respectively. The tax rate for the three months ended June 30, 2025 is lower than the U.S. statutory rate primarily due to the use of tax attributes from updating our global structure following the Spin-Off and research and development (“R&D”) benefits, partially offset by withholding taxes, geographic earnings mix, and state taxes. The tax rate for the six months ended June 30, 2025 is lower than the U.S. statutory rate primarily due to the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, the use of tax attributes from updating our global structure following the Spin-Off, the remeasurement gain that was recorded due to the NMP acquisition which is not taxable, and R&D benefits, partially offset by withholding taxes, geographic earnings mix, and state taxes. The tax rate for the three and six months ended June 30, 2024 is higher than the U.S. statutory rate primarily due to withholding taxes, geographic earnings mix, and state taxes, partially offset by R&D benefits.

The Company is currently being audited in a number of jurisdictions for tax years 2004-2023, including China, France, Germany, India, Japan, Norway, the United Kingdom, and the United States.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (“OBBBA”), which includes significant changes to the U.S. federal income tax system. The Company has evaluated the income tax impact of the OBBBA on its financial statements. As the OBBBA was enacted after the end of the Company’s reporting period but before the issuance of these financial statements, the Company has not recorded any adjustments related to the OBBBA in the period ended June 30, 2025. The Company does not expect that the OBBBA will have a material impact on our income taxes within our financial statements.

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NOTE 11. SHAREHOLDERS' EQUITY

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET.

Changes in AOCI by component were as follows.


	For the three months ended June 30, 2025
	Currency translation adjustments(1)		Pension and Other Postretirement Plans		Cash flow hedges		Total AOCI
March 31, 2025	$	(1,717)	$	507	$	10	$	(1,199)
Other comprehensive income (loss) before reclassifications – net of taxes of $44, $11, and $10	221		(38)		(37)		146
Reclassifications from AOCI – net of taxes(2) of $—, $12, and $1	—		(41)		4		(37)
Other comprehensive income (loss)	221		(79)		(33)		108
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
June 30, 2025	$	(1,495)	$	428	$	(23)	$	(1,090)


	For the three months ended June 30, 2024
	Currency translation adjustments(1)		Pension and Other Postretirement Plans		Cash flow hedges		Total AOCI
March 31, 2024	$	(1,781)	$	997	$	(2)	$	(787)
Other comprehensive income (loss) before reclassifications – net of taxes of $(6), $—, and $(2)	(30)		(1)		9		(23)
Reclassifications from AOCI – net of taxes(2) of $—, $10, and $—	—		(35)		—		(36)
Other comprehensive income (loss)	(30)		(36)		8		(58)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
June 30, 2024	$	(1,812)	$	961	$	6	$	(845)


	For the six months ended June 30, 2025
	Currency translation adjustments(1)		Pension and Other Postretirement Plans		Cash flow hedges		Total AOCI
December 31, 2024	$	(1,973)	$	576	$	18	$	(1,379)
Other comprehensive income (loss) before reclassifications – net of taxes of $59, $16, and $14	415		(58)		(48)		308
Reclassifications from AOCI – net of taxes(2)(3) of $—, $28, and $—	63		(90)		7		(20)
Other comprehensive income (loss)	478		(148)		(41)		288
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
June 30, 2025	$	(1,495)	$	428	$	(23)	$	(1,090)

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	For the six months ended June 30, 2024
	Currency translation adjustments(1)		Pension and Other Postretirement Plans		Cash flow hedges		Total AOCI
December 31, 2023	$	(1,706)	$	1,033	$	(18)	$	(691)
Other comprehensive income (loss) before reclassifications – net of taxes of $(14), $(1), and $(7)	(106)		1		24		(81)
Reclassifications from AOCI – net of taxes(2) of $—, $22, and $—	—		(73)		—		(73)
Other comprehensive income (loss)	(106)		(71)		24		(154)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—		—		—
June 30, 2024	$	(1,812)	$	961	$	6	$	(845)

(1) The amount of Currency translation adjustments recognized in Other comprehensive income (loss) (“OCI”) during the three and six months ended June 30, 2025 and 2024 included net gains (losses) relating to net investment hedges, as further discussed in Note 12, “Financial Instruments and Fair Value Measurements.”

(2) 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 Condensed Consolidated Statements of Income.

(3) 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 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

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 three months ended June 30, 2025, we repurchased 1.4 million shares under the repurchase program for total consideration of approximately $100 million.

NOTE 12. 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.

Cash Flow Hedges

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 June 30, 2025, we expect to reclassify $15 million of pre-tax net deferred losses 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 Condensed 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 June 30, 2025, these contracts were designated as hedges of our net investment in foreign operations, primarily in Euro and Chinese Renminbi currencies.

The cash flows associated with derivatives designated as net investment hedges are recorded in All other investing activities – net in the Condensed Consolidated Statements of Cash Flows. For the six months ended June 30, 2025, All other investing activities – net includes a $178 million payment 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 Condensed Consolidated Statements of Cash Flows.

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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 Condensed 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.

Cash flows for the periodic interest settlements on the interest rate swaps are recorded in All other operating activities – net in the Condensed 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 in qualifying hedge transactions are recorded in Cost of products, Cost of services, Selling, general, and administrative (“SG&A”), and Other (income) expense – net in the Condensed 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 Condensed 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 Condensed Consolidated Statements of Cash Flows. The cash flows related to embedded derivatives are included in All other operating activities – net in the Condensed Consolidated Statements of Cash Flows.

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


Fair Value of Derivatives	June 30, 2025						December 31, 2024
	Gross Notional		Fair Value – Assets		Fair Value – Liabilities		Gross Notional		Fair Value – Assets		Fair Value – Liabilities
Foreign currency forward contracts	$	1,632	$	18	$	59	$	1,210	$	43	$	11
Derivatives accounted for as cash flow hedges	1,632		18		59		1,210		43		11
Cross-currency swaps(1)	2,574		25		114		1,995		15		46
Foreign currency forward and options contracts	2,694		30		27		1,731		30		18
Derivatives accounted for as net investment hedges	5,268		55		141		3,726		45		64
Interest rate swaps(1)	2,700		41		6		2,700		—		51
Derivatives accounted for as fair value hedges	2,700		41		6		2,700		—		51
Foreign currency forward contracts	4,093		31		19		3,925		11		29
Other derivatives(1) (2)	362		33		8		370		47		—



Derivatives not designated as hedging instruments	4,455		64		28		4,294		57		29
Total derivatives	$	14,054	$	178	$	232	$	11,930	$	145	$	155

(1) As of June 30, 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 Condensed Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.


	June 30, 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 in fair value hedges	$	2,732	$	37	$	2,644	$	(51)

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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 Condensed Consolidated Statements of Financial Position and in the table above.

As of June 30, 2025 and December 31, 2024, the potential effect of rights of offset associated with the derivative contracts would be an offset to both assets and liabilities by $91 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.


Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
	For the three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Cash flow hedges	$	(47)	$	11	$	(62)	$	31
Net investment hedges(1)	(189)		27		(254)		59

(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 Condensed Consolidated Statements of Income.


Derivative Financial Instruments and Hedging Activity	For the three months ended June 30, 2025
	Cost of products		Cost of services		SG&A		Interest and other financial charges – net		Other(4)

Foreign currency forward contracts	$	(3)	$	(1)	$	—	$	—	$	—
Effects of cash flow hedges	(3)		(1)		—		—		—
Cross-currency swaps	—		—		—		6		—
Foreign currency forward and options contracts	—		—		—		5		—
Effects of net investment hedges(1)	—		—		—		11		—

Interest rate swaps(2)	—		—		—		24		—
Debt basis adjustment on Long-term borrowings	—		—		—		(28)		—

Effects of fair value hedges	—		—		—		(4)		—
Foreign currency forward contracts	44		12		—		—		(1)



Other derivatives(3)	—		—		4		—		6
Effects of derivatives not designated as hedging instruments	44		12		4		—		5























	For the three months ended June 30, 2024
	Cost of products		Cost of services		SG&A		Interest and other financial charges – net		Other(4)

Foreign currency forward contracts	$	1	$	—	$	—	$	—	$	—
Effects of cash flow hedges	1		—		—		—		—
Cross-currency swaps	—		—		—		8		—
Foreign currency forward and option contracts	—		—		—		2		—
Effects of net investment hedges(1)	—		—		—		11		—

Interest rate swaps(2)	—		—		—		(21)		—
Debt basis adjustment on Long-term borrowings	—		—		—		14		—

Effects of fair value hedges	—		—		—		(7)		—
Foreign currency forward contracts	5		1		—		—		—
Other derivatives(3)	—		—		1		—		3
Effects of derivatives not designated as hedging instruments	5		1		1		—		3

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	For the six months ended June 30, 2025
	Cost of products		Cost of services		SG&A		Interest and other financial charges – net		Other(4)

Foreign currency forward contracts	$	(5)	$	(1)	$	—	$	—	$	—
Effects of cash flow hedges	(5)		(1)		—		—		—
Cross-currency swaps	—		—		—		14		—
Foreign currency forward and options contracts	—		—		—		8		—
Effects of net investment hedges(1)	—		—		—		22		—

Interest rate swaps(2)	—		—		—		80		—
Debt basis adjustment on Long-term borrowings	—		—		—		(88)		—

Effects of fair value hedges	—		—		—		(8)		—
Foreign currency forward contracts	59		16		—		—		(1)



Other derivatives(3)	—		—		1		—		(9)
Effects of derivatives not designated as hedging instruments	59		16		1		—		(10)























	For the six months ended June 30, 2024
	Cost of products		Cost of services		SG&A		Interest and other financial charges – net		Other(4)

Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	—
Effects of cash flow hedges	—		—		—		—		—
Cross-currency swaps	—		—		—		17		—
Foreign currency forward and option contracts	—		—		—		4		—
Effects of net investment hedges(1)	—		—		—		21		—

Interest rate swaps(2)	—		—		—		(66)		—
Debt basis adjustment on Long-term borrowings	—		—		—		52		—

Effects of fair value hedges	—		—		—		(13)		—
Foreign currency forward contracts	(7)		(2)		—		—		—
Other derivatives(3)	—		—		5		—		23
Effects of derivatives not designated as hedging instruments	(7)		(2)		5		—		23

(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the three and six months ended June 30, 2025 and 2024.

(2) Amount includes interest expense on interest rate derivatives of $(4) million and $(7) million for the three months ended June 30, 2025 and 2024, respectively, and $(8) million and $(13) million for the six months ended June 30, 2025 and 2024, 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 Condensed Consolidated Statements of Income.

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 June 30, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	—	$	256	$	—	$	256	$	—	$	312	$	—	$	312
Investment securities	26		—		—		26		32		—		—		32
Derivatives	—		178		—		178		—		145		—		145
Liabilities:
Derivatives	—		232		—		232		—		155		—		155
Contingent consideration	—		—		39		39		—		—		34		34

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Cash equivalents

As of June 30, 2025 and December 31, 2024, Cash, cash equivalents, and restricted cash of $3,763 million and $2,889 million, respectively, included money market funds of $256 million and $312 million, and other cash equivalents of $2,467 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 16, “Supplemental Financial Information” for further information.

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 six months ended June 30, 2025 and 2024, with the exception of the gain on fair value measurement of the NMP equity method investment as described in Note 7, “Acquisitions, Goodwill, and Other Intangible Assets.”

Fair value of other financial instruments

The estimated fair value of borrowings as of June 30, 2025 and December 31, 2024 was $10,728 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 $10,275 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 8, “Borrowings” and Note 16, “Supplemental Financial Information” for further information.

NOTE 13. 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 8, “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 six months ended June 30
	2025		2024
Balance at beginning of period	$	168	$	192
Current-year provisions	113		96
Expenditures	(120)		(112)
Foreign currency exchange and other	6		(4)
Balance at end of period	$	166	$	172

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

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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 matters described below that could have a material impact on our results of operations and cash flows. In many proceedings, including the specific matters 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.

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 November 19, 2024, the D.C. Circuit heard oral argument from the parties, and the D.C. Circuit’s decision is pending. The proceedings in the District Court are currently inactive.

Government Disclosures

From time to time, we make self-disclosures regarding our compliance with the Foreign Corrupt Practices Act (“FCPA”) and similar laws to relevant authorities who may pursue or decline to pursue enforcement proceedings against us. We, with the assistance of outside counsel, made voluntary self-disclosures to the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) beginning in 2018 regarding tender irregularities and other potential violations of the FCPA relating to our activities in certain provinces in China. We fully cooperated with the reviews by these agencies and implemented, and continue to implement, enhancements to our compliance policies and practices. We received letters from the SEC on May 16, 2025 and the DOJ on May 28, 2025 closing their respective investigations without further action.

NOTE 14. 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 facility exit costs, employee-related termination benefits associated with workforce reductions, 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 June 30, 2025 are included in the table below.


	For the three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Employee termination costs	$	12	$	17	$	32	$	42
Facility and other exit costs	1		5		2		13
Asset write-downs	5		6		6		13
Total restructuring activities – net	$	18	$	29	$	40	$	68

These restructuring initiatives are expected to result in additional expenses of approximately $34 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 Condensed 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 Condensed 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, 2024	$	67	$	18	$	86
Charges	30		2		32
Payments and other adjustments	(34)		(8)		(42)
Balance at June 30, 2025	$	63	$	13	$	76

NOTE 15. 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, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.


Earnings Per Share	For the three months ended June 30				For the six months ended June 30
(In millions, except per share amounts)	2025		2024		2025		2024
Numerator:
Net income	$	500	$	435	$	1,088	$	823
Net (income) loss attributable to noncontrolling interests	(14)		(7)		(39)		(21)
Net income attributable to GE HealthCare	$	486	$	428	$	1,049	$	802


Denominator:
Basic weighted-average shares outstanding	457		457		457		456
Dilutive effect of common stock equivalents	1		3		1		3
Diluted weighted-average shares outstanding	458		459		459		459

Basic earnings per share	$	1.06	$	0.94	$	2.30	$	1.76



Diluted earnings per share	1.06		0.93		2.29		1.75


Antidilutive securities(1)	5		5		4		4

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

NOTE 16. SUPPLEMENTAL FINANCIAL INFORMATION

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.


	As of
	June 30, 2025		December 31, 2024
Cash and cash equivalents(1)	$	3,737	$	2,874
Short-term restricted cash	26		16
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position	3,763		2,889
Long-term restricted cash(2)	3		3
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows	$	3,766	$	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 second quarter of 2025. Refer to Note 8, “Borrowings” for further information.

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

INVENTORIES.


	As of
	June 30, 2025		December 31, 2024
Raw materials	$	1,026	$	921
Work in process	93		92
Finished goods	1,164		926
Inventories	$	2,283	$	1,939

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Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Condensed 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
	June 30, 2025		December 31, 2024
Land and improvements	$	152	$	66
Buildings, structures, and related equipment	2,199		1,943
Machinery and equipment	2,975		2,705
Leasehold improvements and manufacturing plants under construction	516		553
Total property, plant, and equipment, at original cost	5,841		5,267
Accumulated depreciation	(3,266)		(3,080)
Right-of-use operating lease assets, net of amortization	386		364
Property, plant, and equipment – net	$	2,962	$	2,550

ALL OTHER ASSETS AND ALL OTHER LIABILITIES.


All Other Current Assets	As of
	June 30, 2025		December 31, 2024
Prepaid expenses and deferred costs	$	237	$	188
Financing receivables – net	100		90
Derivative instruments(1)	115		123
Tax receivables	144		115
Other(2)	42		16
All other current assets	$	638	$	532

(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

(2) As of June 30, 2025, Other primarily consists of indemnity assets associated with separation agreements with GE. These amounts were not material as of December 31, 2024.


All Other Non-Current Assets	As of
	June 30, 2025		December 31, 2024
Prepaid pension asset	$	775	$	657
Equity method and other investments	244		373
Financing receivables – net	190		183
Long-term receivables – net	191		142
Inventories	145		139
Contract and other deferred assets	207		208
Capitalized cloud computing arrangement implementation costs	143		84
Other(1)	180		164
All other non-current assets	$	2,076	$	1,950

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

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All Other Current Liabilities	As of
	June 30, 2025		December 31, 2024
Sales allowances and related liabilities	$	228	$	242
Income and indirect tax liabilities including uncertain tax positions	181		279
Product warranties	166		168
Accrued logistics and utilities	177		163
Operating lease liabilities	127		115
Derivative instruments(1)	79		90
Interest payable on borrowings	89		92
Environmental and asset retirement obligations	14		17
Other(2)	363		386
All other current liabilities	$	1,426	$	1,552

(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

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


All Other Non-Current Liabilities	As of
	June 30, 2025		December 31, 2024
Contract liabilities	$	741	$	686
Operating lease liabilities	271		270
Environmental and asset retirement obligations	407		291
Income and indirect tax liabilities including uncertain tax positions	170		237
Derivative instruments(1)	154		64
Finance lease obligations	43		40
Sales allowances and related liabilities	27		23
Other(2)	192		184
All other non-current liabilities	$	2,005	$	1,796

(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

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

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.

Included within Accounts payable in the Condensed Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024 were $346 million and $394 million, respectively, of confirmed supplier invoices that are outstanding and subject to third-party programs.

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 Condensed 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.

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Activity attributable to redeemable noncontrolling interests is presented below.


	For the six months ended June 30
	2025		2024
Balance at beginning of period	$	188	$	165
Net income attributable to redeemable noncontrolling interests	37		16

Distributions to redeemable noncontrolling interests and other	(5)		(4)
Balance at end of period	$	220	$	177

OTHER INCOME (EXPENSE) – NET.


	For the three months ended June 30				For the six months ended June 30
	2025		2024		2025		2024
Net financing income and investment income (loss)	$	6	$	—	$	5	$	(15)
Equity method income (loss)	1		2		4		3
Change in fair value of assumed obligations	(10)		(9)		(18)		(17)
Gain on remeasurement of NMP equity method investment(1)	—		—		97		—
Other items, net(2)	2		7		11		21
Total other income (expense) – net	$	(1)	$	1	$	98	$	(8)

(1) Refer to Note 7, “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, lease income, change in tax indemnities, and gains and losses related to derivatives. Additionally, for the six months ended June 30, 2025 it includes a realization of a gain contingency recorded in the first quarter of 2025.

NOTE 17. SUBSEQUENT EVENTS

On July 1, 2025, the Company’s Board of Directors declared a cash dividend of $0.035 per share of common stock, payable on August 15, 2025, to stockholders of record on July 25, 2025.

On July 4, 2025, the President signed into law the OBBBA, which includes, among other things, significant changes to the U.S. federal income tax system. While we do not expect that the OBBBA will have a material impact on our income taxes within our financial statements, we are currently evaluating the full impact of the OBBBA on our business.

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