Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial results should be read in conjunction with the condensed consolidated financial statements and corresponding notes (the “financial statements”) included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) for the three months ended March 31, 2026 and 2025. For a full understanding of our financial condition and results of operations, the below discussion should be read alongside the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances; see “Forward-Looking Statements.” Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

As of March 31, 2026, 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”), and we assessed their performance using Segment revenues and Segment EBIT. For additional information on our segments, refer to Note 3, “Segment Information.”

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”).

The following tables are presented in millions of United States (“U.S.”) dollars unless otherwise stated, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts and, unless otherwise stated, represent changes year-over-year.

TRENDS AND FACTORS IMPACTING OUR PERFORMANCE

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

KEY TRENDS AFFECTING RESULTS OF OPERATIONS.

Global Trade and Macroeconomic Environment

Starting in February 2025, the U.S. imposed a variety of new tariffs on most imports from nearly all countries in the world. This in turn prompted several countries to announce tariffs on U.S. imports. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs thereunder. The U.S. subsequently imposed new tariffs under alternative statutory authority. In April 2026, U.S. Customs and Border Protection announced a new administrative process for requesting refunds of certain tariffs imposed under IEEPA. The timing and amount of any potential refunds remain uncertain and are subject to eligibility requirements, administrative processing, and other limitations. While the situation continues to be fluid, tariffs materially impacted our Operating income by approximately $90 million and cash flows by approximately $110 million for the three months ended March 31, 2026, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at current levels, we expect to continue to see a material impact to our financial results. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs.

We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government spending and reimbursement, and indirect impacts from the tariffs. Should these factors dampen economic growth, slow global trade, or impact inflation, we could see adverse impacts to our business as our customers adapt to the change in economic environment. We also continue to monitor potential impacts on purchasing decisions by both public and private customers in China and other markets as a result of the current trade environment, as well as other actions related to tariffs and trade frictions, investigations, or activities that could similarly increase our costs or otherwise impact our business. In addition, if negative sentiment towards U.S. companies influences the purchasing decisions of global customers, our business could be impacted materially.

China Market

We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and commercial infrastructure should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of volume based procurement policies, both of which have impacted our orders and revenues and may continue to do so.

Table of Contents

Russia and Ukraine Conflict

We had $194 million and $214 million of assets in, or directly related to, Russia and Ukraine as of March 31, 2026 and December 31, 2025, respectively, none of which are subject to sanctions that impact the carrying value of the assets. We generated revenues of $54 million and $64 million from customers in these two countries for the three months ended March 31, 2026 and 2025, respectively. The potential inability to repatriate earnings from these two countries will not have a material impact on our ability to operate.

We continue to monitor the effects of Russia’s invasion of Ukraine, including the consideration of financial impact, cybersecurity risks, the applicability and effect of sanctions, and the employee base in Ukraine and Russia. Under the current U.S. Department of Commerce regulations, we are permitted to export, re-export, or transfer medical equipment and spare parts that meet stated criteria under a License Exception, which has eliminated the need for us to obtain individual U.S. licenses in most cases; however, licenses still may be needed for some transactions. The European Union and other countries have also expanded licensing requirements for certain spare parts, services, software, and other items. We will continue to apply for licenses to supply to these customers and to support our business in Russia, as required. The implementation of these measures affected our ability to supply customers in Russia during the three months ended March 31, 2026 and 2025 and is expected to continue to do so as we confirm applicability of the U.S. License Exception to our transactions and continue to obtain licenses. There is no guarantee we will obtain all of the licenses for which we apply, that any approvals we obtain will be on a timely basis, will remain in effect, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. We will continue to assess whether developments related to the conflict have had, or are reasonably likely to have, a material impact on the Company.

Other Geopolitical and Macroeconomic Uncertainties

Global geopolitical instability, including the conflict in the Middle East, could adversely impact our operations, supply chains, and logistics. These events may result in increased costs, delays in product deliveries, and challenges in maintaining service levels in affected areas.

We continue to monitor impacts related to key raw materials directly and indirectly related to our products or delivery of our products, including memory components, logistics and other costs linked to the price of oil, rare earth minerals, and other critical commodities. Sustained cost inflation or constrained availability of critical components could negatively impact our ability to both produce and deliver products to our customers in a timely manner. We continue to take action to mitigate the exposures under the current environment by securing supply and identifying opportunities to partially offset cost increases; however, if the current environment continues or deteriorates further we will see adverse impacts to our results.

SUMMARY OF KEY PERFORMANCE MEASURES

Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP financial measures. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below. See “Results of Operations” and “Liquidity and Capital Resources” below for further discussion on our key performance measures.

The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconciliations to their most directly comparable U.S. GAAP financial measures are provided below under “Non-GAAP Financial Measures.”

---

*Non-GAAP Financial Measure

Table of Contents

RESULTS OF OPERATIONS

The following tables set forth our results of operations for each of the periods presented.

Condensed Consolidated Statements of Income (Unaudited)									For the three months ended March 31
												2026			2025
Sales of products												$	3,345		$	3,117
Sales of services												1,786			1,660
Total revenues												5,131			4,777
Cost of products												2,283			1,963
Cost of services												871			802
Gross profit												1,977			2,012
Selling, general, and administrative												1,117			1,040
Research and development												345			344
Total operating expenses												1,462			1,383
Operating income												515			629
Interest and other financial charges – net												96			110
Non-operating benefit (income) costs												(51)			(74)
Other (income) expense – net												(36)			(99)
Income before income taxes												505			692
Benefit (provision) for income taxes												(94)			(104)
Net income												411			588
Net (income) loss attributable to noncontrolling interests												(22)			(24)
Net income attributable to GE HealthCare												$	389		$	564

TOTAL REVENUES.

Revenues by Segment									For the three months ended March 31
																		2026			2025						% change						% organic change*
Segment revenues
Imaging																		$	2,299		$	2,140					7.4%						3.8%
AVS																		1,341			1,239						8.2%						4.4%
PCS																		704			753						(6.5)%						(8.1)%
PDx																		770			632						21.7%						9.7%
Other(1)																		18			13
Total revenues																		$	5,131		$	4,777					7.4%						2.9%

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

Revenues by Region									For the three months ended March 31
															2026			2025						% change
United States and Canada (“USCAN”)															$	2,361		$	2,237					5.6%
Europe, the Middle East, and Africa (“EMEA”)															1,340			1,174						14.1%
China region															567			593						(4.4)%
Rest of World															863			773						11.6%
Total revenues															$	5,131		$	4,777					7.4%

For the three months ended March 31, 2026

Total revenues were $5,131 million, growing 7.4% as reported and 2.9% organically*. Sales of products increased 7.3% or $228 million primarily driven by growth in PDx, Imaging, and AVS revenues, as well as favorable foreign currency impacts, partially offset by declines in PCS revenues. Sales of services increased 7.5% or $125 million primarily driven by growth in new and existing customer contractual agreements as well as favorable foreign currency impacts.

---

*Non-GAAP Financial Measure

Table of Contents

The segment revenues were as follows:

• Imaging segment revenues were $2,299 million, growing 7.4% or $159 million as reported due to an increase in Organic revenue* and favorable foreign currency impacts. Organic revenue* grew 3.8% with strength in the USCAN and EMEA regions, partially offset by continued pressure in the China market;

• AVS segment revenues were $1,341 million, growing 8.2% or $101 million as reported due to an increase in Organic revenue* and favorable foreign currency impacts. Organic revenue* grew 4.4% with strength in the USCAN and EMEA regions, partially offset by continued pressure in the China market;

• PCS segment revenues were $704 million, decreasing 6.5% or $49 million, primarily driven by a decline in Monitoring Solutions revenues due to timing of installations more concentrated in the second half of the year, partially offset by favorable foreign currency impacts; and

• PDx segment revenues were $770 million, growing 21.7% or $137 million as reported, largely driven by an increase in Organic revenue* and the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”). Organic revenue* grew 9.7% driven by continued growth in volume and price as well as new product introductions.

The regional revenues were as follows:

• USCAN revenues were $2,361 million, growing 5.6% or $124 million, largely driven by growth across Imaging, PDx, and AVS revenues, partially offset by a decline in PCS revenues;

• EMEA revenues were $1,340 million, growing 14.1% or $166 million with favorable foreign currency impacts as well as growth in AVS and Imaging revenues;

• China region revenues were $567 million, decreasing 4.4% or $26 million with declines in Imaging and AVS revenues partially offset by favorable foreign currency impacts as well as growth in PDx revenues; and

• Rest of World revenues were $863 million, growing 11.6% or $90 million with growth in PDx, inclusive of NMP revenues, and Imaging revenues as well as favorable foreign currency impacts.

OPERATING INCOME, NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT, AND ADJUSTED NET INCOME.**

									For the three months ended March 31
																					2026			% of Total revenues			2025			% of Total revenues									% change
Operating income																					$	515		10.0%			$	629		13.2%									(18.2)%
Net income attributable to GE HealthCare																					389			7.6%			564			11.8%									(31.0)%
Adjusted EBIT*																					691			13.5%			715			15.0%									(3.4)%
Adjusted net income*																					452			8.8%			464			9.7%									(2.5)%

For the three months ended March 31, 2026

Operating income was $515 million, a decrease of $115 million and 310 basis points as a percent of Total revenues. The decrease was due to the following factors:

• Gross profit decreased $36 million or 360 basis points as a percent of Total revenues primarily due to an increase in both Cost of products and Cost of services as a percent of Total revenues. Cost of products sold increased $320 million or 530 basis points as a percent of Sales of products. The increase as a percent of sales was largely driven by cost inflation, including the impact of incremental tariffs, investment in design follow-through, and a PDx supplier issue. Cost of services sold increased $69 million or 50 basis points as a percent of Sales of services. The increase as a percent of sales was largely driven by unfavorable mix within our service offerings and cost inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product investment was $127 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $96 million for the prior year comparable period; and

• Total operating expenses increased $79 million, with an increase in research and development (“R&D”) investments of $2 million, driven by foreign currency movements and investments largely offset by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, and an increase in Selling, general, and administrative (“SG&A”) expense of $77 million primarily driven by foreign currency movements and expenses related to recent acquisitions. R&D as a percentage of Total revenues decreased by 50 basis points and SG&A as a percentage of Total revenues was flat to the prior year.

---

*Non-GAAP Financial Measure

Table of Contents

Net income attributable to GE HealthCare and Net income margin were $389 million and 7.6%, a decrease of $175 million and 420 basis points respectively, primarily due to the following factors:

• Operating income decreased $115 million, as discussed above;

• Interest and other financial charges – net decreased $14 million primarily driven by efficient management of the debt profile;

• Non-operating benefit income decreased $23 million primarily related to lower current year amortization of postretirement benefit plan other comprehensive income;

• Other income – net decreased $63 million primarily driven by the non-repeat of the prior year remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest, partially offset by income from contract settlements in the current quarter. For additional detail on the NMP acquisition, refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets”; and

• Provision for income taxes decreased $10 million primarily due to lower earnings in 2026 offset by a one-time foreign income tax reserve release in 2025 for tax years no longer subject to an assessment from the local taxing authorities. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $691 million and 13.5%, a decrease of $24 million and 150 basis points, respectively, primarily due to a decrease in operating income, as discussed above.

Adjusted net income* was $452 million, a decrease of $12 million primarily due a decrease in operating income, partially offset by lower Interest and other financial charges – net.

RESULTS OF OPERATIONS – SEGMENTS

We exclude from Segment EBIT certain corporate-related expenses and certain transactions or adjustments that our Chief Operating Decision Maker (which is our Chief Executive Officer) considers to be non-operational, such as Interest and other financial charges – net, Benefit (provision) for income taxes, restructuring costs, acquisition and disposition-related benefits (charges), Spin-Off and separation costs, Non-operating benefit (income) costs, gain (loss) on business and asset dispositions, amortization of acquisition-related intangible assets, Net (income) loss attributable to noncontrolling interests, Income (loss) from discontinued operations, net of taxes, and investment revaluation gain (loss). See Note 3, “Segment Information” for additional information on our reportable segments, and “Results of Operations” above for discussion on segment revenue performance.

Segment EBIT									For the three months ended March 31
																					2026			% of segment revenues			2025			% of segment revenues									% change
Imaging																					$	180		7.8		%	$	199		9.3		%							(9.4)		%
AVS																					299			22.3		%	261			21.1		%							14.5		%
PCS																					10			1.4		%	48			6.4		%							(79.8)		%
PDx																					197			25.6		%	205			32.4		%							(3.9)		%

For the three months ended March 31, 2026

*•*Imaging Segment EBIT was $180 million, a decrease of $19 million due to cost inflation, including the impact of incremental tariffs, partially offset by a growth in sales volume;

*•*AVS Segment EBIT was $299 million, an increase of $38 million due to a growth in sales volume and contract settlements, partially offset by cost inflation, including the impact of incremental tariffs;

*•*PCS Segment EBIT was $10 million, a decrease of $38 million due to a decline in sales volume and cost inflation, including the impact of incremental tariffs; and

*•*PDx Segment EBIT was $197 million, a decrease of $8 million due to a supplier issue and planned investments, partially offset by a growth in sales volume and an increase in price.

---

*Non-GAAP Financial Measure

Table of Contents

NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures presented in this Quarterly Report on Form 10-Q are supplemental measures of our performance and our liquidity that we believe will help investors understand our financial condition, cash flows, and operating results, and assess our future prospects. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below.

We report Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of our established, ongoing operations, as well as provide insights into overall demand for our products and services. To calculate these measures, we exclude the effect of acquisitions, dispositions, and foreign currency rate fluctuations.

We report EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, and Adjusted earnings per share to provide management and investors with an additional understanding of our business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures we exclude, and reflect in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges – net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. We may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin is calculated by taking Adjusted EBIT divided by Total revenues for the same period.

We report Adjusted tax expense and Adjusted ETR to provide management and investors with a better understanding of the normalized tax rate applicable to our business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. We may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above.

We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business.

Table of Contents

Organic Revenue*									For the three months ended March 31
															2026			2025			% change
Imaging revenues															$	2,299		$	2,140		7.4%
Less: Acquisitions(1)															11			—
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															68			—
Imaging Organic revenue*															$	2,220		$	2,140		3.8%
AVS revenues															$	1,341		$	1,239		8.2%
Less: Acquisitions(1)															—			—
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															46			—
AVS Organic revenue*															$	1,294		$	1,239		4.4%
PCS revenues															$	704		$	753		(6.5)%
Less: Acquisitions(1)															—			—
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															12			—
PCS Organic revenue*															$	692		$	753		(8.1)%
PDx revenues															$	770		$	632		21.7%
Less: Acquisitions(1)															50			1
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															28			—
PDx Organic revenue*															$	692		$	631		9.7%
Other revenues															$	18		$	13		37.7%
Less: Acquisitions(1)															—			—
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															—			—
Other Organic revenue*															$	18		$	13		37.7%
Total revenues															$	5,131		$	4,777		7.4%
Less: Acquisitions(1)															60			1
Less: Dispositions(2)															—			—
Less: Foreign currency exchange															155			—
Organic revenue*															$	4,916		$	4,776		2.9%

(1)			Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction, excluding the impact of Foreign currency exchange already captured in lines elsewhere.
(2)			Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

---

*Non-GAAP Financial Measure

Table of Contents

Adjusted EBIT*									For the three months ended March 31
															2026			2025						% change
Net income attributable to GE HealthCare															$	389		$	564					(31.0)%
Add: Interest and other financial charges – net															96			110
Add: Non-operating benefit (income) costs															(51)			(74)
Less: Benefit (provision) for income taxes															(94)			(104)
Less: Net (income) loss attributable to noncontrolling interests															(22)			(24)
EBIT*															551			728						(24.3)%
Add: Restructuring costs(1)															49			22
Add: Acquisition and disposition-related charges (benefits)(2)															35			8
Add: Spin-Off and separation costs(3)															2			24
Add: (Gain) loss on business and asset dispositions(4)															—			(10)
Add: Amortization of acquisition-related intangible assets															47			35
Add: Investment revaluation (gain) loss(5)															8			(92)
Adjusted EBIT*															$	691		$	715					(3.4)%
Net income margin															7.6%			11.8%						(420) bps
Adjusted EBIT margin*															13.5%			15.0%						(150) bps

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the three months ended March 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.

Adjusted Net Income*									For the three months ended March 31
															2026			2025						% change
Net income attributable to GE HealthCare															$	389		$	564					(31.0)%
Add: Non-operating benefit (income) costs															(51)			(74)
Add: Restructuring costs(1)															49			22
Add: Acquisition and disposition-related charges (benefits)(2)															35			8
Add: Spin-Off and separation costs(3)															2			29
Add: (Gain) loss on business and asset dispositions(4)															—			(10)
Add: Amortization of acquisition-related intangible assets															47			35
Add: Investment revaluation (gain) loss(5)															8			(92)
Add: Tax effect of reconciling items(6)															(19)			—
Add: Spin-Off and other tax adjustments(7)															(7)			(17)
Adjusted net income*															$	452		$	464					(2.5)%

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. For the three months ended March 31, 2025, an adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the three months ended March 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including tax reserve releases in a foreign jurisdiction for tax years no longer subject to an assessment from the local taxing authorities and discrete tax impacts resulting from the Spin-Off and separation from GE.

---

*Non-GAAP Financial Measure

Table of Contents

Adjusted Earnings Per Share*									For the three months ended March 31
(In dollars, except shares outstanding presented in millions)															2026			2025						$ change
Diluted earnings per share															$	0.85		$	1.23					$	(0.38)
Add: Non-operating benefit (income) costs															(0.11)			(0.16)
Add: Restructuring costs(1)															0.11			0.05
Add: Acquisition and disposition-related charges (benefits)(2)															0.08			0.02
Add: Spin-Off and separation costs(3)															0.01			0.06
Add: (Gain) loss on business and asset dispositions(4)															—			(0.02)
Add: Amortization of acquisition-related intangible assets															0.10			0.08
Add: Investment revaluation (gain) loss(5)															0.02			(0.20)
Add: Tax effect of reconciling items(6)															(0.04)			—
Add: Spin-Off and other tax adjustments(7)															(0.02)			(0.04)
Adjusted earnings per share*															$	0.99		$	1.01					$	(0.02)
Diluted weighted-average shares outstanding															457			459

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. For the three months ended March 31, 2025, an adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the three months ended March 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including tax reserve releases in a foreign jurisdiction for tax years no longer subject to an assessment from the local taxing authorities and discrete tax impacts resulting from the Spin-Off and separation from GE.

Adjusted Tax Expense and Adjusted ETR**									For the three months ended March 31
												2026			2025
Benefit (provision) for income taxes												$	(94)		$	(104)
Add: Tax effect of reconciling items(1)												(19)			—
Add: Spin-Off and other tax adjustments(2)												(7)			(17)
Adjusted tax expense*												$	(120)		$	(121)
Effective tax rate												18.6%			15.0%
Adjusted effective tax rate*												20.2%			20.1%

(1)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(2)			Consists of certain income tax adjustments, including tax reserve releases in a foreign jurisdiction for tax years no longer subject to an assessment from the local taxing authorities and discrete tax impacts resulting from the Spin-Off and separation from GE.

Free Cash Flow*			For the three months ended March 31
			2026			2025						% change
Cash from (used for) operating activities			$	290		$	250					15.8%
Add: Additions to PP&E and internal-use software			(178)			(152)
Add: Dispositions of PP&E			—			—
Free cash flow*			$	112		$	98					13.3%

---

*Non-GAAP Financial Measure

Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2026, our Cash, cash equivalents, and restricted cash balance in the Condensed Consolidated Statements of Financial Position was $2,285 million. We have historically generated positive cash flows from operating activities. Additionally, we have access to revolving credit facilities of $3,500 million in aggregate, described in detail in Note 8, “Borrowings.”

We believe that our existing balance of Cash, cash equivalents, and restricted cash, future cash generated from operating activities, access to capital markets, and existing credit facilities will be sufficient to meet the needs of our current and ongoing operations, pay taxes due, service our existing debt, and fund investments in our business for at least the next 12 months.

The following table summarizes our cash flows for the periods presented:

Cash Flow			For the three months ended March 31
			2026			2025
Cash from (used for) operating activities			$	290		$	250
Cash from (used for) investing activities			(2,500)			(407)
Cash from (used for) financing activities			21			(286)
Free cash flow*			112			98

Operating Activities

Cash generated from operating activities in the three months ended March 31, 2026 was $290 million and included Net income of $411 million, non-cash charges for depreciation and amortization expense of $153 million, and $274 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by compensation and benefit payments, an increase in inventories to meet business demand, and company-funded payments for postretirement benefit plans, partially offset by an increase in accounts payable, and a decrease in current receivables primarily from collections. This includes an impact of approximately $110 million from incremental tariffs imposed in the first quarter of 2025.

Cash generated from operating activities in the three months ended March 31, 2025 was $250 million and included Net income of $588 million, adjusted for non-cash items including depreciation and amortization expense of $136 million and gain on remeasurement of NMP equity method investment of $97 million, and $377 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by compensation and benefit payments, an increase in inventories to meet business demand, and company-funded payments for postretirement benefit plans, partially offset by an increase in accounts payable.

Investing Activities

Cash used for investing activities in the three months ended March 31, 2026 was $2,500 million and primarily included purchases of businesses, net of cash acquired, of $2,297 million related to the acquisition of Intelerad and Additions to PP&E and internal-use software of $178 million related mostly to investments in facilities, including manufacturing capacity expansion, and new product introductions. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the Intelerad acquisition.

Cash used for investing activities in the three months ended March 31, 2025 was $407 million and primarily included purchases of businesses, net of cash acquired, of $269 million related to the acquisition of the remaining 50% interest in NMP and additions to PP&E and internal-use software of $152 million related mostly to new product introductions and manufacturing capacity expansion. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

Financing Activities

Cash generated from financing activities in the three months ended March 31, 2026 was $21 million and primarily included $1,150 million of net proceeds from borrowings of $650 million under our Delayed Draw Term Loan and $500 million under our 364-day senior unsecured revolving credit facility, partially offset by $1,000 million from repayments of $500 million of our Term Loan Facility upon maturity and $500 million under our 364-day senior unsecured revolving credit facility. Also included was repurchase of common stock for total consideration of $100 million. Refer to Note 8, “Borrowings” and Note 11, “Shareholders' Equity” for further information.

Cash used for financing activities in the three months ended March 31, 2025 was $286 million and primarily included a repayment of $250 million of our outstanding Term Loan Facility.

---

*Non-GAAP Financial Measure

Table of Contents

Material Cash Requirements

In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future. Information regarding our obligations under lease and other commitments is provided in Note 7, “Leases” and Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We also have material cash requirements related to our debt commitments as described in Note 8, “Borrowings” and our pension obligations as described in Note 9, “Postretirement Benefit Plans.”

Debt and Credit Facilities

As part of our capital structure, we have incurred debt. The servicing of this debt is supported by cash flows from our operations. As of March 31, 2026, we had $10,134 million of total debt compared to $10,003 million as of December 31, 2025. The net increase in debt was due primarily to the $650 million drawdown of the Delayed Draw Term Loan Facility, partially offset by the $500 million repayment of the Term Loan Facility upon maturity.

Our Credit Facilities include a five-year senior unsecured revolving facility that provides borrowings of up to $3,000 million expiring in March 2030, a 364-day senior unsecured revolving facility that provides borrowings of up to $500 million expiring in February 2027, and a Delayed Draw Term Loan Facility with an aggregate committed amount of $650 million maturing in March 2029. As of March 31, 2026, there were no outstanding borrowings on either of the senior unsecured revolving credit facilities and $650 million outstanding on the Delayed Draw Term Loan Facility. Additional information on our debt and Credit Facilities, including definitions of the terms used above, is included in Note 8, “Borrowings.”

The Credit Facilities include various customary covenants that limit, among other things, the incurrence of liens securing debt, the entry into certain fundamental change transactions by GE HealthCare, and the maximum permitted consolidated net leverage ratio. As of March 31, 2026, we were in compliance with the covenant requirements, including the maximum consolidated net leverage ratio.

Access to Capital and Credit Ratings

We plan to continue to rely on capital markets, and we expect to have access to credit facilities to fund our operations. The cost and availability of debt financing will be influenced by our credit ratings and market conditions.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

For a discussion of recently issued accounting standards, see Note 1, “Organization and Basis of Presentation.”

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the critical accounting estimates disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.