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GE Aerospace (NYSE:GE)

Common-Size Income Statement
Quarterly Data

GE Aerospace, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales of equipment 29.54 28.51 28.14 29.50 27.98 28.00 29.48 32.70 27.37 26.45 29.98 42.55 42.04 42.19 38.61 44.86 43.83 42.52 42.18 32.84 64.73 47.50 48.85
Sales of services 70.46 71.49 71.86 70.50 72.02 72.00 70.52 67.30 72.63 73.55 70.02 57.45 57.96 57.81 61.39 55.14 56.17 57.48 57.82 67.16 35.27 52.50 51.15
Sales of equipment and services 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of equipment sold -29.74 -30.21 -28.25 -33.14 -29.73 -27.13 -25.94 -29.85 -29.35 -27.99 -30.52 -43.60 -42.81 -43.78 -40.93 -40.02 -44.03 -39.99 -41.48 -36.25 -51.24 -43.65 -46.46
Cost of services sold -38.73 -38.44 -39.96 -37.36 -38.93 -40.32 -40.67 -38.59 -40.27 -39.80 -40.63 -34.15 -35.38 -34.21 -37.42 -33.59 -33.91 -34.08 -35.05 -37.31 -24.00 -34.30 -30.39
Cost of equipment and services sold -68.47% -68.65% -68.21% -70.50% -68.65% -67.45% -66.61% -68.44% -69.62% -67.80% -71.15% -77.75% -78.19% -77.99% -78.35% -73.61% -77.94% -74.07% -76.53% -73.56% -75.24% -77.95% -76.84%
Gross profit from sales 31.53% 31.35% 31.79% 29.50% 31.35% 32.55% 33.39% 31.56% 30.38% 32.20% 28.85% 22.25% 21.81% 22.01% 21.65% 26.39% 22.06% 25.93% 23.47% 26.44% 24.76% 22.05% 23.16%
Insurance revenue 6.27 5.66 6.70 7.18 7.74 8.59 10.38 9.43 10.05 10.59 10.88 4.90 5.10 5.34 5.78 3.69 3.50 4.28 4.71 4.88 3.46 4.48 4.63
Selling, general and administrative expenses -8.39 -8.95 -9.33 -8.40 -10.57 -10.05 -9.73 -11.71 -14.87 -11.24 -12.70 -13.63 -13.15 -14.88 -15.64 -16.86 -15.55 -15.21 -22.44 -16.43 -15.42 -16.39 -17.74
Separation costs -0.02 -0.27 -0.47 -0.43 -0.47 -0.46 -0.57 -0.85 -0.83 -0.91 -3.21 -1.73 -1.38 -1.43 -1.50 -2.00 -1.23 -1.16 -0.73 0.00 0.00 0.00 0.00
Research and development -3.45 -3.64 -3.79 -3.77 -3.67 -3.54 -3.99 -3.90 -3.70 -3.65 -3.34 -2.97 -2.85 -2.87 -3.15 -3.76 -3.72 -3.89 -3.94 -3.62 -3.52 -3.46 -3.44
Operating income 25.95% 24.14% 24.89% 24.09% 24.38% 27.09% 29.48% 24.54% 21.03% 27.00% 20.48% 8.82% 9.53% 8.18% 7.15% 7.47% 5.05% 9.94% 1.08% 11.27% 9.28% 6.69% 6.61%
Interest and other financial charges -1.74 -1.70 -1.98 -2.11 -1.99 -1.56 -2.33 -2.27 -2.81 -3.02 -3.26 -1.60 -1.73 -1.68 -1.96 -1.98 -2.12 -2.20 -2.50 -2.19 -2.59 -2.79 -3.06
Debt extinguishment costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.21 0.00 0.00 0.00 -26.21 0.00 -8.11 0.00
Insurance losses, annuity benefits and other costs -7.68 -4.15 -5.37 -4.64 -4.42 -6.88 -7.79 -4.26 -7.98 -8.11 -7.76 -4.09 -4.30 -4.64 -4.99 -3.62 -4.97 -3.09 -3.10 -3.33 -3.77 -2.95 -3.57
Goodwill impairments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.81 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-operating benefit income (cost) 1.34 1.40 1.52 1.62 1.75 1.94 2.23 2.16 2.31 2.49 2.69 2.17 2.40 2.54 2.81 0.65 0.68 0.75 0.84 -2.09 -2.40 -2.96 -2.64
Other income (loss) 3.24 2.48 -0.13 5.06 2.53 2.94 3.36 3.05 11.42 -0.77 12.46 5.55 -4.08 4.37 44.41 10.34 1.06 -6.76 0.45 4.75 2.76 4.19 4.12
Income (loss) from continuing operations before income taxes 21.11% 22.17% 18.93% 24.03% 22.24% 23.54% 24.94% 23.21% 21.17% 17.60% 24.60% 10.85% 1.82% 8.77% 47.41% 10.64% -0.30% -1.36% -3.23% -17.79% 3.28% -5.94% 1.46%
(Provision) benefit for income taxes -2.90 -3.21 -2.17 -3.28 -3.04 -3.83 -3.14 -4.02 -2.21 -1.52 -3.01 -2.27 -0.84 -2.09 -1.98 0.31 -0.11 -1.77 -1.25 -0.18 -0.01 2.67 -0.86
Net income (loss) from continuing operations 18.22% 18.96% 16.76% 20.75% 19.20% 19.70% 21.80% 19.19% 18.95% 16.08% 21.59% 8.58% 0.98% 6.67% 45.43% 10.96% -0.41% -3.14% -4.48% -17.98% 3.27% -3.27% 0.59%
Income (loss) from discontinued operations, net of taxes -0.93 -0.30 -0.22 0.75 -0.15 0.21 0.11 -0.05 1.64 -0.66 -2.22 0.01 1.05 -6.43 9.18 -0.31 -0.46 -1.17 -1.75 -1.73 3.38 -3.23 -17.74
Net income (loss) 17.28% 18.66% 16.53% 21.50% 19.05% 19.91% 21.91% 19.14% 20.60% 15.42% 19.38% 8.59% 2.03% 0.25% 54.61% 10.65% -0.87% -4.31% -6.23% -19.71% 6.65% -6.50% -17.15%
Net (income) loss attributable to noncontrolling interests -0.06 0.10 -0.14 -0.08 0.03 0.07 0.07 0.08 0.11 -0.02 -0.32 0.01 0.08 -0.03 0.20 -0.07 -0.03 -0.11 -0.17 -0.01 0.41 0.02 -0.02
Net income (loss) attributable to the Company 17.22% 18.76% 16.39% 21.41% 19.08% 19.98% 21.98% 19.22% 20.71% 15.40% 19.06% 8.60% 2.11% 0.22% 54.81% 10.57% -0.89% -4.42% -6.40% -19.72% 7.06% -6.47% -17.17%
Preferred stock dividends 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.55 -0.37 -1.07 -0.46 -0.40 -0.37 -0.32 -0.29 -0.29 -0.33 -0.44
Net income (loss) attributable to common shareholders 17.22% 18.76% 16.39% 21.41% 19.08% 19.98% 21.98% 19.22% 20.71% 15.40% 19.06% 8.59% 1.56% -0.15% 53.75% 10.11% -1.29% -4.79% -6.72% -20.01% 6.76% -6.80% -17.61%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

A structural shift in revenue composition is evident, with the business transitioning from a balanced mix of equipment and services toward a service-dominant model. This strategic pivot is accompanied by a significant expansion in operating margins and a marked reduction in overhead costs over the analyzed period.

Revenue Mix Transformation
Sales of equipment as a percentage of total revenue declined from a range of 32% to 64% in 2021 to a stabilized range of approximately 28% to 30% between 2024 and 2026. Simultaneously, sales of services increased from an average of roughly 55% in the early period to consistently exceeding 70% from March 2024 onward, indicating a transition toward a more recurring, service-led revenue stream.
Gross Profitability and Cost Structure
Gross profit margins showed substantial improvement, rising from a 21% to 26% range between 2021 and 2023 to a higher plateau of 29% to 33% starting in 2024. This expansion is largely driven by a decrease in the cost of equipment sold, which dropped from peaks of over 51% in 2021 to approximately 28% to 30% in the latter part of the period.
Operating Efficiency and Expense Control
A consistent downward trend is observed in selling, general, and administrative (SG&A) expenses, which fell from 17.74% in March 2021 to between 8% and 10% by 2025-2026. Research and development costs remained relatively stable, fluctuating within a narrow band of 2.8% to 4% of revenue. Separation costs, which peaked at 3.21% in March 2024, tapered off to near zero by September 2026.
Operating Income Performance
Operating income margins underwent a significant step-change in early 2024. In the period from 2021 to 2023, operating income was volatile, frequently remaining below 10%. Beginning in March 2024, margins shifted to a much higher and more stable range, fluctuating between 20.48% and 29.48%.
Net Income and Bottom-Line Stability
Net income attributable to common shareholders exhibited extreme volatility during the 2021-2023 period, characterized by deep losses and a singular anomalous spike of 53.75% in March 2023. However, a period of stabilization began in 2024, with net margins normalizing into a consistent range of 15% to 22% through 2026.
Non-Operating and Ancillary Factors
Insurance revenue saw a notable increase in 2024, peaking at 10.88% before settling into a range of 5.6% to 7.7%. Interest and other financial charges remained relatively controlled, generally fluctuating between 1.5% and 3.3% of total sales throughout the entire duration.

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