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GE Aerospace (NYSE:GE)

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Common-Size Income Statement
Quarterly Data

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

Microsoft Excel
3 months ended: 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
Sales of services
Sales of equipment and services
Cost of equipment sold
Cost of services sold
Cost of equipment and services sold
Gross profit from sales
Insurance revenue
Selling, general and administrative expenses
Separation costs
Research and development
Operating income
Interest and other financial charges
Debt extinguishment costs
Insurance losses, annuity benefits and other costs
Goodwill impairments
Non-operating benefit income (cost)
Other income (loss)
Net income (loss) from continuing operations before income taxes
(Provision) benefit for income taxes
Net income (loss) from continuing operations
Net income (loss) from discontinued operations, net of taxes
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to the Company
Preferred stock dividends
Net income (loss) attributable to common shareholders

Based on: 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 significant structural shift in revenue composition is evident, characterized by a transition from a balanced mix of equipment and services toward a service-dominant model. In the earlier periods of the analysis, equipment sales fluctuated between 32% and 64% of total revenue. However, starting in 2024, a clear trend emerges where equipment sales stabilize at lower levels, typically between 26% and 32%, while services revenue increases and maintains a dominant position, consistently exceeding 70% of total sales from early 2024 through mid-2026.

Gross Profitability and Cost Management
Gross profit margins exhibit a marked improvement over the observed period. Margins initially ranged between 21% and 26% from 2021 through 2023. Beginning in 2024, there is a substantial expansion, with gross profit margins rising to a range of 29% to 33%. This improvement is primarily driven by a reduction in the cost of equipment sold, which dropped from peaks of approximately 51% in 2021 to levels between 26% and 30% in the later periods.
Operating Efficiency and Expense Trends
Operating expenses demonstrate a trend of optimization. Selling, general, and administrative (SG&A) expenses, which peaked at 22.44% in March 2022, have seen a steady decline, settling between 8% and 10% by 2025 and 2026. Research and development costs have remained relatively stable, fluctuating narrowly between 2.8% and 4.0%. Additionally, separation costs appeared in 2022, peaking at 3.21% in March 2024 before trending downward toward 0.27% by June 2026, suggesting the conclusion of a corporate restructuring phase.
Operating and Net Income Performance
Operating income has transitioned from a period of high volatility and lower margins to a state of sustained profitability. Early operating margins were inconsistent, often falling below 10%. From 2024 onward, operating income significantly improved, stabilizing between 20% and 29%. Net income followed a similar trajectory; after experiencing severe volatility and losses in 2021 and 2022, net income became consistently positive from 2024, generally ranging between 15% and 22% of total sales. A notable outlier occurred in March 2023, where net income spiked to 54% due to a surge in other income.
Ancillary Revenue and Financial Charges
Insurance revenue showed a growth trend, increasing from approximately 4% in 2021 to a peak of nearly 11% in early 2024, before moderating to between 5% and 8% in the final periods. Interest and other financial charges have remained relatively stable as a percentage of sales, hovering between 1.5% and 3.3%, indicating a consistent debt service burden relative to revenue growth.

Overall, the financial trajectory indicates a successful transition toward a higher-margin, service-oriented business model. The combination of reduced SG&A expenses, lower relative costs of equipment, and the growth of recurring service revenue has resulted in a substantial and stable increase in both operating and net profit margins.