Stock Analysis on Net
Stock Analysis on Net

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: 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: 2026-03-31), 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 strategic shift in revenue composition and profitability is evident over the analyzed period. There is a clear transition from a balanced mix of equipment and services toward a service-dominant revenue model, which correlates with an expansion in gross and operating margins.

Revenue Mix Transformation
Sales of equipment as a percentage of total revenue exhibited a downward trend, declining from approximately 48.85% in March 2021 to 28.14% by March 2026. Conversely, sales of services grew from 51.15% to 71.86% over the same period. This transition indicates a pivot toward recurring service-based revenue streams.
Gross Profit and Cost Structure
Gross profit margins showed a marked improvement starting in 2024. While margins fluctuated between 21% and 26% from 2021 through 2023, they climbed to a range of 29% to 33% between March 2024 and March 2026. This improvement is supported by a reduction in the cost of equipment sold as a percentage of total sales, which dropped from peaks of over 51% to approximately 28%.
Operating Efficiency and Expense Management
Selling, general, and administrative (SG&A) expenses as a percentage of revenue decreased steadily from 17.74% in early 2021 to 9.33% by March 2026, suggesting improved operational leverage. Research and development spending remained relatively stable, generally fluctuating between 2.8% and 4%. Separation costs emerged in 2022, peaking at 3.21% in March 2024 before gradually declining to 0.47%.
Operating and Net Income Trends
Operating income experienced a substantial uplift, moving from volatile single-digit percentages in the 2021-2023 period to a consistent range of 20% to 29% from 2024 onward. Net income attributable to common shareholders followed a similar trajectory, transitioning from significant losses in 2021 and 2022 to stabilized positive returns between 15% and 22% of revenue in the later years. A notable anomaly occurred in March 2023, where net income spiked to 53.75% due to a surge in other income, representing a non-recurring event.
Other Financial Factors
Insurance revenue saw a significant increase, rising from around 4% to a peak of 10.88% in March 2024, before settling around 6.70% by March 2026. Interest and other financial charges remained relatively contained, typically fluctuating between 1.5% and 3.2% of total sales.