Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

GE Aerospace, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Short-term borrowings 1.64 1.30 1.61 1.51 1.68 1.66 1.33 1.38 0.63 0.77 0.85 1.15 1.38 2.00 2.37 2.67 2.60 2.19 2.30 1.81 1.82
Accounts payable 8.32 7.74 7.40 7.58 6.95 6.42 6.18 6.26 9.26 9.45 10.08 9.52 9.16 9.93 9.58 9.18 8.44 8.17 6.82 7.01 6.56
Progress collections 6.01 5.89 5.44 5.61 5.51 5.44 5.11 5.25 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
Contract liabilities and deferred income 7.94 7.94 7.68 7.77 7.75 7.60 7.14 7.04 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
Progress collections and current deferred income (legacy) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.64 12.07 10.97 10.52 10.08 9.65 9.09 8.82 8.44 8.74 7.13 7.24 7.34
Sales discounts and allowances 3.92 3.10 3.14 3.13 2.86 2.82 3.21 2.95 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
All other current liabilities 3.33 3.98 3.73 3.51 3.39 4.00 3.94 3.66 7.53 7.80 7.68 7.13 7.49 7.71 8.34 7.50 7.41 7.03 6.05 5.71 5.77
Liabilities of businesses held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 1.10 1.12 1.17 1.20 1.19 1.04 0.83 0.88 0.90 0.00 2.02 2.07 2.04
Current liabilities 31.16% 29.95% 29.01% 29.11% 28.15% 27.93% 26.91% 26.58% 31.16% 31.20% 30.74% 29.51% 29.29% 30.33% 30.22% 29.04% 27.79% 26.12% 24.32% 23.84% 23.53%
Deferred income 0.84 0.82 0.84 0.83 0.85 0.82 0.77 0.78 0.79 0.82 0.85 0.85 0.91 1.07 1.02 1.03 1.02 1.00 0.78 0.75 0.71
Long-term borrowings 14.15 14.45 14.64 13.57 14.09 14.00 14.40 14.59 11.89 12.09 12.44 12.21 12.26 15.23 14.44 14.86 14.92 15.50 24.22 24.93 27.28
Insurance liabilities and annuity benefits 27.79 28.34 28.97 29.34 29.35 29.40 30.90 30.21 23.14 24.30 22.87 23.72 23.76 17.76 18.48 18.08 17.52 18.69 15.90 17.17 16.14
Non-current compensation and benefits 5.19 5.25 5.24 5.43 5.54 5.71 5.66 5.88 6.71 6.88 6.20 6.10 6.23 8.53 10.62 10.65 10.75 10.66 11.98 12.13 11.87
All other liabilities 5.62 5.59 5.46 5.19 5.27 5.18 5.25 5.30 6.62 6.45 7.14 6.79 6.65 6.47 6.50 6.41 6.50 6.66 6.33 6.42 6.05
Liabilities of discontinued operations 1.00 1.09 1.01 1.09 1.08 1.07 1.05 1.35 0.71 0.73 0.71 0.96 0.94 0.61 0.61 0.56 0.52 0.45 0.05 0.01 0.08
Non-current liabilities 54.59% 55.54% 56.16% 55.44% 56.16% 56.18% 58.01% 58.12% 49.87% 51.27% 50.21% 50.63% 50.75% 49.66% 51.67% 51.59% 51.23% 52.95% 59.25% 61.40% 62.13%
Total liabilities 85.75% 85.48% 85.17% 84.56% 84.32% 84.11% 84.92% 84.70% 81.03% 82.47% 80.96% 80.14% 80.04% 79.99% 81.89% 80.63% 79.02% 79.08% 83.57% 85.25% 85.66%
Preferred stock 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 0.00 0.00 0.00 0.00 0.00 0.00
Common stock 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.30 0.29
Accumulated other comprehensive income (loss), net attributable to the Company -3.49 -3.69 -3.39 -3.21 -3.01 -3.14 -3.45 -3.28 -3.42 -3.77 -2.14 -2.19 -2.00 -0.70 -2.44 -1.00 0.70 0.80 -2.14 -3.29 -3.63
Other capital 18.02 18.13 18.44 19.03 19.26 19.71 19.26 20.52 15.79 16.54 17.38 18.66 18.68 18.20 18.94 18.53 17.92 17.44 14.65 14.33 13.89
Retained earnings 69.35 67.35 66.67 66.84 66.13 65.36 62.27 62.79 53.72 53.07 54.27 52.05 51.65 45.10 45.70 44.72 43.72 42.80 37.57 37.04 36.41
Common stock held in treasury -69.83 -67.45 -67.06 -67.40 -66.89 -66.24 -63.19 -64.95 -47.89 -49.05 -51.22 -49.40 -49.10 -43.25 -44.81 -43.59 -42.03 -40.78 -34.29 -34.28 -33.26
Shareholders’ equity 14.06% 14.35% 14.67% 15.28% 15.51% 15.71% 14.90% 15.10% 18.21% 16.79% 18.30% 19.14% 19.24% 19.37% 17.40% 18.67% 20.32% 20.27% 15.80% 14.10% 13.70%
Noncontrolling interests 0.19 0.17 0.16 0.17 0.17 0.18 0.18 0.20 0.76 0.74 0.74 0.72 0.71 0.65 0.71 0.70 0.67 0.65 0.63 0.66 0.64
Total equity 14.25% 14.52% 14.83% 15.44% 15.68% 15.89% 15.08% 15.30% 18.97% 17.53% 19.04% 19.86% 19.96% 20.01% 18.11% 19.37% 20.98% 20.92% 16.43% 14.75% 14.34%
Total liabilities and equity 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%

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).

The capital structure is characterized by a high reliance on liabilities, which consistently represent between 79% and 86% of total liabilities and equity throughout the analyzed period. A gradual increase in the total liability proportion is observed, rising from 85.66% in March 2021 to 85.75% by March 2026, indicating a stable but highly leveraged balance sheet.

Current Liability Dynamics
Current liabilities exhibited an upward trend, increasing from 23.53% in March 2021 to a peak of 31.20% in December 2023. A significant accounting reclassification occurred in mid-2024; the "Progress collections and current deferred income (legacy)" item, which had grown to 12.64% by March 2024, was replaced by separate entries for "Progress collections" and "Contract liabilities and deferred income." This shift suggests a refinement in how contract-based obligations are reported, though the aggregate impact on current liabilities remained relatively stable between 26% and 31% in the latter half of the period.
Non-Current Obligations and Debt Management
A substantial reduction in long-term borrowings is evident, falling from 27.28% in March 2021 to a stabilized range of 14% to 15% from late 2022 onward. Conversely, insurance liabilities and annuity benefits saw a marked increase, rising from 16.14% in March 2021 to peak at 30.90% in June 2022, eventually settling around 27.79% by March 2026. This shift indicates a transition in the composition of non-current liabilities from financial debt to long-term benefit obligations.
Equity Composition and Shareholder Returns
Total equity has remained relatively low, fluctuating between 14% and 21%. A divergent trend is observed within the equity components: retained earnings grew aggressively from 36.41% in March 2021 to 69.35% by March 2026, signaling strong cumulative profitability. However, this growth was largely offset by a significant increase in common stock held in treasury, which moved from -33.26% to -69.83% over the same period. This pattern suggests an active and substantial share repurchase program that has effectively neutralized the growth in retained earnings to keep total equity levels compressed.
Overall Solvency Profile
The balance sheet reflects a strategic preference for maintaining high leverage while simultaneously returning capital to shareholders. The stability of total liabilities and the reduction of long-term debt, paired with the growth in retained earnings, suggests a transition toward a more internally funded operation despite the high overall liability ratio.

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