Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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GE Aerospace, consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
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 (loss)
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 GE common shareholders

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Sales Performance
Sales of equipment displayed a fluctuating pattern with a peak in December 2020, followed by a significant decline in March 2021. Subsequently, intermittent recovery phases were observed, notably in late 2022 and 2023, but the most recent quarters in 2024 and early 2025 show a continued downward trend. Sales of services generally exhibited an upward trend from 2020 through 2023, reaching a peak in December 2021, with some volatility afterward but maintaining relatively higher levels compared to earlier years. Overall combined sales of equipment and services tracked fluctuations driven primarily by equipment sales variabilities with services providing more stable revenue contributions.
Cost of Sales
The cost of equipment sold followed the trend of equipment sales, peaking in late 2020, decreasing sharply in early 2021, and then showing moderate fluctuations thereafter. Cost of services sold demonstrated variability but generally increased through the years, particularly in the most recent periods reflecting increased service sales volume. The total cost of equipment and services sold mirrored these patterns, with spikes aligning with higher sales periods and some reduction in early 2021 followed by a gradual rise towards the end of 2023 and further fluctuations into 2024 and 2025.
Gross Profit
Gross profit from sales experienced wide variations across quarters, with prominent peaks in late 2020 and early 2021. Despite some declines in early 2021, profit levels improved steadily through 2022 and 2023 before stabilizing in early 2024. The overall trajectory suggests recovery and strengthening profitability after an initial dip coinciding with lower equipment sales.
Operating Expenses and Other Costs
Selling, general, and administrative expenses generally remained stable but showed sporadic fluctuations, with some reductions in mid-2023 and early 2024. Separation costs appeared from late 2021, contributing a consistent expense burden thereafter, although at relatively smaller magnitudes. Research and development expenses showed a discontinuous pattern, initially unspecified, then relatively steady from late 2020 through 2023, and gradually increasing in 2024. Insurance losses and related costs displayed a decreasing trend over time, suggesting improved risk management or reduced claim occurrences.
Operating Income and Non-Operating Items
Operating income fluctuated significantly, with sharp declines in mid-2020 and early 2022 followed by rebounds in late 2021 and sustained growth through 2023 and early 2024. Interest and financial charges showed a consistent downward trend, reflecting possible deleveraging or favorable interest conditions. Debt extinguishment costs appeared notably in mid-2021 and late 2021, indicating episodic financial restructuring activities. Non-operating benefit income fluctuated modestly but maintained positive values in recent periods.
Net Income Analysis
Net income from continuing operations showed high volatility with losses in mid-2020 and early 2021, followed by recovery starting late 2021 into 2023 and maintaining positive territory through 2024 and early 2025. Discontinued operations contributed irregularly, with significant negative impacts particularly in 2021 and sporadic gains in 2023. The net income attributable to the company mirrored these trends, with steep losses in mid-2020 and 2021 and positive recovery thereafter. Preferred stock dividends exhibited no clear trend but had occasional spikes correlating with dividend distribution schedules. Net income attributable to common shareholders followed the overall net income pattern, recovering strongly after mid-2021 losses and stabilizing at positive levels towards 2024.
Key Insights
The data highlights a period of disruption around 2020-2021 with pronounced sales and profitability decline, particularly in equipment sales, likely reflecting market or operational challenges. Recovery in service sales helped stabilize overall revenue. Gross margin improvements from 2022 onward supported operating income growth despite persistent cost pressures. Financial restructuring activities affected interest and debt costs during 2021 but diminished in later periods. The net income volatility underscores sensitivity to both operational and non-operating factors, with overall improvement noted from late 2021 through early 2025, suggesting effective management measures and potential market recovery.