Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

$24.99

Income Statement

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

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 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 revenues
Selling, general and administrative expenses
Separation costs
Research and development
Operating earnings
Interest and other financial charges
Debt extinguishment costs
Insurance losses, annuity benefits and other costs
Goodwill impairments
Non-operating benefit income (cost)
Other income
Earnings (loss) from continuing operations before income taxes
(Provision) benefit for income taxes
Earnings (loss) from continuing operations
Earnings (loss) from discontinued operations, net of taxes
Net earnings (loss)
Net (earnings) loss attributable to noncontrolling interests
Net earnings (loss) attributable to the Company
Preferred stock dividends and other
Net earnings (loss) attributable to common shareholders

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Sales Trends
Sales of equipment have exhibited a sustained decline over the five-year period, dropping from $49,464 million in 2020 to $10,274 million in 2024. Conversely, sales of services initially increased, peaking at $41,626 million in 2022, followed by a decline to $24,847 million by 2024. Combined sales of equipment and services decreased from $73,022 million in 2020 to $35,121 million in 2024, reflecting an overall contraction in total sales volume.
Cost of Sales and Gross Profit
Cost of equipment sold declined consistently in line with lower equipment sales, from $42,041 million in 2020 to $10,341 million in 2024. Cost of services sold rose initially but then decreased, with a 2024 figure of $13,967 million compared to $18,380 million in 2020. Total cost of sales followed a downward trend similar to total sales, decreasing from $60,421 million in 2020 to $24,308 million in 2024. Gross profit peaked in 2022 at $18,067 million but fell thereafter to $10,813 million in 2024, indicating margin pressures in the latter years.
Operating Expenses
Selling, general and administrative expenses showed a clear downward trend, falling significantly from $12,621 million in 2020 to $4,437 million in 2024, indicating efforts to reduce overhead. Research and development expenses similarly decreased over the period, halving from $2,565 million in 2020 to $1,286 million in 2024. Separation costs appeared only in the years 2022 to 2024, decreasing over time, likely related to restructuring or divestiture activities.
Operating Earnings and Profitability
Operating earnings fluctuated, reaching a high of $8,179 million in 2024 after a dip in 2022. Despite sales declines, improvements in cost control and expense reductions appear to have supported operating profitability. Interest and other financial charges steadily decreased from $3,273 million in 2020 to $986 million in 2024, contributing positively to net earnings.
Non-Operating Items and Other Income
Non-operating benefit income shifted from negative to positive in 2022, with gains sustained in subsequent years, reflecting a likely improvement in investment or other financial items. Other income peaked in 2023 at $7,128 million but decreased to $2,265 million in 2024, showing volatility in non-core activities.
Earnings and Taxes
Earnings from continuing operations before income taxes were negative in 2021, suggesting a challenging year, but improved substantially to $7,620 million in 2024. Income tax provisions reversed from benefits to provisions, consistent with improved taxable income in later years. Net earnings attributable to common shareholders reflected volatility, with a significant loss in 2021 but returning to positive and strong figures in 2023 and 2024.
Additional Observations
Goodwill impairments were recorded in 2020 and 2024, indicating periodic asset write-downs. Debt extinguishment costs incurred in 2021 and 2022 suggest refinancing or debt restructuring activities. Insurance revenues and related losses fluctuated but showed a slight downward trend overall.