Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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GE Aerospace, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Net Income (Loss)
- The net income exhibits significant volatility over the periods analyzed, ranging from a high of 7,478 million USD in March 2023 to lows of negative 3,843 million USD in December 2021. Initial quarters in 2020 and early 2021 show losses, followed by a recovery trend in 2023 and early 2024, indicating fluctuations likely affected by operational or market challenges.
- Discontinued Operations
- Income from discontinued operations is inconsistent, presenting both positive and negative values without a clear trend. A notable large gain of 2,894 million USD occurred in March 2021, followed by subsequent volatile quarters. Cash flow effects from discontinued operations also vary widely, implying ongoing restructuring or divestiture activities.
- Depreciation and Amortization
- Depreciation of property, plant, and equipment remains relatively stable, generally fluctuating around 200-500 million USD. Amortization of intangible assets shows a declining trend after peak values in 2020, indicating possible exhaustion of certain intangible assets or changes in asset composition.
- Goodwill Impairments
- Goodwill impairments appear sporadically, with a major impairment recognized in June 2020 (1,717 million USD) and again anticipated in December 2024 (251 million USD), reflecting periodic asset write-downs potentially associated with business evaluations or underperformance.
- Gains and Losses from Business Activities
- There are pronounced fluctuations in gains and losses on business interests and equity securities. For example, significant gains in the first quarter of 2020 (-12,372 million USD, a gain since it's a negative loss) and large losses in certain later quarters suggest active portfolio management and divestitures impacting reported earnings. The volatility indicates swings from revaluation or sales impacts.
- Debt Extinguishment Costs
- Notable spikes in debt extinguishment costs occur in mid-2021 and late 2021, indicating refinancing or debt restructuring activities during these periods with expenses reaching up to over 5,000 million USD.
- Pension and Postretirement Plans
- Principal pension plan costs decrease steadily from 2022 onward, with employer contributions showing minor fluctuations but generally lower absolute values. Other postretirement benefit costs consistently decline over time, possibly reflecting changes in plan assumptions or funding strategies.
- Provision for Income Taxes
- Tax provisions vary widely, with periods of benefits and expense depending on operating results. The provision exhibits positive spikes in quarters of higher net income, especially in 2023-2024, implying tax expense aligned with profitability improvements.
- Changes in Working Capital
- Significant volatility is observed in working capital components. Noteworthy increases and decreases in receivables, inventories, and contract assets/liabilities suggest fluctuating operational cash flow impacts tied to sales cycles, inventory management, and contract activities. For example, inventories show both large increases and decreases, indicating inventory build-up or reduction strategies shifting substantially across quarters.
- Operating Cash Flow
- Cash from operating activities ranges from negative values below -2,600 million USD to positive inflows exceeding 4,500 million USD, reflecting the underlying volatility in earnings and working capital movements. Positive cash flow spikes are notable in late 2020 and late 2022, indicating periods of operational strength.
- Investing Activities
- Investing cash flows fluctuate between large outflows and inflows, with major sale proceeds from discontinued operations recognized in late 2020 (over 22,000 million USD). Additions to property, plant, and equipment remain steady in the 200-500 million USD range, while dispositions are generally smaller and sporadic. The data suggests active asset management focusing on both acquisitions and divestitures.
- Financing Activities
- Financing cash flows are predominantly negative, indicating debt repayments, share repurchases, and dividend payments outweigh new borrowings. Heavy repayments of long-term debt especially in 2021 (-26,311 million USD in December 2021) reveal significant deleveraging efforts. Share repurchases intensify in 2023 and 2024 with billions spent on treasury stock, suggesting shareholder return focus. Dividends are relatively stable but show increases in 2024.
- Cash Balance Changes
- Cash balances demonstrate substantial fluctuations, including significant draws and replenishments. Notably, there is notable cash depletion in mid-2024 followed by recovery periods, which aligns with changes in operating, investing, and financing cash flows. Currency exchange effects mildly contribute to fluctuations on cash.