Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
GE Aerospace, consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The statement of comprehensive income exhibits significant volatility over the five-year period. Net income demonstrates a dramatic shift from a substantial loss in 2021 to profitability in subsequent years, culminating in a peak in 2025. However, other comprehensive income components introduce considerable fluctuation, impacting the overall comprehensive income attributable to the Company.
- Net Income Trend
- Net income moved from a loss of US$6,591 million in 2021 to a profit of US$292 million in 2022, followed by substantial growth to US$9,443 million in 2023. While decreasing to US$6,566 million in 2024, net income increased again to US$8,698 million in 2025. This indicates a strong recovery and subsequent growth trajectory, though with some year-over-year variation.
- Currency Translation Adjustments
- Currency translation adjustments were negative in 2021 and 2022, reaching a significant loss of US$1,355 million in 2022. These adjustments became positive in 2023 and 2024, peaking at US$2,274 million, before turning negative again in 2025 with a loss of US$43 million. This suggests exposure to fluctuating exchange rates and their impact on reported earnings.
- Benefit Plans Impact
- Benefit plans exhibited substantial swings. A large positive impact of US$9,044 million was observed in 2021, decreasing to US$2,889 million in 2022. This was followed by significant negative impacts in 2023, 2024, and 2025, reaching US$4,747 million, US$1,128 million, and US$882 million respectively. These fluctuations likely reflect changes in actuarial assumptions, plan amendments, or market conditions affecting pension and other post-retirement benefit obligations.
- Investment Securities and Cash Flow Hedges
- This component showed considerable volatility. A positive impact of US$2,466 million in 2021 was followed by a substantial negative impact of US$4,426 million in 2022. Subsequent years saw alternating positive and negative impacts, with US$968 million in 2023, negative US$1,016 million in 2024, and positive US$749 million in 2025. This suggests active hedging activities and/or changes in the fair value of investment securities.
- Long-Duration Insurance Contracts
- Long-duration insurance contracts began to be reported in 2023 with a negative impact of US$2,371 million. This was followed by a positive impact of US$2,285 million in 2024, and a negative impact of US$761 million in 2025. The introduction of this item and its subsequent fluctuations contribute to the overall volatility in other comprehensive income.
- Comprehensive Income Trend
- Comprehensive income mirrored the volatility of its components. After a positive US$4,745 million in 2021, it decreased to a loss of US$2,600 million in 2022. It then increased to US$5,567 million in 2023, peaked at US$8,838 million in 2024, and slightly decreased to US$7,761 million in 2025. The attributable portion to the Company follows a similar pattern, with a slight difference in magnitude.
- Noncontrolling Interests
- The impact of comprehensive income attributable to noncontrolling interests remained relatively small throughout the period, fluctuating between US$65 million and negative US$68 million, and ending at US$6 million in 2025. This suggests a limited influence of noncontrolling interests on the overall comprehensive income.
In summary, while net income demonstrates a positive trend, the overall comprehensive income is significantly affected by fluctuations in other comprehensive income components, particularly benefit plans, currency translation adjustments, and investment securities. These fluctuations warrant further investigation to understand the underlying drivers and potential risks.