Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
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GE Aerospace, common-size consolidated income statement (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial data reveals several notable trends across key financial metrics.
- Sales Composition
- Over the periods, sales of equipment generally accounted for a declining share of total sales of equipment and services, dropping from levels around 65-69% in early 2020 to consistently lower values near 27-32% by 2024-2025. Conversely, sales of services exhibited an increasing share, rising from approximately 31-35% in 2020 to about 67-72% in recent quarters. This shift indicates a structural change in revenue mix, with services becoming more prominent relative to equipment sales.
- Cost Structure
- The total cost of equipment and services sold remained fairly high as a proportion of sales, fluctuating mostly between 67% and 78%, reflecting sustained cost intensity. Notably, the cost of equipment sold showed a downward trend in more recent quarters, declining to around 26-30%, while cost of services sold remained relatively stable, fluctuating around 33-40%. This pattern suggests some improvement in equipment cost management, while service costs remained consistently significant.
- Profitability Metrics
- Gross profit margins exhibited recovery and strengthening over time, improving from lows near 6% in mid-2020 up to a range of 28-33% by 2024-2025, indicating enhanced operational efficiency or favorable pricing. Operating income as a percentage of sales showed marked improvement, starting from marginal or negative figures in 2020 and advancing to robust levels exceeding 20% in recent quarters. This reflects both the benefits from the evolving sales mix and effective cost control measures.
- Operating Expenses and R&D
- The ratio of selling, general, and administrative expenses to sales decreased steadily over the analyzed period, tightening from near 16-19% to approximately 10% in later quarters, pointing to improved expense management. Research and development expenses remained relatively stable, generally around 3-4% of sales, suggesting a consistent investment level in innovation despite shifts in other operating costs.
- Other Income and Expenses
- Other income showed volatility across quarters, with some very high spikes in certain periods, potentially due to non-recurring items. Insurance revenue remained modest but increased from around 4-5% to roughly 7-11% over time. Insurance-related losses and similar costs fluctuated but typically occupied between 3-8% of sales, indicating a persistent but variable impact on margins. Non-operating benefit income transitioned from negative to positive contributions in recent years, supporting overall financial results.
- Net Income Trends
- Net income attributable to the company showed significant volatility early in the timeline, including negative outcomes, particularly in mid-2020 and into 2021. However, from 2022 onward, net income percentages markedly improved, reaching sustained double-digit positive figures in the range of 15-22% of sales. This suggests recovery from earlier downturns and a return to profitability growth, supported by improved operational results and controlled costs.
- Additional Observations
- Separation costs emerged as a recurring expense starting late 2021, with fluctuating impact but generally below 2% of sales, indicating ongoing restructuring or transition-related charges. Debt extinguishment costs appeared sporadically with notable negative impacts in isolated quarters. Income tax provision rates varied, occasionally reducing net income gains but not preventing the overall upward net income trend. Preferred stock dividends were relatively minor but present in most periods.
In summary, the data illustrates a strategic shift from equipment to services sales, accompanied by improved gross and operating margins. Cost control efforts are evident in declining SG&A expenses and somewhat reduced equipment costs. Despite early volatility and some infrequent impairment or restructuring expenses, the company demonstrates a recovery trajectory with strengthening profitability and stabilized financial performance in the latter part of the timeframe analyzed.