Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

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Common-Size Income Statement
Quarterly Data

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GE Aerospace, common-size consolidated income statement (quarterly data)

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 Composition
Over the periods analyzed, the proportion of sales between equipment and services experienced significant fluctuations. Equipment sales notably declined from approximately 66-69% in early 2020 to a low near 27-30% by late 2024 and early 2025. Conversely, service sales increased from about 30-34% in early 2020 to a higher range of 67-73% toward the end of the series, indicating a shift in the company's revenue mix favoring services.
Cost Trends
Combined costs of equipment and services sold remained high, consistently above 66% of total sales, with peaks around 78%. Specifically, the cost of equipment sold showed a decreasing trend from above 60% early in 2020 to about 26% by early 2025, suggesting improved cost efficiency or changes in product mix. Costs of services sold fluctuated but tended to remain around 30-40% of sales, with some increase noted in later periods.
Profitability Indicators
Gross profit margins showed recovery and growth after initial volatility, rising from lows around 6% to a more stable and improving range between 21% and 33% by 2025. Operating income followed a positive trajectory, reaching double-digit growth toward the final periods, with notable increases especially after 2022. This improvement accompanies the growth in gross profit despite relatively stable selling and administrative expenses.
Expenses and Special Charges
Selling, general, and administrative expenses generally declined as a percentage of sales from around 16-19% to under 10% toward the most recent quarters, indicating effective cost management or operational efficiencies. Separation costs appeared intermittently from 2022 onward, peaking around -3% but generally decreasing. Research and development expenses remained relatively steady, consistently near 3-4% of sales.
Other Income and Financial Charges
Interest and financial charges show a downward trend, moving from around -4% to about -2% of sales, suggesting a reduction in debt servicing costs or interest expenses. Debt extinguishment costs were notable only in limited periods, with a significant one-time charge around -26% observed in late 2021. Non-operating benefits transitioned from negative to positive territory over time, adding some income in later quarters. Other income/loss showed high volatility with occasional spikes, notably a 44% increase in early 2023, affecting net income fluctuations.
Net Income and Taxation
Net income attributable to the company showed high variability with significant negative values in mid-2020 and early 2021, shifting to positive and substantial gains by 2023 through 2025, reaching over 20% of sales. Net income from continuing operations mirrored this pattern. Income taxes fluctuated, sometimes indicating benefits and other times provision charges, with a tendency toward higher tax expenses in the latest periods. Overall net income became more consistent and positive in the latter periods, reflecting operational improvements.
Summary Insight
The company appears to have undergone a strategic transition from equipment-heavy sales toward a stronger service focus, with associated improvements in cost management and profitability margins. Volatility in other income and special charges impacted net results sporadically. Despite fluctuations early in the data range, the trend toward improved operating income and net profitability toward 2025 indicates enhanced financial stability and efficiency. Effective control of expenses and reduction in financial charges supported this positive outcome, while tax provisions added complexity to net income realization.