Stock Analysis on Net

General Electric Co. (NYSE:GE)

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.

General Electric Co., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales of equipment 26,793 31,976 34,200 49,464 58,949
Sales of services 37,772 41,626 36,890 23,558 28,538
Sales of equipment and services 64,565 73,602 71,090 73,022 87,487
Cost of equipment sold (27,683) (30,426) (31,399) (42,041) (45,902)
Cost of services sold (22,709) (25,109) (22,497) (18,380) (21,009)
Cost of equipment and services sold (50,392) (55,535) (53,896) (60,421) (66,911)
Gross profit from sales 14,173 18,067 17,194 12,601 20,576
Insurance revenues 3,389 2,954 3,106 6,597 7,728
Selling, general and administrative expenses (9,195) (12,781) (11,707) (12,621) (13,949)
Separation costs (978) (973)
Research and development (1,907) (2,813) (2,497) (2,565) (3,118)
Operating earnings 5,482 4,454 6,096 4,012 11,237
Interest and other financial charges (1,118) (1,607) (1,876) (3,273) (4,227)
Debt extinguishment costs (465) (6,524)
Insurance losses, annuity benefits and other costs (2,886) (2,734) (2,419) (2,779) (3,753)
Goodwill impairments (1,717) (1,486)
Non-operating benefit income (cost) 1,585 532 (1,782) (2,433) (2,844)
Other income 7,128 1,232 2,822 11,387 2,222
Earnings (loss) from continuing operations before income taxes 10,191 1,412 (3,683) 5,197 1,149
(Provision) benefit for income taxes (1,162) (476) 287 475 (726)
Earnings (loss) from continuing operations 9,029 936 (3,396) 5,672 423
Earnings (loss) from discontinued operations, net of taxes 414 (644) (3,195) (126) (5,335)
Net earnings (loss) 9,443 292 (6,591) 5,546 (4,912)
Net (earnings) loss attributable to noncontrolling interests 38 (67) 71 158 (67)
Net earnings (loss) attributable to the Company 9,481 225 (6,520) 5,704 (4,979)
Preferred stock dividends and other (295) (289) (237) (474) (460)
Net earnings (loss) attributable to GE common shareholders 9,186 (64) (6,757) 5,230 (5,439)

Based on: 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), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Sales of equipment and services Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. General Electric Co. sales of equipment and services increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. General Electric Co. operating earnings decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Earnings (loss) from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. General Electric Co. earnings (loss) from continuing operations before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net earnings (loss) attributable to the Company The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. General Electric Co. net earnings (loss) attributable to the Company increased from 2021 to 2022 and from 2022 to 2023.