Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

$24.99

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.

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GE Aerospace, consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
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 revenues
Selling, general and administrative expenses
Separation costs
Research and development
Operating income
Interest and other financial charges
Debt extinguishment costs
Insurance losses, annuity benefits and other costs
Goodwill impairments
Non-operating benefit income (cost)
Other income
Income (loss) from continuing operations before income taxes
(Provision) benefit for income taxes
Net income (loss) from continuing operations
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 and other
Net income (loss) attributable to common shareholders

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 financial performance exhibited a volatile period between 2021 and 2025. Initial years demonstrated challenges, followed by a significant recovery and subsequent stabilization. Revenue streams initially decreased before showing signs of growth, while profitability metrics experienced substantial fluctuations.

Revenue Analysis
Total sales of equipment and services decreased from US$71.09 billion in 2021 to US$64.565 billion in 2023, representing a contraction in core business activity. However, a notable rebound occurred in 2024 and 2025, with sales reaching US$35.121 billion and US$42.322 billion respectively. This recovery was driven primarily by an increase in sales of services, which partially offset the continued decline in equipment sales. The decline in equipment sales was particularly pronounced between 2022 and 2024.
Profitability Analysis
Gross profit from sales followed a similar trend to overall revenue, declining from US$17.194 billion in 2021 to US$10.813 billion in 2024, before increasing to US$13.354 billion in 2025. Operating income experienced significant volatility, moving from a positive US$6.096 billion in 2021 to a low of US$4.454 billion in 2022, then increasing substantially to US$11.017 billion in 2025. This improvement in operating income was supported by reductions in selling, general and administrative expenses, and research and development spending.
Cost Structure
Cost of equipment and services sold generally mirrored the revenue trends, decreasing initially and then increasing alongside revenue recovery. Notably, separation costs were incurred in 2022, 2023, and 2024, impacting overall profitability. The reduction in these costs contributed to the improved operating income in later years.
Non-Operating Items
Non-operating benefit income (cost) and other income exhibited considerable fluctuation. A significant non-operating benefit was recorded in 2023 and 2024, contributing positively to income before taxes. Debt extinguishment costs were substantial in 2021 but diminished significantly in subsequent years. Goodwill impairments were recorded in 2024.
Net Income
Net income (loss) demonstrated a dramatic turnaround. A substantial net loss of US$6.591 billion was recorded in 2021, followed by a modest net income of US$292 million in 2022. This was followed by significant net income growth in 2023 (US$9.443 billion), 2024 (US$6.566 billion), and 2025 (US$8.698 billion). Net income attributable to the company followed a similar pattern. The provision for income taxes fluctuated, moving from a benefit in 2022 to a significant expense in 2023, 2024, and 2025.

Overall, the period under review reflects a challenging start, followed by a period of substantial recovery and stabilization. The company demonstrated an ability to manage costs and capitalize on non-operating income to improve profitability, despite fluctuations in core revenue streams.