Income Statement
Quarterly Data

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.

GE Aerospace, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Sales of equipment	3,268)	3,501)	3,163)	2,842)	2,653)	3,230)	2,448)	2,175)	2,421)	7,879)	6,939)	6,688)	5,287)	9,427)	8,082)	7,603)	6,864)	6,401)	11,530)	8,298)	7,971)
Sales of services	8,346)	8,365)	8,143)	7,308)	6,347)	6,649)	6,495)	6,048)	5,655)	10,637)	9,565)	9,163)	8,407)	11,585)	10,356)	10,277)	9,408)	13,090)	6,283)	9,172)	8,345)
Sales of equipment and services	11,614)	11,866)	11,306)	10,150)	9,000)	9,879)	8,943)	8,223)	8,076)	18,516)	16,504)	15,851)	13,694)	21,012)	18,438)	17,880)	16,272)	19,491)	17,813)	17,470)	16,316)
Cost of equipment sold	(3,281)	(3,932)	(3,361)	(2,754)	(2,335)	(2,949)	(2,625)	(2,302)	(2,465)	(8,073)	(7,065)	(6,940)	(5,605)	(8,409)	(8,118)	(7,150)	(6,749)	(7,066)	(9,127)	(7,626)	(7,580)
Cost of services sold	(4,641)	(4,433)	(4,401)	(4,092)	(3,660)	(3,812)	(3,601)	(3,273)	(3,281)	(6,324)	(5,839)	(5,422)	(5,124)	(7,058)	(6,253)	(6,094)	(5,704)	(7,272)	(4,275)	(5,992)	(4,958)
Cost of equipment and services sold	(7,922)	(8,365)	(7,762)	(6,846)	(5,995)	(6,761)	(6,226)	(5,575)	(5,746)	(14,397)	(12,904)	(12,362)	(10,729)	(15,467)	(14,371)	(13,244)	(12,453)	(14,338)	(13,402)	(13,618)	(12,538)
Gross profit from sales	3,692)	3,501)	3,544)	3,304)	3,005)	3,118)	2,717)	2,648)	2,330)	4,119)	3,600)	3,489)	2,965)	5,545)	4,067)	4,636)	3,819)	5,153)	4,411)	3,852)	3,778)
Insurance revenue	778)	852)	875)	872)	934)	932)	899)	871)	879)	908)	842)	847)	792)	776)	646)	765)	767)	952)	616)	783)	755)
Selling, general and administrative expenses	(1,084)	(997)	(1,195)	(1,020)	(876)	(1,157)	(1,330)	(924)	(1,026)	(2,524)	(2,171)	(2,358)	(2,142)	(3,542)	(2,868)	(2,720)	(3,651)	(3,203)	(2,747)	(2,863)	(2,894)
Separation costs	(55)	(51)	(53)	(47)	(51)	(84)	(74)	(75)	(259)	(320)	(227)	(226)	(205)	(420)	(227)	(207)	(119)	—)	—)	—)	—)
Research and development	(440)	(447)	(415)	(359)	(359)	(385)	(331)	(300)	(270)	(550)	(471)	(455)	(431)	(790)	(686)	(696)	(641)	(705)	(627)	(604)	(561)
Operating income	2,891)	2,858)	2,756)	2,750)	2,653)	2,424)	1,881)	2,220)	1,654)	1,633)	1,573)	1,297)	979)	1,569)	932)	1,778)	175)	2,197)	1,653)	1,168)	1,078)
Interest and other financial charges	(230)	(250)	(225)	(158)	(210)	(224)	(251)	(248)	(263)	(296)	(286)	(267)	(269)	(417)	(390)	(394)	(406)	(426)	(462)	(488)	(500)
Debt extinguishment costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(465)	—)	—)	—)	(5,108)	—)	(1,416)	—)
Insurance losses, annuity benefits and other costs	(624)	(550)	(500)	(698)	(701)	(421)	(714)	(667)	(627)	(757)	(710)	(735)	(684)	(760)	(917)	(553)	(504)	(649)	(671)	(516)	(583)
Goodwill impairments	—)	—)	—)	—)	—)	—)	(251)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Non-operating benefit income (cost)	176)	192)	198)	197)	201)	213)	207)	205)	217)	402)	396)	402)	385)	136)	125)	134)	137)	(408)	(427)	(517)	(430)
Other income (loss)	(15)	601)	286)	298)	302)	301)	1,021)	(63)	1,006)	1,027)	(673)	693)	6,081)	2,173)	195)	(1,209)	73)	926)	491)	732)	673)
Net income (loss) from continuing operations before income taxes	2,198)	2,851)	2,515)	2,389)	2,245)	2,293)	1,893)	1,447)	1,987)	2,009)	300)	1,390)	6,492)	2,236)	(55)	(244)	(525)	(3,468)	584)	(1,037)	238)
(Provision) benefit for income taxes	(252)	(389)	(344)	(389)	(283)	(397)	(198)	(125)	(243)	(420)	(139)	(332)	(271)	66)	(21)	(317)	(204)	(36)	(2)	466)	(141)
Net income (loss) from continuing operations	1,946)	2,462)	2,171)	2,000)	1,962)	1,896)	1,695)	1,322)	1,744)	1,589)	161)	1,058)	6,221)	2,302)	(76)	(561)	(729)	(3,504)	582)	(571)	97)
Net income (loss) from discontinued operations, net of taxes	(26)	89)	(17)	21)	10)	(5)	147)	(54)	(179)	2)	174)	(1,019)	1,257)	(65)	(84)	(210)	(285)	(338)	602)	(564)	(2,895)
Net income (loss)	1,920)	2,551)	2,154)	2,021)	1,972)	1,891)	1,842)	1,268)	1,565)	1,591)	335)	39)	7,478)	2,237)	(160)	(771)	(1,014)	(3,842)	1,184)	(1,135)	(2,798)
Net (income) loss attributable to noncontrolling interests	(16)	(10)	3)	7)	6)	8)	10)	(2)	(26)	1)	13)	(4)	28)	(15)	(5)	(19)	(28)	(2)	73)	4)	(4)
Net income (loss) attributable to the Company	1,904)	2,541)	2,157)	2,028)	1,978)	1,899)	1,852)	1,266)	1,539)	1,592)	348)	35)	7,506)	2,222)	(165)	(790)	(1,042)	(3,844)	1,257)	(1,131)	(2,802)
Preferred stock dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	(90)	(58)	(146)	(97)	(73)	(67)	(52)	(56)	(52)	(57)	(72)
Net income (loss) attributable to common shareholders	1,904)	2,541)	2,157)	2,028)	1,978)	1,899)	1,852)	1,266)	1,539)	1,591)	258)	(23)	7,360)	2,125)	(238)	(857)	(1,094)	(3,900)	1,205)	(1,188)	(2,874)

The financial performance across the analyzed period exhibits a significant structural shift, characterized by a transition from high volatility and substantial non-operating impacts to a state of stabilized operational growth and increased profitability.

Revenue Dynamics and Composition: A marked contraction in total sales of equipment and services is observed starting in early 2023, with a sharp decline reaching its lowest point in the first quarter of 2024 at 8,076 million US$. However, a consistent upward trajectory follows this trough, with quarterly revenues expanding to 11,866 million US$ by the end of 2025. The revenue mix shows a reliance on services, which generally maintain higher values than equipment sales, particularly during the recovery phase from 2024 through 2025.
Operational Efficiency and Cost Structure: Operating income demonstrates a strong and steady growth trend, rising from 979 million US$ in March 2023 to 2,891 million US$ by March 2026. This improvement is supported by a drastic reduction in selling, general, and administrative expenses, which fell from peaks exceeding 3,500 million US$ in 2022 to a range between 876 million and 1,330 million US$ in the 2024-2025 period. Research and development spending has also stabilized at a lower baseline compared to 2021 levels.
Profitability and Net Income Trends: Net income attributable to common shareholders transitioned from extreme volatility—marked by significant losses in 2021 and 2022—to consistent profitability. While a substantial outlier occurred in March 2023 due to high non-operating benefit income and other income, the subsequent trend shows a healthy normalization. Net income grew steadily from 1,539 million US$ in March 2024 to a peak of 2,541 million US$ by December 2025, reflecting improved core earnings power.
Non-Operating Impacts and Separation Costs: The data indicates the presence of recurring separation costs beginning in 2022, which peaked at 420 million US$ in December 2022 before tapering to a consistent range of 47 million to 84 million US$ in recent quarters. Additionally, the impact of debt extinguishment costs, which were severe in 2021 and 2022, has been entirely eliminated in the most recent periods, contributing to the stability of the bottom line.

Overall, the transition from the 2021-2022 period to the 2024-2026 period reveals a leaner organizational structure with significantly lower overhead and a more predictable, growing profit margin driven by operational gains rather than one-time financial events.

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GE Aerospace (NYSE:GE)

Income Statement Quarterly Data

Income Statement
Quarterly Data