Selected Financial Data
since 2005
Income Statement
GE Aerospace, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales of equipment and services | Net income (loss) attributable to the Company |
|---|---|---|
| Dec 31, 2025 | 42,322) | 8,704) |
| Dec 31, 2024 | 35,121) | 6,556) |
| Dec 31, 2023 | 64,565) | 9,481) |
| Dec 31, 2022 | 73,602) | 225) |
| Dec 31, 2021 | 71,090) | (6,520) |
| Dec 31, 2020 | 73,022) | 5,704) |
| Dec 31, 2019 | 87,487) | (4,979) |
| Dec 31, 2018 | 113,544) | (22,355) |
| Dec 31, 2017 | 113,192) | (5,786) |
| Dec 31, 2016 | 110,390) | 8,831) |
| Dec 31, 2015 | 105,808) | (6,126) |
| Dec 31, 2014 | 106,758) | 15,233) |
| Dec 31, 2013 | 100,542) | 13,057) |
| Dec 31, 2012 | 100,149) | 13,641) |
| Dec 31, 2011 | 94,523) | 14,151) |
| Dec 31, 2010 | 100,437) | 11,644) |
| Dec 31, 2009 | 103,777) | 11,025) |
| Dec 31, 2008 | 112,769) | 17,410) |
| Dec 31, 2007 | 99,526) | 22,208) |
| Dec 31, 2006 | 100,700) | 20,829) |
| Dec 31, 2005 | 92,589) | 16,353) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance, as indicated by sales of equipment and services and net income attributable to the Company, exhibits considerable fluctuation over the period examined. Initial years demonstrate growth, followed by periods of decline and eventual recovery, though with significant volatility.
- Sales Trend
- Sales of equipment and services generally increased from 2005 to 2008, peaking at US$112,769 million. A subsequent decrease occurred in 2009, followed by relative stability between US$94,523 million and US$113,544 million through 2018. A substantial decline is then observed in 2019, continuing through 2020, reaching a low of US$71,090 million. A modest recovery occurs in 2021 and 2022, but sales fall sharply again in 2023 to US$35,121 million before a slight increase in 2024 and 2025.
- Net Income Trend
- Net income attributable to the Company shows a positive trend from 2005 to 2007, reaching a peak of US$22,208 million. A decline is then observed in 2008 and continues into 2009. Profitability recovers between 2010 and 2015, though remaining below the 2007 high. A significant net loss is recorded in 2015, followed by a return to profitability in 2016. However, another substantial net loss occurs in 2017 and an even larger loss in 2018. 2019 shows a further net loss, but the company returns to profitability in 2020. A net loss is recorded in 2021, followed by a small net income in 2022, and increasing net income in 2024 and 2025.
- Correlation between Sales and Net Income
- A general correlation between sales and net income is apparent, though not consistently strong. Periods of sales growth often coincide with increased net income, and vice versa. However, the magnitude of net income fluctuations appears greater than that of sales, suggesting that factors beyond revenue, such as cost management and other expenses, significantly impact profitability. The large losses in 2015, 2017, and 2018 occur despite relatively stable or even increasing sales, indicating substantial cost or expense issues during those periods.
The period from 2019 to 2025 demonstrates a period of significant disruption, potentially linked to external factors, as evidenced by the dramatic declines in both sales and net income. The recent recovery in 2024 and 2025, while positive, occurs from a significantly reduced base and requires continued monitoring to assess its sustainability.
Balance Sheet: Assets
GE Aerospace, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 40,596) | 130,169) |
| Dec 31, 2024 | 37,635) | 123,140) |
| Dec 31, 2023 | 59,799) | 163,045) |
| Dec 31, 2022 | 66,234) | 187,788) |
| Dec 31, 2021 | 66,348) | 198,874) |
| Dec 31, 2020 | 88,412) | 253,452) |
| Dec 31, 2019 | 90,016) | 266,048) |
| Dec 31, 2018 | —) | 309,129) |
| Dec 31, 2017 | —) | 377,945) |
| Dec 31, 2016 | —) | 365,183) |
| Dec 31, 2015 | —) | 492,692) |
| Dec 31, 2014 | —) | 648,349) |
| Dec 31, 2013 | —) | 656,560) |
| Dec 31, 2012 | —) | 685,328) |
| Dec 31, 2011 | —) | 717,242) |
| Dec 31, 2010 | —) | 751,216) |
| Dec 31, 2009 | —) | 781,818) |
| Dec 31, 2008 | —) | 797,769) |
| Dec 31, 2007 | —) | 795,337) |
| Dec 31, 2006 | —) | 697,239) |
| Dec 31, 2005 | —) | 673,342) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet information reveals significant shifts in asset composition over the period examined. Total assets experienced considerable fluctuation, while current assets demonstrated a distinct downward trend in later years. An initial period of growth in total assets is followed by a substantial decline, particularly noticeable from 2015 onwards.
- Total Asset Trend
- From 2005 to 2007, total assets increased from US$673,342 million to US$795,337 million, representing a period of expansion. A relatively stable period followed through 2009, with assets remaining around US$780-800 billion. Beginning in 2010, a gradual decline commenced, accelerating significantly after 2014. By 2023, total assets had decreased to US$163,045 million, a substantial reduction from the peak values. A slight increase is observed in 2024 and 2025, but assets remain considerably lower than earlier levels.
- Current Asset Trend
- Current asset values are not available for the entire period. However, from 2019 onwards, a consistent downward trend is evident. Current assets decreased from US$90,016 million in 2019 to US$37,635 million in 2022, and then to US$40,596 million in 2023. While a slight increase is seen in 2023, the level remains significantly below the 2019 figure. This suggests a potential shift in asset allocation or liquidity management.
The pronounced decrease in total assets, especially after 2014, warrants further investigation. This decline could be attributed to asset sales, write-downs, or other strategic restructuring activities. The concurrent decrease in current assets suggests a possible reduction in short-term liquidity or a change in working capital management practices. The modest recovery in both asset categories in the final two years of the period may indicate stabilization, but the overall trend remains one of significant asset reduction.
- Relative Asset Size
- The ratio of current assets to total assets decreased over time. In 2019, current assets represented approximately 42.8% of total assets. By 2023, this proportion had fallen to around 20.1%, indicating a greater reliance on non-current assets or a substantial reduction in the proportion of assets readily convertible to cash.
The observed patterns suggest a period of significant transformation for the entity, with a substantial reduction in asset base and a changing composition of assets. Further analysis, including a review of the income statement and cash flow statement, would be necessary to fully understand the drivers behind these trends.
Balance Sheet: Liabilities and Stockholders’ Equity
GE Aerospace, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total borrowings | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 38,980) | 111,271) | 20,494) | 18,677) |
| Dec 31, 2024 | 34,392) | 103,576) | 19,273) | 19,342) |
| Dec 31, 2023 | 50,876) | 134,466) | 20,964) | 27,378) |
| Dec 31, 2022 | 56,947) | 150,206) | 32,350) | 36,366) |
| Dec 31, 2021 | 51,953) | 157,262) | 35,185) | 40,310) |
| Dec 31, 2020 | 56,069) | 216,378) | 75,066) | 35,552) |
| Dec 31, 2019 | 77,572) | 236,187) | 90,882) | 28,316) |
| Dec 31, 2018 | —) | 257,266) | 109,958) | 30,981) |
| Dec 31, 2017 | —) | 292,561) | 134,591) | 64,263) |
| Dec 31, 2016 | —) | 284,668) | 136,211) | 75,828) |
| Dec 31, 2015 | —) | 389,582) | 198,276) | 98,274) |
| Dec 31, 2014 | —) | 511,516) | 364,980) | 128,159) |
| Dec 31, 2013 | —) | 519,777) | 383,040) | 130,566) |
| Dec 31, 2012 | —) | 556,858) | 414,060) | 123,026) |
| Dec 31, 2011 | —) | 599,108) | 453,443) | 116,438) |
| Dec 31, 2010 | —) | 627,018) | 478,640) | 118,936) |
| Dec 31, 2009 | —) | 656,682) | 510,192) | 117,291) |
| Dec 31, 2008 | —) | 684,157) | 523,762) | 104,665) |
| Dec 31, 2007 | —) | 671,774) | 514,116) | 115,559) |
| Dec 31, 2006 | —) | 577,347) | 432,957) | 112,314) |
| Dec 31, 2005 | —) | 555,934) | 370,437) | 109,354) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The liabilities and stockholders’ equity of the company demonstrate significant shifts over the period examined. A substantial decrease in total liabilities is observed, particularly from 2015 onwards, accompanied by fluctuations in the composition of those liabilities. Shareholders’ equity exhibits a more volatile pattern, with increases followed by considerable declines.
- Current Liabilities
- Current liabilities show variability throughout the period. Values are not available for the earlier years, but from 2019 onwards, a general downward trend is apparent, accelerating from 2020 to 2024. A slight increase is noted in the final year, 2025, but remain significantly lower than levels seen in 2019.
- Total Liabilities
- Total liabilities increased from 2005 to 2008, peaking at US$684.157 million. A subsequent decline occurred through 2014, followed by a dramatic reduction beginning in 2015. This reduction continues through 2025, reaching US$103.576 million, representing a substantial decrease from the peak. The most significant declines occurred between 2015 and 2020.
- Total Borrowings
- Total borrowings mirrored the trend of total liabilities, increasing from 2005 to 2008 and then decreasing. The decline in borrowings was particularly pronounced after 2015, aligning with the overall reduction in total liabilities. By 2025, total borrowings reached US$19.273 million, a significant reduction from the US$523.762 million reported in 2008. The rate of decline slowed between 2020 and 2025.
- Shareholders’ Equity
- Shareholders’ equity experienced moderate growth from 2005 to 2009, followed by fluctuations. A peak was reached in 2013 at US$130.566 million. A substantial decline began in 2014, continuing through 2025, where it reached US$18.677 million. This represents a significant erosion of equity over the latter part of the period. The period between 2014 and 2016 saw the most rapid decrease.
The data suggests a strategic shift in the company’s capital structure. The substantial reduction in both total liabilities and total borrowings indicates a decrease in reliance on debt financing. However, this has been accompanied by a significant decrease in shareholders’ equity, potentially indicating share repurchases, dividend payouts, or accumulated losses. The trend warrants further investigation to understand the underlying drivers and implications for the company’s financial health.
Cash Flow Statement
GE Aerospace, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash from operating activities | Cash (used for) from investing activities | Cash from (used for) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 8,543) | (776) | (8,682) |
| Dec 31, 2024 | 5,817) | (556) | (6,628) |
| Dec 31, 2023 | 5,570) | 6,938) | (10,612) |
| Dec 31, 2022 | 5,864) | 1,825) | (5,585) |
| Dec 31, 2021 | 888) | 23,705) | (45,296) |
| Dec 31, 2020 | 3,597) | 16,778) | (19,853) |
| Dec 31, 2019 | 10,419) | 10,684) | (15,764) |
| Dec 31, 2018 | 4,662) | 18,052) | (31,033) |
| Dec 31, 2017 | 11,394) | 3,940) | (21,055) |
| Dec 31, 2016 | 6,099) | 62,613) | (89,920) |
| Dec 31, 2015 | 11,856) | 61,613) | (69,547) |
| Dec 31, 2014 | 27,515) | (4,742) | (16,952) |
| Dec 31, 2013 | 29,037) | 28,674) | (45,629) |
| Dec 31, 2012 | 31,252) | 11,399) | (51,074) |
| Dec 31, 2011 | 32,601) | 20,617) | (46,819) |
| Dec 31, 2010 | 35,792) | 34,481) | (61,470) |
| Dec 31, 2009 | 24,724) | 42,863) | (43,513) |
| Dec 31, 2008 | 47,841) | (40,025) | 24,640) |
| Dec 31, 2007 | 42,985) | (69,701) | 28,364) |
| Dec 31, 2006 | 33,019) | (51,019) | 23,450) |
| Dec 31, 2005 | 33,787) | (30,331) | (6,597) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The period between 2005 and 2025 demonstrates significant fluctuations in cash flow patterns. Cash generated from operating activities exhibited considerable variability throughout the analyzed timeframe. Initial years showed strong and increasing operational cash flow, peaking in 2008, followed by a substantial decline in 2009, and a period of moderate recovery before declining again in the mid-2010s. More recently, from 2022 to 2025, operational cash flow appears to stabilize and modestly increase.
- Operating Activities
- From 2005 to 2008, cash from operating activities increased from US$33.787 billion to US$47.841 billion, indicating a period of strong operational performance. The sharp decrease to US$24.724 billion in 2009 likely reflects the impact of broader economic conditions. While there was some recovery in the subsequent years, cash flow from operations generally trended downwards until 2016, reaching a low of US$6.099 billion. The period from 2017 to 2021 showed some improvement, but remained below the levels seen in the earlier part of the period. The final years, 2022-2025, show a slight upward trend, reaching US$8.543 billion in 2025.
Investing activities consistently represented a cash outflow, though the magnitude varied considerably. Large outflows were observed in the earlier years, particularly in 2006 and 2007. A notable shift occurred in 2009, with a significant inflow from investing activities, followed by continued inflows in 2010 and 2011. However, outflows resumed and were substantial in 2015 and 2016. The final years show a return to more moderate, but still generally negative, cash flow from investing activities.
- Investing Activities
- The substantial negative cash flows in 2006 (-US$51.019 billion) and 2007 (-US$69.701 billion) suggest significant capital expenditures or acquisitions during those years. The positive cash flow in 2009 (US$42.863 billion) is an anomaly, potentially resulting from large asset sales. The large outflow in 2016 (US$62.613 billion) warrants further investigation. The recent trend, from 2022-2025, shows a smaller outflow, with a slight inflow in 2023.
Financing activities demonstrated substantial volatility. Significant inflows were observed in 2006 and 2007, followed by large outflows in 2009, 2015, and 2016. The period from 2017 to 2025 generally shows consistent, though substantial, cash outflows related to financing.
- Financing Activities
- The large inflows in 2006 (US$23.450 billion) and 2007 (US$28.364 billion) likely represent debt issuance or equity raises. The substantial outflows in 2009 (-US$43.513 billion), 2015 (-US$69.547 billion), and 2016 (-US$89.920 billion) likely correspond to debt repayment, share repurchases, or dividend payments. The consistent negative cash flow from financing activities in the later years suggests a continued pattern of returning capital to investors or managing debt obligations.
Overall, the cash flow statement reveals a complex pattern of activity. The company experienced periods of strong operational cash generation, coupled with significant investment and financing activities. The volatility in each of these areas suggests a dynamic business environment and strategic shifts over the analyzed period. The recent stabilization in operating cash flow, combined with moderate investing and financing outflows, may indicate a period of consolidation and strategic realignment.
Per Share Data
GE Aerospace, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 8.20 | 8.14 | 1.44 |
| Dec 31, 2024 | 6.04 | 5.99 | 1.12 |
| Dec 31, 2023 | 8.44 | 8.36 | 0.32 |
| Dec 31, 2022 | -0.06 | -0.05 | 0.32 |
| Dec 31, 2021 | -6.16 | -6.16 | 0.32 |
| Dec 31, 2020 | 4.64 | 4.64 | 0.32 |
| Dec 31, 2019 | -4.96 | -4.96 | 0.32 |
| Dec 31, 2018 | -20.96 | -20.96 | 2.96 |
| Dec 31, 2017 | -5.76 | -5.76 | 6.72 |
| Dec 31, 2016 | 7.20 | 7.12 | 7.44 |
| Dec 31, 2015 | -4.96 | -4.88 | 7.36 |
| Dec 31, 2014 | 12.08 | 12.00 | 7.12 |
| Dec 31, 2013 | 10.24 | 10.16 | 6.32 |
| Dec 31, 2012 | 10.32 | 10.32 | 5.60 |
| Dec 31, 2011 | 9.92 | 9.84 | 4.88 |
| Dec 31, 2010 | 8.48 | 8.48 | 3.68 |
| Dec 31, 2009 | 8.08 | 8.08 | 4.88 |
| Dec 31, 2008 | 13.76 | 13.76 | 9.92 |
| Dec 31, 2007 | 17.44 | 17.36 | 9.20 |
| Dec 31, 2006 | 16.08 | 16.00 | 8.24 |
| Dec 31, 2005 | 12.40 | 12.32 | 7.28 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial information reveals a period of initial growth followed by significant volatility and, ultimately, a recovery in earnings. Dividend payments demonstrate a distinct shift in policy over the observed timeframe.
- Basic and Diluted Earnings Per Share
- From 2005 to 2007, both basic and diluted earnings per share exhibited a consistent upward trend, increasing from $12.40 and $12.32 respectively, to peaks of $17.44 and $17.36. A subsequent decline occurred in 2008, followed by a substantial drop in 2009 to $8.08 for both metrics. The period between 2010 and 2013 showed a moderate recovery, with earnings per share fluctuating around the $10 mark. A sharp downturn occurred in 2015, resulting in negative earnings per share of -$4.96 and -$4.88. Further declines followed in 2017 and 2018, culminating in a significant loss of -$20.96 in 2018. From 2019 through 2021, earnings per share experienced volatility, including a loss in 2021. A return to positive earnings was observed in 2022 and continued into 2023 and 2025, with earnings per share reaching $8.44, $6.04, and $8.20 respectively.
- Dividend Per Share
- Dividend per share increased steadily from $7.28 in 2005 to $9.20 in 2007, then continued to rise to $9.92 in 2008. The dividend was significantly reduced in 2009 to $4.88 and further decreased to $3.68 in 2010. A slight increase occurred in 2011 and 2012, reaching $5.60. The dividend continued to increase to $7.12 in 2014, peaking at $7.44 in 2015. A dramatic reduction in dividend payments began in 2016, falling to $2.96, and then to a minimal $0.32 per share from 2019 through 2022. A substantial increase to $1.12 was observed in 2024, followed by a further increase to $1.44 in 2025.
The divergence between earnings per share and dividend per share is notable. While earnings per share experienced considerable fluctuations, the dividend remained relatively stable at a low level for several years before increasing significantly in the most recent periods. This suggests a shift in capital allocation strategy, potentially prioritizing debt reduction or reinvestment during the period of low dividend payouts, followed by a renewed capacity to return capital to shareholders.