GEMEDIUM SIGNALOPERATIONAL10-K

GE Aerospace demonstrates strong operational momentum with 81% operating cash flow growth and expanded installed base, while completing its transformation into a focused aerospace company.

The substantial improvement in operating cash flow generation and increased share buybacks indicate strong business fundamentals and capital allocation discipline. The expanded installed base (50k commercial vs 45k previously) strengthens GE's high-margin aftermarket services revenue stream, which represents 70% of total revenue.

Comparing 2026-01-29 vs 2025-02-03View on EDGAR →
FINANCIAL ANALYSIS

GE delivered robust growth across key metrics with revenue up 18.5% to $45.9B and net income rising 32.8% to $8.7B, while operating cash flow surged 81% to $8.5B demonstrating strong cash conversion. The company increased R&D spending 23% and inventory levels 22%, signaling investment in future growth and production ramp capabilities. Higher current liabilities and deposits reflect the scaling business, while increased share buybacks to $7.6B show disciplined capital return to shareholders from the strong cash generation.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+81.3%
$4.7B→$8.5B

Operating cash flow surged 81.3% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+32.8%
$6.6B→$8.7B

Net income grew 32.8% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
+29.6%
$5.8B→$7.6B

Share repurchases increased 29.6% — management returning capital, signals confidence in intrinsic value.

R&D Expense
P&L
+22.9%
$1.3B→$1.6B

R&D investment increased 22.9% — signals commitment to future product development, though near-term margin impact.

Inventory
Balance Sheet
+21.6%
$9.8B→$11.9B

Inventory built 21.6% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+18.5%
$38.7B→$45.9B

Revenue growing 18.5% — solid top-line momentum, watch margins for quality of growth.

Total Deposits
Balance Sheet
+17.8%
$53.4B→$62.8B

Deposits grew 17.8% — expanding customer base or increased trust in the institution.

Current Liabilities
Balance Sheet
+13.3%
$34.4B→$39.0B

Current liabilities rose 13.3% — increased short-term obligations, watch current ratio.

Operating Income
P&L
+10.8%
$20.7B→$22.9B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Gross Profit
P&L
+10%
$6.4B→$7.0B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-01-29
PRIOR — 2025-02-03
ADDED
There were 1,048,813,612 shares of common stock with a par value of $0.01 outstanding at January 15, 2026.
These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," "range" or similar expressions.
The Company s installed base of approximately 50,000 commercial and 30,000 military engines, including parked aircraft in addition to fleet in service, supports our aftermarket services business, which represents approximately 70% of revenue, reflecting the strength of customer demand across our business.
We are focused on delivering against our strategic priorities for today (ramping services and equipment), tomorrow (expanding capacity and capabilities) and the future (inventing the future of flight).
Manufacturing and service operations are carried out at 70 facilities located in 23 states in the United States and Puerto Rico, of which 24 are owned, and at 62 facilities located in 23 other countries, of which 30 are owned.
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REMOVED
There were 1,073,290,505 shares of common stock with a par value of $0.01 outstanding at January 15, 2025.
and China or other countries; market or other developments that may affect demand or the financial strength and performance of airframers, airlines, suppliers and other key aerospace and defense industry participants, such as demand for air travel, supply chain or other production constraints, shifts in U.S.
The Company s installed base of approximately 45,000 commercial and 25,000 military engines drives our aftermarket services business, which represents approximately 70% of revenue, reflecting the strength of customer demand across our business.
We are focused on delivering against our strategic priorities for today (services and readiness), tomorrow (delivering the production and services ramp for new engines) and the future (inventing next generation flight technology for our commercial and defense customers).
On January 3, 2023, the Company completed the separation of its healthcare business into an independent publicly traded company, GE HealthCare Technologies Inc.
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