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United States Securities and Exchange Commission

WASHINGTON, D.C. 20549

FORM 10-K

☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, ~~2024~~2025

Commission file number 001-00035

GENERAL ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)

New York

14-0689340

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1 Neumann Way

Evendale

45215

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code) (~~617~~513) ~~443~~243-~~3000~~2000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GE	New York Stock Exchange
0.875% Notes due 2025	GE 25	New York Stock Exchange
1.875% Notes due 2027	GE 27E	New York Stock Exchange
1.500% Notes due 2029	GE 29	New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035	GE /35	New York Stock Exchange
2.125% Notes due 2037	GE 37	New York Stock Exchange


Securities Registered Pursuant to Section 12(g) of the Act:
(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the outstanding common equity of the registrant not held by affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was at least $~~170~~270.02 billion. There were 1,~~073~~048,~~290~~813,~~505~~612 shares of common stock with a par value of $0.01 outstanding at January 15, ~~2025~~2026.

DOCUMENTS INCORPORATED BY REFERENCE

The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May 65, ~~2025~~2026, is incorporated by reference into Part III to the extent described therein.

TABLE OF CONTENTS

			Page
Forward-Looking Statements			3
About GE Aerospace			4
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)			87
Consolidated Results			8
Segment Operations			9
Corporate & Other			1110
Other Consolidated Information			1211
Capital Resources and Liquidity			1312
Critical Accounting Estimates			1614
Other Items			1816
Non-GAAP Financial Measures			2119
Other Financial Data			2422
Cybersecurity			2523
Risk Factors			2624
Legal Proceedings			3331
Management and Auditor's Reports			3432
Audited Financial Statements and Notes			3836
Statement of Earnings (Loss)			38
Statement of Operations			36
Statement of Financial Position			3937
Statement of Cash Flows			4038
Statement of Comprehensive Income (Loss)			4139
Statement of Changes in Shareholders' Equity			4139
Note 1 Basis of Presentation and Summary of Significant Accounting Policies			4240
Note 2 Businesses Held for Sale and Discontinued Operations			48
Note 2 Discontinued Operations			46
Note 3 Investment Securities			5047
Note 4 Current and Long-Term Receivables			5249
Note 5 Inventories, Including Deferred Inventory Costs			5249
Note 6 Property, Plant and Equipment and Operating Leases			5249
Note 7 Goodwill and Other Intangible Assets			5350
Note 8 Contract and Other Deferred Assets, Contract Liabilities and Deferred Income & Progress Collections			5451
Note 9 All Other Assets			5551
Note 10 Borrowings			5552
Note 11 Accounts Payable			5552
Note 12 Insurance Liabilities and Annuity Benefits			5552
Note 13 Postretirement Benefit Plans			5754
Note 14 Sales Discounts and Allowances & All Other Liabilities			6360
Note 15 Income Taxes			6360
Note 16 Shareholders' Equity			6664
Note 17 Share-Based Compensation			6764
Note 18 Earnings Per Share Information			68
Note 18 Earnings Per Share (EPS) Information			65
Note 19 Other Income (Loss)			6866
Note 20 Restructuring Charges and Separation Costs			6966
Note 21 Fair Value Measurements			6967
Note 22 Financial Instruments			7068
Note 23 Variable Interest Entities			7169
Note 24 Commitments, Guarantees, Product Warranties and Other Loss Contingencies			7269
Note 25 Segment and Geographic Information & Remaining Performance Obligation			7471
Note 26 Summarized Financial Information			7673
Note 27 Quarterly Information			77
Directors, Executive Officers and Corporate Governance			74
Directors, Executive Officers and Corporate Governance			77
Exhibits and Financial Statement Schedules			75
Exhibits and Financial Statement Schedules			78
Form 10-K Cross Reference Index			78
Form 10-K Cross Reference Index			82
Signatures			79
Signatures			83

FORWARD-LOOKING STATEMENTS. Our public communications and filings we make with the U.S. Securities and Exchange Commission (SEC) may contain statements related to future, not past, events. 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," or "range." or similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position; conditions affecting the aerospace ~~and defense~~ industry, including our customers and suppliers; our expected financial performance, including cash flows, revenue, margins, ~~earnings~~net income and earnings per share; planned and potential transactions; our credit ratings and outlooks; our funding and liquidity; our cost structures and plans to reduce costs; restructuring, impairment or other financial charges; or tax rates.

For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:

•changes in macroeconomic and market conditions and market volatility (including risks related to recession, inflation, supply chain constraints or disruptions, interest rates, values of financial assets, oil, jet fuel and other commodity prices and exchange rates), and the impact of such changes and volatility on our business operations and financial results;

•~~global~~market ~~economic~~or ~~trends,~~other ~~competition~~developments ~~and~~that ~~geopolitical~~may ~~risks,~~affect ~~including~~demand ~~impacts~~or ~~from~~ the ~~ongoing~~financial ~~conflict~~strength ~~between Russia~~ and ~~Ukraine~~performance ~~and~~of ~~related~~airframers, ~~sanctions~~airlines, suppliers and ~~risks~~other ~~related~~key toaerospace ~~conflict~~industry inparticipants, ~~the Middle East; demand or supply shocks from events~~ such as ademand ~~major~~for ~~terrorist~~air ~~attack~~travel, ~~war,~~supply ~~natural~~chain ~~disasters~~ or ~~actual or threatened public health pandemics or~~ other ~~emergencies;~~production ~~or an escalation of sanctions~~constraints, ~~tariffs~~shifts orin ~~other trade tensions between the~~ U.S. ~~and~~or ~~China~~foreign orgovernment defense programs and other ~~countries~~industry dynamics;

•~~market~~pricing, orcost, ~~other~~volume ~~developments~~and ~~that may affect demand or~~ the ~~financial~~timing ~~strength and performance~~ of ~~airframers~~sales, ~~airlines~~deliveries, ~~suppliers~~investment and ~~other~~production ~~key~~by ~~aerospace~~us and ~~defense~~our ~~industry participants~~customers, ~~such~~suppliers ~~as demand for air travel, supply chain~~ or other ~~production constraints, shifts in U.S. or foreign government defense programs and other~~ industry ~~dynamics~~participants;

•pricing, cost, volume and the timing of sales, investment and production by us and our customers, suppliers or other industry participants;

•the impact of actual or potential safety or quality issues or failures of our products or third-party products with which our products are integrated, including design, production, performance, durability or other issues, and related costs and reputational effects;

•operational execution on our business plans, including our performance amidst market growth and ramping newer product platforms, meeting delivery and other contractual obligations, improving turnaround times in our services businesses and reducing costs over time;

•~~the~~global ~~amount~~economic trends, competition and ~~timing~~geopolitical ofrisks, ~~our~~including ~~earnings~~evolving ~~and~~impacts ~~cash~~from ~~flows~~tariffs, ~~which~~sanctions ~~may~~or beother ~~impacted~~trade bytensions ~~macroeconomic,~~between ~~customer,~~the ~~supplier~~U.S. and other countries, ~~competitive~~or demand or supply shocks from events such as a major terrorist attack, ~~contractual~~war, ~~financial~~natural disasters or ~~accounting~~actual ~~(including~~or ~~changes~~threatened inpublic ~~estimates)~~health ~~and~~pandemics or other ~~dynamics and conditions~~emergencies;

•the amount and timing of our income and cash flows, which may be impacted by macroeconomic, customer, supplier, competitive, contractual, financial or accounting (including changes in estimates) and other dynamics and conditions;

•our capital allocation plans, including the timing and amount of dividends, share repurchases, acquisitions, organic investments and other priorities;

•our decisions about investments in research and development or new products, services and platforms, and our ability to launch new products in a cost-effective manner, as well as technology developments and other dynamics that could shift the demand or competitive landscape for our products and services;

•our success in executing planned and potential transactions, including the timing for such transactions, the ability to satisfy regulatory requirements or any applicable pre-conditions and the expected benefits;

•downgrades of our credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;

•capital or liquidity needs associated with our run-off insurance operations or mortgage portfolio in Poland (Bank BPH), the amount and timing of any required future capital contributions and any strategic options that we may consider;

•changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs; government defense priorities or budgets; environmental or climate regulation, incentives and emissions offsetting or trading regimes ~~related to climate change;~~ and the effects of tax law changes or audits;

•the impact of regulation; government investigations; regulatory, commercial and legal proceedings or disputes; environmental, health and safety matters; or other legal compliance risks, including the impact of shareholder and related lawsuits, Bank BPH and other proceedings that are described in our SEC filings;

•the impact related to information technology, cybersecurity or data security breaches at GE Aerospace or third parties; and

•the other factors that are described in the "Risk Factors" section in this Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, as such descriptions may be updated or amended in future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

~~2024~~2025 FORM 10-K 3

ABOUT GE AEROSPACE. General Electric Company operates as GE Aerospace (GE Aerospace or the Company). GE Aerospace is a global aerospace leader with the industry's largest and growing commercial propulsion fleet. The Company’s installed base of approximately 4550,000 commercial and 2530,000 military engines, ~~drives~~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. Through FLIGHT DECK, the Company's proprietary lean operating model, GE Aerospace is prioritizing safety, quality, delivery and cost, to drive focused execution and bridge strategy to results. We are focused on delivering against our strategic priorities for today (ramping services and ~~readiness~~equipment), tomorrow (~~delivering~~expanding ~~the~~capacity ~~production~~ and ~~services ramp for new engines~~capabilities) and the future (inventing ~~next~~the ~~generation~~future ~~flight~~of ~~technology for our commercial and defense customers~~flight). Our global team is building on more than a century of innovation and learning, as we invent the future of flight, lift people up and bring them home safely.

OnWe ~~January~~serve 3,customers ~~2023,~~in ~~the~~approximately ~~Company~~120 ~~completed~~countries. ~~the~~Manufacturing ~~separation~~and ofservice ~~its~~operations ~~healthcare~~are ~~business~~carried ~~into~~out anat ~~independent~~70 ~~publicly~~facilities ~~traded~~located ~~company,~~in GE23 ~~HealthCare~~states ~~Technologies~~in ~~Inc.~~the ~~(GE~~United ~~HealthCare),~~States and onPuerto ~~April 2~~Rico, ~~2024, the Company completed the separation~~ of ~~its~~which GE24 ~~Vernova~~are ~~business into an independent publicly traded company~~owned, GEand ~~Vernova,~~at ~~Inc.~~62 ~~(GE~~facilities ~~Vernova).~~located Inin ~~connection~~23 ~~with~~other ~~these separations~~countries, ~~the historical results~~ of GEwhich ~~HealthCare~~30 ~~and GE Vernova, and certain assets and liabilities included in the separations,~~ are ~~reported in our consolidated financial statements as discontinued operations~~owned. ~~See Note 2 for further information.~~

We serve customers in approximately 120 countries. Manufacturing and service operations are carried out at 67 facilities located in 22 states in the United States and Puerto Rico, of which 24 are owned, and at 67 facilities located in 24 other countries, of which 34 are owned.

SEGMENTS. GE Aerospace operates through two reportable segments: Commercial Engines & Services and Defense & Propulsion Technologies.

COMMERCIAL ENGINES & SERVICES. Commercial Engines & Services (CES) designs, develops, manufactures and services jet engines for commercial airframes, as well as business aviation and aeroderivative applications. Services include maintenance, repair and overhaul (MRO) of engines and the sale of spare parts, and we offer services under a variety of arrangements such as long-term service agreements, spare parts agreements or time and material contracts. CES was approximately 7073% of total GE Aerospace revenue for the year ended December 31, ~~2024~~2025, with services representing 7475% of total CES revenue.

Our CES customers for equipment and services consist primarily of airframers and airlines, including both Boeing and Airbus, and third-party MRO shops, to whom we sell ~~equipment~~spare parts and license MRO technology. CES engines power aircraft in all commercial categories—narrowbody, widebody and regional—and this includes engines sold by joint venture partners, the most significant of which is CFM International, a 50-50 non-consolidated joint venture with Safran Aircraft Engines, a subsidiary of Safran Group of France. Depending on the aircraft model, airline customers may have a choice between our engines and those of other manufacturers or, as in the case of some Boeing models, our engines may be the sole source engine for a particular aircraft.

Commercial and financial dynamics for major engine platforms often play out over the course of many years, as new product development cycles are long and, after initial sale, commercial engines can operate for decades with services in the aftermarket. In the narrowbody aircraft ~~segment~~market, we are in the midst of a significant ramp in production of the LEAP engine, which entered into service in 2016 and is expected in the coming years to overtake the mature CFM56 as the industry’s ~~most~~largest ~~utilized narrowbody engine~~fleet. This is expected to also drive a significant increase in shop visits and need for MRO capacity as LEAP engines come due for services. In the widebody aircraft ~~segment~~market, we have a range of engine platforms that are in different stages of their lifecycles. These include the more mature CF6 and GE90 engines, as well as the GEnx engine that entered into service in 2011 and ~~the~~our ~~GE9X~~newest engine, the GE9X, that will power the Boeing 777X ~~when that aircraft enters into service~~. We also have engines that power regional and business aircraft.

We ~~have~~are ~~been and remain~~ committed to investing inand developing technologies that improve safety, durability, reliability and ~~maturing~~efficiency ~~technologies~~for ~~that~~our ~~enable~~current aengine ~~more~~products ~~sustainable~~over their lifecycle and for the future of flight. ~~Notably~~For example, ~~CFM~~in ~~International's~~November ~~Revolutionary~~2025, ~~Innovation~~the ~~for~~GEnx ~~Sustainable~~high-pressure ~~Engines~~turbine (~~RISE~~HPT) blade, which has improved time-on-wing over 2.5 times in hot and harsh environments, surpassed 4,000 cycles. Additionally, we launched our second dust ingestion test on the GE9X engine, preparing this engine now for what it will experience in various conditions in the years to come. This builds upon over 30,000 cycles of testing, including 9,000 endurance cycles. CFM International's RISE program is advancing a suite of pioneering technologies including Open Fan, compact core, and hybrid electric systems ~~for compatibility~~ with ~~alternative~~more ~~fuels.~~than We350 ~~recently~~tests completed ~~more~~toward ~~than~~ground ~~250~~and flight tests onthis ~~developing~~decade. aIn ~~full~~2025, we began dust ingestion testing on next-~~scale~~generation ~~Open~~HPT ~~Fan~~blades for the RISE program’s compact engine. ~~This~~core isdevelopment, ~~one~~the ofearliest ~~several~~we ~~initiatives~~have ~~underway~~conducted tothis ~~help~~testing ~~invent~~in the ~~future~~development ofprocess ~~flight~~and a key milestone for addressing durability to meet customer needs.

DEFENSE & PROPULSION TECHNOLOGIES. Defense & Propulsion Technologies (DPT) is a leading provider of defense engines and critical aircraft systems, and it consists of our Defense & Systems and Propulsion & Additive Technologies businesses. DPT was approximately 2523% of total GE Aerospace revenue for the year ended December 31, ~~2024~~2025, with services representing 5651% of total DPT revenue.

Defense & Systems – Defense & Systems designs, develops, manufactures and services jet engines and avionics and power systems for governments, militaries and commercial airframers. Services include MRO of engines and the sale of spare parts.

Our product performance and dedication to innovation have earned long-standing relationships with airframers, shipyards, government agencies and other customers globally. We also regularly work with government customers on the development of classified and unclassified advanced products, including combat engines, hypersonics and unmanned applications. ~~Recently~~In 2025, ~~our~~we ~~team~~achieved ~~successfully~~important ~~demonstrated~~development aand ~~hybrid~~testing ~~electric~~milestones ~~propulsion~~on ~~system~~two ~~rated~~advanced atengines ~~one~~for ~~megawatt with~~ the U.S. ~~Army~~war fighter, and we achieved first flight for the T901 on a Black Hawk helicopter.

Our defense engines power a wide variety of fighters, bombers, tankers, transport, helicopters and surveillance aircraft, as well as aeroderivative engines for marine applications. Significant product platforms include the F110, F404 and F414 for combat engines, the T408, T700 and T901 for rotorcraft engines and the LM2500 for mobility and marine engines.

4 ~~2024~~2025 FORM 10-K

Propulsion & Additive Technologies – Propulsion & Additive Technologies (P&AT) businesses primarily design, develop, manufacture and support aircraft components and systems for both commercial and military end users under the Avio Aero, Unison, Dowty Propellers and Colibrium Additive brands. These P&AT products include small turboprop engines, aeroengine mechanical transmissions, turbines, combustors and controls, additive manufacturing, propeller systems, ignition systems, sensors and engine accessories for both fixed wing and rotorcraft applications. Avio Aero is a strategic partner in Europe, and the defense business is the propulsion champion for the Italian Ministry of Defence (MoD) supporting the development of indigenous, classified engine technology with significant contributions to the EJ200 engine for the Eurofighter, the new Global Combat Air Programme (GCAP) engine and the Catalyst engine for Eurodrone. In its commercial business, Avio Aero is a core funding member of Clean Aviation, significantly contributing to and benefiting from the European Union sustainability roadmap.

HUMAN CAPITAL. The strength and talent of our workforce are critical to the success of our purpose to invent the future of flight, lift people up and bring them home safely. We strive to attract, develop and retain a workforce that can deliver for our global customer base. The Company’s human capital management priorities are aligned to our business strategy and support the execution of operational results, financial results and the development of technologies that we believe will define the future of the aerospace ~~and defense~~ industry. We continue to monitor a broad set of human capital priorities as a part of our business operating reviews and with oversight by our Board of Directors and the Board’s Management Development and Compensation Committee. The following are our human capital priorities:

•Protecting the health and safety of our workforce: We encourage all employees at every level of the organization to take responsibility for creating a safe and healthy work environment, including the importance of speaking up when a safety concern arises. We have robust procedures and standards that our employees and contractors must follow when performing high risk activities that are designed to prevent potential accidents and injuries. We have established stringent environmental, health and safety standards, often more rigorous than local regulations. ~~For~~Our ~~the past four years, our~~ annual bonus program ~~has~~includes ~~included~~ a modifier based on the Company’s safety performance.

•Sustaining a Company culture based inon ~~Respect~~our ~~for~~GE ~~People~~Aerospace ~~through leadership~~ behaviors of ~~humility~~Respect for People, ~~transparency~~Continuous Improvement and ~~focus,~~Customer Driven always with a commitment to unyielding integrity: This culture is an essential part of GE Aerospace’s proprietary lean operating model, FLIGHT DECK. It is through FLIGHT DECK that we are bridging strategy to deliver results for our customers and our shareholders. GE Aerospace’s organizational culture supports talent attraction, engagement and retention and promotes ways of working that are strongly connected to our goals. InWe ~~2024,~~conduct GEan ~~Aerospace conducted its first~~ annual enterprise-wide culture survey as ~~an independent company. This survey is~~ part of aour commitment to have a strong employee listening strategy. ~~Results~~Our most recent survey results showed that overall, our employees feel their safety is prioritized and that the Company maintains high ethical standards. Our performance management system, “People, Performance, and Growth,” directly links individual performance outcomes to incentive compensation. Supporting our culture of integrity, The Spirit & The Letter, GE Aerospace’s employee code of conduct, sets forth the Company’s integrity and compliance standards.

•Developing and managing our talent to best support our organizational goals: GE Aerospace’s approach to talent management aims to ensure strong individual and company performance, and our employee training and development offerings are designed to support these goals. As a key pillar of our talent strategy, GE Aerospace’s senior management leads an annual organization and talent review for each business to support a strong leadership pipeline and succession planning process. InOur ~~2024, our~~ leadership development programs continued to elevate high potential talent and accelerate a continued career path with GE Aerospace.

•Promoting fairness and opportunity across the enterprise: At GE Aerospace, we are committed to building a culture and environment where every employee has the opportunity to achieve their ultimate potential. Fostering an environment centered on Respect for People is core to FLIGHT DECK and is intended to ensure that every employee feels empowered ~~and has the opportunity~~ to ~~contribute~~achieve totheir ~~improve~~ultimate ~~our performance~~potential. Our long-standing commitment to pay practices that are fair and competitive is core to Respect for People ~~and is reflected in the fact that men and women performing similar work were paid within 1% of each other in our most recent analysis~~.

At December 31, ~~2024~~2025, GE Aerospace and consolidated affiliates employed approximately 5357,000 people, of whom approximately 2830,000 were employed in the United States.

At December 31, ~~2024~~2025, GE Aerospace had approximately 3,~~700~~800 union-represented manufacturing and service employees in the United States. In ~~2023~~2025, the Company successfully negotiated ~~or extended~~ collective bargaining agreements with the majority of its U.S. unions (including the IUE-CWA, UAW and IAM), ~~and~~resulting these agreements are scheduled to expire between June and August of 2025. GE Aerospace will hold negotiations to enter into new agreements prior to their respective expiration dates. While the outcome of the 2025 negotiations cannot be predicted, the Company’s recent past negotiations have resulted in agreements that we believe provide employees with fair wages and benefits while addressing the competitive realities facing GE Aerospace~~, and were completed without a work stoppage~~. GE Aerospace’s relationship with employee-representative organizations outside the U.S. takes many forms, including in Europe where GE Aerospace engages employees’ representatives’ bodies such as works councils (at both European level and locally) and trade unions in accordance with local law.

~~2024~~RESEARCH ~~FORM~~AND ~~10-K~~DEVELOPMENT. 5We have long research and development (R&D) cycles for many of our products, with product safety, quality and efficiency being critical to success. We conduct R&D activities, leveraging FLIGHT DECK, to enhance our existing products and services, develop new products and services to meet our customers’ changing needs and requirements, address new market opportunities and support regulatory certifications. For example, our past and ongoing investments in advanced technologies such as ceramic matrix composites and additive manufacturing for components have applications across a range of narrowbody and widebody engine applications. In addition, we are making significant investments in the RISE suite of technologies to enable a safe, durable and efficient future of flight. And in DPT, leveraging government funding, our investments include the development of advanced propulsion solutions such as adaptive cycle combat engines.

~~RESEARCH~~2025 ~~AND~~FORM ~~DEVELOPMENT.~~10-K We have long research and development (R&D) cycles for many of our products, with product safety, quality and efficiency being critical to success. We conduct R&D activities, leveraging FLIGHT DECK, to enhance our existing products and services, develop new products and services to meet our customers’ changing needs and requirements, address new market opportunities and support regulatory certifications. For example, our past and ongoing investments in advanced technologies such as ceramic matrix composites and additive manufacturing for components have applications across a range of narrowbody and widebody engine applications. In addition, we are making significant investments in the RISE program suite of technologies to enable a more sustainable future of flight. And in DPT, leveraging government funding, our investments include the development of advanced propulsion solutions such as adaptive cycle combat engines. 5

In addition to funding R&D internally, we also receive funding externally from our customers and partners, which contributes to the overall R&D for the Company. See Note 1 for further information on our accounting policies for development agreements and R&D cost share arrangements.

(In millions)	~~2024~~2025		~~2023~~2024		~~2022~~2023
GE Aerospace funded	$	1,~~286~~580	$	1,~~011~~286	$	~~808~~1,011
Customer and partner funded(a)	1,~~413~~409		1,~~465~~413		1,~~295~~465
Total Research and development	$	2,~~699~~989	$	2,~~476~~699	$	2,~~103~~476

(a) Customer funded is ~~principally~~primarily from the U.S. Government ~~funded~~.

INTELLECTUAL PROPERTY. The development and protection of intellectual property rights are a source of competitive advantage within our industry, and protection of key design, manufacturing, repair and product upgrade technologies is important to our business. We maintain, continue to grow, and curate a portfolio of patents, trade secrets and other intellectual property rights stemming from our research and development activities. In some circumstances we license intellectual property to commercial customers, such as to support the maintenance and repair of our products to keep them in safe and airworthy condition. Government customers may also have licenses to some of our intellectual property that is developed or used in the performance of government contracts. While our intellectual property rights in the aggregate are important to our business, we do not believe that our business is materially dependent on the preservation of any singular intellectual property right or patent license. The “GE” name and logo are licensed to various former businesses, including GE HealthCare and GE Vernova, pursuant to agreements governing their use.

SUPPLY CHAIN. We rely on a global supply chain for a wide range of raw materials, commodities, components, parts, MRO services and other indirect spend. Our supply chain is complex and extends into many different countries and regions around the world. We depend on the ability of our suppliers and partners to meet quality standards, performance specifications and delivery schedules at our anticipated costs. In some cases, we also must comply with specific procurement requirements that limit the suppliers and subcontractors we may utilize. Some of our suppliers or their sub-suppliers are limited- or sole-source suppliers, and our ability to meet our obligations to customers depends on the product quality, performance, continued product availability and stability of such suppliers. We employ a number of strategies focused on continuity of supply of raw materials, including monitoring geopolitical and geographical changes and developing counteractions in response to identified risks, evaluating alternate materials and sources and working with suppliers to secure both short- and long-term capacity. Partnering with suppliers, we are leveraging FLIGHT DECK, ~~we are working~~ to improve material input and inflationary pressure, supporting our deliveries across internal shop visits, spare part sales and equipment. We operate in a supply-constrained environment that has impacted our industry for the past several years. See the MD&A section for additional discussion of these dynamics.

COMPETITION. The markets in which we operate are highly competitive in terms of pricing, product and service quality, durability and reliability, product development and introduction time, intellectual property, customer service, financing terms, the ability to respond to shifts in market demand and the ability to attract and retain skilled talent. We compete with other global engine manufacturers in sales of commercial and defense engines and services. Key competitors in commercial engine services also include third-party MRO shops. In DPT, we compete against a range of U.S. and non-U.S. companies or groups for contract and subcontract awards by governments and their prime contractors. Customer selections for aircraft engines, components and systems can also have a significant impact on future sales of parts and services over the life of an engine platform. Competitors may offer substantial discounts and other financial incentives, performance and operating cost guarantees and participation in financing arrangements in an effort to secure an installed base that establishes aftermarket sales associated with these products.

REGULATORY MATTERS. As ana global aerospace ~~and defense~~ company, we are subject to a wide range of U.S. federal, state and non-U.S. laws and regulations related to our products, services and business operations, including the significant areas of law and regulation summarized below that can apply to our business directly and indirectly. Like other industrial manufacturing companies that operate globally in high-tech sectors, we face significant scrutiny from both U.S. and foreign governmental authorities with respect to regulatory compliance. We regularly engage with our regulators and work to comply with existing, new and changing requirements across relevant jurisdictions, as compliance (or failure to properly comply) with any of these requirements can pose costs and impact our operations. For additional information about government regulation applicable to our business, see Risk Factors and Note 24.

6 2024 FORM 10-K

Commercial aviation. The design and production of our commercial aircraft engines are regulated by the U.S. Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA). To obtain and maintain design approvals for commercial engines, called type certificates, we must meet stringent certification requirements and maintain ongoing responsibility for the continued operational safety and airworthiness of our engines. We also hold an FAA authorization to produce commercial engines, called a production certificate, pursuant to which engines that we produce must meet the approved type design. GE Aerospace also operates commercial engine MRO facilities around the world, and each of these facilities holds repair station certificates from multiple aviation regulators, depending upon the regulatory jurisdictions of our airline customers that use the facility. All of our certified operations are subject to regulatory oversight, and violations may result in government enforcement action that can include fines, suspension of privileges under the certificates or revocation of the certificates. In addition, global aviation authorities regulate aviation safety and have the authority to mandate that our customers take required actions, such as required inspection, maintenance, modification or removal of our products or their components. These regulators also have the authority to order the grounding of entire fleets of aircraft in the interests of aviation safety.

~~International~~6 ~~Trade~~2025 ~~Controls~~FORM and Sanctions Compliance. We are subject to various international trade controls and sanctions regulations from governments and regulatory bodies around the world. These include export controls (including the U.S. Export Administration Regulations (EAR) and the International Traffic in Arms Regulations (ITAR)), import controls, sanctions compliance (including sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC)) and anti10-boycott regulations. These regulations are intended to align business practices with national security and foreign policy objectives. Our international trade controls and sanctions compliance program includes employee training, screening and due diligence reviews of customers, suppliers and business partners and other controls and procedures designed to operate in compliance with these complex requirements. K

~~Government~~International ~~Contracts.~~Trade ~~The~~Controls ~~U.S. government~~ and ~~our~~Sanctions ~~other~~Compliance. ~~government~~We ~~customers~~are ~~often~~subject ~~have the ability~~ to ~~modify,~~various ~~curtail~~international ortrade ~~terminate~~controls ~~their contracts~~ and ~~subcontracts~~sanctions ~~with~~regulations usfrom ~~either~~governments atand ~~their~~regulatory ~~convenience~~bodies oraround ~~for default based on performance. In~~ the ~~event of termination for convenience, we typically would be entitled to payment for work completed and allowable termination or cancellation costs~~world. InThese ~~the~~include ~~event~~export ofcontrols ~~termination~~(including ~~for default, typically~~ the ~~government customer would pay only for the work that has been accepted and could require us to pay the net cost to re-procure the contract items, in addition to seeking damages. Our~~ U.S. ~~government~~Export ~~contracts~~Administration ~~are~~Regulations ~~subject~~(EAR) toand the ~~Federal~~International ~~Acquisition~~Traffic ~~Regulation~~in Arms Regulations (~~FAR~~ITAR)), asimport ~~well~~controls, assanctions ~~department-specific~~compliance ~~implementing~~(including ~~regulations~~sanctions ~~such~~administered asby the U.S. Department of ~~Defense’~~the Treasury's ~~Defense~~Office ~~Federal~~of ~~Acquisition~~Foreign ~~Regulation~~Assets ~~Supplement~~Control (~~DFARS~~OFAC)) and ~~other~~anti-boycott ~~applicable~~regulations. ~~laws~~These ~~and~~ regulations, ~~which~~are ~~set~~intended ~~forth~~to ~~policies,~~align ~~procedures~~business ~~and~~practices ~~requirements~~with ~~for~~national ~~the~~security ~~acquisition of goods~~ and ~~services~~foreign bypolicy ~~the U~~objectives.S. ~~government.~~Our ~~These~~international ~~regulations~~trade ~~impose~~controls aand ~~broad~~sanctions ~~range~~compliance ofprogram ~~requirements,~~includes ~~many~~employee oftraining, ~~which~~screening ~~are~~and ~~unique~~due todiligence ~~government~~reviews ~~contracting,~~of ~~including various procurement~~customers, ~~import~~suppliers and ~~export,~~business ~~security,~~partners ~~contract pricing~~ and ~~cost,~~other ~~contract~~controls ~~termination~~ and ~~adjustment,~~procedures ~~audit,~~designed ~~product~~to ~~integrity~~operate ~~and~~in ~~government~~compliance ~~accounting~~with these complex requirements. Failure to comply with these ~~requirements~~regulations can result in ~~contract withholds, cost or price reductions,~~ civil and criminal penalties, ~~contract modifications or terminations and~~ loss of eligibility to perform government contracts and reputational harm.

~~Environmental~~Government Contracts. ~~Our~~The ~~operations~~U.S. ~~are~~government ~~subject~~and toour ~~various~~other ~~federal,~~government ~~state~~customers often have the ability to modify, ~~local~~curtail ~~and~~or ~~non-U.S.~~terminate ~~laws~~their contracts and ~~regulations~~subcontracts ~~relating~~with tous ~~environmental~~either ~~protection,~~at ~~including~~their ~~the~~convenience ~~discharge,~~or ~~treatment,~~for ~~storage,~~default ~~disposal~~based ~~and~~on ~~remediation~~performance. In the event of ~~hazardous~~termination ~~substances~~for ~~and~~convenience, ~~wastes.~~we ~~These~~typically ~~laws~~would ~~and~~be ~~regulations~~entitled ~~require~~to ~~ongoing~~payment ~~environmental~~for ~~compliance~~work ~~expenditures~~completed and ~~over~~allowable ~~time~~termination ~~can~~or ~~lead~~cancellation tocosts. ~~increased~~In ~~energy~~the ~~and~~event ~~raw~~of ~~materials~~termination ~~costs~~for ~~and~~default, ~~new~~typically orthe ~~additional~~government ~~investment~~customer inwould ~~designs~~pay ~~and~~only ~~technologies.~~for Wethe ~~regularly~~work ~~assess~~that ~~our~~has ~~compliance~~been ~~status~~accepted and ~~management~~could ofrequire ~~environmental~~us ~~matters,~~to ~~and~~pay the ~~investigation,~~net ~~remediation~~cost ~~and~~to ~~operation~~re-procure ~~and~~the ~~maintenance~~contract ~~costs~~items, ~~associated~~in ~~with~~addition ~~environmental~~to ~~compliance~~seeking ~~and~~damages. ~~management~~Our ofU.S. ~~sites~~government contracts are asubject ~~normal~~to the Federal Acquisition Regulation (FAR), ~~recurring~~as ~~part~~well ofas ~~our~~department-specific ~~operations~~implementing regulations such as the U.S. InDepartment ~~addition~~of toWar's ~~our~~Defense ~~ongoing~~Federal ~~business~~Acquisition ~~operations,~~Regulation ~~environmental~~Supplement (DFARS) and other applicable laws and regulations, ~~apply~~which toset ~~the~~forth ~~legacy~~policies, ~~portfolio~~procedures ofand ~~environmental~~requirements ~~remediation~~for ~~sites~~the ~~that~~acquisition GEof ~~Aerospace~~goods ~~retained~~and ~~following~~services by the ~~separations~~U.S. government. These regulations impose a broad range of GErequirements, ~~Vernova~~many of which are unique to government contracting, including various procurement, import and GEexport, ~~HealthCare.~~security, ~~Laws~~contract pricing and ~~regulations~~cost, incontract ~~response~~termination toand ~~climate~~adjustment, ~~change~~audit, ~~that~~product ~~relate~~integrity and government accounting requirements. Failure to ~~emissions~~comply ~~from~~with ~~air~~these ~~travel~~requirements can ~~also~~result ~~have~~in ~~direct~~contract withholds, cost or ~~indirect~~price ~~impacts~~reductions, oncivil ~~our~~and ~~business~~criminal penalties, ~~including~~contract ~~from~~modifications ~~increased~~or ~~costs~~terminations toand ~~airlines~~loss ~~that~~of ~~fly~~eligibility ~~aircraft~~to ~~powered~~perform bygovernment ~~our engines~~contracts.

Environmental. Our operations are subject to various federal, state, local and non-U.S. laws and regulations relating to environmental protection, including the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes. These laws and regulations require ongoing environmental compliance expenditures and over time can lead to increased energy and raw materials costs and new or additional investment in designs and technologies. We regularly assess our compliance status and management of environmental matters, and the investigation, remediation and operation and maintenance costs associated with environmental compliance and management of sites are a normal, recurring part of our operations. In addition to our ongoing business operations, environmental laws and regulations apply to the GE legacy portfolio of environmental remediation sites that GE Aerospace retained following the separations of GE Vernova and GE HealthCare. Environmental and climate-related laws and regulations that relate to emissions from air travel can also have direct or indirect impacts on our business, including from increased costs to airlines that fly aircraft powered by our engines.

LEGACY BUSINESSES. We retain some legacy business operations related to the Company’s long history across many different industries. These include operations related to the Company’s former financial services business, including continued exposure to the run-off insurance operations, the mortgage portfolio in Poland (Bank BPH) and certain U.S. tax equity investments. For further information, see Note 2, Note 12, Note 24, the MD&A section (Insurance) and Risk Factors.

ADDITIONAL INFORMATION ABOUT GE AEROSPACE. GE Aerospace’s principal executive offices are at 1 Neumann Way, Evendale, OH 45215; we also maintain executive offices in Washington, DC and Norwalk, CT. GE Aerospace’s Internet address at www.geaerospace.com and Investor Relations website at www.geaerospace.com/investor-relations, as well as GE Aerospace’s LinkedIn and other social media accounts, contain a significant amount of information about GE Aerospace, including financial and other information for investors. GE Aerospace encourages investors to visit these websites as information is updated and new information is posted, as we may use our Investor Relations website and these other channels as means of disclosing material information in compliance with Regulation FD. Additional information on non-financial matters, including our Sustainability Report and other matters related to aviation, safety, environment, people and governance, is available at www.geaerospace.com/sustainability. All of such additional information referenced in this report (including the information contained in, or available through, other reports and websites) is provided as a convenience and is not incorporated by reference herein. Therefore, such information should not be considered part of this report.

Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available, without charge, on our website, www.geaerospace.com/investor-relations/events-reports, as soon as reasonably practicable after they are filed electronically with the SEC. Copies are also available, without charge, from GE Aerospace Investor Relations. Reports filed with the SEC may be viewed at www.sec.gov.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. Results for the years ended December 31, 2025 versus 2024 ~~FORM~~are discussed within this report. Refer to our Annual Report on Form 10-K 7for the year ended December 31, 2024 for discussions of results for the years ended December 31, 2024 versus 2023. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements.

~~MANAGEMENT’S~~2025 ~~DISCUSSION~~FORM ~~AND~~10-K ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. 7

In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from “Earnings” to “Net income” and our non-GAAP earnings from "Adjusted earnings" to "Adjusted net income." The change in terminology does not impact the amounts reported in the financial statements.

BUSINESS OVERVIEW AND ENVIRONMENT. As a global aerospace company, our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Demand for our equipment and services is demonstrated by our backlog of engine orders and services and growth in our installed base, and tends to follow commercial air travel and freight demand and government funding for defense budgets. We also expect a significant ramp in our delivery of engine units and services for newer product platforms in the years ahead to meet this demand. Refer to the Segment Operations sections for Commercial Engines & Services and Defense & Propulsion Technologies below for additional detail about these dynamics for our commercial and defense businesses, respectively.

Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input ~~and~~while also proactively ~~manage~~managing the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. However, through FLIGHT DECK and the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter.

~~Given~~We ~~the~~support ~~significant~~efforts ~~business~~to werevitalize ~~have~~domestic ~~with~~manufacturing ~~airframers~~ and ~~many~~invested ~~airlines,~~$1 ~~challenges~~billion ~~affecting~~in ~~the~~U.S ~~commercial~~manufacturing ~~aviation industry or key participants can adversely impact the demand for our products~~ and ~~services,~~hired ~~the timing of orders~~5,000 ~~deliveries~~U.S ~~and~~workers ~~related~~in ~~payments and other factors~~2025. WeAt ~~are monitoring~~ the ~~production~~same ~~and other challenges at The Boeing Company~~time, ~~and~~ we ~~continue~~support topromoting ~~align~~free ~~with them on production expectations~~ and ~~assess~~fair ~~potential~~trade ~~impacts~~that toensures ~~our business. The Boeing worker's strike, resolved in~~ the ~~fourth~~continued ~~quarter~~strength of ~~2024, had no significant impact to our revenue, earnings and cash flows for~~ the ~~year~~U.S ~~ended~~aerospace ~~December 31, 2024~~industry.

Additionally, we are expanding capacity across our global maintenance, repair and overhaul (MRO) network to support aftermarket demand. We are investing $1 billion to increase our MRO capacity, including $500 million to increase LEAP MRO capacity by expanding several sites.

As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs to reduce the impact from tariffs. In late 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact. We are continuing to monitor the tariff environment, including relevant U.S. Supreme Court rulings.

On January 15, 2026, we announced that our Commercial Engines & Services (CES) segment will expand to include the entire commercial engine lifecycle, including safety and quality, product management, engineering, supply chain, manufacturing and aftermarket services. In addition, our Aeroderivative business, currently reported in CES, will move to our Defense Propulsion & Technologies segment.

CONSOLIDATED RESULTS

REVENUE

~~2024~~2025

~~2023~~2024

~~2022~~2023

Equipment revenue

1012,~~274~~159

910,~~318~~274

79,~~837~~318

Services revenue

2430,~~847~~163

2224,~~641~~847

1822,~~345~~641

Insurance revenue

3,~~581~~533

3,~~389~~581

23,~~957~~389

Total revenue

3845,~~702~~855

3538,~~348~~702

2935,~~139~~348

For the year ended December 31, ~~2024~~2025, total revenue increased $37.42 billion, or 918%, compared to the year ended December 31, ~~2023~~2024. Equipment revenue increased, driven by ~~improved~~increased ~~pricing~~engine ~~and~~deliveries ~~favorable customer~~ and ~~product mix~~price. Services revenue increased, primarily due to ~~higher~~increased ~~spare~~internal ~~parts~~shop visit volume, ~~improved~~and ~~pricing~~workscopes and ~~increased~~higher ~~internal~~spare ~~shop~~parts ~~visit workscope~~volume.

For the year ended December 31, 2023, total revenue increased $6.2 billion, or 21%, compared to the year ended December 31, 2022. Equipment revenue increased, driven by higher commercial install and spare engine unit shipments. Services revenue increased, primarily due to increased commercial spare part shipments, higher internal shop visit volume, increased internal shop visit workscope and improved pricing.


NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE (EPS)
(Per-share in dollars and diluted)	2025		2024		2023
Net income (loss) from continuing operations attributable to common shareholders	$	8,601	$	6,670	$	9,154
Continuing EPS	$	8.05	$	6.09	$	8.33

EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE
(Per-share in dollars and diluted)	2024		2023		2022
Continuing earnings (loss) attributable to common shareholders	$	6,670	$	9,154	$	1,061
Continuing earnings (loss) per share	$	6.09	$	8.33	$	0.97

8 2025 FORM 10-K

For the year ended December 31, ~~2024~~2025, net income from continuing ~~earnings~~operations ~~decreased~~increased $21.59 billion compared to the year ended December 31, ~~2023~~2024, driven by an increase in segment profit of $2.0 billion, a decrease in ~~gains~~in onrestructuring ~~retained~~ and ~~sold~~other ~~ownership~~charges ~~interests~~ of $50.26 billion, ~~primarily~~a ~~related~~decrease toin ~~our~~separation GEcosts ~~HealthCare~~of ~~and~~$0.3 ~~AerCap investments~~billion, ana ~~increase~~decrease in ~~restructuring~~goodwill ~~and~~impairment ~~other~~losses ~~charges~~ of $0.3 billion and a ~~goodwill~~decrease ~~impairment~~in ~~loss~~interest ~~related~~and toother ~~our~~financial ~~Colibrium~~charges ~~Additive reporting unit~~ of $0.31 billion. These ~~decreases~~increases were partially offset by an increase in ~~segment~~provision ~~profit~~for income taxes of $10.64 billion, andue ~~increase~~to inhigher ~~profit~~net ~~from~~income ~~our~~before ~~run-off insurance operations of $0.7 billion~~taxes, ana ~~increase~~decrease in gains on sales of business interests of $0.54 billion, ~~primarily~~a ~~related~~decrease toin ~~the~~gains ~~sale~~on ofretained ~~our~~and ~~non-core~~sold ~~licensing~~ownership ~~business,~~interests ~~the~~and ~~nonrecurrence~~other ofequity ~~prior~~securities ~~year preferred stock dividends~~ of $0.32 billion, and aan ~~reduction~~increase in ~~separation~~Adjusted Corporate & Other operating costs* of $0.2 billion. Adjusted ~~earnings~~net income* ~~were~~was $56.08 billion, an increase of $1.8 billion, due to an increase in segment profit of $12.60 billion, ~~and~~partially ~~lower~~offset by an increase in Adjusted Corporate & Other operating costs* of $0.2 billion.

Profit was $10.0 billion, an increase of $2.4 billion. Profit margin was 21.8%, an increase of 210 basis points. Operating profit*~~Non-GAAP~~ ~~Financial~~was ~~Measure~~$9.1 billion, an increase of $1.8 billion. Operating profit margin* was 21.4%, an increase of 70 basis points. Adjusted EPS* was $6.37, an increase of 38%.

8 2024 FORM 10-K

Profit was $7.6 billion, a decrease of $2.8 billion. Profit margin was 19.7%, a decrease from 29.5%. Operating profit* was $7.3 billion, an increase of $1.7 billion. Operating profit margin* was 20.7%, an increase of 330 basis points. Continuing earnings (loss) per share was $6.09. Excluding the results from our run-off insurance operations, separation costs, restructuring and other costs, non-operating benefit (cost) income, gains on retained and sold ownership interests, gains (losses) on purchases and sales of business interests and goodwill impairments, adjusted earnings per share* was $4.60, an increase of 56%.

For the year ended December 31, 2023, continuing earnings increased $8.1 billion, primarily due to an increase in gains on retained and sold ownership interests of $5.7 billion, primarily related to our GE HealthCare and AerCap investments, an increase in segment profit of $1.4 billion, an increase in non-operating benefit income of $0.9 billion, the nonrecurrence of debt extinguishment costs of $0.5 billion, a decrease in interest and other financial charges of $0.3 billion, a decrease in restructuring and other charges of $0.3 billion and an increase in profit from our run-off insurance operations of $0.1 billion. These increases were partially offset by an increase in provision for income taxes of $1.1 billion. Adjusted earnings* were $3.2 billion, an increase of $1.1 billion, primarily due to an increase in segment profit.

Profit was $10.4 billion, an increase of $8.9 billion. Profit margin was 29.5%, an increase from 5.2%. Operating profit* was $5.6 billion, an increase of $1.3 billion. Operating profit margin* was 17.4%, an increase of 130 basis points. Continuing earnings (loss) per share was $8.33. Excluding the results from our run-off insurance operations, separation costs, restructuring and other costs, non-operating benefit (cost) income, gains on retained and sold ownership interests, and gains (losses) on purchases and sales of business interests, adjusted earnings per share* was $2.95, and increase of 54%.

Remaining performance obligation (RPO) is unfilled customer orders for products and product services (expected life of contract sales for product services) excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 25 for further information.

RPO	December 31, ~~2024~~2025		December 31, ~~2023~~2024		December 31, ~~2022~~2023
Equipment	$	2227,~~509~~534	$	1622,~~247~~509	$	1316,~~748~~247
Services	~~149~~163,~~127~~029		~~137~~149,~~756~~127		~~121~~137,~~640~~756
Total RPO	$	~~171~~190,~~635~~564	$	~~154~~171,~~003~~635	$	~~135~~154,~~388~~003

As of December 31, ~~2024~~2025, RPO increased $1718.69 billion, or 11%, from December 31, ~~2023~~2024, primarily at Commercial Engines & Services, as a result of contract modifications and engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized, and at Defense & Propulsion Technologies, driven by Defense & Systems equipment orders outpacing revenue recognized.

As of December 31, 2023, RPO increased $18.6 billion, or 14%, from December 31, 2022, primarily at Commercial Engines & Services as a result of engines contracted under long-term service agreements that have now been put into service and contract modifications, and an increase in equipment orders since December 31, 2022.

SEGMENT OPERATIONS

COMMERCIAL ENGINES & SERVICES. ~~Our~~In ~~results~~2025, ~~in 2024 reflect robust~~ demand for commercial air travel grew with departures up ~~high-single digits during the year~~3%. We are in frequent communication with our airline, airframe and ~~maintenance, repair and overhaul (~~MRO) customers about the outlook for commercial air travel, new aircraft production, fleet retirements and after-market services, including shop visit and spare parts demand.

~~Total~~We ~~engineering~~secured ~~investments,~~a ~~both~~series ~~company~~of ~~and~~landmark ~~partner-funded,~~engine ~~increased~~commitments ~~compared~~in to2025 ~~prior~~from ~~year~~leading global carriers. ~~Internal~~These ~~shop~~wins ~~visit~~span ~~output~~GE9X, ~~increased~~GEnx inand ~~2024~~LEAP ~~compared~~programs toand ~~2023~~include major selections by Qatar Airways, ~~while~~Emirates ~~total~~International ~~engine~~Airlines ~~deliveries~~Group, ~~and~~ANA ~~LEAP~~Holdings, ~~engine~~Malaysia ~~deliveries~~Aviation ~~decreased~~Group, ~~primarily~~Korean ~~due~~Air, toCathay ~~supply~~Pacific ~~chain~~and ~~constraints~~Pegasus. WeCollectively, ~~are~~these ~~investing~~agreements inreinforce our ~~manufacturing~~leadership on next-generation widebody and ~~overhaul~~narrowbody ~~facilities~~platforms and ~~are~~provide ~~deploying~~strong ~~engineering~~multi-year visibility across equipment and ~~supply~~services. ~~chain~~We ~~resources~~believe tothese ~~increase~~awards ~~production,~~underscore ~~expand~~the ~~capacity~~competitiveness of our technology and ~~strengthen~~the ~~yield~~durability of airline demand.

Sales in units, except where noted	2024		2023		2022
Commercial Engines	1,911		2,075		1,663
LEAP Engines(a)	1,407		1,570		1,136
Internal Shop Visit Growth %(b)	3	%	10	%	22	%
(a) LEAP engines, which are in a significant production ramp, are a subset of Commercial Engines.(b) Internal shop visit growth represents the change in shop visits completed for the period for customer-owned engines covered by a GE Aerospace or joint venture services agreement where GE Aerospace fulfills the shop visit maintenance activity. In 2024, LEAP shop visits greater than 500 hours are included in our shop visit count. The growth rates in 2024, 2023 and 2022 exclude LEAP quick turn events.

Total engineering investments, both company and partner-funded, increased compared to prior year. Internal shop visit revenue grew in 2025 compared to 2024 and total engine deliveries and LEAP engine deliveries increased primarily due to improved material supply. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield.

SEGMENT REVENUE AND PROFIT					2024				2023			2022
Sales in units, except where noted	2025		2024		2023
Equipment					$	7,106			$	6,169		$	5,125
Commercial Engines	2,386		1,911		2,075
Services					19,775				17,686			13,688
LEAP Engines(a)	1,802		1,407		1,570
Total segment revenue					$	26,881			$	23,855		$	18,813
Internal shop visit revenue growth %	24	%	19	%	27		%
Segment profit					$	7,055			$	5,643		$	4,164
(a) LEAP engines, which are in a significant production ramp, are a subset of Commercial Engines.
Segment profit margin					26.2			%	23.7		%	22.1		%

*Non-GAAP Financial Measure



SEGMENT REVENUE AND PROFIT	2025			2024			2023



Equipment	$	8,304		$	7,106		$	6,169
Services	25,010			19,775			17,686
Total segment revenue	$	33,314		$	26,881		$	23,855

Segment profit	$	8,861		$	7,055		$	5,643
Segment profit margin	26.6		%	26.2		%	23.7		%

~~2024~~For ~~FORM~~the ~~10-K~~year 9ended December 31, 2025, revenue was up $6.4 billion, or 24%, and profit was up $1.8 billion, or 26%, compared to the year ended December 31, 2024.

~~For~~Revenue ~~the~~increased ~~year~~due ~~ended~~to ~~December~~increased ~~31,~~spare ~~2024~~parts volume, ~~segment~~internal ~~revenue~~shop ~~was~~visit upvolume ~~$3.0 billion, or 13%,~~ and ~~segment profit was up $1.4 billion~~workscopes, orincreased ~~25%,~~engine ~~compared~~deliveries toand ~~the year ended December 31, 2023~~pricing.

~~Revenue~~Profit increased primarily due to ~~higher~~increased spare parts volume, ~~increased~~ internal shop visit ~~workscope,~~volume ~~improved~~and ~~pricing~~workscopes and ~~favorable~~improved ~~customer mix~~pricing. These increases were partially offset by ~~lower~~the ~~deliveries~~impact of ~~new~~higher ~~engines~~install ~~due~~engine todeliveries, ~~supply~~inflation, ~~chain~~higher ~~constraints~~growth investment and an unfavorable change in estimated profitability of our long-term service agreements, ofprimarily ~~$0.1~~from ~~billion~~the estimated impact from tariffs.

~~Profit~~2025 ~~increased~~FORM primarily due to increased spare parts volume, increased internal shop visit workscope, improved pricing and favorable equipment and services mix. These increases were partially offset by inflation, higher growth investment and an unfavorable change in estimated profitability of our long10-~~term~~K ~~service agreements of $0.1 billion.~~9

For the year ended December 31, 2023, segment revenue was up $5.0 billion, or 27%, and segment profit was up $1.5 billion, or 36%, compared to the year ended December 31, 2022.


RPO	December 31, 2025		December 31, 2024		December 31, 2023
Equipment	$	13,754	$	11,462	$	6,508
Services	156,068		142,182		131,028
Total RPO	$	169,822	$	153,644	$	137,535

~~Revenue~~As ~~increased~~of ~~primarily~~December ~~due~~31, to2025, ~~additional~~RPO ~~commercial~~increased ~~install~~$16.2 ~~and~~billion, ~~spare~~or ~~engine~~11%, ~~unit~~from ~~shipments~~December 31, ~~higher~~2024, ~~spare~~as ~~part~~a ~~shipments~~result of contract modifications, ~~higher~~engines ~~internal~~contracted ~~shop~~under ~~visit~~long-term ~~volume,~~service ~~increased~~agreements ~~internal~~that ~~shop~~have ~~visit~~now ~~workscope~~been put into service and ~~improved~~from ~~pricing.~~equipment orders outpacing revenue recognized.

~~Profit~~DEFENSE ~~increased~~& ~~primarily~~PROPULSION ~~due~~TECHNOLOGIES. toOur ~~benefits~~results ~~from~~in ~~increased~~2025 ~~commercial~~reflect ~~spare~~domestic ~~part~~and ~~shipments,~~international ~~higher~~government ~~internal~~defense ~~shop~~departments’ ~~visit~~focus ~~volume,~~on ~~increased~~modernizing ~~workscope~~ and ~~improved~~scaling ~~pricing.~~their ~~These~~forces ~~increases~~while inmaintaining ~~profit~~flight ~~were~~operations, ~~partially~~driving ~~offset~~services bydemand. ~~additional~~A ~~growth~~key ~~investment~~underlying driver of our business is government funding, ~~inflation~~as most of the revenue in ~~our~~Defense ~~supply~~& ~~chain~~Systems ~~and~~is ~~product~~derived ~~mix~~from funding that flows through the U.S. Department of War budget, or equivalent international budgets.

RPO	December 31, 2024		December 31, 2023		December 31, 2022
Equipment	$	11,462	$	6,508	$	4,818
Services	142,182		131,028		115,902
Total RPO	$	153,644	$	137,535	$	120,720

In 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. In addition, we received an order from Hindustan Aeronautics (HAL) valued at $1.6 billion for F404-GE-IN20 engines.

As of December 31, 2024, RPO increased $16.1 billion, or 12%, from December 31, 2023, due to increases in both equipment and services. Equipment increased primarily due to an increase in engine orders outpacing revenue recognized, primarily for LEAP engines. Services increased primarily as a result of contract modifications and engines contracted under long-term service agreements that have now been put into service.



Sales in units	2025	2024	2023
Defense engines	635	490	556

As of December 31, 2023, RPO increased $16.8 billion, or 14%, from December 31, 2022, due to increases in both equipment and services. Equipment increased primarily due to an increase in engine orders outpacing revenue recognized. Services increased primarily as a result of engines contracted under long-term service agreements that have now been put into service and contract modifications.



SEGMENT REVENUE AND PROFIT	2025			2024			2023



Defense & Systems (D&S)	$	6,574		$	6,109		$	5,927
Propulsion & Additive Technologies (P&AT)	3,980			3,370			3,034
Total segment revenue	$	10,554		$	9,478		$	8,961

Equipment	$	5,128		$	4,208		$	4,000
Services	5,426			5,270			4,961
Total segment revenue	$	10,554		$	9,478		$	8,961

Segment profit	$	1,296		$	1,061		$	908
Segment profit margin	12.3		%	11.2		%	10.1		%

~~DEFENSE~~For &the ~~PROPULSION~~year ~~TECHNOLOGIES.~~ended ~~Our~~December ~~results in 2024 reflect domestic and international government defense departments’ focus on modernizing and scaling their forces while continuing flight operations~~31, ~~driving services demand. A key underlying driver of our business is government funding~~2025, ~~as most of the~~ revenue inwas ~~Defense~~up ~~& Systems is derived from funding that flows through the U~~$1.S.1 ~~Department of Defense (DoD) budget~~billion, or ~~equivalent~~11%, ~~international budgets. National defense budgets grew in the U.S. in the low-single digits~~ and ~~internationally~~profit inwas ~~the~~up ~~mid-single digits in 2024~~$0.2 Inbillion, ~~March~~or ~~2024~~22%, ~~Congress~~compared ~~passed~~to ~~its~~the ~~defense funding bill for fiscal~~ year ~~2024,~~ended ~~which~~December ~~included funding that supports our advanced engine development research~~31, ~~classified programs and product procurement and maintenance in other engine lines~~2024.

~~Additionally,~~D&S ~~the~~revenue ~~DoD~~increased isprimarily ~~focused~~due onto ~~advanced~~increased ~~combat,~~engine ~~enhancing~~deliveries ~~platform capability~~ and ~~groundbreaking~~aircraft ~~technology~~systems ~~primarily~~product ~~in classified programs~~growth, ~~including~~price ~~support for the next generation T901 turboshaft engine~~ and ~~advanced engine architectures~~mix. InP&AT ~~June~~revenue ~~2024,~~increased GEprimarily ~~Aerospace~~due ~~delivered two T901-GE-900 engines~~ to ~~Sikorsky~~volume ~~for integration~~ and ~~testing aboard a UH-60 Black Hawk as part of the U~~price.~~S. Army upgrade program. In addition, GE Aerospace was awarded a $1.1 billion contract to provide T700 series turbine engines to the U.S. Army through the first half of 2029.~~

Sales in units, except where noted												2024			2023			2022
Defense engines												490			556			632

Profit increased primarily due to higher volume in Defense and Avio, aircraft systems product growth, customer mix and price, partially offset by incremental investments to support next-generation products and inflation.

SEGMENT REVENUE AND PROFIT							2024			2023			2022
RPO	December 31, 2025		December 31, 2024		December 31, 2023
Defense & Systems (D&S)							$	6,109		$	5,927		$	5,426
Equipment	$	13,780	$	11,046	$	9,739
Propulsion & Additive Technologies (P&AT)							3,370			3,034			2,563
Services	6,962		6,944		6,729
Total segment revenue							$	9,478		$	8,961		$	7,989
Total RPO	$	20,742	$	17,991	$	16,468
Equipment							$	4,208		$	4,000		$	3,405
Services							5,270			4,961			4,584
Total segment revenue							$	9,478		$	8,961		$	7,989
Segment profit							$	1,061		$	908		$	976
Segment profit margin							11.2		%	10.1		%	12.2		%

10As of December 31, 2025, RPO increased $2.8 billion, or 15%, from December 31, 2024, ~~FORM~~primarily ~~10-K~~due to increases in equipment from orders outpacing revenue recognized.

For the year ended December 31, 2024, segment revenue was up $0.5 billion, or 6%, and segment profit was up $0.2 billion, or 17%, compared to the year ended December 31, 2023.

Revenue increased in both D&S and P&AT. D&S revenue increased primarily due to services growth, improved pricing and additional volume in aircraft systems products. This increase was partially offset by lower engine deliveries. P&AT revenue increased, primarily due to higher output at Avio Aero and Unison and improved pricing.

Profit increased primarily due to services growth, improved pricing and prior year impacts from program costs. This increase was partially offset by incremental investments to support next generation products, inflation in our supply chain and lower deliveries of new engines.

For the year ended December 31, 2023, segment revenue was up $1.0 billion, or 12%, and segment profit was down $0.1 billion, or 7%, compared to the year ended December 31, 2022.

D&S revenue increased due to product mix, higher prices, and growth in development contracts and aircraft systems products. P&AT revenue also increased, primarily due to higher output at Avio Aero and Unison and improved pricing.

Profit decreased primarily due to inflationary pressures within our supply chain, impacts from program costs and lower engine shipments.

RPO	December 31, 2024		December 31, 2023		December 31, 2022
Equipment	$	11,046	$	9,739	$	8,930
Services	6,944		6,729		5,738
Total RPO	$	17,991	$	16,468	$	14,668

As of December 31, 2024, RPO increased $1.5 billion, or 9%, from December 31, 2023, primarily due to increases in equipment from D&S orders outpacing revenue recognized. Equipment growth was primarily driven by engine and flight management system orders.

As of December 31, 2023, RPO increased $1.8 billion, or 12%, from December 31, 2022, primarily due to increases in equipment and services orders outpacing revenue recognized.

CORPORATE & OTHER. Corporate & Other revenue include our run-off insurance operations revenue and the elimination of intersegment activities. Corporate & Other operating profit includes Corporate functions and operations costs, certain costs of our principal retirement plans, significant, higher-cost restructuring programs, separation costs, profit (loss) of our run-off insurance operations, U.S. tax equity profit (loss), transition services agreements, environmental health and safety (EHS) impacts and other costs, as well as certain amounts that are not included in operating segment results because they are excluded from measurement of their operating performance for internal and external purposes.

REVENUE AND OPERATING PROFIT (COST)	2024		2023		2022
Insurance revenue (Note 12)	$	3,581	$	3,389	$	2,957
Eliminations and other	(1,239)		(857)		(620)
Corporate & Other revenue	$	2,343	$	2,532	$	2,337
Gains (losses) on purchases and sales of business interests	$	398	$	(104)	$	35
Gains (losses) on retained and sold ownership interests and other equity securities (Note 19)	532		5,776		100
Restructuring and other charges (Note 20)(a)	(525)		(246)		(514)
Separation costs (Note 20)	(492)		(692)		(625)
Insurance profit (loss) (Note 12)	1,022		332		205
Russia & Ukraine charges	—		—		(75)
U.S. tax equity profit (loss)	(160)		(132)		(90)
Goodwill impairments (Note 7)	(251)		—		—
Adjusted Corporate & Other operating costs (Non-GAAP)	(864)		(990)		(912)
Corporate & Other operating profit (cost) (GAAP)	$	(339)	$	3,943	$	(1,876)
Less: gains (losses), impairments, Insurance, and restructuring & other	524		4,933		(964)
Adjusted Corporate & Other operating costs (Non-GAAP)	$	(864)	$	(990)	$	(912)
Corporate & Other costs	(396)		(623)		(600)
Eliminations	(467)		(367)		(312)
Adjusted Corporate & Other operating costs (Non-GAAP)	$	(864)	$	(990)	$	(912)

10 2025 FORM 10-K

(a) Included costs of $363 million for the settlement of the Sjunde AP-Fonden shareholder lawsuit for the year ended December 31, 2024. See Note 24 for further information.



REVENUE AND OPERATING PROFIT (COST)	2025		2024		2023
Insurance revenue (Note 12)	$	3,533	$	3,581	$	3,389
Eliminations and other	(1,546)		(1,239)		(857)
Corporate & Other revenue	$	1,987	$	2,343	$	2,532
Gains (losses) on purchases and sales of business interests	5		398		(104)
Gains (losses) on retained and sold ownership interests and other equity securities (Note 19)	312		532		5,776
Restructuring and other charges (Note 20)(a)	87		(525)		(246)
Separation costs (Note 20)	(202)		(492)		(692)
Insurance profit (loss) (Note 12)	992		1,022		332
U.S. tax equity profit (loss)	(189)		(160)		(132)
Goodwill impairments (Note 7)	—		(251)		—
Adjusted Corporate & Other operating costs (Non-GAAP)	(1,102)		(864)		(990)
Corporate & Other operating profit (cost) (GAAP)	$	(96)	$	(339)	$	3,943
Less: gains (losses), impairments, Insurance, and restructuring & other	1,006		524		4,933
Adjusted Corporate & Other operating costs (Non-GAAP)	$	(1,102)	$	(864)	$	(990)

Corporate & Other profit (costs)	(568)		(396)		(623)
Eliminations	(534)		(467)		(367)
Adjusted Corporate & Other operating costs (Non-GAAP)	$	(1,102)	$	(864)	$	(990)

(a) During the fourth quarter of 2025, we substantially completed separation-related restructuring activity. Based on the hiring needs and information technology capacity demands of the three public companies, includes a pre-tax benefit of $164 million for the year ended December 31, 2025. See Note 20 for further information. Additionally, included costs of $363 million for the settlement of the Sjunde AP-Fonden shareholder lawsuit for the year ended December 31, 2024. See Note 24 for further information.

~~2024~~Adjusted ~~FORM~~Corporate 10& Other operating costs* excludes gains (losses) on purchases and sales of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-Kcost 11restructuring programs, separation costs, our run-off insurance operations, U.S. tax equity profit (loss) and goodwill impairments. We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

~~Adjusted~~For the year ended, December 31, 2025, revenue was down $0.4 billion compared to the year ended December 31, 2024, primarily due to higher intercompany eliminations. Corporate & Other operating costs*cost ~~excludes~~decreased ~~gains~~by ~~(losses)~~$0.2 billion primarily due to $0.4 billion of lower gains on purchases and sales of business interests, ~~gains~~primarily ~~(losses)~~related to the sale of our non-core licensing business in 2024, $0.2 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to higher~~-cost~~ ~~restructuring~~prior ~~programs,~~year ~~separation~~gains ~~costs,~~on our ~~run-off~~former ~~insurance~~GE ~~operations,~~HealthCare ~~Russia~~investment ~~and~~when ~~Ukraine~~compared ~~charges,~~to ~~U.S.~~current ~~tax~~year ~~equity~~gains ~~profit~~on ~~(loss)~~our ~~and~~investment ~~goodwill~~in ~~impairments~~BETA Technologies, Inc., Weand ~~believe~~$0.2 ~~that~~billion ~~adjusting~~of higher adjusted Corporate &and Other operating costs topartially ~~exclude~~offset ~~the~~by ~~effects~~$0.6 billion of ~~items~~lower ~~that~~restructuring ~~are~~and ~~not~~other ~~closely~~charges, ~~associated~~$0.3 ~~with~~billion ~~ongoing~~of ~~operations~~lower ~~provides~~of ~~management~~separation costs, and ~~investors~~$0.3 ~~with~~billion aof ~~meaningful~~lower ~~measure~~of ~~that~~goodwill ~~increases~~Impairments, ~~the~~related ~~period-~~to~~-period~~ ~~comparability of~~ our ~~ongoing~~Colibrium ~~corporate~~Additive ~~costs~~reporting unit.

~~For~~Adjusted the year ended December 31, 2024, revenue decreased by $0.2 billion compared to the year ended December 31, 2023, primarily due to higher intercompany eliminations, partially offset by an increase in our run-off insurance operations revenue. Corporate & Other operating ~~profit~~costs* ~~decreased~~increased by $40.~~3 billion due to $5.~~2 billion ~~of lower gains on retained and sold ownership interests and other equity securities,~~ primarily ~~related~~due to our GE HealthCare and AerCap investments, $0.3 billion of higher restructuring and other charges, and $0.3 billion of goodwill impairments, related to our Colibrium Additive reporting unit, partially offset by $0.7 billion of higher profit in our run-off insurance operations primarily from improved investment results, positive claims experience and higher premium rate increases, $0.5 billion of higher gains on sales of business interests, primarily related to the sale of our non-core licensing business and prior year valuation allowance losses related to the planned sale of the Electric Insurance business and $0.2 billion of lower ~~separation~~bank ~~costs~~interest.

Adjusted Corporate & Other operating costs* decreased primarily due to a reduction in our functional costs and favorability from higher

bank interest, partially offset by higher intercompany eliminations, primarily resulting from additional intercompany engine parts sales

volume in our Propulsion & Additive Technologies business.

For the year ended December 31, 2023, revenue increased by $0.2 billion compared to the year ended December 31, 2022, primarily due to a $0.4 billion increase in our run-off insurance operations revenue, partially offset by $0.2 billion of higher intercompany eliminations. Corporate & Other operating profit increased by $5.8 billion due to $5.7 billion of higher gains on retained and sold ownership interests, primarily related to our GE HealthCare and AerCap investments, partially offset by the nonrecurrence of prior year gains on our Baker Hughes investment. Corporate & Other operating profit also increased as a result of $0.3 billion of lower restructuring and other charges, $0.1 billion of higher profit in our run-off insurance operations, and $0.1 billion of lower charges from contracts and recoverability of assets in connection with the conflict between Russia and Ukraine, partially offset by $0.1 billion of higher valuation allowance losses related to the planned sale of the Electric Insurance business and $0.1 billion higher separation costs.

Adjusted Corporate & Other operating costs* increased primarily due to higher EHS costs and higher intercompany eliminations primarily resulting from additional intercompany engine part sales volume in our Propulsion & Additive Technologies business partially offset by a reduction in our functional costs and favorability from higher bank interest.

OTHER CONSOLIDATED INFORMATION

RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 20 for further information on restructuring and separation costs.

INTEREST AND OTHER FINANCIAL CHARGES were $1.0.8 billion, $1.0 billion and $1.30 billion for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. The decrease was primarily due to lower ~~average~~interest ~~borrowing~~on ~~balances~~tax deficiencies. The primary ~~component~~components of interest and other financial charges isare interest on short- and long-term borrowings. and interest on tax deficiencies.

DEBT EXTINGUISHMENT COSTS were zero, zero, and $0.5 billion, for the years ended December 31, 2024, 2023 and 2022 respectively. There were no debt tenders in 2024 and 2023.

POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension and retiree benefit plans.

INCOME TAXES	~~2024~~2025			~~2023~~2024			~~2022~~2023
Effective tax rate (ETR)	1214.61		%	912.56		%	119.15		%
Provision (benefit) for income taxes	$	~~962~~1,405		$	~~994~~962		$	~~169~~994
Cash income taxes paid(a)	~~852~~585			~~994~~852			~~1,128~~994

(a) ~~Included~~Includes taxes paid/(refunds) related to ~~taxing~~discontinued ~~authorities~~operations. ~~including~~The ~~those~~decrease from 2025 compared to 2024 is primarily related to a 2025 decrease in discontinued operations.

For the year ended December 31, 2024, the effective income tax rate was 12.6% compared to 9.5% for the year ended December 31, 2023. The tax rates for both 2024 and 2023 reflect a tax provision on pre-tax income.

The provision (benefit) for income taxes was $1.0 billion and $1.0 billion for the years ended December 31, 2024 and 2023, respectively. There was a decrease in tax primarily due to an increase in tax benefits associated with separation activities, earnings of global activities, and equity compensation, largely offset by the tax effect of the increase in pre-tax income excluding gains and losses on our retained and sold ownership interests. There was an insignificant tax on the net gains in GE HealthCare and AerCap equity in both periods because of the tax-free disposition of GE HealthCare shares and because of available capital losses.

*Non-GAAP Financial Measure

122025 ~~2024~~ FORM 10-K 11

For the year ended December 31, ~~2024~~2025, the ~~adjusted~~ effective income tax rate* was 2014.1% compared to 2312.96% for the year ended December 31, ~~2023~~2024. ~~The~~See ~~adjusted~~Note ~~provision~~15 for ~~income~~further ~~taxes* was $1~~information.3 ~~billion in 2024 and $1.1 billion in 2023.~~ The ~~increase in~~ tax ~~was~~rates ~~primarily~~for ~~due~~both to2025 ~~the~~and ~~tax~~2024 ~~effect~~reflect ofa ~~the~~tax ~~increase~~provision inon ~~adjusted earnings before taxes*, partially offset by an increase in~~ pre-tax ~~benefit associated with earnings of global activities and equity compensation~~income.

~~For~~The provision (benefit) for income taxes was $1.4 billion and $1.0 billion for the ~~year~~years ended December 31, ~~2023~~2025 and 2024, ~~the~~respectively. ~~effective~~The ~~income~~increase in the tax ~~rate~~provision was ~~9.5%~~primarily ~~compared~~due to ~~11.1%~~higher ~~for~~net ~~the~~income ~~year~~before ~~ended~~taxes, ~~December~~a 31decrease in tax benefits associated with separation activities, ~~2022.~~lower ~~The~~non-taxable ~~tax~~gains ~~rates~~on ~~for~~our ~~both~~retained ~~2023~~and sold ownership interests, and ~~2022~~an ~~reflect~~increase ain global minimum tax ~~provision~~(Pillar 2), partially offset by higher tax benefits on ~~pre-~~global activities (reduced for the impact of the One Big Beautiful Bill Act (OBBBA)), an increase in business tax ~~income~~credits, tax benefits associated with realized foreign tax credits and favorable audit resolutions.

~~The~~For ~~provision~~the ~~(benefit)~~year ~~for~~ended December 31, 2025, the adjusted effective income tax rate* was $117.03% ~~billion~~compared ~~and~~to $020.21% ~~billion~~ for the ~~years~~year ended December 31, ~~2023 and 2022, respectively~~2024. The ~~increase~~decrease ~~in tax~~ was primarily due to ~~the~~higher tax ~~effect~~benefits ofon ~~the~~global ~~increase~~activities, inhigher ~~pre-~~U.S. business tax credits and favorable audit resolutions, partially offset by global minimum taxes (Pillar 2). The adjusted provision for income ~~excluding~~taxes* ~~gains~~was $1.4 billion and ~~losses~~$1.3 onbillion ~~our~~for ~~retained~~the ~~and~~years ~~sold~~ended ~~ownership~~December ~~interests~~31, ~~partially~~2025 ~~offset~~and by2024, arespectively. ~~decrease~~The inincrease ~~tax~~was ~~expense~~primarily ~~related~~due to ~~separation-related~~higher ~~entity~~adjusted ~~restructuring.~~income ~~There~~before ~~was~~taxes* and an ~~insignificant~~increase ~~tax~~in onglobal ~~the~~minimum ~~net~~tax ~~gains~~(Pillar in2), GEpartially ~~HealthCare,~~offset ~~AerCap~~by ~~and~~higher ~~Baker~~tax ~~Hughes~~benefit ~~equity~~on inglobal ~~both~~activities ~~periods~~(reduced ~~because~~for the impact of the ~~tax-free~~OBBBA), ~~disposition~~an increase of GEbusiness ~~HealthCare~~tax ~~shares~~credits and ~~because~~favorable ofaudit ~~available capital losses~~resolutions.

~~For~~The ~~the~~rate ~~year~~of ~~ended~~tax ~~December~~on ~~31,~~our ~~2023,~~profitable ~~the~~non-U.S. ~~adjusted~~earnings ~~effective~~is ~~income~~below ~~tax~~the U.S. statutory rate* ~~was~~because ~~23.9%~~we ~~compared~~have significant business operations subject to ~~17.6%~~tax ~~for~~in countries where the ~~year~~tax ~~ended~~rate ~~December~~on ~~31,~~that ~~2022~~income is lower than the U.S. ~~The~~statutory ~~adjusted~~rate. ~~provision~~Most ~~for~~of ~~income~~these taxes*earnings ~~was~~have ~~$1.1~~been ~~billion~~reinvested in ~~2023~~active ~~and~~non-U.S. $0business operations.5 ~~billion~~Due into ~~2022~~U.S. ~~The~~tax ~~increase~~reform, insubstantially ~~tax~~all ~~was~~of ~~primarily~~our ~~due~~unrepatriated earnings have been subject to ~~the~~U.S. tax ~~effect~~and ofaccordingly we expect to have the ~~increase~~ability into ~~adjusted~~repatriate ~~earnings~~available ~~before~~non-U.S. taxes*cash ~~and~~without asignificant ~~decrease~~additional intax ~~favorable~~cost. ~~audit~~We ~~resolutions~~reassess reinvestment of earnings on an ongoing basis.

~~The~~A ~~rate~~substantial portion of ~~tax~~the onbenefit ~~our~~for ~~profitable~~lower-taxed non-U.S. earnings isrelated ~~below~~to ~~the U.S. statutory rate because we have significant~~ business operations subject to tax in countries where the tax ~~rate~~ on that income is lower than the U.S. statutory rate. ~~Most~~is ofderived ~~these~~from ~~earnings~~our ~~have~~operations ~~been~~located ~~reinvested~~ in ~~active~~Singapore, ~~non-U.S.~~where ~~business~~the ~~operations.~~earnings ~~Due~~were toprimarily Utaxed at a rate of 8.S.5% ~~tax~~in ~~reform~~2025, ~~substantially~~2024 ~~all~~and of2023, ~~our~~respectively. ~~unrepatriated~~In ~~net~~2025, ~~earnings~~Singapore ~~have~~adopted ~~been~~a ~~subject~~qualified todomestic ~~U.S.~~minimum top-up tax ~~and~~(QDMTT) ~~accordingly~~of we15%, ~~expect~~consistent towith ~~have~~OECD ~~the~~(Organisation ~~ability~~for toEconomic ~~repatriate~~Co-operation ~~available~~and ~~non-U.S.~~Development) ~~cash~~Pillar ~~without~~2 ~~significant~~guidelines, ~~additional~~which ~~tax~~largely ~~cost.~~reduces Wethe ~~reassess~~benefit ~~reinvestment~~from ofthe ~~earnings~~lower ontax anrate ~~ongoing~~in ~~basis~~Singapore.

AThe ~~substantial~~U.S. ~~portion~~has enacted a minimum tax on foreign earnings (global intangible low taxed income) as part of the ~~benefit~~Tax ~~for~~Cuts ~~lower-taxed~~and ~~non-~~Jobs Act of 2017 (U.S. ~~earnings~~tax ~~related~~reform). toWe ~~business~~pay ~~operations~~significant ~~subject~~foreign to tax inwhich ~~countries~~substantially ~~where~~reduces the U.S. tax liability on ~~that~~these ~~income~~earnings. isIn ~~lower~~addition, ~~than~~ the rate of tax on non-U.S. ~~statutory~~operations ~~rate~~has increased from losses in foreign jurisdictions where it is ~~derived~~not ~~from~~likely that such losses can be utilized and therefore no tax benefit is provided for those losses. Non-U.S. losses also limit our ~~operations~~ability ~~located~~to inclaim ~~Singapore,~~U.S. ~~where~~foreign ~~the~~tax ~~earnings~~credits ~~are~~on ~~primarily~~certain ~~taxed~~operations, atincreasing athe rate of ~~8.5%~~tax inon ~~2024~~non-U.S. ~~and~~operations. ~~2023~~Overall, ~~and~~these ~~8.0%~~factors inreduce ~~2022~~the benefit associated with our non-U.S. operations.

The U.S. has enacted a minimum tax on foreign earnings (global intangible low taxed income) as part of the Tax Cuts and Jobs Act of 2017 (U.S. tax reform). We pay significant foreign tax which substantially reduces the U.S. liability on these earnings. In addition, the rate of tax on non-U.S. operations has increased from losses in foreign jurisdictions where it is not likely that such losses can be utilized and therefore no tax benefit is provided for those losses. Non-U.S. losses also limit our ability to claim U.S. foreign tax credits on certain operations, increasing the rate of tax on non-U.S. operations. Overall, these factors reduce the benefit associated with our non-U.S. operations.

A more detailed analysis of differences between the U.S. federal statutory rate and the consolidated effective rate, as well as other information about our income tax provisions, is provided in Critical Accounting Estimates and Note 15.

DISCONTINUED OPERATIONS ~~primarily~~Our ~~comprise our~~ former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions are included in discontinued operations. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. See Note 2 for further information regarding our businesses in discontinued operations.

CAPITAL RESOURCES AND LIQUIDITY

FINANCIAL POLICY. GE Aerospace is committed to maintaining strong investment grade ratings with a disciplined capital allocation strategy. The Company will continue its commitment to ~~invest~~investing inand developing technologies that improve safety, durability, reliability and efficiency for our current engine products over their lifecycle and for the future ~~growth~~of flight, and ~~innovation~~expanding our manufacturing and MRO capacity through research and development and capital expenditures. We intend to return a ~~majority~~portion of our free cash flow* to shareholders through dividends and share repurchases. Merger and acquisition investments will be pursued in a disciplined way and focused on those that offer strategic, operational and financial synergies.

LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs.

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flow* from our operating businesses, and access to capital markets. If needed, we can also draw from short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of customer allowances and market conditions. Total cash, cash equivalents and restricted cash was $1312.64 billion at December 31, ~~2024~~2025, of which $49.49 billion was held in the U.S. and $9.2.5 billion was held outside the U.S.

Cash held inoutside ~~non-~~the U.S. ~~entities~~ has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated ~~earnings~~income ~~were~~is subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without significant tax cost.

*Non-GAAP Financial Measure

~~2024~~12 2025 FORM 10-K 13

Cash, cash equivalents and restricted cash at December 31, ~~2024~~2025 included $0.4 billion of cash held in countries with currency control restrictions., ~~Cash~~which ~~held in countries with currency controls represents amounts held in countries that~~ may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Excluded from cash, cash equivalents and restricted cash ~~was~~is $01.93 billion of cash in our run-off insurance operations, which ~~was~~is classified as All other assets in the Statement of Financial Position, and $1.1 billion of cash in our discontinued operations held by Bank BPH (see Note 2).

AsIn ~~part~~March of2024, the ~~spin-off~~Company ofannounced GEthat ~~HealthCare~~the ~~completed~~Board inof ~~the~~Directors ~~first~~had ~~quarter~~authorized ofthe ~~2023,~~repurchase weof ~~retained~~up 19to $15.9%0 ~~stake~~billion of GEour ~~HealthCare~~ common stock. ~~upon~~Under ~~the~~this ~~spin.~~program, ~~During~~shares ~~the~~may ~~year~~be ~~ended~~repurchased ~~December~~on 31the open market, ~~2024~~via various strategies, weincluding ~~sold~~plans ~~all~~complying ofwith ~~our~~rules ~~remaining~~10b5-1 GEand ~~Healthcare~~10b-18 as well as plans using accelerated share repurchases. In 2025, we repurchased 29.6 million shares ~~and~~for ~~received~~$7.4 ~~total~~billion, ~~proceeds~~including repurchases of 20.1 million shares for $5.2 billion ~~from~~using ~~the~~accelerated ~~disposition~~stock ofrepurchases ~~61.6~~as ~~million~~a ~~shares~~mechanism to achieve planned repurchase volumes within a quarter during closed windows. ~~See~~We ~~Notes~~have repurchased $12.3 ~~and~~billion 19in ~~for~~total ~~further~~under ~~information~~this authorization.

~~Following~~BORROWINGS. ~~approval~~Consolidated oftotal aborrowings ~~statutory~~were ~~permitted~~$20.5 ~~accounting~~billion ~~practice~~and in$19.3 ~~2018~~billion byat ~~our~~December ~~primary~~31, ~~insurance~~2025 ~~regulator~~and December 31, ~~the~~2024, ~~Kansas~~respectively, ~~Insurance~~an ~~Department~~increase ~~(KID)~~of $1.2 billion, weprimarily ~~have~~due ~~since~~to ~~provided~~new adebt ~~total~~issued of $152.0 billion, ofand ~~capital~~currency ~~contributions~~exchange toof ~~our~~$0.9 ~~insurance subsidiaries~~billion, ~~including~~partially ~~the~~offset ~~final~~by ~~contribution~~maturities of $1.8 billion. The Company also holds a five-year unsecured revolving credit facility maturing in ~~the~~2029 ~~first~~in ~~quarter~~an aggregate committed amount of ~~2024~~$3.0 ~~See~~billion ~~Note~~and 12had ~~for~~zero ~~further~~outstanding ~~information~~at December 31, 2025.

OnIn ~~March~~July 72025, ~~2024,~~GE ~~the~~Aerospace ~~Company~~issued ~~announced~~a ~~that~~total ~~the Board~~ of ~~Directors had authorized the repurchase of up to~~ $152.0 billion ofin ~~our~~aggregate ~~common~~principal ~~stock,~~amount ~~which~~of ~~replaced~~senior ~~our~~unsecured ~~previous~~debt, comprised of $31.0 billion ~~share~~of ~~repurchase authorization~~4.3% ~~Under~~senior ~~this~~notes ~~program,~~due ~~shares may be repurchased on the open market~~2030, ~~via various strategies, including plans complying with rules 10b5-1~~ and ~~10b-18 as well as plans using accelerated share repurchases. In connection with this new authorization, we repurchased 28.8 million shares for~~ $41.90 billion ~~from April 2024 through December 31, 2024. This included repurchases~~ of 124.59% ~~million~~senior ~~shares~~notes ~~for~~due ~~$2.2~~2036 ~~billion~~(see ~~using~~Note ~~accelerated stock repurchases, which were utilized as a mechanism to achieve planned repurchase volumes within a quarter during closed windows~~10).

~~BORROWINGS.~~CREDIT ~~Consolidated~~RATINGS ~~total~~AND ~~borrowings~~CONDITIONS. ~~were~~We ~~$19.3~~have ~~billion~~relied, and ~~$20.5~~may ~~billion~~continue atto ~~December 31~~rely, ~~2024~~on the short- and ~~December~~long-term ~~31,~~debt ~~2023~~capital markets to fund, ~~respectively~~among other things, a ~~decrease~~significant portion of $1our operations.2 ~~billion,~~The ~~mainly~~cost ~~due~~and toavailability ~~maturities.~~of Indebt ~~April~~financing ~~2024,~~is ~~the~~influenced ~~Company~~by ~~replaced~~our ~~its~~credit ~~previous $10~~ratings.0 ~~billion~~Moody’s ~~syndicated~~Investors ~~credit~~Service ~~facility~~(Moody’s) ~~with~~and aStandard ~~five-year~~and ~~unsecured~~Poor’s ~~revolving~~Global ~~credit~~Ratings ~~facility~~(S&P) incurrently anissue ~~aggregate~~ratings ~~committed~~on ~~amount~~our ofshort- ~~$3.0~~and ~~billion~~long-term debt. ~~The~~On ~~total~~February ~~interest~~14, ~~payments~~2025, onMoody's ~~consolidated~~upgraded ~~borrowings~~our ~~are~~long-term ~~estimated~~rating from Baa1 to beA3 ~~$0.8~~and ~~billion,~~maintained ~~$0.8~~our ~~billion,~~positive $0outlook.7 ~~billion~~On March 25, ~~$0.7~~2025, ~~billion~~S&P ~~and~~upgraded ~~$0.7~~our ~~billion~~long-term ~~for~~rating ~~2025,~~from ~~2026,~~BBB+ ~~2027,~~to ~~2028~~A- and ~~2029,~~maintained ~~respectively~~stable outlook. Our credit ratings as of the date of this filing are set forth in the table below.

CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the short- and long-term debt capital markets to fund, among other things, a significant portion of our operations. The cost and availability of debt financing is influenced by our credit ratings. Moody’s Investors Service (Moody’s) and Standard and Poor’s Global Ratings (S&P) currently issue ratings on our short- and long-term debt. Fitch, which previously issued ratings on us, affirmed our BBB+ long term rating and F1 short-term rating and subsequently withdrew its ratings on us on September 13, 2024, at our request. Our credit ratings as of the date of this filing are set forth in the table below.


	Moody's	S&P
Outlook	Positive	Stable
Short term	P-2	A-2
Long term	A3	A-

	Moody's	S&P
Outlook	Positive	Stable
Short term	P-2	A-2
Long term	Baa1	BBB+

Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

Substantially all of the Company's debt agreements in place at December 31, ~~2024~~2025 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility contains a customary net debt-to-EBITDA financial covenant, which we satisfied at December 31, ~~2024~~2025.

FOREIGN EXCHANGE ~~RISK~~ AND INTEREST RATE ~~RISK~~RISKS. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British ~~Sterling~~sterling pound, and Brazilian real. The effect of foreign currency fluctuations on ~~earnings~~income was ~~immaterial for the year ended December 31, 2024~~insignificant. See Note 22 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Exchange rate and interest rate risks are managed with a variety of techniques, including selective use of derivatives. We apply policies to manage each of these risks, including prohibitions on speculative activities. It is our policy to minimize currency exposures by conducting operations in the U.S. dollar if possible or by utilizing the protection of hedge strategies. To assess exposure to interest rate risk, we apply a +/- 100 basis points change in interest rates and keep that in place for the next 12 months. To assess exposure to currency risk of assets and liabilities denominated in other than their functional currencies, we evaluate the effect of a 10% shift in exchange rates against the U.S. dollar (USD). The analyses indicated that our ~~2024~~2025 consolidated net ~~earnings~~income would ~~decline~~be impacted by $0.1 billion for interest rate risk and ~~$0.1~~insignificantly ~~billion~~ for foreign exchange risk.

14 2024 FORM 10-K

STATEMENT OF CASH FLOWS

CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash flows from operating activities (CFOA) is customer-related activities, the largest of which is collecting cash resulting from equipment or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans. GE Aerospace measures itself on a free cash flow* basis. This metric includes CFOA plus investments in property, plant and equipment and ~~additions to~~ internal-use software, and ~~this metric excludes any~~ cash received from dispositions of property, plant and equipment.

Cash from operating activities was $5.8.5 billion in ~~2024~~2025, an increase of $1.2.7 billion compared to ~~2023~~2024, primarily due to: an increase in net income (after adjusting for depreciation of property, plant and equipment, amortization of intangible assets, goodwill impairments and non-cash (gains) losses related to our retained and sold ownership interests ~~in GE HealthCare, AerCap~~ and ~~Baker~~other ~~Hughes~~equity securities) driven by all segments, aincreases ~~decrease~~ in ~~income~~sales ~~tax~~discount ~~payments~~and allowances and All other operating activities, partially offset by working capital growth and ~~decrease~~higher inincome ~~All~~tax ~~other operating activities~~payments. The components of All other operating activities were as follows:

Years ended December 31	2024		2023
Increase (decrease) in employee benefit liabilities	$	356	$	582
Net restructuring and other charges/(cash expenditures)	(112)		46
(Gains) Losses on purchases and sales of business interests	(399)		105
Net interest and other financial charges/(cash paid)	31		46
Other deferred assets	(84)		201
Other	(118)		(237)
All other operating activities	$	(326)	$	743

2025 FORM 10-K 13

The cash impacts from changes in working capital were $(0.4) billion, a decrease of $1.1 billion compared to 2023, due to: current receivables of $(0.9) billion, driven by higher volume partially offset by higher collections, including increased collections from CFM International; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases and lower liquidations primarily due to output challenges; current contract assets, contract liabilities and current deferred income of $(0.2) billion, driven by higher revenue recognition, partially offset by billings and net unfavorable changes in estimated profitability; progress collections of $0.3 billion, driven by higher collections offset by higher liquidations; accounts payable was flat, driven by higher disbursements related to purchases of materials in prior periods, partially offset by higher volume.


Years ended December 31	2025		2024
Increase (decrease) in employee benefit liabilities	$	746	$	356
Net restructuring and other charges/(cash expenditures)	(144)		(112)
(Gains) Losses on purchases and sales of business interests	(6)		(399)

Net interest and other financial charges/(cash paid)	(39)		31
Other deferred assets	(88)		(84)

Other	(334)		(118)
All other operating activities	$	136	$	(326)

~~Cash~~The cash impacts from ~~operating~~changes ~~activities~~in ~~was~~working capital were $4(1.60) billion ~~in 2023~~, ana ~~increase~~decrease of $0.6 billion compared to ~~2022~~2024, ~~primarily~~ due to: ancurrent ~~increase~~receivables inof ~~net~~$(1.4) ~~income~~billion, ~~(after~~driven ~~adjusting~~by ~~for~~higher ~~depreciation~~volume ofpartially ~~property~~offset by higher collections; inventories, ~~plant~~including deferred inventory, ~~and~~of ~~equipment~~$(0.5) billion, ~~amortization~~driven ofby ~~intangible~~higher material purchases; current contract assets, contract liabilities and ~~non-cash~~current deferred income of $(~~gains~~0.4) ~~losses~~billion, ~~related~~driven toby ~~our~~higher ~~retained~~revenue recognition, partially offset by billings and ~~sold~~net ~~ownership~~unfavorable ~~interests~~changes in GEestimated ~~HealthCare,~~profitability ~~AerCap~~on ~~and~~long-term ~~Baker~~service ~~Hughes)~~contracts ~~primarily~~mainly inrelated ~~our~~to ~~Commercial~~tariffs; ~~Engines~~progress &collections ~~Services~~of ~~business;~~$0.3 ~~partially~~billion, ~~offset~~driven by anhigher ~~increase~~collections inpartially ~~income~~offset ~~tax~~by ~~payments~~higher liquidations; and ~~working~~accounts ~~capital~~payable ~~growth~~of $1.3 ~~The~~billion, ~~components~~driven ofby ~~All~~higher ~~other~~volume ~~operating~~for ~~activities~~material ~~were as follows:~~purchases.

Years ended December 31	2023		2022
Increase (decrease) in employee benefit liabilities	$	582	$	385
Net restructuring and other charges/(cash expenditures)	46		268
(Gains) Losses on purchases and sales of business interests	105		(38)
Net interest and other financial charges/(cash paid)	46		(73)
Other deferred assets	201		22
Other	(237)		(147)
All other operating activities	$	743	$	418

Cash used for investing activities was $0.8 billion in 2025, an increase of $0.2 billion compared to 2024, primarily due to: a decrease in proceeds from the dispositions of our ownership interests in GE HealthCare of $5.3 billion and from the dispositions of our non-core licensing business and Electric Insurance Company of $0.5 billion in 2024, and an increase in cash paid for business acquisitions of $0.2 billion; partially offset by higher cash received related to net settlements between continuing operations and businesses in discontinued operations of $3.3 billion, primarily related to the establishment of the opening cash balances for our former GE Vernova business in 2024 (a component of All other investing activities), higher net dispositions of insurance investment securities of $1.4 billion and AerCap senior note proceeds of $1.0 billion received in the fourth quarter of 2025. Cash used for additions to property, plant and equipment and internal-use software net of dispositions, which are components of free cash flow*, was $1.2 billion and $0.9 billion for the years ended December 31, 2025 and 2024, respectively.

~~The~~Cash ~~cash~~used ~~impacts~~for ~~from~~financing ~~changes~~activities inwas ~~working capital were~~ $08.67 billion in 2025, aan ~~decrease~~increase of $02.51 billion compared to ~~2022~~2024, primarily due to: ~~current~~an ~~receivables~~increase in treasury stock repurchases of $1.7 billion, ~~driven~~a bydecrease ~~higher~~in ~~collections~~cash ~~partially~~received ~~offset by higher volume; inventories, including deferred inventory,~~ of $(01.3)1 billion, ~~driven~~from bystock ~~higher~~option ~~material~~exercises ~~purchases~~(a ~~outpacing~~component ~~liquidations~~of ~~primarily~~All ~~due~~other tofinancing ~~output~~activities) ~~challenges; current contract assets, contract liabilities~~ and ~~current deferred income was flat, driven by~~ higher ~~billings~~dividends ~~offset~~paid byto ~~higher~~shareholders ~~revenue recognition; progress collections~~ of $(0.9)4 billion, ~~driven~~partially offset by ~~lower~~net ~~collections~~debt ~~and~~issuance ~~higher liquidations; accounts payable~~ of $(01.9)0 billion, ~~driven~~including bynew ~~higher~~long-term ~~disbursements~~debt ~~related~~issuance ~~to purchases~~ of ~~materials~~$2.0 billion in ~~prior periods partially offset by higher volume~~2025.

~~Cash~~Free ~~used~~cash ~~for~~flow* ~~investing~~(FCF) ~~activities~~ was $07.67 billion inand ~~2024, a decrease of~~ $86.2 billion ~~compared~~for tothe ~~2023,~~years ~~primarily~~ended ~~due~~December ~~to:~~31, ~~higher~~2025 ~~cash paid related to net settlements between our continuing operations~~ and ~~businesses~~2024, ~~in discontinued operations of $4~~respectively.6 ~~billion,~~FCF* increased primarily ~~related~~due to ~~the~~higher ~~separation~~net ofincome, GEhigher ~~Vernova~~sales ofdiscount ~~$3.0~~and ~~billion~~allowances ~~in 2024~~ and ~~lower~~higher ~~cash received of $1.1 billion related to the separation of GE HealthCare in 2023 (components of~~ All other ~~investing~~operating activities~~); a decrease in proceeds of $3.8 billion from the disposition of our remaining retained ownership interests in AerCap and Baker Hughes of $6.8 billion in 2023~~, partially offset by anhigher ~~increase~~working incapital ~~proceeds~~growth, ofhigher ~~$3.1~~income ~~billion~~tax ~~from~~payments ~~the~~and ~~disposition~~higher ofnet ~~our~~investments ~~remaining retained ownership interest~~ in GE HealthCare in 2024. These increases in cash used were partially offset by proceeds received from the dispositions of our non-core licensing business and Electric Insurance Company of $0.5 billion. Cash used for additions to property, plant and equipment and internal-use software, ~~which~~after ~~are~~adjusting ~~components~~for ofa ~~free~~decrease in separation cash ~~flow*,~~and ~~was~~Corporate ~~$1.0~~& ~~billion~~Other ~~and~~restructuring ~~$0.9~~cash ~~billion~~expenditures, inwhich ~~2024~~are ~~and~~excluded ~~2023,~~from ~~respectively~~FCF*.

*Non-GAAP Financial Measure

2024 FORM 10-K 15

Cash from investing activities was $7.7 billion in 2023, a decrease of $2.7 billion compared with 2022, primarily due to: higher cash paid related to net settlements between our continuing operations and businesses in discontinued operations of $6.3 billion, primarily related to lower cash received of $7.6 billion related to the separation of GE Healthcare partially offset by higher cash received of $0.8 billion from the separation of GE Vernova and an increase in cash paid for derivatives settlements of $0.4 billion (components of All other investing activities); partially offset by an increase in proceeds of $4.3 billion from the disposition of our retained ownership interests in GE HealthCare, AerCap and Baker Hughes. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flow*, was $0.9 billion and $0.7 billion in 2023 and 2022, respectively.

Cash used for financing activities was $6.6 billion in 2024, a decrease of $3.9 billion compared to 2023, primarily due to: cash paid for redemption of GE preferred stock of $5.8 billion in 2023; lower net debt maturities of $2.6 billion and an increase in cash received of $0.9 billion from stock option exercises (a component of All other financing activities); partially offset by an increase in treasury stock repurchases of $4.6 billion and higher dividends paid to shareholders of $0.4 billion.

Cash used for financing activities was $10.5 billion in 2023, a decrease of $3.0 billion compared with 2022, primarily due to: cash paid to repurchase long-term debt of $6.9 billion, including debt extinguishment costs in 2022, lower other net debt maturities of $0.5 billion, lower cash paid on derivatives hedging foreign currency debt of $0.7 billion, an increase in cash received of $0.5 billion from stock option exercises, the settlement of Concept Laser GmbH's interest of $0.2 billion in 2022 (components of All other financing activities); partially offset by higher cash paid for redemption of GE preferred stock of $5.7 billion.

Free cash flow* (FCF) was $6.1 billion and $4.7 billion for the years ended December 31, 2024 and 2023, respectively. FCF* increased primarily due to higher net income and lower income tax payments, partially offset by a decrease in All other operating activities and working capital growth, after adjusting for an increase in Corporate & Other restructuring cash expenditures, which are excluded from FCF*.

Free cash flow* was $4.7 billion and $3.5 billion for the years ended December 31, 2023 and 2022, respectively. FCF* increased primarily due to higher net income, partially offset by higher income tax payments and working capital growth, after adjusting for increases in separation cash and Corporate & Other restructuring cash expenditures, which are excluded from FCF*.

CASH FLOWS FROM DISCONTINUED OPERATIONS

Cash used for operating activities of discontinued operations ~~was~~decreased $1.1 billion infor ~~2024,~~the anyear ~~increase~~ended ofDecember ~~$1.7~~31, ~~billion~~2025 compared to ~~2023~~2024, primarily driven by ~~down~~working ~~payments~~capital ~~received~~cash onusage ~~equipment orders at our former GE Vernova business~~ and ~~disbursements~~cash paid for ~~purchases~~income oftaxes ~~materials~~at ~~incurred by~~ our former GE ~~HealthCare business in 2023.~~Vernova

~~Cash~~business ~~from operating activities of discontinued operations was $0.6 billion~~ in ~~2023, a decrease of $1~~2024.3 billion compared to 2022, primarily driven by higher disbursements related to purchases of materials in prior periods and higher separation costs related to our former GE HealthCare business, partially offset by down payments received on equipment orders at our former GE Vernova business and tax receipts from our trailing operations.

Cash used for investing activities of discontinued operations ~~was~~decreased $10.17 billion infor ~~2024,~~the ayear ~~decrease~~ended ofDecember ~~$2.6~~31, ~~billion~~2025 compared to ~~2023~~2024, primarily driven by ~~higher~~a ~~cash~~reduction ~~received~~ of ~~$4.6~~cash ~~billion from net settlements between our discontinued operations~~ and ~~businesses in continuing operations, due to~~ cash ~~received~~equivalents of $34.02 billion indue ~~2024 related~~ to the separation of our former GE Vernova business ~~and cash paid of $1.1 billion~~ in ~~2023 related to the separation of our former GE HealthCare business. In addition~~2024, ~~there~~partially ~~was~~offset aby ~~decrease~~higher in cash ~~used~~paid ~~due to the prior year separation~~ of ~~GE HealthCare cash and cash equivalents of~~ $13.83 billion. ~~These~~from ~~decreases~~net insettlements ~~cash~~between ~~used~~our ~~were~~discontinued ~~partially~~operations ~~offset~~and bybusinesses ain ~~reduction~~continuing ofoperations, ~~cash~~primarily ~~and~~related ~~cash~~to ~~equivalents~~establishment of ~~$4.2~~the ~~billion~~opening ~~due~~cash tobalance ~~the~~for ~~separation~~our offormer GE Vernova business in 2024.

Cash used for ~~investing~~financing activities of discontinued operations ~~was~~decreased $30.71 billion infor ~~2023,~~the ayear ~~decrease~~ended ofDecember ~~$4.4~~31, ~~billion~~2025 compared to ~~2022~~2024, primarily driven by ~~higher cash received of $6.3 billion from~~ net ~~settlements~~debt ~~between~~repayments ~~our discontinued operations and businesses~~ in ~~continuing~~2024 ~~operations,~~by ~~due to cash received of $7.6 billion related to the separation of~~ our former GE ~~HealthCare business and cash paid of $0.8 billion related to the separation of our former GE~~ Vernova business~~; partially offset by a reduction in cash due to the separation of GE HealthCare cash and cash equivalents of $1~~.~~8 billion in 2023.~~

Cash used for financing activities of discontinued operations was $0.1 billion in 2024, a decrease of $2.0 billion compared to 2023, driven by GE HealthCare's long-term debt issuance of $2.0 billion in connection with the spin-off in 2023.

Cash from financing activities of discontinued operations was $1.9 billion in 2023, a decrease of $6.1 billion compared to 2022, primarily driven by lower long-term debt issuances of $6.3 billion at GE HealthCare in connection with the spin-off in 2022.

CRITICAL ACCOUNTING ESTIMATES. Accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our financial statements because they involve significant judgments and uncertainties. Actual results in these areas could differ from management's estimates. See Note 1 for further information on our most significant accounting policies.

*NonREVENUE RECOGNITION ON LONG-~~GAAP~~TERM ~~Financial~~SERVICES ~~Measure~~AGREEMENTS. We enter into long-term services agreements with our customers, predominantly within the CES segment, that require us to maintain the customers’ assets over the contract terms, which generally range from 10 to 25 years. Contract modifications that extend or revise contracts are not uncommon. We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. This requires us to make estimates of customer payments expected to be received over the current contract term as well as the costs to perform required maintenance services.

1614 ~~2024~~2025 FORM 10-K

REVENUE RECOGNITION ON LONG-TERM SERVICES AGREEMENTS. We enter into long-term services agreements with our customers, predominantly within the CES segment, that require us to maintain the customers’ assets over the contract terms, which generally range from 5 to 25 years. Contract modifications that extend or revise contracts are not uncommon. We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. This requires us to make estimates of customer payments expected to be received over the current contract term as well as the costs to perform required maintenance services.

Our rights to consideration for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) and contractual payment terms are based on either periodic billing schedules or upon the occurrence of a maintenance event, such as an overhaul. As a result, a significant estimate in determining expected revenue of a contract is estimating how customers will utilize their assets over the term of the agreement. The estimate of utilization, which can change over the contract life, impacts both the amount of customer payments we expect to receive and our estimate of future contract costs. Customers' asset utilization will influence the timing and extent of overhauls and other service events over the life of the contract. We generally use a combination of both historical utilization trends as well as forward-looking information such as market conditions and potential asset retirements in developing our revenue estimates.

To develop our cost estimates, we consider the timing and extent of future maintenance and overhaul events, including the frequency of maintenance events and cost of labor, spare parts and other resources required to perform the maintenance. In developing our cost estimates, we utilize a combination of our historical cost experience and expected cost improvements. Cost improvements are only included in future cost estimates after savings have been observed in actual results or proven effective through an extensive regulatory or engineering approval process.

We routinely review estimates and revise them to adjust for changes in outlook. Changes in estimates are recognized on a cumulative catch-up basis with an adjustment to revenue in the current period. These revisions are based on objectively verifiable information that is available at the time of the review. Contract modifications that change the rights and obligations, as well as the nature, timing and extent of future cash flows, are evaluated for potential price concessions, contract asset impairments and significant financing to determine if adjustments of ~~earnings~~net income are required before effectively accounting for a modified contract as a new contract.

We regularly assess expected billings adjustments and customer credit risk inherent in the carrying amounts of receivables and contract assets, including the risk that contractual penalties may not be sufficient to offset our accumulated investment in the event of customer termination. We gain insight into future utilization and cost trends, as well as credit risk, through our knowledge of the installed base of equipment and fleet management strategies through close interaction with our customers that comes with supplying critical services and parts over extended periods. Revisions may affect a long-term services agreement’s total estimated profitability resulting in an adjustment of ~~earnings~~net income.

On December 31, ~~2024~~2025, our long-term service agreements net liability balance of $67.62 billion represents approximately 4.1% of our total estimated life of contract billings of $~~162~~174 billion. Our contracts (on average) are approximately 1819.42% complete based on costs incurred to date and our estimate of future costs. Revisions to our estimates of future billings or costs that increase or decrease total estimated contract profitability by one percentage point would increase or decrease the long-term service agreements balance by $0.4 billion. Billings collected on these contracts were $89.69 billion and $8.16 billion during the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. See Notes 1 and 8 for further information.

NONRECURRING ENGINEERING COSTS. We incur contract fulfillment costs for engineering and development of products directly related to existing or anticipated contracts with customers, primarily in our Defense & Propulsion Technologies segment. Contract fulfillment costs are capitalized to the extent recoverable from the customer contract, and subsequently amortized as the products are delivered to the customer. We periodically assess the recoverability of capitalized contract fulfillment costs, which requires significant ~~judgement~~judgment. Specifically, we estimate program volumes, contract revenue based on negotiated prices, and product costs based on input costs, inflation and productivity. See Note 8 for further information.

IMPAIRMENT OF GOODWILL AND OTHER IDENTIFIED INTANGIBLE ASSETS. Goodwill is subject to annual, or more frequent, if necessary, impairment testing. In the impairment test, the fair value is estimated utilizing a discounted cash flow approach utilizing cash flow forecasts, including strategic and annual operating plans, adjusted for terminal value assumptions, or a market approach, when available and appropriate, utilizing market observable pricing multiples of similar businesses and comparable transactions, or both. These impairment tests involve the use of accounting estimates and assumptions, and changes to those assumptions could materially impact our financial condition or operating performance if actual results differ from such estimates and assumptions. To address this uncertainty, we perform sensitivity analyses on key estimates and assumptions. Once the fair value is determined, if the carrying amount exceeds the fair value, it is impaired. In the fourth quarter of each year, we perform our annual impairment test. See Note 7 for further information.

We review identified intangible assets with defined useful lives and subject to amortization for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Determining whether an impairment loss has occurred requires the use of our internal forecast to estimate future cash flows and the useful life over which these cash flows will occur. To determine fair value, we use our internal cash flow estimates discounted at an appropriate discount rate. See Notes 1 and 7 for further information.

2024 FORM 10-K 17

INSURANCE AND INVESTMENT CONTRACTS. Refer to the Other Items - Insurance section for further discussion of the accounting estimates and assumptions in our insurance reserves and their sensitivity to change. See Notes 1 and 12 for further information.

PENSION ASSUMPTIONS. Refer to Note 13 for our accounting estimates and assumptions related to our postretirement benefit plans.

~~INCOME~~2025 ~~TAXES.~~FORM Our annual tax rate is based on our income, statutory tax rates and tax planning opportunities available to us in the various jurisdictions in which we operate. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. We review our tax positions quarterly and adjust the balances as new information becomes available. Our income tax rate is significantly affected by the tax rate on our global operations. In addition to local country tax laws and regulations, this rate can depend on the extent earnings are indefinitely reinvested outside the U.S. Historically U.S. taxes were due upon repatriation of foreign earnings. Due to the enactment of U.S. tax reform in 2017, substantially all of our unrepatriated net earnings have been subject to U.S. tax and accordingly we expect to have the ability to repatriate available non10-~~U.S.~~K cash without significant additional tax cost. Indefinite reinvestment is determined by management’s judgment about and intentions concerning the future operations of the Company. Most of these earnings have been reinvested in active non-U.S. business operations. We reassess reinvestment of earnings on an ongoing basis.15

WeINCOME ~~evaluate~~TAXES. ~~the~~Our ~~recoverability~~annual oftax ~~deferred~~rate is based on our income, statutory tax ~~assets~~rates byand ~~assessing~~tax ~~the~~planning ~~adequacy~~opportunities ofavailable ~~future~~to ~~expected~~us ~~taxable~~in ~~income~~the ~~from~~various ~~all~~jurisdictions ~~sources,~~in ~~including~~which ~~reversal~~we ofoperate. ~~taxable~~Tax ~~temporary~~laws ~~differences,~~are ~~forecasted~~complex ~~operating~~and ~~earnings~~subject ~~and~~to ~~available~~different ~~tax~~interpretations ~~planning~~by ~~strategies,~~the ~~which~~taxpayer ~~rely~~and onrespective ~~reasonable~~governmental ~~estimates~~taxing authorities. WeSignificant ~~use~~judgment ~~our~~is ~~historical~~required ~~experience~~in ~~and~~determining our ~~short-~~tax expense and ~~long-range~~in ~~business~~evaluating ~~forecasts~~our totax ~~provide~~positions, ~~insight.~~including ~~Further,~~evaluating ~~our~~uncertainties. ~~global~~We ~~and~~review ~~diversified~~our ~~business~~tax ~~portfolio~~positions ~~gives~~quarterly usand adjust the ~~opportunity~~balances toas ~~employ~~new ~~various~~information ~~prudent~~becomes ~~and~~available. ~~feasible~~Our income tax ~~planning~~rate ~~strategies~~is tosignificantly ~~facilitate~~affected by the ~~recoverability~~tax ofrate ~~future~~on ~~deductions~~our global operations. ~~Amounts~~In ~~recorded~~addition ~~for~~to ~~deferred~~local country tax ~~assets~~laws ~~related~~and regulations, this rate can depend on the extent to ~~non-~~which earnings are indefinitely reinvested outside the U.S. ~~net~~Historically, ~~operating~~U.S. ~~losses,~~taxes ~~net~~were ofdue ~~valuation~~upon ~~allowances,~~the ~~were~~repatriation $0of foreign net income.5 ~~billion~~Due ~~and~~to $1the enactment of U.0S. ~~billion~~tax atreform ~~December~~in 312017, ~~2024~~substantially ~~and~~all ~~2023,~~of ~~respectively.~~our Ofunrepatriated ~~this,~~earnings anhas ~~insignificant~~been ~~amount~~subject ~~and~~to $0U.6S. ~~billion~~tax atand ~~December~~accordingly ~~31,~~we ~~2024~~expect ~~and~~to ~~2023~~have ~~respectively,~~the ~~were~~ability ~~associated~~to ~~with~~repatriate ~~losses~~available ~~reported~~non-U.S. incash ~~discontinued~~without ~~operations,~~significant ~~primarily~~additional ~~related~~tax tocost. ~~our~~Indefinite GEreinvestment ~~Vernova,~~is GEdetermined ~~HealthCare~~by management’s judgment about and ~~legacy~~intentions ~~financial~~concerning ~~services~~the ~~businesses~~future operations of the Company. ~~See~~Most ~~Other~~of ~~Consolidated~~these ~~Information~~earnings –have ~~Income~~been ~~Taxes~~reinvested ~~section~~in ~~and~~active ~~Notes~~non-U.S. 1business ~~and~~operations. 15We ~~for~~reassess ~~further~~reinvestment ~~information~~of earnings on an ongoing basis.

We evaluate the recoverability of deferred income tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies, which rely on reasonable estimates. We use our historical experience and our short- and long-range business forecasts to provide insight. Further, our global and diversified business portfolio gives us the opportunity to employ various prudent and feasible tax planning strategies to facilitate the recoverability of future deductions. Amounts recorded for deferred tax assets related to non-U.S. net operating losses, net of valuation allowances, were $0.7 billion and $0.5 billion at December 31, 2025 and 2024, respectively. Of this, an insignificant amount at December 31, 2025 and 2024 respectively, were associated with losses reported in discontinued operations. See Other Consolidated Information – Income Taxes section and Notes 1 and 15 for further information.

LOSS CONTINGENCIES. Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to, environmental, health and safety matters, litigation, regulatory investigations and proceedings, government contracts, employee benefit plans, product quality guarantees and losses resulting from other events and developments. In particular, the design, development, production and support of aerospace products is inherently complex and subject to risk. Technical issues associated with these products may arise in the normal course and may result in financial impacts, including increased warranty provisions, customer contract settlements, and changes in contract performance estimates. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and negotiations with or decisions by third parties that will determine the ultimate resolution of the contingency. Moreover, it is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated to determine both the likelihood of potential loss and whether it is possible to reasonably estimate a range of possible loss. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. See Note 24 for further information.

OTHER ITEMS

INSURANCE. Our run-off insurance operations include Employers Reassurance Corporation (ERAC) and Union Fidelity Life Insurance Company (UFLIC). ERAC primarily assumed long-term care insurance and life insurance from numerous cedents under various types of reinsurance treaties and stopped accepting new policies after 2008. UFLIC primarily assumed long-term care insurance, structured settlement annuities with and without life contingencies and variable annuities from Genworth Financial Inc. (Genworth) and has been closed to new business since 2004.

Key Portfolio Characteristics

Long-term care insurance contracts. The long-term care insurance contracts we reinsure provide coverage at varying levels of benefits to policyholders and may include attributes (e.g., lifetime benefit periods, inflation protection options, and joint life policies) that could result in claimants being on claim for longer periods or at higher daily claim costs, or alternatively limiting the premium paying period, compared to contracts with a lower level of benefits. Presented in the table below are reserve balances and key attributes of our long-term care insurance portfolio.

1816 ~~2024~~2025 FORM 10-K

December 31, 2024	ERAC			UFLIC			Total
December 31, 2025	ERAC			UFLIC			Total
GAAP: Ending balance of reserves at locked-in rate	$	18,~~488~~887		$	4,~~970~~950		$	23,~~458~~837
Gross statutory reserves(a)	2423,~~208~~943			5,~~956~~900			3029,~~164~~843
Number of policies in force	~~167~~161,~~500~~300			4440,~~300~~400			~~211~~201,~~800~~700
Number of covered lives in force	~~221~~212,~~400~~600			4440,~~300~~400			~~265~~253,~~700~~000
Average policyholder attained age	7879			85			7980
GAAP: Ending balance of reserves at locked-in rate per policy (in actual dollars)	$	~~110~~117,~~406~~107		$	~~112~~122,~~078~~670		$	~~110~~118,~~756~~220
GAAP: Ending balance of reserves at locked-in rate per covered life (in actual dollars)	8388,~~496~~854			~~112~~122,~~078~~670			8894,~~265~~249
Statutory: Gross reserves per policy (in actual dollars)(a)	~~144~~148,~~522~~441			~~134~~146,~~463~~050			~~142~~147,~~418~~962
Statutory: Gross reserves per covered life (in actual dollars)(a)	~~109~~112,~~338~~622			~~134~~146,~~463~~050			~~113~~117,~~527~~960
Percentage of policies with:
Lifetime benefit period	69		%	3231		%	63		%
Inflation protection option	76		%	8382		%	77		%
Joint lives	32		%	—		%	2625		%
Percentage of policies that are premium paying	6463		%	7270		%	6564		%
Policies on claim	1112,~~200~~000			7,~~500~~300			1819,~~700~~300

(a) Pending completion of our December 31, 2025 statutory reporting process.

Structured settlement annuities. We reinsure approximately 23,000 structured settlement annuities with an average attained age of 58. Approximately 27% of these structured settlement annuities were underwritten on impaired lives (ai.e., shorter-than-average life expectancies) ~~Pending~~ ~~completion~~at origination and have projected payments extending decades into the future. Our primary risks associated with these contracts include mortality (i.e., life expectancy or longevity), mortality improvement (i.e., assumed rate that mortality is expected to reduce over time), which may extend the duration of payments on life contingent contracts beyond our ~~December~~estimates, 31and reinvestment risk (i.e., ~~2024~~a ~~statutory~~low ~~reporting~~interest ~~process~~rate environment). Unlike long-term care insurance, structured settlement annuities offer no ability to require additional premiums or reduce benefits.

~~Structured~~Life ~~settlement~~Insurance ~~annuities~~contracts. WeOur ~~reinsure~~life ~~approximately~~reinsurance ~~23,400~~business ~~structured~~typically ~~settlement~~covers ~~annuities~~the ~~with~~mortality anrisk ~~average~~associated ~~attained~~with ~~age~~various types of ~~57.~~life ~~Approximately~~insurance ~~27%~~policies ofthat ~~these~~we ~~structured~~reinsure ~~settlement~~from ~~annuities~~approximately ~~were~~135 ~~underwritten~~ceding oncompany ~~impaired~~relationships ~~lives~~where ~~(i.e.,~~we ~~shorter-than-average~~pay ~~life~~a ~~expectancies)~~benefit atbased ~~origination~~on ~~and~~the ~~have~~death ~~projected~~of ~~payments~~a ~~extending~~covered ~~decades~~life. ~~into~~At ~~the~~December ~~future.~~31, ~~Our~~2025, ~~primary~~we ~~risks~~reinsure ~~associated~~approximately ~~with~~$32 ~~these~~billion ~~contracts~~of ~~include~~net ~~mortality~~amount at risk (i.e., ~~life~~difference ~~expectancy~~between orthe ~~longevity~~death benefit and any accrued cash value), ~~mortality~~from ~~improvement~~approximately ~~(i.e.~~823,000 ~~assumed~~policies ~~rate~~with ~~that~~an ~~mortality~~average isattained ~~expected~~age toof ~~reduce~~65. ~~over~~In ~~time)~~2025, ~~which~~our ~~may~~incurred ~~extend~~claims ~~the~~were ~~duration~~approximately of$0.4 ~~payments~~billion onwith ~~life~~an ~~contingent~~average ~~contracts~~individual ~~beyond~~claim ~~our~~of ~~estimates~~approximately $48,000. The covered products substantially include 30-year level term insurance and ~~reinvestment~~permanent ~~risk~~life (iinsurance.~~e.,~~ aWe ~~low~~anticipate ~~interest~~a ~~rate~~significant ~~environment).~~portion ~~Unlike~~of ~~long~~the 30-~~term~~year ~~care~~level ~~insurance~~term policies, ~~structured~~which ~~settlement~~represent ~~annuities~~approximately ~~offer~~60% noof ~~ability~~the net amount of risk, to ~~require~~lapse ~~additional~~through ~~premiums~~2035 oras ~~reduce~~the ~~benefits~~policies reach the end of their 30-year level premium period.

Life Insurance contracts. Our life reinsurance business typically covers the mortality risk associated with various types of life insurance policies that we reinsure from approximately 150 ceding company relationships where we pay a benefit based on the death of a covered life. At December 31, 2024, across our U.S. and Canadian life insurance portfolio, we reinsure approximately $45 billion of net amount at risk (i.e., difference between the death benefit and any accrued cash value) from approximately 1.1 million policies with an average attained age of 63. In 2024, our incurred claims were approximately $0.4 billion with an average individual claim of approximately $46,100. The covered products primarily include permanent life insurance and 20- and 30-year level term insurance. We anticipate a significant portion of the 20- and 30-year level term policies, which represent approximately 7% and 43% of the net amount of risk, to lapse through 2026 and 2035 as the policies reach the end of their 20- and 30-year level premium period, respectively.

Critical Accounting Estimates. Our insurance reserves include the following key accounting estimates and assumptions described below.

Future policy benefit reserves. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums and are estimated based on actuarial assumptions such as mortality, morbidity, terminations, and expenses. The liability is measured for each group of contracts (i.e., cohorts) using current cash flow assumptions.

We regularly monitor emerging experience in our run-off insurance operations and industry developments to identify trends that may help us refine our reserve assumptions. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. Our annual review procedures include updating certain experience studies since our last completed review, independent actuarial analysis (principally on long-term care insurance exposures) and review of industry benchmarks. The review of experience and assumptions is a comprehensive and complex process that depends on a number of factors, many of which are interdependent and require evaluation individually and in the aggregate across all insurance products. The vast majority of our run-off insurance operations consists of reinsurance from multiple ceding insurance entities pursuant to treaties having complex terms and conditions. The review relies on claim and policy information provided by these ceding entities and considers the reinsurance treaties and underlying policies. In order to utilize that information for purposes of completing experience studies covering all key assumptions, we perform detailed procedures to conform and validate the data received from the ceding entities. Our long-term care insurance portfolio includes coverage where credible claim experience for higher attained ages is still emerging, and to the extent future experience deviates from current expectations, new projections of claim costs extending over the expected life of the policies may be required. Significant uncertainties exist in making projections for these long-term care insurance contracts, which requires that we consider a wide range of possible outcomes.

~~2024~~2025 FORM 10-K 1917

The primary cash flow assumptions used in the annual review include:

Morbidity. Morbidity assumptions used in estimating future policy benefit reserves are based on estimates of expected incidences of disability among policyholders and the costs associated with these policyholders asserting claims under their contracts, and these estimates account for any expected future morbidity improvement. For long-term care insurance exposures, estimating expected future costs includes assessments of incidence (probability of a claim), utilization (amount of available benefits expected to be incurred, including the effects of inflation) and continuance (how long the claim will last, including claim terminations due to death or recovery).

Rate of Change in Morbidity. Our review incorporates our best estimates of projected future changes in the morbidity rates reflected in our base claim incidence rates. These estimates draw upon a number of inputs, some of which are subjective, and all of which are interpreted and applied in the exercise of professional actuarial judgment in the context of the characteristics specific to our portfolios. This exercise of actuarial judgment considers factors such as the work performed by internal and external independent actuarial experts engaged to advise us in our annual review, the observed actual experience in our portfolios measured against our base assumptions, industry developments, and other trends, including advances in the state of medical care and healthcare technology development.

Terminations. Terminations include active life mortality and lapse. Mortality assumptions used in estimating future policy benefit reserves are based on published mortality tables as adjusted for the results of our experience studies and estimates of expected future mortality improvement. Lapse refers to the rate at which the underlying policies are cancelled due to non-payment of premiums by a policyholder. Lapse rate assumptions used in estimating the present value of future policy benefit reserves are based on the results of our experience studies and reflect actuarial judgment.

Future long-term care premium rate increases. Substantially all long-term care insurance policies that are currently premium paying allow the issuing insurance entity to increase premiums, or alternatively allow the policyholder the option to decrease benefits, with approval by state regulators, should actual experience emerge worse than what was projected when such policies were initially underwritten. As a reinsurer, we rely upon the primary insurers that issued the underlying policies to file proposed premium rate increases on those policies with the relevant state insurance regulators. While we have no direct ability to seek or to institute such premium rate increases, we often collaborate with the primary insurers in accordance with reinsurance contractual terms to file proposed premium rate increases. The amount of times that rate increases have occurred varies by ceding company. We consider recent experience of rate increase filings made by our ceding companies along with state insurance regulatory processes and precedents in establishing our current expectations.

Included in Insurance losses, ~~and~~ annuity benefits and other costs in our Statement of ~~Earnings~~Operations ~~(Loss)~~ for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, are ~~favorable~~unfavorable and ~~unfavorable~~favorable pre-tax adjustments of $~~196~~(107) million and $~~(155)~~196 million, respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions in the third quarter of each year.

Sensitivities. The following table provides sensitivities with respect to the impact of changes of key cash flow assumptions underlying our future policy benefit reserves using the locked-in discount rate assumption and have been estimated across the entire product line rather than at an individual cohort level. ~~As our insurance operations are in run-off, the locked-in discount rate is used for the computation of interest accretion on future policy benefit reserves.~~ Many of our assumptions, which are based on our credible experience, are interdependent and require evaluation individually and in the aggregate across all insurance products. Small changes in the amounts used in the sensitivities could result in materially different outcomes from those reflected below. In addition, the effects of changes to cash flow assumptions underlying our future policy benefit reserves may be partially or wholly reflected in the period in which the assumptions are changed and/or over future periods and may vary across cohorts.

Assumption	Hypothetical change in ~~2024~~2025 assumption	Estimated adverse impact to projected present value of future cash flows (In millions, pre-tax)
Morbidity:
Long-term care insurance incidence rates	5% increase in incidence rates	$600
Long-term care insurance claim continuance	5% reduction in disabled life deaths	$1,200
Long-term care insurance utilization	5% increase in utilization	$1,200
Long-term care insurance morbidity improvement	25 basis point reduction by age with 0% floorNo morbidity improvement	$300$1,~~300~~200
Active life terminations:
Long-term care insurance mortality	5% reduction in mortality	$300
Long-term care insurance future premium rate increases	25% adverse change in success rate on premium rate increase actions not yet approved	$~~300~~200
Life insurance mortality	5% increase in mortality	$200
Long-term care inflation	0.25% increase to long-term care inflation rate	$100
Life insurance mortality	5% increase in mortality	$100
Structured settlement annuity mortality	Impaired life mortality grades to standard ten years earlier	$300

2018 ~~2024~~2025 FORM 10-K

While higher assumed inflation, holding all other assumptions constant, would result in unfavorable impacts to the projected present value of future cash flows in the table above, it would be expected to be mitigated by more long-term care insurance policies reaching contractual daily or monthly benefit caps and by increased investment income from higher portfolio yields.

Our run-off insurance subsidiaries are required to prepare statutory financial statements in accordance with statutory accounting practices. Statutory accounting practices are set forth by the National Association of Insurance Commissioners as well as state laws, regulation and general administrative rules and can differ in certain respects from GAAP and would result in several of the sensitivities described in the table above being less impactful on our statutory reserves.

See Capital Resources and Liquidity and Notes ~~1, 3 and 12~~ for further information related to our run-off insurance operations.

NEW ACCOUNTING STANDARDS. In ~~December~~November ~~2023~~2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. ~~2023~~2024-0903, Income ~~Taxes~~Statement—Reporting ~~(Topic~~Comprehensive ~~740): Improvements to~~ Income—Expense ~~Tax~~Disaggregation Disclosures (Subtopic 220-40). The amendments ~~require~~increase disclosure ofrequirements ~~specific~~primarily ~~categories~~through inenhanced ~~the~~disclosures ~~rate~~about ~~reconciliation~~types ~~and~~of ~~provide~~expenses ~~additional~~(including ~~information~~purchases ~~for~~of ~~reconciling~~inventory, ~~items~~employee ~~that~~compensation, ~~meet~~depreciation, ~~a quantitative threshold~~ and ~~further~~amortization) ~~disaggregation~~in ofcommonly ~~income~~presented ~~taxes~~expense ~~paid for individually significant jurisdictions~~captions. The ASU is effective for fiscal years beginning after December 15, ~~2024~~2026, and is required to be applied prospectively with ~~early~~the ~~adoption~~option ~~permitted~~for retrospective application. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements.

In ~~November~~December ~~2024~~2025, the FASB issued ASU No. ~~2024~~2025-0310, ~~Income~~Government ~~Statement—Reporting~~Grants ~~Comprehensive Income—Expense Disaggregation Disclosures~~ (~~Subtopic~~Topic ~~220-40~~832).: ~~The~~Accounting ~~amendments~~for ~~increase~~Government ~~disclosure~~Grants ~~requirements~~Received ~~primarily~~by ~~through~~Business ~~enhanced~~Entities. ~~disclosures~~The ~~about~~amendment ~~types~~establishes ofa ~~expenses~~framework ~~(including~~for ~~purchases~~the ~~of inventory~~recognition, ~~employee compensation~~measurement, ~~depreciation,~~ and ~~amortization)~~presentation inof ~~commonly~~government ~~presented~~grants ~~expense~~received ~~captions~~by business entities. The ASU is effective for fiscal years beginning after December 15, ~~2026,~~2028 ~~and~~with isadoption ~~required~~permitted toon bea ~~applied~~modified ~~prospectively~~prospective, ~~with~~modified ~~the~~retrospective, ~~option~~or ~~for~~ retrospective ~~application~~basis. We are currently evaluating the impact that this guidance will have on ~~the disclosures within~~ our consolidated financial statements.

GENON-GAAP ~~VERNOVA~~FINANCIAL ~~PARENT~~MEASURES. ~~COMPANY~~We ~~GUARANTEES.~~believe Tothat ~~support~~presenting GEnon-GAAP ~~Vernova~~financial inmeasures ~~selling~~provides ~~products~~management and ~~services~~investors ~~globally,~~useful ~~the~~measures ~~Company~~to ~~often~~evaluate ~~entered~~performance ~~into~~and ~~contracts~~trends ~~on behalf~~ of GEthe ~~Vernova~~total ~~or issued parent~~ company ~~guarantees~~and orits ~~trade~~businesses. ~~finance~~This ~~instruments~~includes ~~supporting~~adjustments ~~the~~in ~~performance~~recent ofperiods ~~what~~to ~~were~~GAAP ~~subsidiary~~financial ~~legal~~measures ~~entities transacting directly with customers, in addition~~ to ~~providing~~increase ~~similar credit support for non~~period-~~customer related activities of GE Vernova (collectively, “GE Aerospace credit support”). Prior~~ to ~~the spin~~-~~off~~period incomparability ~~the~~following ~~second~~actions ~~quarter of 2024, GE Vernova had been working~~ to ~~seek~~strengthen ~~novation~~our oroverall ~~assignment~~financial ofposition GEand ~~Aerospace~~how ~~credit~~we ~~support,~~manage ~~the~~our ~~majority~~business. ofIn ~~which relates to parent company guarantees~~addition, ~~associated~~management ~~with~~recognizes ~~GE Vernova legal entities from GE Aerospace to GE Vernova. For GE Aerospace credit support~~ that ~~remains~~certain ~~outstanding post~~non-~~spin,~~GAAP GEterms ~~Vernova~~may isbe ~~obligated~~interpreted todifferently ~~use~~by ~~reasonable~~other ~~best~~companies ~~efforts to terminate or replace and obtain a full release of the Company’s obligations and liabilities~~ under, ~~all~~different ~~such credit support~~circumstances. ~~Beginning~~In invarious ~~2025,~~sections GEof ~~Vernova~~this ~~will~~report ~~pay~~we ahave ~~quarterly~~made ~~fee~~reference to the ~~Company~~following ~~based~~non-GAAP onfinancial ~~amounts~~measures ~~related~~in todescribing ~~the~~our GE(1) ~~Aerospace~~revenue, ~~credit support~~specifically, ~~for~~Adjusted ~~which~~revenue, we(2) ~~have~~profit, ~~recorded~~specifically, aOperating ~~stand~~profit ~~ready~~and toOperating ~~perform~~profit ~~obligation.~~margin; GEAdjusted ~~Vernova~~net ~~will~~income ~~face~~(loss); ~~other~~Adjusted ~~contractual~~earnings ~~restrictions~~(loss) ~~and~~per ~~requirements~~share ~~while~~(EPS) ~~the~~and ~~Company~~Adjusted ~~continues~~effective toincome betax ~~obligated~~rate, ~~under~~and ~~such~~(3) ~~credit~~cash ~~support~~flows, onspecifically ~~behalf~~free ofcash GEflow ~~Vernova~~(FCF). ~~While~~The ~~the~~reasons ~~Company~~we ~~will~~use ~~remain~~these ~~obligated~~non-GAAP ~~under~~financial ~~the~~measures ~~contract~~and orthe ~~instrument,~~reconciliations ~~GE Vernova will be obligated~~ to ~~indemnify~~their ~~the~~most ~~Company~~directly ~~for~~comparable ~~credit~~GAAP ~~support~~financial ~~related~~measures ~~payments that the Company is required to make~~follow.

As2025 ofFORM December 31, 2024, we estimated GE Vernova RPO and other obligations that relate to GE Aerospace credit support to be approximately $17 billion, an over 73% reduction since December 31, 2023. We expect, approximately $10-K billion of the RPO related to GE Aerospace credit support obligations to contractually mature by the end of 2029. The Company’s maximum aggregate exposure under the GE Aerospace credit support cannot be reasonably estimated given the breadth of the portfolio across each of the GE Vernova businesses. The underlying obligations are predominantly customer contracts that GE Vernova performs in the course of its business. We have no known instances historically where payments or performance from us were required under parent company guarantees relating to GE Vernova customer contracts. See Note 24 for additional details regarding guarantees.19

NON-GAAP FINANCIAL MEASURES. We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business. In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenue, specifically, Adjusted revenue, (2) profit, specifically, Operating profit and Operating profit margin; Adjusted earnings (loss); Adjusted earnings (loss) per share (EPS) and Adjusted effective income tax rate, and (3) cash flows, specifically free cash flow (FCF). The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.



ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP)	2025		2024
Total revenue (GAAP)	$	45,855	$	38,702
Less: Insurance revenue (Note 12)	3,533		3,581
Adjusted revenue (Non-GAAP)	$	42,322	$	35,121

Total costs and expenses (GAAP)	$	37,342	$	33,346
Less: Insurance cost and expenses (Note 12)	2,541		2,560
Less: U.S. tax equity cost and expenses	20		14
Less: interest and other financial charges(a)	843		986
Less: non-operating benefit cost (income)	(788)		(842)
Less: restructuring & other(a)	(87)		525
Less: goodwill impairments(a)	—		251
Less: separation costs(a)	202		492
Add: noncontrolling interests	(6)		(13)
Adjusted costs (Non-GAAP)	$	34,606	$	29,348

Other income (loss) (GAAP)	$	1,487	$	2,264
Less: U.S. tax equity	(169)		(146)
Less: gains (losses) on retained and sold ownership interests and other equity securities(a)	312		532
Less: gains (losses) on purchases and sales of business interests(a)	5		398
Adjusted other income (loss) (Non-GAAP)	$	1,339	$	1,480

Profit (loss) (GAAP)	$	10,000	$	7,620
Profit (loss) margin (GAAP)	21.8%		19.7%

Operating profit (loss) (Non-GAAP)	$	9,055	$	7,253
Operating profit (loss) margin (Non-GAAP)	21.4%		20.7%

(a) See the Corporate & Other and Other Consolidated Information sections for further information.
We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2025.

2024 FORM 10-K 21

ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP)	2024		2023		2022
Total revenue (GAAP)	$	38,702	$	35,348	$	29,139
Less: Insurance revenue (Note 12)	3,581		3,389		2,957
Adjusted revenue (Non-GAAP)	$	35,121	$	31,959	$	26,181
Total costs and expenses (GAAP)	$	33,346	$	31,625	$	28,428
Less: Insurance cost and expenses (Note 12)	2,560		3,057		2,753
Less: U.S. tax equity cost and expenses	14		—		—
Less: interest and other financial charges(a)	986		1,029		1,339
Less: non-operating benefit cost (income)	(842)		(978)		(60)
Less: restructuring & other(a)	525		246		514
Less: goodwill impairments(a)	251		—		—
Less: separation costs(a)	492		692		625
Less: Russia & Ukraine charges(a)	—		—		75
Less: debt extinguishment costs(a)	—		—		465
Add: noncontrolling interests	(13)		(1)		2
Adjusted costs (Non-GAAP)	$	29,348	$	27,577	$	22,720
Other income (loss) (GAAP)	$	2,264	$	6,718	$	811
Less: U.S. tax equity	(146)		(132)		(89)
Less: gains (losses) on retained and sold ownership interests and other equity securities(a)	532		5,776		100
Less: gains (losses) on purchases and sales of business interests(a)	398		(104)		35
Adjusted other income (loss) (Non-GAAP)	$	1,480	$	1,179	$	766
Profit (loss) (GAAP)	$	7,620	$	10,441	$	1,522
Profit (loss) margin (GAAP)	19.7%		29.5%		5.2%
Operating profit (loss) (Non-GAAP)	$	7,253	$	5,561	$	4,227
Operating profit (loss) margin (Non-GAAP)	20.7%		17.4%		16.1%
(a) See the Corporate & Other and Other Consolidated Information sections for further information.
We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2024.

*Non-GAAP Financial Measure

2220 ~~2024~~2025 FORM 10-K

ADJUSTED EARNINGS (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)		2024				2023				2022
ADJUSTED NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)	2025			2024
(Per-share amounts in dollars)		Earnings		EPS		Earnings		EPS		Earnings		EPS
(Diluted, per-share amounts in dollars)		Income		EPS		Income		EPS
Earnings (loss) from continuing operations (GAAP) (Note 18)		$	6,670	$	6.09	$	9,151	$	8.33	$	1,065	$	0.97
Net income (loss) from continuing operations (GAAP) (Note 18)		$	8,598	$	8.05	$	6,670	$	6.09
Insurance earnings (loss) (pre-tax)		1,025		0.94		334		0.30		210		0.19
Insurance net income (loss) (pre-tax)		1,002		0.94		1,025		0.94
Tax effect on Insurance earnings (loss)		(219)		(0.20)		(74)		(0.07)		(52)		(0.05)
Tax effect on Insurance net income (loss)(a)		(125)		(0.12)		(219)		(0.20)
Less: Insurance earnings (loss) (net of tax) (Note 12)		806		0.74		260		0.24		159		0.14
Less: Insurance net income (loss) (net of tax) (Note 12)		877		0.82		806		0.74
U.S. tax equity earnings (loss) (pre-tax)		(191)		(0.17)		(176)		(0.16)		(124)		(0.11)
U.S. tax equity net income (loss) (pre-tax)		(220)		(0.21)		(191)		(0.17)
Tax effect on U.S. tax equity earnings (loss)		235		0.21		217		0.20		184		0.17
Tax effect on U.S. tax equity net income (loss)		259		0.24		235		0.21
Less: U.S. tax equity earnings (loss) (net of tax)		44		0.04		41		0.04		60		0.05
Less: U.S. tax equity net income (loss) (net of tax)		38		0.04		44		0.04
Non-operating benefit (cost) income (pre-tax) (GAAP)		~~842~~788		0.7774		~~978~~842		0.8977		60		~~0.05~~
Tax effect on non-operating benefit (cost) income		(~~177~~166)		(0.1615)		(~~205~~177)		(0.1916)		~~(13)~~		~~(0.01)~~
Less: Non-operating benefit (cost) income (net of tax)		~~665~~623		0.6158		~~772~~665		0.7061		47		~~0.04~~
Gains (losses) on purchases and sales of business interests (pre-tax)(a)		398		0.36		(104)		(0.10)		35		0.03
Gains (losses) on purchases and sales of business interests (pre-tax)(b)		5		—		398		0.36
Tax effect on gains (losses) on purchases and sales of business interests		(2)		—		(32)		—		59		~~0.05~~
Less: Gains (losses) on purchases and sales of business interests (net of tax)		~~396~~7		0.3601		~~(108)~~396		(0.~~10)~~36		94		~~0.09~~
Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(a)		532		0.49		5,776		5.26		100		0.09
Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(b)		312		0.29		532		0.49
Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(b)(c)		(3)		—		—		—		(23)		(0.02)
Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(a)(c)		(61)		(0.06)		(3)		—
Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)		~~529~~251		0.4823		~~5,776~~529		50.2648		77		~~0.07~~
Restructuring & other (pre-tax)(a)		(525)		(0.48)		(246)		(0.22)		(514)		(0.47)
Restructuring & other (pre-tax)(b)		87		0.08		(525)		(0.48)
Tax effect on restructuring & other		~~110~~(18)		(0.1002)		52110		0.0510		~~108~~		~~0.10~~
Less: Restructuring & other (net of tax)		~~(415)~~69		(0.~~38)~~06		(~~194~~415)		(0.1838)		~~(406)~~		~~(0.37)~~
Goodwill impairments (pre-tax)(a)		(251)		(0.23)		—		—		—		—
Goodwill impairments (pre-tax)(b)		—		—		(251)		(0.23)
Tax effect on goodwill impairments		3—		—		—3		—		—		—
Less: goodwill impairments (net of tax)		~~(248)~~—		~~(0.23)~~—		—(248)		—(0.23)		—		—
Separation costs (pre-tax)(a)		(492)		(0.45)		(692)		(0.63)		(625)		(0.57)
Separation costs (pre-tax)(b)		(207)		(0.19)		(492)		(0.45)
Tax effect on separation costs		~~349~~129		0.3212		~~113~~349		0.1032		4		—
Less: Separation costs (net of tax)		(~~143~~79)		(0.1307)		(~~579~~143)		(0.5313)		~~(621)~~		~~(0.56)~~
Russia & Ukraine charges (pre-tax)(a)		—		—		—		—		(75)		(0.07)
Adjusted net income (loss) (Non-GAAP)		$	6,812	$	6.37	$	5,035	$	4.60
Tax effect on Russia & Ukraine charges		—		—		—		—		16		0.01
Income from continuing operations before taxes (GAAP)		$	10,000			$	7,620
Less: Russia & Ukraine charges (net of tax)		—		—		—		—		(59)		(0.05)
Less: Total adjustments above (pre-tax)		1,767				1,338
Debt extinguishment costs (pre-tax)(a)		—		—		—		—		(465)		(0.42)
Adjusted income before taxes (Non-GAAP)		$	8,233			$	6,282
Tax effect on debt extinguishment costs		—		—		—		—		68		0.06
Provision (benefit) for income taxes (GAAP)		$	1,405			$	962
Less: debt extinguishment costs (net of tax)		—		—		—		—		(397)		(0.36)
Less: Tax effect on adjustments above		(19)				(297)
Less: Excise tax and accretion of preferred share redemption		—		—		(58)		(0.05)		4		—
Adjusted provision (benefit) for income taxes (Non-GAAP)		$	1,425			$	1,260
Less: U.S. and foreign tax law change enactment		—		—		—		—		(5)		—
Effective income tax rate (GAAP)		14.1%				12.6%
Adjusted earnings (loss) (Non-GAAP)		$	5,035	$	4.60	$	3,241	$	2.95	$	2,112	$	1.92
Adjusted effective income tax rate (Non-GAAP)		17.3%				20.1%
Earnings (loss) from continuing operations before taxes (GAAP)		$	7,620			$	10,441			$	1,522
(a) Includes related tax valuation allowances. Tax effect on Insurance net income includes valuation allowances for 2025.
Less: Total adjustments above (pre-tax)		1,338				5,869				(1,397)
(b) See the Corporate & Other and Other Consolidated Information sections for further information.
Adjusted earnings before taxes (Non-GAAP)		$	6,282			$	4,572			$	2,919
(c) Includes tax benefits available to offset the tax on gains (losses) on equity securities.
Provision (benefit) for income taxes (GAAP)		$	962			$	994			$	169
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
Less: Tax effect on adjustments above		(297)				(99)				(346)
We believe that Adjusted net income* and the Adjusted effective income tax rate* provide management and investors with useful measures to evaluate the performance of the total company and increased period-to-period comparability, as well as a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding items that are not closely related with ongoing operations. We also use Adjusted EPS* as a performance metric at the company level for our performance stock units granted in 2025.
Adjusted provision (benefit) for income taxes (Non-GAAP)		$	1,260			$	1,093			$	515
Effective income tax rate (GAAP)		12.6%				9.5%				11.1%
Adjusted effective income tax rate (Non-GAAP)		20.1%				23.9%				17.6%
(a) See the Corporate & Other and Other Consolidated Information sections for further information.
(b) Includes tax benefits available to offset the tax on gains (losses) on equity securities.
(c) Includes related tax valuation allowances.
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
We believe that Adjusted earnings* and the Adjusted effective income tax rate* provide management and investors with useful measures to evaluate the performance of the total company and increased period-to-period comparability, as well as a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding items that are not closely related with ongoing operations. We also use Adjusted EPS* as a performance metric at the company level for our performance stock units granted in 2024.

*Non-GAAP Financial Measure

~~2024~~2025 FORM 10-K 2321

FREE CASH FLOW (FCF) (NON-GAAP)	~~2024~~2025		~~2023~~2024		~~2022~~
Cash flows from operating activities (CFOA) (GAAP)	$	58,~~817~~543	$	45,~~609~~817	$	~~4,027~~
Add: gross additions to property, plant and equipment and internal-use software	(1,~~032~~273)		(~~862~~1,032)		~~(662)~~
Less: separation cash expenditures	(800)		(820)		(134)
Add: dispositions of property, plant and equipment	123		114
Less: Corporate & Other restructuring cash expenditures(a)	(504)		(177)		(38)
Less: separation cash expenditures	(245)		(800)
Free cash flow (FCF) (Non-GAAP)	$	6,089	$	4,744	$	3,538
Less: Corporate & Other restructuring cash expenditures	(56)		(504)
(a) Included cash payment of $363 million for the final settlement of the Sjunde AP-Fonden shareholder lawsuit for the year ended December 31, 2024. See Note 24 for further information.
Free cash flow (FCF) (Non-GAAP)	$	7,694	$	6,203
We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2024.
We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). In addition, beginning in the third quarter of 2025, we now include dispositions of property, plant and equipment. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow. We also use FCF as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2025.

OTHER FINANCIAL DATA.


FIVE-YEAR PERFORMANCE GRAPH

The annual changes for the five-year period shown in the above graph are based on the assumption that $100 had been invested in GE Aerospace common stock, the Standard & Poor’s 500 Stock Index (S&P 500) and the Standard & Poor’s 500 Industrials Stock Index (S&P Industrial) on December 31, ~~2019~~2020, and that all quarterly dividends were reinvested. The cumulative dollar returns shown on the graph represent the value that such investments would have had on December 31 for each year indicated.

With respect to “Market Information,” GE Aerospace common stock is listed on the New York Stock Exchange under the ticker symbol "GE" (its principal market).

As of January 15, ~~2025~~2026, there were approximately ~~246~~215,000 shareholder accounts of record.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. OnIn March 7, 2024, the Company announced that the Board of Directors had ~~provided~~authorized athe ~~new~~repurchase ~~authorization~~of ~~for~~ up to $15 billion of common share repurchases. We repurchased 96,~~172~~404 thousand shares for $12,~~669~~006 million during the three months ended December 31, ~~2024~~2025 under this authorization. Repurchases under the program after the first quarter of 2026 will be pursuant to a new authorization for up to $20 billion approved by the Board of Directors in December 2025.

Period

Total number of shares purchased

Average price paid per share

Total number of shares purchased as part of our share repurchase authorization

Approximate dollar value of shares that may yet be purchased under our share repurchase authorization

(Shares in thousands)

2024

2025

October

~~1,836~~306

~~183~~313.8934

~~1,836~~306

November

5,~~411~~389

~~185~~316.8409

5,~~411~~389

December

~~1,924~~710

~~169~~291.4898

~~1,924~~710

Total

96,~~172~~404

~~182~~313.0229

96,~~172~~404

102,~~074~~698

*Non-GAAP Financial Measure

2422 ~~2024~~2025 FORM 10-K

CYBERSECURITY~~. The description in this section reflects GE Aerospace’s approach as of December 31, 2024, following the spin-off of GE Vernova in April 2024.~~

CYBERSECURITY RISK MANAGEMENT AND STRATEGY. GE Aerospace has developed and implemented a cybersecurity framework intended to assess, identify and manage risks from threats to the security of our information, systems, products and network using a risk-based approach. The framework is informed in part by the National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization 27001 (ISO 27001) Framework, although this does not imply that we meet all technical standards, specifications or requirements under the NIST or ISO 27001. We are also guided by applicable cybersecurity rules, regulations and contractual commitments related to our role as a defense contractor, such as auditing or assessment by the Defense Contract Management Agency’s Defense Industrial Base Cybersecurity Assessment Center (DIBCAC), ~~the~~a UKCybersecurity ~~Ministry~~Maturity ofModel ~~Defense,~~Certification ~~and~~(CMMC) Certified Third -Party ~~Assessor~~Assessment ~~Organizations~~Organization (C3PAO) and the UK Ministry of Defense.

Our key cybersecurity processes include the following:

•Risk-based controls for information systems and information on GE Aerospace’s networks: We seek to maintain an information technology infrastructure that implements physical, administrative and technical controls that are calibrated based on risk and designed to protect the confidentiality, integrity and availability of our information systems and information stored on GE Aerospace’s networks, including customer information, personal information, intellectual property and proprietary information.

•Cybersecurity incident response plan and testing: We have a cybersecurity incident response plan and dedicated teams to respond to cybersecurity incidents. When a cybersecurity incident occurs or we identify a vulnerability, we have cross-functional teams that are responsible for leading the initial assessment of priority and severity, and external experts may also be engaged as appropriate. GE Aerospace’s cybersecurity teams ~~assist~~respond ~~in responding~~ to incidents ~~depending on severity levels~~ and seek to improve our cybersecurity incident management plan through periodic tabletops or simulations.

•Training: We provide security awareness training to help our employees understand their information protection and cybersecurity responsibilities. We also provide additional role-based training to some employees based on customer requirements, regulatory obligations and industry risks.

•Supplier risk assessments: We have implemented a third-party risk management process that includes expectations regarding information and cybersecurity. That process, among other things, provides for GE Aerospace to perform cybersecurity assessments on certain suppliers based on an assessment of their risk profile and a related rating process. GE Aerospace also seeks contractual commitments from suppliers that provide key ~~suppliers~~services or have access to sensitive GE Aerospace information and/or systems to appropriately secure and maintain their information technology systems and protect any GE Aerospace information and network access that is provided to them.

•Third-party ~~assessments~~service ~~of GE Aerospace~~providers: We have third-party cybersecurity companies engaged to periodically assess GE Aerospace’s cybersecurity posture, to assist in identifying and remediating risks from cybersecurity threats, and to assist with various incident response workstreams.

We also consider cybersecurity, along with other top risks for GE Aerospace, within our enterprise risk management framework. The enterprise risk management framework includes internal reporting at the business and enterprise levels, with consideration of key risk indicators, trends and countermeasures for cybersecurity and other types of significant risks. In the last fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, cash flow or financial condition. We face certain ongoing risks from cybersecurity threats—including heightened threats in connection with the separation of GE ~~HealthCare and GE~~ Vernova—that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, financial condition or cash flows. Refer to the Risk Factors section (Cybersecurity - Increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted computer crime, as well as cybersecurity failures, pose risk to our systems, networks, products, solutions, services and data.) for additional information about these risks.

CYBERSECURITY GOVERNANCE. The Audit Committee of the GE Aerospace Board of Directors is responsible for board-level oversight of cybersecurity risk, and the Audit Committee reports back to the full Board about this and other areas within its responsibility. As part of its oversight role, the Audit Committee receives reporting about GE Aerospace’s practices, programs, notable threats or incidents and other developments related to cybersecurity throughout the year, including through periodic updates from GE Aerospace’s Chief Information Officer (CIO) and Chief Information Security Officer (CISO) on cyber threats and our cybersecurity risk management strategy. The Audit Committee also receives information about cybersecurity risks as part of GE Aerospace’s enterprise risk management framework and reporting.

GE Aerospace’s management team is ultimately responsible for assessing and managing risks from cybersecurity threats, and in this regard, the CIO ~~and~~leads ~~CISO lead~~ the Company’s overall cybersecurity function and cybersecurity leadership team. The CIO has ~~over~~extensive ~~25 years of~~ experience in the information technology (IT) field and leads the IT strategy and services supporting the Company’s global operation. The CISO has ~~over~~substantial 25IT ~~years~~experience ofin ~~experience~~the aerospace industry with many years focused on global ~~information~~data ~~assurance~~protection and cyber security programs. The cybersecurity leadership team meets with senior management to review and discuss GE Aerospace’s cybersecurity program, including emerging cyber risks, threats and industry trends. The cybersecurity leadership team also assists management in supervising efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, including by collaborating with internal security personnel and business stakeholders, and incorporating threat intelligence and other information obtained from governmental, public or private sources to inform our cybersecurity technologies and processes.

~~2024~~2025 FORM 10-K 2523

RISK FACTORS. The following discussion of the material factors, events and uncertainties that may make an investment in the Company speculative or risky contains “forward-looking statements," as discussed in the Forward-Looking Statements section. These risk factors may be important to understanding any statement in this report or elsewhere. The risks described below should not be considered a complete list of potential risks that we face, and additional risks not currently known to us or that we currently consider immaterial may also negatively impact us. The following information should be read in conjunction with the MD&A section and the consolidated financial statements and related notes. The risks we describe in this report or in our other SEC filings could, in ways we may not be able to accurately predict, recognize or control, have a material adverse effect on our business, reputation, financial position, results of operations, cash flows and stock price, and they could cause our future results to be materially different than we presently anticipate.

STRATEGIC RISKS. Strategic risk relates to the Company’s future business plans and strategies, including the risks associated with the global macro-environment; dynamics in the commercial aviation sector; competitive threats; the demand for our products and services and the success of our investments in technology and innovation; impacts of government spending, programs and contracts; climate ~~change~~and environmental factors; ~~our~~the ~~recent~~GE spin-offs; capital allocation decisions; acquisitions, dispositions, joint ventures and other inorganic investments; intellectual property; and other risks.

Global macro-environment - Our financial performance and growth are subject to risks related to global economic, political and geopolitical developments or other disruptions to the economy or our business ~~sectors~~. We serve customers in many countries around the world and receive a significant portion of our revenue from outside the United States. Accordingly, our operations and execution are subject to the effects of global economic trends, geopolitical risks and demand or supply shocks from events such as war or international conflict, a major terrorist attack, natural disasters or actual or threatened public health pandemics or other emergencies. Political developments or policy shifts in areas such as tariffs, export controls, including restrictions on rare earth minerals or other trade barriers, sanctions, technical or local content regulations, currency controls, global tax laws or other laws and policies, have been and may continue to be disruptive and costly to our business. These can interfere with our global operating model, supply chain, production costs, customer relationships and competitive position. Escalation of tariffs or any other specific trade tensions, including intensified decoupling between the U.S. and China, or in global trade conflict more broadly could be harmful to global economic growth or to our business in or with China or other countries. Our operations and performance are also affected by local and regional economic environments, supply chain constraints and policies in the U.S. and other markets that we serve, including factors such as inflationary pressures ~~in many markets~~, interest rates, economic growth rates, the availability of skilled labor, monetary policy, exchange rates, currency volatility, commodity prices and sovereign debt levels. For example, inflationary or other pressures that cause our material or labor costs to increase can adversely affect our profitability and cash flows, particularly when we are unable to increase customer contract values or pricing to offset those pressures. Deterioration of economic conditions or outlooks, such as lower rates of investment, lower economic growth, recession or fears of recession in the U.S., ~~China~~Europe, ~~Europe~~China or other key markets, may adversely affect the demand for or profitability of our products and services, and the impact from developments outside the U.S. on our business performance can be significant given the extent of our global activities. Increased geopolitical tensions and outbreaks of armed conflict ~~can also adversely impact our business~~, ~~both~~as ~~directly~~well or by adversely affecting economic activity globally or in particular regions or countries. For example, Russia’s invasion of Ukraine in early 2022 and related political and economic consequences, such as sanctions ~~and~~or other measures imposed byin ~~the~~response, ~~European~~have ~~Union,~~in the ~~U.S.~~past and ~~other countries and organizations~~ in ~~response,~~the ~~have~~future ~~caused and~~ may ~~continue to~~ cause disruption and instability in global markets, particular regions or countries, supply chains ~~and~~or ~~industries~~commercial activity that ~~negatively~~adversely impact our business, financial condition, results of operations and cash flows and pose reputational risks. More recently, there is risk of wider conflict in the Middle East that could have significant adverse impacts on the region and business activity in addition to the humanitarian and other consequences of the current conflict. Further, political changes and trends such as populism, protectionism, economic nationalism and sentiment toward multinational companies, as well as tariffs, export controls, restrictions on outbound investment or other trade barriers, sanctions, technical or local content regulations, currency controls or changes to tax or other laws and policies, have been and may continue to be disruptive and costly to our business. These can interfere with our global operating model, supply chain, production costs, customer relationships and competitive position. Escalation of tariffs or any other specific trade tensions, including intensified decoupling between the U.S. and China, or in global trade conflict more broadly could be harmful to global economic growth or to our business in or with China or other countries. In addition, market uncertainty and volatility in various geographies may be magnified as a result of ~~potential~~ shifts in ~~U.S. and foreign~~ trade, economic and other policies ~~following the recent U~~.S. ~~elections.~~ We also do business in emerging market jurisdictions where economic, political and legal risks are heightened and the operating environments are complex.

Commercial aviation sector - Our financial performance is dependent on the condition of the commercial aviation sector and our partners, suppliers and customers in that sector. A substantial portion of our business is directly tied to economic conditions in the commercial aviation sector, which has historically been cyclical in nature. Capital spending and demand for aircraft engines, aviation products and aftermarket parts and services by commercial airlines, lessors, other aircraft owners or operators and airframers are influenced by a wide variety of factors, including current and predicted traffic levels, passenger and cargo load factors, aircraft fuel prices, labor costs and other issues, airline consolidation, bankruptcies and restructuring activities, competition, the retirement of older aircraft, changes in production schedules, production capabilities and capacities of airframers, regulatory oversight and changes, regulatory certification timing, environmental regulations and related impacts, terrorism and related security concerns, aircraft safety incidents, general economic conditions (including inflationary pressures and new or increased tariffs), tightening of credit in financial markets, corporate profitability, cost reduction efforts and remaining performance ~~obligations~~obligation levels. Any of these factors could have a negative impact on new orders or on ~~our~~ agreements for the sale of our products and services given the long-term nature of those arrangements and could reduce our sales and profit margins. Other factors, including future terrorist actions, aviation safety concerns, public health crises or major natural disasters, could also dramatically reduce the demand for commercial air travel, which could negatively impact our sales and profit margins. We also have dependencies on our suppliers and partners for commercial engine programs to develop, manufacture and service engine parts and components, and on the major airframers that we supply to timely and successfully develop, certify, commercialize and sell aircraft powered by our engines. Supply chain capacity shortfalls and disruptions, including for new parts and services, continue to pose challenges and risks for our business as well as other industry participants. Developments that reduce the flying public’s demand for travel could adversely affect future growth in commercial air traffic capacity and the demand for or profitability of our products and services. Additionally, because a substantial portion of product deliveries to commercial aviation customers are scheduled for delivery in the future, changes in economic conditions can cause customers to request that orders be rescheduled or canceled. Spare parts sales and aftermarket service trends are affected by similar factors, including usage, pricing, new product offerings, technological improvements, regulatory changes and the retirement of older aircraft. Furthermore, because of the lengthy research and development cycle involved in bringing new engine platforms and other products to market, we cannot predict the economic conditions that will exist when any new product is ready to enter into service. A reduction in spending in the commercial aviation sector, or challenges for key industry participants, could have a significant effect on the demand for

2624 ~~2024~~2025 FORM 10-K

~~when any new product is ready to enter into service. We also have dependencies on~~ our suppliers and partners for commercial engine programs to develop, manufacture and service their share of an engine, and on the major airframers that we supply to timely and successfully develop, certify and commercialize aircraft that utilize our engines as well as to successfully sell those aircraft against aircraft powered by our competitors. A reduction in spending in the commercial aviation sector, or challenges for key industry participants, could have a significant effect on the demand for our products and services, which could have a material adverse effect on our competitive position, results of operations, financial condition or cash flows.

Competitive environment - We are dependent on the maintenance of existing product lines and service relationships, acceptance by our customers of new product and service introductions, competitive pricing and other terms, and technology and innovation leadership for revenue and earnings growth. The segments in which we, other engine manufacturers and airframers operate, are highly competitive in terms of pricing, product and service quality, product development and entry into service, product durability, customer service, financing terms, the ability to respond to shifts in market demand and the ability to attract and retain skilled talent at all levels, including senior leadership. Our long-term operating results and competitive position ~~also~~ depend substantially upon our ability to continue to improve or upgrade current products and services, to have our engines power leading existing and new aircraft platforms, to cultivate, maintain and grow long-term customer relationships and to increase our productivity over time as we perform on long-term service agreements,. asOur ~~well~~competitive asposition and success also depend on our ability to develop, introduce, and market new and innovative technology, products, services and platforms, such as the RISE program suite of technologies. InThe ~~addition, the~~ research and development cycle involved in bringing new products to market is often lengthy, it is inherently difficult to predict the economic conditions or competitive dynamics that will exist when any new product is complete, and our investments, to the extent they result in bringing a product to market, may generate weaker returns than we anticipated at the outset. Our capacity to invest in research and development efforts to advance our technologies, products and services, or to otherwise invest in emerging technologies or partner with other industry players, also depends on the financial resources that we have available for such investment relative to other capital allocation priorities. Under-investment in research and development and innovation, or investment in technologies that prove to be less competitive in the future (at the expense of alternative investment opportunities not pursued), could lead to loss of sales of our products or services in the future due to the long product development cycles in our business. The amounts that we do invest in research and development efforts may not lead to the development of new technologies or products on a timely basis or meet the needs of our customers as fully as competitive offerings, and we may face impairment charges for contract fulfillment costs that are capitalized as nonrecurring engineering costs if we determine recovery of the costs is not probable (see Note 1).

Our business is also subject to technological change and advances, such as growth in industrial automation and increased digitization ~~of the operations, infrastructure and solutions that customers demand~~. In addition, our use of emerging and evolving technologies such as artificial intelligence and machine learning, which we expect to continue to increase over time, presents business, reputational, and legal and compliance risks, including risks related to data sourcing, design flaws, integration issues, security threats, privacy protections and the ability to develop sufficient protection measures. Artificial intelligence technologies ~~have~~are rapidly ~~developed~~developing, and our business may be adversely affected if we cannot successfully integrate these technologies into our business processes and product and service offerings in a timely, cost-effective, compliant and responsible manner. The introduction of innovative and disruptive technologies in the segments in which we operate also poses risks in the form of new competitors, market consolidation, substitutions of existing products, services or solutions, niche players, new business models and competitors that are faster to market with new or more cost-effective products or services. Existing and new competitors offer parts or services for our installed base, and if the customers that purchase our products and services select our competitors or we otherwise fail to maintain or renew service relationships, this can erode our revenue and profitability.

Government programs and contracts - Our ~~defense~~ business is subject to risks from changes in government spending and policies that can adversely affect our business strategy or financial performance, in addition to risks related to regulations and compliance with government contracts. Our defense business is heavily influenced by the spending and policy actions of the U.S. federal government, as well as allied governments that rely on U.S. suppliers to provide products and services important to their national defense. Changes in U.S. or other government defense spending, including as a result of ~~potential~~ changes in policy, or budgetary positions or priorities, in connection with ~~the recent U.S.~~ elections or otherwise, can negatively impact the results and growth prospects of our defense business. U.S. defense spending levels are difficult to predict and may be impacted by numerous factors such as the evolving nature of the national security threat environment, U.S. national security strategy, U.S. foreign policy, the domestic political environment, macroeconomic conditions and the ability of the U.S. government to enact relevant legislation such as authorization and appropriations bills. Changes in government priorities and funding related to the future of combat, such as greater reliance on uncrewed aircraft systems, could also adversely affect the demand for our defense products and services. In addition, government customers often may modify, curtail or terminate their contracts and subcontracts with us either at their convenience or for default based on performance. The termination of one or more of our government contracts, or the occurrence of performance delays, cost overruns (due to inflation or otherwise), product failures, shortages in materials, components or labor, or other failures to perform to customer expectations and contract requirements could negatively impact our reputation, competitive position and financial results and under new policies could require changes to our investment plans, capital allocation or executive compensation. In addition, our government contracts are subject to extensive procurement regulations, and new regulations or changes to existing requirements could increase our compliance costs. We are also subject to U.S. and other government inquiries and investigations, ~~including~~that ~~periodic~~can arise in connection with internal or external audits ofregarding our quality systems, manufacturing operations, ~~and~~ costs that we determine are allowable or reimbursable under government contracts or other matters. Failure to comply with provisions of our government contracts or other applicable laws and regulations ~~could~~can lead to civil or criminal enforcement under the U.S. False Claims Act or similar enforcement legislation, including potentially significant financial penalties, suspension or debarment against new business and reputational harm.

Climate ~~change~~and environmental factors - Our business and financial performance may be adversely affected by climate ~~change~~and ~~impacts~~environmental factors, including changes in regulations, customer demand, technologies and extreme weather. ~~Our~~Environmental ~~business~~and ~~may~~climate-related belaws ~~impacted~~or byregulations, ~~climate~~including ~~change~~regulations on greenhouse gas emissions caps, carbon pricing and ~~governmental~~taxes, energy taxes, product fuel efficiency standards and mandatory disclosure obligations, as well as industry actions ~~taken~~ in response, ~~which~~continue ~~present~~to evolve and reflect a ~~variety~~range of views among global regulators and other stakeholders; these may present risks to our business and financial results. ~~Changes~~and inincrease ~~environmental~~our operational and ~~climate-related~~compliance ~~laws~~expenditures orand ~~regulations,~~those ~~including~~of ~~regulations~~our oncustomers ~~greenhouse~~and ~~gas~~suppliers. ~~emissions~~In ~~caps~~addition, ~~carbon~~we

~~2024~~2025 FORM 10-K 2725

~~pricing~~face, ~~and~~along ~~taxes,~~with ~~energy~~others ~~taxes~~across the aerospace sector, ~~product~~increasing ~~fuel~~demand ~~efficiency~~for ~~standards,~~transitioning ~~mandatory~~to ~~disclosure~~lower ~~obligations~~emission technologies, including ~~U.S.~~low ~~government~~to ~~procurement-related~~no ~~contractual~~carbon ~~climate~~products ~~disclosures~~and services, ~~could~~the ~~increase~~use ~~our~~of ~~operational~~alternative energy and ~~compliance~~fuel ~~expenditures~~sources and ~~those~~climate ofadaptation ~~our~~products ~~customers~~ and ~~suppliers,~~services. ~~including~~The ~~increased~~aerospace ~~energy~~sector’s ~~and~~ambition ~~raw~~to ~~materials~~reduce ~~costs~~carbon ~~and~~emissions ~~costs~~over ~~associated~~the ~~with~~coming ~~manufacturing~~decades ~~changes~~is likely to depend in part on technologies that are not yet developed, deployed or widely adopted today, and ~~could~~it will likely require ~~new~~a orcombination ~~additional~~of ~~investments~~changes such as continued technological innovation in ~~product~~the ~~designs~~fuel efficiency of engines, expanded use of low carbon fuels and ~~facility~~the ~~upgrades~~development of electric flight and hydrogen-based aviation technologies. InThe ~~addition~~risk of insufficient availability, weor ~~face~~higher cost, ~~along~~of ~~with~~low ~~others~~carbon ~~across~~fuels may compromise the ~~aerospace~~pace and ~~defense~~degree ~~sector,~~of ~~increasing~~emissions ~~demand~~reduction. ~~for~~Our ~~transitioning~~success toin ~~lower~~advancing ~~emission~~these ~~technologies~~ambitions will depend in part on the actions of governments, ~~including~~regulators ~~low~~and other market participants to noinvest ~~carbon~~in ~~products~~infrastructure, create appropriate market incentives and ~~services,~~to otherwise support the ~~use~~development of ~~alternative~~new ~~energy~~technologies. ~~sources~~We ~~and~~also ~~other~~face ~~sustainable~~risks ~~aviation~~as our competitors may develop these new technologies ~~and~~before ~~climate~~we ~~adaptation~~do, ~~products~~their new technologies may be deemed by our customers to be superior to technologies we may develop, and ~~services~~their technologies may otherwise gain industry acceptance in advance of or instead of our products. ~~Customers,~~In ~~regulators~~addition, ~~institutional~~as ~~investors~~we and our competitors develop increasingly low-emissions technologies, ~~the~~demand ~~flying~~for ~~public~~our ~~and~~older ~~other~~offerings ~~stakeholders~~may decrease or become nonexistent. We may also ~~continue~~face toclimate-related ~~focus~~reputational onand ~~environmental~~litigation risks, ~~social~~which ~~and~~could ~~governance~~adversely ~~issues~~affect our business. Lastly, ~~including~~an increase in the frequency and severity of acute extreme weather events could damage our ~~environmental~~and ~~sustainability~~our ~~practices~~suppliers’ facilities, products and ~~commitments~~other ~~with~~assets, ~~respect~~and cause disruptions to our business and operations, ~~products~~supply chain and ~~suppliers.~~distribution Wenetworks, ~~anticipate~~and ~~that~~could ~~over~~negatively ~~time~~impact wethe ~~will~~businesses ~~make~~of ~~additional~~our ~~investments~~partners, insubcontractors, ~~new~~service ~~technologies~~providers, distributors and ~~capabilities~~customers. ~~and~~Any ~~devote~~of ~~additional~~the ~~management~~foregoing ~~and~~could ~~other~~materially ~~resources~~decrease inour ~~connection~~revenue ~~with~~and ~~these~~materially ~~dynamics~~increase our costs and expenses.

~~The~~Inorganic ~~achievement~~investments of- ~~aerospace~~Our ~~and~~success ~~defense~~in ~~sector~~meeting ~~climate~~strategic, ~~goals~~operational ~~over~~and ~~the~~financial ~~coming~~objectives ~~decades~~can isdepend ~~likely~~on toour ~~depend~~performance in ~~part~~evaluating onand ~~technologies~~executing ~~that~~on ~~are~~acquisitions, ~~not yet developed~~integrations, ~~deployed or widely adopted today. For example~~dispositions, ~~emissions~~joint ~~reduction~~ventures ~~over~~and ~~time~~other ~~will~~inorganic ~~likely~~investments. ~~require~~With arespect ~~combination~~to ofacquisitions ~~changes~~and ~~such~~business asintegrations, ~~continued~~dispositions, ~~technological innovation in the fuel efficiency of engines~~separations, ~~expanded~~joint ~~use~~ventures ~~of low carbon fuels~~ and ~~the~~other ~~development~~inorganic ofinvestments, ~~electric~~we ~~flight~~may ~~and~~not ~~hydrogen-based~~complete ~~aviation~~announced ~~technologies.~~transactions ~~The~~on ~~risk~~a oftimely ~~insufficient~~basis ~~availability,~~ or ~~higher~~at ~~cost,~~all ~~of low carbon fuels~~ (~~such~~including as ~~sustainable~~a ~~aviation~~result ~~fuels~~of orregulatory ~~hydrogen~~approvals), ~~may compromise the pace~~ and ~~degree~~we ofalso ~~emissions~~may ~~reduction.~~not ~~Our~~achieve ~~success~~expected inreturns, ~~advancing~~financial ~~climate~~or ~~objectives~~operational ~~will~~synergies ~~depend~~or inother ~~part~~benefits on ~~the~~a ~~actions~~timely ofbasis ~~governments,~~or ~~regulators~~at ~~and~~all ~~other~~as ~~market~~a ~~participants~~result toof ~~invest~~changes in ~~infrastructure~~strategy, ~~create~~integration ~~appropriate~~challenges, ~~market~~investment ~~incentives~~risk ~~and~~or toother ~~otherwise~~factors. ~~support~~Acquisitions ~~the~~may ~~development~~require ofus ~~new~~to ~~technologies.~~use ~~The~~more ~~process~~financial, ofoperational ~~developing new high-technology products~~ and ~~enhancing~~other ~~existing~~resources ~~products~~on tointegration ~~mitigate~~and ~~climate~~implementation ~~change~~activities ~~impacts~~than iswe ~~often complex~~expect, ~~costly~~ and ~~uncertain, and~~ we may ~~pursue~~not ~~strategies~~be orable ~~make~~to ~~investments~~successfully ~~that~~integrate doacquired ~~not~~businesses ~~prove~~or toassets beinto ~~commercially~~our ~~successful~~existing inoperations ~~the~~or ~~time~~realize ~~frames~~the expected economic or atoperational ~~all~~benefits. ~~Moreover~~Further, weacquired ~~rely~~businesses onmay ~~our~~present ~~suppliers~~risks toand ~~adapt~~unforeseen ~~and~~difficulties ~~meet~~that ~~our~~can ~~evolving~~arise ~~technological~~in ~~supply~~integrating ~~needs,~~operations and ~~they~~systems ~~may~~and ~~be unable to fully respond to our requirements~~ in aretaining ~~timely~~and ~~manner~~assimilating ~~or at all~~employees. WeDeclines ~~also~~in ~~face~~the ~~risks~~value asof ~~our~~equity ~~competitors~~interests ~~respond~~or toother ~~advancing~~assets ~~low-emissions~~that ~~technologies.~~we ~~Our~~sell ~~competitors~~can ~~may~~diminish ~~develop~~the ~~these~~cash ~~in-demand~~proceeds ~~technologies~~that ~~before~~ we dorealize, ~~their~~and ~~new~~we ~~technologies~~ may bedispose ~~deemed~~of bybusinesses ~~our~~or ~~customers~~assets toat bea ~~superior~~price toor ~~technologies~~on weterms ~~may~~that ~~develop,~~are ~~and~~less ~~their~~favorable ~~technologies~~than ~~may~~we ~~otherwise~~had ~~gain~~anticipated. ~~industry~~Dispositions ~~acceptance in advance of~~ or ~~instead~~other ofbusiness ~~our~~separations ~~products.~~also Inoften ~~addition,~~involve ascontinued wefinancial ~~and~~or ~~our~~operational ~~competitors~~involvement ~~develop~~in ~~increasingly~~the ~~low-emissions~~divested ~~technologies~~business, ~~demand~~such ~~for~~as ~~our~~through ~~older~~current ~~offerings~~or ~~may~~contingent ~~decrease~~financial or ~~become~~operational ~~nonexistent.~~obligations ~~Our reputation may also be damaged if we~~ or ~~others~~liabilities. inUnder ~~our~~these ~~sector fail~~arrangements, orperformance ~~are~~by ~~perceived~~the todivested ~~fail,~~businesses toor ~~achieve~~other ~~climate~~conditions ~~goals~~outside orour ~~commitments~~control orcould tomaterially ~~comply~~affect ~~with~~our ~~evolving~~future ~~climate-related~~financial ~~regulations~~results. InEvaluating ~~addition,~~or ~~climate-related~~executing ~~litigation~~on ~~and~~all ~~government~~types ~~investigations~~of ~~could~~potential beor ~~commenced~~planned ~~against~~portfolio ~~us,~~transactions ~~could~~can bedivert ~~costly~~senior tomanagement ~~defend~~time and ~~could~~resources ~~adversely~~from ~~affect~~other ~~our business~~pursuits. ~~Furthermore,~~We ~~our~~also ~~business,~~participate ~~the~~in ~~businesses~~a number of ~~our~~joint ~~partners,~~ventures ~~suppliers,~~with ~~subcontractors,~~other ~~service~~companies ~~providers,~~or ~~distributors~~government ~~and~~enterprises ~~customers~~in ~~and~~various ~~our~~markets ~~sector~~around ~~could~~the beworld, ~~negatively~~including ~~impacted~~joint byventures ~~increasing~~where ~~frequency~~we ~~and~~have ~~severity~~a oflesser ~~acute~~or ~~extreme~~minimal ~~weather~~degree ~~events~~of ~~caused~~control byover ~~climate~~the ~~change,~~business ~~including hurricanes~~operations, ~~tornadoes,~~which ~~floods,~~expose ~~snow~~us ~~and~~to ~~ice~~additional ~~storms~~operational, ~~fires~~financial, ~~heat waves and mud slides~~reputational, ~~and~~legal byor ~~chronic~~compliance ~~changes~~risks. ~~in weather patterns~~Furthermore, ~~such~~ as ~~temperature~~our ~~increases, drought~~ and ~~sea level rise. These events could damage~~ our ~~and~~joint ~~our~~venture ~~suppliers~~partners’ ~~facilities,~~strategies ~~products~~change ~~and~~or ~~other~~general ~~assets,~~conditions ~~and~~involving ~~cause~~a ~~disruptions~~joint toventure ~~our business~~ and ~~operations,~~its ~~supply~~intended ~~chain~~purposes ~~and distribution networks~~evolve, ~~and~~we ~~the~~may ~~businesses~~not ofbe ~~our~~able ~~customers,~~to ~~and~~exit ~~could~~or ~~require~~wind andown ~~increase~~any inunfavorable ~~expenditures~~joint toventures ~~improve~~on ~~climate~~acceptable ~~resiliency~~terms, ofwithout ~~our~~financial ~~operations.~~or ~~Any~~other ofconcessions ~~the~~to ~~foregoing could materially decrease~~ our ~~revenue~~joint ~~and~~venture ~~materially~~partners ~~increase~~or ~~our~~at ~~costs and expenses~~all.

~~Inorganic~~GE ~~investments~~spin-offs - ~~Our~~The ~~success~~completed inGE ~~meeting~~HealthCare ~~strategic, operational~~ and ~~financial~~GE ~~objectives~~Vernova ~~can~~separations ~~depend~~entail oncertain ~~our~~risks ~~performance in evaluating~~ and ~~executing~~potential ~~on acquisitions~~liabilities, integrations, dispositions, joint ventures and other inorganic investments. With respect to acquisitions and business integrations, dispositions, separations, joint ventures and other inorganic investments, we may not complete announced transactions on a timely basis or at all, including asthe arisk ~~result~~that ofone ~~regulatory approvals, achieve expected returns, financial~~ or ~~operational~~both ~~synergies~~is ordetermined ~~other~~to ~~benefits~~be on a ~~timely~~taxable ~~basis or at all as a result of changes in strategy, integration challenges, investment risk or other factors~~transaction. ~~Acquisitions~~The ~~may~~GE ~~require~~HealthCare ~~us to use more financial, operational~~ and ~~other~~GE ~~resources~~Vernova onseparations ~~integration~~were ~~and~~effected ~~implementation~~through ~~activities~~spin-offs ~~than~~that wewere ~~expect,~~intended ~~and~~to ~~we may not~~ be ~~able~~tax-free tofor ~~successfully integrate~~ the ~~businesses~~Company orand ~~assets~~its ~~acquired~~shareholders ~~into~~for ~~our existing operations or realize the expected economic or operational benefits of the acquisition~~U.S. ~~Further,~~federal ~~acquired~~income ~~businesses~~tax ~~may present risks and unforeseen difficulties that can arise in integrating operations and systems and in retaining and assimilating employees~~purposes. ~~Declines~~If ineither ~~the value~~ of ~~equity interests or other assets that we sell can diminish~~ the ~~cash~~GE ~~proceeds~~HealthCare ~~that~~or weGE ~~realize,~~Vernova ~~and~~separation ~~our~~transactions ~~ability~~were ~~and~~ultimately ~~timing~~determined to ~~sell~~be ~~can depend on market conditions~~taxable, the ~~liquidity~~Company ofwould ~~the~~incur ~~relevant asset or other restrictions. We may dispose of businesses or assets at~~ a ~~price~~significant ortax ~~on terms that are less favorable than we had anticipated~~liability, orand ~~with~~the ~~purchase~~distributions ~~price~~to ~~adjustments or~~ the ~~exclusion~~Company’s ofshareholders ~~assets~~would orbecome ~~liabilities~~taxable ~~that~~and ~~must~~the beindependent ~~divested,~~companies ~~managed~~might orincur ~~run~~income ~~off~~tax ~~separately~~liabilities. ~~Dispositions~~In oraddition, ~~other business separations also often involve continued financial or operational involvement in~~ the ~~divested~~Company ~~business,~~may ~~such~~be asexposed ~~through~~to ~~continuing~~additional ~~equity ownership~~risks, ~~retained~~including ~~assets~~potential or liabilities, ~~transition~~pursuant ~~services~~to agreements, ~~commercial~~entered ~~agreements,~~into ~~guarantees,~~in ~~indemnities~~connection orwith ~~other~~the ~~current or contingent financial or operational obligations or liabilities. Under these arrangements~~spin-offs, ~~performance by~~ the ~~divested~~credit ~~businesses~~support orprovided ~~other~~to ~~conditions~~GE ~~outside~~Vernova ~~our~~in ~~control~~the ~~could~~event ~~materially~~that ~~affect~~GE ~~our~~Vernova ~~future~~is ~~financial~~unable ~~results.~~to ~~Evaluating~~perform orthe ~~executing~~underlying onobligations ~~all~~(see ~~types~~Note of24) ~~potential or planned portfolio transactions can divert senior management time~~ and ~~resources~~the ~~from other pursuits. We also participate in a number of joint ventures with other companies or government enterprises in~~ various ~~markets~~restructuring ~~around~~and ~~the~~business ~~world,~~transformation ~~including~~actions ~~joint~~that ~~ventures where we~~ have abrought ~~lesser~~changes oracross ~~minimal degree of control over~~ the ~~business~~Company’s ~~operations,~~organizational ~~which expose us to additional operational~~structure, ~~financial,~~senior ~~reputational~~leadership, ~~legal~~functional ~~or compliance risks. Furthermore~~alignment, asoutsourcing ~~our~~ and ~~our~~other ~~joint~~areas. ~~venture~~Any ~~partners’~~of ~~strategies~~these ~~change~~risks orcould ~~general~~result ~~conditions~~in ~~involving~~ a ~~joint~~material ~~venture~~adverse ~~and~~effect ~~its~~on ~~intended~~the ~~purposes~~Company’s ~~evolve~~business, wereputation, ~~may~~results ~~not~~of ~~be able to exit or wind down any unfavorable joint ventures on acceptable terms~~operations, ~~without~~ financial orcondition ~~other~~and ~~concessions~~cash ~~to our joint venture partners or at all~~flows.

~~Recent~~Intellectual ~~spin-offs~~property - ~~The~~Our ~~completed~~intellectual GEproperty ~~HealthCare~~portfolio ~~and~~may GEnot ~~Vernova~~prevent ~~separations~~others ~~entail~~from ~~certain~~independently ~~risks~~developing products and ~~potential~~services ~~liabilities~~comparable or competitive to ours, ~~including~~and ~~the~~we ~~risk~~may ~~that~~be ~~one~~negatively impacted by intellectual property enforcement or ~~both~~external isdependencies. ~~determined~~Our topatents beand aother ~~taxable~~intellectual ~~transaction.~~property ~~The~~may GEnot ~~HealthCare~~prevent others from independently developing or selling products and GEservices ~~Vernova~~comparable ~~separations~~or ~~were~~competitive ~~effected~~to ~~through~~ours, ~~spin-offs~~and there can be no assurance that ~~were~~the ~~intended~~resources invested by us to protect our intellectual property will be ~~tax-free~~sufficient ~~for~~to ~~the~~adequately ~~Company~~prevent ~~and~~infringement, ~~its~~misappropriation ~~shareholders~~or ~~for~~other improper use of our technology, particularly in certain markets outside the U.S. ~~federal~~where ~~income~~strong ~~tax~~intellectual ~~purposes~~property protection mechanisms are lacking. IfTrademark ~~either~~licenses of the GE brand in connection with dispositions, including in connection with the separations of GE HealthCare orand GE Vernova, ~~separation~~may ~~transactions~~negatively ~~were~~impact ~~ultimately~~the ~~determined~~overall tovalue of the brand in the future. We also face potential competition in countries where our patent portfolio may be ~~taxable~~insufficient to protect against infringement in the markets in which we operate. If we are not able to protect or enforce our intellectual property rights, the ~~Company~~value ~~would~~of ~~incur~~our abrand ~~significant~~and ~~tax~~other ~~liability~~intangible assets may be diminished, and ~~the~~our ~~distributions~~business may be adversely affected. We also face attempts, both internally from insider threats and externally from cyber-attacks, to gain unauthorized access to our IT systems or products for the ~~Company’s~~purpose ~~shareholders~~of ~~would~~improperly ~~become~~acquiring ~~taxable~~our ~~and~~trade secrets or other confidential, proprietary information. In addition, we have observed an increase in the ~~new~~use of social engineering tactics by bad actors attempting to access systems storing certain of our trade secrets and other confidential, proprietary information. The theft or unauthorized use or publication of our trade secrets or other confidential, proprietary information as a result of such incidents could adversely affect our competitive

2826 ~~2024~~2025 FORM 10-K

~~independent~~position ~~companies~~and ~~might~~the ~~incur~~value ~~income~~of ~~tax~~certain ~~liabilities~~of our investments in research and development. In addition, we are subject to the ~~Company~~enforcement ~~may~~of ~~not~~patents ~~achieve~~and ~~the~~other ~~anticipated~~asserted ~~benefits~~intellectual ofproperty ~~the~~rights GEby ~~Vernova~~third parties, including aggressive and GEopportunistic ~~HealthCare~~enforcement ~~separations~~claims by non-practicing entities and ~~may~~others. beRegardless ~~exposed~~of totheir ~~additional~~merit, ~~risks~~addressing such claims can be expensive and time-consuming, ~~including~~and ~~potential~~may ~~liabilities~~present ~~pursuant~~challenges tofor ~~agreements~~our ~~entered~~business. ~~into~~Claims inthat ~~connection~~we ~~with~~have ~~the~~infringed ~~spin~~third-~~offs,~~party ~~the~~intellectual ~~credit~~property ~~support~~rights ~~provided~~could toresult GEin ~~Vernova~~us ~~(see~~being ~~the~~enjoined ~~Other~~from ~~Items~~offering –some GEof ~~Vernova~~our ~~Parent~~products ~~Company~~and ~~Guarantees~~services ~~section~~or ~~within~~bringing ~~MD&A)~~to ~~and~~market ~~the~~new ~~various~~products ~~restructuring~~and services and ~~business~~require ~~transformation~~us ~~actions~~to ~~that~~pay ~~have~~substantial ~~brought~~damages. ~~changes~~The ~~across~~value ~~the~~of, ~~Company’s~~or ~~organizational~~our ~~structure,~~ability ~~senior~~to ~~leadership~~use, ~~functional~~our ~~alignment,~~intellectual ~~outsourcing~~property ~~and~~may ~~other~~also ~~areas.~~be ~~Any~~negatively ofimpacted ~~these~~by ~~risks~~dependencies ~~could~~on ~~result~~third inparties, asuch ~~material~~as ~~adverse~~our ~~effect~~ability onto ~~the~~obtain ~~Company’s~~or ~~business~~renew on reasonable terms, ~~reputation~~or at all, ~~results~~licenses offrom ~~operations~~such third parties, ~~financial~~or ~~condition~~our ~~and~~ability ~~cash~~to ~~flows~~secure or retain ownership or sufficient rights to use data in certain software analytics or services offerings.

Intellectual property - Our intellectual property portfolio may not prevent others from independently developing products and services comparable or competitive to ours, and we may be negatively impacted by intellectual property enforcement or external dependencies. Our patents and other intellectual property may not prevent others from independently developing or selling products and services comparable or competitive to ours, and there can be no assurance that the resources invested by us to protect our intellectual property will be sufficient to adequately deter infringement, misappropriation or other improper use of our technology, particularly in certain markets outside the U.S. where strong intellectual property protection mechanisms are lacking. Trademark licenses of the GE brand in connection with dispositions, including in connection with the separations of GE HealthCare and GE Vernova into independent companies, may negatively impact the overall value of the brand in the future. We also face potential competition in countries where we have not invested in a patent portfolio. If we are not able to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected. We also face attempts, both internally from insider threats and externally from cyber-attacks, to gain unauthorized access to our IT systems or products for the purpose of improperly acquiring our trade secrets or confidential business information. In addition, we have observed an increase in the use of social engineering tactics by bad actors attempting to access systems storing certain of our trade secrets and other confidential business information. The theft or unauthorized use or publication of our trade secrets or other confidential business information as a result of such incidents could adversely affect our competitive position and the value of certain of our investments in research and development. In addition, we are subject to the enforcement of patents and other apparent intellectual property rights by third parties, including aggressive and opportunistic enforcement claims by non-practicing entities. Regardless of their merit, responding to such claims can be expensive and time-consuming. We also may be found to infringe third-party rights, which could result in us being enjoined from offering some of our products and services or bringing to market new products and services, and require us to pay substantial damages. The value of, or our ability to use, our intellectual property may also be negatively impacted by dependencies on third parties, such as our ability to obtain or renew on reasonable terms, or at all, licenses that we need in the future, or our ability to secure or retain ownership or rights to use data in certain software analytics or services offerings.

OPERATIONAL RISKS. Operational risk relates to risks arising from systems, processes, people and external events that affect the operation of our business. It includes risks related to product safety, quality and performance; supply chain and business disruption; operational execution across product and service life cycles; and information management and data protection and security, including cybersecurity.

Product safety and quality - Our products and services are highly sophisticated and specialized, and a major failure or quality issue affecting our products or third-party products with which our products are integrated can adversely affect our business, reputation, financial position, results of operations and cash flows. We produce highly sophisticated products, including commercial and defense aircraft engines, integrated engine components and electric power and aircraft systems, and we provide specialized services for products that incorporate or use complex or leading-edge technology, including both hardware and software. Accordingly, the adverse impact of product safety or quality issues can be significant. Actual or perceived design, production, performance, durability or other product safety or quality issues related to new product introductions or existing product lines can result in financial and reputational harm to our business~~, in addition to the potential need for increased inspections and shop visits, and direct warranty, maintenance and other costs that may arise~~. In addition, a catastrophic product failure or similar event resulting in injuries or death, a fleet grounding or ~~similar~~other systemic consequences could have a material adverse effect on our business, reputation, financial position, cash flows and results of operations. Even when there have not been significant or widespread product failures in the field, many of our products and services must function under demanding operating conditions and meet exacting and evolving certification, performance, reliability and durability standards that we, our customers or regulators adopt. Developing and maintaining products that meet or exceed these standards can be costly and technologically challenging, and may also involve extensive coordination of suppliers and highly skilled labor from thousands of workers;. aA failure to deliver products and services that meet these standards could have significant adverse financial, competitive or reputational effects. Technical, mechanical and other failures occur from time to time, whether as a result of human factors, manufacturing or design defects, or operational process or production issues attributable to us, our customers, suppliers, third-party integrators or others.

In some circumstances we have also incurred, and in the future we may incur, increased costs, delayed payments or lost equipment or services revenue in connection with a significant issue with a third-party product with which our products are integrated, or if parts or other components that we incorporate in our products have defects or other quality issues. For example, a prolonged aircraft grounding, certification or production delays or other adverse developments with aircraft powered by our engines can pose risks to our business. There can be no assurance that the operational processes around sourcing, product design, manufacture, performance and servicing that we or our customers or other third parties have designed to meet rigorous regulatory and quality standards will be sufficient to prevent us or our customers or other third parties from experiencing operational process or product failures and other problems, including through human factors, manufacturing or design defects, process or other failures of contractors, or third-party suppliers, service providers or brokers, cyber-attacks or other intentional acts, software vulnerabilities or malicious software, that could result in potential product, safety, quality, regulatory or environmental risks.

~~2024~~Supply ~~FORM~~chain 10-K 29Significant input shortages, supplier capacity constraints, supplier or customer production disruptions, supplier quality and sourcing issues or price increases have increased, and may continue to increase, our operating costs and can adversely impact the competitive positions of our products. Our reliance on third-party suppliers, partners, contract manufacturers and service providers and on commodity markets to secure raw materials, parts, components and sub-systems used in our products exposes us to volatility in the prices and availability of these materials, parts, components, systems and services. As our supply chains are complex and extend into many different countries and regions around the world, we are also subject to global economic and geopolitical dynamics and risks associated with exporting components manufactured in particular countries for incorporation into finished products completed in other countries. We operate in a supply-constrained environment and are facing, and may continue to face, supply-chain shortages, inflationary pressures, shortages of skilled labor, transportation and logistics challenges and manufacturing disruptions that impact our revenue, profitability and timeliness in fulfilling customer orders. We anticipate supply chain pressures across our business will continue to challenge and adversely affect our operations and financial performance for some period of time. For example, successfully executing the significant delivery ramp for new unit production and servicing in connection with the growth of newer engine platforms such as LEAP depends in part on our suppliers having access to the materials, skilled labor and production capacity they require and making timely deliveries to us, as well as meeting the required safety, quality and performance standards for aerospace applications. In addition, some of our suppliers or their sub-suppliers are limited- or sole-source suppliers, and our ability to meet our obligations to customers depends on the performance, product quality, continued product availability, viability and stability of such suppliers. We also have dependencies on key internal manufacturing or other facilities. Disruptions in deliveries, capacity constraints, production disruptions up- or down-stream, price increases, or decreased availability of raw materials or commodities, including as a result of war, natural disasters, actual or threatened public health pandemics or emergencies, governmental, legislative or regulatory actions (including international trade controls or other restrictions on the use of particular materials or suppliers), or other business continuity events, adversely affect our operations and, depending on the length and severity of the disruption, can limit our ability to meet our commitments to customers or significantly impact our operating profit or cash flows. Further, a prolonged disruption at a significant supplier or discontinuation of an important material, part, component or system can

~~Supply~~2025 ~~chain~~FORM 10-K Significant input shortages, supplier capacity constraints, supplier or customer production disruptions, supplier quality and sourcing issues or price increases have increased, and may continue to increase, our operating costs and can adversely impact the competitive positions of our products. Our reliance on third-party suppliers, partners, contract manufacturers and service providers and on commodity markets to secure raw materials, parts, components and sub-systems used in our products exposes us to volatility in the prices and availability of these materials, parts, components, systems and services. As our supply chains are complex and extend into many different countries and regions around the world, we are also subject to global economic and geopolitical dynamics and risks associated with exporting components manufactured in particular countries for incorporation into finished products completed in other countries. We operate in a supply-constrained environment and are facing, and may continue to face, supply-chain shortages, inflationary pressures, shortages of skilled labor, transportation and logistics challenges and manufacturing disruptions that impact our revenue, profitability and timeliness in fulfilling customer orders. We anticipate supply chain pressures across our business will continue to challenge and adversely affect our operations and financial performance for some period of time. For example, successfully executing the significant production and delivery ramp efforts in connection with the growth of newer engine platforms such as the LEAP depends in part on our suppliers having access to the materials, skilled labor and production capacity they require and making timely deliveries to us, as well as meeting the required safety, quality and performance standards for commercial and military aviation. In addition, some of our suppliers or their sub-suppliers are limited- or sole-source suppliers, and our ability to meet our obligations to customers depends on the performance, product quality, continued product availability and stability of such suppliers. We also have dependencies on certain key internal manufacturing or other facilities. Disruptions in deliveries, capacity constraints, production disruptions up- or down-stream, price increases, or decreased availability of raw materials or commodities, including as a result of war, natural disasters (including the effects of climate change such as sea level rise, drought, flooding, wildfires and more intense weather events), actual or threatened public health pandemics or emergencies, governmental, legislative or regulatory actions, or other business continuity events, adversely affect our operations and, depending on the length and severity of the disruption, can limit our ability to meet our commitments to customers or significantly impact our operating profit or cash flows. Further, a prolonged disruption at a significant supplier or discontinuation of an important material, part, component or system can require us to identify and qualify a new supplier or develop other manufacturing or production alternatives; this can require substantial time to implement, particularly if it involves new regulatory certifications, and can lead to costs or delays that adversely impact our production timelines, fulfillment of customer contracts, revenue, profitability, cash flows and reputation. Quality, capability, compliance and sourcing issues experienced by third-party providers can also adversely affect our costs, profitability and the quality and effectiveness of our products and services and result in liability and reputational harm. The harm to us could be significant if, for example, a quality issue at a supplier or with components that we integrate into our products results in a widespread quality issue across one of our product lines or our installed base of equipment. In addition, our suppliers may experience cyber-related attacks, which could negatively impact their ability to meet their delivery obligations to us and in turn have an adverse effect on our ability to meet our commitments to customers.27

~~Operational~~require ~~execution~~us -to ~~Operational~~identify ~~challenges~~and ~~could~~qualify ~~have~~ a ~~material~~new ~~adverse~~supplier ~~effect~~or ondevelop ~~our~~other ~~business,~~manufacturing ~~reputation,~~or ~~financial~~production ~~position,~~alternatives; ~~results~~this ofcan ~~operations~~require ~~and~~substantial ~~cash~~time ~~flows. Our financial results depend on the successful execution of our business plans and commercial arrangements across all steps of the product and service life cycle. We seek~~ to ~~improve~~implement, ~~our~~particularly ~~operations~~if ~~and~~it ~~execution~~involves onnew anregulatory ~~ongoing basis~~certifications, and ~~our~~can ~~ability~~lead to ~~make~~costs ~~the~~or ~~desired~~delays ~~improvements~~that isadversely animpact ~~important factor in~~ our ~~profitability~~production ~~and overall financial performance. For example~~timelines, wefulfillment ~~often~~of ~~enter~~customer ~~into long-term service agreements in connection with significant~~ contracts, ~~for~~revenue, ~~the~~profitability, ~~sale~~cash offlows ~~our products~~ and ~~services (see Note 1)~~reputation. ~~In connection with these agreements~~Quality, ~~we must accurately estimate our costs associated with delivering the products~~capability, ~~product~~compliance ~~durability~~ and ~~reliability,~~sourcing ~~and~~issues ~~the~~experienced ~~provision~~by ofthird-party ~~services~~providers ~~over~~can ~~time~~also inadversely ~~order~~affect ~~to be competitive and profitable and to generate acceptable returns on~~ our ~~investments. A failure to appropriately estimate~~costs, ~~plan~~profitability ~~for~~and orthe ~~execute~~quality ~~our~~and ~~business~~effectiveness ~~plans~~of ~~may adversely affect~~ our ~~delivery of~~ products and services ~~in line with our projected financial performance or cost estimates,~~ and ~~ultimately may~~ result in ~~excess~~liability ~~costs, build-up of inventory that becomes obsolete, lower profit margins~~ and anreputational ~~erosion of our competitive position~~harm. WeThe ~~also~~harm ~~face~~to ~~operational~~us ~~risks~~could inbe ~~connection~~significant ~~with~~if, ~~launching~~for orexample, ~~ramping~~a ~~newer~~quality ~~product~~issue ~~platforms,~~at ~~such~~a assupplier ~~the LEAP~~ or ~~GE9X engines. Particularly~~ with ~~newer~~components ~~product~~that ~~platforms and technologies,~~ we ~~seek~~integrate tointo ~~reduce~~our ~~the costs of these~~ products ~~over~~results ~~time~~in ~~through~~a ~~experience~~widespread ~~and~~quality ~~other~~issue ~~measures,~~across ~~including~~one ~~the introduction~~ of ~~new designs, technologies, manufacturing methods and suppliers. Risks related to engineering,~~ our ~~supply chain, the availability of skilled labor,~~ product ~~quality,~~lines ~~product durability, the cost of producing complex materials~~ or ~~components, regulatory approvals, timely delivery or other aspects of operational execution can adversely affect~~ our ~~ability~~installed ~~to achieve those cost reductions and to meet contract obligations and customers’ expectations, as well as our business plan objectives~~base. ~~A strike or other labor disruption could also adversely affect our production, delivery, financial performance and reputation, and we are due in 2025 to renegotiate expiring labor union contracts.~~ In addition, ~~many of~~ our ~~customer~~suppliers ~~contracts~~may ~~are~~experience ~~complex~~cyber-related ~~and~~attacks, ~~contain~~which ~~provisions that~~ could ~~cause~~negatively usimpact totheir ~~incur~~ability ~~penalties, be liable for liquidated or actual damages and incur unanticipated expenses with respect~~ to ~~the~~meet ~~timely~~their delivery, ~~functionality,~~obligations ~~deployment,~~to ~~operation~~us and ~~durability of our products, solutions and services. Operational failures that result~~ in ~~product~~turn ~~safety or quality problems or potential environmental, health or other risks could~~ have aan ~~material~~ adverse effect on our ~~business,~~ability ~~reputation,~~to ~~financial~~meet ~~position,~~our ~~cash~~commitments ~~flows~~to ~~and results of operations~~customers.

~~Cybersecurity~~Operational execution - ~~Increased~~Operational ~~cybersecurity~~challenges ~~requirements~~in the execution of our business plans could have a material adverse effect on our business, ~~vulnerabilities~~reputation, ~~threats~~financial position, results of operations and ~~more~~cash ~~sophisticated~~flows. Our financial results depend on the successful execution of our business plans and ~~targeted~~commercial ~~attacks,~~arrangements asacross ~~well~~all assteps ~~failures~~of the product and service life cycle. We seek to improve our operations and execution on an ongoing basis, ~~pose~~and ~~risk~~our ability to make the desired improvements is an important factor in our profitability and ~~many~~overall ~~critical~~financial ~~third~~performance. ~~parties'~~For ~~systems~~example, ~~networks~~we often enter into long-term service agreements in connection with significant contracts for the sale of our products and services (see Note 1). In connection with these agreements, we must accurately estimate our costs associated with delivering the products, ~~solutions~~product durability and reliability, and the provision of services over time in order to be competitive and ~~data~~to generate acceptable returns on our investments. ~~Increased~~A ~~global~~failure ~~cybersecurity~~to ~~requirements,~~accurately ~~vulnerabilities~~estimate, ~~threats,~~plan ~~computer~~for ~~viruses~~or execute our business plans may adversely affect our delivery of products and ~~more~~services ~~sophisticated~~in line with our projected financial performance or cost estimates, and ~~targeted~~ultimately ~~cyber~~may result in excess costs, build-~~related~~up ~~attacks~~of ~~such~~inventory asthat ~~ransomware~~becomes obsolete, aslower ~~well~~profit asmargins ~~cybersecurity~~and ~~failures~~an ~~resulting~~erosion ~~from~~of ~~human~~our competitive position. We also face operational risks in connection with launching or ~~technological~~ramping ~~errors~~newer product platforms, ~~pose~~such ~~risk~~as tothe LEAP or GE9X engines. For example, the ~~security~~anticipated significant growth of ~~our~~the LEAP installed base and ~~our~~services ~~customers',~~in ~~partners',~~the ~~suppliers'~~coming years will require considerable effort and ~~third-party~~execution ~~service~~to ~~providers'~~meet ~~infrastructure~~the delivery, ~~products~~performance, ~~systems~~durability, time on wing and ~~networks~~repair turnaround time expectations of customers. As we introduce newer product platforms and technologies, we seek to reduce the ~~confidentiality,~~costs ~~availability~~of these products over time through our experience and ~~integrity~~other measures, including the introduction of GEnew ~~Aerospace~~designs, technologies, manufacturing methods and ~~customers'~~suppliers. ~~data~~Risks related to engineering, asour ~~well~~supply aschain, ~~associated~~the ~~financial~~availability ~~and~~of ~~reputational~~skilled ~~risks.~~labor, ~~The~~potential ~~perpetrators~~strikes or other labor disruptions, product quality, performance or durability, the cost of ~~such~~producing ~~attacks~~complex ~~include~~materials ~~sophisticated~~or ~~malicious~~components, ~~actors~~regulatory approvals, ~~including~~timely ~~states~~delivery ~~and~~or ~~state-affiliated~~other ~~actors~~aspects ~~targeting~~of ~~critical~~operational ~~infrastructure.~~execution ~~The~~can ~~risks~~adversely inaffect ~~this~~our ~~area~~ability ~~continue~~to achieve those cost reductions and to ~~grow,~~meet contractual obligations and wecustomers’ ~~expect~~expectations, ~~cyberattacks~~as ~~will~~well ~~continue~~as toour ~~accelerate~~business onplan aobjectives. ~~global~~In ~~basis~~addition, inmany ~~frequency~~of our customer contracts are complex and ~~impact~~contain asprovisions ~~threat~~that ~~actors~~could ~~increasingly~~cause ~~use~~us ~~artificial~~to ~~intelligence~~be liable for liquidated or actual damages and ~~other~~incur ~~techniques~~unanticipated expenses with respect to ~~circumvent~~the ~~security~~timely ~~controls~~delivery, ~~evade~~functionality, ~~detection~~deployment, operation and ~~remove~~durability ~~forensic~~of ~~evidence~~our products, solutions and services. AsOperational afailures that result in product safety or quality problems or potential environmental, ~~there~~health ~~can~~or beother norisks ~~assurance~~could ~~that~~have a material adverse effect on our ~~cybersecurity~~business, ~~risk~~reputation, ~~management~~financial ~~processes~~position, cash flows and results of operations.

30Cybersecurity ~~2024~~- ~~FORM~~Increased 10cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted attacks, as well as failures, pose risk to our and many critical third parties' systems, networks, products, solutions, services and data. Increased global cybersecurity requirements, vulnerabilities, threats, computer viruses and more sophisticated and targeted cyber-Krelated attacks such as ransomware, as well as cybersecurity failures resulting from human or technological errors, pose risk to the security of our and our customers', partners', suppliers' and third-party service providers' infrastructure, products, systems and networks and the confidentiality, availability and integrity of GE Aerospace and customers' data, as well as associated financial and reputational risks. The perpetrators of such attacks include sophisticated malicious actors, including states and state-affiliated actors targeting critical infrastructure. The risks in this area continue to grow, and we expect cyberattacks will continue to accelerate on a global basis in frequency and impact as threat actors increasingly use artificial intelligence and other techniques to circumvent security controls, evade detection and remove forensic evidence. As a result, there can be no assurance that our cybersecurity risk management processes, including our policies and controls, will be effective in promptly or effectively detecting, containing or remediating cybersecurity attacks, which may result in material harm to our systems, information or business.

~~including~~We ~~our~~have ~~policies~~experienced, and ~~controls~~expect to continue to experience, cyberattacks of varying degrees of sophistication and various cybersecurity incidents, such as distributed denial of service attacks and phishing attacks that resulted in unauthorized access to systems and data. While to date no incidents have materially impacted our business, there is no guarantee that material incidents will benot ~~effective~~occur in ~~promptly~~the future. It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for sophisticated attacks. This may inhibit our ability to provide prompt, full and reliable information about the incident to our customers, suppliers, regulators and the public. A significant cyber-related attack against us, a key third-party system or ~~effectively~~a ~~detecting~~network that we use, ~~containing~~or in our sector, such as an attack on commercial aircraft (even if such an attack does not involve our products, services or ~~remediating~~systems), could adversely affect our business. We assess and monitor our suppliers’ cybersecurity ~~attacks~~practices, ~~which~~but our suppliers from time to time still experience and will continue to experience cybersecurity incidents that compromise data and/or disrupt their operations and may ~~result~~adversely inimpact ~~material~~our ~~harm~~business. The increasing degree of interconnectedness that we have with our partners, suppliers and customers also poses a risk to the security of our ~~systems~~network as well as the larger ecosystem in which we operate. In addition, ~~information~~we may acquire companies with cybersecurity vulnerabilities or ~~business~~unsophisticated security measures, which in turn would expose us to cybersecurity, operational, and financial risks. Our risk mitigation efforts may fail to prevent, detect and limit the impact of cyber-related attacks, and we remain vulnerable to known and unknown cybersecurity threats.

WeThe ~~have~~continued ~~experienced,~~adoption ~~and~~of ~~expect~~new totechnologies ~~continue~~across toour ~~experience,~~business ~~cyberattacks~~and ofby ~~varying~~our ~~degrees~~customers ~~of sophistication~~ and ~~various cybersecurity incidents~~suppliers, ~~such~~including asemerging ~~distributed~~technologies, ~~denial~~system ofmigrations ~~service attacks~~ and ~~phishing~~network ~~attacks. It may take considerable time for us to investigate and evaluate the full impact of incidents~~transitions, ~~particularly~~also ~~for~~increases ~~sophisticated attacks. This may inhibit~~ our ~~ability~~exposure to ~~provide~~cybersecurity ~~prompt,~~threats. ~~full~~Any ~~and~~vulnerability ~~reliable~~or ~~information~~compromise ~~about~~in ~~the incident to~~ our ~~customers,~~or ~~suppliers, regulators and the public. A significant cyber-related attack against us,~~ a ~~key~~ third-party ~~system~~product or(for ~~a network that we use~~example, oropen-source insoftware) exposes our ~~sector~~systems, ~~such as an attack on commercial aircraft (even if such an attack does not involve our products~~networks, ~~services~~software or ~~systems),~~connected ~~could~~products ~~adversely~~to ~~affect~~malicious ~~our~~actors ~~business. The large number of suppliers~~ that weseek ~~work~~to ~~with~~misuse requires significant effort for the initial and ongoing verification of the effective implementation of cybersecurity requirements by suppliers. The increasing degree of interconnectedness that we have with our ~~partners~~products, ~~suppliers~~steal ~~and~~intellectual ~~customers~~property, ~~also~~misappropriate ~~poses a risk to the security of our network as well as the larger ecosystem in which we operate. Our risk mitigation efforts may fail to prevent~~sensitive, ~~detect~~confidential ~~and~~or ~~limit~~personal ~~the impact of cyber-related attacks~~data, ~~and~~or ~~we remain vulnerable to known and unknown cybersecurity threats.~~

~~The~~28 ~~continued~~2025 ~~adoption~~FORM of new technologies across our business and by our suppliers, including emerging technologies, system migrations and network transitions, also increases our exposure to cybersecurity threats. Any unknown vulnerability or compromise in our or a third10-party product (for example, open source software) exposes our systems, networks, software or connected products to malicious actors that seek to misuse our products, steal intellectual property, misappropriate sensitive, confidential or personal data, or create safety risks or unavailability of equipment. In addition, given the nature of complex systems, software and services like ours, and the scanning tools that we deploy in relation to our networks, infrastructure and products, we regularly identify and track security vulnerabilities. We are not always able to comprehensively apply patches or mitigating measures or ensure that patches are applied before vulnerabilities can be exploited. We also have access to sensitive, classified, confidential or personal data or information that is subject to privacy and security laws, regulations or customer-imposed controls. We are vulnerable to security breaches, theft, misplaced, lost or corrupted data, programming errors and misconfigurations, employee errors (including as a result of social engineering/phishing) and/or malfeasance (including misappropriation by insiders or departing employees) that may compromise sensitive, classified, confidential or personal data or information, improper use of our systems, software solutions or networks, unauthorized access, use, disclosure, modification or destruction of or denial of access to information, defective products, production downtimes and operational disruptions. In addition, a cybersecurity incident that impacts our partners, suppliers or customers could compromise our systems and impact our intellectual property, personal data or other confidential information, or result in production downtimes and operational disruptions that could cause us to breach our commitments to customers. Any security vulnerability or malicious software in a product used by a partner or supplier to deliver a service or embedded in a product that is later integrated into a GE Aerospace product could lead to a vulnerability in the security of GE Aerospace’s product or, if used internally in our network environment, to a compromise of the GE Aerospace network, which may lead to the loss of information or operational disruptions. K

~~Cybersecurity-related~~create ~~and~~safety ~~data~~risks ~~privacy~~or ~~and~~unavailability ~~protection~~of ~~laws~~equipment. ~~and~~In ~~regulatory~~addition, ~~regimes~~given ~~are~~the ~~evolving,~~nature ~~can~~of ~~vary~~complex ~~significantly~~systems, bysoftware ~~country~~ and ~~present~~services ~~increasing~~like ~~compliance challenges~~ours, and the scanning tools that we ~~from~~deploy ~~time~~in relation to ~~time~~our ~~receive~~networks, infrastructure and inproducts, ~~the~~we ~~future~~regularly ~~will~~identify ~~likely~~and ~~receive,~~track ~~regulatory~~cybersecurity ~~inquiries~~vulnerabilities. ~~about~~We ~~specific~~are ~~incidents~~not oralways ~~aspects~~able ofto ~~our~~comprehensively ~~cybersecurity~~apply ~~framework;~~patches ~~these~~or ~~dynamics~~mitigating ~~increase~~measures ~~our~~or ~~costs,~~ensure ~~affect~~that ~~our~~patches ~~competitiveness~~are ~~and~~applied before vulnerabilities can ~~expose~~be usexploited. We also have access to ~~fines~~sensitive, classified, confidential or ~~other~~personal ~~penalties~~data ~~and~~or ~~reputational~~information ~~risks.~~that Inis ~~addition~~subject to privacy and security laws, ~~cybersecurity~~regulations ~~incidents~~or ~~can~~customer-imposed ~~result~~controls. inWe ~~other~~are ~~negative~~vulnerable ~~consequences~~to security breaches; theft; misplaced, ~~regardless~~lost ofor ~~whether~~corrupted ~~the~~data; ~~direct~~programming ~~effects~~errors; misconfigurations; employee errors (including as a result of ansocial ~~incident~~engineering/phishing); ~~are~~and/or ~~significant,~~malfeasance (including ~~damage~~misappropriation toby ~~our~~insiders ~~reputation~~ or ~~competitiveness,~~departing ~~restoration~~employees) ~~and~~that ~~remediation~~may ~~costs~~compromise sensitive, ~~increased~~classified, ~~digital~~confidential ~~infrastructure~~ or ~~related~~personal ~~costs~~data ~~that~~or ~~are~~information; ~~not~~improper ~~covered~~use byof ~~insurance~~our systems, ~~and~~software ~~costs~~solutions or ~~fines~~networks; ~~arising~~unauthorized ~~from~~access, ~~litigation~~use, disclosure, modification or ~~regulatory~~destruction ~~investigations~~of or ~~actions~~denial of access to information; vulnerable products; production downtimes; and operational disruptions. ~~While~~In weaddition, ~~carry~~a ~~cyber~~cybersecurity ~~insurance~~incident that impacts our partners, wesuppliers ~~cannot~~or becustomers ~~certain~~could ~~that~~compromise our ~~coverage~~systems ~~will~~and beimpact ~~adequate~~our ~~for~~intellectual ~~liabilities~~property, ~~actually~~personal ~~incurred~~data or other confidential information, or result in production downtimes and operational disruptions that ~~insurance~~could ~~will~~cause ~~continue~~us to bebreach ~~available~~our commitments to uscustomers. onAny ~~economically~~security ~~reasonable~~vulnerability ~~terms,~~or malicious software in a product used by a partner or atsupplier ~~all,~~to deliver a service or embedded in a product that ~~any~~is ~~insurer~~later ~~will~~integrated ~~not~~into ~~deny~~a ~~coverage~~GE asAerospace product could lead to ~~any~~a ~~future~~vulnerability ~~claim~~in the security of GE Aerospace’s product or, if used internally in our network environment, to a compromise of the GE Aerospace network, which may lead to the loss of information or operational disruptions.

Cybersecurity and data privacy laws are rapidly evolving, vary significantly by country, and present increasing compliance challenges. We periodically receive regulatory inquiries regarding specific incidents or aspects of our cybersecurity framework, which can increase costs, affect competitiveness, and expose us to fines, penalties, or reputational risks. Expanding global cybersecurity requirements, such as the Department of War's NIST and Cybersecurity Maturity Model Certification requirements, also impose additional obligations on us and our suppliers, heightening the risk of noncompliance, operational disruptions and regulatory enforcement. In addition, cybersecurity incidents can result in other negative consequences, regardless of whether the direct effects of an incident are significant, including damage to our reputation or competitiveness, restoration and remediation costs, increased digital infrastructure or related costs that are not covered by insurance, and costs or fines arising from litigation or regulatory investigations or actions. While we carry cyber insurance, we cannot be certain that our coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim.

FINANCIAL RISKS. Financial risk relates to our ability to meet financial goals and obligations and mitigate exposure to broad market risks. In addition to the risks to financial performance that most of the items described throughout our risk factors pose, financial risks include credit risk; funding and liquidity risks; and volatility in foreign currency exchange rates, interest rates and commodity prices. We also face financial risks associated with our run-off insurance and banking operations. Credit risk is the risk of financial loss arising from a customer or counterparty failure to meet its contractual obligations. Liquidity risk refers to the potential inability to meet contractual or contingent financial obligations (whether on- or off-balance sheet) as they arise, and could potentially impact our financial condition, cash flow or overall safety and soundness.

Customers and counterparties - Global economic, industry-specific or other developments that weaken the financial condition, soundness or continuity of significant customers, governments, government programs or other parties we deal with can adversely affect our business, results of operations and cash flows. Our business and operating results have been, and will continue to be, affected by worldwide economic conditions, including conditions in the aerospace and defense sector. Activity in our sector is also particularly influenced by the actions of a small group of large original equipment manufacturers, as well as large airlines in various geographies. We have significant business with, and credit exposure to, some of our largest customers and accordingly our performance can be adversely affected by challenges that individual customers or the industry faces related to factors such as competition, regulatory oversight and certifications, the need for cost reduction, financial stability and soundness, supply chain or labor shortages or disruptions, production schedules, the cost of jet fuel, the availability of aircraft leasing and financing alternatives, interest rates, the retirement of older aircraft and other dynamics affecting the original equipment and aftermarket service markets, or by a significant disruption of air travel demand. Further, changes in the relative value of various national currencies (especially the reduction in the valuation of a home currency against the value of currencies used to purchase and maintain aircraft and aircraft engines) may impact our customers and other industry participants. Existing or potential customers may delay or cancel plans to purchase our products and services and may not be able to fulfill their obligations to us in a timely fashion or at all as a result of certification delays or production challenges, business deterioration, cash flow shortages or difficulty obtaining funding or due to macroeconomic conditions, geopolitical disruptions, changes in law or other challenges that they face. The airline industry has historically been highly cyclical, and sustained economic growth and political stability in both developed and emerging markets are principal factors underlying long-term air traffic growth; the current macroeconomic and geopolitical environment and the potential for recession or armed conflict pose risks to the rate of that growth. A potential future disruption in connection with a terrorist incident, war, cyberattack, actual or threatened public health pandemic or emergency or recessionary economic environment that results in the loss of business and leisure traffic could also adversely affect our customers, their ability to fulfill their obligations to us in a timely fashion or at all, demand for our products and services and the viability of a customer’s business. (See also Risk Factors - Commercial aviation sector.) In addition, our customers include governmental entities within and outside the U.S., including the U.S. federal government. Sustained and increased funding from government customers supports research, new product development, production and aftermarket business for our defense business, and a variety of domestic and international political, macroeconomic and geopolitical factors, including recession, and changes in priorities, as well as our relationship with government customers, can materially affect their willingness and ability to secure budget support and fund these activities year after year. If there is significant deterioration in the global economy, in our sector, in financial markets or with particular significant counterparties, our results of operations, financial position and cash flows could be materially adversely affected.

~~2024~~2025 FORM 10-K 3129

~~face.~~Run-off ~~The~~insurance ~~airline~~and ~~industry~~banking ~~has~~operations ~~historically~~- ~~been~~We ~~highly~~continue ~~cyclical,~~to ~~and~~have ~~sustained~~exposure ~~economic~~to ~~growth~~our run-off insurance operations and ~~political~~Bank ~~stability~~BPH mortgage portfolio in ~~both~~Poland. ~~developed~~While ~~and~~in ~~emerging~~recent ~~markets~~years ~~are~~we ~~principal~~have ~~factors~~greatly ~~underlying~~reduced ~~long-term~~the ~~air~~scope ~~traffic~~of ~~growth;~~GE's ~~the~~former ~~current~~financial ~~macroeconomic~~services operations, we continue to retain significant exposure to legacy insurance and ~~geopolitical~~other ~~environment~~financial services operations that will run off over a long period of time and, in the ~~potential~~event ~~for~~of ~~recession~~future adverse developments, could cause funding or ~~armed~~liquidity ~~conflict~~stress. ~~pose~~For ~~risks~~example, toit ~~the~~is ~~rate~~possible that results of ~~that~~our ~~growth.~~statutory Atesting ~~potential~~of ~~future~~insurance ~~disruption~~reserves in ~~connection~~future ~~with~~years will require additional capital contributions to our insurance subsidiaries. Our statutory testing of insurance reserves is subject to a ~~terrorist~~variety ~~incident~~of assumptions, ~~war~~including assumptions about inflation, ~~cyberattack~~the discount rate (which is sensitive to changes in market interest rates), ~~actual~~morbidity, ormortality ~~threatened~~and ~~public~~future ~~health~~long-term ~~pandemic~~care orpremium ~~emergency~~increases. orFuture ~~recessionary~~adverse ~~economic~~changes ~~environment~~to ~~that~~these ~~results~~assumptions in(to the ~~loss~~extent ofnot ~~business~~offset ~~and~~by ~~leisure~~any ~~traffic~~favorable changes to these assumptions) could ~~also~~result ~~adversely~~in ~~affect~~an ~~our~~increase ~~customers,~~to ~~their~~future ~~ability~~policy benefit reserves and, potentially, to ~~fulfill~~the ~~their~~amount ~~obligations~~of capital we are required to uscontribute to our insurance subsidiaries (as discussed in athe ~~timely~~Other ~~fashion~~Items or- atInsurance ~~all~~section within the MD&A). In addition, ~~demand~~we ~~for~~have ~~our~~exposure ~~products~~to ~~and~~various ~~services~~financial counterparties that pose credit and other risks in the ~~viability~~event of ainsolvency ~~customer’s~~or ~~business~~other default. ~~(See~~For ~~also~~example, ~~Risk~~a ~~Factors~~portion of our run-off ~~Commercial~~insurance ~~aviation~~operations’ ~~sector~~assets are held in trust accounts associated with reinsurance contracts.) InFor ~~addition~~our UFLIC subsidiary, ~~our~~such ~~customers~~trust ~~include~~assets ~~governmental~~are ~~entities~~currently ~~within~~held ~~and~~in ~~outside~~trusts for the ~~U.S.~~benefit of insurance company subsidiaries of Genworth, ~~including~~which has stated in the ~~U.S.~~past ~~federal~~that ~~government~~it will not bolster the capital position of its insurance subsidiaries. ~~Sustained~~Solvency ~~and~~or ~~increased~~other ~~funding~~concerns ~~from~~about ~~government~~Genworth ~~customers~~or ~~supports~~its ~~research,~~insurance ~~new~~company ~~product~~subsidiaries ~~development~~may cause those subsidiaries or their regulators to take or attempt to take actions that could adversely affect UFLIC, ~~production~~including control over assets in the relevant trusts. It is also possible that additional contingent liabilities and ~~aftermarket~~loss ~~business~~estimates for ~~our~~Bank ~~defense business~~BPH, ~~and~~in aconnection ~~variety~~with the ongoing litigation in Poland related to its portfolio of ~~domestic~~residential ~~and~~mortgage ~~international~~loans ~~political~~denominated in or indexed to foreign currencies (see Note 24), ~~macroeconomic~~will need to be recognized (or loss estimates may increase in the future) and ~~geopolitical~~will ~~factors,~~require ~~including~~additional ~~recession,~~capital ~~can~~contributions. ~~materially~~Regulatory ~~affect~~requirements ~~our~~and ~~customers’~~agreements ~~ability~~with respect to ~~secure~~our ~~budget~~run-off ~~support~~insurance operations and ~~fund~~Bank ~~these~~BPH ~~activities~~require ~~year~~us ~~after~~to ~~year.~~maintain Weadequate ~~also~~levels atof ~~times~~capital ~~face~~and ~~greater~~could ~~challenges~~require ~~collecting~~additional oninfusion ~~receivables~~of ~~with~~capital ~~customers~~if ~~that~~the required levels are ~~sovereign~~not ~~governments~~maintained. orThough ~~located~~we inmay ~~emerging~~consider ~~markets.~~strategic Ifoptions ~~there~~to isaccelerate ~~significant~~the ~~deterioration~~further reduction in the ~~global~~size ~~economy,~~of inthese ~~our~~remaining ~~sector~~financial services operations, insuch options may not be viable or attractive because of the associated cash payments, financial ~~markets~~charges or ~~with~~other ~~particular~~adverse ~~significant~~effects. ~~counterparties~~There can be no assurance that future liabilities, ~~our~~losses ~~results~~or impairments to the carrying value of assets within our financial services operations would not materially and adversely affect our business, financial position, ~~and~~ cash flows ~~could~~or beresults ~~materially~~of ~~adversely affected~~operations.

~~Run-off~~Borrowings ~~insurance~~& ~~and~~liquidity ~~banking operations~~ - We ~~continue~~may toface ~~have~~risks ~~exposure~~related to ~~our~~the ~~run-off~~refinancing ~~insurance~~of ~~operations~~our ~~and~~debt, ~~Bank~~particularly ~~BPH mortgage portfolio~~ in ~~Poland.~~severely ~~While~~adverse inmarket ~~recent~~conditions, ~~years~~and wefuture ~~have~~credit ~~greatly~~rating ~~reduced~~downgrades ~~the~~could ~~scope~~adversely ofaffect ~~GE's~~our ~~former financial services operations~~liquidity, wefunding ~~continue~~costs ~~to retain significant exposure to legacy insurance~~ and ~~other~~related ~~financial~~margins. ~~services~~We ~~operations~~intend ~~that~~to ~~will~~maintain ~~run~~an ~~off~~investment-grade ~~over a~~ long-term ~~period~~credit ~~of time and~~rating, inbut ~~the~~there ~~event~~can ofbe ~~future~~no ~~adverse~~assurance ~~developments, could cause funding or liquidity stress. For example, it is possible~~ that ~~results~~we ofwill ~~our~~not ~~statutory~~face ~~testing of insurance reserves in~~ future ~~years~~credit ~~will~~rating ~~require~~downgrades ~~additional~~as ~~capital~~a ~~contributions~~result ~~to our insurance subsidiaries, even after the capital contribution made in the first quarter~~ of ~~2024~~factors ~~that~~such ~~completed~~as ~~the~~a ~~contributions~~change in ~~connection~~business ~~with~~strategy ~~the~~or ~~statutory~~financial ~~permitted~~performance, ~~practice~~or ~~approved~~changes in ~~2018~~rating byapplication ~~the~~or ~~Kansas Insurance Department (KID)~~methodology. ~~Our~~Future ~~statutory~~credit ~~testing~~rating ofdowngrades ~~insurance~~could ~~reserves~~adversely isaffect ~~subject~~our tocost ~~a variety~~ of ~~assumptions~~funds, ~~including~~liquidity ~~assumptions~~and ~~about~~competitive ~~the discount rate (which is sensitive to changes in market interest rates)~~position, ~~morbidity, mortality~~ and ~~future~~external ~~long-term~~conditions ~~care~~in ~~premium increases. Future adverse changes to these assumptions (to~~ the ~~extent~~financial ~~not~~and ~~offset~~credit bymarkets ~~any~~may ~~favorable~~limit ~~changes~~our toability ~~these assumptions) could result in an increase~~ to ~~future~~incur ~~policy~~debt ~~benefit~~or ~~reserves~~refinance ~~and, potentially, to the amount of capital we are required to contribute to~~ our ~~insurance~~existing ~~subsidiaries~~debt ~~(as~~at ~~discussed~~particular intimes ~~the~~or ~~Other~~on ~~Items~~commercially -reasonable ~~Insurance section within the MD&A)~~terms. In addition, if we ~~have~~are ~~exposure~~unable to ~~various~~generate ~~financial~~cash ~~counterparties~~flows ~~that pose credit and other risks~~ in ~~the~~accordance ~~event of insolvency or other default. For example, a portion of our run-off insurance operations’ assets are held in trust accounts associated~~ with ~~reinsurance contracts. For~~ our ~~UFLIC~~plans ~~subsidiary,~~or ~~such~~face ~~trust~~unforeseen ~~assets~~needs ~~are currently held in trusts~~ for ~~the~~capital, ~~benefit~~we ofmay ~~insurance~~adopt ~~company~~changes ~~subsidiaries~~to ofour ~~Genworth,~~capital ~~which~~allocation ~~has~~plans ~~stated~~(such inas ~~the~~plans ~~past~~related ~~that~~to ~~it will not bolster~~ the ~~capital~~timing ~~position of its insurance subsidiaries. Solvency~~ or ~~other~~amounts ~~concerns~~of ~~about~~investments ~~Genworth~~ or ~~its~~capital ~~insurance~~expenditures, ~~company~~share ~~subsidiaries~~repurchases ~~may cause those subsidiaries~~ or ~~their~~dividends) ~~regulators to take~~ or ~~attempt to~~ take other actions. ~~that could adversely affect UFLIC~~Further, ~~including~~our ~~control~~pension ~~over~~and ~~assets~~other inpost-retirement ~~the~~benefit ~~relevant~~obligations ~~trusts.~~are Itexposed isto ~~also~~economic ~~possible that additional contingent liabilities and loss estimates for Bank BPH~~factors, insuch ~~connection~~as ~~with~~changes ~~the ongoing litigation~~ in ~~Poland~~interest ~~related~~rates, toinvestment ~~its~~performance ~~portfolio~~ of ~~residential~~plan ~~mortgage~~assets, ~~loans~~and ~~denominated~~health incare ~~or indexed to foreign currencies (see Note 24)~~costs, ~~will~~which ~~need~~could ~~to be recognized (or loss estimates may~~ increase inour ~~the~~leverage ~~future)~~ and ~~will~~adversely ~~require~~impact ~~additional~~our ~~capital contributions~~liquidity. ~~Regulatory~~For ~~requirements~~additional ~~and~~discussion ~~agreements~~about ~~with respect to~~ our ~~run-off~~credit ~~insurance~~ratings, ~~operations~~financial conditions and ~~Bank~~related ~~BPH~~considerations, ~~require~~refer us to ~~maintain~~the ~~adequate~~Capital ~~levels~~Resources ~~of capital~~ and ~~could~~Liquidity ~~require~~section ~~additional~~within ~~infusion of capital if the required levels are not maintained~~MD&A. ~~Though~~For wediscussion ~~may~~regarding ~~consider~~how ~~strategic~~our ~~options to accelerate the further reduction in the size of these remaining~~ financial ~~services~~statements ~~operations,~~have ~~such~~been ~~options~~and ~~may not be viable or attractive because of the associated cash payments, financial charges or other adverse effects. There~~ can be noaffected ~~assurance~~by ~~that future liabilities, losses or impairments to the carrying value of assets within~~ our ~~financial~~pension ~~services operations would not materially~~ and ~~adversely~~healthcare ~~affect~~benefit ~~our business~~obligations, ~~financial~~see ~~position,~~Note ~~cash flows or results of operations~~13.

Borrowings & liquidity - We may face risks related to the refinancing of our debt, particularly in severely adverse market conditions, and future credit downgrades could adversely affect our liquidity, funding costs and related margins. We intend to maintain a sustainable investment-grade long-term credit rating, but there can be no assurance that we will not face future credit rating downgrades as a result of factors such as a change in business strategy or performance, or changes in rating application or methodology. Future downgrades could adversely affect our cost of funds, liquidity and competitive position, and external conditions in the financial and credit markets may limit our availability to refinance our debt at particular times or on commercially reasonable terms. In addition, if we are unable to generate cash flows in accordance with our plans or face unforeseen needs for capital, we may adopt changes to our capital allocation plans (such as plans related to the timing or amounts of investments or capital expenditures, share repurchases or dividends) or take other actions. Further, our pension and other post-retirement benefit obligations are exposed to economic factors, such as changes in interest rates, investment performance of plan assets, and health care costs, which could adversely impact our leverage and liquidity. For additional discussion about our credit ratings, financial conditions and related considerations, refer to the Capital Resources and Liquidity section within MD&A. For discussion regarding how our financial statements have been and can be affected by our pension and healthcare benefit obligations, see Note 13.

LEGAL AND COMPLIANCE RISKS. Legal and compliance risk relates to risks arising from the government and regulatory environment, legal proceedings and compliance with integrity policies and procedures, including matters relating to financial reporting and the environment, health and safety. Government and regulatory risk includes the risk that government or regulatory actions will impose additional cost on us or require us to make adverse changes to our business models or practices.

Regulatory - We are subject to a wide variety of laws, regulations and government policies that require ongoing compliance efforts and may change in significant ways. Our business is subject to regulation under a wide variety of U.S. federal and state and non-U.S. laws, regulations and policies that require ongoing compliance efforts. There can be no assurance that laws, regulations and policies will not be changed or interpreted or enforced in ways that will require us to modify our business models and objectives or affect our returns on investments by restricting existing activities and products, subjecting them to escalating costs or prohibiting them outright. In particular, trends globally toward increased protectionism, import and export controls, required licenses or authorizations to engage in business with certain countries or entities, the use of tariffs, restrictions on outbound investment and other trade barriers can result in actions by the U.S. government and governments around the world that have been and may continue to be disruptive and costly to our business, and can interfere with our global operating model and weaken our competitive position. Changes in product design and certification, production or maintenance requirements could lead to additional costs or compliance requirements that could negatively impact our business or competitive position. In addition, changes in environmental and climate laws, regulations or policies (including emissions pricing and taxes, emissions standards or sustainable finance, among others) affecting the aerospace and defense sector could lead to additional costs or compliance requirements, a need for additional investment in product designs, require carbon offset investments or otherwise negatively impact our business or competitive position. Other legislative and regulatory areas of significance for our business that U.S. and non-U.S. governments have focused and continue to focus on include cybersecurity, data privacy and sovereignty, artificial intelligence, anti-corruption, competition law, public procurement law, compliance with complex trade controls and economic sanctions laws, technical regulations or local content requirements that could result in market access criteria that our products cannot or do not meet, restrictions related to per- and polyfluoroalkyl substances (PFAS), foreign exchange intervention in response to currency volatility and currency controls that could restrict the movement of liquidity from particular jurisdictions. We are also subject to ongoing tax audits in various jurisdictions, and tax authorities may disagree with positions we have taken and assess additional taxes that could be material. Developments in a tax audits, administrative appeals, litigation or the relevant laws or tax authority interpretations, including changes to taxation of global income, may have an effect on our operations, liquidity, cash flows,

3230 ~~2024~~2025 FORM 10-K

~~outright.~~capital In particular, recent trends globally toward increased protectionism, import and export controls, required licenses or authorizations to engage in business with certain countries or entities, the use of tariffs, restrictions on outbound investment and other trade barriers can result in actions by governments around the world that have been and may continue to be disruptive and costly to our business, and can interfere with our global operating model and weaken our competitive position. In addition, changes in environmental and climate change laws, regulations or policies (including emissions pricing and taxes, emissions standards or sustainable finance, among others) affecting the aerospace and defense sector could lead to additional costs or compliance requirements, aeffective need for additional investment in product designs, require carbon offset investments or otherwise negatively impact our business or competitive position. Other legislative and regulatory areas of significance for our business that U.S. and non-U.S. governments have focused and continue to focus on include cybersecurity, data privacy and sovereignty, artificial intelligence, anti-corruption, competition law, public procurement law, compliance with complex trade controls and economic sanctions laws, technical regulations or local content requirements that could result in market access criteria that our products cannot or do not meet, restrictions related to per- and polyfluoroalkyl substances (PFAS), foreign exchange intervention in response to currency volatility and currency controls that could restrict the movement of liquidity from particular jurisdictions. Potential changes to tax ~~laws~~rate, ~~including changes to taxation of global income, may have an effect on our subsidiaries’ structure, operations, sales, liquidity, cash flows, capital requirements, effective~~ tax ~~rate~~liabilities and financial performance. For example, past or new legislative or regulatory measures by U.S. federal, state or non-U.S. governments, or rules, interpretations or audits under new or existing tax laws such as global minimum taxes or other changes to the treatment of global income, could increase our cash tax costs and effective tax rate. Regulation or government scrutiny may impact the requirements for marketing our products and slow our ability to introduce new products, resulting in an adverse impact on our business. Furthermore, we make sales to U.S. and non-U.S. governments and other public sector customers, and we participate in various governmental financing programs, that require us to comply with strict governmental regulations. As a U.S. government contractor, we are also subject to risks relating to U.S. government audits and investigations that in the past have led, and in the future may lead, to cash withholds, fines, damages or other penalties under civil or criminal laws. Inability to comply with applicable regulations could adversely affect our status with government customers or our ability to participate in projects and could have collateral consequences such as suspension or debarment. Suspension or debarment, depending on the entity involved and length of time, can limit our ability to bid ~~for~~on ~~new~~or perform U.S. government contracts or business with other government-related customers, and this could adversely affect our results of operations, financial position and cash flows.

Legal proceedings - We are subject to a variety of legal proceedings, disputes, investigations and legal compliance risks, including contingent liabilities from businesses that we have exited or are inactive. We are subject to a variety of legal proceedings, commercial disputes, legal compliance risks and environmental, health and safety compliance risks in virtually every part of the world. We, our representatives and our industry are subject to continuing scrutiny by regulators, other governmental authorities and private sector entities or individuals in the U.S., the European Union and other jurisdictions, which have led or may, in certain circumstances, lead to enforcement actions, adverse changes to our business practices, fines and penalties, required remedial actions such as contaminated site clean-up or other environmental claims, or the assertion of private litigation claims and damages that could be material. For example, we remain subject to shareholder lawsuits related to the Company’s financial performance, accounting and disclosure practices and related legacy matters from several years ago. These types of proceedings involving claims about past financial performance and reporting, as well as any future claims that may arise about past or current misconduct, even if unfounded, may have a significant impact on our reputation and how we are viewed by investors, customers and others. We also from time to time are involved in commercial discussions, disputes or proceedings in which, given the nature of our business that often involves large equipment and service orders and long-term commercial relationships, the claims asserted can be for significant amounts. Additionally, like many other industrial companies, we and our subsidiaries are defendants in lawsuits claiming losses and injuries related to alleged exposure by workers and others to asbestos, polychlorinated biphenyls (PCBs) or other hazardous materials. The estimation of legal reserves or possible losses involves significant judgment and may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation, disputes and investigations, and the actual losses arising from particular matters may exceed our current estimates and adversely affect our financial results. The risk management and compliance programs we have adopted and related actions that we take may not fully mitigate legal and compliance risks that we face, particularly in light of the global and diverse nature of our operations and the current enforcement environments in many jurisdictions. For example, when we investigate potential noncompliance under U.S. and non-U.S. law involving our employees, partners or third parties we work with, in some circumstances we make self-disclosures about our findings to the relevant authorities who may pursue or decline to pursue enforcement proceedings against us in connection with those matters. We are also subject to material trailing legal liabilities from businesses that we have exited or are inactive. We also expect that additional legal proceedings and other contingencies will arise from time to time. Moreover, we sell products and services in growth markets where claims arising from alleged violations of law, product failures or other incidents involving our products and services are adjudicated within legal systems that are less developed and less reliable than those of the U.S. or other more developed markets, and this can create additional uncertainty about the outcome of proceedings before courts or other governmental bodies in those markets. See Note 24 for further information about legal proceedings and other loss contingencies.

LEGAL PROCEEDINGS. Refer to Legal Matters and Environmental, Health and Safety Matters in Note 24 to the consolidated financial statements for further information relating to our legal matters.

~~2024~~2025 FORM 10-K 3331

MANAGEMENT AND AUDITOR’S REPORTS

MANAGEMENT’S DISCUSSION OF FINANCIAL RESPONSIBILITY. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. The consolidated financial statements, which include amounts based on management’s estimates and judgments, have been prepared in conformity with U.S generally accepted accounting principles.

The Company designs and maintains accounting and internal control systems to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. These systems are enhanced by policies and procedures, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits.

The Company engaged Deloitte and Touche LLP, an independent registered public accounting firm, to audit and render an opinion on the consolidated financial statements and internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB).

The Board of Directors, through its Audit Committee, which consists entirely of independent directors, meets periodically with management, internal auditors and our independent registered public accounting firm to ensure that each is meeting its responsibilities and to discuss matters concerning internal controls and financial reporting. Deloitte and Touche LLP and the internal auditors each have full and free access to the Audit Committee.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. With our participation, an evaluation of the effectiveness of our internal control over financial reporting was conducted as of December 31, ~~2024~~2025, based on the framework and criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, ~~2024~~2025.

Our independent registered public accounting firm has issued an audit report on our internal control over financial reporting. Their report follows.

/s/ H. Lawrence Culp, Jr.						/s/ Rahul Ghai
H. Lawrence Culp, Jr.						Rahul Ghai
Chairman and Chief Executive Officer						Chief Financial Officer
February 3, 2025
January 29, 2026

DISCLOSURE CONTROLS. Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls and procedures and internal control over financial reporting and concluded that our disclosure controls and procedures were effective as of December 31, ~~2024~~2025. There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

3432 ~~2024~~2025 FORM 10-K

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of General Electric Company (operating as GE Aerospace)

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of General Electric Company (operating as GE Aerospace) and subsidiaries (the "Company") as of December 31, ~~2024~~2025, and ~~2023~~2024, the related consolidated statements of ~~earnings (loss)~~operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025, and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated ~~February~~January 329, ~~2025~~2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Sales of services - Revenue recognition on certain Aerospace long-term service agreements - Refer to Notes 1 and 8 to the financial statements.

Critical Audit Matter Description

The Company enters into long-term service agreements with certain customers. These agreements require the Company to provide maintenance services for customer assets over the contract term, which generally range from 10 to 25 years. Revenue for these agreements is recognized using the percentage of completion method, based on costs incurred relative to total estimated costs over the contract term. As part of the revenue recognition process, the Company estimates both customer payments that are expected to be received and costs to perform maintenance services over the contract term. Key assumptions within those estimates that require significant judgment from management include: (a) how the customer will utilize the assets covered over the contract term; (b) the expected timing and extent of future overhaul services; (c) the future cost of materials, labor, and other resources; and (d) forward looking information concerning market conditions.

Given the complexity involved with evaluating the ~~key~~ estimates, which includes significant judgment necessary to estimate future costs, auditing these key assumptions required a high degree of auditor judgment and extensive audit effort, including the involvement of professionals with specialized skills and industry knowledge.

How the Critical Audit Matter Was Addressed in the Audit

Our ~~auditing~~audit procedures over the key assumptions within the estimates described above related to the amount and timing of revenue recognition of the long-term service agreements included the following, among others:

•We tested the effectiveness of controls ~~over~~related to the revenue recognition process for the long-term service agreements, including controls over management’s ~~key~~ estimates.

•We evaluated management’s risk assessment process through observation of key meetings and processes, including inspection of documentation, addressing contract status and current market conditions including the timely incorporation of changes that affect total estimated costs to complete the contract.

2025 FORM 10-K 33

•We evaluated the appropriateness and consistency of management’s methods and key assumptions applied in recognizing revenue and developing cost estimates.

2024 FORM 10-K 35

•We tested management’s utilization assumptions for the assets covered over the contract term, which impact the estimated timing and extent of future maintenance and overhaul services by comparing current estimates to historical information and forward-looking market conditions.

•We tested management’s process for estimating the timing and amount of costs associated with overhaul and other maintenance events throughout the contract term, including comparing estimates to historical cost experience, performing a retrospective review, performing analytical procedures, and utilized specialists to evaluate statistical models used by the Company to estimate the useful life of certain components of the applicable engine platform.

Future ~~Policy~~policy ~~Benefits~~benefits - ~~refer~~Refer to ~~Note~~Notes 1 and 12 to the financial statements

Critical Audit Matter Description

The liability for future policy benefits as of December 31, ~~2024~~2025 is ~~measured under ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts” (LDTI)~~ based on current assumptions applied to the underlying policy cash flows. The liability for future policy benefits includes $2425,~~675~~792 million for long term care policies.

Significant uncertainties exist in evaluating future cash flow projections, including consideration of a wide range of possible outcomes of future events over the life of the insurance contracts that can extend for long periods of time.

A key assumption impacting the cash flow projections used in the measurement of such liabilities that is sensitive and more subjective, requiring significant judgment by management, is the rate of change in morbidity.

Given the significant judgments required by management, auditing the liability for future policy benefits required a high degree of auditor judgment and an increased extent of effort, including the involvement of actuarial specialists.

How the Critical Audit Matter was Addressed in the Audit

Our audit procedures, including those performed by our actuarial specialists, included the following, among others:

•We tested the effectiveness of controls related to the determination of the liability for future policy benefits.

•We evaluated judgments applied by management in setting key assumptions by considering actual experience, sensitivity analysis and relevant industry data, when available. We performed retrospective reviews of certain assumptions to evaluate for management bias.

•We tested the underlying data for completeness and accuracy, including historical cash flows that served as a basis for the actuarial estimates.

•We performed policy level testing to assess that management’s intended assumptions were used and the model accurately calculated the cash flow projections.

•We validated the levels of aggregation of the liability calculations determined by the Company were in accordance with their policy and performed recalculations on a sample basis to validate the appropriateness of the discount rate assumptions used and tested the application of the net premium ratio used to measure the liability for future policy benefits.

/s/ DELOITTE & TOUCHE LLP Cincinnati, Ohio ~~February~~January 329, ~~2025~~2026 We have served as the Company's auditor since 2020.

34 2025 FORM 10-K

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of General Electric Company (operating as GE Aerospace)

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of General Electric Company (operating as GE Aerospace) and subsidiaries (the “Company”) as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, ~~2024~~2025, of the Company and our report dated ~~February~~January 329, ~~2025~~2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

36 2024 FORM 10-K

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP Cincinnati, Ohio ~~February~~January 329, ~~2025~~2026

~~2024~~2025 FORM 10-K 3735

STATEMENT OF EARNINGS (LOSS)
STATEMENT OF OPERATIONS
For the years ended December 31 (In millions; per-share amounts in dollars)	2024		2023		2022
(In millions; per-share amounts in dollars)	2025		2024		2023
Sales of equipment	$	1012,~~274~~159	$	910,~~318~~274	$	79,~~837~~318
Sales of services	2430,~~847~~163		2224,~~641~~847		1822,~~345~~641
Insurance revenue (Note 12)	3,~~581~~533		3,~~389~~581		23,~~957~~389
Total revenue	3845,~~702~~855		3538,~~348~~702		2935,~~139~~348
Cost of equipment sold	1012,~~341~~382		910,~~900~~341		89,~~151~~900
Cost of services sold	1316,~~967~~586		13,~~039~~967		1013,~~836~~039
Selling, general and administrative expenses	4,~~437~~088		4,~~045~~437		34,~~672~~045
Separation costs	~~492~~202		~~692~~492		~~625~~692
Research and development	1,~~286~~580		1,~~011~~286		~~808~~1,011
Interest and other financial charges	~~986~~843		~~1,029~~986		1,~~339~~029
Debt extinguishment costs	—		—		465
Insurance losses, annuity benefits and other costs (Note 12)	2,449		2,429		2,886
Insurance losses, annuity benefits and other costs (Note 12)	2,429		2,886		2,592
Goodwill impairments (Note 7)	—		251		—
Goodwill impairments (Note 7)	251		—		—
Non-operating benefit cost (income)	(788)		(842)		(978)
Non-operating benefit cost (income)	(842)		(978)		(60)
Total costs and expenses	37,342		33,346		31,625
Total costs and expenses	33,346		31,625		28,428
Other income (loss) (Note 19)	1,487		2,264		6,718
Other income (loss) (Note 19)	2,264		6,718		811
Income (loss) from continuing operations before income taxes	10,000		7,620		10,441
Earnings (loss) from continuing operations before income taxes	7,620		10,441		1,522
Benefit (provision) for income taxes (Note 15)	(1,405)		(962)		(994)
Benefit (provision) for income taxes (Note 15)	(962)		(994)		(169)
Net income (loss) from continuing operations	8,595		6,657		9,448
Earnings (loss) from continuing operations	6,657		9,448		1,353
Income (loss) from discontinued operations, net of taxes (Note 2)	103		(91)		(3)
Earnings (loss) from discontinued operations, net of taxes (Note 2)	(91)		(3)		(949)
Net income (loss)	8,698		6,566		9,445
Net earnings (loss)	6,566		9,445		403
Less net income (loss) attributable to noncontrolling interests	(6)		11		(37)
Less net earnings (loss) attributable to noncontrolling interests	11		(37)		67
Net income (loss) attributable to the Company	8,704		6,556		9,482
Net earnings (loss) attributable to the Company	6,556		9,482		336
Preferred stock dividends and other	—		—		(295)
Preferred stock dividends and other	—		(295)		(289)
Net income (loss) attributable to common shareholders	$	8,704	$	6,556	$	9,188
Net earnings (loss) attributable to common shareholders	$	6,556	$	9,188	$	48
Amounts attributable to common shareholders
Earnings (loss) from continuing operations	$	6,657	$	9,448	$	1,353
Net income (loss) from continuing operations	$	8,595	$	6,657	$	9,448
Less net earnings (loss) attributable to noncontrolling interests,
Less net income (loss) attributable to noncontrolling interests,
continuing operations	(136)		(113)		2(1)
Earnings (loss) from continuing operations attributable to the Company	6,670		9,449		1,350
Net income (loss) from continuing operations attributable to the Company	8,601		6,670		9,449
Preferred stock dividends and other	—		~~(295)~~—		(~~289~~295)
Earnings (loss) from continuing operations attributable
Net income (loss) from continuing operations attributable
to common shareholders	68,~~670~~601		96,~~154~~670		19,~~061~~154
Earnings (loss) from discontinued operations attributable
Net income (loss) from discontinued operations attributable
to common shareholders	~~(114)~~103		33(114)		~~(1,014)~~33
Net earnings (loss) attributable to common shareholders	$	6,556	$	9,188	$	48
Net income (loss) attributable to common shareholders	$	8,704	$	6,556	$	9,188
Earnings (loss) per share from continuing operations (Note 18)
Diluted earnings (loss) per share	$	68.0905	$	86.3309	$	08.9733
Basic earnings (loss) per share	$	68.1511	$	86.4115	$	08.9741
Net earnings (loss) per share (Note 18)
Diluted earnings (loss) per share	$	58.9914	$	85.3699	$	08.0536
Basic earnings (loss) per share	$	68.0420	$	86.4404	$	08.0544

3836 ~~2024~~2025 FORM 10-K

STATEMENT OF FINANCIAL POSITION
December 31 (In millions)	~~2024~~2025		~~2023~~2024
Cash, cash equivalents and restricted cash	$	1312,~~619~~392	$	1513,~~204~~619
Investment securities (Note 3)	~~982~~—		~~5,706~~982
Current receivables (Note 4)	911,~~327~~773		89,~~703~~327
Inventories, including deferred inventory costs (Note 5)	911,~~763~~868		89,~~284~~763
Current contract assets (Note 8)	23,~~982~~511		2,~~875~~982
All other current assets (Note 9)	~~962~~1,052		~~1,244~~962
Assets of businesses held for sale (Note 2)	—		541
Current assets	40,596		37,635
Current assets	37,635		42,556
Investment securities (Note 3)	38,788		37,741
Investment securities (Note 3)	37,741		38,000
Property, plant and equipment – net (Note 6)	7,987		7,277
Property, plant and equipment – net (Note 6)	7,277		7,246
Goodwill (Note 7)	9,060		8,538
Goodwill (Note 7)	8,538		8,948
Other intangible assets – net (Note 7)	4,225		4,257
Other intangible assets – net (Note 7)	4,257		4,642
Contract and other deferred assets (Note 8)	4,920		4,831
Contract and other deferred assets (Note 8)	4,831		4,785
All other assets (Note 9)	15,277		13,910
All other assets (Note 9)	13,910		11,695
Deferred income taxes (Note 15)	7,459		7,111
Deferred income taxes (Note 15)	7,111		7,502
Assets of discontinued operations (Note 2)	1,855		1,841
Assets of discontinued operations (Note 2)	1,841		47,927
Total assets	$	130,169	$	123,140
Total assets	$	123,140	$	173,300
Short-term borrowings (Note 10)	$	1,686	$	2,039
Short-term borrowings (Note 10)	$	2,039	$	1,108
Accounts payable (Note 11)	10,078		7,909
Accounts payable (Note 11)	7,909		7,516
Progress collections (Note 8)	7,662		6,695
Progress collections (Note 8)	6,695		6,177
Contract liabilities and deferred income (Note 8)	10,333		9,353
Contract liabilities and deferred income (Note 8)	9,353		8,322
Sales discounts and allowances (Note 14)	4,037		3,475
Sales discounts and allowances (Note 14)	3,475		3,741
All other current liabilities (Note 14)	5,185		4,920
All other current liabilities (Note 14)	4,920		4,860
Current liabilities	38,980		34,392
Liabilities of businesses held for sale (Note 2)	—		378
Deferred income (Note 8)	1,065		1,013
Current liabilities	34,392		32,103
Long-term borrowings (Note 10)	18,808		17,234
Deferred income (Note 8)	1,013		975
Insurance liabilities and annuity benefits (Note 12)	36,894		36,209
Long-term borrowings (Note 10)	17,234		19,417
Non-current compensation and benefits	6,833		7,035
Insurance liabilities and annuity benefits (Note 12)	36,209		39,576
All other liabilities (Note 14)	7,276		6,376
Non-current compensation and benefits	7,035		7,656
Liabilities of discontinued operations (Note 2)	1,413		1,317
All other liabilities (Note 14)	6,376		5,756
Total liabilities	111,271		103,576
Liabilities of discontinued operations (Note 2)	1,317		39,213
Common stock (1,048,766,702 and 1,073,692,183 shares outstanding at December 31, 2025 and December 31, 2024, respectively) (Note 16)	15		15
Total liabilities	103,576		144,695
Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)	(4,798)		(3,861)
Common stock (1,073,692,183 and 1,088,415,995 shares outstanding at December 31, 2024 and 2023, respectively) (Note 16)	15		15
Other capital	23,599		24,266
Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)	(3,861)		(6,150)
Retained earnings	87,663		80,488
Other capital	24,266		26,962
Less common stock held in treasury	(87,801)		(81,566)
Retained earnings	80,488		86,553
Total shareholders’ equity	18,677		19,342
Less common stock held in treasury	(81,566)		(79,976)
Noncontrolling interests	221		223
Total shareholders’ equity	19,342		27,403
Total equity	18,898		19,564
Noncontrolling interests	223		1,202
Total liabilities and equity	$	130,169	$	123,140
Total equity	19,564		28,605
Total liabilities and equity	$	123,140	$	173,300

~~2024~~2025 FORM 10-K 3937

STATEMENT OF CASH FLOWS
For the years ended December 31 (In millions)	~~2024~~2025		~~2023~~2024		~~2022~~2023
Net earnings (loss)	$	6,566	$	9,445	$	403
Net income (loss)	$	8,698	$	6,566	$	9,445
(Earnings) loss from discontinued operations activities	91		3		949
Net (income) loss from discontinued operations activities	(103)		91		3
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities:
Adjustments to reconcile net income (loss) to cash from (used for) operating activities:
Depreciation and amortization of property, plant and equipment	834		797		846
Depreciation and amortization of property, plant and equipment (Note 6)	863		834		797
Amortization of intangible assets (Note 7)	~~350~~357		~~382~~350		~~338~~382
Goodwill impairments (Note 7)	~~251~~—		—251		—
(Gains) losses on equity securities (Note 19)	(~~719~~508)		(~~5,846~~719)		56(5,846)
Debt extinguishment costs	—		—		465
Principal pension plans (benefit) cost (Note 13)	(655)		(653)		(755)
Principal pension plans (benefit) cost (Note 13)	(653)		(755)		305
Principal pension plans employer contributions	(211)		(210)		(184)
Principal pension plans employer contributions	(210)		(184)		(173)
Other postretirement benefit plans (net)	(230)		(299)		(348)
Other postretirement benefit plans (net)	(299)		(348)		(332)
Provision (benefit) for income taxes (Note 15)	1,405		962		994
Provision (benefit) for income taxes (Note 15)	962		994		169
Cash recovered (paid) during the year for income taxes (Note 15)	(739)		(334)		(1,041)
Cash recovered (paid) during the year for income taxes	(334)		(1,041)		(547)
Changes in operating working capital:
Decrease (increase) in current receivables	(12,~~076~~437)		(~~210~~1,076)		(~~1,875~~210)
Decrease (increase) in inventories, including deferred inventory costs	(1,~~528~~981)		(1,~~321~~528)		(~~980~~1,321)
Decrease (increase) in current contract assets	(~~112~~511)		(27112)		36(27)
Increase (decrease) in contract liabilities and current deferred income	1,066		1,~~226~~066		1,~~075~~226
Increase (decrease) in progress collections	~~531~~838		~~242~~531		~~1,187~~242
Increase (decrease) in accounts payable	~~688~~1,993		~~713~~688		~~1,639~~713
Increase (decrease) in sales discounts and allowances	(266)		(203)		47
Increase (decrease) in sales discounts and allowances (Note 14)	562		(266)		(203)
All other operating activities	~~(326)~~136		~~743~~(326)		~~418~~743
Cash from (used for) operating activities – continuing operations	58,~~817~~543		45,~~609~~817		4,~~027~~609
Cash from (used for) operating activities – discontinued operations	(~~1,107~~6)		~~580~~(1,107)		~~1,889~~580
Cash from (used for) operating activities	48,~~710~~537		54,~~189~~710		5,~~917~~189
Additions to property, plant and equipment and internal-use software	(1,~~032~~273)		(~~862~~1,032)		(~~662~~862)
Dispositions of property, plant and equipment	~~114~~123		60114		~~153~~60
Proceeds from principal business dispositions	~~499~~—		—499		15—
Net cash from (payments for) principal businesses purchased	(~~135~~360)		(41135)		(3041)
Sales of retained ownership interests	~~5,250~~—		95,~~004~~250		49,~~717~~004
Net (purchases) dispositions of insurance investment securities	(963)		(986)		(876)
Net (purchases) dispositions of insurance investment securities (Note 3)	425		(963)		(986)
All other investing activities	~~(4,289)~~309		~~519~~(4,289)		~~7,053~~519
Cash from (used for) investing activities – continuing operations	(~~556~~776)		~~7,693~~(556)		107,~~369~~693
Cash from (used for) investing activities – discontinued operations	(~~1,110~~377)		(31,~~726~~110)		(83,~~099~~726)
Cash from (used for) investing activities	(1,~~666~~153)		3(1,~~967~~666)		23,~~270~~967
Net increase (decrease) in borrowings (maturities of 90 days or less)	225		~~(71)~~2		42(71)
Newly issued debt (maturities longer than 90 days)	—1,985		—		—
Repayments and other debt reductions (maturities longer than 90 days)	(~~788~~1,811)		(~~3,282~~788)		(113,~~088~~282)
Dividends paid to shareholders	(1,~~008~~452)		(~~589~~1,008)		(~~639~~589)
Cash received (paid) for debt extinguishment costs	—		—		338
Redemption of preferred stock	—		—		(5,795)
Redemption of preferred stock	—		(5,795)		(144)
Purchases of common stock for treasury	(7,551)		(5,827)		(1,233)
Purchases of common stock for treasury	(5,827)		(1,233)		(1,048)
All other financing activities	120		992		459
All other financing activities	992		459		(1,000)
Cash from (used for) financing activities – continuing operations	(8,682)		(6,628)		(10,511)
Cash from (used for) financing activities – continuing operations	(6,628)		(10,511)		(13,540)
Cash from (used for) financing activities – discontinued operations	—		(98)		1,899
Cash from (used for) financing activities – discontinued operations	(98)		1,899		7,955
Cash from (used for) financing activities	(8,682)		(6,726)		(8,613)
Cash from (used for) financing activities	(6,726)		(8,613)		(5,585)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	201		(193)		120
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	(193)		120		(369)
Increase (decrease) in cash, cash equivalents and restricted cash	(1,097)		(3,875)		664
Increase (decrease) in cash, cash equivalents and restricted cash	(3,875)		664		2,232
Cash, cash equivalents and restricted cash at beginning of year	15,880		19,755		19,092
Cash, cash equivalents and restricted cash at beginning of year	19,755		19,092		16,859
Cash, cash equivalents and restricted cash at December 31	14,782		15,880		19,755
Cash, cash equivalents and restricted cash at December 31	15,880		19,755		19,092
Less cash, cash equivalents and restricted cash of discontinued operations at December 31	(1,126)		(1,327)		(3,762)
Less cash, cash equivalents and restricted cash of discontinued operations at December 31	(1,327)		(3,762)		(4,868)
Cash, cash equivalents and restricted cash of continuing operations at December 31	$	13,657	$	14,553	$	15,993
Cash, cash equivalents and restricted cash of continuing operations at December 31	$	14,553	$	15,993	$	14,223
Supplemental disclosure of cash flows information
Cash paid during the year for interest	$	(~~969~~882)	$	(~~1,067~~969)	$	(1,~~561~~067)

4038 ~~2024~~2025 FORM 10-K

STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the years ended December 31 (In millions)	~~2024~~2025		~~2023~~2024		~~2022~~2023
Net earnings (loss)	$	6,566	$	9,445	$	403
Net income (loss)	$	8,698	$	6,566	$	9,445
Less: net earnings (loss) attributable to noncontrolling interests	11		(37)		67
Less: net income (loss) attributable to noncontrolling interests	(6)		11		(37)
Net earnings (loss) attributable to the Company	$	6,556	$	9,482	$	336
Net income (loss) attributable to the Company	$	8,704	$	6,556	$	9,482
Currency translation adjustments	~~2,131~~(43)		2,~~274~~131		(12,~~326)~~274
Benefit plans	(~~1,128~~882)		(41,~~747~~128)		2(4,~~889~~747)
Investment securities and cash flow hedges	~~(1,016)~~749		~~968~~(1,016)		~~(7,099)~~968
Long-duration insurance contracts	~~2,284~~(761)		(2,~~371)~~284		8(2,~~126~~371)
Less: other comprehensive income (loss) attributable to noncontrolling interests	(17)		2		1
L Less: other comprehensive income (loss) attributable to noncontrolling interests	—		(17)		2
Other comprehensive income (loss) attributable to the Company	$	~~2,289~~(937)	$	(32,~~878)~~289	$	2(3,~~589~~878)
Comprehensive income (loss)	$	87,~~838~~761	$	58,~~569~~838	$	25,~~993~~569
Less: comprehensive income (loss) attributable to noncontrolling interests	(76)		(357)		68(35)
Comprehensive income (loss) attributable to the Company	$	87,~~845~~767	$	58,~~604~~845	$	25,~~925~~604

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

For the years ended December 31 (In millions)

~~2024~~2025

~~2023~~2024

~~2022~~2023

Preferred stock issued

—

Common stock issued

Beginning balance

(63,~~150~~861)

(26,~~272~~150)

(42,~~860~~272)

Currency translation adjustments

~~2,151~~(43)

2,~~270~~151

(12,~~324)~~270

Benefit plans

(~~1,120~~882)

(41,~~745~~120)

2(4,~~886~~745)

Investment securities and cash flow hedges

~~(1,026)~~749

~~968~~(1,026)

~~(7,099)~~968

Long-duration insurance contracts

~~2,284~~(761)

(2,~~371)~~284

8(2,~~126~~371)

Accumulated other comprehensive income (loss)

(34,~~861~~798)

(63,~~150~~861)

(26,~~272~~150)

Beginning balance

2624,~~962~~266

3426,~~173~~962

34,~~691~~173

Gains (losses) on treasury stock dispositions

(31,~~028~~048)

(13,~~845~~028)

(~~741~~1,845)

Stock-based compensation

~~361~~371

~~355~~361

~~362~~355

Other changes(a)

~~(29)~~9

(~~5,721~~29)

(~~139~~5,721)

Other capital

2423,~~266~~599

2624,~~962~~266

3426,~~173~~962

Beginning balance

8680,~~553~~488

8386,~~001~~553

83,~~229~~001

Net earnings (loss) attributable to the Company

6,556

9,482

336

Net income (loss) attributable to the Company

8,704

6,556

9,482

Dividends and other transactions with shareholders(b)

(121,~~599~~529)

(512,~~937~~599)

(~~642~~5,937)

Other

~~(21)~~—

6(21)

776

Retained earnings

8087,~~488~~663

8680,~~553~~488

8386,~~001~~553

Beginning balance

(7981,~~976~~566)

(8179,~~209~~976)

(81,~~093~~209)

Purchases

(57,~~826~~406)

(15,~~244~~826)

(1,~~048~~244)

Dispositions

41,~~236~~170

24,~~477~~236

~~931~~2,477

Common stock held in treasury

(8187,~~566~~801)

(7981,~~976~~566)

(8179,~~209~~976)

GE Aerospace shareholders' equity balance

1918,~~342~~677

2719,~~403~~342

3327,~~714~~403

Noncontrolling interests balance(c)

~~223~~221

~~1,202~~223

1,~~216~~202

Total equity balance at December 31

1918,~~564~~898

2819,~~605~~564

3428,~~930~~605

(a) Included ~~decreases~~a decrease of $5,795 million ~~and $144 million~~, substantially all in Other capital related to our redemption of GE preferred stock in the ~~years~~year ended December 31, 2023 ~~and 2022, respectively~~.

(b) Included a $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. Included aan $11,375 million decrease in Retained earnings reflecting a distribution of all the shares of GE Vernova on April 2, 2024.

(c) Included a reclassification of $1,007 million of noncontrolling interests attributable to GE Vernova to Retained earnings as a result of the separation on April 2, 2024.

~~2024~~2025 FORM 10-K 4139

NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

FINANCIAL STATEMENT PRESENTATION. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position and cash flows. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, contract assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, incremental losses related to our contingencies, a change in the carrying amount of our tax assets and liabilities, or a change in our insurance liabilities and pension obligations as of the time of a relevant measurement event.

In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, ~~businesses classified as held for sale,~~ the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications.

Beginning in the first quarter of 2025, we changed the terminology used to report our earnings from “Earnings” to “Net income.” The change in terminology does not impact the amounts reported in the financial statements. Comparative periods have been renamed to reflect this change for consistency. We have reclassified certain prior-year amounts to conform to the current-year’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for ~~earnings~~net income from continuing operations, ~~earnings~~net income from discontinued operations and net ~~earnings~~income. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Notes 2 for further information.

On April 2, 2024 and January 3, 2023, General Electric Company, now operating as GE Aerospace, completed the previously announced separation of GE Vernova and its separation of GE HealthCare, respectively, which resulted in three independent, publicly traded companies – GE Aerospace, GE Vernova and GE HealthCare. We are organized into two business segments that are aligned with the industries we serve: Commercial Engines & Services and Defense & Propulsion Technologies. The historical results of GE Vernova and GE HealthCare are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. See Notes 2 and 25 for further information.

CONSOLIDATION. Our financial statements consolidate all of our affiliates, entities where we have a controlling financial interest, most often because we hold a majority voting interest, or where we are required to apply the variable interest entity (VIE) model and we have the power to direct the most economically significant activities of entities. We reevaluate whether we have a controlling financial interest in all entities when our rights and interests change. All intercompany balances and transactions have been eliminated.

REVENUE FROM THE SALE OF EQUIPMENT. We recognize revenue for equipment including commercial install and spare aircraft engines, defense aircraft engines, and other products we manufacture at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (time between shipment and delivery).

Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment, and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer.

Our billing terms for these contracts generally coincide with delivery to the customer. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. In some contracts, we receive progress collections from customers for large equipment purchases. Progress collections are not considered a significant financing component as they are used to meet working capital demands and protect us from the other party failing to adequately complete some or all of its obligations under the contract. For certain commercial engine programs, we make payments to airlines when the aircraft with our engines are delivered by the airframers (aircraft allowances). We record aircraft allowances as a reduction in revenue when control of the engine is transferred to our airframer customer.

Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying damages to the customer or similar customers.

REVENUE FROM THE SALE OF SERVICES. Spare Parts. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenue and bill our customers at the point in time that the customer obtains control of the good, which is when we deliver the spare part to the customer. In some cases, our contracts give rise to variable consideration in the form of volume discounts, contractual not-to-exceed limits, or product durability discounts, which we incorporate into our estimate of transaction price using the expected value method. Delivery is measured using either proof of delivery or estimated based on historical averages of in-transit periods (time between shipment and delivery).

4240 ~~2024~~2025 FORM 10-K

Long-term Services Agreements. We enter into long-term services agreements with our customers primarily within our Commercial Engines and Services segment. These agreements require us to provide maintenance, overhauls and standby "warranty-type" services, which generally range from 510 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision.

We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at predetermined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss.

Our rights to consideration for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) and contractual payment terms are based on either periodic billing schedules or upon the occurrence of a maintenance event, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings results in changes to our contract asset or contract liability positions. Contract assets and contract liabilities for long-term service agreements are classified as current based on our contract operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts. See Note 8 for further information.

Contracts are often modified to account for changes in contract specifications or requirements. Contract modifications in our long-term service agreements are predominantly accounted for on a prospective basis. Changes in estimates for existing contracts are accounted for on a cumulative catchup basis. See Note 8 for further information.

Other Services Revenue Contracts. We enter into contracts to perform other services, including time and material service contracts and component repairs, where we enhance the value of a customer asset and the customer pays us on a per event basis. For time and material overhauls, the contract duration and transaction price are limited to the individual maintenance event and we recognize revenue on an over time basis as the services are rendered, in proportion to cost incurred. Labor costs are recognized as incurred and costs of replacement parts are recognized when we can reliably determine that the parts are non-fungible. For component repairs, we recognize revenue when the services are completed.

Development Agreements. We enter into long-term development agreements primarily within our Defense & Propulsion Technologies segment. The majority of these agreements are with the U.S. Government for the research and design of defense products. Our contracts with the U.S. government are typically subject to the Federal Acquisition Regulation (FAR) and are either fixed-priced or based on estimated or actual costs of providing services. Certain contracts include incentive and award fees, based on achievement of specified targets, which we consider as variable consideration. The amount included in the transaction price represents our estimate of the most likely amount we expect to collect to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenue is recognized on an over time basis because of continuous transfer of control to the customer using percentage of completion based on costs incurred to date relative to total estimated costs. Changes in estimates for existing contracts are accounted for on a cumulative catchup basis.

NONRECURRING ENGINEERING COSTS. We incur contract fulfillment costs for engineering and development of products directly related to existing contracts with customers, primarily in our Defense & Propulsion Technologies segment. If we determine the costs are for development of products for a specific customer and there is a high probability of recovery from future sales to that customer, we capitalize the costs we incur, excluding early-stage costs which are expensed as research and development. Capitalized nonrecurring engineering costs are included in Contract and other deferred assets in our accompanying Statement of Financial Position and are amortized to Cost of equipment sold ratably over each unit sold. We periodically assess the recoverability of capitalized nonrecurring engineering costs and, if we determine the costs are no longer probable of recovery, the asset is impaired. See Note 8 for further information.

RESEARCH AND DEVELOPMENT (R&D). Research and development includes costs incurred for experimentation, design, development and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. We enter certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by third parties are recognized as an offset to our research and development expense rather than as revenue.

COLLABORATIVE ARRANGEMENTS. We enter into collaborative arrangements with manufacturers and suppliers of components used to build and maintain certain engines. Under these arrangements, we and our collaborative partners share in the risks and rewards of these programs through various revenue, cost and profit-sharing payment structures. We recognize revenue and costs for these arrangements based on the scope of work we are responsible for transferring to our customers. Our net payments to participants are primarily recorded as either cost of services sold ($4,~~144~~941 million, $34,~~781~~144 million and $23,~~890~~781 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively) or as cost of equipment sold ($~~784~~946 million, $~~663~~784 million and $~~658~~663 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively).

~~2024~~2025 FORM 10-K 4341

EQUITY METHOD INVESTMENTS. Equity method investments are investments in entities in which we do not have a controlling financial interest, but over which we have significant influence. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Equity method investments are assessed for other-than-temporary impairment when events occur, or circumstances change that indicate it is more likely than not the fair value of the asset is below its carrying value. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in ~~earnings~~net income in the current period. Equity method investments are recognized within All other assets in our Statement of Financial Position. Where we adopt the fair value option for an investment, we recognize the investment within Investment Securities in our Statement of Financial Position. Our share of the results of equity method investments is recognized within Other income (loss) in our Statement ~~Earnings~~Comprehensive Income (Loss) since the activities of the investee are closely aligned with our operations. See Notes 3, 9, and 26 for further information.

We enter into related party transactions with certain equity method investments, of which, the most significant are with CFM International, a non-consolidated company jointly owned with Safran Aircraft Engines, a subsidiary of Safran Group of France. We make substantial sales of parts and services to CFM International. Related party transactions with other equity method investees primarily consist of purchases of engine parts or maintenance services, which are not significant with any single related party.

GOVERNMENT INCENTIVES. We receive grants and incentives from various federal, state, local, and foreign governments in exchange for compliance with certain conditions relating to our activities in a specific jurisdiction which encourage investment, job creation and retention, and environmental objectives including emissions reductions. We recognize government grants as a reduction to the related expense or asset when there is reasonable assurance that the Company will comply with the conditions of the grant, the grant is received or is probable of receipt and the amount is determinable. Government grants resulted in reductions of $~~117~~98 million, $99117 million and $~~100~~99 million to research and development expense inand ~~2024~~$38 million, ~~2023~~$1 million and ~~2022~~$6 million to cost of services sold for the years ended December 31, 2025, 2024 and 2023, respectively.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH. Cash, cash equivalents and restricted cash include cash on hand, demand deposits and short-term cash investment that are highly liquid in nature and have original maturities of three months or less, including

debt securities and money market instruments unless classified as available-for-sale investment securities. Restricted cash primarily comprised funds restricted in connection with certain ongoing litigation matters and amounted to an insignificant amount at both December 31, ~~2024~~2025 and ~~2023, respectively~~2024.

INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to ~~earnings~~net income.

Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders.

We regularly review investment securities for impairment. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate qualitative criteria, such as the financial health of and specific prospects for the issuer, to determine whether we do not expect to recover the amortized cost basis of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to contain an expected credit loss, and we record the difference between the security’s amortized cost basis and its recoverable amount in ~~earnings~~net income as an allowance for credit loss and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is considered impaired, and we recognize the entire difference between the security’s amortized cost basis and its fair value in ~~earnings~~net income. See Note 3 for further information.

CURRENT RECEIVABLES. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding amount, less allowance for losses. We regularly monitor the recoverability of our receivables. See Note 4 for further information.

ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables and contract assets arising from revenue transactions, as well as commercial and residential mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses ~~(CECL)~~ inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period, the allowance for credit losses is adjusted through ~~earnings~~net income to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required.

We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses.

42 2025 FORM 10-K

INVENTORIES. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined using the average cost method. See Note 5 for further information.

44 2024 FORM 10-K

PROPERTY, PLANT AND EQUIPMENT. The cost of property, plant and equipment is generally depreciated on a straight-line basis over its estimated economic life. See Note 6 for further information.

LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend or terminate the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. As most of our leases do not provide an implicit rate, the present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. We determine our incremental borrowing rate through market sources including relevant industry rates. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired.

GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to forego the qualitative assessment and proceed directly to quantitative testing.

We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained.

For other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. See Note 7 for further information.

DERIVATIVES AND HEDGING. We use derivatives to manage a variety of risks, including risks related to interest rates, foreign exchange, certain equity investments and commodity prices. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties.

Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue applying hedge accounting to that relationship prospectively. Fair values of both the derivative instrument and the hedged item are calculated using internal valuation models incorporating market-based assumptions, subject to third-party confirmation, as applicable. See Note 22 for further information.

INCOME TAXES. Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported ~~earnings~~net income before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating ~~earnings~~net income and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established. Deferred taxes, as needed, are provided for our investment in affiliates and associated companies when we plan to remit those earnings. See Note 15 for further information.

2025 FORM 10-K 43

Significant judgment is required when assessing our income tax positions and determining our tax expense and benefits and management evaluates the positions based on the facts, circumstances, and information available at the reporting date. The tax benefits recognized in the financial statements are based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.

2024 FORM 10-K 45

INSURANCE. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Insurance revenue is comprised primarily of premiums and investment income. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenue but rather as deposit liabilities. We recognize revenue for charges and assessments on these contracts, mostly for mortality, administration and surrender. Interest credited to policyholder accounts is charged to expense.

Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured for each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period ~~earnings~~net income. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period ~~earnings~~net income.

As our insurance operations are in run-off, the locked-in discount rate is used for the computation of interest accretion on future policy benefit reserves recognized in ~~earnings~~net income. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in Accumulated other comprehensive income (loss) (AOCI). As a result, changes in the current discount rate at each reporting period are recognized as an adjustment to AOCI and not ~~earnings~~net income each period, whereas, changes relating to cash flow assumptions are recognized in the Statement of ~~Earnings (Loss)~~Operations.

Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. See Note 12 for further information.

POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. We use a December 31 measurement date for these plans. On our Statement of Financial Position, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. If a participant is no longer accumulating new benefits under a plan (frozen plan), the benefits are based on their service and pay at the point in time that the plan was frozen.Those estimated future payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded in a separate component of equity each period. These differences are amortized into ~~earnings~~net income over the remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan. See Note 13 for further information.

SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings.

44 2025 FORM 10-K

FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable.

46 2024 FORM 10-K

RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 21 for further information.

Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3.

Annually, we conduct reviews of our primary pricing ~~vendor~~vendors to validate that the inputs used in ~~that~~the ~~vendor’s~~vendors' pricing ~~process~~processes are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing ~~vendor~~vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3.

Equity securities with readily determinable fair values. These publicly traded equity securities are valued using quoted prices and are included in Level 1.

Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts.

Investments in private equity, real estate and collective funds held within our pension plans or run-off insurance operations. Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Notes 3 and 13 for further information.

NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the fair value of the underlying collateral, impaired equity securities without readily determinable fair value, equity method investments and long-lived assets and remeasured retained investments in formerly consolidated subsidiaries upon a change in control that results in the deconsolidation of that subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs.

Equity investments without readily determinable fair value and ~~Associated~~associated companies. Equity investments without readily determinable fair value and associated companies are valued using market observable data such as transaction prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources or a combination of these approaches as appropriate. These investments are generally included in Level 3.

Long-lived Assets. Fair values of long-lived assets are primarily derived internally and are based on observed sales transactions for similar assets or discounted cash flow estimates. In other instances for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adjustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of time and the occurrence of market events since receipt of the information.

~~ADOPTIONS~~2025 OFFORM ~~NEW ACCOUNTING STANDARDS. On January 1, 2023, we adopted ASU 2022~~10-~~04,~~K Liabilities—Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations. This guidance requires disclosures for supply chain finance programs using a retrospective approach, except for the annual roll-forward which is applicable prospectively in the period beginning January 1, 2024. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.45

ADOPTIONS OF NEW ACCOUNTING STANDARDS. In ~~2024~~2025, we adopted Accounting Standards Update (ASU) No. 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, on a ~~retrospective~~prospective basis. The amendments ~~are~~require ~~intended~~disclosure toof ~~increase~~specific ~~reportable~~categories ~~segment~~in ~~disclosure~~the ~~requirements~~rate ~~primarily~~reconciliation ~~through~~and ~~enhanced~~provide ~~disclosures~~additional ~~about~~information ~~significant~~for ~~segment~~reconciling ~~expenses~~items that meet a quantitative threshold. This standard also requires further disaggregation of income taxes paid by federal, state, and foreign taxes, and by individual jurisdictions exceeding a specific thresholds. Refer to Note 2515 for further information.

~~2024~~NOTE ~~FORM~~2. ~~10-K~~DISCONTINUED 47OPERATIONS. Our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions are included in discontinued operations. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis.

NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. In the fourth quarter of 2022, we classified our captive industrial insurance subsidiary, Electric Insurance Company, domiciled in Massachusetts, into held for sale. In the second quarter of 2024, we completed the sale to Riverstone International Holdings Inc. for cash proceeds of $120 million.

In the second quarter of 2024, we classified our non-core licensing business into business held for sale. In the third quarter of 2024, we completed the sale to Dolby Laboratories, Inc. for cash proceeds of $441 million. GE Aerospace will retain intellectual property related to its core aerospace and defense technologies, as well as the trademark portfolio for the GE brand.

ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE	December 31, 2024		December 31, 2023
Non-current captive insurance investment securities	$	—	$	570
Property, plant and equipment and intangible assets - net	—		17
Valuation allowance on disposal group classified as held for sale	—		(124)
All other assets	—		77
Assets of businesses held for sale	$	—	$	541
Insurance liabilities and annuity benefits	$	—	$	376
Accounts payable and all other liabilities	—		1
Liabilities of businesses held for sale	$	—	$	378

DISCONTINUED OPERATIONS primarily comprise our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis.

GE Vernova. On April 2, 2024, we completed the previously announced separation of GE Vernova. The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of all the outstanding shares of GE Vernova to holders of the Company's common stock. In connection with the GE Vernova separation, the historical results of GE Vernova and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. In addition, the Company contributed $515 million of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of separation was $4,242 million.

We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova continue to provide certain services to each other for a period of time following the separation, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the ~~nine~~year ~~months (post separation)~~ ended December 31, ~~2024~~2025, we had direct and indirect sales of $~~248~~350 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $~~943~~874 million related to the transition services agreement and sales of engines and parts infor ~~2024~~the year ended December 31, 2025.

GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of the Company's common stock. In connection with the separation, the historical results of GE HealthCare and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations.

We ~~have~~had continuing involvement with GE HealthCare primarily through a transition services agreement, which was completed as of December 31, 2024, through which GE Aerospace and GE HealthCare ~~continue~~continued to provide certain services to each other for a period of time following the separation. In addition, we have a tax matters agreement and a trademark licensing agreement. For the year ended December 31, ~~2024~~2025, we collected net cash of $~~230~~56 million related to these activities~~. As of December 31~~, ~~2024,~~primarily in the ~~transition~~first ~~services~~quarter ~~agreement~~of ~~was completed~~2025.

Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. ~~As previously reported, a settlement program was adopted and we recorded a charge of $1,014 million in the quarter ended June 30, 2023.~~ The estimate of total losses for borrower litigation at Bank BPH was $2,~~461~~334 million and $2,~~669~~461 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively~~. In order to maintain appropriate regulatory capital levels~~, inwith the ~~quarter~~decrease ~~ended~~driven ~~June~~by ~~30,~~utilization ~~2023,~~offset weby ~~made~~foreign ~~the~~exchange ~~previously~~movements. ~~reported~~No ~~non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no~~ incremental contributions from GE Aerospace were required infor ~~2024~~the year ended December 31, 2025. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 24. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH.

The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. At December 31, ~~2024~~2025, the total portfolio had no carrying value, net of a valuation allowance. ~~Earnings~~Income (loss) related to ongoing borrower litigation ~~included~~was ~~zero,~~insignificant ~~$1,189 million and $720 million~~ in pre-tax charges for the ~~years~~year ended December 31, ~~2024,~~2025 ~~2023~~ and ~~2022~~zero for the year ended December 31, ~~respectively~~2024.

48 2024 FORM 10-K


RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2025	GE Vernova		Bank BPH & Other		Total
Total revenue	$	—	$	—	$	—
Cost of equipment and services sold	—		—		—
Other income, costs and expenses	—		(47)		(47)

Net Income (loss) of discontinued operations before income taxes	—		(47)		(47)
Benefit (provision) for income taxes	125		9		134
Net Income (loss) of discontinued operations, net of taxes	125		(38)		87

Gain (loss) on disposal before income taxes	—		16		16
Benefit (provision) for income taxes	—		—		—
Gain (loss) on disposal, net of taxes	—		16		16

Net Income (loss) from discontinued operations, net of taxes	$	125	$	(22)	$	103

RESULTS OF DISCONTINUED OPERATIONSFor the year ended December 31, 2024	GE Vernova		GE HealthCare		Bank BPH & Other		Total
Total revenue	$	7,244	$	—	$	—	$	7,244
Cost of equipment and services sold	(6,074)		—		—		(6,074)
Other income, costs and expenses	(1,299)		21		(41)		(1,320)
Earnings (loss) of discontinued operations before income taxes	(129)		21		(41)		(150)
Benefit (provision) for income taxes	27		(5)		17		40
Earnings (loss) of discontinued operations, net of taxes	(102)		16		(24)		(110)
Gain (loss) on disposal before income taxes	—		—		21		21
Benefit (provision) for income taxes	—		—		(1)		(1)
Gain (loss) on disposal, net of taxes	—		—		19		19
Earnings (loss) from discontinued operations, net of taxes	$	(102)	$	16	$	(4)	$	(91)

46 2025 FORM 10-K

For the year ended December 31, 2023	GE Vernova		GE HealthCare				Bank BPH & Other		Total
For the year ended December 31, 2024	GE Vernova				Bank BPH & Other		Total
Total revenue	$	337,~~265~~244	$	—	$	—	$	—7,244	$	~~33,265~~
Cost of equipment and services sold	(286,~~205~~074)		—		—		—(6,074)		~~(28,205)~~
Other income, costs and expenses	(51,~~306~~299)		~~(50)~~		(21)		(1,~~252~~320)		~~(6,607)~~
Earnings (loss) of discontinued operations before income taxes	(246)		(50)				(1,252)		(1,547)
Net Income (loss) of discontinued operations before income taxes	(129)				(21)		(150)
Benefit (provision) for income taxes	~~(171)~~27		~~1,706~~		13		440		~~1,539~~
Earnings (loss) of discontinued operations, net of taxes	(417)		1,656				(1,248)		(8)
Net Income (loss) of discontinued operations, net of taxes	(102)				(8)		(110)
Gain (loss) on disposal before income taxes	—		—		21		621		6
Benefit (provision) for income taxes	—		—		(1)		—(1)		—
Gain (loss) on disposal, net of taxes	—		—		19		619		6
Earnings (loss) from discontinued operations, net of taxes	$	(417)	$	1,656			$	(1,242)	$	(3)
Net Income (loss) from discontinued operations, net of taxes	$	(102)			$	12	$	(91)

For the year ended December 31, 2022	GE Vernova		GE HealthCare				Bank BPH & Other		Total
For the year ended December 31, 2023	GE Vernova				Bank BPH & Other		Total
Total revenue	$	2933,~~645~~265	$	~~18,457~~	$	—	$	—33,265	$	~~48,102~~
Cost of equipment and services sold	(2528,~~981~~205)		~~(11,265)~~		—		—(28,205)		~~(37,246)~~
Other income, costs and expenses	(5,~~985~~306)		~~(4,842)~~		(1,301)		(~~808~~6,607)		~~(11,636)~~
Earnings (loss) of discontinued operations before income taxes	(2,322)		2,350				(808)		(780)
Net Income (loss) of discontinued operations before income taxes	(246)				(1,301)		(1,547)
Benefit (provision) for income taxes	171		(521)				(32)		(382)
Benefit (provision) for income taxes(a)	(171)				1,710		1,539
Earnings (loss) of discontinued operations, net of taxes	(2,151)		1,829				(841)		(1,163)
Net Income (loss) of discontinued operations, net of taxes	(417)				409		(8)
Gain (loss) on disposal before income taxes	—		6		6		586		64
Benefit (provision) for income taxes	—		11		—		~~139~~—		~~150~~
Gain (loss) on disposal, net of taxes	—		17		6		~~196~~6		~~213~~
Earnings (loss) from discontinued operations, net of taxes	$	(2,151)	$	1,846			$	(644)	$	(949)
Net Income (loss) from discontinued operations, net of taxes	$	(417)			$	414	$	(3)

~~The~~(a) Includes a tax benefit related to GE Healthcare for the year ended December 31, 2023 ~~for~~relating ~~GE HealthCare relates~~ to a retroactive 2023 Internal Revenue Service (IRS) guidance concerning foreign tax credits and accounting method changes, ~~and~~ completion of the 2022 U.S. federal tax return, as well as net tax benefit resulting from preparatory steps for the spin-off.

2024 FORM 10-K 49


ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS	December 31, 2025		December 31, 2024
Cash, cash equivalents and restricted cash(a)	$	1,126	$	1,327
Current receivables	35		13





Property, plant, and equipment - net	26		40
All other assets	648		438
Deferred income taxes	21		24
Assets of discontinued operations(b)	$	1,855	$	1,841

Accounts payable	$	35	$	30


Non-current compensation and benefits	32		33
All other liabilities	1,347		1,254
Liabilities of discontinued operations(b)	$	1,413	$	1,317

ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS	December 31, 2024		December 31, 2023
Cash, cash equivalents and restricted cash(a)	$	1,327	$	3,762
Current receivables	13		7,324
Inventories, including deferred inventory costs	—		8,245
Goodwill	—		4,437
Other intangible assets - net	—		1,053
Contract and other deferred assets	—		8,959
Property, plant, and equipment - net	40		5,306
All other assets	438		5,750
Deferred income taxes	24		3,093
Assets of discontinued operations(b)(c)	$	1,841	$	47,927
Accounts payable	$	30	$	8,475
Contract liabilities, progress collections & deferred income	—		15,255
Long-term borrowings	—		294
Non-current compensation and benefits	33		3,589
All other liabilities	1,254		11,600
Liabilities of discontinued operations(b)(c)	$	1,317	$	39,213

(a) Included $1,123 million and $1,324 million of cash, cash equivalents and restricted cash related to Bank BPH as of December 31, 2025 and 2024, respectively. The decrease was primarily driven by purchases of investment securities to meet liquidity needs, which are recorded in All Other Assets.

(ab) Included $1,~~324~~389 million and $1,~~391~~594 million of ~~cash~~valuation allowances against financing receivables held for sale, ~~cash~~of ~~equivalents~~which $1,389 million and ~~restricted~~$1,517 million ~~cash~~related to estimated borrower litigation losses, and $945 million and $944 million in All other liabilities related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio as of December 31, 2025 and 2024, respectively. Accordingly, total estimated losses related to borrower litigation were $2,334 million and ~~2023~~$2,461 million as of December 31, 2025 and 2024, respectively, with the decrease driven by utilization offset by foreign exchange movements. The valuation allowance completely offsets the financing receivables balance as of December 31, 2025 and 2024.

~~(b)~~NOTE ~~Included~~3. ~~$1,594 million~~INVESTMENT and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,517 million and $1,712 million related to estimated borrower litigation losses, and $944 million and $957 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of December 31, 2024 and 2023, respectivelySECURITIES. Our ~~Accordingly,~~current ~~total~~investment ~~estimated~~securities ~~losses related to borrower litigation~~ were ~~$2,461 million~~zero and $~~2,669~~982 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. AsOur aAerCap ~~result~~senior ofnote ~~the~~matured ~~settlement~~during ~~program,~~ the ~~valuation~~fourth ~~allowance~~quarter ~~completely offsets the financing receivables balance as~~ of ~~December 31, 2024~~2025.

~~(c)~~Substantially ~~Included~~all ~~$102 million~~of ~~and~~our ~~$46,233 million~~non-current ofinvestment ~~assets~~securities ~~and~~are ~~$148 million~~held within our run-off insurance operations and ~~$38,021 million~~support ofthe ~~liabilities~~long-duration ~~for~~insurance GEliabilities. ~~Vernova~~The asportfolio ofincludes ~~December~~debt 31securities, ~~2024~~which ~~and~~substantially ~~2023~~all are investment grade, ~~respectively~~and are classified as available-for-sale.

~~NOTE~~2025 3.FORM ~~INVESTMENT SECURITIES. The majority of our investment securities are held within our run~~10-~~off~~K insurance operations and are classified as non-current as they support the long-duration insurance liabilities and include debt securities all classified as available-for-sale, substantially all of which are investment-grade.47

We sold our remaining equity shares in GE HealthCare during the fourth quarter of 2024. Our senior note from AerCap, for which we have adopted the fair value option and matures in the fourth quarter of 2025, is still outstanding as of December 31, 2024.


	December 31, 2025								December 31, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Debt
U.S. corporate	$	27,658	$	825	$	(1,969)	$	26,513	$	28,456	$	546	$	(2,309)	$	26,692
Non-U.S. corporate	2,909		41		(242)		2,707		2,970		23		(302)		2,691
State and municipal	2,751		46		(192)		2,605		2,409		22		(235)		2,196
Mortgage and asset-backed	5,202		69		(121)		5,151		5,007		47		(183)		4,870
Government and agencies	1,015		4		(95)		924		1,180		4		(118)		1,066
Equity	887		—		—		887		225		—		—		225
Non-current investment securities	$	40,422	$	985	$	(2,619)	$	38,788	$	40,248	$	641	$	(3,148)	$	37,741

	December 31, 2024								December 31, 2023
	Amortizedcost		Grossunrealizedgains		Grossunrealizedlosses		Estimatedfair value		Amortizedcost		Grossunrealizedgains		Grossunrealizedlosses		Estimatedfair value
Equity (GE HealthCare)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,761
Equity note (AerCap)	—		—		—		982		—		—		—		944
Current investment securities	$	—	$	—	$	—	$	982	$	—	$	—	$	—	$	5,706
Debt
U.S. corporate	$	28,456	$	546	$	(2,309)	$	26,692	$	27,495	$	1,034	$	(1,606)	$	26,923
Non-U.S. corporate	2,970		23		(302)		2,691		2,529		34		(209)		2,353
State and municipal	2,409		22		(235)		2,196		2,828		79		(185)		2,723
Mortgage and asset-backed	5,007		47		(183)		4,870		4,827		34		(291)		4,571
Government and agencies	1,180		4		(118)		1,066		1,213		3		(116)		1,100
Other equity	225		—		—		225		331		—		—		331
Non-current investment securities	$	40,248	$	641	$	(3,148)	$	37,741	$	39,222	$	1,183	$	(2,406)	$	38,000

The amortized cost of debt securities excludes accrued interest of $473 million and $473 million at December 31, 2025 and 2024, respectively, which is reported in All other current assets.

The ~~amortized~~estimated ~~cost~~fair value of ~~debt~~non-current investment securities ~~excludes~~at ~~accrued~~December ~~interest~~31, of2025 ~~$473~~increased ~~million~~since ~~and $466 million at~~ December 31, 2024, ~~and~~primarily ~~2023,~~due ~~respectively,~~to ~~which~~lower ismarket ~~reported~~yields inpartially ~~All~~offset ~~other~~by ~~current~~net ~~assets~~proceeds from debt/equity securities sales and redemptions.

~~The~~Total estimated fair value of ~~investment~~debt securities in an unrealized loss position were $18,484 million and $21,876 million, of which $14,656 million and $14,011 million had gross unrealized losses of $(2,525) million and $(2,795) million and have been in a loss position for 12 months or more at December 31, 2025 and 2024, ~~decreased~~respectively. ~~since~~The ~~December~~majority 31of our U.S. and non-U.S. corporate securities' gross unrealized losses were in the consumer, ~~2023~~electric, ~~primarily~~technology, ~~due~~communication toand ~~share~~energy ~~sales~~industries. The majority of our GEcommercial ~~HealthCare~~mortgage-backed ~~equity~~securities ~~interest~~ and ~~lower~~asset-backed securities in an unrealized loss position have received investment-grade ~~values~~credit ~~due~~ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to ~~higher~~sell ~~market~~the ~~yields~~investments, ~~partially~~and ~~offset~~it byis ~~new~~not more likely than not that we will be required to sell the investments atbefore ~~our~~recovery ~~run-off~~of ~~insurance~~their ~~operations~~amortized cost basis.

50 2024 FORM 10-K



For the years ended December 31	2025		2024		2023
Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)	$	313	$	320	$	6,413
Proceeds from debt/equity securities sales and redemptions	4,922		9,099		12,595
Gross realized gains on debt securities	35		75		52
Gross realized losses and impairments on debt securities	(76)		(66)		(66)

Total estimated fair value of debt securities in an unrealized loss position were $21,876 million and $18,730 million, of which $14,011 million and $17,146 million had gross unrealized losses of $(2,795) million and $(2,370) million and had been in a loss position for 12 months or more at December 31, 2024 and 2023, respectively. Gross unrealized losses at December 31, 2024 included $(119) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(52) million related to asset-backed securities. The majority of our CMBS and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. The majority of our U.S. and non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and energy industries. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis.

For the years ended December 31	2024		2023		2022
Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)	$	320	$	6,413	$	(42)
Proceeds from debt/equity securities sales and early redemptions	9,099		12,595		7,240
Gross realized gains on debt securities	75		52		34
Gross realized losses on debt securities	(66)		(66)		(42)

Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows:

For the years ended December 31	~~2024~~2025		~~2023~~2024
Purchases of investment securities	$	(74,~~132~~050)	$	(57,~~163~~132)
Dispositions and maturities of investment securities	64,~~168~~475		46,~~176~~168
Net (purchases) dispositions of insurance investment securities	$	~~(963)~~425	$	(~~986~~963)

Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, ~~2024~~2025 are as follows:

	Amortized cost		Estimated fair value
Within one year	$	~~814~~843	$	~~814~~847
After one year through five years	43,~~003~~460		43,~~065~~561
After five years through ten years	5,~~160~~269		5,~~160~~498
After ten years	2524,~~039~~762		22,~~607~~845

We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations.

In addition to the equity securities described above, we held $1,~~439~~911 million and $~~974~~1,439 million of equity securities without RDFV including $1,~~410~~881 million and $~~939~~1,410 million atwithin our run-off insurance operations at December 31, ~~2024~~2025 and ~~2023~~2024, respectively, that are classified within All other assets in our Statement of Financial Position. Fair value adjustments, ~~including~~net of impairments, recorded in ~~earnings~~income were $194 million, $159 million and $70 million for the years ended December 31, 2025, 2024 and 2023, respectively~~, and insignificant for December 31, 2022~~. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. These limited partnership investments are generally not eligible for redemption and generally cannot be sold without approval of the general partner. ~~Distribution~~Distributions from each fund will be received as the underlying investments of the funds are liquidated at the discretion of the general partner. These investments are generally considered illiquid and our ability to receive the most recent net asset value in a sale would be determined by external market factors.

~~Our~~48 ~~run-off~~2025 ~~insurance~~FORM operations have approximately $700 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $29,800 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets.10-K

~~2024~~Our ~~FORM 10~~run-Koff 51insurance operations have approximately $800 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $29,900 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets.

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES

CURRENT RECEIVABLES
December 31	~~2024~~2025		~~2023~~2024
Customer receivables	$	79,~~385~~269	$	67,~~397~~385
Revenue sharing and other partner receivables(a)	1,~~113~~322		1,~~252~~113
Non-income based tax receivables	~~128~~165		~~129~~128
Supplier advances	~~546~~867		~~401~~546
Receivables from disposed businesses	9934		~~121~~99
Other sundry receivables	~~162~~209		~~534~~162
Allowance for credit losses	(~~106~~94)		(~~132~~106)
Total current receivables	$	911,~~327~~773	$	89,~~703~~327

(a) Revenue sharing and other partner receivables are primarily amounts due from revenue sharing partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities. The revenue sharing partners share in program revenue, receive a share of customer progress payments and share costs related to discounts and warranties.

Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $~~494~~133 million and $~~520~~494 million in the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in the Commercial Engines & Services ~~business~~segment, the Company has no continuing involvement; fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice value and due date.

LONG-TERM RECEIVABLES

December 31

~~2024~~2025

~~2023~~2024

Long-term customer receivables

~~122~~173

~~163~~122

Supplier advances

5094

3250

Sundry receivables

~~106~~105

~~158~~106

Allowance for credit losses

(8596)

(485)

Total long-term receivables

~~194~~276

~~349~~194

NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS

December 31	~~2024~~2025		~~2023~~2024
Raw materials and work in process	$	79,~~372~~354	$	67,~~531~~372
Finished goods	1,~~459~~542		1,~~209~~459
Deferred inventory costs(a)	~~932~~972		~~544~~932
Inventories, including deferred inventory costs	$	911,~~763~~868	$	89,~~284~~763

(a) Represents deferred labor and overhead costs on time and material service contracts and other costs of products and services for which the criteria for revenue recognition has not yet been met.

NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES

Depreciable lives

Original Cost

Net Carrying Value

December 31

(in years)

~~2024~~2025

~~2023~~2024

~~2024~~2025

~~2023~~2024

Land and improvements

~~131~~139

~~128~~131

~~129~~137

~~126~~129

Buildings, structures and related equipment

8 - 40

3,~~146~~295

3,~~062~~146

1,~~369~~411

1,~~358~~369

Machinery and equipment

4 - 20

1112,~~533~~757

11,~~160~~533

34,~~851~~432

3,~~876~~851

Leasehold costs and manufacturing plant under construction

1 - 10

1,~~084~~197

~~989~~1,084

~~872~~989

~~727~~872

ROU operating lease assets

1,~~057~~018

1,~~160~~057

Property, plant and equipment - net

1517,~~894~~388

15,~~338~~894

7,~~277~~987

7,~~246~~277

	Property, plant andequipment additions						Depreciation and amortization
December 31	2024		2023		2022		2024		2023		2022
Commercial Engines & Services	$	431	$	343	$	160	$	370	$	356	$	362
Defense & Propulsion Technologies	135		145		149		150		147		144
Corporate and Other (including supply chain)	353		278		265		314		294		341
Total	$	920	$	766	$	574	$	834	$	797	$	846

2025 FORM 10-K 49

52 2024 FORM 10-K


	Property, plant and equipment additions						Depreciation and amortization
December 31	2025		2024		2023		2025		2024		2023
Commercial Engines & Services	$	498	$	431	$	343	$	402	$	370	$	356
Defense & Propulsion Technologies	184		135		145		153		150		147
Corporate and Other(a)	471		353		278		307		314		294
Total	$	1,153	$	920	$	766	$	863	$	834	$	797

~~Operating~~(a) ~~Lease~~Includes ~~Liabilities.~~supply Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position were $283 million and $308 million, as of December 31, 2024 and 2023, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $822 million and $931 million, as of December 31, 2024 and 2023, respectively. Substantially all of our operating leases have remaining lease terms of 10 years or less, some of which may include options to extend.chain

OPERATING LEASE EXPENSE	2024		2023		2022
Long-term (fixed)	$	326	$	364	$	428
Long-term (variable)	111		26		13
Short-term	45		115		88
Total operating lease expense	$	482	$	506	$	529

Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position were $280 million and $283 million, as of December 31, 2025 and 2024, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $783 million and $822 million, as of December 31, 2025 and 2024, respectively. Substantially all of our operating leases have remaining lease terms of 10 years or less, some of which may include options to extend.

MATURITY OF LEASE LIABILITIES			2025		2026		2027		2028		2029		Thereafter		Total
OPERATING LEASE EXPENSE	2025		2024		2023
Undiscounted lease payments			$	276	$	239	$	185	$	143	$	128	$	398	$	1,369
Long-term (fixed)	$	309	$	326	$	364
Less: imputed interest															(247)
Long-term (variable)	30		111		26
Total lease liability as of December 31, 2024															$	1,122
Short-term	47		45		115
Total operating lease expense	$	385	$	482	$	506

SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES	2024			2023			2022
MATURITY OF LEASE LIABILITIES				2026			2027			2028		2029		2030		Thereafter		Total
Operating cash flows used for operating leases	$	352		$	427		$	456
Undiscounted lease payments				$	278		$	221		$	176	$	154	$	117	$	377	$	1,323
Right-of-use assets obtained in exchange for new lease liabilities	196			275			264
Less: imputed interest																		(260)
Weighted-average remaining lease term	7.8 years			7.7 years			8.4 years
Total lease liability as of December 31, 2025																		$	1,063
Weighted-average discount rate	4.6		%	4.5		%	4.4		%


SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES	2025			2024			2023
Operating cash flows used for operating leases	$	329		$	352		$	427
Right-of-use assets obtained in exchange for new lease liabilities	238			196			275
Weighted-average remaining lease term	7.6 years			7.8 years			7.7 years
Weighted-average discount rate	4.7		%	4.6		%	4.5		%

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

In conjunction with the GE Vernova separation, we changed our segment reporting structure. As a result, all prior period balances for those segments were updated to reflect this change.


	Commercial Engines & Services		Defense & Propulsion Technologies		Total
Balance at December 31, 2023	$	6,472	$	2,476	$	8,948

Goodwill impairment	—		(251)		(251)
Goodwill adjustments(a)	(131)		(28)		(159)
Balance at December 31, 2024	$	6,341	$	2,197	$	8,538
Goodwill acquisition	—		148		148
Goodwill adjustments(a)	303		72		374
Balance at December 31, 2025	$	6,644	$	2,417	$	9,060

Changes in the carrying value of Goodwill for years ending December 31, 2024, 2023 and 2022 were as follows:

	Commercial Engines & Services		Defense & Propulsion Technologies		Total
Balance at December 31, 2022	$	6,386	$	2,449	$	8,835
Goodwill adjustments(a)	86		26		113
Balance at December 31, 2023	$	6,472	$	2,476	$	8,948
Goodwill impairment	—		(251)		(251)
Goodwill adjustments(a)	(131)		(28)		(159)
Balance at December 31, 2024	$	6,341	$	2,197	$	8,538

(a) Goodwill adjustments are primarily related to foreign currency exchange.

Also in conjunction with the GE Vernova separation, the composition of our reporting units for evaluation of goodwill impairment has changed. As a result, we allocated goodwill among new and realigned reporting units using a relative fair value approach and performed assessments for the new reporting units. We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In the ~~third~~fourth quarter of ~~2024~~2025, we performed anour ~~interim~~annual impairment test. atBased ~~our~~on ~~Colibrium Additive reporting unit within our Defense & Propulsion Technologies segment given declines in~~ the ~~additive manufacturing industry due to slower adoption of technology, which incorporated a combination of income and market valuation approaches. The~~ results of ~~the~~this ~~analysis~~test, ~~indicated that~~ the ~~carrying~~fair ~~value~~values of ~~the~~each ~~reporting unit was in excess~~ of ~~fair value and, therefore, we recorded a non-cash impairment loss of $251 million in Goodwill impairments in~~ our ~~Statement of Earnings (Loss). After the impairment charges there is no remaining goodwill in the~~ reporting ~~unit.~~units ~~Colibrium~~exceeded ~~Additive~~their iscarrying ~~a critical business for current and future technology at GE Aerospace as we continue to focus on where it can create the most value~~values.

In the fourth quarter of 2024, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values.

2025

2024

INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31

Useful lives
(in years)

Gross carrying
amount

Accumulated
amortization

Net

Gross carrying

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