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GE · GENERAL ELECTRIC CO

28 filings

10-K

GE 10-K Annual Reports

GENERAL ELECTRIC CO - 28 annual reports

Filing record · 2016–202610-K1110-Q348-K179

2025
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2025
GE Aerospace demonstrated robust financial performance in 2025, driven by strong revenue growth across both its Commercial Engines & Services (CES) and Defense & Propulsion Technologies (DPT) segments. Total revenue surged by 18% year-over-year, reaching $45.9 billion, with CES sales up 24% and DPT sales up 11%. This growth was fueled by increased engine deliveries, a healthy demand for aftermarket services, and strategic contract wins in the defense sector. Profitability also saw significant improvement, with net income from continuing operations attributable to common shareholders increasing to $8.6 billion. The company's free cash flow generation was substantial at $7.7 billion, supporting share repurchases and investments in future growth. GE Aerospace continues to invest heavily in research and development, particularly in next-generation technologies like the RISE program, positioning itself for long-term innovation and market leadership. The company also benefited from positive credit rating upgrades, reflecting its improved financial health.
Jan 29, 2026
2024
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2024
General Electric Company (GE Aerospace) reported robust revenue growth for the fiscal year ending December 31, 2024, with total revenue reaching $38.7 billion, an increase of 9% year-over-year. This growth was primarily driven by the Commercial Engines & Services segment, which saw a 13% increase in revenue, fueled by higher spare parts volume, improved pricing, and increased shop visit workscope. The Defense & Propulsion Technologies segment also contributed positively with a 6% revenue increase. The company generated significant free cash flow of $6.1 billion in 2024, an increase from $4.7 billion in the prior year, reflecting strong operational performance and disciplined capital allocation. GE Aerospace also announced a new $15 billion share repurchase authorization, underscoring its commitment to returning capital to shareholders. Despite supply chain constraints impacting new engine deliveries, the company's extensive remaining performance obligation of $171.6 billion highlights strong future demand across its business segments.
Feb 3, 2025
2023
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2023
General Electric Company (GE) reported a strong financial performance in 2023, marked by significant revenue growth and a substantial increase in earnings, driven by robust performance across all its operating segments, particularly Aerospace. The company's strategic plan to separate into three independent entities (GE Aerospace, GE Vernova, and GE HealthCare) has progressed, with the HealthCare business separation completed and plans for Vernova advancing. Revenue increased by 17% to $68.0 billion, with segment profit showing a notable rise. Free cash flow also saw a significant improvement, reaching $5.2 billion, up from $3.1 billion in the prior year. This enhanced cash generation was largely due to improved profitability and working capital management. The company continues to manage its debt effectively, with total borrowings decreasing. GE's outlook remains focused on executing its separation strategy while navigating economic headwinds, including inflation and supply chain challenges, through operational improvements and pricing adjustments.
Feb 2, 2024
2022
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2022
General Electric (GE) reported total revenues of $76.6 billion for the fiscal year ended December 31, 2022, an increase of 3% year-over-year. The company achieved positive cash flow from operating activities of $5.9 billion and free cash flow of $4.8 billion, a significant improvement from the previous year. GE successfully completed the spin-off of its Healthcare business in January 2023, a major step in its plan to separate into three independent companies. The Aerospace segment saw substantial revenue and profit growth driven by the recovery in air travel, while the Power segment also showed improved profitability. The Renewable Energy segment, however, experienced increased losses due to cost inflation, product quality issues, and restructuring efforts. GE continues to navigate inflationary pressures and supply chain challenges across its businesses. The company is actively managing its debt and returned $1 billion to shareholders through share repurchases in 2022. Looking ahead, GE is focused on completing the spin-off of its energy businesses into GE Vernova, while strengthening its core operations and managing its financial structure to support long-term value creation.
Feb 10, 2023
2021
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2021
General Electric (GE) filed its 2021 10-K on February 10, 2022, detailing a significant strategic transformation. The company announced plans to split into three distinct, publicly traded companies focused on Aviation, Healthcare, and a combined Renewable Energy, Power, and Digital business. This separation is intended to allow each entity greater focus, tailored capital allocation, and strategic flexibility. For the year ended December 31, 2021, GE reported total revenues of $74.2 billion, a decrease from the prior year, primarily driven by declines in its Aviation, Power, and Healthcare segments. The company also reported a net loss attributable to common shareholders of $(6.7) billion, impacted by significant debt extinguishment costs of $6.5 billion, offset by a gain on equity securities and higher segment profit. Despite revenue and net loss pressures, the company highlighted improvements in segment profit across Aviation, Power, and Healthcare, and a substantial increase in Free Cash Flow (FCF) to $1.9 billion from $0.6 billion in the prior year. The Aviation segment, while impacted by the pandemic, showed signs of recovery in market fundamentals, with global departures improving from 2020. The company also completed the significant GECAS business combination with AerCap, receiving substantial cash proceeds, and continued its debt reduction efforts, significantly lowering its total borrowings.
Feb 11, 2022
2020
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2020
General Electric Company (GE) reported its 2020 fiscal year results, marked by significant impacts from the COVID-19 pandemic, particularly on its Aviation segment. Despite a substantial year-over-year revenue decline, GE demonstrated resilience through cost-saving measures and a notable reduction in borrowings, enhancing its liquidity position with $36.6 billion in cash and cash equivalents. The company completed the divestiture of its BioPharma business for $21.1 billion, contributing to a significant pre-tax gain. However, it also recorded substantial non-cash impairment charges related to goodwill and assets across its Aviation, Power, and Capital segments, largely driven by the pandemic's impact and strategic business exits. GE is actively managing its portfolio and de-leveraging its balance sheet, with consolidated borrowings reduced by $15.8 billion. Looking ahead, GE continues to navigate economic uncertainties while focusing on operational execution and strategic priorities, including advancements in its Renewable Energy and Healthcare segments. The company's ability to manage costs and cash flow, alongside its deleveraging efforts, will be critical for investor confidence in the near to medium term.
Feb 12, 2021
2019
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2019
General Electric Company (GE) in 2019 continued its strategic transformation, focusing on streamlining its portfolio and improving operational execution. The company reported consolidated revenues of $95.2 billion, a slight decrease from the previous year, primarily due to declines in GE Capital revenues and corporate items, while its industrial segments showed growth. Significant portfolio actions included the spin-off of the Transportation segment and the agreement to sell the BioPharma business within Healthcare. Despite ongoing challenges in the Power segment, GE's Aviation and Healthcare segments demonstrated solid performance, driving industrial segment organic revenue growth. Financially, GE reported a net loss of $5.4 billion attributable to common shareholders, impacted by significant charges including an $8.7 billion loss on the deconsolidation of Baker Hughes and a $1.0 billion pre-tax charge related to an insurance premium deficiency. However, continuing operations saw a reduction in losses compared to the prior year, largely due to lower goodwill impairment charges. GE also focused on strengthening its balance sheet through debt reduction, ending the year with $47.9 billion in GE Industrial net debt.
Feb 24, 2020
2018
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2018
General Electric (GE) in its 2018 10-K filing reported significant strategic shifts and financial challenges. The company faced a substantial net loss of $22.8 billion, largely driven by a $22.1 billion goodwill impairment charge, primarily in its Power segment, reflecting ongoing difficulties in that market. Despite a slight increase in consolidated revenues to $121.6 billion, driven by its Aviation and Oil & Gas segments, GE Industrial organic revenues saw minimal growth. The company announced significant portfolio actions, including agreements to sell its BioPharma business for $21.4 billion and the completion of its Transportation segment merger with Wabtec. These divestitures are part of a broader strategy to streamline operations and reduce leverage. The company also reduced its quarterly dividend to $0.01 per share, retaining approximately $4 billion annually. GE's new CEO, H. Lawrence Culp Jr., who took over in October 2018, is focused on improving operational execution and cost reduction across the company, particularly within the struggling Power segment. The financial results highlight the ongoing transformation efforts and the challenges faced in certain core industrial businesses.
Feb 26, 2019
2017
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2017
General Electric (GE) in 2017 faced significant headwinds, reporting a substantial net loss of $(6.2) billion, or $(0.72) per share, a stark contrast to the prior year's profit. This downturn was primarily driven by considerable charges and impairments, including a $6.2 billion after-tax charge related to GE Capital's insurance business, alongside restructuring costs and impairments within its industrial segments. Consolidated revenues saw a slight decrease to $122.1 billion. Despite these challenges, GE continued its strategic portfolio reshaping, completing the combination of its Oil & Gas business with Baker Hughes and selling its Water business. The company also announced plans to exit over $20 billion of assets in 2018-2019. Management acknowledged that 2017 results were below expectations, attributing the decline to softer market demands in Power, restructuring costs, and significant corporate charges, particularly related to the insurance business review. The company is focused on cost reduction, operational improvements, and strengthening its cash position for 2018.
Feb 23, 2018
2016
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2016
General Electric Company (GE) reported its 2016 annual results, highlighting a significant transformation driven by portfolio adjustments, including the acquisition of Alstom and the divestiture of its Appliances business. The company continued its GE Capital Exit Plan, substantially completing the dispositions of its financial services businesses, which led to a significant reduction in GE Capital's total assets and a substantial decrease in Financial Services losses. Industrial segments showed mixed performance, with Power and Aviation demonstrating revenue growth, while Oil & Gas experienced declines due to lower commodity prices. GE's strategic focus on becoming a simpler, more valuable digital industrial company was evident in its investments in digital capabilities and additive manufacturing, alongside efforts to improve operational efficiency and cost structures across its segments.
Feb 24, 2017
2015
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2015
General Electric Company's (GE) 2015 10-K filing reveals a significant strategic shift with the ongoing execution of the GE Capital Exit Plan, aimed at simplifying the company and focusing on its industrial businesses. This plan involved divesting the majority of GE Capital's assets, leading to substantial charges and changes in the company's financial structure. Despite a reported net loss for the year, driven largely by these restructuring charges, GE's industrial segments demonstrated resilience, with growth in key areas like Aviation and positive organic revenue growth overall. The company successfully acquired Alstom's thermal, renewables, and grid businesses, bolstering its Power and Renewable Energy segments. However, this acquisition, coupled with currency headwinds and challenges in the Oil & Gas sector due to lower commodity prices, impacted overall consolidated revenues. Investors will be closely watching the continued progress of the GE Capital divestiture and the integration of Alstom to understand the long-term financial and operational trajectory of the transformed GE.
Feb 26, 2016
2015
GENERAL ELECTRIC CO Annual Report, Year Ended Feb 27, 2015
General Electric Company (GE) reported its fiscal year 2014 results, showcasing a diversified business model with a significant industrial and financial services segment. The company experienced an increase in consolidated revenues and a slight uptick in net earnings attributable to common shareowners. Key strategic developments during the year included progress on the planned exit from its North American Retail Finance business, Synchrony Financial, and significant acquisitions and divestitures across various industrial segments, such as the Alstom acquisition, the sale of its Appliances business, and the acquisition of Milestone Aviation Group. The company continued its focus on returning capital to shareholders through dividends and share repurchases, while also managing its financial services segment with a goal to reduce its End Net Investment (ENI). The industrial segments, particularly Aviation and Oil & Gas, demonstrated strong revenue and profit growth, driven by increased volume and productivity. However, the company noted challenges in certain sectors due to macroeconomic factors and currency fluctuations. GE Capital continued its strategic repositioning, with a target to reduce its ENI, which is expected to impact short-term earnings but improve long-term performance. The report also highlights the company's commitment to risk management and compliance across its global operations.
Feb 27, 2015
2013
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2013
General Electric's FY2013 Form 10-K (filed February 27, 2014) shows a company in transition: industrial earnings growing while GE Capital is deliberately shrinking. Consolidated earnings from continuing operations attributable to GE rose 4% to $15.2 billion, and diluted EPS from continuing operations rose 7% to $1.47. Net earnings attributable to GE fell 4% to $13.1 billion because of $2.1 billion in losses from discontinued operations, driven mainly by a $1.6 billion after-tax charge to extinguish a loss-sharing obligation tied to the 2008 sale of GE Money Japan. Industrial segment profit grew, Aviation and Oil & Gas led, and GE reported a record $244 billion infrastructure backlog entering 2014. GE Capital is the central focus of the filing. Its ending net investment (ENI), excluding cash, fell to $380 billion, against a stated target of $300–350 billion, and management acknowledges that exiting non-core assets will reduce future net earnings in the short term. GE Capital earnings rose 12% to $8.3 billion, helped by dispositions such as the partial IPO of Swiss bank Cembra and the sale of its Bay Ayudhya stake, though these gains were partly offset by higher impairments. The company also disclosed a staged exit from North American Retail Finance, beginning with a 2014 IPO of up to 20% and a planned split-off in 2015, along with a $6.4 billion MetLife Bank deposit acquisition and a 2013 designation of GECC as a nonbank systemically important financial institution. Balance-sheet and shareholder items point to a strengthened position. Consolidated cash reached $88.6 billion, and the company returned capital through $8.1 billion in dividends and buybacks under a $35 billion authorization. The quarterly dividend was raised to $0.22. Credit ratings were held at AA+ (S&P) and Aa3/A1 (Moody's, GE/GECC). Key risks include the expiration of a U.S. tax provision on active financial services income, which management expects to raise the effective tax rate after 2014, continuing WMC mortgage repurchase litigation with roughly $5.6 billion in pending claims, and a GE Pension Plan that was $4.7 billion underfunded at year-end, down from $13.3 billion.
Feb 27, 2014
2012
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2012
General Electric's 2012 Form 10-K (filed February 26, 2013) shows a company in gradual recovery: consolidated revenues were essentially flat at $147.4 billion, while earnings from continuing operations attributable to the Company rose 3% to $14.7 billion and diluted EPS from continuing operations increased 12% to $1.39. Operating EPS, a non-GAAP measure that excludes non-operating pension costs, rose 16% to $1.52. Net earnings attributable to the Company fell 4% to $13.6 billion, driven by a $1.0 billion loss from discontinued operations, mainly reserve increases tied to GE Money Japan and WMC mortgage-repurchase exposure. The industrial segments grew: Power & Water, Oil & Gas, Energy Management and Transportation posted double-digit revenue gains, with Oil & Gas aided by acquisitions, and GE ended the year with a record $210 billion backlog. GE Capital continued to shrink as management reduced its ending net investment from $513 billion in January 2009 to $419 billion at year-end 2012. Segment profit rose to $7.4 billion, helped by lower impairments and a sharply lower tax rate. The company's balance sheet and liquidity remain strong, with $77.4 billion of consolidated cash and committed unused credit lines of $48.2 billion. Credit ratings were S&P AA+ and Moody's Aa3 at GE, though Moody's downgraded GECC by two notches to A1 in April 2012. Management also disclosed that GE will sell its remaining 49% NBCUniversal stake to Comcast for about $16.7 billion, which should generate further cash and reduce the company's exposure to media. Key risks for investors include the reinstated but temporary U.S. tax deferral on active financial services income, which expires after 2013; a GE Pension Plan underfunded by $13.3 billion; European sovereign exposure within GECC; and ongoing WMC mortgage litigation covering roughly $3.8 billion of pending loan claims. The effective tax rate fell to 14.4% from 28.3%, partly because the prior year included a large NBCU gain, so 2012 comparisons flatter some metrics.
Feb 26, 2013
2011
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2011
General Electric's 2011 Form 10-K (filed February 24, 2012) shows a company in a recovery year: consolidated revenues of $147.3 billion (down 2% from $149.6 billion), earnings from continuing operations attributable to the Company up 12% to $14.1 billion, and GAAP net earnings attributable to the Company of $14.2 billion. Operating EPS (non-GAAP, excluding non-operating pension costs) rose 15% to $1.29, or $1.37 excluding the $0.08 effect of the preferred stock redemption. Management points to a record industrial backlog of roughly $200 billion and expects continued revenue and earnings growth into 2012. Industrial segments were the main driver: Energy Infrastructure revenue rose 16% (largely from acquisitions such as Dresser, Converteam and Wellstream), while segment profit fell 9% on lower productivity tied to the wind turbine business. Aviation, Healthcare and Transportation all improved. GE Capital's net earnings rose to $6.5 billion from $3.2 billion, driven by lower loan-loss provisions and a gain on the Garanti Bank sale. The segment continued shrinking, with ending net investment down from $526 billion to $445 billion over two years. The financial services balance sheet is still large and reliant on debt markets, with GECS borrowings of $443 billion. Key risks flagged include the European sovereign debt situation, the expiration at end-2011 of the U.S. tax provision deferring tax on active financial services income (which management expects to raise the effective tax rate significantly after 2012), a $13.2 billion underfunded GE Pension Plan, and the sensitivity of GE Capital's real estate and funding costs to market conditions. Shareholder returns were also a focus: the quarterly dividend was raised to $0.17 per share and about $7.9 billion remained under the $15 billion repurchase program. On balance, the filing describes an improving but still uneven picture. Industrial earnings growth and a stabilizing GE Capital are offset by a higher expected tax burden, large pension obligations and continued dependence on external funding. Investors should weigh the strength of the backlog and cash generation against these structural and macroeconomic risks.
Feb 24, 2012
2010
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2010
In its 2010 annual report filed in early 2011, General Electric Company (GE) demonstrated resilience following the challenging economic climate of the preceding years. The company reported an increase in earnings from continuing operations attributable to the company, a 15% rise in 2010 compared to 2009, signaling a stabilization in both industrial and financial services sectors. GE Capital, a significant segment, saw its earnings from continuing operations attributable to the Company increase substantially, driven by improved margins and lower provisions for losses on financing receivables, supported by GE Capital's strategic focus on repositioning as a more focused finance company with reduced asset levels. The company continued to invest in market-leading technologies across its key infrastructure segments, including Energy and Technology. Notably, NBC Universal, while undergoing significant restructuring with a transfer of assets to a new entity in partnership with Comcast, showed revenue growth. GE also highlighted its commitment to returning value to shareholders, with a Board-approved increase in its quarterly dividend, reflecting confidence in its strong backlog and projected economic improvements.
Feb 25, 2011
2009
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2009
General Electric Company (GE) in 2009 navigated a challenging economic landscape, reporting consolidated revenues of $84.3 billion, a decrease from $97.2 billion in 2008. The company's diversified business segments, including Energy Infrastructure, Technology Infrastructure, NBC Universal, Capital Finance, and Consumer & Industrial, all experienced impacts from the weakened global economy. GE Capital, the financial services arm, saw a significant decline in earnings, down 80% in 2009, reflecting broader financial market disruptions, increased loan loss provisions, and a strategic initiative to reduce its ending net investment. Despite these challenges, GE maintained its focus on core industrial businesses and initiated strategic actions such as the planned sale of NBC Universal to Comcast, which would result in GE owning a 49% stake in the new entity. GE continued to invest in research and development, totaling $3.3 billion in 2009, with a significant portion allocated to its Technology Infrastructure segment, particularly in Aviation. The company also took steps to strengthen its liquidity position, including reducing its dividend and managing its commercial paper borrowings. While facing headwinds, GE expressed optimism about a potential stabilization in the global economy and a strong backlog positioning it for future growth.
Feb 19, 2010
2008
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2008
In 2008, General Electric (GE) demonstrated resilience amidst challenging global economic and financial conditions, with consolidated revenues increasing to $182.5 billion. The company navigated significant market volatility, particularly impacting its Capital Finance segment, which saw earnings decline due to disruptions in capital markets and rising unemployment. Despite these headwinds, GE's industrial segments, including Energy Infrastructure and Technology Infrastructure, showed revenue growth driven by strong demand and strategic acquisitions. GE continued its strategy of operational focus and capital allocation, including the disposition of non-strategic businesses. The company's liquidity position was actively managed, with efforts to reduce commercial paper borrowings and leverage government support programs. While GE maintained its strong industrial performance, investors closely watched the financial services arm's performance and the company's ability to maintain its 'AAA' credit ratings amidst market uncertainty.
Feb 18, 2009
2007
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2007
General Electric's 2007 Form 10-K (filed February 20, 2008) reports record results: consolidated revenues rose to $172.7 billion in 2007 from $151.8 billion in 2006, and net earnings reached $22.2 billion, or $2.17 diluted EPS (up from $2.00). Earnings from continuing operations were $22.5 billion, while discontinued operations produced a small loss of $0.3 billion, as large gains on the Plastics sale ($1.6 billion after tax) were offset by losses on WMC and Lake. Organic revenue growth was about 9%, and total segment profit grew 16% to $29.0 billion. Infrastructure, Commercial Finance, and GE Money drove most of the growth, and the company paid $11.7 billion in dividends while repurchasing $13.9 billion of stock. The main investor debate centers on GE Capital. GECS borrowings reached $500.9 billion, and the GE Capital debt-to-equity ratio rose to 8.10:1 from 7.52:1. GE Money's U.S. delinquency rate increased to 5.52% from 4.93%, and the company acknowledged a deteriorating U.S. consumer credit environment, with about one-third of its U.S.-managed portfolio exposed to subprime borrowers. GE also disclosed an SEC investigation into hedge accounting and revenue recognition. Its internal review identified errors in previously reported results, which the company concluded were immaterial, so no restatement was required, though it did identify significant deficiencies in internal control (not a material weakness). GE maintained its AAA/Aaa ratings and a $15 billion three-year buyback authorization, and it announced it would move its headquarters to London. The company also completed a large string of acquisitions in 2007, including Smiths Aerospace and Vetco Gray, and it agreed to acquire most of Merrill Lynch Capital in February 2008. Investors should weigh the strong industrial earnings and cash returns against the financial services leverage, rising credit losses, and open regulatory matters.
Feb 20, 2008
2006
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2006
General Electric's 2006 Form 10-K (filed February 27, 2007) reports record consolidated revenues of $163.4 billion (up 10% from $148.0 billion in 2005) and net earnings of $20.8 billion, or $2.00 per diluted share, versus $16.7 billion ($1.57) in 2005. The results were lifted by the planned exit from insurance, which was substantially completed in 2006 through the sales of GE Insurance Solutions and GE Life to Swiss Re and the final Genworth stake, with those businesses now reported as discontinued operations. Continuing earnings from operations rose 11% to $20.7 billion. Dividends were raised 12% to $0.28 per quarter, and the company declared $10.7 billion in dividends for the year. The central investor issue is a material weakness in internal control over financial reporting. GE restated its interim 2006 results after the SEC staff, through the Office of the Chief Accountant, concluded that the commercial paper interest rate swap program at GE Capital did not meet the SFAS 133 specificity requirement, so hedge accounting was eliminated back to January 1, 2001. Management and KPMG both concluded that internal control over financial reporting was not effective as of December 31, 2006. An SEC formal investigation into the matter is ongoing, and GE has eliminated the program pending clarification of the accounting rules. Leverage is high at GE Capital (debt-to-equity of 7.52:1), while GE industrial debt remains low at 8.7% of total capital. The portfolio is shifting toward infrastructure, healthcare and industrial growth, supported by acquisitions. Notable deals include Smiths Aerospace (about $4.8 billion, announced January 2007), Vetco Gray (closed February 23, 2007), IDX Systems, Biacore and ZENON. Management flagged a potential sale of the Plastics business. NBC Universal results were described as disappointing, and Industrial profit was pressured by higher material costs. Overall, GE posted strong operating momentum, but investors should weigh the control weakness, the SEC investigation, and the leverage embedded in GE Capital.
Feb 27, 2007
2005-A
GENERAL ELECTRIC CO Annual Report (Amendment), Year Ended Dec 31, 2005
General Electric's January 19, 2007 Form 10-K/A restates financial results for 2001 through 2005 and selected quarters of 2004 and 2005. The restatement stems from the SEC Office of Chief Accountant's view that GE's commercial paper interest rate swap hedging program at GECC and GECS did not meet the SFAS 133 specificity requirement. As a result, GE is eliminating hedge accounting for those swaps from January 1, 2001, so fair value changes now flow directly through earnings. The restatement is non-cash and has no effect on cash flows or liquidity, and the effects on financial position are described as immaterial. The cumulative reduction in earnings from continuing operations before accounting changes through 2005 is $473 million, against reported cumulative earnings of about $77.1 billion. Annual effects are modest: 2005 earnings rise by $358 million (about 2.0%), while 2002 falls by $1,169 million (about 7.4%). The filing also discloses a material weakness in internal controls over hedge documentation. Management concluded that its 2005 internal control over financial reporting was not effective, which reverses the original March 2006 conclusion. GE says it modified the commercial paper hedging program and adopted documentation effective January 1, 2007, which it believes remediates the weakness. The SEC formal investigation into GE's SFAS 133 application is ongoing. Management also states that it has found no hedge positions inconsistent with its risk management policies or economic objectives. Beyond the restatement, the filing reports a fundamentally strong franchise. 2005 consolidated revenues were $150.2 billion (restated), net earnings were $16.7 billion, and dividends declared were $9.6 billion. GE retained AAA/Aaa ratings and declared a 14% dividend increase in December 2005. Key risks include the pending exit from insurance (sale of GE Insurance Solutions to Swiss Re and the remaining Genworth stake), the SEC investigations, and continued exposure to commercial aviation, where several airlines were in bankruptcy.
Jan 19, 2007
2005
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2005
General Electric's 2005 Form 10-K (filed March 3, 2006) reports consolidated revenues of $149.7 billion, up 11% from $134.5 billion in 2004, with net earnings of $16.4 billion, down from $16.8 billion, and diluted EPS of $1.54 versus $1.61. The decline is driven by a $1.9 billion loss from discontinued operations, mainly GE Insurance Solutions, which GE agreed to sell to Swiss Re for $8.5 billion. Earnings from continuing operations rose 12% to $18.3 billion, and segment profit grew across most businesses. GE kept its AAA/Aaa ratings, declared $9.6 billion in dividends, and reported $13.3 billion of GE operating profit. The filing shows a company in transition. GE is exiting insurance (the Genworth stake was cut to 18% and the GE Insurance Solutions sale is expected to close in Q2 2006), while growing its industrial, healthcare, media and finance franchises through acquisitions such as Amersham, Ionics, Edwards Systems and several finance portfolios. Financial services (GECS) remains the dominant balance-sheet and earnings driver, with about $362 billion of borrowings and a 7.09:1 debt-to-equity ratio at GE Capital. Investors should weigh strong operating cash flow and a $25 billion buyback program against rising interest costs, which grew to $15.2 billion, and continued exposure to commercial aviation, where several airline customers are in bankruptcy. The filing also discloses open regulatory matters: an SEC investigation into hedge accounting, an SEC and U.S. Attorney inquiry into finite risk insurance, and a PCB dredging obligation on the Hudson River under a consent decree with the EPA, for which GE has committed up to $111 million in oversight costs plus a phase 1 dredging commitment. These items are not expected to be material to results, but they are the main legal risks flagged in the filing.
Mar 3, 2006
2004-A
GENERAL ELECTRIC CO Annual Report (Amendment), Year Ended Dec 31, 2004
This filing is an amendment to General Electric Company's (GE) 2004 10-K report, primarily addressing a restatement of financial statements for 2001-2004 due to accounting errors related to derivative transactions within GE Capital Corporation (GECC). These errors stemmed from the improper application of hedge accounting under SFAS 133, impacting the recognition of gains and losses from interest rate and currency swaps. The company is updating its financial information for the years 2001 through 2004 and quarters within 2003 and 2004. Despite the restatement, GE reported robust revenue growth in 2004, reaching $152.8 billion, driven by strong performance across its diverse industrial and financial services segments, including significant acquisitions in Healthcare (Amersham) and Media (NBC Universal). The company also highlights its commitment to shareholder returns through increasing dividends and share repurchases, and its ongoing strategic focus on portfolio transformation. Significant segment performance is noted, with Finance businesses (Commercial and Consumer Finance) showing strong earnings growth, Healthcare experiencing substantial revenue increases due to acquisitions, and Energy and Insurance segments navigating challenging market conditions and evolving economic environments. Overall, GE demonstrates a strategy of diversification and global reach, seeking to balance growth with risk management across its extensive business operations.
May 6, 2005
2004
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2004
General Electric's 2004 Form 10-K (filed March 1, 2005) reports consolidated revenues of $152.4 billion, up 14% from $134.2 billion in 2003, and consolidated net earnings of $16.6 billion, up 11% from $15.0 billion. Diluted EPS was $1.59 versus $1.49 (after accounting changes), and the dividend was raised 10% to $0.22 per quarter. Growth was heavily acquisition-driven: Amersham (Healthcare), the NBC/Vivendi Universal Entertainment combination (NBC Universal), IKON's U.S. leasing business, Transamerica Finance's commercial lending unit, and AFIG and WMC in Consumer Finance. Acquisitions contributed $12.3 billion to 2004 revenues, and organic revenue growth excluding acquisitions, dispositions, currency effects, Insurance and Energy was about 6%. The quality of earnings is mixed. Energy profit fell 31% as large gas turbine sales dropped to 122 units from 175, and Insurance net earnings fell 73% on $5.5 billion of cumulative adverse loss development at GE Insurance Solutions, with a 120% combined ratio in 2004. Consolidated borrowings reached $370.9 billion, almost all at GE Capital, which is funded by roughly $155 billion of short-term debt. GE's own industrial debt was only $11.0 billion, and its consolidated effective tax rate dropped to 17.5% from 21.7%, aided by IRS settlements and tax benefits from the NBC Universal transaction. Investors should weigh the strong earnings and dividend growth against reliance on GE Capital's leverage, a lower tax rate that may not repeat, and insurance reserve risk. GE also announced a new three-year, $15 billion share repurchase program (2005-2007), and expects to issue $50-60 billion of long-term debt in 2005. Management reports that GE and GE Capital hold AAA/Aaa long-term ratings, and that GE Capital's earnings-to-fixed-charges ratio was 1.87:1 at year-end 2004.
Mar 1, 2005
2003
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2003
General Electric's 2003 10-K, filed March 1, 2004, reports consolidated revenues of $134.2 billion (up 1.5% from $132.2 billion), net earnings of $15.0 billion ($1.49 diluted EPS, down from $1.41 in 2002 after $0.6 billion of 2003 accounting-change charges), and earnings before accounting changes of $15.6 billion ($1.55 per diluted share, up 3%). Consolidated total assets reached $647.5 billion. Growth was driven by financial services: GECS earnings before accounting changes rose to $7.8 billion from $4.6 billion, largely on the absence of 2002 Employers Reinsurance losses, while Commercial Finance and Consumer Finance grew earnings 18% and 20%. Industrial performance was weaker: GE operating margin fell to 15.9% from 19.1%, Power Systems segment profit dropped 35% as gas turbine shipments declined, and Plastics profit fell sharply. Excluding Power Systems, revenues grew 6% and earnings before accounting changes grew 17%. Management emphasized balance-sheet strength and shareowner returns: $7.8 billion of dividends declared ($0.77 per share, up 5%, 28 consecutive years of growth), a AAA/Aaa parent rating, and a plan to eliminate GECS 'parent supported debt' by end-2005 via dispositions. Major portfolio actions in 2003 included selling Edison Life, U.S. Auto and Home, FGIC, and ERC Life, and acquiring First National Bank, Conseco's retail sales finance unit, Instrumentarium, and OSi Specialties. Key forward items include the planned Genworth Financial IPO in 1H 2004, the NBC–Vivendi Universal Entertainment merger (NBC Universal, ~80% GE-owned), the pending Amersham acquisition, and FIN 46R adoption adding roughly $2.5 billion to assets. Risk items to watch include Employers Reinsurance's reserve history (a $3.5 billion adverse development charge in 2002 and $0.9 billion in 2003), a declining Power Systems order backlog (down to $12.3 billion from $16.1 billion), exposure to distressed airline customers (about $4.3 billion to UAL and Air Canada), and the significant reliance on commercial paper funding at GE Capital. The company reports no material pending legal proceedings.
Mar 1, 2004
2002
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2002
General Electric's 2002 Form 10-K, filed March 7, 2003, reports record results: consolidated revenues rose 5% to $131.7 billion and earnings before accounting changes rose 7% to a record $15.1 billion, or $1.51 per diluted share. Net earnings were $14.1 billion ($1.41 per share) after a $1.0 billion after-tax cumulative effect charge from adopting SFAS 142 goodwill rules. Return on average share owners' equity (excluding accounting changes) was 25.8%, and the company declared $7.3 billion in dividends ($0.73 per share, up 11%, its 27th consecutive year of dividend growth). The quality of earnings is mixed beneath the headline. Insurance (GE Global Insurance Holding/Employers Re) took a $3.5 billion pre-tax charge for adverse loss development in 2002, pushing Insurance segment net earnings to a $509 million loss and GECS earnings down 17%. Power Systems, by contrast, was a bright spot, with segment profit up 29% to $6.3 billion, helped by $0.9 billion of contract termination fees. Power Systems orders fell sharply to $14.2 billion from $24.5 billion, and total GE backlog dropped 24% to $36.1 billion, signaling weaker demand ahead. Industrial margins were pressured: GE operating margin fell to 19.1% and Consumer Products profit fell 24%. Investors should also note that GE's reported balance sheet is heavily weighted toward its financial services arm, GECS, which carries $270.9 billion of borrowings against $36.9 billion of equity, and that the company has a planned reduction of $12.5 billion of debt allocated to All Other GECS by 2005. GE retained its AAA/Aaa ratings on GE and GE Capital debt. Management reported that the company will not contribute to the GE Pension Plan in 2003, that postretirement benefit costs are expected to rise, and that labor contracts covering most U.S. union employees expire in June 2003. The company also disclosed $1.6 billion of aircraft engine financing commitments and $3.7 billion of exposure to US Airways and UAL, both in bankruptcy.
Mar 7, 2003
2000
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 2000
General Electric Company's 2000 10-K filing reveals a robust financial performance, driven by record revenues and earnings, up 16% and 19% respectively, reaching $129.9 billion and $12.7 billion. This growth was fueled by strong performance across its diverse segments, particularly Power Systems and Medical Systems, and significant contributions from its financial services arm, GE Capital Services (GECS). The company demonstrated a commitment to shareholder returns, increasing dividends by 17% year-over-year, marking 25 consecutive years of dividend growth. The filing highlights GE's strategic focus on globalization, services growth, Six Sigma quality, and e-business as key drivers for its success. The company also reported significant investments in research and development ($2.2 billion), underscoring its commitment to innovation. While the company is navigating various market dynamics, including international economic conditions and evolving regulatory landscapes, its strong operational execution and diversified business model position it favorably for continued growth.
Mar 23, 2001
1993
GENERAL ELECTRIC CO Annual Report, Year Ended Dec 31, 1993
General Electric's 1993 Form 10-K (filed March 11, 1994) shows a company in transition: consolidated revenues rose 6% to $60.6 billion, but reported net earnings fell to $4.315 billion from $4.725 billion. The decline reflects three non-recurring items: $678 million after-tax restructuring provisions, an $862 million after-tax charge for the SFAS No. 112 postemployment benefits accounting change, and a $678 million after-tax gain on the transfer of the Aerospace businesses to a Martin Marietta-controlled company, which was recorded within discontinued operations. Management states that earnings before these items would have been $5.102 billion, up 16%. Earnings from continuing operations before accounting changes rose 3% to $4.424 billion, and EPS before accounting changes was $6.06, up from $5.51. The filing highlights the growing weight of GE Capital Services (GECS). GECS earnings rose 21% to $1.807 billion and its revenues reached $22.1 billion, while GE's own manufacturing revenues were roughly flat at $40.4 billion. Aircraft Engines was the clear weak spot, with revenues down 11% and operating profit down 37% amid military and commercial aircraft weakness; management does not expect a rebound until 1996 to 1997. Investors should note that consolidated balance sheet figures are dominated by GECS, with total assets of $251.5 billion (up from $192.9 billion, largely from acquisitions and securities growth) and consolidated borrowings of $90.4 billion, against GE-only borrowings of just $4.8 billion. The company remained well capitalized on a parent-only basis, paying dividends of $2.61 per share (up 13%, the 18th consecutive annual increase) and repurchasing $5.0 billion of stock under a completed program. Legal and regulatory matters, including the Perry plant settlement, Stern and McNeil shareholder suits, the Benfield derivative settlement, an industrial diamonds antitrust indictment, and numerous EPA penalty proceedings, were disclosed, but management considered none to be material to earnings, liquidity, or competitive position.
Mar 11, 1994