Summary
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.
Financial Highlights
47 data points| Revenue | $29.14B |
| R&D Expenses | $808.00M |
| SG&A Expenses | $3.67B |
| Operating Expenses | $28.43B |
| Operating Income | $1.35B |
| Net Income | $336.00M |
| EPS (Basic) | $0.05 |
| EPS (Diluted) | $0.05 |
| Shares Outstanding (Basic) | 1.10B |
| Shares Outstanding (Diluted) | 1.10B |
Key Highlights
- 1Total revenues increased by 3% to $76.6 billion in 2022, driven by strong performance in Aerospace and Healthcare.
- 2Positive operating cash flow of $5.9 billion and free cash flow of $4.8 billion were reported, marking a significant improvement.
- 3The spin-off of GE HealthCare was successfully completed on January 3, 2023, as part of GE's strategic plan to create three independent companies.
- 4Aerospace segment revenue grew by 22% and segment profit by 66%, reflecting the recovery in air travel.
- 5Power segment profit increased by 68%, benefiting from improved pricing and prior-year cost adjustments.
- 6Renewable Energy segment continued to face challenges, with losses increasing to $2.2 billion due to cost inflation, warranty reserves, and restructuring.
- 7GE repurchased $1 billion of its common stock in 2022 and reduced total borrowings by $2.8 billion.