10-QPeriod: Q1 FY2025

GENERAL ELECTRIC CO Quarterly Report for Q1 Ended Mar 31, 2025

Filed April 22, 2025For Securities:GE

Summary

General Electric Company (GE) reported a strong first quarter for 2025, demonstrating robust growth driven primarily by its GE Aerospace segment. Total revenue increased by 11% year-over-year to $9.9 billion, with significant contributions from both equipment and services. Net income from continuing operations attributable to common shareholders rose to $1.97 billion, translating to a diluted EPS of $1.83, up from $1.58 in the prior year period. This performance was bolstered by increased segment profit, particularly in Commercial Engines & Services, despite ongoing supply chain challenges impacting engine deliveries. The company also highlighted progress in its strategic priorities, including investments in U.S. manufacturing and a focus on future flight technologies through initiatives like the RISE program. Liquidity remains strong, with $12.4 billion in cash, cash equivalents, and restricted cash. Furthermore, GE Aerospace saw credit rating upgrades from both Moody's and S&P, reflecting its improved financial standing and outlook. Shareholder returns were also a focus, with $1.9 billion in share repurchases executed in the quarter.

Financial Highlights

43 data points
Beta

Revenue

$9.94B

Net Income

$1.98B

19.9% Net Margin

EPS (Diluted)

$1.83

Total Assets

$124.12B

Cash & Equivalents

$12.40B

Free Cash Flow

$1.51B

Financial Statements
Beta
Revenue$9.94B
R&D Expenses$359.00M
SG&A Expenses$876.00M
Operating Expenses$7.99B
Net Income$1.98B
EPS (Basic)$1.85
EPS (Diluted)$1.83
Shares Outstanding (Basic)1.07B
Shares Outstanding (Diluted)1.08B

Key Highlights

  • 1Total revenue for the first quarter of 2025 increased by 11% to $9.9 billion, driven by strong performance in GE Aerospace.
  • 2Net income from continuing operations attributable to common shareholders grew to $1.97 billion, with diluted EPS rising to $1.83 from $1.58 in Q1 2024.
  • 3GE Aerospace's Commercial Engines & Services segment revenue increased by 14% and profit by 35%, supported by higher spare parts volume and shop visit revenue.
  • 4The company reported significant new deals in its Commercial Engines & Services segment, including commitments from ANA HOLDINGS, Malaysia Aviation Group, and Korean Air.
  • 5GE Aerospace made substantial investments in U.S. manufacturing, committing $1 billion and hiring 5,000 U.S. workers.
  • 6Moody's upgraded GE's long-term rating to A3 (positive outlook), and S&P upgraded to A- (stable outlook), reflecting enhanced creditworthiness.
  • 7Free Cash Flow (FCF) was $1.44 billion for the quarter, indicating solid operational cash generation.

Frequently Asked Questions

GE's revenue growth was primarily driven by the GE Aerospace segment. Both equipment and services revenue saw significant increases. Specifically, the Commercial Engines & Services segment benefited from higher spare parts volume, increased internal shop visit volume and scope, and improved pricing and customer mix.

Supply chain constraints continue to impact GE's production and delivery of equipment and services. While the company is investing in its manufacturing and supply chain to mitigate these issues, it led to a decrease in total engine deliveries and LEAP engine deliveries in the first quarter of 2025.

GE is actively returning capital to shareholders through its share repurchase program. In the first quarter of 2025, the company repurchased approximately $1.9 billion of its common stock under a $15 billion authorization.

GE has received credit rating upgrades from major agencies. Moody's upgraded its long-term rating to A3 with a positive outlook, and S&P upgraded its long-term rating to A- with a stable outlook, reflecting the company's strengthened financial position.