10-KPeriod: FY2025

GE HealthCare Technologies Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 4, 2026For Securities:GEHC

Summary

GE HealthCare Technologies Inc. reported a solid year of revenue growth, with total revenues increasing by 4.8% to $20.625 billion. This growth was primarily driven by strong performance in the Pharmaceutical Diagnostics (PDx) segment, which saw a significant 15.6% revenue increase due to volume, pricing, and the acquisition of Nihon Medi-Physics Co., Ltd. (NMP). The Imaging and Advanced Visualization Solutions (AVS) segments also demonstrated growth, though they experienced some pressure in the China market. The Patient Care Solutions (PCS) segment saw a slight decline in revenue, mainly due to a decrease in Life Support Solutions. The company's operating income increased by 5.3% to $2.763 billion, reflecting improved gross profit despite increased costs for products and services driven by inflation and tariffs. Total operating expenses decreased, mainly due to reduced Spin-Off and separation costs, and a decrease in R&D spending as certain programs achieved milestones. The company also announced a significant agreement to acquire Intelerad for $2.3 billion, which is expected to enhance its imaging offerings and expand its reach into outpatient settings. Financially, the company ended the year with a strong cash position and managed its debt effectively.

Financial Highlights

49 data points
Beta

Revenue

$20.63B

40.0% Gross Margin

Net Income

$2.08B

10.1% Net Margin

EPS (Diluted)

$4.55

Total Assets

$36.91B

Cash & Equivalents

$4.49B

Free Cash Flow

$1.99B

Financial Statements
Beta
Revenue$20.63B
Gross Profit$8.25B
R&D Expenses$1.26B
SG&A Expenses$4.22B
Operating Expenses$5.49B
Operating Income$2.76B
Net Income$2.08B
EPS (Basic)$4.56
EPS (Diluted)$4.55
Shares Outstanding (Basic)456.00M
Shares Outstanding (Diluted)458.00M

Key Highlights

  • 1Total revenues grew 4.8% to $20.625 billion, driven by broad segment performance and a significant uplift from the PDx segment.
  • 2The Pharmaceutical Diagnostics (PDx) segment was a standout performer, with revenues up 15.6% year-over-year, boosted by the acquisition of Nihon Medi-Physics Co., Ltd. (NMP).
  • 3Operating income increased 5.3% to $2.763 billion, demonstrating effective cost management and productivity improvements amidst inflationary pressures and tariffs.
  • 4The company announced a major strategic acquisition of Intelerad for $2.3 billion, expected to bolster its medical imaging software and digital enterprise workflow solutions.
  • 5GE HealthCare ended the year with a robust cash balance of $4.512 billion, supporting its operations and strategic investments.
  • 6Total debt increased to $10.003 billion, largely due to strategic debt issuances to fund acquisitions and operations.
  • 7The company repurchased $200 million of its common stock under an authorized $1 billion share repurchase program.

Frequently Asked Questions

GE HealthCare demonstrated robust financial performance, with total revenues growing 4.8% to $20.625 billion and operating income increasing by 5.3% to $2.763 billion. This growth was supported by strong performance across most segments, particularly Pharmaceutical Diagnostics, and effective management of operating expenses.

Revenue growth was driven by the Pharmaceutical Diagnostics segment's strong performance, aided by the acquisition of Nihon Medi-Physics Co., Ltd. (NMP), and growth in the Imaging and Advanced Visualization Solutions segments. Price increases and volume growth in PDx were notable contributors. The company also saw growth in service revenues from new and existing contracts.

The announced acquisition of Intelerad for $2.3 billion is a significant strategic move. Intelerad's expertise in medical imaging software and digital enterprise workflow solutions, particularly in outpatient settings, is expected to complement GE HealthCare's existing hospital-based imaging capabilities, creating a more comprehensive offering and expanding its market reach.

Despite cost inflation and the impact of tariffs, GE HealthCare managed to increase its operating income. This was achieved through a combination of cost productivity initiatives, an increase in pricing for services, and a decrease in total operating expenses, including lower Spin-Off and separation costs and efficient R&D program management.