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美国证券交易委员会
华盛顿特区 20549

表格 10-Q

(选择一项)

☑ 根据《1934 年证券交易法》第 13 或 15(d) 条的季度报告

截至 2026 年 9 月 30 日

或

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条的过渡报告

从 ____ 到 ____ 的过渡期

委员会文件编号 001-00035

$\"Aerospace.jpg\"$

通用电气公司

(注册人章程中指定的准确名称)

纽约

14-0689340

(注册或组织的州或其他司法管辖区)

(I.R.S. 雇主识别号)

1 Neumann Way

Evendale

45215

(主要执行办公室地址)

(邮政编码)

(注册人的电话号码，包括区号) (513) 243-2000

根据《法案》第 12(b) 条注册的证券：


每类证券的名称	交易符号	每种证券的注册交易所
面值为 0.01 美元的普通股	GE	纽约证券交易所
2027 年到期的 1.875% 债券	GE 27E	纽约证券交易所
2029 年到期的 1.500% 债券	GE 29	纽约证券交易所
2035 年到期的 7 1/2% 保证次级债券	GE /35	纽约证券交易所
2037 年到期的 2.125% 债券	GE 37	纽约证券交易所

通过勾选方框表明注册人（1）是否已提交根据《1934 年证券交易法》第 13 或 15(d) 条在前 12 个月内（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到这些提交要求的约束。是 þ 否 ¨

通过勾选方框表明注册人是否已根据《法规 S-T》第 405 条（本章第 232.405 条）提交了所有要求提交的交互式数据文件，在前 12 个月（或注册人需要提交此类文件的较短期间）内。是 þ 否 ¨

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易所法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。（选择一项）：


大型加速提交者	☑	加速提交者	☐
非加速提交者	☐	较小报告公司	☐
新兴成长公司	☐

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易所法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期. ¨

用勾选标记表明注册人是否为壳公司（根据《交易法》第12b-2条定义）。是 ☐ 否 ☑

截至2026年9月30日，普通股流通股为1,033,351,921股，每股面值为0.01美元。


	页码

前瞻性声明	3
关于GE航空航天	4
管理层讨论与分析财务状况和经营成果（MD&A）	4
合并结果	5
部门运营	6
公司 & 其他	7
其他合并信息	8
资本资源和流动性	9
关键会计估计	11
其他事项	11
非GAAP财务指标	11
控制和程序	14
其他财务数据	14






财务报表和附注	15
损益表	15
财务状况表	16
现金流量表s	17
综合收益（损失）表	18
股东权益变动表	18
注释1 报告基础和重要会计政策摘要	19
注释2 终止经营	19
注释3 投资证券	20
注释4 应收账款（短期和长期）	21
注释5 存货，包括递延存货成本	22
注释6 固定资产、厂房和设备及经营租赁	22
注释7 收购 ,商誉和其他无形资产	22
注释8 合同和其他递延资产、合同负债和递延收入 & 进度收款	23
注释9 所有其他资产	23
注释10 借款	24
注释11 应付账款	24
注释12 保险负债和年金福利	24
注释13 退休后福利计划	26
注释14 销售折扣和让步 & 所有其他负债	26
注释15 所得税	26
注释16 股东权益	27

注释17 每股收益（EPS）信息	28
注释18 其他收入（损失）	28
注释19 重组费用和分离成本	28

注释20 金融工具	29
注释21 可变利益实体	30
注释22 承诺、担保、产品保修和其他损失可能性	31

注释23 部门信息 & 剩余履约义务	32




其他信息	33
附录	33

10-Q表格交叉参考索引	34
签名	34

前瞻性声明。我们向美国证券交易委员会（SEC）提交的公开沟通和文件中可能包含与未来而非过去事件相关的声明。这些前瞻性声明通常涉及我们预期的未来业务和财务表现及财务状况，通常包含诸如“预期”、“预计”、“意图”、“计划”、“相信”、“寻求”、“看到”、“将”、“会”、“估计”、“预测”、“目标”、“初步”、“范围”或类似表述的词语。前瞻性声明本质上涉及不同程度的不确定性，例如有关宏观经济和市场状况及波动对我们业务运营、财务结果和财务状况的影响的声明；影响航空航天业的状况，包括我们的客户和供应商；我们预期的财务表现，包括现金流、收入、利润率、净收入和每股收益；计划和潜在交易；我们的信用评级和展望；我们的资金和流动性；我们的成本结构和降低成本的计划；重组、减值或其他财务费用；或税率。

对我们而言，某些特定领域，风险或不确定性可能导致我们的实际结果与前瞻性声明中表达的结果有重大差异，包括：

•宏观经济和市场状况及市场波动的变化（包括与经济衰退、通货膨胀、供应链限制或中断、利率、金融资产价值、石油、航空燃油和其他商品价格及汇率相关的风险），以及这些变化和波动对我们业务运营和财务结果的影响；

•可能影响飞机制造商、航空公司、供应商和其他关键航空航天行业参与者的市场需求或财务实力和表现的市场或其他发展，例如航空旅行需求、供应链或其他生产限制、美国或外国政府国防计划的转变及其他行业动态；

•我们及我们的客户、供应商或其他行业参与者在定价、成本、销量以及销售、交付、投资和生产的时间方面的变化；

•我们产品或与我们产品集成的第三方产品实际或潜在的安全或质量问题或故障的影响，包括设计、生产、性能、耐用性或其他问题，以及相关成本和声誉影响；

•我们业务计划的执行情况，包括我们在市场增长中表现、推出新的产品平台、履行交付和其他合同义务、改善服务业务的周转时间以及随时间推移降低成本；

•全球经济趋势、竞争和地缘政治风险，包括美国与其他国家之间关税、制裁或其他贸易紧张关系的不断变化的影响，或来自重大恐怖袭击、战争（包括中东冲突）、自然灾害或实际或威胁性的公共卫生大流行或其他紧急事件的需求或供应冲击；

•我们收入和现金流的金额及时间，这可能受到宏观经济、客户、供应商、竞争、合同、财务或会计（包括估计值的变化）以及其他动态和条件的影响；

•我们的资本配置计划，包括股息、股票回购、收购、有机投资和其他优先事项的时间和金额；

•我们在研发或新产品、服务和平台上的投资决策，以及我们以成本效益的方式推出新产品的能力，以及可能改变我们产品和服务需求或竞争格局的技术发展和其他动态；

•我们执行收购和其他计划或潜在交易的成功，包括此类交易的时间、满足监管要求或任何适用前提条件的能力、业务整合和预期收益；

•我们信用评级或评级展望的下调，或评级应用或方法的变化，以及这些变化对我们资金状况、成本、流动性和竞争地位的相关影响；

•与我们在波兰（Bank BPH）的退保保险业务或抵押贷款组合相关的资本或流动性需求，任何未来资本出资的金额和时间，以及我们可能考虑的战略选择；

•可能影响我们业务的法律、法规或政策变化，包括贸易、关税或资本配置相关的政策；政府国防优先事项或预算；环境或气候法规、激励措施和排放抵消或交易制度，以及税法变化或审计的影响；

•监管、政府调查、监管、商业和法律诉讼或争议、环境、健康和安全事项，或其他法律合规风险的影响，包括股东及相关诉讼、Bank BPH及其他在我们向SEC提交的文件中描述的诉讼的影响；

•与GE Aerospace或第三方的信息技术、网络安全、人工智能或数据安全发展或泄露相关的影响；以及

•我们在2025年12月31日止年度的10-K表格年度报告中“风险因素”部分所描述的其他因素，这些描述可能在我们未来向SEC提交的报告中被更新或修改。

这些或其他不确定性可能导致我们的实际未来结果与我们前瞻性声明中表达的内容有重大差异。我们不承诺更新我们的前瞻性声明。本文件包含基于当前估计和预测的某些前瞻性财务预测信息。实际结果可能有重大差异。

2026 3Q FORM 10-Q 3

关于GE航空航天。通用电气公司以GE航空航天（GE航空航天或公司）的身份运营。GE航空航天是全球航空航天领域的领导者，拥有行业内最大且不断增长的商用推进器机队。公司大约50,000台商用发动机和30,000台军用发动机的安装基础，包括停飞的飞机以及正在使用的机队，支持其售后服务中心业务，占收入的约70%。通过FLIGHT DECK，公司独有的精益运营模式，GE航空航天正在加速其精益进程，优先考虑安全、质量、交付和成本，以推动专注执行并实现战略到结果的衔接。我们专注于实现当前的战略重点（提升服务和设备）、明天（扩大产能和能力）以及未来（发明飞行的未来）。我们的全球团队正在建立在超过一个世纪的创新和学习基础上，我们正在发明飞行的未来，帮助人们起飞并安全回家。

GE航空航天的网址为www.geaerospace.com和投资者关系网站www.geaerospace.com/investor-relations，以及GE航空航天的领英和其他社交媒体账户，包含大量有关GE航空航天的信息，包括对投资者的财务和其他信息。GE航空航天鼓励投资者不时访问这些网站，因为信息会不断更新并发布新信息。

管理层讨论与分析（MD&A）。GE航空航天的合并财务报表按照美国通用会计准则（GAAP）编制。除非另有说明，表格以百万美元为单位呈现。表格中的某些列和行可能由于使用四舍五入的数字而不相加。本报告中列出的百分比是根据以百万为单位的底层数字计算得出的。本MD&A中的讨论基于持续经营业务，除非另有说明。应结合财务报表和合并财务报表的附注阅读MD&A。

在附带的财务信息分析中，我们有时会使用来自合并财务数据的信息，但并未在根据GAAP编制的财务报表中呈现。其中某些数据根据证券交易委员会（SEC）的规定被视为“非GAAP财务指标”。请参阅非GAAP财务指标部分，了解我们使用这些非GAAP财务指标的原因以及它们与最直接相关的GAAP财务指标的调节情况。

业务概览与环境。作为一家全球航空航天公司，我们的全球运营可能会受到地区和全球层面的工业、经济和政治因素的影响。我们设备和服务的需求体现在我们不断增长的已安装机队的发动机和服务订单积压上，通常会跟随商业航空旅行和货运需求以及政府对国防预算的拨款。我们预计在未来几年中，为满足这一需求，我们将显著提高新型产品平台的发动机单元和服务的交付量。有关这些动态的更多细节，请参阅下面的业务运营部分，分别涉及商用发动机与服务（CES）和国防与推进技术（DPT）。

我们正在投资于制造设施、大修设施和供应链，无论是内部投资还是通过业务收购，以提高产量并增强产出率，从而改善对客户的交付。我们正在利用FLIGHT DECK并与供应商合作，以提高材料输入，同时通过推动成本生产率和调整产品和服务的价格，积极管理通货膨胀压力的影响。我们预计供应链限制的影响将继续影响我们的生产和对客户的交付，并预计通货膨胀趋势将持续。然而，通过FLIGHT DECK和与供应商的协作，我们正在采取措施缓解这些影响，我们的售后市场产出和发动机交付量已连续季度改善。

我们支持振兴国内制造业的努力，并计划在2026年投资10亿美元用于美国制造业，并招聘5000名美国员工，包括工程和制造岗位。同时，我们支持促进自由贸易，以确保美国航空航天产业的持续强大。

为进一步支持和扩大我们的产能并加速新型发动机技术的发展，2026年第三季度，GE航空航天公司签署了一项协议，以117.5亿美元的价格收购Consolidated Precision Products（CPP），这是一家主要为商用航空航天和国防市场提供高度工程化铸件和子组件的领先制造商。我们计划以约70亿美元现金和其余部分的新债务来资助此次收购。该交易预计将在2027年下半年完成，并需满足监管批准和其他常规交割条件。

由于我们处于高度动态的关税环境中，我们仍专注于将产品和服务交付给客户。鉴于我们的全球业务，关税给我们和我们的供应商带来了额外成本。2025年，美国与欧盟、英国、日本和韩国达成了航空航天设备的零对零关税协议，建立了相互取消关税的机制。2026年，最高法院裁定反对根据《国际紧急经济权力法》（IEEPA）实施的关税。在2026年前九个月，GE航空航天公司提交了退税申请，并收到了之前支付的IEEPA关税的一部分。我们将继续关注关税政策的最新发展，并在发生任何变化时评估关税对我们的业务适用性。

我们正在监测中东冲突及其对全球经济和商业航空业的潜在影响，包括利用率降低和价格上涨，这可能会对我们航空公司客户产生不利影响。因此，对我们业务的影响可能包括与检修、备件和备用发动机相关的销量减少，长期合同盈利能力下降，以及客户信用问题。我们仍然相信，凭借我们年轻且多样的机队，我们有能力应对这一局面，并且我们也在积极采取措施控制成本。截至2026年9月30日的九个月内，这并未对我们运营产生重大影响。

4 2026 3Q FORM 10-Q

2026年1月15日，我们宣布我们的CES部门将扩展至整个商用发动机生命周期，包括安全和质量、产品管理、工程、供应链、制造和售后服务。此外，我们之前在CES中报告的燃气轮机业务已转移到我们的DPT部门。详见注释23。

合并业绩


收入	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
设备收入	$	3,924		$	3,163		$	10,794	$	8,659
服务收入	9,361		8,143			26,739	21,798
保险收入	833		875			2,326	2,681
总收入	$	14,118		$	12,181		$	39,859	$	33,138

截至2026年9月30日的三个月，总收入较2025年9月30日的三个月增加了19亿美元，即增长16%。设备收入增加，主要由于发动机交付量增加和价格改善。服务收入增加是由于内部检修量增加，工作范围更重，以及备件销量和价格提高。

截至2026年9月30日的九个月，总收入较2025年9月30日的九个月增加了67亿美元，即增长20%。设备收入增加，主要由于发动机交付量增加和价格改善。服务收入增加是由于内部检修量增加，工作范围更重，以及备件销量和价格提高。


净收入（亏损）和每股收益（EPS）	截至9月30日的三个月		截至9月30日的九个月
（每股以美元和摊薄计算）	2026	2025		2026	2025
归属于普通股股东的持续经营业务的净收入（亏损）	$	2,412		$	2,174	$	6,750	$	6,149
持续经营每股收益	$	2.32		$	2.04	$	6.44	$	5.73

截至2026年9月30日的三个月，持续经营业务的净收入较2025年9月30日的三个月增加了2亿美元，这是由于部门利润增加了5亿美元，调整后的公司及其他运营成本*减少了2亿美元，以及保留和出售所有权权益及其他权益证券的收益（损失）增加了1亿美元。这一增长部分被保险利润减少6亿美元所抵消。调整后净收入*为23亿美元，增加了6亿美元，这是由于部门利润增加了5亿美元，以及调整后的公司及其他运营成本*减少了2亿美元。

利润为28亿美元，增加了3亿美元，利润率19.9%，下降了80个基点。运营利润*为30亿美元，增加了7亿美元，运营利润率*为22.5%，增加了220个基点。调整后每股收益*为2.25美元，增加了36%。

截至2026年9月30日的九个月，持续经营的净利润相比2025年9月30日的九个月增加了6亿美元，这是由于部门利润增加了16亿美元，部分被保险利润减少了6亿美元、调整后企业及其他运营成本*增加了1亿美元、保留和出售所有权权益及其他权益证券的收益（损失）减少了1亿美元以及利息和其他财务费用增加了1亿美元所抵消。调整后净利润*为64亿美元，增加了13亿美元，这是由于部门利润增加了16亿美元，部分被调整后企业及其他运营成本*增加了1亿美元和利息及其他财务费用增加了1亿美元所抵消。

利润为78亿美元，增加了7亿美元，利润率19.6%，下降了200个基点。运营利润*为83亿美元，增加了15亿美元，运营利润率*为22.0%，下降了30个基点。调整后每股收益*为6.13美元，增加了28%。

剩余履约义务（RPO）是未履行的客户订单，包括产品和服务（产品服务合同销售的预期寿命），不包括任何使客户能够无实质性处罚取消或终止的采购订单。详见注释23。


RPO	2026年9月30日	2025年12月31日

设备	$	33,337		$	27,534
服务	178,747		163,029
总RPO	$	212,084		$	190,564

截至2026年9月30日，RPO相比2025年12月31日增加了215亿美元，或11%，主要由于商业行动以及现有长期服务协议的增加，以及在DPT，由于国防与系统设备订单超过已确认收入。

*非公认会计准则财务指标

2026年第三季度10-Q表 5

部门运营

商用引擎与服务。我们与航空公司、飞机制造商以及维修、检修和大修（MRO）客户就商用航空旅行前景、新飞机生产、机队退役和售后市场服务（包括检修和备件需求）进行频繁沟通。在2026年前九个月，引擎和服务需求强劲，而商用航空旅行出发量略有上升。

截至2026年9月30日的九个月内，我们宣布与几家主要客户达成了重大新协议。美国航空和达美航空选择了我们的GENx发动机来为他们的宽体波音787梦想客机订单提供动力。美国航空和哥斯达黎加航空选择了LEAP发动机来为其窄体订单提供动力。瑞安航空签署了一项长期物料服务协议，以支持其约2,000台CFM56和LEAP发动机的整个机队，这些发动机为波音737飞机提供动力。印度捷特航空同意签署一份历史性的谅解备忘录（MOU），购买超过1,000台LEAP-1A发动机，这是最大的LEAP协议，用于为其空客A320neo飞机提供动力。我们还宣布与土耳其航空达成协议，为其737MAX机队提供最多300台LEAP-1B发动机。

为满足强劲的需求，我们正在投资制造和维修设施，并继续加强外部全球MRO网络，以支持LEAP售后市场需求，新增伊比利亚航空为第七家高级MRO，并扩大达美航空技术运营能力，以支持LEAP 1-A和LEAP 1-B发动机。我们还在部署工程和供应链资源，以提高产量，扩大产能并提高良品率。

这些投资加上材料供应的改善，促使2026年前九个月内部维修收入增长了23%，发动机总交付量和LEAP发动机交付量分别增长了25%和26%。在截至2026年9月30日的三个月内，我们交付了配备升级中封的GE9X发动机，这些交付的财务影响将在美国联邦航空管理局（FAA）认证后确认。

公司和合作伙伴资助的工程投资相比去年同期有所增加，我们继续改进产品并推进我们的未来飞行优先事项。我们最近完成了LEAP 1-B耐久性套件的认证，包括升级的高压涡轮叶片，预计该发动机的在翼时间将增加约一倍。在未来的飞行方面，2026年前九个月，我们与新加坡民航局和空客公司共同建立了世界上首个专注于开放式风扇（Open Fan）的RISE技术机场测试平台。此外，我们还与美国国家航空航天局（NASA）、BETA Technologies和波音公司合作，实现了首次高海拔混合电动飞行。


单位销售额，除非另有说明	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
商用发动机	690	641		1,989		1,592
LEAP发动机(a)	535	511		1,565		1,240
内部维修收入增长%	12	%	33	%		23	%	22	%
(a) LEAP发动机正处于大规模生产阶段，是商用发动机的一个子集。


分部收入和利润	截至9月30日的三个月		截至9月30日的九个月
	2026		2025			2026	2025



设备	$	2,607			$	1,892		$	7,006		$	5,406
服务	7,735			6,629			21,986		17,424
分部总收入	$	10,342			$	8,521		$	28,992		$	22,830

分部利润	$	2,887			$	2,384		$	7,899		$	6,501
分部利润率	27.9		%	28.0		%	27.2	%	28.5	%

截至2026年9月30日的三个月内，收入增长了18亿美元，或21%，利润增长了5亿美元，或21%，与截至2025年9月30日的三个月相比。

收入增长的原因包括内部维修量增加，工作范围更重，备件销量增加，发动机交付量和定价提高。

利润增长主要由于内部门店访问量增加、工作量加重、备件销量和价格上升。这些增长部分被组合结构、更高的增长投资和通货膨胀所抵消。

截至2026年9月30日的九个月，收入增长了62亿美元，或27%，利润增长了14亿美元，或21%，与截至2025年9月30日的九个月相比。

收入增长是由于内部门店访问量增加，工作量加重，备件销量增加，发动机交付量增加和价格上涨。。

利润增长主要由于更高的内部门店访问量和更重的工作量、备件销量、价格以及长期服务协议预计盈利能力的不利变化减少，这主要由没有相关费用引起。在2026年前九个月，我们在长期服务协议的预计盈利能力上记录了0.1亿美元的不利变化，其中包括2025年第一季度大部分关税相关费用的冲销。这些增长部分被更高的安装发动机交付量、更高的增长投资和通货膨胀的影响所抵消。。

6 2026 3Q FORM 10-Q


RPO	2026年9月30日	2025年12月31日
设备	$	10,201		$	9,773
服务	170,227		154,712
总RPO	$	180,428		$	164,485

截至2026年9月30日，RPO较2025年12月31日增加了159亿美元，或10%，这是由于商业行动和现有长期服务协议的增加。

DEFENSE & PROPULSION TECHNOLOGIES。我们在2026年第三季度的业绩反映了国内和国际政府国防部门对现代化和扩大其部队的关注，同时保持飞行运作，从而推动了服务需求。我们业务的一个关键驱动因素是政府资金，因为国防与系统业务的大部分收入来自于通过美国国防部预算或等效的国际预算流动的资金。在2026年前九个月，国防与系统业务的发动机交付量有所进展，增长了11%，这得益于材料供应的改善。

在截至2026年9月30日的九个月中，GE航空航天公司获得了一份NAVAIR合同，为美国海军陆战队的西科斯基CH-53K“国王秃鹫”直升机供应T408-GE-400发动机。我们宣布与土耳其航空航天工业公司（TAI）签订了一份合同，继续将GE航空航天公司的F404发动机集成到土耳其的喷气式教练机Hurjet中。国防业务还获得了一份五年合同，为美国海军F/A-18和EA-18G机队的F414发动机提供持续支持。


销售单位	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
国防与系统发动机(a)	202		195			586	530

(a) 包括国防和航空衍生单位。


分部收入和利润	截至9月30日的三个月		截至9月30日的九个月
	2026		2025			2026	2025



国防与系统（D&S）	$	2,259			$	2,153		$	6,561		$	5,960
推进与增材技术（P&AT）	1,210			1,098			3,564		2,967
总分部收入	$	3,469			$	3,251		$	10,126		$	8,927

设备	$	1,754			$	1,665		$	5,103		$	4,357
服务	1,715			1,586			5,022		4,570
总分部收入	$	3,469			$	3,251		$	10,126		$	8,927

分部利润	$	475			$	440		$	1,329		$	1,169
分部利润率	13.7		%	13.5		%	13.1	%	13.1	%

截至2026年9月30日的三个月，收入增长了0.2十亿美元，即7%，利润增长不到0.1十亿美元，即8%，与2025年9月30日的三个月相比。

D&S和P&AT的收入增长主要是由于销量和价格的增加，包括D&S中发动机交付量的增加。

利润增长主要是由于销量和价格，部分被产品组合和通货膨胀抵消。

截至2026年9月30日的九个月，收入增长了1.2十亿美元，即13%，利润增长了0.2十亿美元，即14%，与2025年9月30日的九个月相比。

D&S和P&AT的收入增长主要是由于销量和价格的增加，包括D&S中发动机交付量的增加。

利润增长主要是由于销量和价格，部分被支持下一代产品的额外投资、通货膨胀和产品组合抵消。


RPO	2026年9月30日	2025年12月31日
设备	$	23,137		$	17,762
服务	8,294		8,094
总RPO	$	31,431		$	25,856

截至2026年9月30日，RPO从2025年12月31日的水平增加了56亿美元，即22%，主要是由于订单增长超过确认的收入。

CORPORATE & OTHER. 企业及其他收入包括我们的退出保险业务收入以及内部活动的抵消。企业及其他运营利润包括企业职能部门和运营成本、我们主要退休计划的某些成本、重大且成本较高的重组计划、分离成本、退出保险业务的利润（亏损）、美国税收权益利润（亏损）、过渡服务协议、环境健康与安全（EHS）影响以及其他成本，以及某些金额，由于它们被排除在运营绩效的衡量之外，因此未包含在运营分部结果中。

2026年第三季度10-Q表 7


收入和运营利润（成本）	截至9月30日的三个月		截至9月30日的九个月
	2026	2025		2026	2025
保险收入（注12）	$	833		$	875		$	2,326	$	2,681
抵消和其他	(526)		(466)			(1,585)	(1,300)
企业及其他收入	$	307		$	409		$	741	$	1,381
购买和出售业务权益的收益（损失）	—		3			24	3
保留和出售所有权权益及其他权益证券的收益（损失）	117		8			(127)	18
重组及其他费用（注19）	28		(22)			(22)	(49)
分离成本（注19）	(3)		(53)			(93)	(150)
保险利润（亏损）（注12）	(210)		361			91	714
美国税收权益利润（亏损）	(70)		(52)			(199)	(157)

调整后的企业及其他运营成本（非GAAP）	(373)		(525)			(966)	(887)
企业及其他运营利润（成本）（GAAP）	$	(511)		$	(279)		$	(1,291)	$	(509)
减：收益（损失）、减值、保险及重组及其他	(137)		246			(325)	379
调整后的企业及其他运营成本（非GAAP）	$	(373)		$	(525)		$	(966)	$	(887)

企业及其他利润（成本）	(217)		(381)			(462)	(487)
抵消	(156)		(144)			(504)	(400)
调整后的企业及其他运营成本（非GAAP）	$	(373)		$	(525)		$	(966)	$	(887)

调整后的公司及其他运营成本* 排除购买和出售业务权益的收益（损失）、保留和出售所有权权益及其他权益证券的收益（损失）、高成本的重组计划、离职成本、我们的非寿险业务运营以及美国税务权益利润（损失）。我们认为，调整公司及其他成本以排除与持续运营关系不密切的项目的影响，为管理层和投资者提供了一个有意义的衡量标准，提高了我们持续公司成本的期间可比性。

截至2026年9月30日的三个月，收入较2025年9月30日的三个月减少了0.1十亿美元，主要是由于非寿险业务运营收入减少和内部抵消增加。由于保险损失增加0.6十亿美元，部分被调整后的公司及其他运营成本减少0.2十亿美元、保留和出售所有权权益及其他权益证券的收益增加0.1十亿美元以及重组和离职成本减少0.1十亿美元所抵消，公司及其他运营成本增加了0.2十亿美元。

调整后的公司及其他运营成本* 减少了0.2十亿美元，由于功能成本和EHS成本降低。

截至2026年9月30日的九个月，收入较2025年9月30日的九个月减少了0.6十亿美元，主要是由于非寿险业务运营收入减少和内部抵消增加。公司及其他运营成本增加了0.8十亿美元，主要是由于非寿险业务运营利润减少0.6十亿美元、保留和出售所有权权益及其他权益证券的损失增加0.1十亿美元，以及调整后的公司及其他运营成本增加0.1十亿美元。

调整后的公司及其他运营成本* 增加了0.1十亿美元，由于内部利润抵消增加。

其他合并信息

重组和离职成本。与分离相关的重大高成本重组计划，出于内部和外部目的，从部门运营绩效的衡量中排除；这些排除的金额在公司中报告为重组和其他费用。此外，我们还会产生与分离活动相关的费用，这些费用也从内部和外部目的的部门运营绩效衡量中排除。我们已完成分离活动，包括与GE Vernova的过渡服务协议，并预计2026年剩余时间的费用将微不足道。有关重组和分离成本的更多信息，请参见第19号注释。

利息和其他财务费用在截至2026年9月30日的三个月内均为0.2十亿美元，而在截至2025年9月30日的三个月内分别为0.7十亿美元和0.6十亿美元。利息和其他财务费用的主要组成部分是短期和长期借款的利息以及税务不足的利息。

退休后福利计划。有关我们的养老金和退休人员福利计划的信息，请参见第13号注释。

所得税。截至2026年9月30日的三个月，有效所得税税率为13.7%，与截至2025年9月30日的三个月的13.7%一致。本期有效税率受到来自业务税抵免的税项优惠减少的影响，但被与全球活动相关的更高税项优惠（包括《一个美丽的大法案》（OBBBA）的影响）所抵消。

*非公认会计准则财务指标

8 2026年第三季度10-Q表

截至2026年9月30日的三个月，调整后的有效所得税税率*为15.2%，而截至2025年9月30日的三个月为15.0%。调整后的有效所得税税率*的上升主要是由于来自业务税抵免的税项优惠减少，部分被与全球活动相关的更高税项优惠（包括OBBBA的影响）所抵消。

截至2026年9月30日的九个月，有效所得税税率为13.4%，而截至2025年9月30日的九个月为14.2%。有效税率的下降主要是由于与全球活动相关的更高税项优惠（包括OBBBA的影响），部分被来自业务税抵免的税项优惠减少所抵消。

截至2026年9月30日的九个月，调整后的有效所得税税率*为15.6%，而截至2025年9月30日的九个月为17.1%。调整后的有效所得税税率*的下降主要是由于与全球活动相关的更高税项优惠（包括OBBBA的影响），部分被来自业务税抵免的税项优惠减少所抵消。

有关2016-2020年美国国税局（IRS）审计状态的讨论，请参阅第15号注释。

终止经营。我们前GE Vernova业务、我们在波兰的抵押贷款组合（Bank BPH）以及其他与之前出售相关的尾随资产和负债均包含在终止经营中。这些业务的经营成果、财务状况和现金流量在所有期间均作为终止经营报告，并且财务报表的附注已按追溯基础进行了调整。有关我们终止经营业务的更多信息，请参阅第2号注释。

资本资源和流动性

财务政策。GE Aerospace致力于通过审慎的资本配置策略保持强大的投资级评级。公司将继续致力于投资和开发技术，以提高现有发动机产品在整个生命周期以及未来飞行中的安全性、耐用性、可靠性和效率，并通过研究和开发以及资本支出扩大我们的制造和维修能力。我们计划通过股息和股票回购将部分自由现金流*返还给股东。并购投资将以审慎的方式进行，并专注于那些能带来战略、运营和财务协同效应的项目。

流动性政策。我们始终重视流动性，并根据资金来源和用途来确定我们的流动性风险承受能力，以在正常和压力情况下维持足够的流动性，满足我们的业务需求和财务义务。我们认为，根据我们的循环信贷安排，合并后的流动性和可用性将足以满足我们的流动性需求。

合并流动性。我们的主要流动性来源包括现金、现金等价物、期限超过三个月的定期存款、经营业务产生的自由现金流*，以及进入资本市场的渠道。如需，我们还可以从短期借款设施（包括循环信贷设施）中借款。现金生成可能因多种因素而波动，包括大型设备订单的预付款收取、长期合同的开票时间、客户折扣的时机和市场状况。截至2026年9月30日，我们的流动性来源为103亿美元，包括88亿美元的现金、现金等价物和受限现金，以及分类为其他流动资产的期限超过三个月的定期存款15亿美元。其中，66亿美元存放于美国，37亿美元存放于美国以外地区。

美国以外持有的现金通常已重新投资于活跃的外国业务运营；然而，我们大部分未汇回的收入已缴纳美国联邦税，如果重新投资情况发生变化，我们预计可以将可用现金（不包括在实行货币管制国家持有的金额）汇回美国，而不会产生重大税务成本。

截至2026年9月30日，现金、现金等价物和受限现金包括0.5亿美元存放于实行货币管制限制国家的现金，这可能限制资金转移到美国或限制我们转移资金到美国而不产生重大成本。现金、现金等价物和受限现金中不包括0.8亿美元存放于我们停业保险业务中的现金，该现金在资产负债表中分类为其他资产，以及0.7亿美元存放于我们终止业务中由Bank BPH持有的现金（参见注释2）。

根据当前授权，我们在2026年回购了1190万股，耗资40亿美元，其中包括通过加速股票回购作为在封闭窗口期内实现季度计划回购量的机制，回购了590万股，耗资21亿美元。

在2026年第三季度，公司宣布已签署协议以117.5亿美元收购CPP。我们计划以约70亿美元现金和其余部分通过新债务融资。该交易预计将在2027年下半年完成，并需获得监管批准和其他常规交割条件。

借款。截至2026年9月30日和2025年12月31日，合并总借款分别为193亿美元和205亿美元。减少的12亿美元主要是由于到期和外币汇率变动，部分被公司新商业票据计划下发行的5亿美元所抵消。我们启动了新的商业票据计划，以替代发行长期债务，从而多元化资金来源。公司还拥有一个为期五年的无担保循环信用额度，总额为30亿美元，将于2029年到期，截至2026年9月30日未有任何未偿余额。

*非GAAP财务指标

2026年第三季度10-Q表 9

信用评级和条件。我们依赖，且可能继续依赖短期和长期债务资本市场，以资助我们运营的很大一部分。债务融资的成本和可获得性受我们的信用评级影响。穆迪投资者服务公司（Moody’s）和标准普尔全球评级（S&P）目前对我们的短期和长期债务进行评级。2026年2月2日，Moody's将我们的长期评级从A3上调至A2，短期评级从P-2上调至P-1，并维持我们的积极展望。2026年4月16日，S&P将我们的展望从稳定上调至积极，并确认我们的短期评级为A-2和长期评级为A-。截至本文件提交之日，我们的信用评级如下表所示。


	Moody's	S&P
展望	积极	积极
短期	P-1	A-2
长期	A2	A-

我们的评级可能随时被授予评级机构修订或撤销，每项评级应独立于其他任何评级进行评估。

我们未使用的备用循环银团信用额度包含常规的净债务对EBITDA财务条款，我们在2026年9月30日满足了该条款。

外汇风险。由于我们的全球业务，我们产生并发生一小部分收入和费用，以美元以外的货币计价。这些主要货币包括欧元、英镑和巴西雷亚尔。外汇汇率波动对收入的影响可以忽略不计。有关我们风险敞口、衍生品的使用以及该活动对我们财务报表的影响的更多信息，请参见注释20。

现金流量表

持续经营的现金流量。经营活动产生的现金流量（CFOA）最重要的来源是与客户相关的活动，其中最大的一部分是来自产品或服务销售的现金回收。经营活动最重要的现金使用是支付供应商、员工、税务机关和退休后计划。

经营活动产生的现金为截至2026年9月30日的九个月期间的73亿美元，相比2025年增加了9亿美元，主要是由于：所有业务部门的净收入增加（调整了固定资产和设备的折旧以及无形资产的摊销），销售折扣和让步的增加，部分被更高的营运资本增长所抵消。

截至2026年9月30日的九个月，销售折扣和让步产生的现金流为16亿美元，相比2025年增加了10亿美元，主要是由于CES中新型发动机安装和备件的让步增加。

营运资本变动的现金影响为-18亿美元，相比2025年现金使用增加0.9亿美元，原因包括：应收账款为-11亿美元，由于销量增加，部分被CES中主要的更高回款抵消；合同资产、合同负债和应付未确认收入为-5亿美元，由于收入确认增加和长期服务协议的预计盈利能力的不利变化减少，主要由于没有相关费用，包括2025年第一季度关税相关费用的大部分冲回，部分被更高开票抵消；应付账款为-6亿美元，由于更高支出，部分被销量增加抵消。这些增加部分被库存（包括递延库存）的0.8亿美元抵消，由于更高产出和更低关税，部分被更高材料投入抵消；以及进度回款的0.4亿美元，由于主要在CES中更高回款。

其他运营活动的组成部分包括：


截至2026年9月30日的九个月	2026	2025

员工福利负债的增加（减少）	$	(55)		$	252
净重组及其他费用/现金支出	(23)		(36)


其他递延资产	(138)		127
其他	117		(162)
其他运营活动	$	(100)		$	180

投资活动产生的现金使用为-29亿美元，相比2025年增加了16亿美元，主要是由于购买期限超过三个月的定期存款15亿美元（其他投资活动的一部分）。

融资活动产生的现金使用为-85亿美元，相比2025年增加了26亿美元，主要是由于长期债务发行减少20亿美元，股票回购增加10亿美元，向股东支付的股息增加3亿美元，部分被2026年商业票据发行5亿美元抵消。

*非GAAP财务指标

10 2026年第三季度10-Q表

关键会计估计。请参阅我们的2025年12月31日止年度年度报告10-K表的管理层讨论与分析（MD&A）部分和合并财务报表附注1中的关键会计估计和其他事项部分，以了解我们的会计政策和关键会计估计的讨论。

其他事项

保险。我们2026年对未来保单利益准备金现金流假设的年度审查导致了净未来保单利益准备金的增加，扣除再保险追偿和一项3.28亿美元（税后2.59亿美元）的税前收益冲销，这主要与索赔经验以及长期护理成本通胀有关，部分被保费费率上涨所抵消。关于我们未来保单利益准备金所依据的关键现金流假设变化影响的敏感性分析，已包含在我们截至2025年12月31日年度的10-K表格年度报告中，这些敏感性分析未发生重大变化。有关我们清算保险业务的更多信息，请参见资本资源和流动性以及注释3和12。

新会计准则。2024年11月，财务会计准则委员会（FASB）发布了会计准则更新（ASU）第2024-03号，利润表—报告综合收益—费用分解披露（子主题220-40）。该修订通过在通常列出的费用项目中增加关于费用类型的披露（包括存货采购、员工薪酬、折旧和摊销）来提高披露要求。该ASU适用于2026年12月15日之后开始的财年，要求在2026年12月15日之后开始的财年中采用，允许追溯应用。我们目前正在评估该指南对我们合并财务报表中披露的影响。

2025年12月，FASB发布了ASU第2025-10号，政府补助（主题832）：企业收到的政府补助的会计处理。该修订为商业实体收到的政府补助的确认、计量和列报建立了框架。该ASU适用于2028年12月15日之后开始的财年，允许以修改的前瞻性、修改的追溯或追溯方式采用。我们目前正在评估该指南对我们合并财务报表的影响。

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 net income (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.

2026 3Q FORM 10-Q 11


ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP)	Three months ended September 30		Nine months ended September 30
	2026	2025			2026	2025
Total revenue (GAAP)	$	14,118	$	12,181			$	39,859	$	33,138
Less: Insurance revenue (Note 12)	833	875			2,326	2,681
Adjusted revenue (Non-GAAP)	$	13,285	$	11,305			$	37,533	$	30,457

Total costs and expenses (GAAP)	$	11,745	$	9,951			$	32,784	$	26,874
Less: Insurance cost and expenses (Note 12)	1,043	514			2,235	1,967
Less: U.S. tax equity cost and expenses	4	5			12	15
Less: interest and other financial charges(a)	231	225			675	593
Less: non-operating benefit cost (income)	(178)	(198)			(531)	(596)
Less: restructuring & other(a)	23	22			74	49

Less: separation costs(a)	3	53			93	150

Add: noncontrolling interests	8	(3)			11	(16)
Adjusted costs (Non-GAAP)	$	10,627	$	9,328			$	30,238	$	24,681

Other income (loss) (GAAP)	$	432	$	285			$	730	$	885
Less: U.S. tax equity	(66)	(48)			(187)	(142)
Less: gains (losses) on retained and sold ownership interests and other equity securities(a)	117	8			(127)	18
Less: gains (losses) on purchases and sales of business interests(a)	—	3			24	3
Less: restructuring & other(a)	52	—			52	—
Adjusted other income (loss) (Non-GAAP)	$	330	$	322			$	968	$	1,007

Profit (loss) (GAAP)	$	2,805	$	2,515			$	7,804	$	7,149
Profit (loss) margin (GAAP)	19.9%	20.7%			19.6%	21.6%

Operating profit (loss) (Non-GAAP)	$	2,988	$	2,299			$	8,262	$	6,783
Operating profit (loss) margin (Non-GAAP)	22.5%	20.3%			22.0%	22.3%

(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* growth and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2026.

*Non-GAAP Financial Measure

12 2026 3Q FORM 10-Q


ADJUSTED NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)	Three months ended September 30		Nine months ended September 30
	2026		2025		2026		2025
(Diluted, per-share amounts in dollars)	Income	EPS		Income	EPS		Income	EPS		Income	EPS
Net income (loss) from continuing operations (GAAP) (Note 17)	$	2,412	$	2.32		$	2,170	$	2.04		$	6,750	$	6.44	$	6,143	$	5.73
Insurance net income (loss) (pre-tax)	(210)	(0.20)		363	0.34		96	0.09		720	0.67
Tax effect on Insurance net income (loss)(a)	8	0.01		(77)	(0.07)		(57)	(0.05)		(85)	(0.08)
Less: Insurance net income (loss) (net of tax) (Note 12)	(202)	(0.19)		287	0.27		39	0.04		635	0.59
U.S. tax equity net income (loss) (pre-tax)	(78)	(0.07)		(60)	(0.06)		(221)	(0.21)		(181)	(0.17)
Tax effect on U.S. tax equity net income (loss)	88	0.08		71	0.07		249	0.24		212	0.20
Less: U.S. tax equity net income (loss) (net of tax)	10	0.01		11	0.01		28	0.03		31	0.03
Non-operating benefit (cost) income (pre-tax) (GAAP)	178	0.17		198	0.19		531	0.51		596	0.56
Tax effect on non-operating benefit (cost) income	(37)	(0.04)		(42)	(0.04)		(112)	(0.11)		(125)	(0.12)
Less: Non-operating benefit (cost) income (net of tax)	140	0.13		157	0.15		420	0.40		471	0.44
Gains (losses) on purchases and sales of business interests (pre-tax)(b)	—	—		3	—		24	0.02		3	—
Tax effect on gains (losses) on purchases and sales of business interests	—	—		(1)	—		—	—		2	—
Less: Gains (losses) on purchases and sales of business interests (net of tax)	—	—		2	—		24	0.02		5	—
Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(b)	117	0.11		8	0.01		(127)	(0.12)		18	0.02
Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(a)(c)	(25)	(0.02)		(1)	—		27	0.03		—	—
Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)	92	0.09		8	0.01		(100)	(0.10)		18	0.02
Restructuring & other (pre-tax)(b)	28	0.03		(22)	(0.02)		(22)	(0.02)		(49)	(0.05)
Tax effect on restructuring & other	3	—		5	—		14	0.01		10	0.01
Less: Restructuring & other (net of tax)	31	0.03		(17)	(0.02)		(9)	(0.01)		(39)	(0.04)



Separation costs (pre-tax)(b)	(4)	—		(53)	(0.05)		(95)	(0.09)		(150)	(0.14)
Tax effect on separation costs	1	—		11	0.01		20	0.02		31	0.03
Less: Separation costs (net of tax)	(3)	—		(42)	(0.04)		(75)	(0.07)		(119)	(0.11)

Adjusted net income (loss) (Non-GAAP)	$	2,343	$	2.25		$	1,764	$	1.66		$	6,423	$	6.13	$	5,141	$	4.80

Income from continuing operations before taxes (GAAP)	$	2,805			$	2,515			$	7,804			$	7,149
Less: Total adjustments above (pre-tax)	31			438			186			957
Adjusted income before taxes (Non-GAAP)	$	2,774			$	2,077			$	7,619			$	6,192

Provision (benefit) for income taxes (GAAP)	$	385			$	344			$	1,044			$	1,015
Less: Tax effect on adjustments above	(38)			33			(142)			(45)
Adjusted provision (benefit) for income taxes (Non-GAAP)	$	423			$	311			$	1,185			$	1,061

Effective income tax rate (GAAP)	13.7%			13.7%			13.4%			14.2%
Adjusted effective income tax rate (Non-GAAP)	15.2%			15.0%			15.6%			17.1%

(a) Includes related tax valuation allowances. Tax effect on Insurance net income includes valuation allowances for 2025.
(b) See the Corporate & Other and Other Consolidated Information sections for further information.
(c) Includes tax benefits available to offset the tax on gains (losses) on equity securities.
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 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 2026.

*Non-GAAP Financial Measure

2026 3Q FORM 10-Q 13


FREE CASH FLOW (FCF) (NON-GAAP)	Nine months ended September 30
	2026	2025
Cash flows from operating activities (CFOA) (GAAP)	$	7,329		$	6,447
Add: gross additions to property, plant and equipment and internal-use software	(1,002)		(842)
Add: dispositions of property, plant and equipment	179		76
Less: separation cash expenditures	(143)		(202)
Less: Corporate & Other restructuring cash expenditures	(79)		(51)
Free cash flow (FCF) (Non-GAAP)	$	6,728		$	5,933


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 and acquisition-related costs). In addition, we include dispositions of property, plant and equipment, including sale leaseback activity. 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 2026.

CONTROLS AND PROCEDURES. 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 (i) our disclosure controls and procedures were effective as of September 30, 2026, and (ii) no change in internal control over financial reporting occurred during the quarter ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, such internal control over financial reporting.

OTHER FINANCIAL DATA

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. In December 2025, the Board of Directors authorized up to $20 billion of common share repurchases through open market purchases or privately negotiated transactions, via various strategies, including accelerated share repurchases. We repurchased 5,008 thousand shares for $1,983 million during the three months ended September 30, 2026 under this authorization.


Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of our share repurchase authorizations	Approximate dollar value of shares that may yet be purchased under our $20 billion share repurchase authorization
(Shares in thousands)

2026
July	583		$	351.06		583
August(a)	3,277		428.66		3,277
September	1,148		325.45		1,148
Total(a)	5,008		$	395.97		5,008	$	16,004

(a) The average price paid per share includes cash paid for the final settlement on shares purchased under the prior quarter accelerated share repurchase. The average share prices excluding this settlement are $374.45 and $360.49 for August and the third quarter, respectively. These adjusted share prices also exclude any future settlements on the current accelerated share repurchase.

*Non-GAAP Financial Measure

14 2026 3Q FORM 10-Q


STATEMENT OF OPERATIONS (UNAUDITED)	Three months ended September 30		Nine months ended September 30
(In millions; per-share amounts in dollars)	2026	2025		2026	2025
Sales of equipment	$	3,924		$	3,163		$	10,794	$	8,659
Sales of services	9,361		8,143			26,739	21,798
Insurance revenue (Note 12)	833		875			2,326	2,681
Total revenue	14,118		12,181			39,859	33,138

Cost of equipment sold	3,951		3,361			11,049	8,451
Cost of services sold	5,145		4,401			14,642	12,154
Selling, general and administrative expenses	1,114		1,195			3,330	3,091
Separation costs	3		53			93	150
Research and development	458		415			1,358	1,132
Interest and other financial charges	231		225			675	593

Insurance losses, annuity benefits and other costs (Note 12)	1,020		500			2,168	1,899

Non-operating benefit cost (income)	(178)		(198)			(531)	(596)

Total costs and expenses	11,745		9,951			32,784	26,874

Other income (loss) (Note 18)	432		285			730	885

Income (loss) from continuing operations before income taxes	2,805		2,515			7,804	7,149
Benefit (provision) for income taxes (Note 15)	(385)		(344)			(1,044)	(1,015)
Net income (loss) from continuing operations	2,420		2,171			6,761	6,133
Income (loss) from discontinued operations, net of taxes (Note 2)	(124)		(17)			(188)	14
Net income (loss)	2,296		2,154			6,573	6,147
Less net income (loss) attributable to noncontrolling interests	8		(3)			11	(16)
Net income (loss) attributable to the Company	2,288		2,157			6,562	6,163

Net income (loss) attributable to common shareholders	$	2,288		$	2,157		$	6,562	$	6,163
















Earnings (loss) per share from continuing operations (Note 17)
Diluted earnings (loss) per share	$	2.32		$	2.04		$	6.44	$	5.73
Basic earnings (loss) per share	$	2.33		$	2.06		$	6.49	$	5.78

Net earnings (loss) per share (Note 17)
Diluted earnings (loss) per share	$	2.20		$	2.02		$	6.27	$	5.75
Basic earnings (loss) per share	$	2.21		$	2.04		$	6.31	$	5.79

2026 3Q FORM 10-Q 15



STATEMENT OF FINANCIAL POSITION (UNAUDITED)

(In millions, except share amounts)	September 30, 2026	December 31, 2025
Cash, cash equivalents and restricted cash	$	8,764		$	12,392

Current receivables (Note 4)	14,019		11,773

Inventories, including deferred inventory costs (Note 5)	12,743		11,868


Current contract assets (Note 8)	3,527		3,511
All other current assets (Note 9)	2,474		1,052

Current assets	41,528		40,596

Investment securities (Note 3)	35,949		38,788


Property, plant and equipment – net (Note 6)	8,333		7,987

Goodwill (Note 7)	8,967		9,060
Other intangible assets – net (Note 7)	4,030		4,225
Contract and other deferred assets (Note 8)	4,988		4,920
All other assets (Note 9)	15,262		15,277
Deferred income taxes (Note 15)	6,777		7,459
Assets of discontinued operations (Note 2)	1,361		1,855
Total assets	$	127,195		$	130,169

Short-term borrowings (Note 10)	$	2,335		$	1,686

Accounts payable (Note 11)	10,983		10,078
Progress collections (Note 8)	8,201		7,662
Contract liabilities and deferred income (Note 8)	10,342		10,333
Sales discounts and allowances (Note 14)	5,601		4,037
All other current liabilities (Note 14)	4,932		5,185

Current liabilities	42,395		38,980

Deferred income (Note 8)	976		1,065
Long-term borrowings (Note 10)	16,991		18,808

Insurance liabilities and annuity benefits (Note 12)	34,123		36,894
Non-current compensation and benefits	6,431		6,833
All other liabilities (Note 14)	7,433		7,276
Liabilities of discontinued operations (Note 2)	1,096		1,413
Total liabilities	109,444		111,271


Common stock (1,033,351,921 and 1,048,766,702 shares outstanding at September 30, 2026 and December 31, 2025, respectively) (Note 16)	15		15
Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)	(5,056)		(4,798)
Other capital	22,902		23,599
Retained earnings	92,755		87,663
Less common stock held in treasury	(93,093)		(87,801)
Total shareholders’ equity	17,522		18,677
Noncontrolling interests	228		221
Total equity	17,751		18,898
Total liabilities and equity	$	127,195		$	130,169

16 2026 3Q FORM 10-Q



STATEMENT OF CASH FLOWS (UNAUDITED)	Nine months ended September 30
(In millions)	2026	2025

Net income (loss)	$	6,573		$	6,147


Net (income) loss from discontinued operations activities	188		(14)
Adjustments to reconcile net income (loss) to cash from (used for) operating activities:
Depreciation and amortization of property, plant and equipment (Note 6)	679		643
Amortization of intangible assets (Note 7)	282		270


(Gains) losses on equity securities (Note 18)	7		(177)

Principal pension plans (benefit) cost (Note 13)	(439)		(488)
Principal pension plans employer contributions	(145)		(144)
Other postretirement benefit plans (net)	(199)		(194)
Provision (benefit) for income taxes	1,044		1,015
Cash recovered (paid) during the year for income taxes	(284)		(437)
Changes in operating working capital:
Decrease (increase) in current receivables	(2,351)		(1,270)
Decrease (increase) in inventories, including deferred inventory costs	(965)		(1,787)
Decrease (increase) in current contract assets	(22)		(116)
Increase (decrease) in contract liabilities and current deferred income	48		593
Increase (decrease) in progress collections	535		173
Increase (decrease) in accounts payable	916		1,498
Increase (decrease) in sales discounts and allowances (Note 14)	1,564		554

All other operating activities	(100)		180
Cash from (used for) operating activities – continuing operations	7,329		6,447
Cash from (used for) operating activities – discontinued operations	(159)		(191)
Cash from (used for) operating activities	7,170		6,256

Additions to property, plant and equipment and internal-use software	(1,002)		(842)
Dispositions of property, plant and equipment	179		76



Net cash from (payments for) principal businesses purchased	(1)		(360)

Net (purchases) dispositions of insurance investment securities	(289)		595
All other investing activities	(1,812)		(795)
Cash from (used for) investing activities – continuing operations	(2,924)		(1,326)
Cash from (used for) investing activities – discontinued operations	(169)		(131)
Cash from (used for) investing activities	(3,093)		(1,458)

Net increase (decrease) in borrowings (maturities of 90 days or less)	467		17
Newly issued debt (maturities longer than 90 days)	—		1,985
Repayments and other debt reductions (maturities longer than 90 days)	(1,274)		(1,304)
Dividends paid to shareholders	(1,362)		(1,071)


Purchases of common stock for treasury	(6,506)		(5,554)
All other financing activities	178		71
Cash from (used for) financing activities – continuing operations	(8,497)		(5,856)
Cash from (used for) financing activities – discontinued operations	—		—
Cash from (used for) financing activities	(8,497)		(5,856)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	(79)		189
Increase (decrease) in cash, cash equivalents and restricted cash	(4,499)		(868)
Cash, cash equivalents and restricted cash at beginning of year	14,782		15,880
Cash, cash equivalents and restricted cash at September 30	10,283		15,012
Less cash, cash equivalents and restricted cash of discontinued operations at September 30	(735)		(1,171)
Cash, cash equivalents and restricted cash of continuing operations at September 30	$	9,548		$	13,841

2026 3Q FORM 10-Q 17



STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)	Three months ended September 30		Nine months ended September 30
(In millions)	2026	2025		2026	2025

Net income (loss)	$	2,296		$	2,154		$	6,573	$	6,147
Less: net income (loss) attributable to noncontrolling interests	8		(3)			11	(16)
Net income (loss) attributable to the Company	$	2,288		$	2,157		$	6,562	$	6,163

Currency translation adjustments	7		(36)			9	(55)
Benefit plans	(107)		(119)			(283)	(446)
Investment securities and cash flow hedges	(1,877)		415			(2,234)	843
Long-duration insurance contracts	1,869		(584)			2,250	(828)


Other comprehensive income (loss) attributable to the Company	$	(108)		$	(324)		$	(257)	$	(486)

Comprehensive income (loss)	$	2,188		$	1,830		$	6,315	$	5,662
Less: comprehensive income (loss) attributable to noncontrolling interests	8		(3)			11	(16)
Comprehensive income (loss) attributable to the Company	$	2,180		$	1,833		$	6,304	$	5,677



STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)	Three months ended September 30		Nine months ended September 30
(In millions)	2026	2025		2026	2025


Common stock issued	$	15		$	15		$	15	$	15

Beginning balance	(4,948)		(4,024)			(4,798)	(3,861)
Currency translation adjustments	7		(36)			9	(55)
Benefit plans	(107)		(119)			(283)	(446)
Investment securities and cash flow hedges	(1,877)		415			(2,234)	843
Long-duration insurance contracts	1,869		(584)			2,250	(828)

Accumulated other comprehensive income (loss)	$	(5,056)		$	(4,347)		$	(5,056)	$	(4,347)
Beginning balance	23,074		23,839			23,599	24,266
Gains (losses) on treasury stock dispositions	(241)		(296)			(913)	(922)
Stock-based compensation	63		103			207	294
Other changes	6		—			9	6
Other capital	$	22,902		$	23,645		$	22,902	$	23,645
Beginning balance	90,953		83,726			87,663	80,488
Net income (loss) attributable to the Company	2,288		2,157			6,562	6,163
Dividends and other transactions with shareholders	(487)		(381)			(1,470)	(1,150)

Retained earnings	$	92,755		$	85,502		$	92,755	$	85,502
Beginning balance	(91,454)		(84,421)			(87,801)	(81,566)
Purchases	(1,821)		(1,807)			(6,261)	(5,524)
Dispositions	182		226			969	1,088
Common stock held in treasury	$	(93,093)		$	(86,002)		$	(93,093)	$	(86,002)

GE Aerospace shareholders' equity balance	17,522		18,812			17,522	18,812
Noncontrolling interests balance	228		209			228	209
Total equity balance at September 30	$	17,751		$	19,021		$	17,751	$	19,021

18 2026 3Q FORM 10-Q

NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Our consolidated 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 and other 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, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications.

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 net income from continuing operations, net income from discontinued operations and net 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 Note 2 for further information.

The accompanying consolidated financial statements and notes are unaudited. The results reported in these financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These financial statements should be read in conjunction with the financial statements, notes and significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2025.

NOTE 2. DISCONTINUED OPERATIONS. Our former GE Vernova business, 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.

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.

We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova provided certain services to each other following the separation until September 30, 2026 when this agreement was completed, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the nine months ended September 30, 2026, we had direct and indirect sales of $407 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $472 million related to the sales of engines and parts and the transition services agreement for the nine months ended September 30, 2026.

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 September 30, 2026, the total portfolio had no carrying value, net of a valuation allowance. Income (loss) related to ongoing borrower litigation was $(108) million in pre-tax charges for both the three and nine months ended September 30, 2026 and insignificant for both the three and nine months ended September 30, 2025.

2026 3Q FORM 10-Q 19


RESULTS OF DISCONTINUED OPERATIONS	Three months ended September 30	Nine months ended September 30
	2026		2025	2026			2025

Total revenue	$	—			$	—	$	—		$	—
Cost of equipment and services sold	—			—		—			—
Other income, costs and expenses	(121)			(6)		(161)			—
Net income (loss) of discontinued operations before income taxes	(121)			(6)		(161)			—
Benefit (provision) for income taxes	(3)			(11)		(27)			10
Net income (loss) of discontinued operations, net of taxes	(124)			(17)		(188)			10

Gain (loss) on disposal before income taxes	—			—		—			4
Benefit (provision) for income taxes	—			—		—			—
Gain (loss) on disposal, net of taxes	—			—		—			4
Net income (loss) from discontinued operations, net of taxes	$	(124)			$	(17)	$	(188)		$	14


ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS	September 30, 2026	December 31, 2025
Cash, cash equivalents and restricted cash(a)	$	735		$	1,126
Current receivables	1		35





Property, plant and equipment - net	15		26
All other assets(a)	588		648
Deferred income taxes	22		21
Assets of discontinued operations(b)	$	1,361		$	1,855

Accounts payable	$	14		$	35


Non-current compensation and benefits	30		32
All other liabilities	1,051		1,347
Liabilities of discontinued operations(b)	$	1,096		$	1,413

(a) Included $732 million and $1,123 million of cash, cash equivalents and restricted cash, and $344 million and $385 million of investment securities consisting of Non-U.S. corporate debt in All other assets, both related to Bank BPH as of September 30, 2026 and December 31, 2025, respectively. The decrease in cash, cash equivalents and restricted cash was primarily driven by utilization.

(b) Included $976 million and $1,389 million of valuation allowances against financing receivables held for sale, related to estimated borrower litigation losses, and $682 million and $945 million in All other liabilities related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio as of September 30, 2026 and December 31, 2025, respectively. Accordingly, total estimated losses related to borrower litigation were $1,658 million and $2,334 million as of September 30, 2026 and December 31, 2025, respectively, with the decrease primarily driven by utilization. The valuation allowance completely offsets the financing receivables balance as of September 30, 2026 and December 31, 2025.

NOTE 3. INVESTMENT SECURITIES. Substantially all of our non-current investment securities are held within our run-off insurance operations and support the long-duration insurance liabilities. The portfolio includes debt securities, which substantially all are investment grade, and are classified as available-for-sale.


	September 30, 2026		December 31, 2025
	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	$	27,872		$	142		$	(3,541)		$	24,473		$	27,658		$	825	$	(1,969)	$	26,513
Non-U.S. corporate	2,965		3		(424)		2,544			2,909		41	(242)		2,707
State and municipal	2,569		5		(326)		2,249			2,751		46	(192)		2,605
Mortgage and asset-backed	5,638		40		(190)		5,488			5,202		69	(121)		5,151
Government and agencies	677		—		(139)		539			1,015		4	(95)		924
Equity	657		—		—		657			887		—	—		887
Non-current investment securities	$	40,378		$	190		$	(4,619)		$	35,949		$	40,422		$	985	$	(2,619)	$	38,788

The amortized cost of debt securities excludes accrued interest of $508 million and $473 million at September 30, 2026 and December 31, 2025, respectively, which is reported in All other current assets.

The estimated fair value of non-current investment securities at September 30, 2026 decreased since December 31, 2025, primarily due to higher market yields and the mark-to-market effect on our equity interests partially offset by net purchases of debt/equity securities.

20 2026 3Q FORM 10-Q

Total estimated fair value of debt securities in an unrealized loss position were $27,289 million and $18,484 million, of which $12,568 million and $14,656 million had gross unrealized losses of $(3,686) million and $(2,525) million and have been in a loss position for 12 months or more at September 30, 2026 and December 31, 2025, respectively. The majority of our U.S. and non-U.S. corporate securities gross unrealized losses were in the consumer, electric, technology, communication and energy industries. The majority of our commercial mortgage-backed securities and asset-backed securities in an unrealized loss position have received investment-grade credit 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 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.


	Three months ended September 30		Nine months ended September 30
	2026	2025		2026	2025
Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)	$	116		$	9		$	(129)	$	19
Proceeds from debt/equity securities sales and redemptions	859		1,229			3,023	2,453
Gross realized gains on debt securities	11		11			42	21
Gross realized losses and impairments on debt securities	(15)		(12)			(54)	(29)

Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at September 30, 2026 are as follows:


	Amortized cost	Estimated fair value
Within one year	$	665		$	664
After one year through five years	2,834		2,843
After five years through ten years	5,700		5,555
After ten years	24,885		20,743

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

The majority of our non-current investment securities are classified within Level 2, as their valuation is determined based on significant observable inputs. Investments with a fair value of $3,531 million and $3,222 million are classified within Level 3, as significant inputs to their valuation models are unobservable at September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30, 2026, $143 million was transferred out of Level 3 and there were no significant transfers into Level 3. During the nine months ended September 30, 2025, $1,246 million was transferred out of Level 3 related to increases in the observability of external information used in determining fair value in our run-off insurance operations and primarily included certain investments in private placement U.S. and non-U.S. corporate debt securities, and there were no significant transfers into Level 3.

In addition to the equity securities described above, we held $2,113 million and $1,911 million of equity securities without RDFV substantially all within our run-off insurance operations at September 30, 2026 and December 31, 2025, respectively, that are classified within All other assets in our Statement of Financial Position. Fair value adjustments, net of impairments, recorded in income were $51 million and $57 million and $122 million and $157 million for the three and nine months ended September 30, 2026 and 2025, respectively. 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. 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.

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES


CURRENT RECEIVABLES	September 30, 2026	December 31, 2025
Customer receivables	$	11,145		$	9,269
Revenue sharing and other partner receivables(a)	1,727		1,322

Supplier advances	751		867
Non-income based tax receivables	177		165
Other sundry receivables	324		244
Allowance for credit losses	(105)		(94)
Total current receivables	$	14,019		$	11,773

(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.

2026 3Q FORM 10-Q 21

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 $77 million and $115 million during the nine months ended September 30, 2026 and 2025, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in the Commercial Engines & Services (CES) 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	September 30, 2026	December 31, 2025

Long-term customer receivables(a)	$	20		$	173
Supplier advances	160		94
Sundry receivables	195		105
Allowance for credit losses(a)	(11)		(96)

Total long-term receivables	$	364		$	276

(a) The decrease was primarily driven by the write-off of allowance against uncollectible accounts.

NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS


	September 30, 2026	December 31, 2025

Raw materials and work in process	$	9,793		$	9,354
Finished goods	1,912		1,542
Deferred inventory costs(a)	1,039		972

Inventories, including deferred inventory costs	$	12,743		$	11,868

(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


	September 30, 2026	December 31, 2025
Original cost	$	18,237		$	17,388
Less accumulated depreciation and amortization	(11,005)		(10,419)
Right-of-use operating lease assets	1,101		1,018
Property, plant and equipment – net	$	8,333		$	7,987


DEPRECIATION AND AMORTIZATION EXPENSE	Three months ended September 30	Nine months ended September 30
		2026	2025		2026	2025
Commercial Engines & Services		$	167		$	161		$	498	$	485
Defense & Propulsion Technologies		47		41			141	117
Corporate & Other		13		13			39	41
Total		$	227		$	214		$	679	$	643

Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position, were $296 million and $280 million as of September 30, 2026 and December 31, 2025, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $825 million and $783 million as of September 30, 2026 and December 31, 2025, respectively. Expense on our operating lease portfolio, primarily from our long-term fixed leases, was $100 million and $97 million for the three months ended September 30, 2026 and 2025, respectively, and $262 million and $294 million for the nine months ended September 30, 2026 and 2025, respectively.

In the second quarter of 2026, as part of overall fleet management for one of our smaller engine programs with a diverse customer base, we entered into an agreement for the sale and leaseback of certain Company owned engines. We recognized sales proceeds of $125 million and $167 million and net income attributable to the Company of $50 million and $65 million for the three and nine months ended September 30, 2026. The Company is leasing back the engines for a term of 12 years under an operating lease agreement.

NOTE 7. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS. During the third quarter of 2026, GE Aerospace signed an agreement to acquire Consolidated Precision Products (CPP), a leading manufacturer of highly engineered castings and sub-assemblies primarily for the commercial aerospace and defense markets, with a purchase price of $11.75 billion. We plan to fund the acquisition with approximately $7 billion in cash and the remainder in new debt. This transaction is expected to close in the second half of 2027 and will be subject to regulatory approvals and other customary closing conditions.

22 2026 3Q FORM 10-Q


	Commercial Engines & Services	Defense & Propulsion Technologies	Total


Balance at January 1, 2026	$	6,555		$	2,506	$	9,060
Goodwill acquisition	—		10		10
Goodwill adjustments(a)	(78)		(25)		(103)
Balance at September 30, 2026	$	6,475		$	2,492	$	8,967

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

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 quarter of 2026, we did not identify any reporting units that required an interim impairment test.

Other intangible assets decreased $196 million during the nine months ended September 30, 2026, primarily as a result of amortization and foreign currency exchange, partially offset by additions. Consolidated amortization expense was $109 million and $88 million in the three months ended September 30, 2026 and 2025, respectively, and $282 million and $270 million in the nine months ended September 30, 2026 and 2025, respectively.

NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS

Contract assets (liabilities) and other deferred assets (income), on a net basis, decreased the net liability position by $164 million for the nine months ended September 30, 2026, primarily due to a decrease in noncurrent deferred income of $89 million and an increase in customer advances and other in noncurrent assets of $78 million. In aggregate, the net liability for long-term service agreements decreased, primarily due to revenue recognized of $8,437 million, partially offset by billings of $8,291 million and net unfavorable changes in estimated profitability of $60 million driven by quarterly updates to contract margins, including a reversal of $139 million of tariff-related charges taken in the nine months ended September 30, 2025, primarily in CES. Revenue recognized for contracts included in a liability position at the beginning of the year were $7,229 million and $5,884 million for the nine months ended September 30, 2026 and 2025, respectively.


CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOME	September 30, 2026	December 31, 2025
Long-term service agreements	$	2,836		$	2,792
Equipment and other service agreements	691		719
Current contract assets	$	3,527		$	3,511
Nonrecurring engineering costs(a)	$	2,413		$	2,423
Customer advances and other(b)	2,575		2,497
Contract and other deferred assets	4,988		4,920
Total contract and other deferred assets	$	8,515		$	8,431

Long-term service agreement liabilities	$	10,000		$	10,016
Current deferred income	342		317
Contract liabilities and current deferred income	$	10,342		$	10,333
Non-current deferred income	976		1,065
Total contract liabilities and deferred income	$	11,318		$	11,398
Contract assets (liabilities) and other deferred assets (income)	$	(2,803)		$	(2,966)

(a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our Defense & Propulsion Technologies (DPT) segment, which are amortized ratably over each unit produced. We assess the recoverability of these costs and if we determine the costs are no longer probable of recovery, the asset is impaired. The most significant program relates to DPT contracts for the Boeing 777X aircraft, which will be amortized once entered into service.

(b) Includes amounts due from customers within our CES segment for the sales of engines, spare parts and services, which we collect through fixed or usage-based billings from the sale of spare parts and servicing of equipment under long-term service agreements.

Progress collections increased $540 million in the nine months ended September 30, 2026, primarily due to collections received in excess of liquidations at CES.

NOTE 9. ALL OTHER ASSETS. All other current assets and All other assets primarily include equity method investments, Insurance cash and cash equivalents, receivables and other investments in our run-off insurance operations, time deposits with maturities greater than three months, pension surplus, prepaid taxes and other deferred charges and indemnity assets. All other current assets increased $1,421 million during the nine months ended September 30, 2026, driven by the conversion of cash and cash equivalents to higher yielding time deposits with maturities greater than three months of $1,500 million. All other non-current assets decreased $14 million in the nine months ended September 30, 2026, primarily driven by a decrease in insurance cash and cash equivalents of $481 million, offset by an increase in equity method and other investments of $474 million. Insurance cash and cash equivalents were $784 million and $1,264 million as of September 30, 2026 and December 31, 2025, respectively.

2026 3Q FORM 10-Q 23

NOTE 10. BORROWINGS


	September 30, 2026		December 31, 2025


Current portion of long-term borrowings
Senior notes	$	1,748			$	1,504
Subordinated notes and other	107			182
Commercial paper(a)	480			—
Total short-term borrowings	$	2,335			$	1,686


Senior notes(b)	15,080			16,773
Subordinated notes	1,418			1,456
Other	492			580
Total long-term borrowings	$	16,991			$	18,808
Total borrowings	$	19,326			$	20,494

(a) Represents the outstanding balance under the Company's commercial paper program, which began in the third quarter of 2026.

(b) In 2025, GE Aerospace issued a total of $2,000 million in aggregate principal amount of senior unsecured debt, comprised of $1,000 million of 4.3% senior notes due 2030, and $1,000 million of 4.9% senior notes due 2036.

See Note 20 for further information about borrowings and associated hedges.

NOTE 11. ACCOUNTS PAYABLE



	September 30, 2026	December 31, 2025
Trade payables	$	6,083		$	5,734
Revenue sharing and other partner payables(a)	2,801		2,553
Supply chain finance programs	1,599		1,247
Sundry payables	500		544

Accounts payable	$	10,983		$	10,078

(a) Revenue sharing and other partner payables are primarily amounts due to revenue sharing and joint venture 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.

We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE Aerospace receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through these third-party programs were $3,117 million and $2,527 million for the nine months ended September 30, 2026 and 2025, respectively. GE Aerospace has no costs associated with this program.

NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits are comprised of obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenue of $833 million and $875 million, profit/(loss) was $(210) million and $361 million and net income/(loss) was $(202) million and $287 million for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026 and 2025, revenues were $2,326 million and $2,681 million, profit was $91 million and $714 million and net income was $39 million and $567 million, respectively. These operations were primarily supported by investment securities, substantially all debt securities, of $35,241 million and $37,842 million, limited partnerships of $5,441 million and $5,089 million, a diversified commercial mortgage loan portfolio collateralized by first liens on U.S. commercial real estate properties of $1,760 million and $1,802 million (net of allowance for credit losses of $18 million and $19 million) and residential mortgage loans of $435 million and $395 million (net of allowance for credit losses of an insignificant amount), as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026, the commercial mortgage loan portfolio had no delinquent or non-accrual loans and about one-fourth of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 56%, debt service coverage of 1.6, and an insignificant amount of scheduled maturities through 2026. A summary of our insurance liabilities and annuity benefits is presented below.


September 30, 2026	Long-term care	Structured settlement annuities	Life	Other contracts	Total
Future policy benefit reserves	$	24,050		$	7,570	$	834		$	330	$	32,785
Investment contracts	—		608		—	450		1,058
Other	—		—		112	168		280


Total	$	24,050		$	8,178	$	946		$	948	$	34,123

24 2026 3Q FORM 10-Q


December 31, 2025
Future policy benefit reserves	$	25,792		$	8,383		$	906	$	357	$	35,438
Investment contracts	—	647	—	493		1,140
Other	—	—	113	203		316


Total	$	25,792		$	9,031		$	1,019	$	1,053	$	36,894

The following tables summarize balances of and changes in future policy benefit reserves.


	September 30, 2026				September 30, 2025
	Long-term care	Structured settlement annuities	Life				Long-term care	Structured settlement annuities	Life
Present value of expected net premiums
Balance, beginning of year	$	4,426		$	—		$	1,833					$	4,144		$	—	$	4,318
Beginning balance at locked-in discount rate	4,140		—		1,714					3,991		—		4,415
Effect of changes in cash flow assumptions	54		—		—					257		—		4
Effect of actual variances from expected experience (a)	(37)		—		(23)					(3)		—		(2,343)
Adjusted beginning of year balance	4,157		—		1,691					4,244		—		2,076
Interest accrual	169		—		69					164		—		138
Net premiums collected	(303)		—		(145)					(299)		—		(223)
Effect of foreign currency	—		—		(2)					—		—		108
Ending balance at locked-in discount rate	4,024		—		1,614					4,110		—		2,099
Effect of changes in discount rate assumptions	7		—		7					278		—		87
Balance, end of period	$	4,031		$	—		$	1,621					$	4,388		$	—	$	2,186

Present value of expected future policy benefits
Balance, beginning of year	$	30,218		$	8,383		$	2,739					$	28,820		$	8,426	$	5,336
Beginning balance at locked-in discount rate	27,976		8,048		2,582					27,448		8,301		5,411
Effect of changes in cash flow assumptions	276		—		(6)					308		(37)		43
Effect of actual variances from expected experience (a)	86		(5)		11					142		6		(2,381)
Adjusted beginning of year balance	28,339		8,043		2,586					27,898		8,270		3,074
Interest accrual	1,160		316		97					1,129		323		167
Benefit payments	(1,203)		(473)		(230)					(1,130)		(486)		(319)
Effect of foreign currency	—		—		(5)					—		—		113
Ending balance at locked-in discount rate	28,295		7,886		2,448					27,897		8,107		3,035
Effect of changes in discount rate assumptions	(214)		(316)		7					2,291		360		127
Balance, end of period	$	28,081		$	7,570		$	2,455					$	30,188		$	8,467	$	3,161
Net future policy benefit reserves	$	24,050		$	7,570		$	834					$	25,801		$	8,467	$	976
Less: Reinsurance recoverables, net of allowance for credit losses	(148)		—		(141)					(157)		—		(179)
Net future policy benefit reserves, after reinsurance recoverables	$	23,902		$	7,570		$	692					$	25,644		$	8,467	$	797
Weighted-average duration of liability (years)(b)	10.3	9.5	5.8				11.3	10.2	6.0
Weighted-average interest accretion rate	5.6	%	5.4	%	5.4	%				5.6	%	5.4	%	5.3	%
Current discount rate	6.1	%	6.1	%	5.7	%				5.3	%	5.3	%	4.9	%
Gross premiums or assessments recognized during period	$	338		$	—		$	153					$	343		$	—	$	249
Expected future gross premiums, undiscounted	7,326		—		2,915					7,499		—		4,468
Expected future gross premiums, discounted(b)	4,465		—		1,720					4,813		—		2,452
Expected future benefit payments, undiscounted	60,512		17,332		3,841					61,497		17,961		5,091
Expected future benefit payments, discounted(b)	28,081		7,570		2,455					30,188		8,467		3,161

(a) Substantially all of Life reflects novations executed during the three months ended September 30, 2025, in connection with the February 3, 2025 Canadian life and health insurance portfolio reinsurance transaction.

(b) Determined using the current discount rate as of September 30, 2026 and 2025.

As of September 30, 2026 and 2025, policyholders account balances totaled $1,292 million and $1,407 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the nine months ended September 30, 2026 and 2025 are primarily attributed to surrenders, withdrawals and benefit payments of $261 million and $367 million, partially offset by net additions from separate accounts and interest credited of $174 million and $197 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both September 30, 2026 and 2025, respectively.

2026 3Q FORM 10-Q 25

Our 2026 annual review of future policy benefit reserves cash flow assumptions resulted in an increase in net future policy benefit reserves, after reinsurance recoverables and a pre-tax charge to earnings of $328 million ($259 million, after-tax), primarily related to claims experience and long-term care cost of care inflation, partially offset by premium rate increases. Our 2025 annual review of future policy benefit reserves cash flow assumptions resulted in an increase in net future policy benefit reserves, after reinsurance recoverables and a pre-tax charge to earnings of $126 million ($100 million, after-tax), primarily related to long-term care cost of care inflation and lower policy terminations or benefit reductions related to premium rate increases assumptions, partially offset by favorable experience, including mortality.

Included in Insurance losses and annuity benefits in our Statement of Earnings (Loss) for the nine months ended September 30, 2026 and 2025 are unfavorable pre-tax adjustments of $368 million and $166 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. Included in these amounts for the nine months ended September 30, 2026 and 2025, are unfavorable adjustments of $222 million and $189 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%.

See Notes 3 and 9 for further information related to our run-off insurance operations.

NOTE 13. 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. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Operations.


PRINCIPAL PENSION PLANS	Three months ended September 30		Nine months ended September 30
	2026	2025		2026	2025
Service cost for benefits earned	$	12		$	14		$	37	$	47
Prior service cost amortization	—		(2)			(2)	(7)
Expected return on plan assets	(359)		(375)			(1,076)	(1,125)
Interest cost on benefit obligations	310		325			930	976
Net actuarial gain amortization	(109)		(126)			(328)	(379)

Net periodic expense (income)	$	(146)		$	(164)		$	(439)	$	(488)

Principal retiree benefit plans income was $13 million and $17 million for the three months ended September 30, 2026 and 2025, and $39 million and $49 million for the nine months ended September 30, 2026 and 2025, respectively.

We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $60 million and $55 million for the three months ended September 30, 2026 and 2025, and $224 million and $194 million for the nine months ended September 30, 2026 and 2025, respectively.

NOTE 14. SALES DISCOUNTS AND ALLOWANCES & ALL OTHER LIABILITIES. Sales discounts and allowances increased $1,564 million during the nine months ended September 30, 2026, primarily due to increases in allowances on new engine installs and spare parts, as well as product durability reserves at Commercial Engines & Services.

All other current liabilities and All other liabilities primarily include employee compensation and benefits, equipment project and commercial liabilities, uncertain and other income taxes and related liabilities, environmental, health and safety remediations and operating lease liabilities (see Note 6). All other current liabilities decreased by $253 million during the nine months ended September 30, 2026, primarily related to a decrease in employee compensation and benefit liabilities of $226 million and a decrease in equipment projects and other commercial liabilities of $122 million. All other liabilities increased $156 million during the nine months ended September 30, 2026, primarily due to an increase in environmental, health and safety liabilities of $240 million and an increase in equipment projects and other commercial liabilities of $93 million, partially offset by a decrease in uncertain and other income taxes and related liabilities of $207 million.

NOTE 15. INCOME TAXES. Our effective income tax rate was 13.4% and 14.2% for the nine months ended September 30, 2026 and 2025, respectively. The decrease in our effective tax rate was primarily attributable to higher tax benefits related to global activities, including the impact of the One Big Beautiful Bill Act (OBBBA), partially offset by lower tax benefits from business tax credits.

26 2026 3Q FORM 10-Q

In 2026, the Organisation for Economic Co-operation and Development (OECD)/G20 issued a Side-by-Side package (SbS) that simplifies Pillar 2, creates new safe harbors, fully exempts U.S.-parented groups from two of the three top-up taxes, and extends the Transitional Country-by-Country Reporting (CbCR) Safe Harbor through fiscal year 2027. In certain jurisdictions, local legislative action is needed to effectuate the SbS agreement and cannot be considered in our accounting estimate until enactment. We continue to refine the effective tax rate and cash tax impact of Pillar 2 as legislative changes are implemented in multiple countries, but we do not expect significant changes in the tax provision as countries adopt the SbS.

The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 2016-2020. Since March 2026, we have received several Acknowledgement of Facts Information Document Requests (AOF IDRs) from the IRS regarding the application of additional tax and potential penalties related to the Company's income tax computations before and after the 2017 Tax Cuts and Jobs Act, which among other things provided for a one-time transition tax on certain undistributed earnings and profits of foreign subsidiaries. The Company has responded to these requests and believes the amounts previously accrued are sufficient; however, the IRS may assert a material amount of additional taxes and penalties as this process continues. The Company would contest any such additional amounts, and it is not possible to provide a meaningful estimate at this time. Any such obligations would be allocated among the Company, GE Vernova and GE HealthCare in accordance with the tax matters agreements entered into as part of the separations. Regardless of the outcome, a final resolution of this matter could be time-consuming and is not likely within the next 12 months. An unfavorable ultimate resolution of this matter could adversely affect the Company's results of operations and cash flow.

The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components.


DEFERRED INCOME TAXES	September 30, 2026	December 31, 2025
Total assets	$	7,226		$	7,883
Total liabilities	(449)		(424)
Net deferred income tax asset	$	6,777		$	7,459

NOTE 16. SHAREHOLDERS’ EQUITY


ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Three months ended September 30		Nine months ended September 30
(Dividends per share in dollars)	2026	2025		2026	2025







Beginning balance	$	(1,512)		$	(1,491)		$	(1,515)	$	(1,472)
AOCI before reclasses – net of taxes of $(11), $(16), $41 and $(155)	7		(36)			9	(55)
AOCI	7		(36)			9	(55)
Currency translation adjustments AOCI	$	(1,506)		$	(1,527)		$	(1,506)	$	(1,527)
Beginning balance	$	(393)		$	338		$	(217)	$	665
AOCI before reclasses – net of taxes of $(1), $2, $5 and $(23)	(5)		4			13	(81)
Reclasses from AOCI – net of taxes of $(34), $(35), $(95) and $(104)	(102)		(123)			(296)	(365)
AOCI	(107)		(119)			(283)	(446)
Benefit plans AOCI	$	(500)		$	219		$	(500)	$	219
Beginning balance	$	(1,592)		$	(1,557)		$	(1,236)	$	(1,985)
AOCI before reclasses – net of taxes of $(495), $102, $(596) and $227	(1,862)		438			(2,249)	875
Reclasses from AOCI – net of taxes of $1, $(3), $2 and $(1)	(14)		(23)			16	(32)
AOCI	(1,877)		415			(2,234)	843
Investment securities and cash flow hedges AOCI	$	(3,469)		$	(1,142)		$	(3,469)	$	(1,142)
Beginning balance	$	(1,450)		$	(1,314)		$	(1,831)	$	(1,070)
AOCI before reclasses – net of taxes of $497, $(155), $598 and $(220)	1,869		(584)			2,250	(828)

AOCI	1,869		(584)			2,250	(828)
Long-duration insurance contracts AOCI	$	419		$	(1,898)		$	419	$	(1,898)

AOCI at September 30	$	(5,056)		$	(4,347)		$	(5,056)	$	(4,347)

Dividends declared per common share	$	0.47		$	0.36		$	1.41	$	1.08

Common stock. GE Aerospace common stock shares outstanding were 1,033,351,921 and 1,048,766,702 as of September 30, 2026 and December 31, 2025, respectively. We repurchased 5.0 million shares for $1,983 million and 19.1 million shares for $6,206 million during the three and nine months ended September 30, 2026. This included repurchases of 2.4 million shares for $1,087 million and 10.1 million shares for $3,425 million during the three and nine months ended September 30, 2026 using accelerated share repurchases, which were utilized as a mechanism to achieve planned repurchase volumes within a quarter during closed windows. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

2026 3Q FORM 10-Q 27

NOTE 17. EARNINGS PER SHARE (EPS) INFORMATION


Three months ended September 30	2026		2025
(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)	Diluted	Basic		Diluted	Basic




Net income (loss) from continuing operations attributable to common shareholders	$	2,412		$	2,412		$	2,170	$	2,174
Net income (loss) from discontinued operations	(124)		(124)			(17)	(17)
Net income (loss) attributable to common shareholders	2,288		2,288			2,152	2,157

Shares of common stock outstanding	1,035		1,035			1,058	1,058
Employee compensation-related shares (including stock options)	6		—			7	—
Total average equivalent shares	1,041		1,035			1,065	1,058

EPS from continuing operations	$	2.32		$	2.33		$	2.04	$	2.06
EPS from discontinued operations	(0.12)		(0.12)			(0.02)	(0.02)
Net EPS	2.20		2.21			2.02	2.04

Potentially dilutive securities(a)	1				1


Nine months ended September 30	2026		2025
(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)	Diluted	Basic		Diluted	Basic




Net income (loss) from continuing operations attributable to common shareholders	$	6,750		$	6,750		$	6,143	$	6,149
Net income (loss) from discontinued operations	(188)		(188)			14	14
Net income (loss) attributable to common shareholders	6,562		6,562			6,157	6,163

Shares of common stock outstanding	1,041		1,041			1,064	1,064
Employee compensation-related shares (including stock options)	7		—			8	—
Total average equivalent shares	1,047		1,041			1,071	1,064

EPS from continuing operations	$	6.44		$	6.49		$	5.73	$	5.78
EPS from discontinued operations	(0.18)		(0.18)			0.01	0.01
Net EPS	6.27		6.31			5.75	5.79

Potentially dilutive securities(a)	1				2

(a) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive.

NOTE 18. OTHER INCOME (LOSS)


	Three months ended September 30		Nine months ended September 30

	2026	2025		2026	2025




Net interest and investment income (loss)(a)	$	246		$	167		$	274	$	517
Licensing and royalty income	51		44			135	129
Equity method income	66		48			195	124

Other items	68		27			125	115
Total other income (loss)	$	432		$	285		$	730	$	885

(a) Included unrealized gain of $122 million and unrealized loss of $140 million related to our investment in BETA Technologies, Inc. for the three and nine months ended September 30, 2026, respectively.

NOTE 19. RESTRUCTURING CHARGES AND SEPARATION COSTS

RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. Separately, in our reported segment results, significant, higher-cost restructuring programs, primarily related to the separations, and acquisition-related costs 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 & Other.


RESTRUCTURING AND OTHER CHARGES	Three months ended September 30		Nine months ended September 30
	2026	2025		2026	2025
Workforce reductions	$	7		$	20		$	57	$	39
Plant closures & associated costs and other asset write-downs	4		2			4	12
Acquisition/disposition net charges and other(a)	(39)		—			(38)	—
Total restructuring and other charges	$	(28)		$	22		$	22	$	51

Cost of equipment/services	$	—		$	—		$	—	$	3
Selling, general and administrative expenses	23		22			74	48
Other (income) loss(a)	(52)		—			(52)	—
Total restructuring and other charges	$	(28)		$	22		$	22	$	51
Restructuring and other cash expenditures(b)	$	27		$	9		$	80	$	64

(a) Includes $52 million excise tax refund recorded in Other income related to our 2023 preferred share redemption.

(b) Primarily related to employee severance payments.

28 2026 3Q FORM 10-Q

The restructuring liability as of September 30, 2026 and December 31, 2025 was $63 million and $91 million, respectively.

For the three and nine months ended September 30, 2026, and 2025, restructuring and other charges for ongoing programs included exit activities reflecting lower Corporate & Other shared-service and footprint needs as a result of the GE HealthCare and GE Vernova spin-offs, which are substantially completed, and acquisition-related costs.

SEPARATION COSTS. In November 2021, the Company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aerospace, healthcare and energy. As discussed in Note 2, we completed this plan with the spin of GE Vernova in the second quarter of 2024. Post-separation, we incur operational and transition costs related to separation activities, primary related to information technology systems, and other transformation to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Operations. We have completed separation activities, including the transition services agreement with GE Vernova, and expect an insignificant amount of costs for the remainder of 2026.

For the three months ended September 30, 2026 and 2025, we incurred pre-tax separation costs of $3 million and $53 million, recognized $1 million and $11 million of net tax benefits and paid $27 million and $56 million in cash, respectively.

For the nine months ended September 30, 2026 and 2025, we incurred pre-tax separation costs of $93 million and $150 million, recognized $19 million and $31 million of net tax benefits and paid $143 million and $202 million in cash, respectively.

NOTE 20. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all these assets are considered Level 3 and substantially all these liabilities are considered Level 2 in the fair value hierarchy. Cash, cash equivalents and time deposits with maturities greater than three months are excluded from the table below, as the carrying value approximates their fair value because of the relatively short-term maturities of these financial instruments.


		September 30, 2026		December 31, 2025
		Carrying amount (net)	Estimated fair value		Carrying amount (net)	Estimated fair value
Assets	Commercial and residential mortgage loans (Note 12)	$	2,195		$	2,089		$	2,197	$	2,153

Liabilities	Borrowings (Note 10)	19,326		18,430			20,494	20,558
	Investment contracts (Note 12)	1,058		1,091			1,140	1,199

Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include investment securities (see Note 3) and derivative financial instruments below.

DERIVATIVES AND HEDGING. Per our policy, derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage risks related to foreign currency exchange (including foreign equity investments), interest rates and commodity prices.

We use foreign currency forward and cross-currency interest rate swap contracts designated as cash flow hedges primarily to reduce the effects of foreign exchange rate changes. The gains or losses on derivatives that are designated as cash flow hedges are initially recorded in Statement of Other Comprehensive Income (Loss) and subsequently reclassified to earnings when the hedged transaction affects earnings. We expect to reclassify $4 million of gains from AOCI to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions.

We use our foreign currency debt and cross-currency interest rate swaps in net investment hedges to hedge currency exposure of our net investments in foreign operations. Gains and losses on net investment hedges are initially recorded in the Statement of Other Comprehensive Income (Loss). The carrying value of foreign currency debt designated as net investment hedges was $4,781 million and $4,958 million as of September 30, 2026 and December 31, 2025, respectively.

We designated fixed-to-floating interest rate swaps as fair value hedges to hedge interest rate risks on our issued debt, closer aligning interest rate sensitivity between debt and cash. For the three and nine months ended September 30, 2026, gain or (loss) on interest rate swaps was $(90) million and $(100) million, respectively, recognized in interest and other financial changes and offset by the changes of fair value of the hedged debts within the same line in the Statement of Operations.

For cross-currency interest rate swaps and interest rate swaps in qualified hedging relationships, we recognize the periodic interest settlements within Interest and other financial charges in the Statement of Operations. Such amounts reduced Interest and other financial charges by $10 million and $9 million for the three months ended September 30, 2026 and 2025, respectively, and $30 million and $17 million for the nine months ended September 30, 2026 and 2025, respectively. The cash flows associated with these periodic interest settlements are classified as operating activities in the Statement of Cash Flows.

2026 3Q FORM 10-Q 29

We also use derivatives for economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in income in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on income in each period due to differences in the timing of income recognition between the derivative and the hedged item.


FAIR VALUE OF DERIVATIVES		September 30, 2026		December 31, 2025
	Classification(a)	Gross Notional	Fair Value - Assets	Fair Value - Liabilities		Gross Notional	Fair Value - Assets	Fair Value - Liabilities


Qualifying currency exchange contracts	Current	$	1,458		$	13		$	14		$	2,125		$	38	$	17
Qualifying cross currency interest rate swaps	Current	1,026		38		36			471	17		39
Qualifying cross currency interest rate swaps	Non-Current	2,432		2		15			3,079	20		62
Qualifying interest rate swaps	Non-Current	1,300		—		90			—	—		—
Non-qualifying currency exchange contracts and other(b)	Current	4,627		48		29			4,983	172		12
Gross derivatives		$	10,843		$	103		$	183		$	10,659		$	247	$	129

Netting and credit adjustments			$	(74)		$	(75)			$	(60)		$	(58)

Net derivatives recognized in Statement of Financial Position			$	29		$	108			$	187		$	71

(a) The fair values of derivatives classified as current are components of All other current assets and All other current Liabilities. Fair values of derivatives classified as non-current are components of All other assets and All other liabilities in the Statement of Financial Position.

(b) Gains (losses) included in our Statement of Operations were $(22) million and $(22) million for the three months ended September 30, 2026 and 2025, and $(17) million and $194 million for nine months ended September 30, 2026 and 2025, respectively, primarily in Selling, general and administrative expenses and Other income (loss), driven by hedges of foreign currency exchange and deferred employee compensation. Substantially all of these amounts are offset by the remeasurement of the underlying exposure through earnings.

CASH FLOW HEDGES AND NET INVESTMENT HEDGES


	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives			Amount of Gain (Loss) Reclassified from AOCI into Net Income
	Three months ended September 30	Nine months ended September 30		Three months ended September 30	Nine months ended September 30
	2026	2025	2026	2025		2026	2025	2026	2025
Cash flow hedges(a)	$	40		$	(27)	$	(19)		$	82		$	19		$	29	$	9	$	33
Net investment hedges	(37)		(68)		214	(760)				—	—	—		—

(a) Consist of currency exchange contracts and cross-currency interest rate swaps, primarily recognized in Selling, general and administrative expenses and Costs of equipment or services sold in our Statement of Operations.

FAIR VALUE HEDGES. As of September 30, 2026 and December 31, 2025, the cumulative amount of hedging adjustments (primarily from discontinued hedges) of $774 million and $969 million were included primarily in long-term borrowings of $8,609 million and $8,286 million, respectively. Cumulative adjustments related to previously discontinued hedges will continue to amortize into interest expense until the borrowings mature.

COUNTERPARTY CREDIT RISK. Our exposures to counterparties (including accrued interest) were $29 million and $187 million as of September 30, 2026 and December 31, 2025, respectively. Counterparties' exposures to our derivative liability (including accrued interest), were $108 million and $71 million as of September 30, 2026 and December 31, 2025, respectively.

NOTE 21. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $181 million and $170 million and liabilities of $141 million and $144 million as of September 30, 2026 and December 31, 2025, respectively, in consolidated variable interest entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities.

Our investments in unconsolidated VIEs were $9,058 million and $8,976 million as of September 30, 2026 and December 31, 2025, respectively. Of these investments, $1,081 million and $1,114 million were in our U.S. tax equity portfolio, comprising equity method investments related to onshore renewable energy projects, as of September 30, 2026 and December 31, 2025, respectively. In addition, $7,753 million and $7,660 million were in our run-off insurance operations, primarily comprised of equity method investments as of September 30, 2026 and December 31, 2025, respectively. Our maximum exposure to loss with respect to unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 22.

30 2026 3Q FORM 10-Q

NOTE 22. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES

COMMITMENTS. As of September 30, 2026, we had total investment commitments of $4,410 million, related to investments by our run-off insurance operations in investment securities and other assets. Included within these commitments are obligations to make investments in unconsolidated VIEs of $4,210 million. Additionally, we have committed to provide financing assistance of $2,811 million for future customer acquisitions of aircraft equipped with our engines. We believe there is a low probability of utilization of this financing assistance based on the terms under which the financing would be provided. See Note 21 for further information regarding VIEs.

Credit support and indemnification agreements - Continuing Operations. Following the separation of GE Vernova, we have remaining performance and bank guarantees on behalf of GE Vernova. To support GE Vernova in selling products and services globally, we often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of what were subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for non-customer related activities of GE Vernova (collectively, \"GE Aerospace credit support\"). Under the Separation and Distribution Agreement (SDA), GE Vernova is obligated to use reasonable best efforts to replace us as the guarantor on or terminate all such credit support instruments. Until such termination or replacement, in the event of non-fulfillment of contractual obligations by the relevant obligor(s), we could be obligated to make payments under the applicable instruments. Under the SDA, GE Vernova is obligated to reimburse and indemnify us for any such payments. As of September 30, 2026, we estimated GE Vernova RPO and other obligations that relate to GE Aerospace credit support to be approximately $5,400 million, a 92% reduction since December 31, 2023. We expect approximately $3,700 million of the RPO related to GE Aerospace credit support obligations to contractually mature by the end of 2030. Additionally, beginning in 2025, GE Vernova is paying us a quarterly fee based on amounts related to the GE Aerospace credit support. We have recorded a reserve of $59 million for our stand ready to perform obligation. Our 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 except for certain financial guarantees and trade finance instruments with a maximum exposure of approximately $161 million. The underlying obligations are predominantly customer contracts that GE Vernova performs in the normal course of its business. We have no known instances historically where payments or performance were required by us under parent company guarantees relating to GE Vernova customer contracts. In connection with the spin-off of GE Vernova, under terms of the SDA, Transition Service Agreement (TSA) and Tax Matters Agreement (TMA), we have an obligation to indemnify GE Vernova for certain of its severance costs, environmental matters and tax matters of $142 million, of which $90 million is reserved.

We also have specific indemnities related to the spin-off or disposal of GE's other legacy businesses for which the aggregate maximum potential exposure is $123 million and the aggregated related reserves are $72 million.

Credit support and indemnification agreements- Discontinued Operations. Following the separation of GE Vernova, we also have performance obligations related to GE Vernova nuclear decommissioning with a maximum aggregate exposure of $638 million for which we are fully indemnified. Also, under the SDA, TSA and TMA agreements we have obligations to indemnify GE Vernova for costs of certain environmental matters and tax matters of $35 million, which are fully reserved.

We also have specific indemnities related to the spin-off or disposal of GE's other legacy businesses for which the aggregate maximum potential exposure is $453 million and the aggregated related reserves are $74 million.

PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. The liability for product warranties was $585 million and $595 million as of September 30, 2026 and December 31, 2025.

LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 24 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025; refer to that discussion for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated.

2026 3Q FORM 10-Q 31

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. For a number of years, we have observed an increase in the total number of lawsuits being brought against Bank BPH and other banks in Poland by current and former borrowers, and we expect this to continue in future reporting periods. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded an additional charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH was $1,658 million and $2,334 million as of September 30, 2026 and December 31, 2025, respectively. This estimate accounts for the costs associated with borrowers who we estimate will participate in the settlement program, as well as estimates for the results of litigation with other borrowers, which in either case can exceed the value of the current loan balance, and represents our best estimate of the total losses we expect to incur over time informed by experience since adopting the program. However, there are a number of factors that could affect the estimate in the future, refer to the disclosure about Bank BPH in our Annual Report on Form 10-K for the year ended December 31, 2025.

ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. Our operations involve or have involved the use, disposal and cleanup of substances regulated under environmental protection laws, including activities for a variety of matters related to GE businesses that have been discontinued or exited. We record reserves for obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup, and for additional liabilities we expect to incur in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged exposure by workers and others to asbestos, polychlorinated biphenyls (PCBs) or other hazardous materials. Liabilities for environmental remediation and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued due to uncertainties about the status of laws, regulations, technology and information related to individual sites and worker exposure lawsuits. Total reserves related to environmental remediation and worker exposure claims were $2,222 million and $2,129 million as of September 30, 2026 and December 31, 2025, respectively.

NOTE 23. SEGMENT INFORMATION & REMAINING PERFORMANCE OBLIGATION. We have two reportable segments and three operating segments. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. We have aggregated Defense & Systems and Propulsion & Additive Technology into one reportable segment, Defense & Propulsion Technologies, based on similarity in economic characteristics, other qualitative factors and the objectives and principles of ASC 280, Segment Reporting. This is consistent with how our chief operating decision maker (CODM) allocates resources and makes decisions. Refer to our Annual Report on Form 10-K for the year ended December 31, 2025, for a description of our segments, further information regarding our determination of segment profit for continuing operations and our allocations of corporate costs to our segments.

On January 15, 2026, we announced that our 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, previously reported in CES, has moved to our DPT segment. We have recast previously reported amounts to conform to the updated segment presentation.

The Company does not report total assets by segment for internal or external reporting purposes as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.


EQUIPMENT & SERVICES REVENUE
Three months ended September 30	2026		2025
	Equipment	Services	Total		Equipment	Services	Total
Commercial Engines & Services	$	2,607		$	7,735		$	10,342		$	1,892	$	6,629	$	8,521


Defense & Propulsion Technologies	1,754		1,715		3,469			1,665	1,586		3,251
Total segment revenue	$	4,361		$	9,450		$	13,811		$	3,557	$	8,214	$	11,771


Nine months ended September 30	2026		2025
	Equipment	Services	Total		Equipment	Services	Total
Commercial Engines & Services	$	7,006		$	21,986		$	28,992		$	5,406	$	17,424	$	22,830


Defense & Propulsion Technologies	5,103		5,022		10,126			4,357	4,570		8,927
Total segment revenue	$	12,110		$	27,008		$	39,118		$	9,762	$	21,994	$	31,757

32 2026 3Q FORM 10-Q


EXPENSES, PROFIT AND INCOME	Three months ended September 30		Nine months ended September 30
	2026	2025		2026	2025
Commercial Engines & Services
Cost of revenue	$	6,798		$	5,544		$	19,086	$	14,684
Selling, general and administrative expenses	474		422			1,477	1,254
Research and development	383		331			1,118	914
Other segment expenses (income)(a)	(199)		(160)			(588)	(523)
Total Commercial Engines & Services expenses	7,456		6,137			21,094	16,329
Defense & Propulsion Technologies
Cost of revenue	2,611		2,440			7,629	6,737
Selling, general and administrative expenses	312		304			937	834
Research and development	83		79			256	223
Other segment expenses (income)(a)	(11)		(13)			(26)	(36)
Total Defense & Propulsion Technologies expenses	2,994		2,810			8,796	7,758

Commercial Engines & Services	2,887		2,384			7,899	6,501
Defense & Propulsion Technologies	475		440			1,329	1,169
Total segment profit (loss)	3,361		2,824			9,228	7,670
Corporate & Other	(511)		(279)			(1,291)	(509)
Interest and other financial charges	(231)		(225)			(675)	(593)

Non-operating benefit income (cost)	178		198			531	596

Benefit (provision) for income taxes	(385)		(344)			(1,044)	(1,015)

Net income (loss) from continuing operations attributable to common shareholders	2,412		2,174			6,750	6,149


Net income (loss) from discontinued operations attributable to common shareholders	(124)		(17)			(188)	14
Net income (loss) attributable to common shareholders	$	2,288		$	2,157		$	6,562	$	6,163

(a) Other segment expenses (income) primarily includes equity method income, interest income and licensing and royalty income.

REMAINING PERFORMANCE OBLIGATION. As of September 30, 2026, the aggregate amount of the contracted revenue allocated to our unsatisfied (or partially unsatisfied) performance obligations was $212,084 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: (1) equipment-related remaining performance obligation of $33,337 million, of which 32%, 55% and 92% is expected to be satisfied within 1, 2 and 5 years, respectively; and (2) services-related remaining performance obligation of $178,747 million, of which 12%, 40%, 67% and 84% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter.

OTHER INFORMATION. On August 12, 2026, H. Lawrence Culp, Jr., Chairman and Chief Executive Officer, adopted a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 300,000 shares of the Company’s common stock until November 30, 2027. The trading plan involves a portion of Mr. Culp’s GE Aerospace shares for diversification, and Mr. Culp’s interests remain strongly aligned with shareholders.

EXHIBITS


	11. Computation of Per Share Earnings. Data is provided in Note 17 of this Report.*
	31(a). Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.*
	31(b). Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.*
	32. Certification Pursuant to 18 U.S.C. Section 1350.*
	101. The following materials from General Electric Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in XBRL (eXtensible Business Reporting Language); (i) Statement of Operations for the three and nine months ended September 30, 2026 and 2025, (ii) Statement of Financial Position at September 30, 2026 and December 31, 2025, (iii) Statement of Cash Flows for the nine months ended September 30, 2026 and 2025, (iv) Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025, (v) Statement of Changes in Shareholders' Equity for the three and nine months ended September 30, 2026 and 2025, and (vi) Notes to Consolidated Financial Statements.
	Exhibit 104. Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
	*Filed electronically herewith

2026 3Q FORM 10-Q 33

FORM 10-Q CROSS REFERENCE INDEX

Page(s)

Part I – FINANCIAL INFORMATION

Item 1.

Financial Statements

15-33

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

4-14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

10, 29-30

Item 4.

Controls and Procedures

Part II – OTHER INFORMATION

Item 1.

Legal Proceedings

31-32

Item 1A.

Risk Factors

Not applicable(a)

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Not applicable

Item 4.

Mine Safety Disclosures

Not applicable

Item 5.

Other Information

Item 6.

Exhibits

Signatures

(a) For a discussion of our risk factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


October 20, 2026		/s/ Robert Giglietti
Date		Robert Giglietti Vice President - Chief Accounting Officer, Controller and Treasurer Principal Accounting Officer

34 2026 3Q FORM 10-Q

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