GENERAL ELECTRIC COGE
GENERAL ELECTRIC CO Segments Disclosure
SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION
SEGMENT INFORMATION. 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 principals of ASC 280, Segment Reporting. This is consistent with how our chief operating decision maker (CODM), who is our Chief Executive Officer (CEO), allocates resources and makes decisions. Segment accounting policies are the same as described and referenced in Note 1. See About GE Aerospace for a description of our reporting segments as of December 31, 2025.
Segment revenue includes sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our CODM. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment, our CODM may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, costs associated with separation activities, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions and certain litigation settlements. Segment profit excludes results reported as discontinued operations and the portion of net income or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of net income or loss attributable to our share of the consolidated net income or loss of consolidated subsidiaries. Certain corporate costs, including those related to shared services, employee benefits and information technology, are allocated to our segments based on usage or their relative net cost of operations. See the Corporate & Other section within MD&A for further information about costs excluded from segment profit.
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.
| REVENUE | Total revenue | Intersegment revenue | External revenue | ||||||||||||||||||||||||||||||||
| Years ended December 31 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||
| Commercial Engines & Services | $ | 33,314 | $ | 26,881 | $ | 23,855 | $ | 62 | $ | 216 | $ | 559 | $ | 33,252 | $ | 26,666 | $ | 23,296 | |||||||||||||||||
| Defense & Propulsion Technologies | 10,554 | 9,478 | 8,961 | 1,686 | 1,453 | 1,253 | 8,868 | 8,025 | 7,708 | ||||||||||||||||||||||||||
Corporate & Other | 1,987 | 2,343 | 2,532 | (1,748) | (1,669) | (1,812) | 3,735 | 4,011 | 4,344 | ||||||||||||||||||||||||||
| Total revenue | $ | 45,855 | $ | 38,702 | $ | 35,348 | $ | — | $ | — | $ | — | $ | 45,855 | $ | 38,702 | $ | 35,348 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Years ended December 31 | Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | ||||||||||||||||||||||||||
| Commercial Engines & Services | $ | 8,304 | $ | 25,010 | $ | 33,314 | $ | 7,106 | $ | 19,775 | $ | 26,881 | $ | 6,169 | $ | 17,686 | $ | 23,855 | |||||||||||||||||
| Defense & Propulsion Technologies | 5,128 | 5,426 | 10,554 | 4,208 | 5,270 | 9,478 | 4,000 | 4,961 | 8,961 | ||||||||||||||||||||||||||
| Total segment revenue | $ | 13,433 | $ | 30,436 | $ | 43,868 | $ | 11,315 | $ | 25,045 | $ | 36,360 | $ | 10,170 | $ | 22,647 | $ | 32,816 | |||||||||||||||||
Total sales of equipment and services to agencies of the U.S. Government were 10%, 12% and 14% of total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.
EXPENSES, PROFIT AND INCOME For the years ended December 31 | 2025 | 2024 | 2023 | ||||||||
| Commercial Engines & Services | |||||||||||
| Cost of revenue | $ | 21,998 | $ | 17,703 | $ | 16,575 | |||||
| Selling, general and administrative expenses | 1,845 | 1,678 | 1,386 | ||||||||
| Research and development | 1,287 | 993 | 736 | ||||||||
| Other segment expenses (income)(a) | (677) | (548) | (484) | ||||||||
| Total Commercial Engines & Services expenses | 24,453 | 19,826 | 18,213 | ||||||||
| Defense & Propulsion Technologies | |||||||||||
| Cost of revenue | 7,910 | 7,237 | 6,929 | ||||||||
| Selling, general and administrative expenses | 1,088 | 954 | 893 | ||||||||
| Research and development | 308 | 301 | 277 | ||||||||
| Other segment expenses (income)(a) | (48) | (75) | (46) | ||||||||
| Total Defense & Propulsion Technologies expenses | 9,258 | 8,417 | 8,053 | ||||||||
| Commercial Engines & Services | 8,861 | 7,055 | 5,643 | ||||||||
| Defense & Propulsion Technologies | 1,296 | 1,061 | 908 | ||||||||
| Total segment profit (loss) | 10,157 | 8,116 | 6,551 | ||||||||
| Corporate & Other | (96) | (89) | 3,943 | ||||||||
| Interest and other financial charges | (843) | (986) | (1,029) | ||||||||
| Non-operating benefit income (cost) | 788 | 842 | 978 | ||||||||
| Goodwill impairments | — | (251) | — | ||||||||
| Benefit (provision) for income taxes | (1,405) | (962) | (994) | ||||||||
| Preferred stock dividends | — | — | (295) | ||||||||
| Net income (loss) from continuing operations attributable to common shareholders | 8,601 | 6,670 | 9,154 | ||||||||
| Net income (loss) from discontinued operations attributable to common shareholders | 103 | (114) | 33 | ||||||||
| Net income (loss) attributable to common shareholders | $ | 8,704 | $ | 6,556 | $ | 9,188 | |||||
(a) Other segment expenses (income) primarily includes equity method income, interest income and licensing and royalty income.
GEOGRAPHIC INFORMATION
| Years ended December 31 | 2025 | 2024 | 2023 | ||||||||
| U.S. | $ | 18,194 | $ | 17,340 | $ | 17,105 | |||||
| Non-U.S. | |||||||||||
| Europe | 8,603 | 7,800 | 7,248 | ||||||||
| Asia | 10,819 | 7,237 | 5,734 | ||||||||
| Americas | 3,664 | 2,593 | 1,862 | ||||||||
| Middle East and Africa | 4,575 | 3,734 | 3,399 | ||||||||
| Total Non-U.S. | $ | 27,661 | $ | 21,363 | $ | 18,243 | |||||
| Total geographic revenue | $ | 45,855 | $ | 38,702 | $ | 35,348 | |||||
| Non-U.S. revenue as a % of total revenue | 60 | % | 55 | % | 52 | % | |||||
| December 31 | 2025 | 2024 | ||||||
| U.S. | $ | 5,736 | $ | 5,166 | ||||
| Non-U.S. | ||||||||
| Europe | 1,257 | 1,171 | ||||||
| Asia | 505 | 497 | ||||||
| Americas | 479 | 431 | ||||||
| Other Global | 11 | 12 | ||||||
| Total Non-U.S. | $ | 2,252 | $ | 2,111 | ||||
| Property, plant and equipment – net (Note 6) | $ | 7,987 | $ | 7,277 | ||||
REMAINING PERFORMANCE OBLIGATION. As of December 31, 2025, the aggregate amount of the contracted revenue allocated to our unsatisfied (or partially unsatisfied) performance obligations was $190,564 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $27,534 million of which 34%, 57% and 89% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $163,029 million of which 12%, 42%, 69% and 86% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 29, 2026 | Showing above |
| 2024 | Feb 3, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.