GE HealthCare Technologies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data GE HealthCare Technologies Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	17,585	18,341	19,552	19,672	20,625
Gross profit	7,174	7,179	7,922	8,205	8,248
Research and development	816	1,026	1,205	1,311	1,260
Selling, general and administrative	3,563	3,631	4,282	4,269	4,225
Operating expenses	4,379	4,657	5,487	5,580	5,485
Operating income	2,795	2,522	2,435	2,625	2,763
Interest expense	40	77	542	504	440
Other non-operating income	123	62	86	55	157
Pre-tax income	2,875	2,512	2,361	2,581	2,768
Income tax	600	563	743	531	614
Income from continuing operations	2,229	1,898	1,572	1,993	2,084
Net income to minority interests	46	51	46	57	70
Net income	2,247	1,916	1,568	1,993	2,084
EBITDA	3,020	2,750	2,683	2,893	3,050
EPS, basic	4.95	4.22	3.05	4.37	4.56
EPS, diluted	4.95	4.22	3.03	4.34	4.55
Shares, basic (weighted)	454	454	455	456	456
Shares, diluted (weighted)	454	454	458	459	458
Dividend per share			0.12	0.13	0.14

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	561	1,440	2,494	2,874	4,492
Inventory		2,155	1,960	1,939	2,234
Other current assets		417	389	532	726
Total current assets		8,318	9,410	9,901	12,501
Property, plant and equipment		2,001	2,144
Lease right-of-use assets		313	356	364	410
Goodwill	12,892	12,813	12,936	13,136	13,489
Intangible assets		1,520	1,253	1,078	1,130
Long-term investments		322	357	373	351
Other non-current assets		1,024	1,881	1,950	2,205
Total assets		27,539	32,454	33,089	36,906
Accounts payable		2,944	2,947	3,035	3,250
Accrued liabilities		853	1,518	1,521	1,666
Deferred revenue		1,896	1,918	1,943	2,095
Short-term debt		7	1,002	1,500	502
Total current liabilities		7,191	8,981	9,553	9,105
Long-term debt		8,234	8,436	7,449	9,495
Lease liabilities		243	273	270	284
Other non-current liabilities		1,603	1,877	1,796	2,061
Total liabilities		17,947	25,144	24,437	26,307
Total debt		8,249	9,442	8,951	10,003
Paid-in capital		0	6,493	6,583	6,707
Retained earnings		0	1,326	3,262	5,281
Treasury stock			0	-25	-225
Other comprehensive income		-1,878	-691	-1,379	-1,388
Shareholders' equity		9,357	7,133	8,446	10,379
Minority interests		5	12	18	11
Total equity	16,676	9,362	7,145	8,464	10,390
Total liabilities and equity		27,539	32,454	33,089	36,906
Shares outstanding		0	455

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	2,293	1,967	1,614	2,050	2,154
Depreciation and amortization	225	228	248	268	287
Stock-based compensation	76	67	114	125	130
Change in inventory	-435	-402	111	-81	-142
Change in payables	263	481	-100	60	90
Cash from operations	1,607	2,134	2,101	1,955	1,987
Capital expenditures	-248	-310	-387	-401	-482
Acquisitions	-1,481	0	-147	-313	-378
Purchases of investments		-59	-48	-40	-118
Cash from investing	-1,761	-398	-558	-914	-1,047
Stock issued			34	33	37
Share buybacks			0	0	-200
Dividends paid	0	0	-41	-55	-64
Cash from financing	-263	-822	-478	-573	617
Exchange rate effect	-34	-3	-10	-77	66
Net change in cash	-451	890	1,055	387	1,623
Free cash flow	1,359	1,824	1,714	1,554	1,505
Interest paid	21	0	570	550	522
Income taxes paid	615	851	474	491	429

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $66.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.1%	Gross profit / revenue.
Operating margin	12.6%	Operating income / revenue.
EBITDA margin	14.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.3%	Pre-tax income / revenue.
Net margin	9.1%	Net income / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.0%	Research and development expense / revenue.
SG&A / revenue	20.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	5.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	4.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	4.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	22.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	11.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.22x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.95x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.3%	Total debt / total assets.
Liabilities / assets	70.6%	Total liabilities / total assets.
Net debt	$7.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.23x	Operating income / interest expense.
Working capital	$1.90B	Current assets - current liabilities.
Goodwill and intangibles / assets	45.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.91	Revenue / diluted weighted shares.
Book value per share	$23.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.79	Tangible book value / shares outstanding.
Cash per share	$4.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	3.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$30.10B	Share price x shares outstanding.
Enterprise value	$37.97B	Market cap + total debt - cash - short-term investments.
P/E	15.8x	Market cap / net income. Only when net income is positive.
P/S	1.43x	Market cap / revenue.
P/B	2.82x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	1.81x	Enterprise value / revenue.
EV/EBIT	14.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	6.20x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GE HealthCare Technologies Inc.'s revenue in fiscal 2025?

GE HealthCare Technologies Inc. reported revenue of $20.63B for fiscal 2025, 4.8% higher than the year before.

Was GE HealthCare Technologies Inc. profitable in fiscal 2025?

Yes. Net income was $2.08B, a net margin of 10.1%.

How much free cash flow did GE HealthCare Technologies Inc. generate in fiscal 2025?

Cash from operations of $1.99B minus capital expenditures of $482.0M left free cash flow of $1.51B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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