GE HealthCare Technologies
GEHC · NasdaqX-Ray Apparatus & Tubes & Related Irradiation Apparatus · Fiscal year ends Dec 31
GE HealthCare Technologies reported revenue of $20.6B in the fiscal year ended Dec 2025, up 4.8% from the year before. Operating income was $2.8B, an operating margin of 13.4%, and net income was $2.1B. Operating cash flow of $2B less capital expenditure of $482M left free cash flow of $1.5B. Net debt was $5.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.6B | $18.3B | $19.6B | $19.7B | $20.6B |
| Gross profit | $7.2B | $7.2B | $7.9B | $8.2B | $8.2B |
| Research & development | $816M | $1B | $1.2B | $1.3B | $1.3B |
| Selling, general & admin | $3.6B | $3.6B | $4.3B | $4.3B | $4.2B |
| Operating income | $2.8B | $2.5B | $2.4B | $2.6B | $2.8B |
| Pre-tax income | $2.9B | $2.5B | $2.4B | $2.6B | $2.8B |
| Income tax | $600M | $563M | $743M | $531M | $614M |
| Net income | $2.2B | $1.9B | $1.6B | $2B | $2.1B |
| Diluted EPS | 4.95 | 4.22 | 3.03 | 4.34 | 4.55 |
| Diluted shares | 454M | 454M | 458M | 459M | 458M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $561M | $1.4B | $2.5B | $2.9B | $4.5B |
| Inventory | – | $2.2B | $2B | $1.9B | $2.2B |
| Current assets | – | $8.3B | $9.4B | $9.9B | $12.5B |
| Net PP&E | – | $2B | $2.1B | – | – |
| Goodwill | $12.9B | $12.8B | $12.9B | $13.1B | $13.5B |
| Total assets | – | $27.5B | $32.5B | $33.1B | $36.9B |
| Payables | – | $2.9B | $2.9B | $3B | $3.3B |
| Deferred revenue | – | $1.9B | $1.9B | $1.9B | $2.1B |
| Current liabilities | – | $7.2B | $9B | $9.6B | $9.1B |
| Short-term debt | – | $7M | $1B | $1.5B | $502M |
| Long-term debt | – | $8.2B | $8.4B | $7.4B | $9.5B |
| Total liabilities | – | $17.9B | $25.1B | $24.4B | $26.3B |
| Shareholders' equity | $16.7B | $9.4B | $7.1B | $8.4B | $10.4B |
| Backlog (remaining obligations) | – | – | $14.7B | $14.5B | $15.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $2.1B | $2.1B | $2B | $2B |
| Capital expenditure | $248M | $310M | $387M | $401M | $482M |
| Free cash flow | $1.4B | $1.8B | $1.7B | $1.6B | $1.5B |
| Depreciation & amortisation | $225M | $228M | $248M | $268M | $287M |
| Stock-based compensation | $76M | $67M | $114M | $125M | $130M |
| Acquisitions | $1.5B | $0 | $147M | $313M | $378M |
| Share buybacks | – | – | $0 | $0 | $200M |
| Dividends paid | $0 | $0 | $41M | $55M | $64M |
| Dividend per share | – | – | 0.12 | 0.13 | 0.14 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | 6.6% | 0.6% | 4.8% |
| Operating income growth (YoY) | – | −9.8% | −3.4% | 7.8% | 5.3% |
| EPS growth (YoY) | – | −14.7% | −28.2% | 43.2% | 4.8% |
| Gross margin | 40.8% | 39.1% | 40.5% | 41.7% | 40.0% |
| Operating margin | 15.9% | 13.8% | 12.5% | 13.3% | 13.4% |
| Net margin | 12.8% | 10.4% | 8.0% | 10.1% | 10.1% |
| Return on equityBlank when equity is negative | 13.5% | 20.5% | 22.0% | 23.6% | 20.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 12.4% | 10.4% | 11.2% | 9.9% |
| Free cash flow margin | 7.7% | 9.9% | 8.8% | 7.9% | 7.3% |
| Cash conversion (CFO ÷ net income) | 0.72x | 1.11x | 1.34x | 0.98x | 0.95x |
| Inventory days | – | 70 | 62 | 62 | 66 |
| Payable days | – | 96 | 92 | 97 | 96 |
| Debt ÷ equity | – | 0.88x | 1.32x | 1.06x | 0.96x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $6.8B | $6.9B | $6.1B | $5.5B |
| Current ratio | – | 1.16x | 1.05x | 1.04x | 1.37x |
Recent filings
More in X-Ray Apparatus & Tubes & Related Irradiation Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.