Skip to main content
Press Release


April 26, 2022

Improving services, orders, and cash while managing through current challenges; on track with plans to launch three independent investment-grade companies

  • Total orders $18.9B, +11%; organic orders +13%
  • Total revenues (GAAP) $17.0B, flat; adjusted revenues* $16.3B, +0.8% organically*
  • Profit margin (GAAP) of (3.1)%, (450) bps; adjusted profit margin* 5.8%, +110 bps organically*
  • Continuing EPS (GAAP) of  $(0.74), $(0.75); adjusted EPS* $0.24, +$0.11
  • Cash from Operating Activities (GAAP) $(0.5)B, +$2.1B; free cash flow* $(0.9)B, +$2.5B, ex. disc. factoring* +$1.7B

BOSTON — April 26, 2022 — GE (NYSE:GE) announced results today for the first quarter ending March 31, 2022.

GE Chairman and CEO H. Lawrence Culp, Jr. said, “This quarter, the GE team improved services, orders, and cash while scaling lean in all businesses to drive margin expansion. Our continuous operational improvements set us up to reinvest in innovation across GE, and our businesses remain focused on growth, supported by continued recovery at Aviation and strong demand at Healthcare."

Culp continued, "We're holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we're currently trending toward the low end of the range. Importantly, we remain on track to launch three independent, investment-grade companies with leading positions in growing, critical sectors, well positioned to create long-term value."

GE continued to make progress on its transformation, talent, and investment in innovation:

  • Further advanced plans to create three independent companies, which will unlock opportunities to drive greater focus, accountability, and full alignment with customers and markets. At Healthcare, more than 1,000 employees are engaged in cross-functional teams, ensuring operational readiness and progressing carve-out audits, and have finalized IT infrastructure and legal entity separation plans.
  • Added three new members to the Board of Directors, including Stephen F. Angel, Isabella D. Goren and Tomislav Mihaljevic, M.D., bringing valuable experience in GE's key industries.
  • Drove innovation to solve customer needs in growing, critical sectors through commercial execution and technology innovations:
    • Future of Flight: Partnered with Boeing on a hybrid electric flight test demonstration program. Reached key engine milestones, including initiating testing for the first T901 turboshaft engine and the latest test campaign for the adaptive cycle XA100 engine with the U.S. Air Force, both in March.
    • Precision Health: Announced development of Edison Digital Health Platform, AI-powered and vendor-agnostic, to help reduce staff burden and improve care coordination. Partnering with AliveCor to help reduce cardiac-related hospitalization by improving the quality and integration of patient data.
    • Energy Transition: A consortium between Grid Solutions and BOND Civil & Utility Construction was awarded a contract to provide onshore and offshore high voltage equipment to the 816-MW Empire Wind 1 project in New York, integrating renewable energy to the New York Power Grid. Taiwan Power Company ordered six LM2500XPRESS gas turbine packages to boost grid stability in Taiwan.

Please visit our investor website for full information:

Caution Concerning Forward Looking Statements:

This release and certain of our other public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; macroeconomic and market conditions and volatility; planned and potential transactions, including our plan to pursue spin-offs of our Healthcare business and our combined Renewable Energy, Power and Digital businesses; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses’ cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

  • our success in executing and completing asset dispositions or other transactions, including our plan to pursue spin-offs of our Healthcare business and our combined Renewable Energy, Power and Digital businesses, and our plans to exit our equity ownership positions in Baker Hughes and AerCap, the timing of closing for such transactions, the ability to satisfy closing conditions, and the expected proceeds, consideration and benefits to GE;
  • the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and virus variants and resurgences; of businesses' and governments' responses to the pandemic, such as continued or new government-imposed regional lockdowns and travel restrictions; and of individual factors such as aviation passenger confidence on our operations and personnel, on commercial activity and demand across our and our customers' businesses, and on global supply chains;
  • the extent to which the COVID-19 pandemic and related impacts, including global supply chain disruptions and price inflation, will continue to adversely impact our business operations, financial performance, results of operations, cash flows,  financial position, the prices of our securities and the achievement of our strategic objectives;
  • changes in macroeconomic and market conditions and market volatility (including developments and volatility arising from the COVID-19 pandemic), including inflation,  supply chain constraints, interest rates, the value of securities and other financial assets (including our equity ownership positions in Baker Hughes and AerCap, and expected equity interest in the Healthcare business after its spin-off), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our financial position and performance;
  • our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the timing and amount of GE dividends, organic investments, and other priorities;
  • downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our liquidity, funding profile, costs and competitive position;
  • our liquidity and the amount and timing of our cash flows and earnings, which may be impacted by customer, supplier, competitive, contractual and other dynamics and conditions;
  • capital and liquidity needs associated with our financial services operations, including in connection with run-off insurance operations and Bank BPH, the amount and timing of any required capital contributions and any strategic actions that we may pursue;
  • global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, changes in the rates of investment or economic growth in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;
  • market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as secular, cyclical and competitive pressures in our Power business; pricing, the timing of customer investment and other factors in renewable energy markets; demand for air travel and other dynamics related to the COVID-19 pandemic; conditions in key geographic markets; and other shifts in the competitive landscape for our products and services;
  • operational execution by our businesses, including the success in improving operational performance at our Renewable Energy business, and the performance of our Aviation business amidst the ongoing market recovery;
  • changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including extension of the U.S. wind Production Tax Credit), and the effects of tax law changes;
  • our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;
  • our ability to increase margins through implementation of operational changes, restructuring and other cost reduction measures;
  • the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom and other investigative and legal proceedings;
  • the impact of actual or potential failures of our products or third-party products with which our products are integrated, and related reputational effects;
  • the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and
  • the other factors that are described in “Risk Factors” in our Annual Report on Form 10-K for the quarter ended March 31, 2022, and as such descriptions may be updated or amended in any future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

This release includes certain forward-looking projected financial information that is based on current estimates and forecasts, and actual results could differ materially. Refer also to the webcast of our investor conference later this morning for additional discussion of our outlook and uncertainties that could cause our future results to be different than our current expectations.

GE’s Investor Relations website at and our corporate blog at, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Additional Financial Information

Additional financial information can be found on the Company’s website at: under Events and Reports.

Conference Call and Webcast

GE will discuss its results during its investor conference call today starting at 8:00 a.m. ET. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the Events and Reports page on GE’s website at: An archived version of the webcast will be available on the website after the call.

About GE

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers.



For IR inquiries, please contact:

Steve Winoker
Vice President, Investor Relations
+1 617 443 3400
[email protected]

For media inquiries, please contact:

Whitney Mercer
Senior Manager, Financial & Executive Communications
1 857 303 3079
[email protected]

business unit