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Press Release


July 27, 2021

Strong overall performance; raises full year outlook for Industrial free cash flow* to $3.5 to $5.0 billion

  • Total orders $18.3B, +33%; organic orders +30%
  • Total revenues (GAAP) $18.3B, +9%; Industrial organic revenues* $16.9B, +7%
  • Industrial profit margin (GAAP) of (1.3)%, +440 bps; adjusted Industrial profit margin* 5.3%, +940 bps, +1,000 bps organically*
  • Continuing EPS (GAAP) of $(0.07), +$0.08; adjusted EPS* $0.05, +$0.19
  • GE Industrial CFOA (GAAP) $(2.0)B, $(0.4)B; GE Industrial free cash flow* $0.4B, +$2.0B, excluding discontinued factoring programs*
  • Increasing 2021 outlook for Industrial free cash flow* range from $2.5–$4.5B to $3.5–$5.0B. Outlook for Industrial organic revenues*, margin expansion*, and adjusted EPS* remains unchanged.

BOSTON — July 27, 2021 — GE (NYSE:GE) announced results today for the second quarter ending June 30, 2021.

GE Chairman and CEO H. Lawrence Culp, Jr. said, “The GE team delivered strong overall performance in the second quarter. Orders and revenue returned to growth, our operating margins expanded across all segments, and we generated positive Industrial free cash flow. Momentum is building across our businesses, driven by Healthcare and services overall, with Aviation showing early signs of recovery. Based on our encouraging cash results, we are increasing our full-year free cash flow outlook."

Culp continued, “GE is transforming to a more focused, simpler, and stronger high-tech industrial company. Our businesses are improving operations through lean, and with this solid foundation, we are driving more organic growth and investing in breakthrough technologies for our customers. The team is committed to innovating for a more sustainable world with leading positions in the future of flight, precision health, and the energy transition. With our focus on profitable growth and cash generation, I am confident we are well-positioned to achieve high single-digit free cash flow margins over time.”

GE continues to make progress in its transformation:

  • Focusing on industrial core: The GECAS-AerCap combination announced in March is an important catalyst as GE becomes a simpler industrial company. In July, the European Commission cleared the transaction, which follows AerCap shareholder approval in May and the conclusion of the U.S. Department of Justice review in June. GE expects the transaction to close by the end of 2021.
  • Solidifying financial position: Gross debt reduction following the AerCap close is expected to be more than $70 billion since the end of 2018, including a $7 billion debt tender in the quarter. GE reduced its backup credit facility to $10 billion from $15 billion. The company also continued to de-risk its pension, announcing a freeze in the U.K. beginning January 2022. GE discontinued most of its factoring programs effective April 1, 2021, to help the businesses improve operations and enable more linear cash flow over time.
  • Accelerating lean and decentralization: GE's lean transformation is driving progress across the businesses: faster turnaround times in Aviation Commercial Services, decreased installation cycle time in Healthcare Imaging, increased inventory turns in Onshore Wind, and improved outage on-time completion in Gas Power. GE named Peter Arduini as CEO of Healthcare and Jan Kjaersgaard as CEO of Offshore Wind. GE also promoted Scott Strazik to CEO of GE Power. Scott and his team, which now includes Valérie Marjollet as CEO of Steam Power, will continue running Power as four distinct businesses.
  • Innovating for a more sustainable world and driving long-term value: GE is committed to partnering with customers to tackle the world's biggest challenges through sustainable solutions, and released its 2020 Sustainability Report in July. The company is driving organic growth through commercial wins and services, new product introductions, and future technology innovation:
    • Future of Flight: Launched CFM RISE, a new technology development program, aimed at reducing fuel consumption and CO2 emissions by more than 20 percent and ensuring 100 percent compatibility with Sustainable Aviation Fuels and hydrogen. Secured an order from IndiGo Airlines for 620 CFM International LEAP-1A engines and associated spares with a multi-year service agreement.
    • Precision Health: Launched Xeleris V, an AI-enabled virtual processing radiology solution to provide simplified workflows, better data access, and more time with patients. Acquired Zionexa, a leading innovator of oncology and neurology biomarkers that enables more personalized healthcare.
    • Energy Transition: Finalized contract to provide 87 Haliade-X 14 MW turbines for Dogger Bank C, the final phase of the world's largest offshore wind farm. Will provide gas turbine technology for Tallawarra B Power Station, Australia’s first dual-fuel capable natural gas and hydrogen power plant. Will install high-voltage power transformers and reactors for Power Grid Corporation of India Limited, India's largest transmission utility.

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 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 business or asset dispositions, including our plan to combine our GE Capital Aviation Services (GECAS) business with AerCap; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; GE's and GE Capital's 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:

  • the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic, of businesses' and governments' responses to the pandemic and of individual factors such as aviation passenger confidence on our operations and personnel, and 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 will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives;
  • our success in executing and completing asset dispositions or other transactions, including our plan to combine our GECAS business with AerCap and our plan to exit our equity ownership position in Baker Hughes, the timing of closing for such transactions, the ability to secure regulatory approvals and satisfy other closing conditions (as applicable), and the expected proceeds, consideration and benefits to GE;
  • changes in macroeconomic and market conditions and market volatility (including developments and volatility arising from the COVID-19 pandemic), including inflation,  interest rates, the value of securities and other financial assets (including our equity ownership position in Baker Hughes and the equity ownership position that we will hold in AerCap after completing our announced plan to combine GECAS with AerCap), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our financial position and businesses;
  • 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;
  • further 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;
  • GE's liquidity and the amount and timing of our GE Industrial cash flows and earnings, which may be impacted by customer, supplier, competitive, contractual and other dynamics and conditions;
  • GE Capital's capital and liquidity needs, including in connection with GE Capital's run-off insurance operations and discontinued operations such as Bank BPH, the amount and timing of any required capital contributions and any strategic actions that we may pursue; the impact of conditions in the financial and credit markets on GE Capital's ability to sell financial assets; the availability and cost of funding; and GE Capital's exposure to particular counterparties and markets, including through GECAS to the aviation sector and adverse impacts related to COVID-19;
  • global economic trends, competition and geopolitical risks, including 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 levels of demand and the financial performance of the major industries and customers we serve, such as secular, cyclical and competitive pressures in our Power business, pricing and other pressures in the renewable energy market, levels of 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 operations and execution of our Power and Renewable Energy businesses, and the performance of our Aviation business;
  • changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation related to climate change, and the effects of tax law changes;
  • our decisions about investments in 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 the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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.

Our financial services business is operated by GE Capital Global Holdings, LLC (GECGH). In this document, we refer to GECGH and our financial services business as “GE Capital”. We refer to the industrial businesses of the Company as GE Industrial.

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 media inquiries, please contact:

Tara DiJulio
Senior Executive Director, Global Corporate Communications
+1 202 213 6855
[email protected]
Mathilde Milch
[email protected]
Steve Winoker
Vice President, Investor Relations
+1 617 443 3400
[email protected]

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