Skip to main content
Press Release


July 26, 2022

Strong quarter; planned spin-offs on track

  • Total orders $18.7B, +2%; organic orders +4%
  • Total revenues (GAAP) $18.6B, +2%; adjusted revenues* $17.9B, +5.0% organically*
  • Profit margin (GAAP) of (1.3)%, +440 bps; adjusted profit margin* 9.3%, +380 bps organically*
  • Continuing EPS (GAAP) of  $(0.59), $(0.02); adjusted EPS* $0.78, +$0.56
  • Cash from Operating Activities (GAAP) $0.5B, +$0.9B; free cash flow* $0.2B, $(0.0)B, ex. disc. factoring* +$0.0B

BOSTON — July 26, 2022 — GE (NYSE:GE) announced results today for the second quarter ending June 30, 2022.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “The GE team delivered a strong second quarter with growth in orders, revenue, and profit, as well as positive free cash flow. Aerospace was a key driver of our performance this quarter as the industry recovery builds momentum. In higher-margin services, GE delivered double-digit revenue growth, with Aerospace up 47 percent compared to last year.”

Culp added, "We are improving delivery, price, and cost performance via lean and decentralization. Notwithstanding this progress, much is still uncertain about the external pressures companies are facing at this moment. We continue to trend toward the low end of our 2022 outlook on all metrics except cash, which is lower due to timing of working capital and Renewable Energy-related orders."

Culp concluded, "We're building meaningfully stronger businesses as we focus on serving our customers and investing through these constraints. We are on track and confident in our plans to form three independent companies positioned to create long-term value."

GE continued to take recent action on its priorities:

  • On track to create three independent companies:
    • Announced the new branding of GE's planned future companies: GE Aerospace, GE HealthCare, and GE Vernova, GE's portfolio of energy businesses.
    • Achieved key milestones on the planned GE HealthCare spin: planning to file GE's confidential Form 10 shortly; submitted request for IRS private letter ruling; completed consultation with the European Works Council; announced GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol "GEHC."
  • Continued to deliver commercial execution and technology innovations:
    • Future of Flight: announced in July that Delta Air Lines and Qatar Airways selected CFM-International LEAP-1B engines to power their fleets of 737-10 aircraft. Completed the world's first test of a megawatt-class, multi-kilovolt hybrid electric propulsion system at altitude simulating single-aisle commercial flight.
    • Precision Health: launched Voluson Expert 22, artificial intelligence powered ultrasound unlocking new imaging and processing power. Announced partnership with Medtronic, enabling personalized care on the CARESCAPE precision monitoring platform.
    • Energy Transition: secured an order for 9HA combined cycle power plants in Vietnam, the first HA-powered plant in the country. Launched Opus One Distributed Energy Resource Management System to help keep the electric grid safe, secure, and resilient. Introduced Renewable Energy’s newest onshore 3.0-3.4 MW wind turbine platform designed specifically for the North American region.

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 macroeconomic and market conditions and volatility 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; the impacts of the COVID-19 pandemic; planned and potential transactions, including our plan to pursue spin-offs of  HealthCare 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  HealthCare and our combined Renewable Energy, Power and Digital businesses, and sales of 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;
  • changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising 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 HealthCare after its spin-off), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;
  • 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 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;
  • our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the capital structures of the three public companies that we plan to form from our businesses, the timing and amount of dividends, share repurchases, 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 macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
  • capital and liquidity needs associated with our financial services operations, including in connection with our 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 globally or 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 across our businesses; pricing, cost and volume, 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 Aerospace 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 uncertainty relating to the U.S. wind Production Tax Credit and other policies), 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 improvements, 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, Bank BPH and other investigative and legal proceedings;
  • the impact of actual or potential quality issues or 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, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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 document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

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 130 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 safely, efficiently, and reliably. 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