General Electric Co
Management Discussion synthesis.

CONSOLIDATED RESULTS THIRD QUARTER 2024 RESULTS. Total revenues were $9.8 billion, up $0.5 billion for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, driven primarily by an increase at Commercial Engines & Services. Continuing earnings (loss) per share was $1.56. Adjusted earnings per share* was $1.15, excluding the results from our run-off Insurance business, separation, restructuring and other, and non-operating benefit costs, gains on retained and sold ownership interests, gains (losses) on purchases and sales of business interests and goodwill impairments. For the three months ended September 30, 2024, profit was $1.9 billion, with margins of 19.2%. Profit was up $1.6 billion compared to the three months ended September 30, 2023, driven by an increase in gains on retained and sold ownership interests of $1.5 billion, related to our GE HealthCare and AerCap investments, an increase in gains on sales of business interests of $0.4 billion, primarily related to the sale of our non-core licensing business, and an increase in segment profit of $0.2 billion. These increases were partially offset by increased restructuring and other charges of $0.3 billion and a goodwill impairment loss related to our Colibrium Additive reporting unit of $0.3 billion. Operating profit* was $1.8 billion, with margins* of 20.3%. Operating profit* was up $0.2 billion, driven by an increase in segment profit of $0.2 billion. Cash flows from operating activities (CFOA) were $4.5 billion and $3.4 billion for the nine months ended September 30, 2024 and 2023, respectively. Cash flows from operating activities increased primarily due to higher net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap and Baker Hughes), a decrease in income tax payments and an increase in sales discounts and allowances, partially offset by working capital growth. Free cash flows* (FCF) were $4.6 billion and $3.5 billion for the nine months ended September 30, 2024 and 2023, respectively. FCF* increased primarily due to higher net income, lower income tax payments and higher sales discounts and allowances accruals, partially offset by working capital growth, after adjusting for an increase in separation cash expenditures, which are excluded from FCF*. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information. Remaining performance obligation (RPO) is unfilled customer orders for products and product services (expected life of contract sales for product services) excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 23 for further information.

Adjusted Corporate & Other operating costs (Non-GAAP)(201)(220)(452)(593) Corporate & Other operating profit (cost) (GAAP)$(73)$(1,455)$(252)$3,974 Less: gains (losses), impairments, Insurance, and restructuring & other128 (1,236)201 4,567

CAPITAL RESOURCES AND LIQUIDITY FINANCIAL POLICY. GE Aerospace is committed to maintaining strong investment grade ratings with a disciplined capital allocation strategy. The Company will continue to invest in future growth and innovation through research and development and capital expenditures. We intend to return a majority of our free cash flow* to shareholders through dividends and share repurchases. Merger and acquisition investments will be pursued in a disciplined way and focused on those that offer strategic, operational and financial synergies. LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs. CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flows* from our operating businesses, and access to capital markets. If needed, we can also draw from short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including seasonality, receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of customer allowances and market conditions. Total cash, cash equivalents and restricted cash was $13.7 billion at September 30, 2024, of which $4.6 billion was held in the U.S. and $9.1 billion was held outside the U.S. Cash held in non-U.S. entities has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated earnings were subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without additional federal tax cost. Any foreign withholding tax on a repatriation to the U.S. would potentially be partially offset by a U.S. foreign tax credit. Cash, cash equivalents and restricted cash at September 30, 2024 included $0.4 billion of cash held in countries with currency control restrictions. Cash held in countries with currency controls represents amounts held in countries that may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Excluded from cash, cash equivalents and restricted cash was $1.4 billion of cash in our run-off Insurance business, which was classified as All other assets in the Statement of Financial Position.

STATEMENT OF CASH FLOWS CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans. Cash from operating activities was $4.5 billion in nine months ended September 30, 2024, an increase of $1.1 billion compared to the nine months ended September 30, 2023, primarily due to: an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap and Baker Hughes) driven by all segments, a decrease in income tax payments, an increase in sales discounts and allowances, primarily due to higher spare parts shipments, partially offset by working capital growth. The components of All other operating activities included:

Moody'sS&PFitch OutlookPositiveStableStable Short termP-2A-2F1 Long termBaa1BBB+BBB+ In connection with the spin-off of GE Vernova, in the first quarter of 2024, Moody's changed its outlook from stable to positive. Fitch changed its long term rating from BBB to BBB+. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating. Substantially all of the Company's debt agreements in place at June 30, 2024 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility contain a customary net debt-to-EBITDA financial covenant, which we satisfied at June 30, 2024. FOREIGN EXCHANGE AND INTEREST RATE RISK. As a result of our global operations, we generate and incur a small portion of our revenues and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British Sterling pound, and Brazilian real. The effect of foreign currency fluctuations on earnings was immaterial. See Note 20 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Three months ended September 30Nine months ended September 30 Sales in units, except where noted2024202320242023 Defense engines94 95 306 403 RPOSeptember 30, 2024December 31, 2023

RPOSeptember 30, 2024December 31, 2023 Equipment$19,210 $16,247 Services146,879 137,756 Total RPO$166,089 $154,003 *Non-GAAP Financial Measure 2024 3Q FORM 10-Q 4 As of September 30, 2024, RPO increased $12.1 billion, or 8%, from December 31, 2023, at Commercial Engines & Services, as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenues recognized, and at Defense & Propulsion Technologies, driven by Defense & Systems equipment orders outpacing revenues recognized.

Gains (losses) on retained and sold ownership interests and other equity securities (Note 18)357 (1,110)598 5,155 Restructuring and other charges (Note 19)(a)(378)(44)(525)(130)

OTHER CONSOLIDATED INFORMATION RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate & Other. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 19 for further information on restructuring and separation costs. INTEREST AND OTHER FINANCIAL CHARGES were $0.3 billion for both the three months and $0.8 billion for both the nine months ended September 30, 2024 and 2023, respectively. The primary components of interest and other financial charges are interest on short- and long-term borrowings.

*Non-GAAP Financial Measure 2024 3Q FORM 10-Q 8 POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension and retiree benefit plans. INCOME TAXES. For the three months ended September 30, 2024, the effective income tax rate was 10.5% compared to 7.8% for the three months ended September 30, 2023. The provision for income taxes was $0.2 billion and an insignificant amount for the three months ended September 30, 2024 and 2023, respectively. The increase in the tax provision was primarily due to a decrease in tax benefit associated with separation activities and an increase in tax expense due to higher pre-tax income excluding gains and losses on our retained and sold ownership interests for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. For the three months ended September 30, 2024, the adjusted effective income tax rate* was 20.3% compared to 19.2% for the three months ended September 30, 2023. The adjusted provision (benefit) for income taxes* was $0.3 billion and $0.3 billion for the three months ended September 30, 2024 and 2023, respectively. The change in the tax provision was primarily due to the tax effect of the increase in adjusted earnings before taxes* for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. For the nine months ended September 30, 2024, the effective income tax rate was 10.6% compared to 5.6% for the nine months ended September 30, 2023. See Note 15 for further information. The provision for income taxes was $0.6 billion and $0.5 billion for the nine months ended September 30, 2024 and 2023, respectively. The increase in the tax provision was primarily due to an increase in tax expense due to higher pre-tax income excluding gains and losses on our retained and sold ownership interests for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, partially offset by an increase in tax benefits associated with separation activities and equity compensation. For the nine months ended September 30, 2024, the adjusted effective income tax rate* was 20.4% compared to 20.8% for the nine months ended September 30, 2023. The adjusted provision (benefit) for income taxes* was $0.9 billion and $0.7 billion for the nine months ended September 30, 2024 and 2023, respectively. The increase in the tax provision was primarily due to the tax effect of the increase in adjusted earnings before taxes* partially offset by an increase in tax benefit associated with equity compensation for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. DISCONTINUED OPERATIONS primarily comprise our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. See Note 2 for further information regarding our businesses in discontinued operations.

Other15 6 All other operating activities$(105)$444 2024 3Q FORM 10-Q 10 The cash impacts from changes in working capital was $(0.6) billion, a decrease of $0.9 billion compared to the nine months ended September 30, 2023, due to: current receivables of $(0.6) billion, driven by higher volume partially offset by higher collections, including increased collections from CFM International; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases and lower liquidations primarily due to output challenges; current contract assets, contract liabilities and current deferred income were flat, driven by higher revenue recognition, offset by higher billings and net unfavorable changes in estimated profitability; progress collections of $0.2 billion, driven by higher collections; and accounts payable of $(0.2) billion, driven by higher disbursements related to purchases of materials in prior periods partially offset by higher volume. Cash used for investing activities was $0.9 billion in the nine months ended September 30, 2024, an increase of $5.8 billion compared to the nine months ended September 30, 2023, primarily due to: higher cash paid related to net settlements between our continuing operations and businesses in discontinued operations of $3.7 billion, primarily related to the separation of GE Vernova of $2.0 billion in 2024 and lower cash received of $1.1 billion related to the separation of GE HealthCare in 2023 (components of All other investing activities); a decrease in proceeds of $3.0 billion from the disposition of our remaining retained ownership interests in AerCap and Baker Hughes of $4.8 billion in 2023, partially offset by an increase in proceeds of $1.9 billion from GE HealthCare. These increases in cash used were partially offset by lower net purchases of insurance investment securities of $0.5 billion and proceeds from the dispositions of our non-core licensing business and Electric Insurance Company of $0.5 billion. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flows*, was $0.8 billion and $0.6 billion in the nine months ended September 30, 2024 and 2023, respectively. Cash used for financing activities was $4.5 billion in the nine months ended September 30, 2024, a decrease of $5.7 billion compared to the nine months ended September 30, 2023, primarily due to: cash paid for redemption of GE preferred stock of $5.8 billion in 2023; lower net debt maturities of $2.5 billion; and an increase in cash received of $1.1 billion from stock option exercises (a component of All other financing activities); partially offset by an increase in treasury stock repurchases of $3.2 billion and higher dividends paid to shareholders of $0.2 billion.

CASH FLOWS FROM DISCONTINUED OPERATIONS Cash used for operating activities of discontinued operations was $1.1 billion in the nine months ended September 30, 2024, a decrease of $0.2 billion compared to the nine months ended September 30, 2023, primarily driven by lower net losses from our former GE Vernova business and disbursements for purchases of materials and separation costs incurred by our former GE HealthCare business in 2023. Cash used for investing activities of discontinued operations was $1.1 billion in the nine months ended September 30, 2024, a decrease of $1.5 billion compared to the nine months ended September 30, 2023, primarily driven by higher cash received of $3.7 billion from net settlements between our discontinued operations and businesses in continuing operations, due to cash received of $2.0 billion in 2024 related to the separation of our former GE Vernova business and cash paid of $1.1 billion in 2023 related to the separation of our former GE HealthCare business. In addition, there was a decrease in cash used due to the prior year separation of GE HealthCare cash and cash equivalents of $1.8 billion. These decreases in cash used were partially offset by a reduction of cash and cash equivalents of $4.2 billion due to the separation of GE Vernova in 2024. Cash used for financing activities of discontinued operations was $0.1 billion in the nine months ended September 30, 2024, a decrease of $2.0 billion compared to the nine months ended September 30, 2023, primarily driven by GE HealthCare's long-term debt issuance of $2.0 billion in connection with the spin-off in 2023. CRITICAL ACCOUNTING ESTIMATES. Please refer to the Critical Accounting Estimates and Other Items sections within MD&A and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of our accounting policies and critical accounting estimates.

*Non-GAAP Financial Measure 2024 3Q FORM 10-Q 13 ADJUSTED EARNINGS (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)Three months ended September 30Nine months ended September 30

2024202320242023 (Per-share amounts in dollars)EarningsEPSEarningsEPSEarningsEPSEarningsEPS Earnings (loss) from continuing operations (GAAP) (Note 17)$1,705$1.56$215$0.20$4,766$4.34$7,966$7.25

Less: U.S. tax equity earnings (loss) (net of tax)110.0180.01350.03310.03 Non-operating benefit (cost) income (pre-tax) (GAAP)2070.192440.226280.577310.67

Gains (losses) on purchases and sales of business interests (pre-tax)(a)3560.33--3750.34(108)(0.10) Tax effect on gains (losses) on purchases and sales of business interests(10)(0.01)(6)(0.01)(5)-(3)-

Less: Gains (losses) on purchases and sales of business interests (net of tax)3460.32(6)(0.01)3710.34(111)(0.10) Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(a)3570.33(1,110)(1.01)5980.545,1554.69

Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(b)(c)----(1)--- Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)3570.33(1,110)(1.01)5970.545,1554.69

Provision (benefit) for income taxes (GAAP)$198$26$567$493 Less: Tax effect on adjustments above(121)(231)(357)(235) Adjusted provision (benefit) for income taxes (Non-GAAP)$318$257$923$728

Effective income tax rate (GAAP)10.5%7.8%10.6%5.6% Adjusted effective income tax rate (Non-GAAP)20.3%19.2%20.4%20.8% (a) See the Corporate & Other and Other Consolidated Information sections for further information.

*Non-GAAP Financial Measure 2024 3Q FORM 10-Q 14 FREE CASH FLOWS (FCF) (NON-GAAP)Nine months ended September 30 20242023 Cash flows from operating activities (CFOA) (GAAP)$4,499 $3,354

Add: gross additions to property, plant and equipment and internal-use software(765)(612) Less: separation cash expenditures(716)(617) Less: Corporate & Other restructuring cash expenditures(123)(128)

Free cash flows (FCF) (Non-GAAP)$4,572 $3,487 We believe investors may find it useful to compare free cash flows* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2024.

LEAP Engines(a)365 3891,029 1,174 Internal Shop Visit Growth %(b)(1)%2 %5 %14 % (a) LEAP engines are a subset of Commercial Engines. (b) Internal shop visit growth represents the change in shop visits completed for the period for customer-owned engines covered by a GE Aerospace or joint venture services agreement where GE Aerospace fulfills the shop visit maintenance activity. In 2024, LEAP shop visits greater than 500 hours are included in our shop visit count. The growth rates in 2024 and 2023 exclude LEAP quick turn events.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered "non-GAAP financial measures" under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures. Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from "Earnings" to "Net income" and our non-GAAP earnings from "Adjusted earnings" to "Adjusted net income." The change in terminology does not impact the amounts reported in the financial statements. BUSINESS OVERVIEW AND ENVIRONMENT. As a global aerospace company, our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Demand for our equipment and services is demonstrated by our backlog of engine orders and services and growth in our installed base, and tends to follow commercial air travel and freight demand and government funding for defense budgets. We also expect a significant ramp in our delivery of engine units and services for newer product platforms in the years ahead to meet this demand. Refer to the Segment Operations sections for Commercial Engines & Services and Defense & Propulsion Technologies below for additional detail about these dynamics for our commercial and defense businesses, respectively. Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input and proactively manage the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. We support efforts to revitalize domestic manufacturing and are investing $1 billion in U.S manufacturing this year and hiring 5,000 U.S workers. At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry. As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs and strategies to reduce the impact from tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact.

Adjusted Corporate & Other operating costs (Non-GAAP)(201)(220)(452)(593) Corporate & Other operating profit (cost) (GAAP)$(73)$(1,455)$(252)$3,974 Less: gains (losses), impairments, Insurance, and restructuring & other128 (1,236)201 4,567

Other15 6 All other operating activities$(105)$444 2024 3Q FORM 10-Q 10 The cash impacts from changes in working capital was $(0.6) billion, a decrease of $0.9 billion compared to the nine months ended September 30, 2023, due to: current receivables of $(0.6) billion, driven by higher volume partially offset by higher collections, including increased collections from CFM International; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases and lower liquidations primarily due to output challenges; current contract assets, contract liabilities and current deferred income were flat, driven by higher revenue recognition, offset by higher billings and net unfavorable changes in estimated profitability; progress collections of $0.2 billion, driven by higher collections; and accounts payable of $(0.2) billion, driven by higher disbursements related to purchases of materials in prior periods partially offset by higher volume. Cash used for investing activities was $0.9 billion in the nine months ended September 30, 2024, an increase of $5.8 billion compared to the nine months ended September 30, 2023, primarily due to: higher cash paid related to net settlements between our continuing operations and businesses in discontinued operations of $3.7 billion, primarily related to the separation of GE Vernova of $2.0 billion in 2024 and lower cash received of $1.1 billion related to the separation of GE HealthCare in 2023 (components of All other investing activities); a decrease in proceeds of $3.0 billion from the disposition of our remaining retained ownership interests in AerCap and Baker Hughes of $4.8 billion in 2023, partially offset by an increase in proceeds of $1.9 billion from GE HealthCare. These increases in cash used were partially offset by lower net purchases of insurance investment securities of $0.5 billion and proceeds from the dispositions of our non-core licensing business and Electric Insurance Company of $0.5 billion. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flows*, was $0.8 billion and $0.6 billion in the nine months ended September 30, 2024 and 2023, respectively. Cash used for financing activities was $4.5 billion in the nine months ended September 30, 2024, a decrease of $5.7 billion compared to the nine months ended September 30, 2023, primarily due to: cash paid for redemption of GE preferred stock of $5.8 billion in 2023; lower net debt maturities of $2.5 billion; and an increase in cash received of $1.1 billion from stock option exercises (a component of All other financing activities); partially offset by an increase in treasury stock repurchases of $3.2 billion and higher dividends paid to shareholders of $0.2 billion.

*Non-GAAP Financial Measure 2024 3Q FORM 10-Q 13 ADJUSTED EARNINGS (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)Three months ended September 30Nine months ended September 30

OTHER CONSOLIDATED INFORMATION RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 19 for further information on restructuring and separation costs. INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion and $0.3 billion for both the three months ended March 31, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short- and long-term borrowings.

STATEMENT OF CASH FLOWS CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans. Cash from operating activities was $1.5 billion for the three months ended March 31, 2025, a decrease of $0.1 billion compared to 2024, primarily due to: a decrease in All other operating activities, primarily driven by payments of employee benefit liabilities, an increase in income tax payments and working capital growth, partially offset by an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare) driven by all segments and an increase in sales discounts and allowances. The components of All other operating activities included:

Three months ended March 3120252024 Increase (decrease) in employee benefit liabilities$(550)$128 Net restructuring and other charges/(cash expenditures)(16)(41)

(Gains) losses on purchases and sales of business interests- (14) Net interest and other financial charges/(cash paid)(8)(38) Other deferred assets12 (31)

Effective income tax rate (GAAP)12.6%12.3% Adjusted effective income tax rate (Non-GAAP)17.6%20.7% (a) See the Corporate & Other and Other Consolidated Information sections for further information.

*Non-GAAP Financial Measure 12 2025 1Q FORM 10-Q FREE CASH FLOW (FCF) (NON-GAAP)Three months ended March 31 20252024 Cash flows from operating activities (CFOA) (GAAP)$1,543 $1,629

Add: gross additions to property, plant and equipment and internal-use software(208)(204) Less: separation cash expenditures(76)(165) Less: Corporate & Other restructuring cash expenditures(31)(79)

Free cash flow (FCF) (Non-GAAP)$1,441 $1,669 We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2025.

Segment profit margin14.1 %14.3 %13.5 %12.7 % For the three months ended June 30, 2025, revenue was up 7%, and profit was up 5%, compared to the three months ended June 30, 2024. D&S revenue increased primarily due to increased engine deliveries, aircraft systems product growth and price, partially offset by engine mix. P&AT revenue increased primarily due to services volume and price. Profit increased primarily due to increased engine deliveries, aircraft systems product growth and price, partially offset by incremental investments to support next-generation projects and inflation in our supply chain. For the six months ended June 30, 2025, revenue was up 4%, and profit was up 10%, compared to the six months ended June 30, 2024. D&S revenue increased primarily due to increased engine deliveries, aircraft systems product growth and price, partially offset by lower services volume. P&AT revenue increased primarily due to services volume and price. Profit increased primarily due to increased engine deliveries, aircraft systems product growth, customer mix and productivity. This increase was partially offset by incremental investments to support next-generation products and inflation in our supply chain.

CASH FLOWS FROM DISCONTINUED OPERATIONS Cash used for operating activities of discontinued operations decreased $0.5 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by working capital cash usage and cash paid for income taxes at our former GE Vernova business in 2024. Cash from investing activities of discontinued operations increased $1.6 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by a reduction of cash and cash equivalents of $4.2 billion due to the separation of our former GE Vernova business in 2024, partially offset by lower cash received of $2.8 billion from net settlements between our discontinued operations and businesses in continuing operations primarily related to establishment of the opening cash balance for our former GE Vernova business in 2024. Cash used for financing activities of discontinued operations decreased $0.1 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by net debt repayments by our former GE Vernova business in 2024. CRITICAL ACCOUNTING ESTIMATES. Please refer to the Critical Accounting Estimates and Other Items sections within MD&A and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our accounting policies and critical accounting estimates.

Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)3-(393)(0.36)110.012400.22 Restructuring & other (pre-tax)(a)(26)(0.02)(77)(0.07)(27)(0.03)(147)(0.13)

Net income from continuing operations before taxes (GAAP)$2,389$1,447$4,634$3,434 Less: Total adjustments above (pre-tax)211(213)519477 Adjusted net income before taxes (Non-GAAP)$2,177$1,660$4,115$2,957

RPOJune 30, 2025December 31, 2024 Equipment$24,389 $22,509 Services150,008 149,127 Total RPO$174,397 $171,635 As of June 30, 2025, RPO increased $2.8 billion, or 2%, from December 31, 2024, at Commercial Engines and Services, as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized, and at Defense & Propulsion Technologies, primarily from engine orders outpacing revenue recognized.

SEGMENT OPERATIONS COMMERCIAL ENGINES & SERVICES. In the first six months of 2025, demand for commercial air travel grew with departures up nearly 4%. We are in frequent communication with our airline, airframe and maintenance, repair and overhaul (MRO) customers about the outlook for commercial air travel, new aircraft production, fleet retirements and after-market services, including shop visit and spare parts demand. In the first half of 2025, we announced significant new deals with several major customers. Qatar Airways signed an agreement to purchase more than 400 engines, including 60 GE9X and 260 GEnx engines, with additional options and spares, to power its next- generation Boeing 777-9 and Boeing 787 aircraft. International Airlines Group announced an agreement to purchase GEnx engines to power their new fleet of Boeing 787 aircraft. ANA Holdings committed to more than 75 LEAP install and spare engines to power its Boeing 737 MAX and A321 NEO fleets, and also selected our GEnx engines to power its order of Boeing 787s. Malaysia Aviation Group ordered 60 LEAP install engines, plus additional spares, to power their new fleet of Boeing 737 MAX aircraft. Korean Air announced an agreement for GEnx and GE9X engines to power their recent order of Boeing 787-10s and Boeing 777-9s. Internal shop visit revenue grew in the second quarter and total engine deliveries and LEAP engine deliveries increased primarily due to improved material supply. Total engineering investments, both company and partner-funded, increased compared to prior year. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield. We also remain committed to investing in developing and maturing technologies that enable a more efficient future of flight. Notably, CFM International's RISE program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels. The RISE program has completed over 350 component and module tests. This is one of several initiatives underway to help invent the future of flight. We also continued to invest to develop technologies to support our defense customers by developing technologies for sixth-generation aircraft.

Adjusted Corporate & Other operating costs (Non-GAAP)(70)(125) Corporate & Other operating profit (cost) (GAAP)$43 $355 Less: gains (losses), impairments, Insurance, and restructuring & other113 481

Adjusted Corporate & Other operating costs (Non-GAAP)$(70)$(125) Corporate & Other profit (costs)38 (3) Eliminations(108)(122) Adjusted Corporate & Other operating costs (Non-GAAP)$(70)$(125) Adjusted Corporate & Other operating costs* excludes gains (losses) on purchases and sales of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-cost restructuring programs, separation costs, our run-off insurance operations and U.S. tax equity profit (loss). We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs. For the three months ended March 31, 2025, revenue increased by $0.1 billion compared to the three months ended March 31, 2024, due to higher run-off insurance operations revenue and lower intercompany eliminations. Corporate & Other operating profit decreased by $0.3 billion due to $0.6 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to our GE HealthCare investment, partially offset by $0.2 billion of lower separation costs and $0.1 billion of lower restructuring and other charges. Adjusted Corporate & Other operating costs* decreased primarily due to a reduction in our functional costs and lower EHS costs, partially offset by lower bank interest.

Tax effect on non-operating benefit (cost) income(42)(0.04)(46)(0.04) Less: Non-operating benefit (cost) income (net of tax)1590.151710.16 Gains (losses) on purchases and sales of business interests (pre-tax)(a)--100.01

RPOJune 30, 2025December 31, 2024 Equipment$12,384 $11,462 Services142,848 142,182 Total RPO$155,232 $153,644 As of June 30, 2025, RPO increased $1.6 billion from December 31, 2024, from increases in equipment and services, primarily as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized. DEFENSE & PROPULSION TECHNOLOGIES. Our results in the second quarter of 2025 reflect domestic and international government defense departments' focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of our business is government funding, as most of the revenue in Defense & Systems is derived from funding that flows through the U.S. Department of Defense (DoD) budget, or equivalent international budgets. In the first half of 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. We also achieved important development and testing milestones on two advanced engines for the U.S. war fighter. We completed initial ground runs for the T901 on a Black Hawk helicopter and we also completed a Detailed Design Review for the XA102 adaptive cycle engine.

OTHER CONSOLIDATED INFORMATION RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 19 for further information on restructuring and separation costs. INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion for both the three months ended June 30, 2025 and 2024, and $0.4 billion and $0.5 billion for the six months ended June 30, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short-term and long-term borrowings and interest on tax deficiencies.

4 2025 2Q FORM 10-Q For the six months ended June 30, 2025, total revenue increased $2.9 billion, or 16%, compared to the six months ended June 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing. Services revenue increased, due to increased spare parts volume, increased internal shop visit volume and shop visit workscopes and improved pricing.

CAPITAL RESOURCES AND LIQUIDITY FINANCIAL POLICY. GE Aerospace is committed to maintaining strong investment grade ratings with a disciplined capital allocation strategy. The Company will continue to invest in future growth and innovation through research and development and capital expenditures. We intend to return a majority of our free cash flow* to shareholders through dividends and share repurchases. Merger and acquisition investments will be pursued in a disciplined way and focused on those that offer strategic, operational and financial synergies. LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs. CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flow* from our operating businesses, and access to capital markets. If needed, we can also draw from short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of customer allowances and market conditions. Total cash, cash equivalents and restricted cash was $10.9 billion at June 30, 2025, of which $3.6 billion was held in the U.S. and $7.3 billion was held outside the U.S. Cash held outside the U.S. has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated income was subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without significant tax cost. Cash, cash equivalents and restricted cash at June 30, 2025 included $0.4 billion of cash held in countries with currency control restrictions, which may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Excluded from cash, cash equivalents and restricted cash was $1.2 billion of cash in our run-off insurance operations, which was classified as All other assets in the Statement of Financial Position, and $1.4 billion of cash in our discontinued operations held by Bank BPH (see Note 2). On March 7, 2024, the Company announced that the Board of Directors had authorized the repurchase of up to $15.0 billion of our common stock. Under this program, shares may be repurchased on the open market, via various strategies, including plans complying with rules 10b5-1 and 10b-18 as well as plans using accelerated share repurchases. In connection with this authorization, we repurchased 16.6 million shares for $3.5 billion in the first half of 2025. This included repurchases of 10.5 million shares for $2.3 billion using accelerated stock repurchases as a mechanism to achieve planned repurchase volumes within a quarter during closed windows. BORROWINGS. Consolidated total borrowings were $18.9 billion and $19.3 billion at June 30, 2025 and December 31, 2024, respectively, a decrease of $0.4 billion, mainly due to maturities of $1.3 billion partially offset by currency exchange of $0.8 billion. We plan to refinance these maturities in 2025, subject to market conditions. The Company also holds a five-year unsecured revolving credit facility in an aggregate committed amount of $3.0 billion and had zero outstanding at June 30, 2025. CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the short- and long-term debt capital markets to fund, among other things, a significant portion of our operations. The cost and availability of debt financing is influenced by our credit ratings. Moody's Investors Service (Moody's) and Standard and Poor's Global Ratings (S&P) currently issue ratings on our short- and long-term debt. On February 14, 2025, Moody's upgraded our long-term rating from Baa1 to A3 and maintained our positive outlook. On March 25, 2025, S&P upgraded our long-term rating from BBB+ to A- and maintained stable outlook. Our credit ratings as of the date of this filing are set forth in the table below.

STATEMENT OF CASH FLOWS CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans. Cash from operating activities was $3.9 billion for the six months ended June 30, 2025, an increase of $1.3 billion compared to 2024, primarily due to: an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests) driven by all segments and an increase in sales discounts and allowances, partially offset by an increase in working capital growth and income tax payments. The components of All other operating activities included:

Six months ended June 3020252024 Increase (decrease) in employee benefit liabilities$(293)$(279) Net restructuring and other charges/(cash expenditures)(28)(66)

(Gains) losses on purchases and sales of business interests- (21) Net interest and other financial charges/(cash paid)(42)20 Other deferred assets11 (108)

Other(64)(74) All other operating activities$(417)$(528) Cash used from changes in working capital was $(0.5) billion for the six months ended June 30, 2025, an increase of $0.5 billion compared to 2024, due to: current receivables of $(1.1) billion, from higher volume partially offset by higher collections; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases; current contract assets, contract liabilities and current deferred income of $(0.2) billion, driven by higher revenue recognition, partially offset by billings and net unfavorable changes in estimated profitability on long-term service contracts; progress collections were flat, driven by higher collections offset by higher liquidations; and accounts payable of $1.1 billion, driven by higher volume and lower disbursements mainly related to purchases of materials in prior quarters. Cash used for investing activities was $(0.9) billion for the six months ended June 30, 2025, a decrease of $1.1 billion compared to 2024, primarily due to: lower cash paid related to net settlements between continuing operations and businesses in discontinued operations of $2.8 billion, primarily related to the separation of GE Vernova in 2024 (a component of All other investing activities); and lower net purchases of insurance investment securities of $1.3 billion; partially offset by a decrease in proceeds of $2.6 billion from the disposition of our ownership interests in GE HealthCare in 2024 and business acquisitions of $0.4 billion in 2025. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flow*, was $0.5 billion for both the six months ended June 30, 2025 and 2024, respectively. Cash used for financing activities was $(5.5) billion for the six months ended June 30, 2025, an increase of $2.5 billion compared to 2024, primarily due to: an increase in treasury stock repurchases of $1.1 billion, higher net debt maturities of $0.6 billion, a decrease in cash received of $0.6 billion from stock option exercises (a component of All other financing activities); and higher dividends paid to shareholders of $0.3 billion.

2025 2Q FORM 10-Q 11 ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP)Three months ended June 30Six months ended June 30 2025202420252024

Operating profit (loss) (Non-GAAP)$2,337$1,897$4,483$3,447 Operating profit (loss) margin (Non-GAAP)23.0%23.1%23.4%21.1% (a) See the Corporate & Other and Other Consolidated Information sections for further information. We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2025.

*Non-GAAP Financial Measure 12 2025 2Q FORM 10-Q ADJUSTED NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)Three months ended June 30Six months ended June 30

Tax effect on gains (losses) on purchases and sales of business interests--(2)-3-5- Less: Gains (losses) on purchases and sales of business interests (net of tax)--80.013-250.02

Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(a)3-(393)(0.36)90.012410.22 Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(b)(c)----1-(1)-

Effective income tax rate (GAAP)16.2%8.6%14.5%10.7% Adjusted effective income tax rate (Non-GAAP)18.7%20.3%18.2%20.5% (a) See the Corporate & Other and Other Consolidated Information sections for further information.

*Non-GAAP Financial Measure 2025 2Q FORM 10-Q 13 FREE CASH FLOW (FCF) (NON-GAAP)Six months ended June 30 20252024 Cash flows from operating activities (CFOA) (GAAP)$3,891 $2,586

Add: gross additions to property, plant and equipment and internal-use software(535)(499) Less: separation cash expenditures(146)(572) Less: Corporate & Other restructuring cash expenditures(45)(108)

Free cash flow (FCF) (Non-GAAP)$3,547 $2,767 We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2025.

Services revenue8,143 6,495 21,798 18,198 Insurance revenue875 899 2,681 2,649 Total revenue$12,181 $9,842 $33,138 $27,890 4 2025 3Q FORM 10-Q For the three months ended September 30, 2025, total revenue increased $2.3 billion, or 24%, compared to the three months ended September 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing, partially offset by engine mix. Services revenue increased, due to increased internal shop visit and spare parts volume, higher shop visit workscopes and improved pricing. For the nine months ended September 30, 2025, total revenue increased $5.2 billion, or 19%, compared to the nine months ended September 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing. Services revenue increased, due to increased internal shop visit and spare parts volume, higher shop visit workscopes and improved pricing.

Adjusted Corporate & Other operating costs (Non-GAAP)(523)(201)(850)(452) Corporate & Other operating profit (cost) (GAAP)$(277)$(73)$(471)$(252) Less: gains (losses), impairments, Insurance, and restructuring & other246 128 379 201

Adjusted Corporate & Other operating costs* increased by $0.4 billion primarily due to higher functional costs and lower bank interest. OTHER CONSOLIDATED INFORMATION RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 19 for further information on restructuring and separation costs. INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion and $0.3 billion for the three months ended September 30, 2025 and 2024, and $0.6 billion and $0.8 billion for the nine months ended September 30, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short-term and long-term borrowings and interest on tax deficiencies.

POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension and retiree benefit plans. *Non-GAAP Financial Measure 8 2025 3Q FORM 10-Q INCOME TAXES. For the three months ended September 30, 2025, the effective income tax rate was 13.7% compared to 10.5% for the three months ended September 30, 2024. The provision for income taxes was $0.3 billion and $0.2 billion for the three months ended September 30, 2025 and 2024, respectively. The increase in the tax provision was primarily due to higher net income before taxes, a decrease in tax benefits associated with separation activities, an increase in global minimum taxes (Pillar 2), and lower non-taxable gains on our retained and sold ownership interests, partially offset by higher tax benefits on global activities (reduced for the impact of the One Big Beautiful Bill Act (OBBBA)) and an increase in business tax credits. For the three months ended September 30, 2025, the adjusted effective income tax rate* was 15.0% compared to 20.3% for the three months ended September 30, 2024. The decrease was primarily due to higher U.S. business tax credits and favorable audit settlements, partially offset by taxes on global income, including global minimum taxes (Pillar 2). The adjusted provision (benefit) for income taxes* was $0.3 billion for both the three months ended September 30, 2025 and 2024. The tax provision was flat, primarily due to higher adjusted net income before taxes* offset by higher tax benefit on global activities (reduced for the impact of the OBBBA) and an increase of business tax credits. For the nine months ended September 30, 2025, the effective income tax rate was 14.2% compared to 10.6% for the nine months ended September 30, 2024. See Note 15 for further information. The provision for income taxes was $1.0 billion for the nine months ended September 30, 2025 and $0.6 billion for the nine months ended September 30, 2024. The increase in the tax provision was primarily due to higher net income before taxes, a decrease in tax benefits associated with separation activities, lower non-taxable gains on our retained and sold ownership interests, and an increase in global minimum tax (Pillar 2), partially offset by higher tax benefits on global activities (reduced for the impact of the OBBBA), an increase in business tax credits, tax benefits associated with realized foreign tax credits on the reinsurance transaction (see Note 12) and favorable audit resolutions. For the nine months ended September 30, 2025, the adjusted effective income tax rate* was17.1% compared to 20.4% for the nine months ended September 30, 2024. The decrease was primarily due to higher U.S. business tax credits and favorable audit resolutions, partially offset by taxes on global income, including global minimum taxes (Pillar 2). The adjusted provision (benefit) for income taxes* was $1.1 billion and $0.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily due to higher adjusted net income before taxes* and an increase in global minimum tax (Pillar 2), partially offset by higher tax benefit on global activities (reduced for the impact of the OBBBA), an increase of business tax credits and favorable audit resolutions. DISCONTINUED OPERATIONS. Our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions are included in discontinued operations. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. See Note 2 for further information regarding our businesses in discontinued operations.

Moody'sS&P OutlookPositiveStable Short termP-2A-2 Long termA3A- Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating. Substantially all of the Company's debt agreements in place at September 30, 2025 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility contains a customary net debt-to-EBITDA financial covenant, which we satisfied at September 30, 2025. FOREIGN EXCHANGE RISK. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British sterling pound and Brazilian real. The effect of foreign currency fluctuations on income was insignificant. See Note 20 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Less: Corporate & Other restructuring cash expenditures(51)(123) Free cash flow (FCF) (Non-GAAP)$5,933 $4,674 We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022). In addition, beginning in the third quarter of 2025, we now include dispositions of property, plant and equipment. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow*. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2025.

CONSOLIDATED RESULTS REVENUEThree months ended June 30Six months ended June 30 2025202420252024 Equipment revenue$2,842 $2,175 $5,496 $4,596 Services revenue7,308 6,047 13,656 11,702

SEGMENT OPERATIONS COMMERCIAL ENGINES & SERVICES. In the first six months of 2025, demand for commercial air travel grew with departures up nearly 4%. We are in frequent communication with our airline, airframe and maintenance, repair and overhaul (MRO) customers about the outlook for commercial air travel, new aircraft production, fleet retirements and after-market services, including shop visit and spare parts demand. In the first half of 2025, we announced significant new deals with several major customers. Qatar Airways signed an agreement to purchase more than 400 engines, including 60 GE9X and 260 GEnx engines, with additional options and spares, to power its next- generation Boeing 777-9 and Boeing 787 aircraft. International Airlines Group announced an agreement to purchase GEnx engines to power their new fleet of Boeing 787 aircraft. ANA Holdings committed to more than 75 LEAP install and spare engines to power its Boeing 737 MAX and A321 NEO fleets, and also selected our GEnx engines to power its order of Boeing 787s. Malaysia Aviation Group ordered 60 LEAP install engines, plus additional spares, to power their new fleet of Boeing 737 MAX aircraft. Korean Air announced an agreement for GEnx and GE9X engines to power their recent order of Boeing 787-10s and Boeing 777-9s. Internal shop visit revenue grew in the second quarter and total engine deliveries and LEAP engine deliveries increased primarily due to improved material supply. Total engineering investments, both company and partner-funded, increased compared to prior year. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield. We also remain committed to investing in developing and maturing technologies that enable a more efficient future of flight. Notably, CFM International's RISE program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels. The RISE program has completed over 350 component and module tests. This is one of several initiatives underway to help invent the future of flight. We also continued to invest to develop technologies to support our defense customers by developing technologies for sixth-generation aircraft.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered "non-GAAP financial measures" under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures. Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from "Earnings" to "Net income" and our non-GAAP earnings from "Adjusted earnings" to "Adjusted net income." The change in terminology does not impact the amounts reported in the financial statements. BUSINESS OVERVIEW AND ENVIRONMENT. As a global aerospace company, our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Demand for our equipment and services is demonstrated by our backlog of engine orders and services and growth in our installed base, and tends to follow commercial air travel and freight demand and government funding for defense budgets. We also expect a significant ramp in our delivery of engine units and services for newer product platforms in the years ahead to meet this demand. Refer to the Segment Operations sections for Commercial Engines & Services and Defense & Propulsion Technologies below for additional detail about these dynamics for our commercial and defense businesses, respectively. Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input and proactively manage the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. However, with the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter. We support efforts to revitalize domestic manufacturing and are investing $1 billion in U.S manufacturing this year and hiring 5,000 U.S workers. At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry. As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs to reduce the impact from tariffs. In the third quarter, the U.S.established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK and Japan, establishing a mutual elimination of tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact.

Total segment revenue$8,880 $7,003 $23,846 $19,231 Segment profit$2,436 $1,799 $6,588 $4,897 Segment profit margin27.4 %25.7 %27.6 %25.5 % For the three months ended September 30, 2025, revenue was up $1.9 billion, or 27%, and profit was up $0.6 billion, or 35%, compared to the three months ended September 30, 2024. Revenue increased due to increased internal shop visit and spare parts volume and higher workscopes, increased engine deliveries and pricing, partially offset by engine mix. Profit increased primarily due to increased spare parts volume, increased internal shop visit volume and workscopes and improved pricing. These increases were partially offset by the impact from higher install engine deliveries, inflation and higher growth investment. For the nine months ended September 30, 2025, revenue was up $4.6 billion, or 24%, and profit was up $1.7 billion, or 35%, compared to the nine months ended September 30, 2024.

Revenue increased due to increased spare parts volume, internal shop visit volume and workscopes, increased engine deliveries and pricing. Profit increased primarily due to increased internal shop visit and spare parts volume and higher workscopes and improved pricing. These increases were partially offset by the impact of higher install engine deliveries, inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements, primarily from the estimated impact from tariffs.

RPOSeptember 30, 2025December 31, 2024 Equipment$13,151 $11,462 Services144,045 142,182 Total RPO$157,196 $153,644 As of September 30, 2025, RPO increased $3.6 billion or 2% from December 31, 2024, as a result of contract modifications, engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized. DEFENSE & PROPULSION TECHNOLOGIES. Our results in the third quarter of 2025 reflect domestic and international government defense departments' focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of our business is government funding, as most of the revenue in Defense & Systems is derived from funding that flows through the U.S. Department of War budget, or equivalent international budgets. In the first three quarters of 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. We also achieved important development and testing milestones on two advanced engines for the U.S. war fighter. We achieved first flight for the T901 on a Black Hawk helicopter.

6 2025 3Q FORM 10-Q Sales in unitsThree months ended September 30Nine months ended September 30 2025202420252024 Defense engines172 94 463 306 SEGMENT REVENUE AND PROFITThree months ended September 30Nine months ended September 30

Segment profit margin13.6 %9.8 %13.5 %11.8 % For the three months ended September 30, 2025, revenue was up $0.6 billion, or 26%, and profit was up $0.2 billion, or 75%, compared to the three months ended September 30, 2024. D&S revenue increased primarily due to increased engine deliveries, aircraft systems product growth and price. P&AT revenue increased primarily due to volume and price. Profit increased primarily due to higher volume in Defense and Avio, customer mix, price and lower losses in our Colibrium Additive business, partially offset by incremental investments to support next-generation projects and inflation in our supply chain. For the nine months ended September 30, 2025, revenue was up $0.8 billion, or 11%, and profit was up $0.2 billion, or 27%, compared to the nine months ended September 30, 2024. D&S revenue increased primarily due to increased engine deliveries and aircraft systems product growth and price. P&AT revenue increased primarily due to volume and price. Profit increased primarily due to higher volume in Defense and Avio, aircraft systems product growth, customer mix, price, productivity and lower losses in our Colibrium Additive business. This increase was partially offset by incremental investments to support next-generation products and inflation in our supply chain.

RPOSeptember 30, 2025December 31, 2024 Equipment$12,133 $11,046 Services6,956 6,944 Total RPO$19,089 $17,991 As of September 30, 2025, RPO increased $1.1 billion, or 6%, from December 31, 2024, primarily due to increases in equipment from orders outpacing revenue recognized. CORPORATE & OTHER. Corporate & Other revenue include our run-off insurance operations revenue and the elimination of intersegment activities. Corporate & Other operating profit includes Corporate functions and operations costs, certain costs of our principal retirement plans, significant, higher-cost restructuring programs, separation costs, profit (loss) of our run-off insurance operations, U.S. tax equity profit (loss), transition services agreements, environmental health and safety (EHS) impacts and other costs, as well as certain amounts that are not included in operating segment results because they are excluded from measurement of their operating performance for internal and external purposes.

Gains (losses) on retained and sold ownership interests and other equity securities (Note 18)8 357 18 598 Restructuring and other charges (Note 19)(a)(22)(378)(49)(525)

NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE (EPS)Three months ended September 30Nine months ended September 30 (Per-share in dollars and diluted)

STATEMENT OF CASH FLOWS CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans. Cash from operating activities was $6.4 billion for the nine months ended September 30, 2025, an increase of $1.9 billion compared to 2024, primarily due to: an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests) driven by all segments and an increase in sales discounts and allowances, partially offset by working capital growth and higher income tax payments. The components of All other operating activities included:

Nine months ended September 3020252024 Increase (decrease) in employee benefit liabilities$252 $45 Net restructuring and other charges/(cash expenditures)(36)283

(Gains) losses on purchases and sales of business interests(3)(377) Net interest and other financial charges/(cash paid)(46)18 Other deferred assets127 (89)

CASH FLOWS FROM DISCONTINUED OPERATIONS Cash used for operating activities of discontinued operations decreased $0.9 billion for the nine months ended September 30, 2025 compared to 2024, primarily driven by working capital cash usage and cash paid for income taxes at our former GE Vernova business in 2024. Cash from investing activities of discontinued operations increased $1.0 billion for the nine months ended September 30, 2025 compared to 2024, primarily driven by a reduction of cash and cash equivalents of $4.2 billion due to the separation of our former GE Vernova business in 2024, partially offset by lower cash received of $3.2 billion from net settlements between our discontinued operations and businesses in continuing operations primarily related to establishment of the opening cash balance for our former GE Vernova business in 2024. Cash used for financing activities of discontinued operations decreased $0.1 billion for the nine months ended September 30, 2025 compared to 2024, primarily driven by net debt repayments by our former GE Vernova business in 2024. CRITICAL ACCOUNTING ESTIMATES. Please refer to the Critical Accounting Estimates and Other Items sections within MD&A and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our accounting policies and critical accounting estimates.

2025202420252024 Net income (loss) from continuing operations attributable to common shareholders$2,174 $1,705 $6,149 $4,766 Continuing EPS$2.04 $1.56 $5.73 $4.34 For the three months ended September 30, 2025, net income from continuing operations increased $0.5 billion compared to the three months ended September 30, 2024, driven by an increase in segment profit of $0.8 billion, a decrease in in restructuring and other charges of $0.4 billion, a decrease in goodwill impairment losses of $0.3 billion and an increase in Insurance profit of $0.2 billion. The increase was partially offset by a decrease in gains on sales of business interests of $0.4 billion, a decrease in gains on retained and sold ownership interests of $0.3 billion, an increase in Adjusted Corporate & Other operating costs* of $0.3 billion and an increase in provision for income taxes of $0.1 billion, due to higher net income before taxes. Adjusted net income* was $1.8 billion, an increase of $0.5 billion, due to an increase in segment profit of $0.8 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.3 billion. Profit was $2.5 billion, an increase of $0.6 billion. Profit margin was 20.7%, an increase from 19.2%. Operating profit* was $2.3 billion, an increase of $0.5 billion. Operating profit margin* was flat at 20.3%. Adjusted EPS* was $1.66, an increase of 44%. For the nine months ended September 30, 2025, net income from continuing operations increased $1.4 billion compared to the nine months ended September 30, 2024, driven by an increase in segment profit of $1.9 billion, a decrease in in restructuring and other charges of $0.5 billion, a decrease in separation costs of $0.3 billion, a decrease in goodwill impairment losses of $0.3 billion and a decrease in interest and other financial charges of $0.2 billion. The increase was partially offset by a decrease in gains on retained and sold ownership interests of $0.6 billion, an increase in provision for income taxes of $0.4 billion, due to higher net income before taxes, an increase in Adjusted Corporate & Other operating costs* of $0.4 billion and a decrease in gains on sales of business interests of $0.4 billion. Adjusted net income* was $5.1 billion, an increase of $1.5 billion, due to an increase in segment profit of $1.9 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.4 billion. Profit was $7.1 billion, an increase of $1.8 billion. Profit margin was 21.6%, an increase from 19.1%. Operating profit* was $6.8 billion, an increase of $1.5 billion. Operating profit margin* was 22.3%, an increase of 140 basis points. Adjusted EPS* was $4.80, an increase of 46%.

Operating profit (loss) (Non-GAAP)$2,299$1,818$6,783$5,265 Operating profit (loss) margin (Non-GAAP)20.3%20.3%22.3%20.9% (a) See the Corporate & Other and Other Consolidated Information sections for further information. We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2025.

*Non-GAAP Financial Measure 12 2025 3Q FORM 10-Q ADJUSTED NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP)Three months ended September 30Nine months ended September 30

2025202420252024 (Diluted, per-share amounts in dollars)IncomeEPSIncomeEPSIncomeEPSIncomeEPS Net income from continuing operations (GAAP) (Note 17)$2,170$2.04$1,705$1.56$6,143$5.73$4,766$4.34

RPOSeptember 30, 2025December 31, 2024 Equipment$25,284 $22,509 Services151,001 149,127 Total RPO$176,285 $171,635 As of September 30, 2025, RPO increased $4.6 billion, or 3%, from December 31, 2024, at Commercial Engines & Services, as a result of contract modifications and engines contracted under long-term service agreements that have now been put into service, and from equipment orders outpacing revenue recognized, and at Defense & Propulsion Technologies, primarily from engine orders outpacing revenue recognized.

Tax effect on U.S. tax equity net income (loss)710.07700.062120.201890.17 Less: U.S. tax equity net income (loss) (net of tax)110.01110.01310.03350.03

Less: Non-operating benefit (cost) income (net of tax)1570.151640.154710.444960.45 Gains (losses) on purchases and sales of business interests (pre-tax)(a)3-3560.333-3750.34

Tax effect on gains (losses) on purchases and sales of business interests(1)-(10)(0.01)2-(5)- Less: Gains (losses) on purchases and sales of business interests (net of tax)2-3460.325-3710.34

Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(a)80.013570.33180.025980.54 Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(b)(c)(1)-----(1)-

Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)80.013570.33180.025970.54 Restructuring & other (pre-tax)(a)(22)(0.02)(378)(0.35)(49)(0.05)(525)(0.48)

Provision (benefit) for income taxes (GAAP)$344$198$1,015$567 Less: Tax effect on adjustments above33(121)(45)(357) Adjusted provision (benefit) for income taxes (Non-GAAP)$311$318$1,061$923

Effective income tax rate (GAAP)13.7%10.5%14.2%10.6% Adjusted effective income tax rate (Non-GAAP)15.0%20.3%17.1%20.4% (a) See the Corporate & Other and Other Consolidated Information sections for further information.

*Non-GAAP Financial Measure 2025 3Q FORM 10-Q 13 FREE CASH FLOW (FCF) (NON-GAAP)Nine months ended September 30 20252024 Cash flows from operating activities (CFOA) (GAAP)$6,447 $4,499

LEAP Engines(a)511 3651,240 1,029 Internal shop visit revenue growth %33 %12 %22 %20 % (a) LEAP engines, which are in a significant production ramp, are a subset of Commercial Engines.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered "non-GAAP financial measures" under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures. BUSINESS OVERVIEW AND ENVIRONMENT. As a global aerospace company, our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Demand for our equipment and services is demonstrated by our backlog of engine orders and services and growth in our installed base, and tends to follow commercial air travel and freight demand and government funding for defense budgets. We expect a significant ramp in our delivery of engine units and services for newer product platforms in the years ahead to meet this demand. Refer to the Segment Operations sections for Commercial Engines & Services (CES) and Defense & Propulsion Technologies (DPT) below for additional detail about these dynamics for our commercial and defense businesses, respectively. Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input while also proactively managing the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. However, through FLIGHT DECK and the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter. We support efforts to revitalize domestic manufacturing and are planning to invest $1 billion in U.S. manufacturing and hire 5,000 U.S workers in 2026, including both engineering and manufacturing roles. At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry. As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs result in additional cost for us and our suppliers. In 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. In 2026, the Supreme Court ruled against tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The ruling did not address refunds of tariffs paid. As of March 31, 2026, we have not recorded a benefit for potential refunds of IEEPA tariffs paid. We will continue to monitor recent developments on tariff policy and evaluate any changes to the applicability of tariffs to our business as they occur. We are monitoring recent developments related to the conflict in the Middle East and the potential impact on the commercial aerospace industry, including lower utilization and increased prices and lower availability of fuel, which can result in adverse effects on our airline customers. As a result, the impacts to our business may include lower volume related to shop visits, spare parts and spare engines and lower profitability of our long term contracts, as well as customer credit implications. We remain confident in our ability to navigate this with our young and diverse fleet, and we are also proactively taking action on costs. The conflict did not result in a material impact on our operations in the three months ended March 31, 2026. On January 15, 2026, we announced that our CES segment will expand to include the entire commercial engine lifecycle, including safety and quality, product management, engineering, supply chain, manufacturing and aftermarket services. In addition, our Aeroderivative business, previously reported in CES, has moved to our DPT segment. See Note 23 for further information.