General Electric Co,
Fiscal Year 2025 Q4.

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.

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

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.

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)-

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.