Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

GE Aerospace, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Sales of equipment	26,793)	31,976)	34,200)	49,464)	58,949)
Sales of services	37,772)	41,626)	36,890)	23,558)	28,538)
Sales of equipment and services	64,565)	73,602)	71,090)	73,022)	87,487)
Cost of equipment sold	(27,683)	(30,426)	(31,399)	(42,041)	(45,902)
Cost of services sold	(22,709)	(25,109)	(22,497)	(18,380)	(21,009)
Cost of equipment and services sold	(50,392)	(55,535)	(53,896)	(60,421)	(66,911)
Gross profit from sales	14,173)	18,067)	17,194)	12,601)	20,576)
Insurance revenues	3,389)	2,954)	3,106)	6,597)	7,728)
Selling, general and administrative expenses	(9,195)	(12,781)	(11,707)	(12,621)	(13,949)
Separation costs	(978)	(973)	—)	—)	—)
Research and development	(1,907)	(2,813)	(2,497)	(2,565)	(3,118)
Operating earnings	5,482)	4,454)	6,096)	4,012)	11,237)
Interest and other financial charges	(1,118)	(1,607)	(1,876)	(3,273)	(4,227)
Debt extinguishment costs	—)	(465)	(6,524)	—)	—)
Insurance losses, annuity benefits and other costs	(2,886)	(2,734)	(2,419)	(2,779)	(3,753)
Goodwill impairments	—)	—)	—)	(1,717)	(1,486)
Non-operating benefit income (cost)	1,585)	532)	(1,782)	(2,433)	(2,844)
Other income	7,128)	1,232)	2,822)	11,387)	2,222)
Earnings (loss) from continuing operations before income taxes	10,191)	1,412)	(3,683)	5,197)	1,149)
(Provision) benefit for income taxes	(1,162)	(476)	287)	475)	(726)
Earnings (loss) from continuing operations	9,029)	936)	(3,396)	5,672)	423)
Earnings (loss) from discontinued operations, net of taxes	414)	(644)	(3,195)	(126)	(5,335)
Net earnings (loss)	9,443)	292)	(6,591)	5,546)	(4,912)
Net (earnings) loss attributable to noncontrolling interests	38)	(67)	71)	158)	(67)
Net earnings (loss) attributable to the Company	9,481)	225)	(6,520)	5,704)	(4,979)
Preferred stock dividends and other	(295)	(289)	(237)	(474)	(460)
Net earnings (loss) attributable to GE common shareholders	9,186)	(64)	(6,757)	5,230)	(5,439)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Sales of equipment and services	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	GE Aerospace sales of equipment and services increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	GE Aerospace operating earnings decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Earnings (loss) from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	GE Aerospace earnings (loss) from continuing operations before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net earnings (loss) attributable to the Company	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	GE Aerospace net earnings (loss) attributable to the Company increased from 2021 to 2022 and from 2022 to 2023.

GE Aerospace (NYSE:GE)

Income Statement