Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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GE Aerospace, consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The company experienced significant shifts in its balance sheet composition between 2021 and 2025. Total liabilities decreased substantially over the period, while total equity also declined, though to a lesser extent. A notable trend is the reduction in both current and non-current liabilities, coupled with a fluctuating equity position.
- Current Liabilities
- Current liabilities initially increased from $51.953 billion in 2021 to $56.947 billion in 2022, before decreasing significantly to $34.392 billion in 2024. A slight increase was observed in 2025, reaching $38.980 billion. Within current liabilities, accounts payable peaked in 2022 at $18.644 billion, then decreased sharply to $7.909 billion in 2024, followed by a rise to $10.078 billion in 2025. Progress collections also followed a similar pattern, decreasing from $16.166 billion in 2022 to $6.695 billion in 2024, and then increasing to $7.662 billion in 2025. Contract liabilities and deferred income exhibited a substantial increase in 2024 and 2025, rising from $571 million to $9.353 billion and $10.333 billion respectively. Short-term borrowings decreased considerably throughout the period, from $4.361 billion in 2021 to $1.686 billion in 2025.
- Non-Current Liabilities
- Non-current liabilities demonstrated a consistent decline from $105.309 billion in 2021 to $69.184 billion in 2024, with a slight increase to $72.291 billion in 2025. Long-term borrowings decreased from $30.824 billion to $18.808 billion over the five-year period. Insurance liabilities and annuity benefits remained relatively stable, fluctuating between $33.347 billion and $39.624 billion. Non-current compensation and benefits decreased significantly, from $21.202 billion in 2021 to $6.833 billion in 2025.
- Total Liabilities
- Total liabilities decreased from $157.262 billion in 2021 to a low of $103.576 billion in 2024, before increasing to $111.271 billion in 2025. This reduction indicates a decrease in the company’s overall financial obligations.
- Shareholders’ Equity
- Shareholders’ equity experienced a consistent decline from $40.310 billion in 2021 to $18.677 billion in 2025. Accumulated other comprehensive income (loss) moved from a positive $1.582 billion to a negative $4.798 billion, representing a significant shift. Retained earnings remained relatively stable, fluctuating between $80.488 billion and $86.527 billion. A substantial increase in common stock held in treasury is observed, moving from -$81.093 billion in 2021 to -$87.802 billion in 2025, which partially offsets the other equity components. Other capital also decreased over the period.
- Total Liabilities and Equity
- Total liabilities and equity decreased from $198.874 billion in 2021 to $123.140 billion in 2024, then increased to $130.169 billion in 2025. The decrease reflects the combined effect of declining liabilities and equity.
The data suggests a strategic shift in the company’s financial structure, with a focus on reducing debt and potentially returning capital to shareholders through treasury stock purchases. The increase in contract liabilities and deferred income in later years may indicate a change in revenue recognition practices or an increase in upfront payments from customers. The decline in equity, despite relatively stable retained earnings, is primarily driven by the increasing negative balance in accumulated other comprehensive income and the growing treasury stock position.