Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
- Analysis of Debt
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GE Aerospace, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income (Loss)
- The net income exhibited significant volatility throughout the periods, with notable losses in mid-2020 and early 2021, followed by recovery and stabilization from late 2022 onward. The values indicate a turnaround starting from the quarter ending December 2022, leading to consistent positive net income through early 2025, reflecting improved operational performance or market conditions.
- Depreciation and Amortization
- Depreciation of property, plant, and equipment remained relatively steady, with a gradual decline from 2020 to 2024. Intangible asset amortization also displayed minor fluctuations, peaking in early 2022 and gradually decreasing thereafter, which could suggest amortization of finite-lived intangibles winding down over the periods analyzed.
- Goodwill Impairments and Gains/Losses
- There was a significant goodwill impairment charge reported in mid-2024, which stands out as an extraordinary item during the analyzed period. Gains and losses on business and equity securities were variable, with substantial negative impacts in some quarters, notably in early 2020, and improvements thereafter, hinting at portfolio rebalancing or market valuation adjustments.
- Pension and Postretirement Benefits
- Principal pension plan costs generally trended downward, turning into net benefits in later years, particularly after 2022. Employer contributions for these pension plans remained consistent, albeit with a slight decrease in magnitude in recent quarters. Other postretirement benefit plans demonstrated a diminishing net obligation over time, suggesting improved fund status or changes in assumptions.
- Tax Provision and Payments
- The provision for income taxes fluctuated significantly, with some quarters showing benefits and others charges. Cash payments for income taxes generally exceeded provisions, indicating timing differences or prior obligations being settled. Increases in tax provisions noted in mid-2023 and 2024 align with the recovery in profitability.
- Working Capital Changes
- Changes in receivables and inventories were inconsistent, with notable decreases in receivables in some quarters and significant increases in inventories in others. Contract assets and liabilities showed periodic increases, reflecting ongoing project activity and revenue recognition timing. Accounts payable also experienced volatility, suggesting fluctuating supplier payment patterns or operational cycles.
- Operating Activities Cash Flow
- The cash flow from operating activities mirrored the net income trend, with negative cash flows during loss periods and strong positive cash flows over the latter part of the timeline, especially from late 2022, indicating improved cash generation capabilities.
- Investing Activities
- Capital expenditures showed fluctuations, with reductions in property and equipment investments in recent periods. Proceeds from business sales were prominent in specific quarters, notably a large sale in late 2020. Investment securities activities were variable, consistent with strategic portfolio management. Overall, cash flow from investing activities varied widely, influenced by asset sales and acquisitions.
- Financing Activities
- Debt issuance and repayments were significant and fluctuated greatly. Early 2020 experienced substantial deleveraging, while subsequent years showed variability, including large repayments and occasional new debt issuances. Share repurchases were consistent from 2022 onward, with increasing magnitude, indicating active capital return policies. Dividends were maintained with slight upward trends until recent quarters, when variability increased. Redemption of preferred stock occurred notably in earlier quarters.
- Discontinued Operations
- Discontinued operations contributed variably to net income and cash flows, with notable positive impacts in early 2021 and late 2022, including significant proceeds from sale activities. Cash flows associated with discontinued operations exhibited substantial fluctuations, reflecting disposals and operational wind-down effects.
- Overall Cash Position
- The overall change in cash and equivalents was highly volatile, with large increases and decreases reflecting the interplay of operational performance, investing divestitures, financing decisions, and currency impacts. Currency exchange effects contributed intermittently to cash fluctuations, sometimes mitigating and other times exacerbating changes in cash balances.