Analysis of Geographic Areas
GE Aerospace operates in 5 regions: U.S.; Europe; Asia; Americas; and Other Global.
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Area Asset Turnover
GE Aerospace, asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global |
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 geographic asset turnover ratios demonstrate significant variations and evolving trends across the reported areas between 2021 and 2025. Notably, substantial increases are observed in the latter years of the period, particularly in areas beyond the U.S. and Europe.
- U.S.
- The U.S. exhibits a relatively stable, low ratio from 2021 to 2023, increasing modestly from 0.25 to 0.28. A dramatic increase is then observed in 2024, reaching 3.36, followed by a slight decrease to 3.17 in 2025. This late-period surge suggests a significant improvement in asset utilization within the U.S. region.
- Europe
- Europe shows a gradual increase in its asset turnover ratio from 0.35 in 2021 to 0.44 in 2022, followed by a slight decline to 0.40 in 2023. Similar to the U.S., a substantial increase is evident in 2024 (6.66) and 2025 (6.84), indicating improved efficiency in asset usage. The magnitude of the increase, while significant, is less pronounced than that seen in other regions.
- Asia
- Asia consistently maintains the highest ratios among the reported areas, starting at 1.29 in 2021 and reaching 21.42 in 2025. The ratio experiences moderate growth from 2021 to 2023, increasing from 1.29 to 1.36. The period from 2023 to 2025 demonstrates exceptionally strong growth, with the ratio more than tripling. This suggests a substantial and accelerating improvement in asset utilization within the Asian market.
- Americas
- The Americas region displays an increasing trend from 0.70 in 2021 to 0.90 in 2022, followed by a slight decrease to 0.86 in 2023. A considerable increase is then observed in 2024 (6.02) and 2025 (7.65), mirroring the trends seen in the U.S. and Europe, but from a higher base than the U.S. and with a less dramatic increase than Asia.
- Other Global
- The “Other Global” area begins with a ratio of 1.54 in 2021 and increases to 2.51 in 2023. The most dramatic changes are observed in 2024 and 2025, with ratios escalating to 311.17 and 415.91 respectively. This represents an exponential increase in asset turnover, significantly exceeding the growth rates observed in all other geographic areas. This substantial increase warrants further investigation to understand the underlying drivers.
Overall, the asset turnover ratios across all geographic areas demonstrate a clear acceleration in asset utilization from 2023 to 2025. The “Other Global” area exhibits the most extreme change, followed by Asia. The U.S., Europe, and the Americas also show significant improvements, though from lower initial values. These trends suggest a company-wide improvement in operational efficiency and asset management, with particularly strong performance in the Asian and “Other Global” markets.
Area Asset Turnover: U.S.
GE Aerospace; U.S.; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance related to U.S. operations demonstrates significant shifts in revenue and asset composition between 2021 and 2025. A notable trend emerges in the area asset turnover ratio, exhibiting substantial fluctuation over the analyzed period.
- Revenues
- Revenues for U.S. operations initially experienced a modest increase from US$32,838 million in 2021 to US$33,036 million in 2022. However, a decline is then observed, falling to US$29,090 million in 2023. This downward trend continues dramatically, with revenues decreasing to US$17,340 million in 2024, before a slight recovery to US$18,194 million in 2025.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment decreased consistently from US$130,956 million in 2021 to US$105,676 million in 2023. A substantial reduction occurs in 2024, with the value falling to US$5,166 million, followed by a further increase to US$5,736 million in 2025. This suggests significant asset disposals or reclassifications occurred between 2023 and 2024.
- Area Asset Turnover
- The area asset turnover ratio remained relatively stable between 2021 and 2023, increasing from 0.25 to 0.28. A dramatic increase is then observed in 2024, reaching 3.36, and remains high at 3.17 in 2025. This substantial rise indicates a significantly improved efficiency in generating revenue from assets, coinciding with the sharp decrease in property, plant, and equipment. The increase in the ratio is likely a result of the denominator (assets) decreasing at a faster rate than the numerator (revenue) in 2024 and 2025.
The combination of declining revenues and decreasing asset values, coupled with the substantial increase in asset turnover, warrants further investigation. The significant changes in 2024, particularly the asset reduction, appear to be the primary driver of the improved turnover ratio. The slight revenue recovery in 2025 does not fully offset the earlier declines.
Area Asset Turnover: Europe
GE Aerospace; Europe; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance within the European geographic area demonstrates significant fluctuations over the observed period. Revenue initially increased before experiencing a substantial decline, while the value of property, plant, and equipment, net underwent a different trajectory. Consequently, the area asset turnover ratio exhibits a dramatic shift.
- Revenues
- Revenues in Europe increased from US$14,946 million in 2021 to US$16,284 million in 2022, representing a growth of approximately 8.9%. However, revenues then decreased to US$15,650 million in 2023. A sharp decline occurred between 2023 and 2024, with revenues falling to US$7,800 million. A modest recovery to US$8,603 million is noted in 2025, but remains significantly below the 2021 and 2022 levels.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment decreased from US$42,213 million in 2021 to US$36,603 million in 2022. A slight increase to US$38,899 million was observed in 2023. A substantial reduction occurred in 2024, falling to US$1,171 million, and continued to US$1,257 million in 2025. This suggests significant asset disposals or impairments within the region.
- Area Asset Turnover
- The area asset turnover ratio increased from 0.35 in 2021 to 0.44 in 2022, indicating improved efficiency in generating revenue from assets. It decreased slightly to 0.40 in 2023. A dramatic increase is observed in 2024, reaching 6.66, and further increasing to 6.84 in 2025. This substantial rise is primarily driven by the significant decrease in property, plant, and equipment, net, while revenues experienced a large, but less proportional, decline. The ratio suggests a much higher efficiency in asset utilization in the later years, though this is heavily influenced by the reduced asset base.
The combination of declining revenues and significantly reduced asset values results in a substantially higher area asset turnover ratio in the later periods. While a higher ratio generally indicates greater efficiency, the magnitude of the change warrants further investigation to determine the underlying causes of the asset reduction and its potential impact on long-term revenue generation capabilities.
Area Asset Turnover: Asia
GE Aerospace; Asia; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance indicators for the specified geographic area reveal significant fluctuations over the observed period. Revenues experienced a decline from 2021 to 2023, followed by a substantial drop in 2024, and a partial recovery in 2025. Simultaneously, net property, plant and equipment exhibited a consistent decrease from 2021 to 2024, stabilizing in 2025.
- Revenues
- Revenues began at US$14,851 million in 2021, decreased to US$14,386 million in 2022, and then fell more sharply to US$10,869 million in 2023. A dramatic reduction occurred in 2024, with revenues reaching US$7,236 million, before partially recovering to US$10,819 million in 2025. This pattern suggests potential market challenges or strategic shifts impacting revenue generation within the area.
- Property, plant and equipment, net
- Net property, plant and equipment decreased steadily from US$11,534 million in 2021 to US$7,988 million in 2023. The most significant reduction occurred between 2023 and 2024, falling to US$497 million. The value remained relatively stable at US$505 million in 2025. This consistent decline may indicate asset disposals, depreciation exceeding new investments, or a change in operational strategy.
- Area asset turnover
- The area asset turnover ratio demonstrates a notable trend. It remained relatively stable at 1.29 in 2021 and 1.27 in 2022, increasing slightly to 1.36 in 2023. However, a substantial increase is observed in 2024, reaching 14.56, and further increasing to 21.42 in 2025. This dramatic rise, coinciding with the significant decline in property, plant and equipment, suggests a considerably improved efficiency in revenue generation relative to assets. The increase in 2024 and 2025 is likely driven by the disproportionately larger decrease in assets compared to the revenue decline, and the subsequent partial revenue recovery in 2025.
The combination of declining assets and fluctuating revenues results in a highly volatile asset turnover ratio. While the increasing ratio in later years may appear positive, it warrants further investigation to determine the underlying causes and sustainability of this trend, particularly given the substantial asset reduction.
Area Asset Turnover: Americas
GE Aerospace; Americas; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance of the Americas region reveals significant fluctuations in revenue and asset levels between 2021 and 2025. These shifts are reflected in the area asset turnover ratio, which demonstrates a marked increase in recent years.
- Revenues
- Revenues experienced growth from 2021 to 2022, increasing from US$4,476 million to US$5,788 million. However, a decline was observed in 2023, with revenues falling to US$5,034 million. This downward trend continued into 2024, with a substantial decrease to US$2,593 million, before partially recovering to US$3,664 million in 2025.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment remained relatively stable between 2021 and 2023, fluctuating around US$6,406 million, US$6,405 million, and US$5,875 million respectively. A significant reduction occurred in 2024, decreasing to US$431 million, followed by a slight increase to US$479 million in 2025.
- Area Asset Turnover
- The area asset turnover ratio exhibited an initial increase from 0.70 in 2021 to 0.90 in 2022, indicating improved efficiency in asset utilization. It slightly decreased to 0.86 in 2023. A dramatic increase is then observed in 2024, reaching 6.02, and continues to rise to 7.65 in 2025. This substantial improvement suggests a significantly more efficient conversion of assets into revenue in the latter two years of the observed period. The increase in the ratio is likely attributable to the combination of decreased net property, plant, and equipment and the partial revenue recovery in 2025.
The substantial changes in both asset values and the asset turnover ratio warrant further investigation to understand the underlying drivers. The significant decline in property, plant, and equipment in 2024, coupled with the corresponding surge in asset turnover, suggests potential asset disposals or impairments that require detailed examination.
Area Asset Turnover: Other Global
GE Aerospace; Other Global; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance of this geographic area demonstrates significant fluctuations over the observed period. Revenues exhibited relative stability between 2021 and 2023, followed by substantial declines in 2024 and a partial recovery in 2025. Simultaneously, net property, plant and equipment experienced a considerable reduction starting in 2023, culminating in minimal values by 2025. These movements have a pronounced effect on the area asset turnover ratio.
- Revenues
- Revenues remained relatively consistent at approximately US$7.1 billion in 2021 and 2022. A modest increase to US$7.3 billion was noted in 2023 before a dramatic decrease to US$3.7 billion in 2024. Revenues partially recovered to US$4.6 billion in 2025, but remained below earlier levels.
- Property, Plant and Equipment, Net
- Net property, plant and equipment decreased steadily from US$4.6 billion in 2021 to US$2.9 billion in 2023. This decline accelerated significantly in 2024, falling to US$12 million, and continued to US$11 million in 2025. This suggests substantial asset disposals or impairments within this geographic area.
- Area Asset Turnover
- The area asset turnover ratio showed a gradual increase from 1.54 in 2021 to 1.55 in 2022. A substantial jump to 2.51 occurred in 2023. The ratio then increased dramatically to 311.17 in 2024 and further to 415.91 in 2025. This extreme increase is directly attributable to the significant reduction in net property, plant and equipment, while revenues decreased but remained substantial. The ratio indicates that each dollar of assets generates a significantly higher amount of revenue in the later years, but this is largely a mathematical artifact of the shrinking asset base.
The observed trends suggest a strategic shift within this geographic area, potentially involving divestitures of fixed assets. While the asset turnover ratio appears to improve dramatically, this improvement should be interpreted cautiously, as it is heavily influenced by the declining asset base and does not necessarily reflect improved operational efficiency. Further investigation into the reasons behind the asset reductions is warranted.
Revenues
GE Aerospace, revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global | |||||
| Non-U.S. | |||||
| Total |
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).
Overall revenue exhibited volatility throughout the analyzed period. Initial growth between 2021 and 2022 was followed by declines in subsequent years, with a partial recovery projected towards the end of the period. A significant contraction in total revenue is evident between 2022 and 2024, followed by a moderate increase in the final year.
- U.S. Revenue
- Revenue from the U.S. demonstrated a peak in 2021 and 2022, followed by a substantial and consistent decline through 2024. A slight increase is projected for 2025, but revenue remains considerably lower than initial levels. This represents the most significant regional decline in absolute terms.
- European Revenue
- European revenue increased from 2021 to 2022, but then experienced a decline, mirroring the trend observed in the U.S. However, the magnitude of the decrease was less pronounced. A substantial drop occurred between 2022 and 2024, with a modest recovery anticipated in 2025.
- Asian Revenue
- Asia exhibited a similar pattern to Europe, with initial growth followed by a decline. The decrease from 2022 to 2023 was notable, and revenue continued to fall in 2024. A more substantial recovery is projected for Asia in 2025, bringing revenue closer to 2022 levels.
- Americas Revenue
- Revenue from the Americas showed growth between 2021 and 2022, and remained relatively stable in 2023. A significant decrease is observed in 2024, with a partial recovery projected for 2025. While smaller in absolute value compared to other regions, the percentage change is considerable.
- Other Global Revenue
- Revenue from ‘Other Global’ regions remained relatively stable between 2021 and 2023, before declining in 2024. A moderate increase is projected for 2025, but remains below the 2021-2023 levels.
- Non-U.S. Revenue
- Combined non-U.S. revenue followed a similar trajectory to total revenue, increasing from 2021 to 2022, then declining significantly through 2024. A recovery is projected for 2025, but the revenue remains below the 2022 peak. The decline in non-U.S. revenue contributed substantially to the overall revenue contraction.
The period between 2022 and 2024 was characterized by widespread revenue declines across all geographic areas. While a recovery is projected for 2025, revenue levels are not expected to return to the highs observed in 2021 and 2022. The U.S. market experienced the most substantial decline in absolute revenue terms.
Property, plant and equipment, net
GE Aerospace, property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global | |||||
| Non-U.S. | |||||
| Total |
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).
A significant decline in net property, plant, and equipment (PP&E) is observed across all reported geographic areas between 2021 and 2025. The most substantial reductions occur within the U.S. and, to a lesser extent, Europe and Asia. The Americas and Other Global regions also exhibit decreasing PP&E values, though from a smaller base. The aggregate Non-U.S. PP&E mirrors the overall trend of decreasing values, contributing to the substantial total decline.
- U.S. PP&E
- The U.S. demonstrates the largest absolute decrease in PP&E, falling from US$130,956 million in 2021 to US$5,736 million in 2025. This represents a reduction of approximately 95.6%. The most dramatic decrease occurs between 2022 and 2023, followed by a further substantial reduction in 2024.
- European PP&E
- Europe experiences a decrease in PP&E from US$42,213 million in 2021 to US$1,257 million in 2025, a decline of roughly 97.0%. Similar to the U.S., the largest reduction is seen between 2022 and 2023, with continued declines in subsequent years.
- Asian PP&E
- Asia’s PP&E decreases from US$11,534 million in 2021 to US$505 million in 2025, representing a decrease of approximately 95.6%. The rate of decline appears relatively consistent across the period.
- Americas & Other Global PP&E
- The Americas show a decrease from US$6,406 million to US$479 million (approximately 92.5%), while Other Global declines from US$4,588 million to US$11 million (approximately 99.8%). These regions, while smaller in overall PP&E value, also demonstrate significant reductions.
- Non-U.S. Total & Overall Total
- Non-U.S. PP&E decreases from US$64,741 million in 2021 to US$2,252 million in 2025, a decline of approximately 96.5%. The total PP&E, encompassing both U.S. and Non-U.S. assets, falls from US$195,697 million in 2021 to US$7,988 million in 2025, representing an overall reduction of approximately 95.9%.
The consistent and substantial declines across all geographic areas suggest a significant strategic shift involving asset disposals, accelerated depreciation, or a reclassification of assets. The magnitude of the reductions warrants further investigation to understand the underlying drivers and potential implications for future operations and financial performance.