General Electric Company, operating as GE Aerospace, reported a total revenue of $38.7 billion for the fiscal year ending December 31, 2024, marking a 9% increase from $35.3 billion in 2023. The growth was driven by a rise in both equipment and services revenue, with equipment sales reaching $10.3 billion and services revenue totaling $24.8 billion. However, the company's net earnings decreased to $6.6 billion, down from $9.5 billion in the previous year, primarily due to a significant decline in gains from retained and sold ownership interests, which fell by $5.2 billion.
The company underwent significant structural changes during the fiscal year, completing the spin-off of its healthcare business, GE HealthCare, in January 2023, and the separation of GE Vernova in April 2024. These separations have been reported as discontinued operations in the financial statements. The restructuring efforts included a focus on enhancing operational efficiency and aligning resources with core aerospace and defense sectors. GE Aerospace's workforce stood at approximately 53,000 employees as of December 31, 2024, with about 28,000 based in the United States.
Operationally, GE Aerospace's Commercial Engines & Services segment generated approximately 70% of total revenue, with a notable increase in aftermarket services, which accounted for about 70% of the segment's revenue. The company reported a backlog of unfilled customer orders, known as Remaining Performance Obligations (RPO), totaling $171.6 billion, reflecting strong demand for both equipment and services. The Defense & Propulsion Technologies segment also saw growth, with revenue increasing by 6% to $9.5 billion, driven by government contracts and services.
Looking ahead, GE Aerospace anticipates continued growth in revenue and profitability, supported by a ramp-up in production and service delivery for new engine platforms. The company is focused on addressing supply chain challenges and inflationary pressures that have impacted its operations. Management expects to leverage its proprietary FLIGHT DECK operating model to enhance efficiency and cost management. The outlook remains cautiously optimistic, with expectations of increased demand in both commercial and defense sectors, although macroeconomic uncertainties and geopolitical risks could pose challenges.
About GENERAL ELECTRIC CO
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