Excellent 2023 supported by solid fourth quarter; GE Aerospace and GE Vernova ready to launch in early April
Fourth quarter 2023:
• Total orders of $21.7B, +8%; organic orders +7%
• Total revenues (GAAP) of $19.4B, +15%; adjusted revenues* $18.5B, +13% organically*
• Profit margin (GAAP) of 10.3%, +90 bps; adjusted profit margin* 9.6%, +50 bps organically*
• Continuing EPS (GAAP) of $1.44, $(0.09); adjusted EPS* $1.03, +$0.37
• Cash from Operating Activities (GAAP) of $3.2B, $(0.4)B; free cash flow* $3.0B, $(0.4)B
Full year 2023:
• Total orders of $79.2B, +25%; organic orders +25%
• Total revenues (GAAP) of $68.0B, +17%; adjusted revenues* $64.6B, +17% organically*
• Profit margin (GAAP) of 15.0%, +1,640 bps; adjusted profit margin* 8.8%, +310 bps organically*
• Continuing EPS (GAAP) of $7.98, +$8.98; adjusted EPS* $2.81, +$2.04
• Cash from Operating Activities (GAAP) of $5.6B, +$1.5B; free cash flow* $5.2B, +$2.1B
BOSTON — January 23, 2024 — GE (NYSE:GE) announced results today for the fourth quarter ending December
31, 2023.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "2024 will be a momentous year as GE
Aerospace and GE Vernova plan to launch as independent public companies in early April. Both companies will
carry forward GE's commitment to innovation and continuous improvement, with even sharper focus on their vital,
growing industries. They serve vast and valuable installed bases with enviable service franchises that keep them
close to customers, day in and day out. I am proud of what our teams have accomplished and excited for our next
chapter as GE Aerospace invents the future of flight and GE Vernova leads the energy transition."
Culp continued, "In 2023, our teams delivered an excellent year, more than tripling earnings and generating almost
70 percent more free cash flow. At GE Aerospace, we drove solid revenue and operating profit improvement in the
fourth quarter and double-digit revenue, profit, and cash growth for the year, reflecting ongoing strength in
Commercial Engines and Services. At GE Vernova, Renewable Energy and Power together delivered meaningfully
better results, with double-digit revenue growth in the quarter and positive profit and free cash flow for the year. We
expect further revenue, profit, and free cash flow growth for both GE Aerospace and GE Vernova in 2024."
GE Aerospace1
• Delivered higher orders, revenue, and operating profit in the quarter. For the year, delivered double-digit growth
in orders, revenue, operating profit, and cash due to commercial momentum and strength in services, which
represent approximately 70 percent of revenue.
• Announced an order for 202 GE9X engines and spares by Emirates to power its upcoming fleet of Boeing
777X, bringing Emirates' total order for GE9X engines to 460.
• Named the GE Directors who will continue as members of GE Aerospace's Board of Directors, including two
new additions with deep aerospace experience who joined in December.
GE Vernova
• Renewable Energy and Power drove double-digit revenue growth in the quarter. For the year, together they
delivered strong revenue growth, operating profit improvement of over $1 billion, and positive free cash flow,
with services representing approximately 65 percent of backlog.
• Secured 2.4 GW order to support Pattern Energy's SunZia wind project in New Mexico—expected to be the
largest wind project in U.S. history—with 674 onshore wind turbines and a long-term services award.
• Reached key milestones toward its spin-off, including naming its Board of Directors, filing its Form 10
registration statement on a confidential basis, and achieving operational readiness.
* Non-GAAP Financial Measure
1Following the planned spin-off, in which GE will distribute the common stock of GE Vernova on a pro rata basis to holders of GE common stock, General
Electric Company will be known as GE Aerospace. In current financial reporting and guidance, GE Aerospace refers to our existing reporting segment.

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