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GE Aerospace delivered strong FY2025 results with revenue surging 18.5% to $45.9B and net income jumping 32.8% to $8.7B, driven by robust demand for jet engines and services, while operating cash flow nearly doubled to $8.5B.
营业收入
$45.85B
同比 ++18.48%
每股收益（基本）
$8.20
同比 ++35.76%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
General Electric (GE) FY2025 营收 $45.85B，同比增长 18.5%。 净利润 $8.7B，同比增长 32.8%，稀释每股收益 $8.14。
GE reported FY2025 revenue of $45.9B, up 18.5% year-over-year from $38.7B, reflecting robust demand across its aerospace engine and services portfolio as commercial aviation continues its post-pandemic recovery and defense spending remains elevated.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Net income rose 32.8% to $8.7B and diluted EPS grew 35.9% to $8.14, outpacing revenue growth and indicating meaningful operating leverage and margin expansion across the business.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow surged 81.3% to $8.5B from $4.7B in the prior year, a dramatic improvement that signals stronger earnings quality, better working capital management, and the benefits of GE's streamlined, focused aerospace business model.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
SG&A expenses declined 7.9% to $4.1B, demonstrating effective cost management, while R&D spending increased 22.9% to $1.6B, reflecting GE's commitment to next-generation engine technology and long-term innovation investment.
来源: Source: 10-K Income Statement (XBRL Financial Data)
GE returned $7.6B to shareholders through share buybacks in FY2025, up 29.6% from $5.8B in the prior year, contributing to the 35.8% increase in basic EPS and reflecting management's confidence in the company's cash generation capacity.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
GE's debt-to-equity ratio stands at approximately 5.96x, reflecting significant financial leverage relative to its equity base of $18.7B. While the company generates strong cash flows, this leverage level leaves limited buffer in the event of an economic downturn or unexpected operational disruptions. Rising interest rates could also increase the cost of refinancing the $20.5B long-term debt.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
GE's current ratio of approximately 1.04x indicates that current assets barely cover current liabilities ($41.0B vs. $39.0B), leaving very little liquidity cushion. Current liabilities grew 13.3% year-over-year, faster than current assets, which could signal tightening near-term liquidity if business conditions deteriorate.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
Stockholders' equity fell 3.4% to $18.7B despite strong net income of $8.7B, primarily because aggressive share buybacks of $7.6B and other capital distributions exceeded earnings retained in the business. Continued buybacks at this pace could further erode the equity base and increase financial risk.
来源: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
As a manufacturer of complex jet engines, GE faces ongoing risks related to supply chain constraints, component shortages, and production ramp challenges. The 18.5% revenue growth implies significant volume increases that require flawless execution across a global supply chain, and any disruption could impair delivery schedules and customer relationships.
来源: Source: 10-K Income Statement (XBRL Financial Data)
R&D spending increased 22.9% to $1.6B in FY2025, reflecting heavy investment in next-generation engine programs. These programs carry inherent technical and commercial risk — cost overruns, delays, or failure to achieve performance targets could negatively impact future profitability and competitive positioning.
来源: Source: 10-K Income Statement (XBRL Financial Data)
FY2025 实际 EPS $1.57，分析师一致预期 $1.47，超预期 +6.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $45.85B | $38.7B | +18.48% |
净利润 | $8.7B | $6.56B | +32.76% |
每股收益（基本） | $8.20 | $6.04 | +35.76% |
每股收益（稀释） | $8.14 | $5.99 | +35.89% |
研发费用 | $1.58B | $1.29B | +22.86% |
销售及管理费用 | $4.09B | $4.44B | -7.87% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $130.17B | $123.14B | +5.71% |
流动资产 | $40.6B | $37.63B | +7.87% |
总负债 | $111.27B | $103.58B | +7.43% |
流动负债 | $38.98B | $34.39B | +13.34% |
股东权益 | $18.68B | $19.34B | -3.44% |
长期债务 | $20.47B | $19.27B | +6.21% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $8.54B | $4.71B | +81.25% |
投资活动现金流 | $-1.15B | $-1.67B | +30.79% |
筹资活动现金流 | $-8.68B | $-6.73B | -29.08% |
股票回购 | $7.55B | $5.83B | +29.59% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 19.0% | — | — |
净资产收益率 | 46.6% | — | — |
总资产收益率 | 6.7% | — | — |
流动比率 | $1.041 | — | — |
资产负债率 | $5.958 | — | — |
GE reported strong Q2 FY2026 growth, with revenue up 21.1% to $13.35B and net income up 16.9% to $2.37B, driven by higher engine deliveries, stronger services demand, and an expanding aerospace backlog despite ongoing supply chain and tariff-related pressures.
GE Aerospace delivered strong 24.7% revenue growth to $12.4B in Q1 2026, driven by robust aerospace demand, though net income dipped 3.7% to $1.9B amid rising costs and operating cash flow improved 20.8% to $1.8B.
Aerospace & Defense 行业其他公司
GE had an outstanding FY2025, with revenue growing 18.5% to $45.9B and net income surging 32.8% to $8.7B. Diluted EPS reached $8.14, up 35.9% year-over-year, and operating cash flow nearly doubled to $8.5B, reflecting strong execution across its aerospace business.
GE's 18.5% revenue increase to $45.9B in FY2025 was driven by robust demand for jet engines and aftermarket services, benefiting from the continued recovery in global commercial aviation and sustained defense spending. The company also demonstrated strong cost discipline, with SG&A expenses declining 7.9% even as revenue surged.
GE returned $7.6B to shareholders through share buybacks in FY2025, a 29.6% increase from $5.8B in the prior year. This aggressive capital return program contributed to the 35.9% increase in diluted EPS by reducing the share count outstanding.
GE's most notable financial risks include a high debt-to-equity ratio of approximately 5.96x and a very tight current ratio of just 1.04x, which leaves limited liquidity cushion. Additionally, stockholders' equity declined 3.4% to $18.7B despite strong earnings, as buybacks and distributions exceeded retained earnings.
Yes — GE's operating cash flow surged 81.3% to $8.5B in FY2025, up from $4.7B in the prior year, demonstrating high-quality earnings backed by real cash generation. With investing outflows of only $1.15B, implied free cash flow was approximately $7.4B, a very strong result for an industrial company of GE's scale.