GENERAL ELECTRIC CO

Previous wording

As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs and strategies to reduce the impact from tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact.

Current wording

As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs to reduce the impact from tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact.

Previous wording

For the three months ended March 31, 2025, total revenue increased $1.0 billion, or 11%, compared to the three months ended March 31, 2024. Equipment revenue increased, driven by improved customer mix and pricing. Services revenue increased, primarily due to increased spare parts volume, increased internal shop visit volume and shop visit workscope.

Current wording

For the three months ended June 30, 2025, total revenue increased $1.9 billion, or 21%, compared to the three months ended June 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing, partially offset by customer mix. Services revenue increased, due to increased spare parts volume, increased internal shop visit volume and shop visit workscopes and improved pricing.

Previous wording

For the three months ended March 31, 2025, continuing net income increased $0.2 billion compared to the three months ended March 31, 2024, driven by an increase in segment profit of $0.5 billion and decreases of $0.2 billion in separation costs and $0.1 billion in restructuring and other charges. The increase was partially offset by a decrease in gains on retained and sold ownership interests of $0.6 billion, primarily related to our prior investment in GE HealthCare. Adjusted net income* was $1.6 billion, an increase of $0.6 billion, due to an increase in segment profit of $0.5 billion and a decrease in Adjusted Corporate & Other operating costs* of $0.1 billion.

Current wording

For the three months ended June 30, 2025, continuing net income increased $0.7 billion compared to the three months ended June 30, 2024, driven by an increase in segment profit of $0.6 billion, a decrease in losses on retained and sold ownership interests of $0.4 billion, primarily related to our prior investment in GE HealthCare, and a decrease in interest and other financial charges of $0.1 billion. The increase was partially offset by an increase in provision for income taxes of $0.3 billion, due to higher net income before taxes, and an increase in Adjusted Corporate & Other operating costs* of $0.1 billion. Adjusted net income* was $1.8 billion, an increase of $0.5 billion, due to an increase in segment profit of $0.6 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.1 billion.

Previous wording

Profit was $2.2 billion, an increase of $0.3 billion. Profit margin was 22.6%, an increase from 22.2%. Operating profit* was $2.1 billion, an increase of $0.6 billion. Operating profit margin* was 23.8%, an increase of 460 basis points. Adjusted EPS* was $1.49, an increase of 60%.

Current wording

Profit was $4.6 billion, an increase of $1.2 billion. Profit margin was 22.1%, an increase from 19.0%. Operating profit* was $4.5 billion, an increase of $1.0 billion. Operating profit margin* was 23.4%, an increase of 230 basis points. Adjusted EPS* was $3.14, an increase of 47%.

Previous wording

As of March 31, 2025, RPO increased $1.0 billion, or 1%, from December 31, 2024, at Defense & Propulsion Technologies and Commercial Engines and Services, primarily from equipment orders outpacing revenue recognized.

Current wording

As of June 30, 2025, RPO increased $2.8 billion, or 2%, from December 31, 2024, at Commercial Engines and Services, as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized, and at Defense & Propulsion Technologies, primarily from engine orders outpacing revenue recognized.

Previous wording

COMMERCIAL ENGINES & SERVICES. In the first quarter of 2025, demand for commercial air travel grew with departures up 4%. We are in frequent communication with our airline, airframe and maintenance, repair and overhaul (MRO) customers about the outlook for commercial air travel, new aircraft production, fleet retirements and after-market services, including shop visit and spare parts demand.

Current wording

COMMERCIAL ENGINES & SERVICES. In the first six months of 2025, demand for commercial air travel grew with departures up nearly 4%. We are in frequent communication with our airline, airframe and maintenance, repair and overhaul (MRO) customers about the outlook for commercial air travel, new aircraft production, fleet retirements and after-market services, including shop visit and spare parts demand.

Previous wording

In the first quarter, we announced significant new deals with three major customers. ANA HOLDINGS committed to more than 75 LEAP install and spare engines to power its Boeing 737 MAX and A321 NEO fleets, and also selected our GEnx engines to power its order of 18 Boeing 787s. Malaysia Aviation Group ordered 60 LEAP install engines, plus additional spares, to power their new fleet of 30 Boeing 737 MAX aircrafts. Korean Air announced an agreement for GEnx and GE9X engines to power their recent order of up to 30 Boeing 787-10s and 20 Boeing 777-9s.

Current wording

In the first half of 2025, we announced significant new deals with several major customers. Qatar Airways signed an agreement to purchase more than 400 engines, including 60 GE9X and 260 GEnx engines, with additional options and spares, to power its next- generation Boeing 777-9 and Boeing 787 aircraft. International Airlines Group announced an agreement to purchase GEnx engines to power their new fleet of Boeing 787 aircraft. ANA Holdings committed to more than 75 LEAP install and spare engines to power its Boeing 737 MAX and A321 NEO fleets, and also selected our GEnx engines to power its order of Boeing 787s. Malaysia Aviation Group ordered 60 LEAP install engines, plus additional spares, to power their new fleet of Boeing 737 MAX aircraft. Korean Air announced an agreement for GEnx and GE9X engines to power their recent order of Boeing 787-10s and Boeing 777-9s.

Previous wording

Internal shop visit revenue grew in the first quarter, while total engine deliveries and LEAP engine deliveries decreased primarily due to supply chain constraints. Total engineering investments, both company and partner-funded, increased compared to prior year. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield. We also remain committed to investing in developing and maturing technologies that enable a more efficient future of flight. Notably, CFM International's RISE program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels. We recently completed a second test campaign on the high-pressure turbine blades which demonstrated improved durability and fuel efficiency. This is one of several initiatives underway to help invent the future of flight.

Current wording

Internal shop visit revenue grew in the second quarter and total engine deliveries and LEAP engine deliveries increased primarily due to improved material supply. Total engineering investments, both company and partner-funded, increased compared to prior year. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield. We also remain committed to investing in developing and maturing technologies that enable a more efficient future of flight. Notably, CFM International's RISE program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels. The RISE program has completed over 350 component and module tests. This is one of several initiatives underway to help invent the future of flight. We also continued to invest to develop technologies to support our defense customers by developing technologies for sixth-generation aircraft.

Previous wording

Revenue increased primarily due to increased spare parts volume, increased internal shop visit volume and shop visit workscope, improved customer mix and pricing. These increases were partially offset by lower deliveries of engines due to supply chain constraints and an unfavorable change in estimated profitability of our long-term service agreements.

Current wording

Profit increased primarily due to increased spare parts volume, increased internal shop visit revenue and shop visit workscopes and improved pricing. These increases were partially offset by the impact from higher install engine deliveries, inflation and higher growth investment.

Previous wording

Profit increased primarily due to increased spare parts volume, increased internal shop visit revenue, mix and improved pricing. These increases were partially offset by inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements, primarily from the estimated impact from tariffs.

Current wording

Profit increased primarily due to increased spare parts and internal shop visit revenue and workscopes and improved pricing. These increases were partially offset by the impact of higher install engine deliveries, inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements, primarily from the estimated impact from tariffs.

Previous wording

As of March 31, 2025, RPO increased $0.1 billion from December 31, 2024, from increases in equipment partially offset by services. Equipment increased primarily as a result of engine orders outpacing revenue recognized.

Current wording

As of June 30, 2025, RPO increased $1.6 billion from December 31, 2024, from increases in equipment and services, primarily as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenue recognized.

Previous wording

DEFENSE & PROPULSION TECHNOLOGIES. Our results in the first quarter of 2025 reflect domestic and international government defense departments’ focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of our business is government funding, as most of the revenue in Defense & Systems is derived from funding that flows through the U.S. Department of Defense (DoD) budget, or equivalent international budgets.

Current wording

DEFENSE & PROPULSION TECHNOLOGIES. Our results in the second quarter of 2025 reflect domestic and international government defense departments’ focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of our business is government funding, as most of the revenue in Defense & Systems is derived from funding that flows through the U.S. Department of Defense (DoD) budget, or equivalent international budgets.

Previous wording

In the first quarter of 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. We also achieved important development and testing milestones on two advanced engines for the U.S. war fighter. We completed initial ground runs for the T901 on a Black Hawk helicopter and we also completed a Detailed Design Review for the XA102 adaptive cycle engine.

Current wording

In the first half of 2025, we announced an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force valued up to $5 billion to support foreign military sales for F110-GE-129 engines, which power F-15 and F-16 aircraft operated by allied nations worldwide. We also achieved important development and testing milestones on two advanced engines for the U.S. war fighter. We completed initial ground runs for the T901 on a Black Hawk helicopter and we also completed a Detailed Design Review for the XA102 adaptive cycle engine.

Previous wording

D&S revenue was flat primarily due to aircraft systems product growth, increased engine deliveries and price partially offset by lower services volume. P&AT revenue increased primarily due to services volume and price, partially offset by lower internal shipments.

Current wording

D&S revenue increased primarily due to increased engine deliveries, aircraft systems product growth and price, partially offset by lower services volume. P&AT revenue increased primarily due to services volume and price.

Previous wording

Profit increased primarily due to aircraft systems product growth, customer mix and productivity. This increase was partially offset by incremental investments to support next-generation products and inflation in our supply chain.

Current wording

Profit increased primarily due to increased engine deliveries, aircraft systems product growth, customer mix and productivity. This increase was partially offset by incremental investments to support next-generation products and inflation in our supply chain.

Previous wording

As of March 31, 2025, RPO increased $0.9 billion, or 5%, from December 31, 2024, primarily due to increases in equipment from orders outpacing revenue recognized as we are starting to get IDIQ orders from the Air Force.

Current wording

As of June 30, 2025, RPO increased $1.2 billion, or 7%, from December 31, 2024, primarily due to increases in equipment from orders outpacing revenue recognized.

Previous wording

For the three months ended March 31, 2025, revenue increased by $0.1 billion compared to the three months ended March 31, 2024, due to higher run-off insurance operations revenue and lower intercompany eliminations. Corporate & Other operating profit decreased by $0.3 billion due to $0.6 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to our GE HealthCare investment, partially offset by $0.2 billion of lower separation costs and $0.1 billion of lower restructuring and other charges.

Current wording

For the three months ended, June 30, 2025, revenue was down $0.1 billion compared to the three months ended June 30, 2024, due to higher intercompany eliminations. Corporate & Other operating cost decreased by $0.3 billion due to $0.4 billion of lower losses on retained and sold ownership interests and other equity securities, primarily related to our prior GE Healthcare investment, partially offset by $0.1 billion of lower separation costs and restructuring and other charges.

Previous wording

Adjusted Corporate & Other operating costs* decreased primarily due to a reduction in our functional costs and lower EHS costs, partially offset by lower bank interest.

Current wording

Adjusted Corporate & Other operating costs* increased by $0.1 billion primarily due to higher functional costs and lower bank interest, partially offset by lower EHS costs.

Previous wording

INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion and $0.3 billion for both the three months ended March 31, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short- and long-term borrowings.

Current wording

INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion for both the three months ended June 30, 2025 and 2024, and $0.4 billion and $0.5 billion for the six months ended June 30, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short-term and long-term borrowings and interest on tax deficiencies.

Previous wording

For the three months ended March 31, 2025, the adjusted effective income tax rate* was 17.6% compared to 20.7% for the three months ended March 31, 2024. The adjusted provision (benefit) for income taxes* was $0.3 billion for both the three months ended March 31, 2025 and 2024. The change in the tax provision was primarily due to the tax effect of the increase in adjusted net income before taxes* and an increase in global minimum tax (Pillar 2), partially offset by favorable audit resolutions for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Current wording

For the three months ended June 30, 2025, the adjusted effective income tax rate* was 18.7% compared to 20.3% for the three months ended June 30, 2024. The decrease was primarily due to higher U.S. business tax credits and favorable audit settlements, partially offset by taxes on global income, including global minimum taxes (Pillar 2). The adjusted provision (benefit) for income taxes* was $0.4 billion and $0.3 billion for the three months ended June 30, 2025 and 2024, respectively. The change in the tax provision was primarily due to higher adjusted net income before taxes* for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Previous wording

INCOME TAXES. For the three months ended March 31, 2025, the effective income tax rate was 12.6% compared to 12.3% for the three months ended March 31, 2024. The provision for income taxes was $0.3 billion and $0.2 billion for the three months ended March 31, 2025 and 2024, respectively. The increase in the tax provision was primarily due to higher pre-tax income, lower non-taxable gains on our retained and sold ownership interests, and an increase in global minimum tax (Pillar 2), partially offset by tax benefits associated with realized foreign tax credits on the reinsurance transaction (see Note 12), and favorable audit resolutions for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Current wording

The provision for income taxes was $0.7 billion for the six months ended June 30, 2025 and $0.4 billion for the six months ended June 30, 2024. The increase in the tax provision was primarily due to higher net income before taxes, a decrease in tax benefits associated with separation activities, lower non-taxable gains on our retained and sold ownership interests, and an increase in global minimum tax (Pillar 2), partially offset by tax benefits associated with realized foreign tax credits on the reinsurance transaction (see Note 12), and favorable audit resolutions for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Previous wording

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flow* from our operating businesses, and access to capital markets. If needed, we can also draw from short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of customer allowances and market conditions. Total cash, cash equivalents and restricted cash was $12.4 billion at March 31, 2025, of which $4.3 billion was held in the U.S. and $8.1 billion was held outside the U.S.

Current wording

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flow* from our operating businesses, and access to capital markets. If needed, we can also draw from short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of customer allowances and market conditions. Total cash, cash equivalents and restricted cash was $10.9 billion at June 30, 2025, of which $3.6 billion was held in the U.S. and $7.3 billion was held outside the U.S.

Previous wording

Cash, cash equivalents and restricted cash at March 31, 2025 included $0.4 billion of cash held in countries with currency control restrictions, which may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Excluded from cash, cash equivalents and restricted cash was $1.1 billion of cash in our run-off insurance operations, which was classified as All other assets in the Statement of Financial Position. Also excluded from cash, cash equivalents and restricted cash was $1.4 billion of cash in our discontinued operations held by Bank BPH (see Note 2).

Current wording

Cash, cash equivalents and restricted cash at June 30, 2025 included $0.4 billion of cash held in countries with currency control restrictions, which may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Excluded from cash, cash equivalents and restricted cash was $1.2 billion of cash in our run-off insurance operations, which was classified as All other assets in the Statement of Financial Position, and $1.4 billion of cash in our discontinued operations held by Bank BPH (see Note 2).

Previous wording

On March 7, 2024, the Company announced that the Board of Directors had authorized the repurchase of up to $15.0 billion of our common stock. Under this program, shares may be repurchased on the open market, via various strategies, including plans complying with rules 10b5-1 and 10b-18 as well as plans using accelerated share repurchases. In connection with this authorization, we repurchased 9.5 million shares for $1.9 billion in the first quarter of 2025. This included repurchases of 5.5 million shares for $1.1 billion using accelerated stock repurchases as a mechanism to achieve planned repurchase volumes within a quarter during closed windows.

Current wording

On March 7, 2024, the Company announced that the Board of Directors had authorized the repurchase of up to $15.0 billion of our common stock. Under this program, shares may be repurchased on the open market, via various strategies, including plans complying with rules 10b5-1 and 10b-18 as well as plans using accelerated share repurchases. In connection with this authorization, we repurchased 16.6 million shares for $3.5 billion in the first half of 2025. This included repurchases of 10.5 million shares for $2.3 billion using accelerated stock repurchases as a mechanism to achieve planned repurchase volumes within a quarter during closed windows.

Previous wording

BORROWINGS. Consolidated total borrowings were $19.6 billion and $19.3 billion at March 31, 2025 and December 31, 2024, respectively, an increase of $0.3 billion, mainly due to foreign exchange movement. The Company also holds a five-year unsecured revolving credit facility in an aggregate committed amount of $3.0 billion and had zero outstanding at March 31, 2025.

Current wording

BORROWINGS. Consolidated total borrowings were $18.9 billion and $19.3 billion at June 30, 2025 and December 31, 2024, respectively, a decrease of $0.4 billion, mainly due to maturities of $1.3 billion partially offset by currency exchange of $0.8 billion. We plan to refinance these maturities in 2025, subject to market conditions. The Company also holds a five-year unsecured revolving credit facility in an aggregate committed amount of $3.0 billion and had zero outstanding at June 30, 2025.

Previous wording

FOREIGN EXCHANGE RISK. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British Sterling pound, and Brazilian real. The effect of foreign currency fluctuations on income was insignificant for the quarter ended March 31, 2025. See Note 20 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Current wording

FOREIGN EXCHANGE RISK. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British Sterling pound, and Brazilian real. The effect of foreign currency fluctuations on income was insignificant. See Note 20 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Previous wording

Cash from operating activities was $1.5 billion for the three months ended March 31, 2025, a decrease of$0.1 billion compared to 2024, primarily due to: a decrease in All other operating activities, primarily driven by payments of employee benefit liabilities, an increase in income tax payments and working capital growth, partially offset by an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare) driven by all segments and an increase in sales discounts and allowances. The components of All other operating activities included:

Current wording

Cash from operating activities was $3.9 billion for the six months ended June 30, 2025, an increase of$1.3 billion compared to 2024, primarily due to: an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests) driven by all segments and an increase in sales discounts and allowances, partially offset by an increase in working capital growth and income tax payments. The components of All other operating activities included:

Previous wording

The cash impact from changes in working capital was $0.1 billion for the three months ended March 31, 2025, a decrease of $0.2 billion compared to 2024, due to: current receivables of $(0.6) billion, driven by higher volume partially offset by higher collections; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases; current contract assets, contract liabilities and current deferred income of $0.1 billion, driven by net unfavorable changes in estimated profitability on long-term service contracts; and accounts payable of $0.5 billion, driven by higher volume, partially offset by higher disbursements related to purchases of materials in prior periods.

Current wording

Cash used from changes in working capital was $(0.5) billion for the six months ended June 30, 2025, an increase of $0.5 billion compared to 2024, due to: current receivables of $(1.1) billion, from higher volume partially offset by higher collections; inventories, including deferred inventory, of $(0.2) billion, driven by higher material purchases; current contract assets, contract liabilities and current deferred income of $(0.2) billion, driven by higher revenue recognition, partially offset by billings and net unfavorable changes in estimated profitability on long-term service contracts; progress collections were flat, driven by higher collections offset by higher liquidations; and accounts payable of $1.1 billion, driven by higher volume and lower disbursements mainly related to purchases of materials in prior quarters.

Previous wording

Cash used for investing activities was $(0.3) billion for the three months ended March 31, 2025, a decrease of $0.8 billion compared to 2024, primarily due to: lower cash paid related to net settlements between continuing operations and businesses in discontinued operations of $2.2 billion, primarily related to the separation of GE Vernova in 2024 (a component of All other investing activities); and lower net purchases of insurance investment securities of $1.2 billion; partially offset by a decrease in proceeds of $2.6 billion from the disposition of our retained ownership interests in GE HealthCare in 2024. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flow*, was $(0.2) billion for both the three months ended March 31, 2025 and 2024, respectively.

Current wording

Cash used for investing activities was $(0.9) billion for the six months ended June 30, 2025, a decrease of $1.1 billion compared to 2024, primarily due to: lower cash paid related to net settlements between continuing operations and businesses in discontinued operations of $2.8 billion, primarily related to the separation of GE Vernova in 2024 (a component of All other investing activities); and lower net purchases of insurance investment securities of $1.3 billion; partially offset by a decrease in proceeds of $2.6 billion from the disposition of our ownership interests in GE HealthCare in 2024 and business acquisitions of $0.4 billion in 2025. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flow*, was $0.5 billion for both the six months ended June 30, 2025 and 2024, respectively.

Previous wording

Cash used for financing activities was $(2.3) billion for the three months ended March 31, 2025, an increase of $2.2 billion compared to 2024, primarily due to: an increase in treasury stock repurchases of $1.6 billion; a decrease in cash received of $0.4 billion from stock option exercises (a component of All other financing activities); and higher dividends paid to shareholders of $0.2 billion; partially offset by lower net debt maturities of $0.2 billion.

Current wording

Cash used for financing activities was $(5.5) billion for the six months ended June 30, 2025, an increase of $2.5 billion compared to 2024, primarily due to: an increase in treasury stock repurchases of $1.1 billion, higher net debt maturities of $0.6 billion, a decrease in cash received of $0.6 billion from stock option exercises (a component of All other financing activities); and higher dividends paid to shareholders of $0.3 billion.

Previous wording

Cash used for operating activities of discontinued operations decreased $0.6 billion for the three months ended March 31, 2025 compared to 2024, primarily driven by working capital cash usage and cash paid for income taxes at our former GE Vernova business in 2024.

Current wording

Cash used for operating activities of discontinued operations decreased $0.5 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by working capital cash usage and cash paid for income taxes at our former GE Vernova business in 2024.

Previous wording

Cash from investing activities of discontinued operations decreased $1.9 billion for the three months ended March 31, 2025 compared to 2024, primarily driven by lower cash received of $2.2 billion from net settlements between our discontinued operations and businesses in continuing operations related to the establishment of the opening cash balance for our former GE Vernova business in 2024.

Current wording

Cash from investing activities of discontinued operations increased $1.6 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by a reduction of cash and cash equivalents of $4.2 billion due to the separation of our former GE Vernova business in 2024, partially offset by lower cash received of $2.8 billion from net settlements between our discontinued operations and businesses in continuing operations primarily related to establishment of the opening cash balance for our former GE Vernova business in 2024.

Previous wording

Cash used for financing activities of discontinued operations decreased $0.1 billion for the three months ended March 31, 2025 compared to 2024, primarily driven by net debt repayments by our former GE Vernova business in 2024.

Current wording

Cash used for financing activities of discontinued operations decreased $0.1 billion for the six months ended June 30, 2025 compared to 2024, primarily driven by net debt repayments by our former GE Vernova business in 2024.

Previous wording

As of March 31, 2025, we estimated GE Vernova RPO and other obligations that relate to GE Aerospace credit support to be approximately $15 billion, an over 77% reduction since December 31, 2023. We expect, approximately $9 billion of the RPO related to GE Aerospace credit support obligations to contractually mature by the end of 2029. The Company’s maximum aggregate exposure under the GE Aerospace credit support cannot be reasonably estimated given the breadth of the portfolio across each of the GE Vernova businesses. The underlying obligations are predominantly customer contracts that GE Vernova performs in the course of its business. We have no known instances historically where payments or performance from us were required under parent company guarantees relating to GE Vernova customer contracts. See Note 22 for additional details regarding guarantees.

Current wording

As of June 30, 2025, we estimated GE Vernova RPO and other obligations that relate to GE Aerospace credit support to be approximately $12 billion, an over 80% reduction since December 31, 2023. We expect approximately $8 billion of the RPO related to GE Aerospace credit support obligations to contractually mature by the end of 2029. The Company’s maximum aggregate exposure under the GE Aerospace credit support cannot be reasonably estimated given the breadth of the portfolio across each of the GE Vernova businesses. The underlying obligations are predominantly customer contracts that GE Vernova performs in the course of its business. We have no known instances historically where payments or performance from us were required under parent company guarantees relating to GE Vernova customer contracts. See Note 22 for additional details regarding guarantees.