GENERAL ELECTRIC CO

Previous wording

Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input and proactively manage the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts.

Current wording

Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input and proactively manage the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. However, with the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter.

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 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. In the third quarter, the U.S.established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK and Japan, establishing a mutual elimination of 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 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.

Current wording

For the three months ended September 30, 2025, total revenue increased $2.3 billion, or 24%, compared to the three months ended September 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing, partially offset by engine mix. Services revenue increased, due to increased internal shop visit and spare parts volume, higher shop visit workscopes and improved pricing.

Previous wording

For the six months ended June 30, 2025, total revenue increased $2.9 billion, or 16%, compared to the six months ended June 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing. Services revenue increased, due to increased spare parts volume, increased internal shop visit volume and shop visit workscopes and improved pricing.

Current wording

For the nine months ended September 30, 2025, total revenue increased $5.2 billion, or 19%, compared to the nine months ended September 30, 2024. Equipment revenue increased, driven by increased engine deliveries and improved pricing. Services revenue increased, due to increased internal shop visit and spare parts volume, higher shop visit workscopes and improved pricing.

Previous 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.

Current wording

For the three months ended September 30, 2025, net income from continuing operations increased $0.5 billion compared to the three months ended September 30, 2024, driven by an increase in segment profit of $0.8 billion, a decrease in in restructuring and other charges of $0.4 billion, a decrease in goodwill impairment losses of $0.3 billion and an increase in Insurance profit of $0.2 billion. The increase was partially offset by a decrease in gains on sales of business interests of $0.4 billion, a decrease in gains on retained and sold ownership interests of $0.3 billion, an increase in Adjusted Corporate & Other operating costs* of $0.3 billion and an increase in provision for income taxes of $0.1 billion, due to higher net income before taxes. Adjusted net income* was $1.8 billion, an increase of $0.5 billion, due to an increase in segment profit of $0.8 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.3 billion.

Previous wording

Profit was $2.4 billion, an increase of $0.9 billion. Profit margin was 21.7%, an increase from 15.9%. Operating profit* was $2.3 billion, an increase of $0.4 billion. Operating profit margin* was 23.0%, a decrease of 10 basis points. Adjusted EPS* was $1.66, an increase of 38%.

Current wording

Profit was $2.5 billion, an increase of $0.6 billion. Profit margin was 20.7%, an increase from 19.2%. Operating profit* was $2.3 billion, an increase of $0.5 billion. Operating profit margin* was flat at 20.3%. Adjusted EPS* was $1.66, an increase of 44%.

Previous wording

For the six months ended June 30, 2025, continuing net income increased $0.9 billion compared to the six months ended June 30, 2024, driven by an increase in segment profit of $1.1 billion, and decreases of $0.2 billion in separation costs and $0.1 billion in interest and other financial charges. The increase was partially offset by an increase in provision for income taxes of $0.3 billion, due to higher net income before taxes, a decrease in gains on retained and sold ownership interests of $0.2 billion, primarily related to our prior investment in GE HealthCare, and an increase in Adjusted Corporate & Other operating costs* of $0.1 billion. Adjusted net income* was $3.4 billion, an increase of $1.0 billion, due to an increase in segment profit of $1.1 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.1 billion.

Current wording

For the nine months ended September 30, 2025, net income from continuing operations increased $1.4 billion compared to the nine months ended September 30, 2024, driven by an increase in segment profit of $1.9 billion, a decrease in in restructuring and other charges of $0.5 billion, a decrease in separation costs of $0.3 billion, a decrease in goodwill impairment losses of $0.3 billion and a decrease in interest and other financial charges of $0.2 billion. The increase was partially offset by a decrease in gains on retained and sold ownership interests of $0.6 billion, an increase in provision for income taxes of $0.4 billion, due to higher net income before taxes, an increase in Adjusted Corporate & Other operating costs* of $0.4 billion and a decrease in gains on sales of business interests of $0.4 billion. Adjusted net income* was $5.1 billion, an increase of $1.5 billion, due to an increase in segment profit of $1.9 billion, partially offset by an increase in Adjusted Corporate & Other operating costs* of $0.4 billion.

Previous 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%.

Current wording

Profit was $7.1 billion, an increase of $1.8 billion. Profit margin was 21.6%, an increase from 19.1%. Operating profit* was $6.8 billion, an increase of $1.5 billion. Operating profit margin* was 22.3%, an increase of 140 basis points. Adjusted EPS* was $4.80, an increase of 46%.

Previous 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.

Current wording

As of September 30, 2025, RPO increased $4.6 billion, or 3%, from December 31, 2024, at Commercial Engines & Services, as a result of contract modifications and 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 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.

Current wording

COMMERCIAL ENGINES & SERVICES. In the first nine months of 2025, demand for commercial air travel grew with departures up 3%. 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 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.

Current wording

In the first three quarters 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 LEAP, GEnx and GE9X engines to power their recent orders of Boeing 737 MAX, 787-10s and 777-9s aircrafts. Cathay Pacific committed to purchasing GE9X engines to power their recent order of Boeing 777-9 aircraft.

Previous 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.

Current wording

Internal shop visit revenue grew in the third 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 both durability and a more efficient future of flight. We recently launched our second dust test on the GE9X engine, which will continue to mature the design pre-entry-into-service. This builds upon over 30,000 cycles of testing, including 9,000 endurance cycles. 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 began dust ingestion testing on next-gen HPT blades for RISE compact core development, a key milestone in advancing durability and reliability across the program. This is one of several initiatives underway to help invent the future of flight. We also continue to invest to develop technologies to support our defense customers by developing technologies for sixth-generation aircraft.

Previous wording

For the three months ended June 30, 2025, revenue was up $1.9 billion, or 30%, and profit was up $0.6 billion, or 33%, compared to the three months ended June 30, 2024.

Current wording

For the three months ended September 30, 2025, revenue was up $1.9 billion, or 27%, and profit was up $0.6 billion, or 35%, compared to the three months ended September 30, 2024.

Previous wording

Revenue increased due to increased spare parts and internal shop visit revenue and shop visit workscopes, increased engine deliveries and pricing, partially offset by customer mix.

Current wording

Revenue increased due to increased internal shop visit and spare parts volume and higher workscopes, increased engine deliveries and pricing, partially offset by engine mix.

Previous 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.

Current wording

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

Previous wording

Revenue increased due to increased spare parts and internal shop visit revenue and shop visit workscopes, increased engine deliveries and pricing.

Current wording

Revenue increased due to increased spare parts volume, internal shop visit volume and workscopes, increased engine deliveries and pricing.

Previous 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.

Current wording

Profit increased primarily due to increased internal shop visit and spare parts volume and higher 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 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.

Current wording

As of September 30, 2025, RPO increased $3.6 billion or 2% from December 31, 2024, as a result of contract modifications, 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 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.

Current wording

DEFENSE & PROPULSION TECHNOLOGIES. Our results in the third 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 War budget, or equivalent international budgets.

Previous 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.

Current wording

In the first three quarters 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 achieved first flight for the T901 on a Black Hawk helicopter.

Previous wording

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

Current wording

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

Previous wording

Profit increased primarily due to increased engine deliveries, aircraft systems product growth and price, partially offset by incremental investments to support next-generation projects and inflation in our supply chain.

Current wording

Profit increased primarily due to higher volume in Defense and Avio, customer mix, price and lower losses in our Colibrium Additive business, partially offset by incremental investments to support next-generation projects and inflation in our supply chain.

Previous 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.

Current wording

D&S revenue increased primarily due to increased engine deliveries and aircraft systems product growth and price. P&AT revenue increased primarily due to volume and price.

Previous 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.

Current wording

Profit increased primarily due to higher volume in Defense and Avio, aircraft systems product growth, customer mix, price, productivity and lower losses in our Colibrium Additive business. This increase was partially offset by incremental investments to support next-generation products and inflation in our supply chain.

Previous 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.

Current wording

As of September 30, 2025, RPO increased $1.1 billion, or 6%, from December 31, 2024, primarily due to increases in equipment from orders outpacing revenue recognized.

Previous wording

Adjusted Corporate & Other operating costs* excludes gains (losses) on purchases and sales of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-cost restructuring programs, separation costs, our run-off insurance operations and U.S. tax equity profit (loss). We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

Current wording

Adjusted Corporate & Other operating costs* excludes gains (losses) on purchases and sales of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-cost restructuring programs, separation costs, our run-off insurance operations, U.S. tax equity profit (loss) and goodwill impairments. We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

Previous 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.

Current wording

For the three months ended, September 30, 2025, revenue was down $0.1 billion compared to the three months ended September 30, 2024, due to higher intercompany eliminations. Corporate & Other operating cost increased by $0.2 billion due to $0.4 billion of lower gains on purchases and sales of business interests, primarily related to the sale of our non-core Licensing business in 2024, $0.3 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to our prior GE HealthCare investment, and $0.3 billion of higher adjusted Corporate and Other operating costs partially offset by $0.4 billion of lower restructuring and other charges, $0.3 billion of lower goodwill impairments, related to our Colibrium Additive reporting unit, and $0.2 billion of higher Insurance profit.

Previous 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.

Current wording

Adjusted Corporate & Other operating costs* increased by $0.3 billion primarily due to higher functional and EHS costs.

Previous wording

For the six months ended June 30, 2025, revenue was flat compared to the six months ended June 30, 2024, due to higher run-off insurance operations revenue offset by higher intercompany eliminations. Corporate & Other operating cost was relatively flat primarily due to $0.4 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to our prior GE HealthCare investment, lower Insurance profit, and higher U.S. tax equity losses offset by $0.4 billion of lower separation costs and restructuring and other charges.

Current wording

For the nine months ended September 30, 2025, revenue was down $0.1 compared to the nine months ended September 30, 2024, due to higher intercompany eliminations. Corporate & Other operating cost increased by $0.2 billion due to $0.6 billion of lower gains on retained and sold ownership interests and other equity securities, primarily related to our prior GE HealthCare investment, $0.4 billion of lower gains on purchases and sales of business interests, primarily related to the sale of our non-core Licensing business in 2024, and $0.4 billion of higher adjusted Corporate and Other operating costs partially offset by $0.5 billion of lower restructuring and other charges, $0.3 billion of lower goodwill impairments, related to our Colibrium Additive reporting unit, $0.3 billion of lower separation costs and $0.2 billion of higher Insurance profit.

Previous wording

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

Current wording

Adjusted Corporate & Other operating costs* increased by $0.4 billion primarily due to higher functional costs and lower bank interest.

Previous 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.

Current wording

INTEREST AND OTHER FINANCIAL CHARGES were $0.2 billion and $0.3 billion for the three months ended September 30, 2025 and 2024, and $0.6 billion and $0.8 billion for the nine months ended September 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

The provision for income taxes was $0.4 billion and $0.1 billion for the three months ended June 30, 2025 and 2024, respectively. The increase in the tax provision was primarily due to higher net income before taxes, and a decrease in tax benefits associated with separation activities, partially offset by lower non-taxable losses on our retained and sold ownership interests for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

INCOME TAXES. For the three months ended September 30, 2025, the effective income tax rate was 13.7% compared to 10.5% for the three months ended September 30, 2024. The provision for income taxes was $0.3 billion and $0.2 billion for the three months ended September 30, 2025 and 2024, respectively. The increase in the tax provision was primarily due to higher net income before taxes, a decrease in tax benefits associated with separation activities, an increase in global minimum taxes (Pillar 2), and lower non-taxable gains on our retained and sold ownership interests, partially offset by higher tax benefits on global activities (reduced for the impact of the One Big Beautiful Bill Act (OBBBA)) and an increase in business tax credits.

Previous 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.

Current wording

For the three months ended September 30, 2025, the adjusted effective income tax rate* was 15.0% compared to 20.3% for the three months ended September 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 $0.3 billion for both the three months ended September 30, 2025 and 2024. The tax provision was flat, primarily due to higher adjusted net income before taxes* offset by higher tax benefit on global activities (reduced for the impact of the OBBBA) and an increase of business tax credits.

Previous 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.

Current wording

For the nine months ended September 30, 2025, the effective income tax rate was 14.2% compared to 10.6% for the nine months ended September 30, 2024. See Note 15 for further information. The provision for income taxes was $1.0 billion for the nine months ended September 30, 2025 and $0.6 billion for the nine months ended September 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 higher tax benefits on global activities (reduced for the impact of the OBBBA), an increase in business tax credits, tax benefits associated with realized foreign tax credits on the reinsurance transaction (see Note 12) and favorable audit resolutions.

Previous wording

For the six months ended June 30, 2025, the adjusted effective income tax rate* was 18.2% compared to 20.5% for the six 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 $0.7 billion and $0.6 billion for the six months ended June 30, 2025 and 2024, respectively. The change in the tax provision was primarily due to higher adjusted net income before taxes* and an increase in global minimum tax (Pillar 2), partially offset by favorable audit resolutions for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

For the nine months ended September 30, 2025, the adjusted effective income tax rate* was17.1% compared to 20.4% for the nine months ended September 30, 2024. The decrease was primarily due to higher U.S. business tax credits and favorable audit resolutions, partially offset by taxes on global income, including global minimum taxes (Pillar 2). The adjusted provision (benefit) for income taxes* was $1.1 billion and $0.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily due to higher adjusted net income before taxes* and an increase in global minimum tax (Pillar 2), partially offset by higher tax benefit on global activities (reduced for the impact of the OBBBA), an increase of business tax credits and favorable audit resolutions.

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 $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.

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 $12.5 billion at September 30, 2025, of which $9.9 billion was held in the U.S. and $2.6 billion was held outside the U.S.

Previous wording

Cash held outside the U.S. has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated income was subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without significant tax cost.

Current wording

Cash held outside the U.S. has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated income is subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without significant tax cost.

Previous 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).

Current wording

Cash, cash equivalents and restricted cash at September 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 is $1.3 billion of cash in our run-off insurance operations, which is classified as All other assets in the Statement of Financial Position, and $1.2 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 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.

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 2025, we repurchased 23.2 million shares for $5.4 billion, including repurchases of 15.8 million shares for $3.8 billion using accelerated stock repurchases as a mechanism to achieve planned repurchase volumes within a quarter during closed windows. We have repurchased $10.3 billion in total under this authorization.

Previous 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.

Current wording

BORROWINGS. Consolidated total borrowings were $20.8 billion and $19.3 billion at September 30, 2025 and December 31, 2024, respectively, an increase of $1.5 billion, primarily due to new debt issued of $2.0 billion, and currency exchange of $0.8 billion, partially offset by maturities of $1.3 billion. 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 September 30, 2025.