GENERAL ELECTRIC CO

COMMERCIAL ENGINES & SERVICES. In 2025, demand for commercial air travel grew with departures up 3%. We are in frequent communication with our airline, airframe and 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.

We secured a series of landmark engine commitments in 2025 from leading global carriers. These wins span GE9X, GEnx and LEAP programs and include major selections by Qatar Airways, Emirates International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus. Collectively, these agreements reinforce our leadership on next-generation widebody and narrowbody platforms and provide strong multi-year visibility across equipment and services. We believe these awards underscore the competitiveness of our technology and the durability of airline demand.

Total engineering investments, both company and partner-funded, increased compared to prior year. Internal shop visit revenue grew in 2025 compared to 2024 and total engine deliveries and LEAP engine deliveries increased primarily due to improved material supply. 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.

For the year ended December 31, 2025, revenue was up $6.4 billion, or 24%, and profit was up $1.8 billion, or 26%, compared to the year ended December 31, 2024.

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

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

2025 FORM 10-K 9

As of December 31, 2025, RPO increased $16.2 billion, or 11%, 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.

DEFENSE & PROPULSION TECHNOLOGIES. Our results in 2025 reflect domestic and international government defense departments’ focus on modernizing and scaling their forces while maintaining 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.

In 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. In addition, we received an order from Hindustan Aeronautics (HAL) valued at $1.6 billion for F404-GE-IN20 engines.

For the year ended December 31, 2025, revenue was up $1.1 billion, or 11%, and profit was up $0.2 billion, or 22%, compared to the year ended December 31, 2024.

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

Profit increased primarily due to higher volume in Defense and Avio, aircraft systems product growth, customer mix and price, partially offset by incremental investments to support next-generation products and inflation.

As of December 31, 2025, RPO increased $2.8 billion, or 15%, from December 31, 2024, primarily due to increases in equipment from orders outpacing revenue recognized.