GENERAL ELECTRIC CO
For the period ended Sep 30, 2026. Filed Oct 20, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 20, 2026
GE$337.91+0.7%Stored close · as of Nov 10, 2026
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Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES. We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business. In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenue, specifically, Adjusted revenue, (2) profit, specifically, Operating profit and Operating profit margin; Adjusted net income (loss); Adjusted earnings (loss) per share (EPS) and Adjusted effective income tax rate, and (3) cash flows, specifically free cash flow (FCF). The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.
2026 3Q FORM 10-Q 11
| ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP) | Three months ended September 30 | Nine months ended September 30 | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Total revenue (GAAP) | $14,118 | $12,181 | $39,859 | $33,138 |
| Less: Insurance revenue (Note 12) | 833 | 875 | 2,326 | 2,681 |
| Adjusted revenue (Non-GAAP) | $13,285 | $11,305 | $37,533 | $30,457 |
| Total costs and expenses (GAAP) | $11,745 | $9,951 | $32,784 | $26,874 |
| Less: Insurance cost and expenses (Note 12) | 1,043 | 514 | 2,235 | 1,967 |
| Less: U.S. tax equity cost and expenses | 4 | 5 | 12 | 15 |
| Less: interest and other financial charges(a) | 231 | 225 | 675 | 593 |
| Less: non-operating benefit cost (income) | (178) | (198) | (531) | (596) |
| Less: restructuring & other(a) | 23 | 22 | 74 | 49 |
| Less: separation costs(a) | 3 | 53 | 93 | 150 |
| Add: noncontrolling interests | 8 | (3) | 11 | (16) |
| Adjusted costs (Non-GAAP) | $10,627 | $9,328 | $30,238 | $24,681 |
| Other income (loss) (GAAP) | $432 | $285 | $730 | $885 |
| Less: U.S. tax equity | (66) | (48) | (187) | (142) |
| Less: gains (losses) on retained and sold ownership interests and other equity securities(a) | 117 | 8 | (127) | 18 |
| Less: gains (losses) on purchases and sales of business interests(a) | — | 3 | 24 | 3 |
| Less: restructuring & other(a) | 52 | — | 52 | — |
| Adjusted other income (loss) (Non-GAAP) | $330 | $322 | $968 | $1,007 |
| Profit (loss) (GAAP) | $2,805 | $2,515 | $7,804 | $7,149 |
| Profit (loss) margin (GAAP) | 19.9% | 20.7% | 19.6% | 21.6% |
| Operating profit (loss) (Non-GAAP) | $2,988 | $2,299 | $8,262 | $6,783 |
| Operating profit (loss) margin (Non-GAAP) | 22.5% | 20.3% | 22.0% | 22.3% |
| (a) See the Corporate & Other and Other Consolidated Information sections for further information. | ||||
| We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit 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. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* growth and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2026. | ||||
122026 3Q FORM 10-Q
| ADJUSTED NET INCOME (LOSS) AND ADJUSTED EFFECTIVE INCOME TAX RATE (NON-GAAP) · Three months ended September 30 · Nine months ended September 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||
| (Diluted, per-share amounts in dollars) | Income | EPS | Income | EPS | Income | EPS | Income | EPS |
| Net income (loss) from continuing operations (GAAP) (Note 17) | $2,412 | $2.32 | $2,170 | $2.04 | $6,750 | $6.44 | $6,143 | $5.73 |
| Insurance net income (loss) (pre-tax) | (210) | (0.20) | 363 | 0.34 | 96 | 0.09 | 720 | 0.67 |
| Tax effect on Insurance net income (loss)(a) | 8 | 0.01 | (77) | (0.07) | (57) | (0.05) | (85) | (0.08) |
| Less: Insurance net income (loss) (net of tax) (Note 12) | (202) | (0.19) | 287 | 0.27 | 39 | 0.04 | 635 | 0.59 |
| U.S. tax equity net income (loss) (pre-tax) | (78) | (0.07) | (60) | (0.06) | (221) | (0.21) | (181) | (0.17) |
| Tax effect on U.S. tax equity net income (loss) | 88 | 0.08 | 71 | 0.07 | 249 | 0.24 | 212 | 0.20 |
| Less: U.S. tax equity net income (loss) (net of tax) | 10 | 0.01 | 11 | 0.01 | 28 | 0.03 | 31 | 0.03 |
| Non-operating benefit (cost) income (pre-tax) (GAAP) | 178 | 0.17 | 198 | 0.19 | 531 | 0.51 | 596 | 0.56 |
| Tax effect on non-operating benefit (cost) income | (37) | (0.04) | (42) | (0.04) | (112) | (0.11) | (125) | (0.12) |
| Less: Non-operating benefit (cost) income (net of tax) | 140 | 0.13 | 157 | 0.15 | 420 | 0.40 | 471 | 0.44 |
| Gains (losses) on purchases and sales of business interests (pre-tax)(b) | — | — | 3 | — | 24 | 0.02 | 3 | — |
| Tax effect on gains (losses) on purchases and sales of business interests | — | — | (1) | — | — | — | 2 | — |
| Less: Gains (losses) on purchases and sales of business interests (net of tax) | — | — | 2 | — | 24 | 0.02 | 5 | — |
| Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)(b) | 117 | 0.11 | 8 | 0.01 | (127) | (0.12) | 18 | 0.02 |
| Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(a)(c) | (25) | (0.02) | (1) | — | 27 | 0.03 | — | — |
| Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax) | 92 | 0.09 | 8 | 0.01 | (100) | (0.10) | 18 | 0.02 |
| Restructuring & other (pre-tax)(b) | 28 | 0.03 | (22) | (0.02) | (22) | (0.02) | (49) | (0.05) |
| Tax effect on restructuring & other | 3 | — | 5 | — | 14 | 0.01 | 10 | 0.01 |
| Less: Restructuring & other (net of tax) | 31 | 0.03 | (17) | (0.02) | (9) | (0.01) | (39) | (0.04) |
| Separation costs (pre-tax)(b) | (4) | — | (53) | (0.05) | (95) | (0.09) | (150) | (0.14) |
| Tax effect on separation costs | 1 | — | 11 | 0.01 | 20 | 0.02 | 31 | 0.03 |
| Less: Separation costs (net of tax) | (3) | — | (42) | (0.04) | (75) | (0.07) | (119) | (0.11) |
| Adjusted net income (loss) (Non-GAAP) | $2,343 | $2.25 | $1,764 | $1.66 | $6,423 | $6.13 | $5,141 | $4.80 |
| Income from continuing operations before taxes (GAAP) | $2,805 | $2,515 | $7,804 | $7,149 | ||||
| Less: Total adjustments above (pre-tax) | 31 | 438 | 186 | 957 | ||||
| Adjusted income before taxes (Non-GAAP) | $2,774 | $2,077 | $7,619 | $6,192 | ||||
| Provision (benefit) for income taxes (GAAP) | $385 | $344 | $1,044 | $1,015 | ||||
| Less: Tax effect on adjustments above | (38) | 33 | (142) | (45) | ||||
| Adjusted provision (benefit) for income taxes (Non-GAAP) | $423 | $311 | $1,185 | $1,061 | ||||
| Effective income tax rate (GAAP) | 13.7% | 13.7% | 13.4% | 14.2% | ||||
| Adjusted effective income tax rate (Non-GAAP) | 15.2% | 15.0% | 15.6% | 17.1% | ||||
| (a) Includes related tax valuation allowances. Tax effect on Insurance net income includes valuation allowances for 2025. | ||||||||
| (b) See the Corporate & Other and Other Consolidated Information sections for further information. | ||||||||
| (c) Includes tax benefits available to offset the tax on gains (losses) on equity securities. | ||||||||
| Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | ||||||||
| We believe that Adjusted net income* and the Adjusted effective income tax rate* provide management and investors with useful measures to evaluate the performance of the total company and increased period-to-period comparability, as well as a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding items that are not closely related with ongoing operations. We also use Adjusted EPS* as a performance metric at the company level for our performance stock units granted in 2026. | ||||||||
2026 3Q FORM 10-Q 13
| FREE CASH FLOW (FCF) (NON-GAAP) | Nine months ended September 30 | |
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities (CFOA) (GAAP) | $7,329 | $6,447 |
| Add: gross additions to property, plant and equipment and internal-use software | (1,002) | (842) |
| Add: dispositions of property, plant and equipment | 179 | 76 |
| Less: separation cash expenditures | (143) | (202) |
| Less: Corporate & Other restructuring cash expenditures | (79) | (51) |
| Free cash flow (FCF) (Non-GAAP) | $6,728 | $5,933 |
| We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022 and acquisition-related costs). In addition, we include dispositions of property, plant and equipment, including sale leaseback activity. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow*. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2026. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.