GE HealthCare Technologies Inc.

As of September 30, 2025, our Cash, cash equivalents, and restricted cash balance in the Condensed Consolidated Statements of Financial Position was $4,027 million. We have historically generated positive cash flows from operating activities. Additionally, we have access to revolving credit facilities of $3,500 million in aggregate, described in detail in Note 8, “Borrowings.”

We believe that our existing balance of Cash, cash equivalents, and restricted cash, future cash generated from operating activities, access to capital markets, and existing credit facilities will be sufficient to meet the needs of our current and ongoing operations, pay taxes due, service our existing debt, and fund investments in our business for at least the next 12 months.

The following table summarizes our cash flows for the periods presented:

Operating Activities

Cash generated from operating activities in the nine months ended September 30, 2025 was $937 million and included Net income of $1,552 million, adjusted for non-cash items including depreciation and amortization expense of $432 million, the gain on remeasurement of the NMP equity method investment of $97 million, and $949 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by company-funded benefit payments for postretirement benefit plans, an increase in inventories to meet business demand in the current trade environment, a decrease in accounts payable, and compensation and benefit payments.

Cash generated from operating activities in the nine months ended September 30, 2024 was $1,042 million and included Net income of $1,312 million, non-cash charges primarily for depreciation and amortization of $440 million, and $711 million in outflows from incremental changes in assets and liabilities, primarily driven by company-funded benefit payments for postretirement benefit plans, an increase in inventories mainly due to inventory build to meet higher demand, and compensation and benefit payments.

Investing Activities

Cash used for investing activities in the nine months ended September 30, 2025 was $778 million and primarily included Additions to PP&E and internal-use software of $348 million related mostly to investments in facilities, including manufacturing capacity expansion, and new product introductions, purchases of businesses, net of cash acquired, of $279 million largely related to the acquisition of the remaining 50% interest in NMP, and a payment of $178 million for settlement of cross-currency swaps that were designated in net investment hedges. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition and Note 12, “Financial Instruments and Fair Value Measurements” for additional information on the settlement of cross-currency swaps.

Cash used for investing activities in the nine months ended September 30, 2024 was $674 million and primarily included Additions to PP&E and internal-use software of $299 million related mostly to manufacturing capacity expansion and new product introductions, purchases of businesses, net of cash acquired, of $259 million related to MIM Software Inc. (“MIM Software”), and payment of $94 million for settlement of cross-currency swaps that were designated in net investment hedges. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the MIM Software acquisition and Note 12, “Financial Instruments and Fair Value Measurements” for additional information on the settlement of cross-currency swaps.

Financing Activities

Cash generated from financing activities in the nine months ended September 30, 2025 was $910 million and primarily included $1,487 million of net proceeds from the issuanceof$650 million aggregate principal amount of senior unsecured notes due in 2031 and$850 million aggregate principal amount of senior unsecured notes due in 2035, partially offset by repayment of $250 million of our outstanding Term Loan Facility, and repurchase of common stock for total consideration of $200 million. Refer to Note 8, “Borrowings” and Note 11, “Shareholders' Equity” for further information.

Cash generated from financing activities in the nine months ended September 30, 2024 was $704 million and primarily included $994 million of net proceeds from the issuance of $1,000 million aggregate principal amount of senior unsecured notes due in 2029, partially offset by repayment of $150 million of our outstanding Term Loan Facility.

Free cash flow*

Free cash flow* was $589 million for the nine months ended September 30, 2025 and included $937 million of cash generated from operating activities, partially offset by $348 million of cash used for additions to PP&E.

Free cash flow* was $743 million for the nine months ended September 30, 2024 and included $1,042 million of cash generated from operating activities, partially offset by $299 million of cash used for additions to PP&E.

Capital Expenditures

Cash used for capital expenditures was $348 million and $299 million for the nine months ended September 30, 2025 and 2024, respectively. Capital expenditures were related mostly to investments in facilities, including manufacturing capacity expansion, and new product introductions.

Material Cash Requirements

In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future. Information regarding our obligations under lease, debt, and other commitments is provided in Note 7, “Leases,” Note 9, “Borrowings,” and Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” to the consolidated and combined financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. We have material cash requirements related to our pension obligations as described in Note 9, “Postretirement Benefit Plans.”

Debt and Credit Facilities

As part of our capital structure, we have incurred debt. The servicing of this debt is supported by cash flows from our operations. As of September 30, 2025, we had $10,282 million of total debt compared to $8,951 million as of December 31, 2024. The increase in debt was due primarily to our issuance in the second quarter of 2025 of$650 million aggregate principal amount of senior unsecured notes due in 2031 and$850 million aggregate principal amount of senior unsecured notes due in 2035, partially offset by a repayment of $250 million of the outstanding Term Loan Facility in the first quarter of 2025. On October 15, 2025, we used the net proceeds from the debt issuance referenced above, together with cash on hand, to repay the$1,500 million aggregate principal amount outstanding of the senior unsecured notes due in November 2025. Additional information on our debt and credit facilities, including definitions of the terms used above, is included in Note 8,“Borrowings.”

In addition to the Term Loan Facility, our credit facilities include a five-year senior unsecured revolving facility that provides borrowings of up to $3,000 million expiring in March 2030, and a 364-day senior unsecured revolving facility that provides borrowings of up to $500 million expiring in March 2026. As of September 30, 2025, there were no outstanding borrowings on either of the two revolving facilities.

The Credit Facilities include various customary covenants that limit, among other things, the incurrence of liens securing debt, the entry into certain fundamental change transactions by GE HealthCare, and the maximum permitted consolidated net leverage ratio. As of September 30, 2025, we were in compliance with the covenant requirements, including the maximum consolidated net leverage ratio.

Access to Capital and Credit Ratings

We plan to continue to rely on capital markets, and we expect to have access to credit facilities to fund our operations. The cost and availability of debt financing will be influenced by our credit ratings and market conditions. Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”), and Fitch Ratings (“Fitch”) currently issue ratings on our long-term debt.

Our credit ratings as of October 22, 2025 are set forth in the table below and remain unchanged since the Spin-Off.

We are disclosing our credit ratings to enhance the understanding of our sources of liquidity and the effects of our ratings on our costs of funds and access to liquidity. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.