# EDGAR Filing Document

**Accession Number:** 0000040545
**File Stem:** 0000040545-23-000019
**Filing Date:** 2023-1
**Character Count:** 108365
**Document Hash:** a17876072b3ae8abeff67ad5f72a15a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000040545-23-000019.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000040545-23-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230124

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENERAL ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000040545
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
- **IRS NUMBER:** 140689340
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00035
- **FILM NUMBER:** 23545834

**BUSINESS ADDRESS:**
- **STREET 1:** 5 NECCO STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-443-3000

**MAIL ADDRESS:**
- **STREET 1:** 5 NECCO STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

?xml version="1.0" ? ge-20230124

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) **January 24, 2023**

**<u>General Electric Company</u>**

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**New York** | &nbsp;&nbsp;**New York** | &nbsp;&nbsp;**New York** | **001-00035** | **14-0689340** |
| (State or other jurisdiction<br> of incorporation) | (State or other jurisdiction<br> of incorporation) | (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |
| **5 Necco Street** | **Boston,** | **MA** |  | **02210** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |

---

(Registrant's telephone number, including area code) **<u>(617) 443-3000</u>**

_______________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.01 per share | GE | New York Stock Exchange |
| 1.250% Notes due 2023 | GE 23E | New York Stock Exchange |
| 0.875% Notes due 2025 | GE 25 | New York Stock Exchange |
| 1.875% Notes due 2027 | GE 27E | New York Stock Exchange |
| 1.500% Notes due 2029 | GE 29 | New York Stock Exchange |
| 7 1/2% Guaranteed Subordinated Notes due 2035 | GE /35 | New York Stock Exchange |
| 2.125% Notes due 2037 | GE 37 | New York Stock Exchange |

---

---

| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). | |
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 24, 2023, General Electric Company (the "Company") released its fourth-quarter and full year 2022 financial results on its investor relations website at www.ge.com/investor. A copy of these is attached as Exhibit 99 and incorporated by reference herein.

The information provided pursuant to this Item 2.02, including Exhibit 99, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits**

**Exhibit Description**

**[99](ge4q2022earningsrelease.htm)** [Fourth](ge4q2022earningsrelease.htm)[-quarter](ge4q2022earningsrelease.htm)[2022](ge4q2022earningsrelease.htm)[financial results released on General Electric Company's website on](ge4q2022earningsrelease.htm)[January 24, 2023](ge4q2022earningsrelease.htm).

**104** The cover page of this Current Report on Form 8-K formatted as Inline XBRL.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | General Electric Company |
| | (Registrant) |
| Date: January 24, 2023 | /s/ Thomas S. Timko |
| | Thomas S. Timko<br>Vice President, Chief Accounting Officer and Controller<br>Principal Accounting Officer |

---

## Ex-99

![monograma05a.jpg](monograma05a.jpg)

**GE ANNOUNCES FOURTH QUARTER 2022 RESULTS**

Delivered strong quarter and full year results, led by Aerospace and Power performance

**Fourth quarter 2022:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total orders $25.4B, +15%; organic orders +18%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues (GAAP) $21.8B, +7%; adjusted revenues\* $21.0B, +11% organically\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit margin (GAAP) of 10.3%, +2,740 bps; adjusted profit margin\* 10.3%, +290 bps organically\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing EPS (GAAP) of $1.99, +$5.23; adjusted EPS\* $1.24, +$0.42

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash from Operating Activities (GAAP) $4.6B, +$2.2B; free cash flow\* $4.3B, +$0.6B

**Full year 2022:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total orders $83.0B, +4%; organic orders +7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues (GAAP) $76.6B, +3%; adjusted revenues\* $73.6B, +6% organically\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit margin (GAAP) of 1.8%, +680 bps; adjusted profit margin\* 7.9%, +160 bps organically\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing EPS (GAAP) of $0.53, +$3.78; adjusted EPS\* $2.62, +$0.91

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash from Operating Activities (GAAP) $5.9B, +$5.0B; free cash flow\* $4.8B, +$2.1B<sup>1</sup>

BOSTON — January 24, 2023 — GE (NYSE:GE) announced results today for the fourth quarter ending December 31, 2022. The results include the operations of GE HealthCare Technologies Inc. ("GE HealthCare"), which successfully separated in a spin-off by distributing approximately 80.1 percent of shares to GE shareholders on January 3, 2023.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion, and $4.8 billion of free cash flow. In the fourth quarter, this was led by strong results at GE Aerospace with order and revenue growth above 20 percent, as well as Power with double-digit growth. In addition, we further strengthened our foundation, surpassing $100 billion in debt retired since 2018 and improving our operations by more deeply embedding lean and decentralization across GE."

Culp continued, "Looking ahead, GE is positioned to drive growth, profit, and cash, and our outlook reflects our confidence in our businesses. In GE Aerospace, we are executing on an unprecedented ramp, and our best-in-class technology is powering more efficient and sustainable flight. In GE Vernova, Power is delivering with Gas Power stable, and Renewable Energy is taking action to drive operational improvements as it also begins to benefit from external catalysts like the Inflation Reduction Act. As a result, we expect high-single-digit revenue growth and strong free cash flow generation in 2023 for GE. We are making good progress on our plans to launch these independent, investment-grade, industry-leaders that will unlock greater value for our customers and shareholders."

GE continued to strengthen GE Aerospace and GE Vernova<sup>2</sup>:

**GE Aerospace**

• Delivered strong orders, revenue, and operating profit growth in the fourth quarter and full year, driven by continued commercial momentum, strength in services, and improved execution from the team.

• Achieved key business wins, including <u>entering</u> an equipment and long-term support agreement with Cargolux for their GE-powered Boeing freighter fleet and <u>expansion</u> of CFM's LEAP Maintenance, Repair, and Overhaul services to Air France Industries KLM Engineering and Maintenance as a LEAP engine service provider.

**GE Vernova**<sup>2</sup>

• Improved earnings and cash at Power with orders up double digits in the fourth quarter while Renewable Energy organic orders increased high single digits and Grid achieved profitability.

• Drove commercial execution, including Power's order from the Swiss Federal Office of Energy to <u>provide</u> a reserve power plant through 2026 and <u>an agreement</u> with Shell for LNG decarbonization solutions.

\* Non-GAAP Financial Measure

<sup>1</sup> Excludes prior period CFOA impact from discontinued factoring programs

<sup>2</sup> GE's portfolio of energy businesses

------

**Total Company Results**

We present both GAAP and non-GAAP measures to provide investors with additional information. We believe that providing these non-GAAP measures along with GAAP measures allows for increased comparability of our ongoing performance from period to period. Please see pages 9 - 16 for explanations of why we use these non-GAAP measures and the reconciliation to the most comparable GAAP financial measures.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |
| *Dollars in millions; per-share amounts in dollars, diluted* | 2022 | 2021 | Year on Year | 2022 | 2021 | Year on Year |
| **<u>GAAP Metrics</u>** |  |  |  |  |  |  |
| Cash from Operating Activities (CFOA) | $4571 | $2415 | 89% | $5864 | $888 | F |
| Continuing EPS | 1.99 | (3.24) | F | 0.53 | (3.25) | F |
| Net EPS | 1.93 | (3.55) | F | (0.05) | (6.16) | F |
| Total Revenues | 21786 | 20303 | 7% | 76555 | 74196 | 3% |
| Profit Margin | 10.3% | (17.1)% | 2,740 bps | 1.8% | (5.0)% | 680 bps |
| **<u>Non-GAAP Metrics</u>** |  |  |  |  |  |  |
| Free Cash Flow (FCF)<sup>-a)</sup> | $4286 | $3708 | 16% | $4758 | $1889 | F |
| Adjusted EPS<sup>-b)</sup> | 1.24 | 0.82 | 51% | 2.62 | 1.71 | 53% |
| Organic Revenues | 21713 | 19525 | 11% | 75440 | 70989 | 6% |
| Adjusted Profit<sup>-c)</sup> | 2162 | 1575 | 37% | 5835 | 4608 | 27% |
| Adjusted Profit Margin<sup>-c)</sup> | 10.3% | 8.1% | 220 bps | 7.9% | 6.5% | 140 bps |
| Adjusted Organic Profit Margin | 10.6% | 7.7% | 290 bps | 8.0% | 6.4% | 160 bps |

---

(a- Includes gross additions to PP&E and internal-use software. Excludes Insurance CFOA, CFOA impact from factoring programs discontinued in 2021, CFOA impact from receivables factoring and supply chain finance eliminations, and other items

(b- Excludes Insurance, non-operating benefit costs, gains (losses), restructuring & other charges and other items

(c- Excludes Insurance, interest and other financial charges, non-operating benefit costs, gains (losses), restructuring & other charges and other items, with EFS on a net earnings basis

In addition, GE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased approximately 4.2 million shares for $0.3 billion during the fourth quarter, bringing the total shares repurchased in 2022 to approximately 13.3 million shares for approximately $1.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed $6.4 billion debt tender in the quarter, bringing GE's total debt reduction to $11.1 billion after the GE HealthCare spin and over $100.0 billion since 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incurred separation costs of $0.4 billion in the quarter, primarily related to business separation and employee costs, costs to establish standalone functions and information technology systems, professional fees, and other costs to transition to three standalone companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $44 million of net income from GE's run-off insurance operations in the year, which includes a $(372) million after-tax charge from the termination of several reinsurance contracts to reduce counterparty risk, as announced in the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recorded charges in discontinued operations of approximately $0.2 billion in the quarter related to its run-off Polish mortgage portfolio (Bank BPH). This brings GE's total litigation reserves related to this matter to approximately $1.4 billion. The portfolio has a gross balance of $2.0 billion<sup>1</sup>.

\* Non-GAAP Financial Measure

<sup>1</sup> Prior to lower of cost or market (LOCOM) adjustment

------

**Outlook**

**2023 Outlook** (excludes GE HealthCare, now a standalone company)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>2022 Performance</u>**<br>*GAAP, excluding* <br>*GE HealthCare results* | **<u>2022 Performance</u>**<br>*GAAP, excluding* <br>*GE HealthCare results* | **<u>2022 Performance</u>**<br>*Non-GAAP, excluding* <br>*GE HealthCare results* | **<u>2022 Performance</u>**<br>*Non-GAAP, excluding* <br>*GE HealthCare results* | **<u>2023 Outlook</u>**<br>*Non-GAAP* |
| Revenue growth | +3% | Organic revenue growth\* | +6% | High single-digits |
| Continuing EPS | $(1.11) | Adjusted EPS\* | $0.77 | $1.60 - $2.00 |
| Cash from Operating Activities | $4.0 billion | Free cash flow\* | $3.1 billion | $3.4 - $4.2 billion |

---

GE announced the following business outlooks for full year 2023:

<u>GE Aerospace</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic revenue\* to grow mid-to-high teens

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit of $5.3 billion - $5.7 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* up

<u>GE Vernova</u><sup>1</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic revenue\* to grow low-to-mid single digits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit of $(0.6) billion - $(0.2) billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* flat to slightly improved

GE's full year outlook reflects a higher services concentration in the portfolio, as well as confidence in the strength of GE Aerospace as the worldwide commercial aviation industry continues its post-pandemic recovery. GE also anticipates that Military revenue growth will yield significant profit growth for GE Aerospace in 2023. The outlook for GE Vernova<sup>1</sup> reflects profit improvement at both businesses. GE expects flat-to-slight improvement in free cash flow\* driven largely by better profitability and planned down payments in Onshore, where timing could shift across quarters, and some offset from Offshore increasing deliveries. Across GE, continued operational improvements are expected to deliver higher earnings and improved working capital management, driving higher cash flow for GE in 2023.

GE will hold an Investor Conference on Thursday, March 9, 2023, with additional details on its 2023 outlook.

\* Non-GAAP Financial Measure

<sup>1</sup>GE's portfolio of energy businesses; for purposes of this 2023 Outlook, GE Vernova refers to the sum of our Renewable Energy and Power segments, without giving effect to eliminations and Corporate adjustments.

------

**Results by Reporting Segment** 

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results.

**GE Aerospace**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |
|<br>*(in millions)* | 2022 | 2021 | Year on Year | 2022 | 2021 | Year on Year |
| Orders | $9682 | $7705 | 26% | $31106 | $25589 | 22% |
| Revenues | 7615 | 6080 | 25% | 26050 | 21310 | 22% |
| Segment Profit/(Loss) | 1434 | 1218 | 18% | 4775 | 2882 | 66% |
| Segment Profit/(Loss) Margin | 18.8% | 20.0% | (120) bps | 18.3% | 13.5% | 480 bps |

---

Orders of $9.7 billion increased 26% on a reported and organic basis, driven by Commercial Services and Military equipment growth. Revenues of $7.6 billion were up 25% reported and 26% organically\*, driven by continued growth in Commercial Services from higher internal shop visits and strong external spare part sales. Commercial Engines revenue growth was largely due to significantly higher LEAP unit deliveries. Military revenue was also up. Segment margin of 18.8% contracted by (120) basis points reported and (150) basis points organically\*, driven by higher commercial engine shipments, continued investment to support the growth of the business, and other cost pressures, partially offset by higher volume and price. Price net of cost inflation was positive in the quarter.

For the year, orders of $31.1 billion were up 22% reported and organically driven by Commercial Services and equipment. Revenues of $26.0 billion increased 22% reported and 23% organically\* driven by Commercial Services. Segment margin of 18.3% expanded 480 basis points reported and 440 basis points organically\*, with services growth and favorable price more than offsetting the impact from higher LEAP engine deliveries. Free cash flow\* of $4.9 billion was driven by earnings and working capital. Overall, GE Aerospace continues to support customers in the ongoing growth across engines and services, as well as the existing fleet in service, while optimizing for a smarter and more efficient future of flight.

**Renewable Energy**

*Part of GE Vernova, GE's portfolio of energy businesses*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |
|<br>*(in millions)* | 2022 | 2021 | Year on Year | 2022 | 2021 | Year on Year |
| Orders | $5029 | $4851 | 4% | $14657 | $18163 | (19)% |
| Revenues | 3413 | 4192 | (19)% | 12977 | 15697 | (17)% |
| Segment Profit/(Loss) | (454) | (312) | (46)% | (2240) | (795) | U |
| Segment Profit/(Loss) Margin | (13.3)% | (7.4)% | (590) bps | (17.3)% | (5.1)% | (1220) bps |

---

Orders of $5.0 billion increased 4% reported and 7% organically driven by higher equipment growth at Grid and Onshore Wind in North America, partially offset by lower services orders from a lack of repower upgrades. Revenues of $3.4 billion decreased 19% reported and 13% organically\* due to lower volume in Onshore Wind from the U.S. PTC lapse and lower repower upgrades. Segment margin of (13.3)% contracted 590 basis points reported and 260 basis points organically\*, from Onshore Wind volume pressure and inflation across businesses. Partially offsetting this contraction was positive performance at Grid and price across businesses.

For the year, orders of $14.7 billion decreased 19% reported and 17% organically, largely due to a difficult prior year comparison in Offshore Wind. Revenues of $13.0 billion decreased 17% reported and 13% organically\*. This was largely due to lower volume at Onshore Wind. Segment margin of (17.3)% contracted 1,220 basis points reported and 1,150 basis points organically\* driven by lower volume at Onshore Wind, higher warranty and related reserves in 3Q'22, and net inflation pressure across all businesses. Full year free cash flow\* of $(2.0) billion declined due to lower earnings. Long-term, Renewable Energy is firmly positioned to lead the energy transition, building on advanced technologies and external growth catalysts, such as the Inflation Reduction Act, while taking action to improve performance.

\* Non-GAAP Financial Measure

------

**Power**

*Part of GE Vernova, GE's portfolio of energy businesses*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |
|<br>*(in millions)* | 2022 | 2021 | Year on Year | 2022 | 2021 | Year on Year |
| Orders | $5442 | $4306 | 26% | $17826 | $16412 | 9% |
| Revenues | 5030 | 4661 | 8% | 16262 | 16903 | (4)% |
| Segment Profit/(Loss) | 692 | 309 | F | 1217 | 726 | 68% |
| Segment Profit/(Loss) Margin | 13.8% | 6.6% | 720 bps | 7.5% | 4.3% | 320 bps |

---

Orders of $5.4 billion increased 26% reported and 29% organically, driven by higher aeroderivative units and transactional services growth at Gas Power. Revenues of $5.0 billion increased 8% reported and 12% organically\* driven by higher aeroderivative unit shipments. Total services revenues increased 3% reported and 6% organically\* due to price and transactional services growth offsetting the lower expected contractual service outage volume in Gas Power. Segment margin of 13.8% expanded 720 basis points reported and 710 basis points organically\* driven by higher volume at Gas Power, favorable price exceeding cost inflation, and productivity.

For the year, orders of $17.8 billion increased 9% reported and 13% organically driven by Gas Power equipment growth. Revenues of $16.3 billion decreased 4% reported but increased 2% organically\* due to higher services growth. Power equipment revenue was flat organically\* as growth at Gas Power was largely offset by Steam's new build coal exit. Segment margin of 7.5% expanded 320 basis points reported and 300 basis points organically\* driven by positive price, productivity and savings from prior year restructuring. This was partially offset by unfavorable equipment mix at Gas Power and inflation pressure across the businesses. Free cash flow\* of $1.9 billion was driven by earnings and working capital. Overall, Power has improved significantly as demonstrated by continued profit and cash growth.

**GE HealthCare**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended December 31 | Three months ended December 31 | Three months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 | Twelve months ended December 31 |
|<br>*(in millions)* | 2022 | 2021 | Year on Year | 2022 | 2021 | Year on Year |
| Orders | $5281 | $5303 | —% | $19862 | $19596 | 1% |
| Revenues | 4966 | 4625 | 7% | 18461 | 17725 | 4% |
| Segment Profit/(Loss) | 804 | 762 | 6% | 2705 | 2966 | (9)% |
| Segment Profit/(Loss) Margin | 16.2% | 16.5% | (30) bps | 14.7% | 16.7% | (200) bps |

---

On January 3, 2023, GE completed the separation of its HealthCare business, launching GE HealthCare. GE HealthCare has announced that it will release its financial results on Monday, January 30, 2023.

\* Non-GAAP Financial Measure

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** | **GENERAL ELECTRIC COMPANY CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)** |
|  ***(In millions; per-share amounts in dollars)*** | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| Sales of equipment and services | $21011 | $19493 | 8% | $73602 | $71090 | 4% |
| Insurance revenues | 775 | 811 |  | 2954 | 3106 |  |
| **Total revenues** | 21786 | 20303 | 7% | 76555 | 74196 | 3% |
| Cost of sales | 15467 | 14338 |  | 55535 | 53896 |  |
| Selling, general and administrative expenses | 3543 | 3213 |  | 12781 | 11716 |  |
| Separation costs | 419 |  |  | 973 |  |  |
| Research and development | 789 | 705 |  | 2813 | 2497 |  |
| Interest and other financial charges | 416 | 426 |  | 1607 | 1876 |  |
| Debt extinguishment costs | 465 | 5108 |  | 465 | 6524 |  |
| Insurance losses, annuity benefits and other costs | 759 | 637 |  | 2734 | 2410 |  |
| Non-operating benefit cost (income) | (136) | 408 |  | (532) | 1782 |  |
| **Total costs and expenses** | 21721 | 24836 | (13)% | 76375 | 80702 | (5)% |
| Other income (loss) | 2172 | 1066 |  | 1231 | 2823 |  |
| **Earnings (loss) from continuing operations before income taxes** | 2237 | (3467) | F | 1412 | (3683) | F |
| Benefit (provision) for income taxes | 65 | (37) |  | (476) | 286 |  |
| **Earnings (loss) from continuing operations** | 2302 | (3504) | F | 936 | (3396) | F |
| Earnings (loss) from discontinued operations, net of taxes | (64) | (339) |  | (644) | (3195) |  |
| **Net earnings (loss)** | 2238 | (3843) | F | 292 | (6591) | F |
| Less net earnings (loss) attributable to noncontrolling interests | 16 | 1 |  | 67 | (71) |  |
| **Net earnings (loss) attributable to the Company** | 2222 | (3843) | F | 225 | (6520) | F |
| Preferred stock dividends | (97) | (56) |  | (289) | (237) |  |
| **Net earnings (loss) attributable to GE common shareholders** | $2125 | $(3900) | F | $(64) | $(6757) | 99% |
| **Amounts attributable to GE common shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings (loss) from continuing operations | $2302 | $(3504) | F | $936 | $(3396) | F |
| &nbsp;&nbsp;&nbsp;Less net earnings (loss) attributable to noncontrolling interests, continuing operations | 16 | 1 |  | 67 | (71) |  |
| &nbsp;&nbsp;&nbsp;Earnings (loss) from continuing operations attributable to the Company | 2286 | (3504) | F | 869 | (3325) | F |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (97) | (56) |  | (289) | (237) |  |
| &nbsp;&nbsp;&nbsp;Earnings (loss) from continuing operations attributable to GE common shareholders | 2190 | (3561) | F | 581 | (3562) | F |
| &nbsp;&nbsp;&nbsp;Earnings (loss) from discontinued operations attributable to GE common shareholders | (64) | (339) |  | (644) | (3195) |  |
| **Net earnings (loss) attributable to GE common shareholders** | $2125 | $(3900) | F | $(64) | $(6757) | 99% |
| **Per-share amounts - earnings (loss) from continuing operations** |  |  |  |  |  |  |
| Diluted earnings (loss) per share | $1.99 | $(3.24) | F | $0.53 | $(3.25) | F |
| Basic earnings (loss) per share | $2.01 | $(3.24) | F | $0.53 | $(3.25) | F |
| **Per-share amounts - net earnings (loss)** |  |  |  |  |  |  |
| Diluted earnings (loss) per share | $1.93 | $(3.55) | F | $(0.05) | $(6.16) | 99% |
| Basic earnings (loss) per share | $1.95 | $(3.55) | F | $(0.06) | $(6.16) | 99% |
| **Total average equivalent shares** |  |  |  |  |  |  |
| Diluted | 1097 | 1099 | —% | 1101 | 1098 | —% |
| Basic | 1091 | 1099 | (1)% | 1096 | 1098 | —% |

---

Amounts may not add due to rounding

\* Non-GAAP Financial Measure

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **GENERAL ELECTRIC COMPANY** | **GENERAL ELECTRIC COMPANY** | **GENERAL ELECTRIC COMPANY** | | | | |
| **SUMMARY OF REPORTABLE SEGMENTS (UNAUDITED)** | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| ***(In millions)*** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| Aerospace | $7615 | $6080 | 25% | $26050 | $21310 | 22% |
| Renewable Energy | 3413 | 4192 | (19)% | 12977 | 15697 | (17)% |
| Power | 5030 | 4661 | 8% | 16262 | 16903 | (4)% |
| HealthCare | 4966 | 4625 | 7% | 18461 | 17725 | 4% |
| **Total segment revenues(a)** | 21024 | 19558 | 7% | 73749 | 71635 | 3% |
| Corporate | 762 | 745 | 2% | 2806 | 2561 | 10% |
| **Total revenues** | $21786 | $20303 | 7% | $76555 | $74196 | 3% |
| Aerospace | $1434 | $1218 | 18% | $4775 | $2882 | 66% |
| Renewable Energy | (454) | (312) | (46)% | (2240) | (795) | U |
| Power | 692 | 309 | F | 1217 | 726 | 68% |
| HealthCare | 804 | 762 | 6% | 2705 | 2966 | (9)% |
| **Total segment profit (loss)(a)** | 2476 | 1979 | 25% | 6456 | 5778 | 12% |
| Corporate(b) | 533 | 531 | —% | (3413) | 892 | U |
| Interest and other financial charges | (407) | (410) | 1% | (1552) | (1813) | 14% |
| Debt extinguishment costs | (465) | (5108) | 91% | (465) | (6524) | 93% |
| Non-operating benefit income (cost) | 136 | (408) | F | 532 | (1782) | F |
| Benefit (provision) for income taxes | 12 | (88) | F | (689) | 124 | U |
| Preferred stock dividends | (97) | (56) | (73)% | (289) | (237) | (22)% |
| Earnings (loss) from continuing operations attributable to GE common shareholders | 2190 | (3561) | F | 581 | (3562) | F |
| Earnings (loss) from discontinued operations attributable to GE common shareholders | (64) | (339) | 81% | (644) | (3195) | 80% |
| **Net earnings (loss) attributable to GE common shareholders** | $2125 | $(3900) | F | $(64) | $(6757) | 99% |

---

(a)Segment revenues include sales of equipment and services related to the segment. Segment profit excludes results reported as discontinued operations, significant, higher-cost restructuring programs and other charges, the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Interest and other financial charges, income taxes and non-operating benefit costs are excluded in determining segment profit. Other income (loss) is included in segment profit. Interest and other financial charges and income taxes for EFS are included within Corporate costs. Certain corporate costs, including those related to shared services, employee benefits, and information technology, are allocated to our segments based on usage or their relative net cost of operations.

(b)Includes interest and other financial charges of $9 million, and $16 million, and $54 million and $63 million and benefit for income taxes of $53 million, and $51 million, and $213 million and $162 million related to Energy Financial Services (EFS) within Corporate for the three and twelve months ended December 31, 2022 and 2021, respectively.

Amounts may not add due to rounding

\* Non-GAAP Financial Measure

------

---

| | | |
|:---|:---|:---|
| **GENERAL ELECTRIC COMPANY STATEMENT OF FINANCIAL POSITION (UNAUDITED)**<br>***(In millions)*** |<br>**December 31, 2022** |<br>**December 31, 2021** |
| Cash, cash equivalents and restricted cash(a)(b) | $17262 | $15770 |
| Investment securities | 7609 | 12297 |
| Current receivables | 17976 | 15620 |
| Inventories, including deferred inventory costs | 17403 | 15847 |
| Current contract assets | 3088 | 4881 |
| All other current assets | 1521 | 1933 |
| Assets of businesses held for sale | 1374 |  |
| &nbsp;&nbsp;**Current assets** | 66234 | 66348 |
| Investment securities | 36048 | 42209 |
| Property, plant and equipment – net | 14478 | 15609 |
| Goodwill | 25798 | 26182 |
| Other intangible assets – net | 7625 | 9330 |
| Contract and other deferred assets | 6010 | 6124 |
| All other assets | 16998 | 19040 |
| Deferred income taxes | 11705 | 10855 |
| Assets of discontinued operations | 2892 | 3177 |
| **Total assets** | $187788 | $198874 |
| Short-term borrowings | $3757 | $4361 |
| Accounts payable and equipment project payables | 18644 | 16243 |
| Progress collections and deferred income | 18118 | 17372 |
| All other current liabilities | 14485 | 13977 |
| Liabilities of businesses held for sale | 1944 |  |
| &nbsp;&nbsp;**Current liabilities** | 56947 | 51953 |
| Deferred income | 2006 | 1989 |
| Long-term borrowings | 28593 | 30824 |
| Insurance liabilities and annuity benefits | 33347 | 37166 |
| Non-current compensation and benefits | 16021 | 21202 |
| All other liabilities | 12154 | 13240 |
| Liabilities of discontinued operations | 1137 | 887 |
| GE shareholders' equity | 36366 | 40310 |
| Noncontrolling interests | 1216 | 1302 |
| **Total liabilities and equity** | $187788 | $198874 |

---

(a)Excluded $0.6 billion and $0.4 billion at December 31, 2022 and December 31, 2021, respectively, in our run-off Insurance business, which is subject to regulatory restrictions. This balance is included in All other assets.

(b)Cash, cash equivalents and restricted cash included $2.4 billion and $2.0 billion of cash held in countries with currency control restrictions and $0.7 billion and $0.3 billion of restricted use cash at December 31, 2022 and December 31, 2021, respectively.

Amounts may not add due to rounding

\* Non-GAAP Financial Measure

------

**GENERAL ELECTRIC COMPANY**

**Financial Measures That Supplement GAAP**

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) revenues, specifically organic revenues by segment; organic revenues; and Power services organic revenues, (2) profit, specifically organic profit and profit margin by segment; Adjusted profit and profit margin; Adjusted organic profit and profit margin; Adjusted earnings (loss) and Adjusted earnings (loss) per share (EPS), (3) cash flows, specifically free cash flows (FCF) and FCF excluding discontinued factoring, (4) 2022 performance excluding GE HealthCare, specifically organic revenues; Adjusted earnings (loss) and Adjusted EPS; and FCF and (5) outlook, specifically 2023 Adjusted EPS and 2023 FCF.

The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Certain columns, rows or percentages within these reconciliations may not add or recalculate due to the use of rounded numbers. Totals and percentages presented are calculated from the underlying numbers in millions.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** |
| ***(In millions)*** | **Revenues** | **Revenues** | **Revenues** | **Segment profit (loss)** | **Segment profit (loss)** | **Segment profit (loss)** | **Profit margin** | **Profit margin** | **Profit margin** |
| **Three months ended December 31** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** | **2022** | **2021** | **V bps** |
| **Aerospace (GAAP)** | $7615 | $6080 | 25% | $1434 | $1218 | 18% | 18.8% | 20.0% | (120)bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (29) | (1) |  | 12 | (2) |  |  |  |  |
| **Aerospace organic (Non-GAAP)** | $7645 | $6082 | 26% | $1421 | $1221 | 16% | 18.6% | 20.1% | (150)bps |
| **Renewable Energy (GAAP)** | $3413 | $4192 | (19)% | $(454) | $(312) | (46)% | (13.3)% | (7.4)% | (590)bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  | (12) |  |  | (4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (260) | 2 |  | (18) | 81 |  |  |  |  |
| **Renewable Energy organic (Non-GAAP)** | $3673 | $4202 | (13)% | $(435) | $(388) | (12)% | (11.8)% | (9.2)% | (260)bps |
| **Power (GAAP)** | $5030 | $4661 | 8% | $692 | $309 | F | 13.8% | 6.6% | 720bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | 26 |  |  | (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (182) | (1) |  | (54) | (24) |  |  |  |  |
| **Power organic (Non-GAAP)** | $5212 | $4636 | 12% | $746 | $336 | F | 14.3% | 7.2% | 710bps |
| **HealthCare (GAAP)** | $4966 | $4625 | 7% | $804 | $762 | 6% | 16.2% | 16.5% | (30)bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions | 63 |  |  | 2 | (11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (288) |  |  | (79) | 3 |  |  |  |  |
| **HealthCare organic (Non-GAAP)** | $5191 | $4625 | 12% | $881 | $770 | 14% | 17.0% | 16.6% | 40bps |

---

\* Non-GAAP Financial Measure

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** | **ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)** |
| ***(In millions)*** | **Revenue** | **Revenue** | **Revenue** | **Segment profit (loss)** | **Segment profit (loss)** | **Segment profit (loss)** | **Profit margin** | **Profit margin** | **Profit margin** |
| **Twelve months ended December 31** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** | **2022** | **2021** | **V bps** |
| **Aerospace (GAAP)** | $26050 | $21310 | 22% | $4775 | $2882 | 66% | 18.3% | 13.5% | 480bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (80) |  |  | 101 | 3 |  |  |  |  |
| **Aerospace organic (Non-GAAP)** | $26129 | $21311 | 23% | $4674 | $2879 | 62% | 17.9% | 13.5% | 440bps |
| **Renewable Energy (GAAP)** | $12977 | $15697 | (17)% | $(2240) | $(795) | U | (17.3)% | (5.1)% | (1220)bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  | (55) |  |  | (17) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (702) | 2 |  | 55 | 52 |  |  |  |  |
| **Renewable Energy organic (Non-GAAP)** | $13678 | $15749 | (13)% | $(2295) | $(831) | U | (16.8)% | (5.3)% | (1150)bps |
| **Power (GAAP)** | $16262 | $16903 | (4)% | $1217 | $726 | 68% | 7.5% | 4.3% | 320bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | 502 |  |  | (2) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (503) | (5) |  | (78) | (40) |  |  |  |  |
| **Power organic (Non-GAAP)** | $16765 | $16405 | 2% | $1295 | $768 | 69% | 7.7% | 4.7% | 300bps |
| **HealthCare (GAAP)** | $18461 | $17725 | 4% | $2705 | $2966 | (9)% | 14.7% | 16.7% | (200)bps |
| &nbsp;&nbsp;&nbsp;Less: acquisitions | 238 |  |  | (54) | (16) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (772) |  |  | (169) | (14) |  |  |  |  |
| **HealthCare organic (Non-GAAP)** | $18994 | $17725 | 7% | $2928 | $2995 | (2)% | 15.4% | 16.9% | (150)bps |
| We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ORGANIC REVENUES (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| **Total revenues (GAAP)** | $21786 | $20303 | 7% | $76555 | $74196 | 3% |
| &nbsp;&nbsp;&nbsp;Less: Insurance revenues | 775 | 811 |  | 2954 | 3106 |  |
| **Adjusted revenues (Non-GAAP)** | $21011 | $19492 | 8% | $73602 | $71090 | 4% |
| &nbsp;&nbsp;&nbsp;Less: acquisitions | 64 | (12) |  | 241 | (55) |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | (21) |  |  | 158 |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (765) |  |  | (2079) | (3) |  |
| **Organic revenues (Non-GAAP)** | $21713 | $19525 | 11% | $75440 | $70989 | 6% |
| We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. |

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** |
| **POWER SERVICES ORGANIC REVENUES (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** |
| **Power services revenues (GAAP)** | $3409 | $3307 | 3% |
| &nbsp;&nbsp;&nbsp;Less: acquisitions |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | 26 |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (79) |  |  |
| **Power services organic revenues (Non-GAAP)** | $3487 | $3281 | 6% |
| We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. |

---

\* Non-GAAP Financial Measure

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ADJUSTED PROFIT AND PROFIT MARGIN (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| **Total revenues (GAAP)** | $21786 | $20303 | 7% | $76555 | $74196 | 3% |
| &nbsp;&nbsp;&nbsp;Less: Insurance revenues | 775 | 811 |  | 2954 | 3106 |  |
| **Adjusted revenues (Non-GAAP)** | $21011 | $19492 | 8% | $73602 | $71090 | 4% |
| **Total costs and expenses (GAAP)** | $21721 | $24836 | (13)% | $76375 | $80702 | (5)% |
| &nbsp;&nbsp;&nbsp;Less: Insurance cost and expenses | 802 | 671 |  | 2894 | 2540 |  |
| &nbsp;&nbsp;&nbsp;Less: interest and other financial charges | 407 | 410 |  | 1552 | 1813 |  |
| &nbsp;&nbsp;&nbsp;Less: non-operating benefit cost (income) | (136) | 408 |  | (532) | 1782 |  |
| &nbsp;&nbsp;&nbsp;Less: restructuring & other | 693 | 54 |  | 949 | 455 |  |
| &nbsp;&nbsp;&nbsp;Less: debt extinguishment costs | 465 | 5108 |  | 465 | 6524 |  |
| &nbsp;&nbsp;&nbsp;Less: separation costs | 419 |  |  | 973 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Steam asset sale impairment | (1) |  |  | 824 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Russia and Ukraine charges |  |  |  | 263 |  |  |
| &nbsp;&nbsp;&nbsp;Add: noncontrolling interests | 16 | 1 |  | 67 | (71) |  |
| &nbsp;&nbsp;&nbsp;Add: EFS benefit from taxes | (53) | (51) |  | (213) | (162) |  |
| **Adjusted costs (Non-GAAP)** | $19035 | $18135 | 5% | $68840 | $67354 | 2% |
| **Other income (loss) (GAAP)** | $2172 | $1066 | F | $1231 | $2823 | (56)% |
| &nbsp;&nbsp;&nbsp;Less: gains (losses) on equity securities | 1935 | 665 |  | 76 | 1921 |  |
| &nbsp;&nbsp;&nbsp;Less: restructuring & other | 28 | 68 |  | 31 | 75 |  |
| &nbsp;&nbsp;&nbsp;Less: gains (losses) on purchases and sales of business interests | 24 | 115 |  | 51 | (44) |  |
| **Adjusted other income (loss) (Non-GAAP)** | $186 | $218 | (15)% | $1074 | $871 | 23% |
| **Profit (loss) (GAAP)** | $2237 | $(3467) | F | $1412 | $(3683) | F |
| **Profit (loss) margin (GAAP)** | 10.3% | (17.1)% | 2,740bps | 1.8% | (5.0)% | 680bps |
| **Adjusted profit (loss) (Non-GAAP)** | $2162 | $1575 | 37% | $5835 | $4608 | 27% |
| **Adjusted profit (loss) margin (Non-GAAP)** | 10.3% | 8.1% | 220bps | 7.9% | 6.5% | 140bps |
| 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 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 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 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 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 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 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. |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ADJUSTED ORGANIC PROFIT (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** | **V%** | **2022** | **2021** | **V%** |
| Adjusted profit (loss) (Non-GAAP) | $2162 | $1575 | 37 | % | $5835 | $4608 | 27% |
| &nbsp;&nbsp;&nbsp;Less: acquisitions | 2 | (15) |  |  | (72) | (32) |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | 1 |  |  |  | 14 |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (139) | 90 |  |  | (104) | 70 |  |
| **Adjusted organic profit (loss) (Non-GAAP)** | $2299 | $1498 | 53 | % | $6011 | $4556 | 32% |
| **Adjusted profit (loss) margin (Non-GAAP)** | 10.3% | 8.1% | 220 | bps | 7.9% | 6.5% | 140bps |
| **Adjusted organic profit (loss) margin (Non-GAAP)** | 10.6% | 7.7% | 290 | bps | 8.0% | 6.4% | 160bps |
| We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. | We believe Adjusted organic profit\* provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. |

---

\* Non-GAAP Financial Measure

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ADJUSTED EARNINGS (LOSS) (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| **Earnings (loss) from continuing operations (GAAP)** | $2178 | $(3561) | F | $584 | $(3571) | F |
| &nbsp;&nbsp;&nbsp;Insurance earnings (loss) (pre-tax) | (26) | 140 |  | 65 | 570 |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Insurance earnings (loss) | 3 | (30) |  | (21) | (126) |  |
| Less: Insurance earnings (loss) (net of tax) | (24) | 110 |  | 44 | 444 |  |
| **Earnings (loss) excluding Insurance (Non-GAAP)** | $2202 | $(3670) | F | $540 | $(4015) | F |
| &nbsp;&nbsp;&nbsp;Non-operating benefit (cost) income (pre-tax) (GAAP) | 136 | (408) |  | 532 | (1782) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on non-operating benefit (cost) income | (29) | 86 |  | (112) | 374 |  |
| Less: Non-operating benefit (cost) income (net of tax) | 107 | (323) |  | 420 | (1408) |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on purchases and sales of business interests (pre-tax) | 24 | 115 |  | 51 | (44) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on purchases and sales of business interests | (1) | (24) |  | 67 | 6 |  |
| Less: Gains (losses) on purchases and sales of business interests (net of tax) | 23 | 91 |  | 118 | (37) |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on equity securities (pre-tax) | 1935 | 665 |  | 76 | 1921 |  |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on equity securities(a)(b) | (3) | (27) |  | (17) | 128 |  |
| Less: Gains (losses) on equity securities (net of tax) | 1933 | 638 |  | 58 | 2049 |  |
| &nbsp;&nbsp;&nbsp;Restructuring & other (pre-tax) | (665) | 14 |  | (918) | (380) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on restructuring & other | 145 | (1) |  | 199 | 35 |  |
| Less: Restructuring & other (net of tax) | (520) | 14 |  | (719) | (346) |  |
| &nbsp;&nbsp;&nbsp;Debt extinguishment costs (pre-tax) | (465) | (5108) |  | (465) | (6524) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on debt extinguishment costs | 68 | 133 |  | 68 | 430 |  |
| Less: Debt extinguishment costs (net of tax) | (397) | (4975) |  | (397) | (6094) |  |
| &nbsp;&nbsp;&nbsp;Separation costs (pre-tax) | (419) |  |  | (973) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on separation costs | 18 |  |  | 77 |  |  |
| Less: Separation costs (net of tax) | (401) |  |  | (896) |  |  |
| &nbsp;&nbsp;&nbsp;Steam asset sale impairment (pre-tax) | 1 |  |  | (824) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Steam asset sale impairment |  |  |  | 84 |  |  |
| Less: Steam asset sale impairment (net of tax) |  |  |  | (740) |  |  |
| &nbsp;&nbsp;&nbsp;Russia and Ukraine charges (pre-tax) |  |  |  | (263) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Russia and Ukraine charges |  |  |  | 15 |  |  |
| Less: Russia and Ukraine charges (net of tax) |  |  |  | (248) |  |  |
| Less: Accretion of redeemable noncontrolling interest (pre-tax and net of tax) |  |  |  |  | (9) |  |
| Less: Accretion of preferred share repurchase (pre-tax and net of tax) |  |  |  | 3 |  |  |
| Less: U.S. and foreign tax law change enactment | 95 |  |  | 58 | 8 |  |
| Less: Tax loss related to GECAS transaction |  | (11) |  |  | (54) |  |
| **Adjusted earnings (loss) (Non-GAAP)** | $1360 | $896 | 52% | $2881 | $1876 | 54% |
| (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. | (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. | (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. |  |  |  |  |
| (b) Includes related tax valuation allowances. |  |  |  |  |  |  |

---

\* Non-GAAP Financial Measure

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ADJUSTED EARNINGS (LOSS) PER SHARE (EPS) (NON-GAAP)**<br>***(In dollars)*** | **2022** | **2021** | **V%** | **2022** | **2021** | **V%** |
| **Earnings (loss) per share from continuing operations (GAAP)** | $1.99 | $(3.24) | F | $0.53 | $(3.25) | F |
| &nbsp;&nbsp;&nbsp;Insurance earnings (loss) (pre-tax) | (0.02) | 0.13 |  | 0.06 | 0.52 |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Insurance earnings (loss) |  | (0.03) |  | (0.02) | (0.11) |  |
| Less: Insurance earnings (loss) (net of tax) | (0.02) | 0.10 |  | 0.04 | 0.40 |  |
| **Earnings (loss) per share excluding Insurance (Non-GAAP)** | $2.01 | $(3.34) | F | $0.49 | $(3.66) | F |
| &nbsp;&nbsp;&nbsp;Non-operating benefit (cost) income (pre-tax) (GAAP) | 0.12 | (0.37) |  | 0.48 | (1.62) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on non-operating benefit (cost) income | (0.03) | 0.08 |  | (0.10) | 0.34 |  |
| Less: Non-operating benefit (cost) income (net of tax) | 0.10 | (0.29) |  | 0.38 | (1.28) |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on purchases and sales of business interests (pre-tax) | 0.02 | 0.10 |  | 0.05 | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on purchases and sales of business interests |  | (0.02) |  | 0.06 | 0.01 |  |
| Less: Gains (losses) on purchases and sales of business interests (net of tax) | 0.02 | 0.08 |  | 0.11 | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on equity securities (pre-tax) | 1.76 | 0.61 |  | 0.07 | 1.75 |  |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on equity securities(a)(b) |  | (0.02) |  | (0.02) | 0.12 |  |
| Less: Gains (losses) on equity securities (net of tax) | 1.76 | 0.58 |  | 0.05 | 1.87 |  |
| &nbsp;&nbsp;&nbsp;Restructuring & other (pre-tax) | (0.61) | 0.01 |  | (0.83) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on restructuring & other | 0.13 |  |  | 0.18 | 0.03 |  |
| Less: Restructuring & other (net of tax) | (0.47) | 0.01 |  | (0.65) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;Debt extinguishment costs (pre-tax) | (0.42) | (4.65) |  | (0.42) | (5.94) |  |
| &nbsp;&nbsp;&nbsp;Tax effect on debt extinguishment costs | 0.06 | 0.12 |  | 0.06 | 0.39 |  |
| Less: Debt extinguishment costs (net of tax) | (0.36) | (4.53) |  | (0.36) | (5.55) |  |
| &nbsp;&nbsp;&nbsp;Separation costs (pre-tax) | (0.38) |  |  | (0.88) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on separation costs | 0.02 |  |  | 0.07 |  |  |
| Less: Separation costs (net of tax) | (0.37) |  |  | (0.81) |  |  |
| &nbsp;&nbsp;&nbsp;Steam asset sale impairment (pre-tax) |  |  |  | (0.75) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Steam asset sale impairment |  |  |  | 0.08 |  |  |
| Less: Steam asset sale impairment (net of tax) |  |  |  | (0.67) |  |  |
| &nbsp;&nbsp;&nbsp;Russia and Ukraine charges (pre-tax) |  |  |  | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;Tax effect on Russia and Ukraine charges |  |  |  | 0.01 |  |  |
| Less: Russia and Ukraine charges (net of tax) |  |  |  | (0.23) |  |  |
| Less: Accretion of redeemable noncontrolling interest (pre-tax and net of tax) |  |  |  |  | (0.01) |  |
| Less: Accretion of preferred share repurchase (pre-tax and net of tax) |  |  |  |  |  |  |
| Less: U.S. and foreign tax law change enactment | 0.09 |  |  | 0.05 | 0.01 |  |
| Less: Tax loss related to GECAS transaction |  | (0.01) |  |  | (0.05) |  |
| **Adjusted earnings (loss) per share (Non-GAAP)** | $1.24 | $0.82 | 51% | $2.62 | $1.71 | 53% |
| (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. | (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. | (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. |  |  |  |  |
| (b) Includes related tax valuation allowances. |  |  |  |  |  |  |
| Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. |
| The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. |

---

\* Non-GAAP Financial Measure

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31** | **Three months ended December 31** | **Three months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **FREE CASH FLOWS (FCF) (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V$** | **2022** | **2021** | **V$** |
| **CFOA (GAAP)** | $4571 | $2415 | $2156 | $5864 | $888 | $4976 |
| &nbsp;&nbsp;&nbsp;Less: Insurance CFOA | 88 | 46 |  | 136 | 86 |  |
| **CFOA excluding Insurance (Non-GAAP)** | $4483 | $2369 | $2114 | $5728 | $802 | $4926 |
| &nbsp;&nbsp;&nbsp;Add: gross additions to property, plant and equipment | (414) | (355) |  | (1371) | (1250) |  |
| &nbsp;&nbsp;&nbsp;Add: gross additions to internal-use software | (35) | (33) |  | (113) | (111) |  |
| &nbsp;&nbsp;&nbsp;Less: separation cash expenditures | (143) |  |  | (261) |  |  |
| &nbsp;&nbsp;&nbsp;Less: Corporate restructuring cash expenditures | (38) |  |  | (38) |  |  |
| &nbsp;&nbsp;&nbsp;Less: taxes related to business sales | (71) |  |  | (214) | (6) |  |
| &nbsp;&nbsp;&nbsp;Less: CFOA impact from factoring programs discontinued in 2021 |  | (2041) |  |  | (5108) |  |
| &nbsp;&nbsp;&nbsp;Less: CFOA impact from receivables factoring and supply chain finance eliminations |  | 314 |  |  | 2666 |  |
| **Free cash flows (Non-GAAP)** | $4286 | $3708 | $578 | $4758 | $1889 | $2869 |
| &nbsp;&nbsp;&nbsp;Less: prior period CFOA impact from factoring programs discontinued in 2021(a) |  |  |  |  | (739) |  |
| **Free cash flows excluding discontinued factoring (Non-GAAP)** | $4286 | $3708 | $578 | $4758 | $2628 | $2130 |
| (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. | (a) Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. |
| We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CFOA (GAAP) AND FREE CASH FLOWS (FCF) BY SEGMENT (NON-GAAP)** | **CFOA (GAAP) AND FREE CASH FLOWS (FCF) BY SEGMENT (NON-GAAP)** | **CFOA (GAAP) AND FREE CASH FLOWS (FCF) BY SEGMENT (NON-GAAP)** | **CFOA (GAAP) AND FREE CASH FLOWS (FCF) BY SEGMENT (NON-GAAP)** | | | |
| **Twelve months ended December 31, 2022** | **Aerospace** | **Renewable Energy** | **Power** | **HealthCare** | **Corporate** | **Total** |
| CFOA (GAAP) | $5514 | $(1759) | $2078 | $2435 | $(2404) | $5864 |
| &nbsp;&nbsp;&nbsp;Less: Insurance CFOA |  |  |  |  | 136 | 136 |
| CFOA excl. Insurance (Non-GAAP) | $5514 | $(1759) | $2078 | $2435 | $(2540) | $5728 |
| &nbsp;&nbsp;&nbsp;Add: gross additions to property, plant and equipment | (543) | (275) | (210) | (310) | (34) | (1371) |
| &nbsp;&nbsp;&nbsp;Add: gross additions to internal-use software | (81) | (7) | (18) |  | (7) | (113) |
| &nbsp;&nbsp;&nbsp;Less: Separation cash expenditures |  |  |  |  | (261) | (261) |
| &nbsp;&nbsp;&nbsp;Less: Corporate restructuring cash expenditures |  |  |  |  | (38) | (38) |
| &nbsp;&nbsp;&nbsp;Less: taxes related to business sales |  |  |  |  | (214) | (214) |
| **Free cash flows (Non-GAAP)** | $4890 | $(2040) | $1850 | $2125 | $(2068) | $4758 |

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| | | | |
|:---|:---|:---|:---|
| | **Twelve months ended December 31** | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ORGANIC REVENUES EXCLUDING GE HEALTHCARE (NON-GAAP)**<br>***(In millions)*** | **2022** | **2021** | **V%** |
| **Total revenues excluding GE Healthcare (GAAP)** | $58096 | $56474 | 3% |
| &nbsp;&nbsp;&nbsp;Less: Insurance revenues | 2954 | 3106 |  |
| **Adjusted revenues excluding GE HealthCare (Non-GAAP)** | $55143 | $53368 | 3% |
| &nbsp;&nbsp;&nbsp;Less: acquisitions | 2 | (55) |  |
| &nbsp;&nbsp;&nbsp;Less: business dispositions |  | 158 |  |
| &nbsp;&nbsp;&nbsp;Less: foreign currency effect | (1307) | (2) |  |
| **Organic revenues excluding GE HealthCare (Non-GAAP)** | $56448 | $53267 | 6% |
| We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenues from our run-off Insurance business, acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. |

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\* Non-GAAP Financial Measure

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| | | |
|:---|:---|:---|
| | **Twelve months ended December 31** | **Twelve months ended December 31** |
| **ADJUSTED EARNINGS AND EPS EXCLUDING GE HEALTHCARE (NON-GAAP)**<br>***(In millions; per-share amounts in dollars)*** | **2022** | **2022** |
|  | **Earnings** | **EPS** |
| **Earnings (loss) from continuing operations excluding GE HealthCare (GAAP)** | $(1211) | $(1.11) |
| &nbsp;&nbsp;&nbsp;Insurance earnings (loss) (pre-tax) | 65 | 0.06 |
| &nbsp;&nbsp;&nbsp;Tax effect on Insurance earnings (loss) | (21) | (0.02) |
| Less: Insurance earnings (loss) (net of tax) | 44 | 0.04 |
| **Earnings (loss) per share excluding Insurance and GE HealthCare (Non-GAAP)** | $(1255) | $(1.15) |
| &nbsp;&nbsp;&nbsp;Non-operating benefit (cost) income (pre-tax) (GAAP) | 409 | 0.37 |
| &nbsp;&nbsp;&nbsp;Tax effect on non-operating benefit (cost) income | (86) | (0.08) |
| Less: Non-operating benefit (cost) income (net of tax) | 323 | 0.30 |
| &nbsp;&nbsp;&nbsp;Gains (losses) on purchases and sales of business interests (pre-tax) | 45 | 0.04 |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on purchases and sales of business interests | 57 | 0.05 |
| Less: Gains (losses) on purchases and sales of business interests (net of tax) | 102 | 0.09 |
| &nbsp;&nbsp;&nbsp;Gains (losses) on equity securities (pre-tax) | 76 | 0.07 |
| &nbsp;&nbsp;&nbsp;Tax effect on gains (losses) on equity securities(a)(b) | (17) | (0.02) |
| Less: Gains (losses) on equity securities (net of tax) | 58 | 0.05 |
| &nbsp;&nbsp;&nbsp;Restructuring & other (pre-tax) | (806) | (0.74) |
| &nbsp;&nbsp;&nbsp;Tax effect on restructuring & other | 176 | 0.16 |
| Less: Restructuring & other (net of tax) | (630) | (0.58) |
| &nbsp;&nbsp;&nbsp;Debt extinguishment costs (pre-tax) | (465) | (0.42) |
| &nbsp;&nbsp;&nbsp;Tax effect on debt extinguishment costs | 68 | 0.06 |
| Less: Debt extinguishment costs (net of tax) | (397) | (0.36) |
| &nbsp;&nbsp;&nbsp;Separation costs (pre-tax) | (715) | (0.65) |
| &nbsp;&nbsp;&nbsp;Tax effect on separation costs | 23 | 0.02 |
| Less: Separation costs (net of tax) | (692) | (0.63) |
| &nbsp;&nbsp;&nbsp;Steam asset sale impairment (pre-tax) | (824) | (0.75) |
| &nbsp;&nbsp;&nbsp;Tax effect on Steam asset sale impairment | 84 | 0.08 |
| Less: Steam asset sale impairment (net of tax) | (740) | (0.68) |
| &nbsp;&nbsp;&nbsp;Russia and Ukraine charges (pre-tax) | (263) | (0.24) |
| &nbsp;&nbsp;&nbsp;Tax effect on Russia and Ukraine charges | 15 | 0.01 |
| Less: Russia and Ukraine charges (net of tax) | (248) | (0.23) |
| Less: Accretion of preferred share repurchase (pre-tax and net of tax) | 3 |  |
| Less: U.S. and foreign tax law change enactment | 126 | 0.11 |
| **Adjusted earnings (loss) per share excluding GE HealthCare (Non-GAAP)** | $839 | $0.77 |
| (a) Includes tax benefits available to offset the tax on gains (losses) on equity securities. |  |  |
| (b) Includes related tax valuation allowances. |  |  |
| Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. |
| The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | The service cost for our pension and other benefit plans are included in Adjusted earnings\*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance. We believe the retained costs in Adjusted earnings\* and Adjusted EPS\* provides management and investors a useful measure to evaluate the performance of the total company and increases period-to-period comparability. We also use Adjusted EPS\* as a performance metric at the company level for our annual executive incentive plan for 2022. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. |

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\* Non-GAAP Financial Measure

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| | |
|:---|:---|
| | **Twelve months ended December 31** |
| **FREE CASH FLOWS (FCF) EXCLUDING GE HEALTHCARE (NON-GAAP)**<br>***(In millions)*** | **2022** |
| **CFOA excluding GE HealthCare (GAAP)** | $4023 |
| &nbsp;&nbsp;&nbsp;Less: Insurance CFOA | 136 |
| **CFOA excluding Insurance and GE HealthCare (Non-GAAP)** | $3887 |
| &nbsp;&nbsp;&nbsp;Add: gross additions to property, plant and equipment | (1061) |
| &nbsp;&nbsp;&nbsp;Add: gross additions to internal-use software | (113) |
| &nbsp;&nbsp;&nbsp;Less: separation cash expenditures | (178) |
| &nbsp;&nbsp;&nbsp;Less: Corporate restructuring cash expenditures | (38) |
| &nbsp;&nbsp;&nbsp;Less: taxes related to business sales | (129) |
| **Free cash flows excluding GE HealthCare (Non-GAAP)** | $3059 |
| We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. | We believe investors may find it useful to compare free cash flows\* performance without the effects of CFOA related to our run-off Insurance business, separation cash expenditures, Corporate restructuring cash expenditures (associated with the separation-related program announced in October, 2022), taxes related to business sales and eliminations related to our receivables factoring and supply chain finance programs. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. The CFOA impact from receivables factoring and supply chain finance eliminations represents activity related to those internal programs previously facilitated for our industrial segments by our Working Capital Solutions business. We completed the exit from all internal factoring and supply chain finance programs in 2021. We are also presenting these measures excluding the results of GE HealthCare to provide investors with a relevant comparison for GE's future results following the GE HealthCare spin-off in January 2023. |

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| |
|:---|
| **2023 OUTLOOK: 2023 ADJUSTED EPS (NON-GAAP)** |
| We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Adjusted EPS\* in 2023 without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the mark-to-market of our remaining investment in GE HealthCare, AerCap and Baker Hughes, and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains and restructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we believe is too large and variable to be meaningful. |

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| |
|:---|
| **2023 OUTLOOK: 2023 FCF (NON-GAAP)** |
| We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for free cash flows\* in 2023 without unreasonable effort due to the uncertainty of timing of taxes related to business sales. |

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\* Non-GAAP Financial Measure

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**Caution Concerning Forward Looking Statements:**

This release and certain of our other public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, including our plan to pursue a spin-off of our portfolio of energy businesses that are planned to be combined as GE Vernova (Renewable Energy, Power, Digital and Energy Financial Services); the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; impacts related to the COVID-19 pandemic; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses' cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our success in executing planned and potential transactions, including our plan to pursue a spin-off of GE Vernova, and sales or other dispositions of our equity interests in AerCap Holdings N.V. (AerCap) and GE HealthCare, the timing for such transactions, the ability to satisfy any applicable pre-conditions, and the expected proceeds, consideration and benefits to GE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising interest rates, the value of securities and other financial assets (including our equity interests in AerCap and GE HealthCare), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, decreases in the rates of investment or economic growth globally or in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of virus variants and resurgences, and of government, business and individual responses, such as continued or new government-imposed lockdowns and travel restrictions, and in particular any adverse impacts to the aviation industry and its participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital allocation plans, including de-leveraging actions to reduce GE's indebtedness, the capital structures of the public companies that we plan to form from our businesses with the planned spin-offs, the timing and amount of dividends, share repurchases, acquisitions, organic investments, and other priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital and liquidity needs associated with our financial services operations, including in connection with our run-off insurance operations and mortgage portfolio in Poland (Bank BPH), the amount and timing of any required capital contributions and any strategic actions that we may pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as demand for air travel and other aviation industry dynamics related to the COVID-19 pandemic; pricing, cost, volume and the timing of investment by customers or industry participants and other factors in renewable energy markets; conditions in key geographic markets; technology developments; and other shifts in the competitive landscape for our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational execution by our businesses, including the success at our Renewable Energy business in improving product quality and fleet availability, executing on cost reduction initiatives and other aspects of operational performance, as well as the performance of GE Aerospace amidst the ongoing market recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including the impact of the Inflation Reduction Act and other policies), and the effects of tax law changes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom, Bank BPH and other investigative and legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of actual or potential quality issues or failures of our products or third-party products with which our products are integrated, and related costs and reputational effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors that are described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as such descriptions may be updated or amended in any future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

GE's Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE's Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

**Additional Financial Information**

Additional financial information can be found on the Company's website at: <u>www.ge.com/investor</u> under Events and Reports.

**Conference Call and Webcast**

GE will discuss its results during its investor conference call today starting at 8:00 a.m. ET. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the Events and Reports page on GE's website at: www.ge.com/investor. An archived version of the webcast will be available on the website after the call.

**About GE**

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 130 years, GE has invented the future of industry, and today the company's dedicated team, leading technology, and global reach and capabilities help the world work more safely, efficiently, and reliably. GE's people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE's mission and deliver for its customers. <u>www.ge.com</u>

**GE Investor Contact:**

Steve Winoker, 617.443.3400

<u>swinoker@ge.com</u> 

**GE Media Contact:**

Whitney Mercer, 857.303.3079

<u>whitney.mercer@ge.com</u>