General Electric Company (GE) Q1 2025 earnings summary

Executive summary

• Orders rose 12% year-over-year to $12.3B, with double-digit growth in both orders and revenue, driven by commercial services and equipment.

• GAAP revenue increased 11% to $9.9B; adjusted revenue also up 11% to $9.0B.

• Operating profit reached $2.1B, up 38%, with margins of 23.8%; GAAP profit grew 13% to $2.2B.

• Adjusted EPS was $1.49, up 60% year-over-year; GAAP EPS up 16% to $1.83.

• Commercial services backlog exceeded $140B, supported by strong order growth.

Financial highlights

• Commercial Engines & Services revenue up 14% to $7.0B, with services revenue up 17% and operating profit up 35% to $1.92B; margin rose to 27.5%.

• Defense & Propulsion Technologies revenue up 1% to $2.3B; operating profit up 16% to $296M; margin at 12.7%.

• Free cash flow was $1.4B, down 14% year-over-year, in line with expectations.

• Adjusted effective income tax rate was 17.6%, down from 20.7% year-over-year.

• Diluted share count reduced to 1,078M from 1,103M year-over-year.

Outlook and guidance

• Full-year 2025 guidance maintained: adjusted revenue growth in low double digits, operating profit $7.8–$8.2B, adjusted EPS $5.10–$5.45, and free cash flow $6.3–$6.8B.

• CES segment expects mid-teens revenue growth; DPT segment expects mid- to high-single-digit growth.

• Guidance assumes impact of announced tariffs, lower growth in departures, and delayed spare engine deliveries; excludes further tariff escalation and global recession.