General Electric Company (GE) Q4 2024 earnings summary

Executive summary

• Achieved a historic first year as a standalone public company in 2024, delivering strong financial and operational results with significant profit and free cash flow growth.

• Orders grew 46% in Q4 and 32% for the full year, with robust demand across commercial and defense segments.

• Launched the Flight Deck lean operating model and advanced technology milestones, including hybrid electric propulsion and open fan engine design.

• Major commercial and defense engine agreements signed, with expanded aftermarket capacity and key certifications for LEAP-1A HPT Durability Kit.

• Significant progress in supply chain and operational integration, supporting continued growth.

Financial highlights

• 2024 adjusted revenue up 10% to $35.1B; Q4 adjusted revenue up 16% to $9.9B.

• Full-year operating profit up 30% to $7.3B; Q4 operating profit up 49% to $2.0B.

• Adjusted EPS increased 56% to $4.60 for the year; Q4 adjusted EPS $1.32, up 103%.

• Free cash flow up 28% to $6.1B for the year; Q4 free cash flow $1.5B, up 21%.

• Operating profit margin expanded to 20.7% for the year; Q4 margin 20.1%.

Outlook and guidance

• 2025 adjusted revenue expected at $38.7B, up 10%; adjusted EPS guidance $5.10–$5.45, up 15% at midpoint.

• Free cash flow expected at $6.3B–$6.8B, with conversion above 100%.

• Share repurchases to increase to $7B; dividend planned to rise by 30%, pending board approval.

• CES revenue to grow mid-teens; operating profit $7.6–$7.9B; LEAP deliveries up 15–20%.

• DPT revenue to grow mid- to high-single digits; operating profit $1.1–$1.3B.