Short answer
GE HealthCare (GEHC) filed its fiscal 2025 10-K annual report with the SEC on Feb 4, 2026. It reported revenue of $20.6B (+4.8% year over year) and net income of $2.1B.
- Top risk flagged: US tariffs on global imports in 2025 materially reduced profitability and cash flows, with ongoing risk of additional tariffs impacting financial results
FY2025 key financial metrics · XBRL
- Revenue
- $20.6B
- +4.8% YoY
- Net income
- $2.1B
- +4.6% YoY
- Operating margin
- 13.4%
- +0.1 pp YoY
- Gross margin
- 40.0%
- −1.7 pp YoY
- EPS (diluted)
- $4.55
- +4.8% YoY
- ROE
- 20.1%
- −3.5 pp YoY
- Operating cash flow
- $2.0B
- +1.6% YoY
Source: XBRL data from the GE HealthCare (GEHC) FY2025 10-K on SEC EDGAR. USD.
GE HealthCare FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global healthcare solutions provider delivering advanced medical tech, diagnostics, AI, cloud, and software for personalized patient care
- New emphasis on AI-enabled software solutions upgradeable through equipment lifecycle, enhancing multi-site healthcare network operations
- Strategic shift post-January 2023 spin-off from General Electric, operating independently with focus on lean system Heartbeat and operational culture
- Workforce approx. 54,000 employees, with 9,700 sales and 8,900 engineers and field service professionals globally
- Noteworthy: operates 44 manufacturing/production facilities across 17 countries with global integrated supply chain ensuring resilience and regional compliance
Management Discussion & Analysis
- Revenue $20,625M, up 4.8% YoY; Product sales $13,661M (+4.5%, +$586M), Services $6,964M (+5.6%, +$368M)
- Operating income $2,763M (13.4% margin vs 13.3%), net income $2,084M (10.1% margin, flat YoY)
- Best segment: PDx revenues $2,900M (+15.6%, +$392M) with EBIT $872M (+11.4%); Worst segment: PCS revenues $3,086M (-1.2%, -$38M) with EBIT $209M (-39.6%)
- Cost inflation including tariffs increased product costs $671M; operating expenses down $95M due to lower R&D and SG&A; tariffs impacted Operating income by $245M and cash flows by $285M
- No explicit forward guidance; key risks: ongoing tariffs, geopolitical instability, China market pressures, and trade restrictions may materially impact future results
Risk Factors
- US tariffs on global imports in 2025 materially reduced profitability and cash flows, with ongoing risk of additional tariffs impacting financial results
- Russia-Ukraine conflict and resulting US, EU sanctions increased costs and restricted supply to Russian customers, with uncertain license approvals from US authorities
- Supply chain disruptions and raw material shortages causing manufacturing delays, higher costs, and delivery impairments
- U.S. Librarian of Congress copyright exemption enabling third-party ISOs to access OEM repair software threatens service contracts and revenues
- Existing indebtedness and potential additional borrowings pose financial constraints and risks to business operations
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