[10-Q] GE HealthCare Technologies Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

GE HealthCare Technologies reported third‑quarter results reflecting steady growth. Total revenues were $5,143 million, up from $4,863 million a year ago, driven by higher product sales and services. Net income attributable to GE HealthCare was $446 million versus $470 million, and diluted EPS was $0.98 compared with $1.02. Operating income was $653 million, modestly below $676 million last year, as higher cost of products offset revenue gains.

For the first nine months, revenues reached $14,927 million and diluted EPS was $3.26. Cash from operating activities was $937 million. The company closed the acquisition of the remaining 50% of Nihon Medi‑Physics for $271 million cash consideration and recognized a $97 million remeasurement gain. It also issued $650 million 4.800% notes due 2031 and $850 million 5.500% notes due 2035. Cash and equivalents were $4,027 million, and total principal debt was $10,275 million. RPO was $15,096 million, indicating future revenue under contract. The company repurchased $200 million of stock year‑to‑date and declared dividends of $0.105 per share. Shares outstanding were 455,521,592 as of October 22, 2025.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-41528

GE HEALTHCARE TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

Delaware						88-2515116
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
500 W. Monroe Street, Chicago, IL						60661
(Address of principal executive offices)						(Zip Code)

(Registrant’s telephone number, including area code) (833) 735-1139

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			GEHC			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☑			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
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 provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 455,521,592 shares of common stock with a par value of $0.01 per share outstanding as of October 22, 2025.

Table of Contents
						Page
Forward-Looking Statements						3
Part I.			Financial Information
Item 1.			Financial Statements (Unaudited)
			Condensed Consolidated Statements of Income			4
			Condensed Consolidated Statements of Comprehensive Income (Loss)			5
			Condensed Consolidated Statements of Financial Position			6
			Condensed Consolidated Statements of Changes in Equity			7
			Condensed Consolidated Statements of Cash Flows			9
			Notes to the Condensed Consolidated Financial Statements (Unaudited)			10
			Note 1. Organization and Basis of Presentation			10
			Note 2. Revenue Recognition			11
			Note 3. Segment Information			12
			Note 4. Receivables			14
			Note 5. Financing Receivables			14
			Note 6. Leases			14
			Note 7. Acquisitions, Goodwill, and Other Intangible Assets			15
			Note 8. Borrowings			17
			Note 9. Postretirement Benefit Plans			18
			Note 10. Income Taxes			19
			Note 11. Shareholders' Equity			20
			Note 12. Financial Instruments and Fair Value Measurements			21
			Note 13. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies			25
			Note 14. Restructuring Activities			26
			Note 15. Earnings Per Share			27
			Note 16. Supplemental Financial Information			27
			Note 17. Subsequent Events			30
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)			31
			Trends and Factors Impacting Our Performance			31
			Summary of Key Performance Measures			32
			Results of Operations			33
			Results of Operations – Segments			36
			Non-GAAP Financial Measures			37
			Liquidity and Capital Resources			41
			Recently Issued Accounting Pronouncements			42
			Critical Accounting Estimates			42
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			43
Item 4.			Controls and Procedures			43
Part II.			Other Information
Item 1.			Legal Proceedings			43
Item 1A.			Risk Factors			43
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			43
Item 3.			Defaults Upon Senior Securities			44
Item 4.			Mine Safety Disclosures			44
Item 5.			Other Information			44
Item 6.			Exhibits			44
Signatures						45

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business, financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows; the impacts of macroeconomic and market conditions, including the impact of tariffs and other trade restrictions, and volatility on our business, operations, financial results, and financial position and on supply chains and the world economy; our cost structure; our funding and liquidity; the impacts on our business of manufacturing, sourcing, and supply chain management; the Russia and Ukraine conflict; share repurchases; and risks related to foreign currency exchange, interest rates, and commodity price volatility. These forward-looking statements involve risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, operating in highly competitive markets; global geopolitical and economic instability, including as a result of changes in trade and tariff policy, and international conflicts and tensions, including between Ukraine and Russia and in the Middle East; public health crises, epidemics, and pandemics, and their effects on our business; changes in third-party and government reimbursement processes, rates, and contractual relationships, including related to government shutdowns, and changes in the mix of public and private payers; demand for our products, services, or solutions and factors that affect that demand; developments in the market in China; our ability to control increases in healthcare costs and any subsequent effect on demand for our products, services, or solutions; our ability to successfully complete strategic transactions; the impacts related to our increasing focus on and investment in cloud, edge computing, artificial intelligence (“AI”), and software offerings; management of our supply chain and our ability to cost-effectively secure the materials we need to operate our business; disruptions in our operations; the actions or inactions of third parties with whom we partner and the various collaboration, licensing, and other partnerships and alliances we have with third parties; the impact of potential information technology, cybersecurity, or data security breaches; maintenance and protection of our intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; our ability to attract and/or retain key personnel and qualified employees; environmental, social, and governance matters; compliance with the various legal, regulatory, tax, privacy, and other laws to which we are subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the impact of potential product liability claims; and our level of indebtedness, as well as our general ability to comply with covenants under our debt instruments, and any related effect on our business. Please also see Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the United States Securities and Exchange Commission (“SEC”) and any updates or amendments we make in future filings. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Condensed Consolidated Statements of Income (Unaudited)
			For the three months ended September 30									For the nine months ended September 30
(In millions, except per share amounts)			2025			2024						2025			2024
Sales of products			$	3,375		$	3,201					$	9,755		$	9,454
Sales of services			1,769			1,662						5,172			4,899
Total revenues			5,143			4,863						14,927			14,353
Cost of products			2,270			2,033						6,392			6,045
Cost of services			884			805						2,549			2,378
Gross profit			1,990			2,026						5,987			5,930
Selling, general, and administrative			1,045			1,034						3,114			3,139
Research and development			292			316						937			967
Total operating expenses			1,337			1,350						4,051			4,106
Operating income			653			676						1,936			1,824
Interest and other financial charges – net			111			130						335			383
Non-operating benefit (income) costs			(75)			(102)						(222)			(306)
Other (income) expense – net			(26)			(9)						(124)			(1)
Income before income taxes			643			658						1,947			1,747
Benefit (provision) for income taxes			(179)			(168)						(395)			(435)
Net income			464			490						1,552			1,312
Net (income) loss attributable to noncontrolling interests			(18)			(19)						(57)			(40)
Net income attributable to GE HealthCare			$	446		$	470					$	1,495		$	1,272
Earnings per share attributable to GE HealthCare:
Basic			$	0.98		$	1.03					$	3.27		$	2.79
Diluted			0.98			1.02						3.26			2.77
Weighted-average number of shares outstanding:
Basic			456			457						457			456
Diluted			457			459						458			459

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
			For the three months ended September 30									For the nine months ended September 30
(In millions)			2025			2024						2025			2024
Net income attributable to GE HealthCare			$	446		$	470					$	1,495		$	1,272
Net income (loss) attributable to noncontrolling interests			18			19						57			40
Net income			464			490						1,552			1,312
Other comprehensive income (loss):
Currency translation adjustments – net of taxes			(59)			177						419			70
Pension and Other Postretirement Plans – net of taxes			(29)			(67)						(177)			(138)
Cash flow hedges – net of taxes			17			(36)						(25)			(12)
Other comprehensive income (loss)			(71)			74						218			(80)
Comprehensive income (loss)			393			563						1,770			1,232
Less: Comprehensive income (loss) attributable to noncontrolling interests			13			19						52			40
Comprehensive income attributable to GE HealthCare			$	380		$	544					$	1,718		$	1,192

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Condensed Consolidated Statements of Financial Position (Unaudited)
			As of
(In millions, except share and per share amounts)			September 30, 2025			December 31, 2024
Cash, cash equivalents, and restricted cash			$	4,027		$	2,889
Receivables – net of allowances of $108 and $103			3,734			3,566
Inventories			2,304			1,939
Contract and other deferred assets			1,125			974
All other current assets			702			532
Current assets			11,893			9,901
Property, plant, and equipment – net			3,010			2,550
Goodwill			13,441			13,136
Other intangible assets – net			1,163			1,078
Deferred income taxes			4,468			4,474
All other non-current assets			2,152			1,950
Total assets			$	36,127		$	33,089
Short-term borrowings			$	2,005		$	1,502
Accounts payable			2,987			3,035
Contract liabilities			2,002			1,943
Current compensation and benefits			1,542			1,521
All other current liabilities			1,536			1,552
Current liabilities			10,073			9,553
Long-term borrowings			8,277			7,449
Non-current compensation and benefits			5,287			5,583
Deferred income taxes			171			56
All other non-current liabilities			2,100			1,796
Total liabilities			25,907			24,437
Commitments and contingencies
Redeemable noncontrolling interests			204			188
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 458,619,612 shares issued as of September 30, 2025; 457,246,971 shares issued as of December 31, 2024			5			5
Treasury stock, at cost, 3,107,626 shares as of September 30, 2025 and 291,053 shares as of December 31, 2024			(225)			(25)
Additional paid-in capital			6,661			6,583
Retained earnings			4,709			3,262
Accumulated other comprehensive income (loss) – net			(1,156)			(1,379)
Total equity attributable to GE HealthCare			9,993			8,446
Noncontrolling interests			23			18
Total equity			10,016			8,464
Total liabilities, redeemable noncontrolling interests, and equity			$	36,127		$	33,089

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Condensed Consolidated Statements of Changes in Equity (Unaudited)
			Common stock						Treasury stock
(In millions, except per share amounts)			Shares			Amount			Shares			Amount			Additional paid-in capital			Retained earnings						Accumulated other comprehensive income (loss) – net			Equity attributable to noncontrolling interests			Total equity
Balances as of June 30, 2025			458			$	5		2			$	(125)		$	6,628		$	4,295					$	(1,090)		$	21		$	9,733
Issuance of shares under equity awards, net of shares withheld for taxes and other			—			—			—			—			(4)			—						—			—			(4)
Repurchase of common stock			—			—			1			(100)			—			—						—			—			(100)
Net income attributable to GE HealthCare			—			—			—			—			—			446						—			—			446
Dividends declared ($0.07 per common share)			—			—			—			—			—			(32)						—			—			(32)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—						(66)			—			(66)
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—						—			2			2
Share-based compensation			—			—			—			—			37			—						—			—			37
Balances as of September 30, 2025			459			$	5		3			$	(225)		$	6,661		$	4,709					$	(1,156)		$	23		$	10,016

			Common stock						Treasury stock
(In millions, except per share amounts)			Shares			Amount			Shares			Amount			Additional paid-in capital			Retained earnings						Accumulated other comprehensive income (loss) – net			Equity attributable to noncontrolling interests			Total equity
Balances as of June 30, 2024			457			$	5		—			$	—		$	6,540		$	2,101					$	(845)		$	16		$	7,817
Issuance of shares under equity awards, net of shares withheld for taxes and other			—			—			—			(25)			(10)			—						—			—			(35)
Net income attributable to GE HealthCare			—			—			—			—			—			470						—			—			470
Dividends declared ($0.03 per common share)			—			—			—			—			—			(14)						—			—			(14)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—						74			—			74
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—						—			2			2
Share-based compensation			—			—			—			—			21			—						—			—			21
Balances as of September 30, 2024			457			$	5		—			$	(25)		$	6,551		$	2,558					$	(771)		$	18		$	8,335

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Condensed Consolidated Statements of Changes in Equity (Unaudited)
			Common stock						Treasury stock
(In millions, except per share amounts)			Shares			Amount			Shares			Amount			Additional paid-in capital			Retained earnings						Accumulated other comprehensive income (loss) – net			Equity attributable to noncontrolling interests			Total equity
Balances as of December 31, 2024			457			$	5		—			$	(25)		$	6,583		$	3,262					$	(1,379)		$	18		$	8,464
Issuance of shares under equity awards, net of shares withheld for taxes and other			1			—			—			—			(16)			—						—			—			(16)
Repurchase of common stock			—			—			3			(200)			—			—						—			—			(200)
Net income attributable to GE HealthCare			—			—			—			—			—			1,495						—			—			1,495
Dividends declared ($0.105 per common share)			—			—			—			—			—			(48)						—			—			(48)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—						223			—			223
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—						—			4			4
Share-based compensation			—			—			—			—			93			—						—			—			93
Balances as of September 30, 2025			459			$	5		3			$	(225)		$	6,661		$	4,709					$	(1,156)		$	23		$	10,016

			Common stock						Treasury stock
(In millions, except per share amounts)			Shares			Amount			Shares			Amount			Additional paid-in capital			Retained earnings						Accumulated other comprehensive income (loss) – net			Equity attributable to noncontrolling interests			Total equity
Balances as of December 31, 2023			455			$	5		$	—		$	—		$	6,493		$	1,326					$	(691)		$	12		$	7,145
Issuance of shares under equity awards, net of shares withheld for taxes and other			2			—			—			(25)			(34)			—						—			—			(59)
Net income attributable to GE HealthCare			—			—			—			—			—			1,272						—			—			1,272
Dividends declared ($0.09 per common share)			—			—			—			—			—			(41)						—			—			(41)
Other comprehensive income (loss) attributable to GE HealthCare			—			—			—			—			—			—						(80)			—			(80)
Changes in equity attributable to noncontrolling interests			—			—			—			—			—			—						—			6			6
Share-based compensation			—			—			—			—			92			—						—			—			92
Balances as of September 30, 2024			457			$	5		$	—		$	(25)		$	6,551		$	2,558					$	(771)		$	18		$	8,335

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Condensed Consolidated Statements of Cash Flows (Unaudited)
			For the nine months ended September 30
(In millions)			2025			2024
Net income			$	1,552		$	1,312
Less: Income (loss) from discontinued operations, net of taxes			—			—
Net income from continuing operations			$	1,552		$	1,312
Adjustments to reconcile Net income to Cash from (used for) operating activities
Depreciation of property, plant, and equipment			213			203
Amortization of intangible assets			219			237
Gain on remeasurement of Nihon Medi-Physics equity method investment			(97)			—
Net periodic postretirement benefit plan (income) expense			(208)			(271)
Postretirement plan contributions			(260)			(257)
Share-based compensation			94			92
Provision for income taxes			395			435
Cash paid during the year for income taxes			(353)			(375)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Receivables			(6)			101
Inventories			(217)			(157)
Contract and other deferred assets			(111)			(33)
Accounts payable			(119)			(67)
Contract liabilities			1			(25)
Current compensation and benefits			(29)			(97)
All other operating activities – net			(136)			(57)
Cash from (used for) operating activities – continuing operations			937			1,042
Cash flows – investing activities
Additions to property, plant and equipment and internal-use software			(348)			(299)
Purchases of businesses, net of cash acquired			(279)			(259)
Purchases of investments			(82)			(33)
All other investing activities – net			(69)			(83)
Cash from (used for) investing activities – continuing operations			(778)			(674)
Cash flows – financing activities
Newly issued debt, net of debt issuance costs (maturities longer than 90 days)			1,494			994
Repayments and other reductions (maturities longer than 90 days)			(265)			(162)
Dividends paid to stockholders			(48)			(41)
Repurchase of common stock			(200)			—
Proceeds from stock issued under employee benefit plans			25			31
Taxes paid related to net share settlement of equity awards			(41)			(90)
All other financing activities – net			(56)			(28)
Cash from (used for) financing activities – continuing operations			910			704
Cash from (used for) operating activities – discontinued operations			—			(4)
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash			68			(2)
Increase (decrease) in cash, cash equivalents, and restricted cash			1,137			1,066
Cash, cash equivalents, and restricted cash at beginning of year			2,893			2,506
Cash, cash equivalents, and restricted cash at end of period			$	4,030		$	3,572
Supplemental disclosure of cash flows information
Cash paid during the year for interest			$	(327)		$	(339)
Non-cash investing activities
Acquired but unpaid property, plant, and equipment			$	111		$	72

The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

GE HealthCare Technologies Inc. is a trusted partner and leading global healthcare solutions provider, innovating medical technology, pharmaceutical diagnostics, and integrated, cloud-first AI-enabled solutions, services, and data analytics.

The condensed consolidated financial statements (the “financial statements”) of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and operating results have been included. All intercompany balances and transactions within the Company have been eliminated in the financial statements. Operating results for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for the fiscal year as a whole. The December 31, 2024 period presented on the Condensed Consolidated Statement of Financial Position was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Tables throughout this document are presented in millions of U.S. dollars unless otherwise stated and certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts.

The financial statements and notes should be read in conjunction with the Company’s audited consolidated and combined financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

On January 3, 2023, General Electric Company, which now operates as GE Aerospace (“GE”), completed the spin-off of GE HealthCare Technologies Inc. (the “Spin-Off”). Following this transaction, GE continues to be considered a related party due to the nature of our relationship and board member affiliation. Net costs incurred with GE were not significant for the nine months ended September 30, 2025.

Certain prior year amounts in the financial statements and notes thereto have been reclassified to conform to the current year presentation. Amounts due from related parties and due to related parties, which were previously shown on separate lines on the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Financial Position, were reclassified to Receivables, All other current assets, Accounts Payable, All other current liabilities, and All other operating activities – net as applicable. Additionally, gain on fair value remeasurement of contingent consideration amounts, which were previously shown on a separate line on the Condensed Consolidated Statements of Cash Flows, were reclassified to All other operating activities – net.

ESTIMATES AND ASSUMPTIONS.

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions, which affect the reported amounts and related disclosures in the financial statements. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position, and cash flows.

RECENT ACCOUNTING PRONOUNCEMENTS.

We evaluate Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not included in our disclosures were assessed and determined to either be not applicable or are not expected to have a significant impact on our financial statements.

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. We expect the adoption to impact disclosures in our notes to the financial statements.

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 addresses investor requests for more transparency about expense information through the disaggregation of relevant expense captions in the notes to the financial statements. The provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We expect the adoption to impact disclosures in our notes to the financial statements.

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In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 updates the accounting for internal-use software by eliminating the concept of development stages. Under the updated guidance, software costs are capitalized once management has authorized and committed to funding the project, and it is probable the project will be completed and the software will be used to perform the function intended. The provisions of ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. We are currently evaluating the effect that ASU 2025-06 will have on our financial statements.

NOTE 2. REVENUE RECOGNITION

Our revenues primarily consist of sales of products and services to customers. Products include equipment, imaging agents, software-related offerings, and upgrades. Services include contractual and stand-by preventative maintenance and corrective services, as well as related parts and labor, extended warranties, training, and other service-type offerings. The Company recognizes revenue from contracts with customers when the customer obtains control of the underlying products or services.

CONTRACT AND OTHER DEFERRED ASSETS.

Contract assets reflect revenue recognized on contracts with customers in excess of billings based on contractual terms. Contract assets are classified as current or non-current based on the amount of time expected to lapse until the Company’s right to consideration becomes unconditional. Other deferred assets consist of costs to obtain contracts, primarily commissions, other cost deferrals for shipped products, and deferred service, labor, and direct overhead costs.

			As of
			September 30, 2025			December 31, 2024
Contract assets			$	708		$	589
Other deferred assets			417			385
Contract and other deferred assets			1,125			974
Non-current contract assets(1)			91			103
Non-current other deferred assets(1)			113			105
Total contract and other deferred assets			$	1,329		$	1,183

(1)Non-current contract and other deferred assets are recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

CONTRACT LIABILITIES.

Contract liabilities include customer advances and deposits received when orders are placed and billed in advance of completion of performance obligations. Contract liabilities are classified as current or non-current based on the periods over which these remaining performance obligations are expected to be satisfied with our customers.

			As of
			September 30, 2025			December 31, 2024
Contract liabilities			$	2,002		$	1,943
Non-current contract liabilities(1)			775			686
Total contract liabilities			$	2,777		$	2,629

(1)Non-current contract liabilities are recognized within All other non-current liabilities in the Condensed Consolidated Statements of Financial Position.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $1,385 million and $1,381 million for the nine months ended September 30, 2025 and 2024, respectively.

REMAINING PERFORMANCE OBLIGATIONS.

Remaining performance obligations (“RPO”) represents the estimated revenue expected from customer contracts that are partially or fully unperformed inclusive of amounts deferred in contract liabilities, excluding contracts, or portions thereof, that provide the customer with the right to cancel or terminate without incurring a substantive penalty. RPO also excludes estimated revenue from arrangements where we lease equipment manufactured by the Company to customers.

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			As of
			September 30, 2025			December 31, 2024
Products			$	4,899		$	4,755
Services			10,197			9,737
Total RPO			$	15,096		$	14,491

We expect to recognize substantially all of the revenue for our product-related RPO within two years and services-related RPO within five years.

NOTE 3. SEGMENT INFORMATION

GE HealthCare’s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”). These segments have been identified based on the nature of the products sold and how the Company manages its operations. We have not aggregated any of our operating segments to form reportable segments. A description of our reportable segments has been provided in Item 1, “Business” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) for the purpose of assessing performance and allocating resources. The Company’s CODM is our Chief Executive Officer. The CODM assesses segment performance using Total revenues and an earnings metric defined as “Segment EBIT.” Segment EBIT is calculated as income before income taxes in our Condensed Consolidated Statements of Income excluding the impact of the following: Interest and other financial charges – net, Non-operating benefit (income) costs, restructuring costs, acquisition and disposition-related benefits (charges), gain (loss) on business and asset dispositions, Spin-Off and separation costs, amortization of acquisition-related intangible assets, and investment revaluation gain (loss). Segment EBIT is also used in the annual budget and periodic forecasting processes and informs the CODM in decision making regarding the allocation of resources to the segments.

Total Revenues by Segment			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Total Imaging			$	2,349		$	2,229					$	6,693		$	6,462
AVS:
Procedural Guidance			662			647						1,963			1,967
Specialized Ultrasound			638			569						1,866			1,725
Total AVS			1,301			1,216						3,829			3,692
PCS:
Monitoring Solutions			544			556						1,678			1,621
Life Support Solutions			187			223						583			677
Total PCS			731			779						2,262			2,298
Total PDx			749			625						2,110			1,862
Other(1)			15			15						33			39
Total revenues			$	5,143		$	4,863					$	14,927		$	14,353

(1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services (“HFS”) which does not meet the definition of an operating segment.

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Significant Expenses by Segment			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Imaging:
Cost of sales			$	1,563		$	1,387					$	4,385		$	4,118
Other segment items(1)			546			555						1,681			1,684
Total Imaging			$	2,108		$	1,942					$	6,066		$	5,802
AVS:
Cost of sales			$	655		$	608					$	1,890		$	1,817
Other segment items(1)			374			377						1,140			1,131
Total AVS			$	1,029		$	985					$	3,030		$	2,948
PCS:
Cost of sales			$	503		$	486					$	1,490		$	1,425
Other segment items(1)			201			211						636			632
Total PCS			$	703		$	697					$	2,127		$	2,057
PDx:
Cost of sales			$	384		$	312					$	1,049		$	921
Other segment items(1)			145			120						422			370
Total PDx			$	529		$	432					$	1,472		$	1,292

(1) Other segment items for each segment includes selling, general, administrative, research, and development related expenses, as well as other segment income and expenses.

Segment EBIT			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Segment EBIT
Imaging			$	240		$	287					$	627		$	660
AVS			271			232						799			744
PCS			27			82						135			241
PDx			220			193						638			571
Other(1)			2			1						5			2
			761			795						2,205			2,217
Restructuring costs			(31)			(22)						(71)			(90)
Acquisition and disposition-related benefits (charges)			(9)			4						(24)			7
Gain (loss) on business and asset dispositions			—			(1)						5			—
Spin-Off and separation costs			(6)			(56)						(35)			(182)
Amortization of acquisition-related intangible assets			(41)			(34)						(116)			(100)
Investment revaluation gain (loss)			4			(1)						96			(26)
Interest and other financial charges – net			(111)			(130)						(335)			(383)
Non-operating benefit income (costs)			75			102						222			306
Income before income taxes			$	643		$	658					$	1,947		$	1,747

(1) Financial information not presented within the reportable segments, shown within the Other category, primarily represents HFS which does not meet the definition of an operating segment.

The following table represents the depreciation and amortization amounts reported within the Segment EBIT metric for our reportable segments. Depreciation and amortization expense related to shared property, plant, and equipment and intangibles, exclusive of acquisition-related intangible assets, has been fully allocated to our segments and those allocations are reflected in the amounts presented in the table below. These amounts are included within Cost of sales and Other segment items disclosed in the Significant Expenses by Segment table above.

Depreciation and Amortization by Segment			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Imaging			$	57		$	63					$	172		$	191
AVS			17			19						52			59
PCS			14			13						41			42
PDx			19			12						48			43

The Company does not report total assets by segment as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

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NOTE 4. RECEIVABLES

Current Receivables			As of
			September 30, 2025						December 31, 2024
Current customer receivables(1)			$	3,474					$	3,382
Non-income based tax receivables			170						155
Other sundry receivables			198						133
Current sundry receivables			368						287
Allowance for credit losses			(108)						(103)
Total current receivables – net			$	3,734					$	3,566

(1) Chargebacks, which are primarily related to our PDx business, are generally settled through issuance of credits, typically within one month of initial recognition, and are recorded as a reduction to Current customer receivables. Balances related to chargebacks were $118 million and $153 million as of September 30, 2025 and December 31, 2024, respectively.

Long-Term Receivables			As of
			September 30, 2025			December 31, 2024
Long-term customer receivables			$	81		$	59
Non-income based tax receivables			23			20
Other sundry receivables			91			68
Long-term sundry receivables			114			88
Allowance for credit losses			(7)			(5)
Total long-term receivables – net			$	189		$	142

Long-term receivables are recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

NOTE 5. FINANCING RECEIVABLES

Current financing receivables and non-current financing receivables are recognized within All other current assets and All other non-current assets, respectively, in the Condensed Consolidated Statements of Financial Position.

			As of
			September 30, 2025			December 31, 2024
Loans receivable, at amortized cost			$	18		$	23
Investment in finance leases, net of deferred income			77			69
Allowance for credit losses			(1)			(2)
Current financing receivables – net			$	94		$	90
Loans receivable, at amortized cost			$	44		$	35
Investment in finance leases, net of deferred income			153			152
Allowance for credit losses			(3)			(4)
Non-current financing receivables – net			$	194		$	183

As of September 30, 2025, 2%, 1%, and 1% of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral. As of December 31, 2024, 4%, 4%, and 3% of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral.

NOTE 6. LEASES

Operating lease liabilities recognized within All other current liabilities and All other non-current liabilities in the Condensed Consolidated Statements of Financial Position were $419 million and $385 million as of September 30, 2025 and December 31, 2024, respectively. The total lease expense related to our operating lease portfolio was $63 million and $70 million for the three months ended September 30, 2025 and 2024, respectively, and $185 million and $189 million for the nine months ended September 30, 2025 and 2024, respectively.

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NOTE 7. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

PROPOSED ACQUISITION.

On September 10, 2025, we announced an agreement to acquire icometrix NV, a Belgium based company. The anticipated acquisition aligns with our precision care strategy with a goal of strengthening our portfolio of offerings in neurological care. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval.

ACQUISITIONS.

Nihon Medi-Physics

On March 31, 2025, the Company acquired the remaining 50% interest in Nihon Medi-Physics Co., Ltd. (“NMP”) from joint venture partner Sumitomo Chemical for net cash consideration of $271 million. NMP is a leading pharmaceutical manufacturer in Japan, focused on radiopharmaceuticals, which are used to enable clinical images across neurology, cardiology, and oncology procedures, as well as nonclinical and clinical development of radiotracers and theranostics research. Their product portfolio includes several GE HealthCare radiopharmaceuticals. NMP is included in the Company’s PDx segment.

On March 31, 2025, the fair value of the Company’s existing 50% interest in NMP was determined to be $301 million based on the cash consideration exchanged for acquiring the remaining 50% equity interest. The carrying value of our 50% interest was $204 million. The Company recognized a net gain of $97 million resulting from this remeasurement to fair value. This gain included the reclassification of certain amounts related to the Company’s 50% interest out of Accumulated other comprehensive income (loss) – net (“AOCI”) including foreign currency translation gains of $63 million and losses related to a defined benefit pension plan of $8 million. The net gain from this remeasurement was recorded in Other (income) expense – net in the Company’s Condensed Consolidated Statements of Income for the nine months ended September 30, 2025.

The following table provides a summary of the purchase price consideration transferred for the acquisition of NMP.

			Purchase consideration
Cash consideration, net of cash acquired			$	271
Fair value of previously held interest in NMP			301
Fair value of contingent consideration			5
Total allocable purchase price			$	577

The preliminary fair values of the assets and liabilities assumed in connection with the acquisition of NMP are as follows.

			Preliminary allocation
Receivables			$	53
Inventories			10
All other current assets(1)			35
Property, plant, and equipment			244
Goodwill			236
Other intangible assets			238
All other non-current assets			39
Deferred income taxes			(73)
All other non-current liabilities			(177)
Other(2)			(28)
Total net assets post acquisition			$	577

(1) All other current assets includes $35 million of indemnification assets, with the underlying indemnified liabilities recorded in All other non-current liabilities.

(2) Other includes Accounts payable, All other current liabilities, and Current compensation and benefits.

The allocation of purchase price of NMP to the tangible and intangible assets acquired and liabilities assumed, as reflected in the table above, is based on the Company’s preliminary allocations of their fair values. As of September 30, 2025, measurement period adjustments included changes to the purchase price allocation, resulting in a net increase of approximately $20 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired intangibles and decommissioning liabilities based on facts and circumstances that existed as of the acquisition date. While all amounts remain subject to adjustments, the areas potentially subject to the most significant adjustments are decommissioning liabilities and deferred income taxes. The Company’s management believes the fair values recognized for the assets acquired and the liabilities assumed are based on reasonable estimates and assumptions.

Property, plant, and equipment is mostly comprised of land, buildings, equipment (including machinery, furniture, and fixtures) and construction in process. The fair value of property, plant, and equipment was determined using a market participant approach.

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Other intangibles relate to $235 million of definite-lived intangible assets and $3 million of acquired in-process research and development (“IPR&D”). Definite-lived intangible assets consist primarily of developed product market authorization rights and customer relationships. The acquired definite-lived intangibles are being amortized over a weighted-average estimated useful life of approximately 13 years. The estimated fair value of intangibles was determined using the income approach, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of cash flows an asset would generate over its useful life.

The goodwill associated with NMP, recorded within the PDx segment, is non-deductible for tax purposes and is attributed to expected synergies with NMP’s existing assets and workforce that are expected to allow the Company greater access and growth in the Japan market.

Included in All other non-current liabilities are asset retirement obligations and decommissioning liabilities of $166 million, which were assumed in the transaction.

NMP has a defined benefit pension plan which has pension assets of $71 million and pension liabilities of $33 million, a net asset of $38 million, which we acquired in the transaction and is included in All other non-current assets.

Deferred income tax liabilities include the expected U.S. federal, state, and foreign tax consequences associated with temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and the respective tax basis.

If the acquisition of NMP had taken place as of the beginning of 2024, consolidated revenues and earnings would not have been significantly different than reported amounts.

MIM Software

On April 1, 2024, the Company acquired 100% of the stock of MIM Software Inc. (“MIM Software”) for approximately $259 million, net of cash acquired of $11 million, and potential contingent payments valued at $13 million pertaining to achievement of certain milestones, for a total purchase price of $283 million. The acquisition included up to $23 million of other contingent payments based on service requirements. The acquisition was funded with cash on hand. This transaction was accounted for as a business combination. The purchase price allocation, which was finalized in the first quarter of 2025 without material adjustments, resulted in goodwill of $189 million, customer-related intangible assets of $52 million, developed technology intangible assets of $48 million, net deferred tax liabilities of $13 million, and other net assets of $7 million. The goodwill associated with the acquired business, recorded within the Imaging segment, is non-deductible for tax purposes and is attributed to expected synergies and commercial benefits from use of the MIM Software technology in our existing GE HealthCare portfolio. MIM Software is a global provider of medical imaging analysis and AI solutions for the practice of radiation oncology, molecular radiotherapy, diagnostic imaging, and urology at imaging centers, hospitals, specialty clinics, and research organizations worldwide.

If the acquisition of MIM Software had taken place as of the beginning of 2023, consolidated revenues and earnings would not have been significantly different from reported amounts.

GOODWILL.

			Imaging			AVS			PCS			PDx			Total
Balance at December 31, 2024			$	3,581		$	4,987		$	2,035		$	2,533		$	13,136
Acquisitions(1)			6			—			—			236			243
Foreign currency exchange and other			18			33			6			5			62
Balance at September 30, 2025			$	3,606		$	5,020		$	2,041		$	2,774		$	13,441

(1) Includes the purchase of Spectronic Medical AB in the second quarter of 2025, recorded within the Imaging segment.

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. We did not identify any reporting units that required an interim impairment test since the last annual impairment testing date.

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OTHER INTANGIBLE ASSETS.

			As of September 30, 2025												As of December 31, 2024
			Gross Carrying Amount			Accumulated Amortization			Net						Gross Carrying Amount			Accumulated Amortization			Net
Definite-lived assets
Customer-related			$	285		$	(37)		$	248					$	112		$	(24)		$	88
Patents and technology			2,669			(2,094)			576						2,593			(1,987)			606
Capitalized software			1,800			(1,555)			246						1,743			(1,437)			306
Trademarks and other			47			(31)			16						33			(29)			4
Total definite-lived assets			4,802			(3,717)			1,085						4,481			(3,477)			1,004
Indefinite-lived assets(1)			78			—			78						74			—			74
Total other intangible assets			$	4,880		$	(3,717)		$	1,163					$	4,555		$	(3,477)		$	1,078

(1) Indefinite-lived intangible assets relate to acquired IPR&D prior to project completion and are not amortized.

Amortization expense was $74 million and $77 million for the three months ended September 30, 2025 and 2024, respectively, and $219 million and $237 million for the nine months ended September 30, 2025 and 2024, respectively.

NOTE 8. BORROWINGS

The Company’s borrowings include the senior unsecured notes and credit agreements detailed below.

Senior Unsecured Notes

In the second quarter of 2025, the Company issued $650 million of 4.800% senior unsecured notes due in 2031 and $850 million of 5.500% senior unsecured notes due in 2035. The non-economic terms of the newly issued senior unsecured notes are substantially similar to the terms of the Company’s existing senior unsecured notes. As of September 30, 2025, the Company’s borrowings include $9,750 million aggregate principal amount of senior unsecured notes in eight series with maturity dates ranging from 2025 through 2052 (collectively, the “Notes”). Refer to the table below for further information about the Notes.

Credit Facilities

In the first quarter of 2025, the Company terminated its existing five-year and 364-day senior unsecured revolving credit facilities. These were replaced with new five-year and 364-day senior unsecured revolving credit facilities in aggregate committed amounts of $3,000 million and $500 million, respectively. The terms of these new facilities are substantially similar to those of the terminated facilities.

The Company has credit agreements providing for:

•a five-year senior unsecured revolving credit facility in an aggregate committed amount of $3,000 million, maturing on March 27, 2030;

•a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $500 million, maturing on March 26, 2026; and

•a three-year senior unsecured term loan credit facility in an aggregate principal amount of $2,000 million, maturing on January 2, 2026 (the “Term Loan Facility” and, together with the five-year revolving credit facility and the 364-day revolving credit facility, the “Credit Facilities”).

There were no outstanding amounts under the five-year revolving credit facility and 364-day revolving credit facility, and there was $500 million and $750 million outstanding on the Term Loan Facility as of September 30, 2025 and December 31, 2024, respectively. In the first quarter of 2025, we repaid $250 million of the Term Loan Facility.

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Borrowings Composition			As of
			September 30, 2025			December 31, 2024
5.600% senior notes due November 15, 2025			$	1,500		$	1,500
5.650% senior notes due November 15, 2027			1,750			1,750
4.800% senior notes due August 14, 2029			1,000			1,000
5.857% senior notes due March 15, 2030			1,250			1,250
4.800% senior notes due January 15, 2031			650			—
5.905% senior notes due November 22, 2032			1,750			1,750
5.500% senior notes due June 15, 2035			850			—
6.377% senior notes due November 22, 2052			1,000			1,000
Floating rate Term Loan Facility due January 2, 2026			500			750
Other			25			36
Total principal debt issued			10,275			9,036
Less: Unamortized debt issuance costs and discounts			37			33
Add: Cumulative basis adjustment for fair value hedges			45			(51)
Total borrowings			10,282			8,951
Less: Short-term borrowings(1)			2,005			1,502
Long-term borrowings			$	8,277		$	7,449

(1) Short-term borrowings as of September 30, 2025 and December 31, 2024 includes $2,002 million and $1,500 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

See Note 12, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of September 30, 2025 and December 31, 2024, the Company had bank guarantees and surety bonds of approximately $907 million and $784 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $24 million and $25 million of guarantees as of September 30, 2025 and December 31, 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Condensed Consolidated Statements of Financial Position reflect a liability of $3 million as of both September 30, 2025 and December 31, 2024 related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost.

NOTE 9. POSTRETIREMENT BENEFIT PLANS

We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories: U.S. Plans, International Plans, and Other Postretirement Plans (“OPEB Plans”). Please refer to Note 10, “Postretirement Benefit Plans” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for further information. Pension plans with pension assets or obligations less than $50 million are not included in the results below.

Components of Expense (Income)
			U.S. Plans									International Plans									OPEB Plans
For the three months ended September 30,			2025			2024						2025			2024						2025			2024
Service cost – Operating			$	1		$	8					$	5		$	5					$	1		$	2
Interest cost			249			242						39			35						13			14
Expected return on plan assets			(287)			(299)						(39)			(49)						—			—
Amortization of net loss (gain)			(20)			(17)						5			3						(15)			(15)
Amortization of prior service cost (credit)			(3)			2						(1)			—						(20)			(22)
Special termination cost			—			—						—			—						—			—
Non-operating			$	(60)		$	(72)					$	4		$	(11)					$	(21)		$	(23)
Net periodic expense (income)			$	(59)		$	(64)					$	10		$	(6)					$	(20)		$	(21)

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			U.S. Plans									International Plans									OPEB Plans
For the nine months ended September 30,			2025			2024									2025			2024									2025			2024
Service cost – Operating			$	3		$	24								$	15		$	15								$	4		$	6
Interest cost			746			726									113			105									39			41
Expected return on plan assets			(860)			(896)									(113)			(145)									—			—
Amortization of net loss (gain)			(60)			(51)									16			9									(44)			(45)
Amortization of prior service cost (credit)			(8)			6									(2)			—									(60)			(66)
Special termination cost			3			—									—			—									1			—
Non-operating			$	(179)		$	(215)								$	14		$	(31)								$	(64)		$	(70)
Net periodic expense (income)			$	(176)		$	(191)								$	29		$	(16)								$	(60)		$	(64)

In the nine months ended September 30, 2025, the Company made cash payments totaling $132 million to its U.S. Plans, $33 million to its International Plans, and $95 million to its OPEB Plans. As of September 30, 2025, the Company expects to make total cash contributions of approximately $350 million to these plans in 2025. The Company funds annually, at a minimum, the statutorily required minimum amount for our qualified plans. Non-qualified plans are unfunded and we pay benefits from our cash on hand.

Defined Contribution Plan

GE HealthCare sponsors a defined contribution plan for its eligible U.S. employees. Expenses associated with our employees’ participation in GE HealthCare’s defined contribution plan were $34 million and $27 million for the three months ended September 30, 2025 and 2024, respectively, and $118 million and $100 million for the nine months ended September 30, 2025 and 2024, respectively.

NOTE 10. INCOME TAXES

Our effective income tax rate was 27.8% and 25.5% for the three months ended September 30, 2025 and 2024, respectively, and 20.3% and 24.9% for the nine months ended September 30, 2025 and 2024, respectively.

The tax rate for the three months ended September 30, 2025 is higher than the U.S. statutory rate primarily due to U.S. and foreign tax law changes, reconciling adjustments to recorded tax account balances, withholding taxes, geographic earnings mix, and state taxes, offset by the use of tax attributes from updating our global structure following the Spin-Off and research and development (“R&D”) benefits. 

The tax rate for the nine months ended September 30, 2025 is lower than the U.S. statutory rate primarily due to foreign income tax reserve releases for tax years which are no longer subject to an assessment from the local taxing authorities, the use of tax attributes from updating our global structure following the Spin-Off, the remeasurement gain that was recorded due to the NMP acquisition which is not taxable, and R&D benefits, partially offset by withholding taxes, U.S. and foreign tax law changes, geographic earnings mix, reconciling adjustments to recorded tax account balances, and state taxes.

The tax rate for the three and nine months ended September 30, 2024 is higher than the U.S. statutory rate primarily due to geographic earnings mix, reconciling adjustments to recorded tax account balances associated with the Spin-Off, withholding taxes, and state taxes, partially offset by R&D benefits.

The Company is currently being audited in a number of jurisdictions for the tax years 2004-2024, including China, France, Germany, India, Japan, Norway, the United Kingdom, and the United States.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into U.S. law, which includes significant changes to the federal income tax system. The Company has recorded the OBBBA tax impacts in our provision for income taxes for the three and nine months ended September 30, 2025, none of which are material to our financial statements.

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NOTE 11. SHAREHOLDERS' EQUITY

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET.

Changes in AOCI by component were as follows.

			For the three months ended September 30, 2025
			Currency translation adjustments(1)			Pension and Other Postretirement Plans			Cash flow hedges			Total AOCI
June 30, 2025			$	(1,495)		$	428		$	(23)		$	(1,090)
Other comprehensive income (loss) before reclassifications – net of taxes of $5, $(4), and $(5)			(59)			12			27			(19)
Reclassifications from AOCI – net of taxes(2) of $—, $12, and $1			—			(41)			(11)			(51)
Other comprehensive income (loss)			(59)			(29)			17			(71)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(5)			—			—			(5)
September 30, 2025			$	(1,549)		$	399		$	(7)		$	(1,156)

			For the three months ended September 30, 2024
			Currency translation adjustments(1)			Pension and Other Postretirement Plans			Cash flow hedges			Total AOCI
June 30, 2024			$	(1,812)		$	961		$	6		$	(845)
Other comprehensive income (loss) before reclassifications – net of taxes of $27, $8, and $10			177			(29)			(34)			114
Reclassifications from AOCI – net of taxes(2) of $—, $12, and $1			—			(38)			(3)			(41)
Other comprehensive income (loss)			177			(67)			(36)			74
Less: Other comprehensive income (loss) attributable to noncontrolling interests			—			—			—			—
September 30, 2024			$	(1,635)		$	894		$	(30)		$	(771)

			For the nine months ended September 30, 2025
			Currency translation adjustments(1)			Pension and Other Postretirement Plans			Cash flow hedges			Total AOCI
December 31, 2024			$	(1,973)		$	576		$	18		$	(1,379)
Other comprehensive income (loss) before reclassifications – net of taxes of $64, $13, and $9			356			(46)			(21)			289
Reclassifications from AOCI – net of taxes(2)(3) of $—, $40, and $1			63			(131)			(4)			(71)
Other comprehensive income (loss)			419			(177)			(25)			218
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(5)			—			—			(5)
September 30, 2025			$	(1,549)		$	399		$	(7)		$	(1,156)

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			For the nine months ended September 30, 2024
			Currency translation adjustments(1)			Pension and Other Postretirement Plans			Cash flow hedges			Total AOCI
December 31, 2023			$	(1,706)		$	1,033		$	(18)		$	(691)
Other comprehensive income (loss) before reclassifications – net of taxes of $13, $7, and $3			70			(27)			(10)			33
Reclassifications from AOCI – net of taxes(2) of $—, $33, and $1			—			(111)			(3)			(114)
Other comprehensive income (loss)			70			(138)			(12)			(80)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			—			—			—			—
September 30, 2024			$	(1,635)		$	894		$	(30)		$	(771)

(1) The amount of Currency translation adjustments recognized in Other comprehensive income (loss) (“OCI”) during the three and nine months ended September 30, 2025 and 2024 included net gains (losses) relating to net investment hedges, as further discussed in Note 12, “Financial Instruments and Fair Value Measurements.”

(2) Reclassifications from AOCI into earnings for Pension and Other Postretirement Plans are recognized within Non-operating benefit (income) costs, while Cash flow hedges are recognized within Cost of products and Cost of services in our Condensed Consolidated Statements of Income.

(3) Includes net of tax impact of $63 million of gains to Currency translation adjustments and $8 million of losses to Pension and Other Postretirement Plans related to the derecognition of the prior NMP equity method investment. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

SHARE REPURCHASES.

On April 30, 2025, our Board of Directors authorized a share repurchase program (the “repurchase program”) for up to $1,000 million of our common stock. The repurchase program does not have an expiration date, does not obligate the Company to acquire any particular amount of common stock, and may be suspended or terminated at any time at the Company's discretion. During the three and nine months ended September 30, 2025, we repurchased 1.4 million shares and 2.8 million shares, respectively, under the repurchase program for total consideration of approximately $100 million and $200 million, respectively.

NOTE 12. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

DERIVATIVES AND HEDGING.

Our primary objective in executing and holding derivative contracts is to reduce the volatility of earnings and cash flows associated with risks related to foreign currency exchange rates, interest rates, and equity prices. These derivative contracts reduce, but do not entirely eliminate, the aforementioned risks. Our policy is to use derivative contracts solely for managing risks and not for speculative purposes.

Cash Flow Hedges

For derivative instruments designated as cash flow hedges, changes in the fair value of designated hedging instruments are initially recorded as a component of AOCI and subsequently reclassified to earnings in the period in which the hedged transaction affects earnings and to the same financial statement line item impacted by the hedged transaction. As of September 30, 2025, we expect to reclassify $3 million of pre-tax net deferred losses associated with designated cash flow hedges to earnings in the next 12 months, contemporaneously with the impact on earnings of the related hedged transactions.

The cash flows associated with derivatives designated as cash flow hedges are recorded in All other operating activities – net in the Condensed Consolidated Statements of Cash Flows.

Net Investment Hedges

We use cross-currency interest rate swaps and foreign currency forward contracts in combination with foreign currency option contracts to hedge the foreign currency risk associated with our net investment in foreign operations. As of September 30, 2025, these contracts were designated as hedges of our net investment in foreign operations, primarily in Euro and Chinese Renminbi currencies.

The cash flows associated with derivatives designated as net investment hedges are recorded in All other investing activities – net in the Condensed Consolidated Statements of Cash Flows. For the nine months ended September 30, 2025 and 2024, All other investing activities – net includes $178 million and $94 million, respectively, of payments for the settlement of cross-currency swaps that were designated as net investment hedges. Cash flows from the periodic interest settlements on the cross-currency swaps are recorded in All other operating activities – net in the Condensed Consolidated Statements of Cash Flows.

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Fair Value Hedges

We use interest rate swaps to hedge the interest rate risk on our fixed rate borrowings. These derivatives are designated as fair value hedges to hedge the changes in fair value due to benchmark interest rate risk of specific designated cash flows of our senior unsecured notes.

We record the changes in fair value on these swap contracts in Interest and other financial charges – net in our Condensed Consolidated Statements of Income, the same line item where the offsetting change in the fair value of the designated cash flows of the senior unsecured note is recorded as a basis adjustment.

Cash flows for the periodic interest settlements on the interest rate swaps are recorded in All other operating activities – net in the Condensed Consolidated Statements of Cash Flows.

Derivatives Not Designated as Hedging Instruments

We also execute derivative instruments, such as foreign currency forward contracts and equity-linked total return swaps, which are not designated as qualifying hedges. These derivatives serve as economic hedges of foreign currency exchange rate and equity price risks. We also identify and record foreign currency-related features in our purchase or sales contracts where the currency is not the local or functional currency of any substantive party to the contract as embedded derivatives.

The changes in fair value of derivatives not designated in qualifying hedge transactions are recorded in Cost of products, Cost of services, Selling, general, and administrative (“SG&A”), and Other (income) expense – net in the Condensed Consolidated Statements of Income based on the nature of the underlying hedged transaction. Changes in fair value of embedded derivatives are recognized in Other (income) expense – net in the Condensed Consolidated Statements of Income.

The cash flows associated with derivatives not designated but used as economic hedges are recorded, based on the nature of the underlying hedged transaction, in All other operating activities – net and All other investing activities – net in the Condensed Consolidated Statements of Cash Flows. The cash flows related to embedded derivatives are included in All other operating activities – net in the Condensed Consolidated Statements of Cash Flows.

The following table presents the gross fair values of our outstanding derivative instruments.

Fair Value of Derivatives			September 30, 2025												December 31, 2024
			Gross Notional			Fair Value – Assets			Fair Value – Liabilities						Gross Notional			Fair Value – Assets			Fair Value – Liabilities
Foreign currency forward contracts			$	1,570		$	28		$	30					$	1,210		$	43		$	11
Derivatives accounted for as cash flow hedges			1,570			28			30						1,210			43			11
Cross-currency swaps(1)			4,113			50			157						1,995			15			46
Foreign currency forward and options contracts			2,676			36			29						1,731			30			18
Derivatives accounted for as net investment hedges			6,789			86			186						3,726			45			64
Interest rate swaps(1)			2,700			44			7						2,700			—			51
Derivatives accounted for as fair value hedges			2,700			44			7						2,700			—			51
Foreign currency forward contracts			4,031			13			20						3,925			11			29
Other derivatives(1)(2)			355			51			8						370			47			—
Derivatives not designated as hedging instruments			4,386			63			27						4,294			57			29
Total derivatives			$	15,444		$	222		$	250					$	11,930		$	145		$	155

(1) As of September 30, 2025, accrued interest is included in the above fair value and is not considered material. As of December 31, 2024, accrued interest is excluded from the above fair value and is not considered material.

(2) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.

The following table presents amounts recorded in Long-term borrowings in the Condensed Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.

			September 30, 2025									December 31, 2024
			Carrying amount			Cumulative basis adjustment included in the carrying amount						Carrying amount			Cumulative basis adjustment included in the carrying amount
Long-term borrowings designated in fair value hedges			$	2,740		$	45					$	2,644		$	(51)

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Under the master arrangements with the respective counterparties to our derivative contracts, in certain circumstances and subject to applicable requirements, we are allowed to net settle transactions with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our Condensed Consolidated Statements of Financial Position and in the table above.

As of September 30, 2025 and December 31, 2024, the potential effect of rights of offset associated with the derivative contracts would be an offset to both assets and liabilities by $96 million and $77 million, respectively.

The table below presents the pre-tax gains (losses) recognized in OCI associated with the Company’s cash flow and net investment hedges.

Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Cash flow hedges			$	32		$	(43)					$	(29)		$	(13)
Net investment hedges(1)			(24)			(116)						(278)			(57)

(1) Amounts recognized in OCI for excluded components for the periods presented were immaterial.

The tables below present the gains (losses) on our derivative financial instruments and hedging activity in the Condensed Consolidated Statements of Income.

Derivative Financial Instruments and Hedging Activity			For the three months ended September 30, 2025
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other(4)
Foreign currency forward contracts			$	9		$	2		$	—		$	—		$	—
Effects of cash flow hedges			9			2			—			—			—
Cross-currency swaps			—			—			—			11			—
Foreign currency forward and options contracts			—			—			—			6			—
Effects of net investment hedges(1)			—			—			—			17			—
Interest rate swaps(2)			—			—			—			3			—
Debt basis adjustment on Long-term borrowings			—			—			—			(7)			—
Effects of fair value hedges			—			—			—			(5)			—
Foreign currency forward contracts			(11)			(3)			—			—			—
Other derivatives(3)			—			—			4			—			12
Effects of derivatives not designated as hedging instruments			(11)			(3)			4			—			12

			For the three months ended September 30, 2024
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other(4)
Foreign currency forward contracts			$	3		$	1		$	—		$	—		$	—
Effects of cash flow hedges			3			1			—			—			—
Cross-currency swaps			—			—			—			7			—
Foreign currency forward and option contracts			—			—			—			4			—
Effects of net investment hedges(1)			—			—			—			11			—
Interest rate swaps(2)			—			—			—			76			—
Debt basis adjustment on Long-term borrowings			—			—			—			(84)			—
Effects of fair value hedges			—			—			—			(7)			—
Foreign currency forward contracts			28			7			—			—			—
Other derivatives(3)			—			—			2			—			5
Effects of derivatives not designated as hedging instruments			28			7			2			—			5

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			For the nine months ended September 30, 2025
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other(4)
Foreign currency forward contracts			$	4		$	1		$	—		$	—		$	—
Effects of cash flow hedges			4			1			—			—			—
Cross-currency swaps			—			—			—			25			—
Foreign currency forward and options contracts			—			—			—			15			—
Effects of net investment hedges(1)			—			—			—			39			—
Interest rate swaps(2)			—			—			—			83			—
Debt basis adjustment on Long-term borrowings			—			—			—			(96)			—
Effects of fair value hedges			—			—			—			(13)			—
Foreign currency forward contracts			48			12			—			—			(2)
Other derivatives(3)			—			—			4			—			4
Effects of derivatives not designated as hedging instruments			48			12			4			—			2

			For the nine months ended September 30, 2024
			Cost of products			Cost of services			SG&A			Interest and other financial charges – net			Other(4)
Foreign currency forward contracts			$	3		$	1		$	—		$	—		$	—
Effects of cash flow hedges			3			1			—			—			—
Cross-currency swaps			—			—			—			24			—
Foreign currency forward and option contracts			—			—			—			8			—
Effects of net investment hedges(1)			—			—			—			32			—
Interest rate swaps(2)			—			—			—			11			—
Debt basis adjustment on Long-term borrowings			—			—			—			(31)			—
Effects of fair value hedges			—			—			—			(21)			—
Foreign currency forward contracts			21			5			—			—			—
Other derivatives(3)			—			—			7			—			28
Effects of derivatives not designated as hedging instruments			21			5			7			—			28

(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the three and nine months ended September 30, 2025 and 2024.

(2) Amount includes interest expense on interest rate derivatives of $(5) million and $(7) million for the three months ended September 30, 2025 and 2024, respectively, and $(13) million and $(21) million for the nine months ended September 30, 2025 and 2024, respectively.

(3) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.

(4) Amounts are inclusive of gains (losses) in Other (income) expense – net in the Condensed Consolidated Statements of Income.

FAIR VALUE MEASUREMENTS.

The following table represents assets and liabilities that are recorded and measured at fair value on a recurring basis.

Fair Value of Assets and Liabilities Measured on a Recurring Basis
			As of September 30, 2025															As of December 31, 2024
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets:
Money market funds			$	—		$	212		$	—		$	212					$	—		$	312		$	—		$	312
Investment securities			30			—			30			60						32			—			—			32
Derivatives			—			222			—			222						—			145			—			145
Liabilities:
Derivatives			—			250			—			250						—			155			—			155
Contingent consideration			—			—			29			29						—			—			34			34

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Cash equivalents

As of September 30, 2025 and December 31, 2024, Cash, cash equivalents, and restricted cash of $4,027 million and $2,889 million, respectively, included money market funds of $212 million and $312 million, and other cash equivalents of $2,908 million and $1,573 million, respectively. The carrying values of the other cash equivalents approximates the fair value due to their short maturities and are valued using Level 1 or Level 2 inputs. Refer to Note 16, “Supplemental Financial Information” for further information.

Derivatives

Derivatives are measured at fair value using a discounted cash flow method or option models using interest rates, foreign exchange spot and forward rates and yield curves observable at commonly quoted intervals, implied volatilities, and credit spreads as key inputs. Unobservable inputs relate to our own credit risk which is not significant to the overall measurement of fair value.

Contingent consideration

Contingent consideration is recorded at fair value based on estimates of future cash flows in connection with business acquisitions. As the valuation of these liabilities is based on inputs that are less observable or not observable in the market, the determination of fair value is classified within Level 3 of the fair value hierarchy.

Non-recurring fair value measurements

Changes in fair value measurements of assets and liabilities measured at fair value on a non-recurring basis, such as equity method investments, equity investments without readily determinable fair value, financing receivables, and long-lived assets, were not material for the nine months ended September 30, 2025 and 2024, with the exception of the gain on fair value measurement of the NMP equity method investment as described in Note 7, “Acquisitions, Goodwill, and Other Intangible Assets.”

Fair value of other financial instruments

The estimated fair value of borrowings as of September 30, 2025 and December 31, 2024 was $10,873 million and $9,374 million, respectively, compared to a carrying value (which only includes a reduction for unamortized debt issuance costs and discounts and cumulative basis adjustment) of $10,282 million and $8,951 million, respectively. The fair value of our borrowings includes accrued interest and is determined based on observable and quoted prices and spreads of comparable debt and benchmark securities and is considered Level 2 in the fair value hierarchy. See Note 8, “Borrowings” and Note 16, “Supplemental Financial Information” for further information.

NOTE 13. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES

GUARANTEES.

The Company has off-balance sheet credit exposure through standby letters of credit, bank guarantees, bid bonds, and surety bonds. See Note 8, “Borrowings” for further information.

PRODUCT WARRANTIES.

We provide warranty coverage to our customers as part of customary practices in the market to provide assurance that the products we sell comply with agreed-upon specifications. We provide estimated product warranty expenses when we sell the related products. Warranty accruals are estimates that are based on the best available information, mostly historical claims experience, therefore claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows.

			For the nine months ended September 30
			2025			2024
Balance at beginning of period			$	168		$	192
Current-year provisions			150			143
Expenditures			(163)			(166)
Foreign currency exchange and other			6			(1)
Balance at end of period			$	160		$	168

Product warranties are recognized within All other current liabilities in the Condensed Consolidated Statements of Financial Position.

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LEGAL MATTERS.

In the normal course of our business, we are involved from time to time in various arbitrations; class actions; commercial, intellectual property, and product liability litigation; government investigations; investigations by competition/antitrust authorities; and other legal, regulatory, or governmental actions, including the significant matter described below that could have a material impact on our results of operations and cash flows. In many proceedings, including the specific matter described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties, and other factors that may have a material effect on the outcome. For such matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated.

Contracts with Iraqi Ministry of Health

In 2017, a number of U.S. Service members, civilians, and their families brought a complaint in the U.S. District Court for the District of Columbia (the “District Court”) against a number of pharmaceutical and medical device companies, including GE HealthCare and certain affiliates, alleging that the defendants violated the U.S. Anti-Terrorism Act. The complaint seeks monetary relief and alleges that the defendants provided funding for an Iraqi terrorist organization through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health. In July 2020, the District Court granted defendants’ motions to dismiss and dismissed all of the plaintiffs’ claims. In January 2022, a panel of the U.S. Court of Appeals for the District of Columbia Circuit reversed the District Court’s decision. In February 2022, the defendants requested review of the decision by all of the judges on the U.S. Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”). In February 2023, the D.C. Circuit denied this request. In June 2023, defendants petitioned the Supreme Court to review the D.C. Circuit’s decision. On June 24, 2024, the Supreme Court vacated the D.C. Circuit’s decision and remanded the case to the D.C. Circuit for further consideration. On November 19, 2024, the D.C. Circuit heard oral argument from the parties, and the D.C. Circuit’s decision is pending. The proceedings in the District Court are currently inactive.

NOTE 14. RESTRUCTURING ACTIVITIES

Restructuring activities are essential to optimize the business operating model for GE HealthCare and mostly involve workforce reductions, organizational realignments, and revisions to our real estate footprint. Specifically, restructuring charges (gains) primarily include employee-related termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. For segment reporting, restructuring activities are not allocated.

Net expenses for restructuring initiatives committed to by management through September 30, 2025 are included in the table below.

			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Employee termination costs			$	30		$	19					$	62		$	61
Facility and other exit costs			1			2						3			15
Asset write-downs			—			1						6			14
Total restructuring activities – net			$	31		$	22					$	71		$	90

These restructuring initiatives are expected to result in additional expenses of approximately $24 million, to be incurred primarily over the next 12 months, substantially related to employee-related termination benefits and asset write-downs. Restructuring expenses (gains) are recognized within Cost of products, Cost of services, or SG&A, as appropriate, in the Condensed Consolidated Statements of Income.

Liabilities related to restructuring are recognized within Current compensation and benefits, All other current liabilities, Non-current compensation and benefits, and All other non-current liabilities in the Condensed Consolidated Statements of Financial Position. The activity related to our restructuring liabilities follows.

			Employee termination costs			Facility and other exit costs			Total
Balance at December 31, 2024			$	67		$	18		$	86
Charges			59			3			62
Payments and other adjustments			(48)			(11)			(59)
Balance at September 30, 2025			$	78		$	11		$	89

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NOTE 15. EARNINGS PER SHARE

The numerator for both basic and diluted earnings per share (“EPS”) is Net income attributable to GE HealthCare. The denominator of basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.

Earnings Per Share			For the three months ended September 30									For the nine months ended September 30
(In millions, except per share amounts)			2025			2024						2025			2024
Numerator:
Net income			$	464		$	490					$	1,552		$	1,312
Net (income) loss attributable to noncontrolling interests			(18)			(19)						(57)			(40)
Net income attributable to GE HealthCare			$	446		$	470					$	1,495		$	1,272
Denominator:
Basic weighted-average shares outstanding			456			457						457			456
Dilutive effect of common stock equivalents			1			2						1			2
Diluted weighted-average shares outstanding			457			459						458			459
Basic earnings per share			$	0.98		$	1.03					$	3.27		$	2.79
Diluted earnings per share			0.98			1.02						3.26			2.77
Antidilutive securities(1)			4			2						4			4

(1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.

NOTE 16. SUPPLEMENTAL FINANCIAL INFORMATION

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.

			As of
			September 30, 2025			December 31, 2024
Cash and cash equivalents(1)			$	4,005		$	2,874
Short-term restricted cash			22			16
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position			4,027			2,889
Long-term restricted cash(2)			3			3
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows			$	4,030		$	2,893

(1) The increase in Cash and cash equivalents was primarily due to proceeds from the issuance of senior unsecured notes by the Company in the second quarter of 2025. Refer to Note 8, “Borrowings” for further information.

(2) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

INVENTORIES.

			As of
			September 30, 2025			December 31, 2024
Raw materials			$	1,011		$	921
Work in process			101			92
Finished goods			1,191			926
Inventories			$	2,304		$	1,939

Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position and are not reflected in the table above. See the supplemental table “All Other Non-Current Assets” for further information.

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PROPERTY, PLANT, AND EQUIPMENT – NET.

			As of
			September 30, 2025			December 31, 2024
Land and improvements			$	150		$	66
Buildings, structures, and related equipment			2,191			1,943
Machinery and equipment			2,995			2,705
Leasehold improvements and manufacturing plants under construction			556			553
Total property, plant, and equipment, at original cost			5,892			5,267
Accumulated depreciation			(3,291)			(3,080)
Right-of-use operating lease assets, net of amortization			409			364
Property, plant, and equipment – net			$	3,010		$	2,550

ALL OTHER ASSETS AND ALL OTHER LIABILITIES.

All Other Current Assets			As of
			September 30, 2025			December 31, 2024
Prepaid expenses and deferred costs			$	235		$	188
Financing receivables – net			94			90
Derivative instruments(1)			142			123
Tax receivables			145			115
Other(2)			86			16
All other current assets			$	702		$	532

(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

(2) As of September 30, 2025, Other primarily consists of indemnity assets associated with the NMP acquisition and separation agreements with GE. These amounts were not material as of December 31, 2024.

All Other Non-Current Assets			As of
			September 30, 2025			December 31, 2024
Prepaid pension asset			$	770		$	657
Equity method and other investments			302			373
Financing receivables – net			194			183
Long-term receivables – net			189			142
Inventories			140			139
Contract and other deferred assets			204			208
Capitalized cloud computing arrangement implementation costs			171			84
Other(1)			181			164
All other non-current assets			$	2,152		$	1,950

(1) Other primarily consists of derivative instruments, indemnity assets associated with separation agreements with GE, and tax receivables.

All Other Current Liabilities			As of
			September 30, 2025			December 31, 2024
Sales allowances and related liabilities			$	228		$	242
Income and indirect tax liabilities including uncertain tax positions			228			279
Product warranties			160			168
Accrued logistics and utilities			187			163
Operating lease liabilities			134			115
Derivative instruments(1)			72			90
Interest payable on borrowings			166			92
Environmental and asset retirement obligations			12			17
Other(2)			349			386
All other current liabilities			$	1,536		$	1,552

(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

(2) Other primarily consists of miscellaneous accrued costs, dividends payable, and contingent consideration liabilities.

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All Other Non-Current Liabilities			As of
			September 30, 2025			December 31, 2024
Contract liabilities			$	775		$	686
Operating lease liabilities			285			270
Environmental and asset retirement obligations(1)			459			291
Income and indirect tax liabilities including uncertain tax positions			155			237
Derivative instruments(2)			179			64
Finance lease obligations			43			40
Sales allowances and related liabilities			23			23
Other(3)			183			184
All other non-current liabilities			$	2,100		$	1,796

(1) The increase in Environmental and asset retirement obligations is primarily driven by $166 million in asset retirement obligations and decommissioning liabilities assumed as part of the NMP acquisition. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for further information.

(2) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.

(3) Other primarily consists of miscellaneous accrued costs, indemnity liabilities associated with separation agreements with GE, and contingent consideration liabilities.

SUPPLY CHAIN FINANCE PROGRAMS.

The Company participates in voluntary supply chain finance programs which provide participating suppliers the opportunity to sell their GE HealthCare receivables to third parties at the sole discretion of both the suppliers and the third parties. We evaluate supply chain finance programs to ensure the use of a third-party intermediary to settle our trade payables does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables to borrowings. In connection with the supply chain finance programs, payment terms normally range from 30 to 180 days, depending on the underlying supplier agreements.

Included within Accounts payable in the Condensed Consolidated Statements of Financial Position as of September 30, 2025 and December 31, 2024 were $344 million and $394 million, respectively, of confirmed supplier invoices that are outstanding and subject to third-party programs.

REDEEMABLE NONCONTROLLING INTERESTS.

The Company has noncontrolling interests with redemption features. These redemption features, such as put options, could require the Company to purchase the noncontrolling interests upon the occurrence of certain events. All noncontrolling interests with redemption features that are not solely within our control are recognized within the Condensed Consolidated Statements of Financial Position between liabilities and equity. Redeemable noncontrolling interests are initially recorded at the issuance date fair value. Those that are currently redeemable, or probable of becoming redeemable, are subsequently adjusted to the greater of current redemption value or initial carrying value.

Activity attributable to redeemable noncontrolling interests is presented below.

			For the nine months ended September 30
			2025			2024
Balance at beginning of period			$	188		$	165
Net income attributable to redeemable noncontrolling interests			54			35
Distributions to redeemable noncontrolling interests and other			(37)			(23)
Balance at end of period			$	204		$	177

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OTHER INCOME (EXPENSE) – NET.

			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Net financing income and investment income (loss)			$	12		$	5					$	17		$	(11)
Equity method income (loss)			—			2						3			5
Change in fair value of assumed obligations			(6)			(9)						(24)			(26)
Gain on remeasurement of NMP equity method investment(1)			—			—						97			—
Other items, net(2)			21			11						32			33
Total other income (expense) – net			$	26		$	9					$	124		$	1

(1) Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

(2) Other items, net primarily consists of a mix of licensing and royalty income, government grants, lease income, change in tax indemnities, and gains and losses related to derivatives. Additionally, for the nine months ended September 30, 2025 it includes a realization of a gain contingency recorded in the first quarter of 2025.

NOTE 17. SUBSEQUENT EVENTS

On October 15, 2025, we repaid $1,500 million aggregate principal amount of 5.600% senior unsecured notes due November 2025 using proceeds from a previous debt issuance and available cash on hand. The notes were redeemed prior to maturity at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial results should be read in conjunction with the condensed consolidated financial statements and corresponding notes (the “financial statements”) included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) for the three and nine months ended September 30, 2025 and 2024. For a full understanding of our financial condition and results of operations, the below discussion should be read alongside the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances; see “Forward-Looking Statements.” Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

On January 3, 2023, General Electric Company, which now operates as GE Aerospace (“GE”), completed the spin-off of GE HealthCare Technologies Inc. (the “Spin-Off”).

The following tables are presented in millions of United States (“U.S.”) dollars unless otherwise stated, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts and, unless otherwise stated, represent changes year-over-year.

GE HealthCare’s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”), and we assessed their performance using Segment revenues and Segment EBIT. For additional information on our segments, refer to Note 3, “Segment Information.”

TRENDS AND FACTORS IMPACTING OUR PERFORMANCE

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

KEY TRENDS AFFECTING RESULTS OF OPERATIONS.

Global Trade and Macroeconomic Environment

Throughout 2025, the U.S. has imposed a variety of new tariffs on most imports from all countries in the world. This in turn prompted several countries to announce tariffs on U.S. imports. While the situation continues to be fluid, tariffs materially impacted our current year profitability and cash flows, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at formally communicated levels, we expect to continue to see a material impact to our financial results through the incurrence of additional costs. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect to be able to fully offset the additional costs or other negative impacts resulting from the tariffs.

We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government spending and reimbursement, and indirect impacts from the tariffs. Should these factors dampen economic growth, slow global trade, or impact inflation, we could see adverse impacts to our business as our customers adapt to the change in economic environment. We continue to monitor potential impacts on purchasing decisions by both public and private customers in China and other markets as a result of the current trade environment, as well as other actions related to tariffs and trade frictions, investigations, or activities that could similarly increase our costs or otherwise impact our business. In addition, if negative sentiment towards U.S. companies influences the purchasing decisions of global customers, our business could be impacted materially.

China Market

We continue to monitor developments in the market in China. In March 2024, the government in China announced a stimulus program (“2024 stimulus”) that includes the healthcare sector and is being implemented through China’s provinces. We expect the 2024 stimulus program will result in opportunities for our business in China in the longer term, but it has had short-term impacts as provinces develop and announce their plans and customers begin to make purchasing decisions, which has progressed slower than originally anticipated. We expect these delays to continue to impact our orders and revenues in the near term, although we are unable to predict the exact duration or magnitude of the impact. We believe the focus of government policy in China on expanding access to healthcare should benefit our business in China in the long term.

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Russia and Ukraine Conflict

We had $241 million and $162 million of assets in, or directly related to, Russia and Ukraine as of September 30, 2025 and December 31, 2024, respectively, none of which are subject to sanctions that impact the carrying value of the assets. We generated revenues of $209 million and $243 million from customers in these two countries for the nine months ended September 30, 2025 and 2024, respectively. The potential inability to repatriate earnings from these two countries will not have a material impact on our ability to operate.

We continue to monitor the effects of Russia’s invasion of Ukraine, including the consideration of financial impact, cybersecurity risks, the applicability and effect of sanctions, and the employee base in Ukraine and Russia. Under the current U.S. Department of Commerce regulations, we are permitted to export, re-export, or transfer medical equipment and spare parts that meet stated criteria under a License Exception, which has eliminated the need for us to obtain individual U.S. licenses in most cases; however, licenses still may be needed for some transactions. The European Union and other countries have also expanded licensing requirements for certain spare parts, services, software, and other items. We will continue to apply for licenses to supply to these customers and to support our business in Russia, as required. The implementation of these measures affected our ability to supply customers in Russia during the nine months ended September 30, 2025 and 2024 and will continue to do so as we confirm applicability of the U.S. License Exception to our transactions and continue to obtain licenses. There is no guarantee we will obtain all of the licenses for which we applied, that any approvals we obtain will be on a timely basis, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. We will continue to assess whether developments related to the conflict have had, or are reasonably likely to have, a material impact on the Company.

Geopolitical Conflicts

Geopolitical instability, including recent conflicts in the Middle East, could adversely impact our operations, supply chains, and logistics. These events may result in increased costs, delays in product deliveries, and challenges in maintaining service levels in affected areas. While these events have not materially impacted our operations, we continue to monitor these developments closely.

Recent U.S. Legislation

On July 4, 2025, the One Big Beautiful Bill Act was signed into U.S. law, which includes, among other things, significant changes to the federal income tax system, as well as U.S. healthcare policy. While the changes did not have a material impact to the Company’s tax provision for the three months ended September 30, 2025, we continue to evaluate the non-income tax impacts on our business.

SUMMARY OF KEY PERFORMANCE MEASURES

Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP financial measures. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below. See “Results of Operations” and “Liquidity and Capital Resources” below for further discussion on our key performance measures.

The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconciliations to their most directly comparable U.S. GAAP financial measures are provided below under “Non-GAAP Financial Measures.”

____________________

*Non-GAAP Financial Measure

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RESULTS OF OPERATIONS

The following tables set forth our results of operations for each of the periods presented.

Condensed Consolidated Statements of Income (Unaudited)			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Sales of products			$	3,375		$	3,201					$	9,755		$	9,454
Sales of services			1,769			1,662						5,172			4,899
Total revenues			5,143			4,863						14,927			14,353
Cost of products			2,270			2,033						6,392			6,045
Cost of services			884			805						2,549			2,378
Gross profit			1,990			2,026						5,987			5,930
Selling, general, and administrative			1,045			1,034						3,114			3,139
Research and development			292			316						937			967
Total operating expenses			1,337			1,350						4,051			4,106
Operating income			653			676						1,936			1,824
Interest and other financial charges – net			111			130						335			383
Non-operating benefit (income) costs			(75)			(102)						(222)			(306)
Other (income) expense – net			(26)			(9)						(124)			(1)
Income before income taxes			643			658						1,947			1,747
Benefit (provision) for income taxes			(179)			(168)						(395)			(435)
Net income			464			490						1,552			1,312
Net (income) loss attributable to noncontrolling interests			(18)			(19)						(57)			(40)
Net income attributable to GE HealthCare			$	446		$	470					$	1,495		$	1,272

TOTAL REVENUES.

Revenues by Segment			For the three months ended September 30															For the nine months ended September 30
			2025			2024			% change			% organic* change						2025			2024						% change						% organic*  change
Segment revenues
Imaging			$	2,349		$	2,229		5%			4%						$	6,693		$	6,462					4%						3%
AVS			1,301			1,216			7%			6%						3,829			3,692						4%						4%
PCS			731			779			(6)%			(7)%						2,262			2,298						(2)%						(2)%
PDx			749			625			20%			10%						2,110			1,862						13%						7%
Other(1)			15			15												33			39
Total revenues			$	5,143		$	4,863		6%			4%						$	14,927		$	14,353					4%						3%

(1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services which does not meet the definition of an operating segment.

Revenues by Region			For the three months ended September 30												For the nine months ended September 30
			2025			2024			% change						2025			2024						% change
United States and Canada (“USCAN”)			$	2,358		$	2,246		5%						$	6,934		$	6,582					5%
Europe, the Middle East, and Africa (“EMEA”)			1,360			1,237			10%						3,802			3,617						5%
China region			547			564			(3)%						1,704			1,745						(2)%
Rest of World			879			816			8%						2,487			2,408						3%
Total revenues			$	5,143		$	4,863		6%						$	14,927		$	14,353					4%

For the three months ended September 30, 2025

Total revenues were $5,143 million, growing 6% as reported and 4% organically*. Sales of products increased 5% or $174 million primarily driven by strong growth in PDx, Imaging, and AVS revenues. Sales of services increased 6% or $107 million primarily driven by growth in new and existing customer contractual agreements.

____________________

*Non-GAAP Financial Measure

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The segment revenues were as follows:

•Imaging segment revenues were $2,349 million, growing 5% or $120 million, led by growth in the EMEA and USCAN regions;

•AVS segment revenues were $1,301 million, growing 7% or $84 million, with strength in the U.S. market;

•PCS segment revenues were $731 million, decreasing 6% or $48 million, primarily driven by a product hold; and

•PDx segment revenues were $749 million, growing 20% or $124 million as reported, driven by the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”) and an increase in Organic revenue*. Organic revenue* grew 10% driven by continued growth in volume and price.

The regional revenues were as follows:

•USCAN revenues were $2,358 million, growing 5% or $112 million with growth across AVS, PDx, and Imaging segment revenues, partially offset by a decline in PCS revenues;

•EMEA revenues were $1,360 million, growing 10% or $123 million, with growth in Imaging, AVS, and PDx revenues, as well as favorable foreign currency impacts;

•China region revenues were $547 million, decreasing 3% or $17 million due to a decrease in AVS and PCS revenues, partially offset by growth in PDx revenues; and

•Rest of World revenues were $879 million, growing 8% or $63 million due to growth in PDx revenues, inclusive of NMP revenues, and Imaging revenues.

For the nine months ended September 30, 2025

Total revenues were $14,927 million, growing 4% as reported and 3% organically*. Sales of products increased 3% or $301 million primarily driven by strong growth in PDx, AVS, and Imaging revenues. Sales of services increased 6% or $274 million primarily driven by growth in new and existing customer contractual agreements.

The segment revenues were as follows:

•Imaging segment revenues were $6,693 million, growing 4% or $231 million, with growth in the USCAN and EMEA regions, partially offset by continued pressure in the China market;

•AVS segment revenues were $3,829 million, growing 4% or $138 million with strength in the U.S. market, partially offset by continued pressure in the China market;

•PCS segment revenues were $2,262 million, decreasing 2% or $36 million, largely driven by a challenging year-over-year comparison in Life Support Solutions; and

•PDx segment revenues were $2,110 million, growing 13% or $248 million as reported, driven by the acquisition of NMP and an increase in Organic revenue*. Organic revenue* grew 7% driven by continued growth in volume and price.

The regional revenues were as follows:

•USCAN revenues were $6,934 million, growing 5% or $352 million with growth across AVS, Imaging, and PDx segment revenues, partially offset by a decline in PCS revenues;

•EMEA revenues were $3,802 million, growing 5% or $185 million with growth in Imaging, PDx, and AVS revenues, as well as favorable foreign currency impacts;

•China region revenues were $1,704 million, decreasing 2% or $41 million with declines in Imaging, AVS, and PCS revenues partially offset by growth in PDx revenues; and

•Rest of World revenues were $2,487 million, growing 3% or $79 million with growth in PDx revenues, inclusive of NMP revenues, partially offset by unfavorable foreign currency impacts.

____________________

*Non-GAAP Financial Measure

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OPERATING INCOME, NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT*, AND ADJUSTED NET INCOME*.

			For the three months ended September 30																		For the nine months ended September 30
			2025			% of Total revenues			2024			% of Total revenues			% change						2025			% of Total revenues			2024			% of Total revenues									% change
Operating income			$	653		12.7%			$	676		13.9%			(3)%						$	1,936		13.0%			$	1,824		12.7%									6%
Net income attributable to GE HealthCare			446			8.7%			470			9.7%			(5)%						1,495			10.0%			1,272			8.9%									18%
Adjusted EBIT*			761			14.8%			795			16.3%			(4)%						2,205			14.8%			2,217			15.4%									(1)%
Adjusted net income*			490			9.5%			521			10.7%			(6)%						1,441			9.7%			1,393			9.7%									3%

For the three months ended September 30, 2025

Operating income was $653 million, a decrease of $23 million and 120 basis points as a percent of Total revenues. The decrease was due to the following factors:

•Gross profit decreased $36 million or 300 basis points as a percent of Total revenues primarily due to an increase in both Cost of products sold and Cost of services sold as a percent of Total revenues. Cost of products sold increased $237 million or 380 basis points as a percent of Sales of products. The increase as a percent of sales was driven primarily by cost inflation, including the impact of incremental tariffs, and investment in design follow-through. Cost of services sold increased $79 million or 160 basis points as a percent of Sales of services. The increase as a percent of sales was driven by unfavorable mix within our service offerings and cost inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product investment was $134 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $102 million for the prior year comparable period; and

•Total operating expenses decreased $13 million primarily due to a decrease in Research and development (“R&D”) of $25 million, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, partially offset by an increase in Selling, general, and administrative (“SG&A”) expense of $11 million, primarily driven by increased investment in our commercial teams and the acquisition of NMP, largely offset by a decrease in Spin-Off and separation costs. R&D as a percentage of Total revenues decreased by 80 basis points and SG&A as a percentage of Total revenues decreased by 90 basis points.

Net income attributable to GE HealthCare and Net income margin were $446 million and 8.7%, a decrease of $24 million and 100 basis points, respectively, primarily due to the following factors:

•Operating income decreased $23 million, as discussed above;

•Interest and other financial charges – net decreased $19 million primarily driven by debt repayment and continued optimization;

•Non-operating benefit income decreased $27 million primarily due to lower expected returns on plan assets;

•Other income – net increased $17 million primarily driven by an increase in Net financing income and investment income (loss) as disclosed in Note 16, “Supplemental Financial Information”; and

•Provision for income taxes increased $11 million primarily due to U.S. and foreign tax law changes offset by the use of tax attributes from updating our global structure following the Spin-Off. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $761 million and 14.8%, a decrease of $33 million and 150 basis points, respectively, primarily due to a decrease in Operating income, as discussed above.

Adjusted net income* was $490 million, a decrease of $31 million primarily due to a decrease in Operating income and higher Provision for income taxes, partially offset by lower Interest and other financial charges – net.

For the nine months ended September 30, 2025

Operating income was $1,936 million, an increase of $112 million and 30 basis points as a percent of Total revenues. The increase was due to the following factors:

____________________

*Non-GAAP Financial Measure

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•Gross profit increased $57 million, but decreased 120 basis points as a percent of Total revenues primarily due to an increase in both Cost of products and Cost of services as a percent of Total revenues. Cost of products sold increased $347 million or 160 basis points as a percent of Sales of products. The increase as a percent of sales was driven by cost inflation, including the impact of incremental tariffs, and investment in design follow-through, partially offset by cost productivity. Cost of services sold increased $170 million or 70 basis points as a percent of Sales of services. The increase as a percent of sales was driven by unfavorable mix within our service offerings, and cost inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product investment was $357 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $305 million for the prior year comparable period; and

•Total operating expenses decreased $55 million, with a decrease in R&D investments of $30 million, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, and a decrease in SG&A expense of $25 million primarily driven by a decrease in Spin-Off and separation costs, partially offset by increased investment in our commercial teams and the acquisition of NMP. R&D as a percentage of Total revenues decreased by 50 basis points and SG&A as a percentage of Total revenues decreased by 100 basis points.

Net income attributable to GE HealthCare and Net income margin were $1,495 million and 10.0%, an increase of $223 million and 120 basis points, respectively, primarily due to the following factors:

•Operating income increased $112 million, as discussed above;

•Interest and other financial charges – net decreased $49 million primarily driven by debt repayment and continued optimization;

•Non-operating benefit income decreased $83 million primarily related to lower expected returns on plan assets;

•Other income – net increased $123 million primarily driven by the remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest. For additional detail on the NMP acquisition, refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets”; and

•Provision for income taxes decreased $39 million primarily due to foreign income tax reserve releases for tax years which are no longer subject to an assessment from the local taxing authorities and the use of tax attributes from updating our global structure following the Spin-Off, offset by U.S. and foreign tax law changes. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $2,205 million and 14.8%, a decrease of $13 million and 70 basis points, respectively, primarily due to an increase in Total operating expenses, excluding the impact of Spin-Off and separation costs, partially offset by an increase in Gross profit, as discussed above.

Adjusted net income* was $1,441 million, an increase of $48 million primarily due to lower Interest and other financial charges – net and lower Provision for income taxes, partially offset by a decrease in operating income when excluding the impact of lower Spin-Off and separation costs.

RESULTS OF OPERATIONS – SEGMENTS

We exclude from Segment EBIT certain corporate-related expenses and certain transactions or adjustments that our Chief Operating Decision Maker (which is our Chief Executive Officer) considers to be non-operational, such as Interest and other financial charges – net, Benefit (provision) for income taxes, restructuring costs, acquisition and disposition-related benefits (charges), Spin-Off and separation costs, Non-operating benefit (income) costs, gain (loss) on business and asset dispositions, amortization of acquisition-related intangible assets, Net (income) loss attributable to noncontrolling interests, Income (loss) from discontinued operations, net of taxes, and investment revaluation gain (loss). See Note 3, “Segment Information” for additional information on our reportable segments, and “Results of Operations” above for discussion on segment revenue performance.

Segment EBIT			For the three months ended September 30																		For the nine months ended September 30
			2025			% of segment revenues			2024			% of segment revenues			% change						2025			% of segment revenues			2024			% of segment revenues									% change
Imaging			$	240		10.2		%	$	287		12.9		%	(16)		%				$	627		9.4		%	$	660		10.2		%							(5)		%
AVS			271			20.9		%	232			19.0		%	17		%				799			20.9		%	744			20.2		%							7		%
PCS			27			3.7		%	82			10.6		%	(67)		%				135			6.0		%	241			10.5		%							(44)		%
PDx			220			29.4		%	193			30.9		%	14		%				638			30.3		%	571			30.6		%							12		%

____________________

*Non-GAAP Financial Measure

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For the three months ended September 30, 2025

•Imaging Segment EBIT was $240 million, a decrease of $46 million due to cost inflation, including the impact of incremental tariffs, partially offset by a growth in sales volume;

•AVS Segment EBIT was $271 million, an increase of $40 million due to growth in sales volume and cost productivity, partially offset by cost inflation, including the impact of incremental tariffs;

•PCS Segment EBIT was $27 million, a decrease of $55 million due to a decline in sales volume, cost inflation, including the impact of incremental tariffs, and unfavorable mix; and

•PDx Segment EBIT was $220 million, an increase of $27 million due to an increase in price and growth in sales volume, partially offset by increased investment.

For the nine months ended September 30, 2025

•Imaging Segment EBIT was $627 million, a decrease of $33 million due to cost inflation, including the impact of incremental tariffs, partially offset by a growth in sales volume, cost productivity, and an increase in price;

•AVS Segment EBIT was $799 million, an increase of $55 million due to growth in sales volume and cost productivity, partially offset by cost inflation, including the impact of incremental tariffs;

•PCS Segment EBIT was $135 million, a decrease of $106 million due to cost inflation, including the impact of incremental tariffs, unfavorable mix, and a decline in sales volume; and

•PDx Segment EBIT was $638 million, an increase of $68 million due to an increase in price and growth in sales volume, partially offset by increased investment.

NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures presented in this Quarterly Report on Form 10-Q are supplemental measures of our performance and our liquidity that we believe will help investors understand our financial condition, cash flows, and operating results, and assess our future prospects. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below.

We report Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of our established, ongoing operations, as well as provide insights into overall demand for our products and services. To calculate these measures, we exclude the effect of acquisitions, dispositions, and foreign currency rate fluctuations.

We report EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, and Adjusted earnings per share to provide management and investors with an additional understanding of our business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures we exclude, and reflect in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges – net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. We may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin is calculated by taking Adjusted EBIT divided by Total revenues for the same period.

We report Adjusted tax expense and Adjusted ETR to provide management and investors with a better understanding of the normalized tax rate applicable to our business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. We may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above.

We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business.

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Organic Revenue*			For the three months ended September 30												For the nine months ended September 30
			2025			2024			% change						2025			2024			% change
Imaging revenues			$	2,349		$	2,229		5%						$	6,693		$	6,462		4%
Less: Acquisitions(1)			—			—									14			—
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			27			—									3			—
Imaging Organic revenue*			$	2,322		$	2,229		4%						$	6,676		$	6,462		3%
AVS revenues			$	1,301		$	1,216		7%						$	3,829		$	3,692		4%
Less: Acquisitions(1)			—			—									—			—
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			14			—									6			—
AVS Organic revenue*			$	1,286		$	1,216		6%						$	3,823		$	3,692		4%
PCS revenues			$	731		$	779		(6)%						$	2,262		$	2,298		(2)%
Less: Acquisitions(1)			—			—									—			—
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			4			—									1			—
PCS Organic revenue*			$	727		$	779		(7)%						$	2,261		$	2,298		(2)%
PDx revenues			$	749		$	625		20%						$	2,110		$	1,862		13%
Less: Acquisitions(1)			51			1									104			3
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			15			—									8			—
PDx Organic revenue*			$	683		$	623		10%						$	1,998		$	1,859		7%
Other revenues			$	15		$	15		(1)%						$	33		$	39		(14)%
Less: Acquisitions(1)			—			—									—			—
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			—			—									—			—
Other Organic revenue*			$	14		$	15		(3)%						$	33		$	39		(15)%
Total revenues			$	5,143		$	4,863		6%						$	14,927		$	14,353		4%
Less: Acquisitions(1)			51			1									117			3
Less: Dispositions(2)			—			—									—			—
Less: Foreign currency exchange			60			—									18			—
Organic revenue*			$	5,033		$	4,862		4%						$	14,792		$	14,349		3%

(1)			Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction, excluding the impact of Foreign currency exchange already captured in lines elsewhere.
(2)			Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

____________________

*Non-GAAP Financial Measure

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Adjusted EBIT*			For the three months ended September 30												For the nine months ended September 30
			2025			2024			% change						2025			2024						% change
Net income attributable to GE HealthCare			$	446		$	470		(5)%						$	1,495		$	1,272					18%
Add: Interest and other financial charges – net			111			130									335			383
Add: Non-operating benefit (income) costs			(75)			(102)									(222)			(306)
Less: Benefit (provision) for income taxes			(179)			(168)									(395)			(435)
Less: Net (income) loss attributable to noncontrolling interests			(18)			(19)									(57)			(40)
EBIT*			$	679		$	685		(1)%						$	2,060		$	1,825					13%
Add: Restructuring costs(1)			31			22									71			90
Add: Acquisition and disposition-related charges (benefits)(2)			9			(4)									24			(7)
Add: Spin-Off and separation costs(3)			6			56									35			182
Add: (Gain) loss on business and asset dispositions(4)			—			1									(5)			—
Add: Amortization of acquisition-related intangible assets			41			34									116			100
Add: Investment revaluation (gain) loss(5)			(4)			1									(96)			26
Adjusted EBIT*			$	761		$	795		(4)%						$	2,205		$	2,217					(1)%
Net income margin			8.7%			9.7%			(100) bps						10.0%			8.9%						120 bps
Adjusted EBIT margin*			14.8%			16.3%			(150) bps						14.8%			15.4%						(70) bps

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the nine months ended September 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.

Adjusted Net Income*			For the three months ended September 30												For the nine months ended September 30
			2025			2024			% change						2025			2024						% change
Net income attributable to GE HealthCare			$	446		$	470		(5)%						$	1,495		$	1,272					18%
Add: Non-operating benefit (income) costs			(75)			(102)									(222)			(306)
Add: Restructuring costs(1)			31			22									71			90
Add: Acquisition and disposition-related charges (benefits)(2)			9			(4)									24			(7)
Add: Spin-Off and separation costs(3)			6			56									40			182
Add: (Gain) loss on business and asset dispositions(4)			—			1									(5)			—
Add: Amortization of acquisition-related intangible assets			41			34									116			100
Add: Investment revaluation (gain) loss(5)			(4)			1									(96)			26
Add: Tax effect of reconciling items(6)			(2)			(3)									(3)			(26)
Add: Spin-Off and other tax adjustments(7)			39			46									22			60
Adjusted net income*			$	490		$	521		(6)%						$	1,441		$	1,393					3%

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. An adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the nine months ended September 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, impacts from tax law changes, discrete tax impacts resulting from the Spin-Off and separation from GE, and tax impacts of the NMP acquisition.

____________________

*Non-GAAP Financial Measure

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Adjusted Earnings Per Share*			For the three months ended September 30												For the nine months ended September 30
(In dollars, except shares outstanding presented in millions)			2025			2024			$ change						2025			2024						$ change
Diluted earnings per share			$	0.98		$	1.02		$	(0.05)					$	3.26		$	2.77					$	0.49
Add: Non-operating benefit (income) costs			(0.16)			(0.22)									(0.49)			(0.67)
Add: Restructuring costs(1)			0.07			0.05									0.16			0.20
Add: Acquisition and disposition-related charges (benefits)(2)			0.02			(0.01)									0.05			(0.02)
Add: Spin-Off and separation costs(3)			0.01			0.12									0.09			0.40
Add: (Gain) loss on business and asset dispositions(4)			—			0.00									(0.01)			—
Add: Amortization of acquisition-related intangible assets			0.09			0.08									0.25			0.22
Add: Investment revaluation (gain) loss(5)			(0.01)			0.00									(0.21)			0.06
Add: Tax effect of reconciling items(6)			(0.00)			(0.01)									(0.01)			(0.06)
Add: Spin-Off and other tax adjustments(7)			0.09			0.10									0.05			0.13
Adjusted earnings per share*			$	1.07		$	1.14		$	(0.06)					$	3.15		$	3.04					$	0.11
Diluted weighted-average shares outstanding			457			459									458			459

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. An adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the nine months ended September 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, impacts from tax law changes, discrete tax impacts resulting from the Spin-Off and separation from GE, and tax impacts of the NMP acquisition.

Adjusted Tax Expense* and Adjusted ETR*			For the three months ended September 30									For the nine months ended September 30
			2025			2024						2025			2024
Benefit (provision) for income taxes			$	(179)		$	(168)					$	(395)		$	(435)
Add: Tax effect of reconciling items(1)			(2)			(3)						(3)			(26)
Add: Spin-Off and other tax adjustments(2)			39			46						22			60
Adjusted tax expense*			$	(142)		$	(124)					$	(377)		$	(401)
Effective tax rate			27.8%			25.5%						20.3%			24.9%
Adjusted effective tax rate*			21.8%			18.7%						20.2%			21.9%

(1)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(2)			Consists of certain income tax adjustments, including the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, impacts from tax law changes, discrete tax impacts resulting from the Spin-Off and separation from GE, and tax impacts of the NMP acquisition.

Free Cash Flow*			For the nine months ended September 30
			2025			2024						% change
Cash from (used for) operating activities – continuing operations			$	937		$	1,042					(10)%
Add: Additions to PP&E and internal-use software			(348)			(299)
Add: Dispositions of PP&E			—			—
Free cash flow*			$	589		$	743					(21)%

____________________

*Non-GAAP Financial Measure

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LIQUIDITY AND CAPITAL RESOURCES

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

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

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

Cash Flow			For the nine months ended September 30
			2025			2024
Cash from (used for) operating activities – continuing operations			$	937		$	1,042
Cash from (used for) investing activities – continuing operations			(778)			(674)
Cash from (used for) financing activities – continuing operations			910			704
Free cash flow*			589			743

Operating Activities

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

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

Investing Activities

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

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

Financing Activities

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

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

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Free cash flow*

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

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

Capital Expenditures

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

Material Cash Requirements

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

Debt and Credit Facilities

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

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

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

Access to Capital and Credit Ratings

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

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

			Moody’s			S&P			Fitch
Long-term rating			Baa2			BBB			BBB
Outlook			Stable			Stable			Stable

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

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

For a discussion of recently issued accounting standards, see Note 1, “Organization and Basis of Presentation.”

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the critical accounting estimates disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

____________________

*Non-GAAP Financial Measure

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk primarily from changes in foreign currency exchange rates, interest rates, commodity prices, and equity prices, which may impact future income, cash flows, and fair value of our business. There have been no material changes in our exposure to market risk from those disclosed in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

ITEM 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, the Company evaluated its disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025, and that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.

During the quarter ended September 30, 2025, there were no changes in the Company’s internal control over financial reporting that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

INHERENT LIMITATIONS ON EFFECTIVENESS OF CONTROLS.

All internal control systems have inherent limitations; as such, they may not prevent or detect all misstatements or all fraud. Therefore, even those internal control systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and reporting. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that the current control structure may become inadequate for changes in conditions or the degree of compliance with the policies may deteriorate.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information on material pending legal proceedings is incorporated herein by reference to the information set forth in Note 13, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” to the financial statements included elsewhere in this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ISSUER PURCHASES OF EQUITY SECURITIES.

			Total number of shares purchased			Average price paid per share(1) (in dollars)			Total number of shares purchased as part of publicly announced programs(2)			Approximate dollar value of shares that may yet be purchased under the programs(1)(2) (in millions)
July 1, 2025 - July 31, 2025			—			$	—		—			$	900
August 1, 2025 - August 31, 2025			1,389,213			71.98			1,389,213			800
September 1, 2025 - September 30, 2025			—			—			—			800
Total			1,389,213			$	71.98		1,389,213			$	800

(1) Amounts exclude transaction costs.

(2) On April 30, 2025, our Board of Directors authorized a share repurchase program (the “repurchase program”) pursuant to which GE HealthCare may repurchase up to $1,000 million of its common stock. The repurchase program does not have an expiration date.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

DIRECTOR AND OFFICER TRADING ARRANGEMENTS.

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this report.

ITEM 6. EXHIBITS

Number			Description
3.1			Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 29, 2022).
3.2			Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 29, 2022).
31.1			Certification of the Registrant’s Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of the Registrant’s Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			The following materials from GE HealthCare Technologies Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in inline XBRL (eXtensible Business Reporting Language); (1) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024; (2) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024; (3) Condensed Consolidated Statements of Financial Position as of September 30, 2025 and December 31, 2024; (4) Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024; (5) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024; and (6) Notes to the Condensed Consolidated Financial Statements.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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Table of Contents             

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 thereunto duly authorized.

						GE HealthCare Technologies Inc.
						(Registrant)
October 29, 2025						/s/ George A. Newcomb
Date						George A. Newcomb, Controller & Chief Accounting Officer (authorized signatory)

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FAQ

How did GEHC’s Q3 2025 revenue and EPS compare year over year?

Revenue was $5,143 million vs. $4,863 million last year, while diluted EPS was $0.98 vs. $1.02.

What were GEHC’s nine‑month 2025 results?

Total revenues were $14,927 million and diluted EPS was $3.26.

What is GEHC’s cash and debt position?

Cash and equivalents were $4,027 million; total principal debt was $10,275 million.

Did GEHC complete any acquisitions in 2025?

Yes. It acquired the remaining 50% of Nihon Medi‑Physics for $271 million cash and recorded a $97 million remeasurement gain.

What new debt did GEHC issue in 2025?

It issued $650 million 4.800% notes due 2031 and $850 million 5.500% notes due 2035.

How strong is GEHC’s backlog/RPO?

Remaining performance obligations were $15,096 million as of September 30, 2025.

Were there share repurchases or dividends?

Year‑to‑date buybacks totaled $200 million; dividends declared were $0.105 per share.