General Electric (GE) FY2014 results: revenue $117.2 billion, up 3.5% on the year
General Electric Co. (GE) reported revenue of $117.2 billion for fiscal 2014, the year ended 31 December 2014, up 3.5% on the year before. Net income was $15.2 billion, up 16.7%, and diluted earnings per share $12.00. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$117.2 billion
+3.5% on the year
FY2007FY2014
Operating margin
8.8%
8.0% a year earlier
FY2007FY2014
Net income
$15.2 billion
+16.7% on the year
FY2007FY2014
Diluted EPS
$12.00
+18.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
117,184
113,245
127,891
+3.5%
Cost of revenue
83,704
79,841
74,310
+4.8%
Gross profit
33,480
33,404
53,581
+0.2%
Gross margin
28.6%
29.5%
41.9%
Research and development
5,273
5,461
5,200
-3.4%
Selling, general and administrative
16,848
17,945
n/a
-6.1%
Operating income
10,263
9,100
22,887
+12.8%
Operating margin
8.8%
8.0%
17.9%
Interest expense
n/a
n/a
12,508
Pre-tax income
10,263
9,100
14,561
+12.8%
Income tax
773
1,219
2,526
-36.6%
Effective tax rate
7.5%
13.4%
17.3%
Net income
15,233
13,057
13,641
+16.7%
Net margin
13.0%
11.5%
10.7%
Diluted EPS
$12.00
$10.16
$10.32
+18.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
27,710
28,510
31,331
-2.8%
Capital expenditure
7,134
6,754
8,326
+5.6%
Free cash flow
20,576
21,756
23,005
-5.4%
Free cash flow margin
17.6%
19.2%
18.0%
Cash from investing
-5,030
29,117
11,302
Cash from financing
-16,958
-45,573
-51,074
Depreciation and amortisation
6,421
6,581
10,804
-2.4%
Buybacks
-2,211
-10,225
-5,005
Dividends paid
8,851
7,821
7,189
+13.2%
Dividend per share
$7.12
$6.32
$5.60
+12.7%
Diluted shares, weighted
1,265m
1,286m
1,320m
-1.6%
Shares outstanding at period end
1,257m
1,258m
1,301m
-0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
128,159
130,566
123,026
-1.8%
Non-controlling interest
8,674
6,217
5,444
+39.5%
Redeemable equity
98.0
178
178
-44.9%
Deposits
43,841
38,171
46,200
+14.9%
Debt
261,424
329,679
367,599
-20.7%
Other liabilities
211,735
158,436
142,881
+33.6%
Total liabilities and equity
653,931
663,247
685,328
-1.4%
Fixed assets
48,070
50,507
68,633
-4.8%
Goodwill
53,207
53,137
58,762
+0.1%
Intangible assets
13,182
13,867
11,987
-4.9%
Receivables
23,237
21,388
19,902
+8.6%
Inventory
17,689
17,325
15,374
+2.1%
Other assets
498,546
507,023
510,670
-1.7%
Total assets
653,931
663,247
685,328
-1.4%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.