General Electric (GE) FY2019 results: revenue $90.2 billion, down 7.0% on the year
General Electric Co. (GE) reported revenue of $90.2 billion for fiscal 2019, the year ended 31 December 2019, down 7.0% on the year before. Net income was -$5.0 billion, and diluted earnings per share $-4.96. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$90.2 billion
-7.0% on the year
FY2012FY2019
Operating margin
-2.8%
-24.0% a year earlier
FY2012FY2019
Net income
-$5.0 billion
FY2012FY2019
Diluted EPS
-$4.96
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
90,221
97,012
99,279
-7.0%
Cost of revenue
66,911
72,818
91,934
-8.1%
Gross profit
n/a
24,194
n/a
Gross margin
n/a
24.9%
n/a
Research and development
3,118
3,415
5,504
-8.7%
Selling, general and administrative
13,806
14,643
14,257
-5.7%
Operating income
-2,533
-23,308
-13,428
Operating margin
-2.8%
-24.0%
-13.5%
Pre-tax income
-54.0
-20,987
-11,345
Income tax
552
93.0
-2,808
+493.5%
Net income
-4,979
-22,355
-8,484
Net margin
-5.5%
-23.0%
-8.5%
Diluted EPS
-$4.96
-$20.96
-$8.24
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
8,734
4,978
6,554
+75.5%
Capital expenditure
2,216
6,627
6,642
-66.6%
Free cash flow
6,518
-1,649
-88.0
Free cash flow margin
7.2%
-1.7%
-0.1%
Cash from investing
8,977
18,280
5,379
-50.9%
Cash from financing
-16,133
-31,806
-18,484
Depreciation and amortisation
2,018
8,223
7,429
-75.5%
Share-based compensation
400
336
n/a
+19.0%
Dividends paid
649
4,474
8,650
-85.5%
Dividend per share
$0.32
$2.96
$6.72
-89.2%
Diluted shares, weighted
1,090m
1,086m
1,086m
+0.4%
Shares outstanding at period end
1,092m
1,088m
1,085m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
28,316
30,981
56,031
-8.6%
Non-controlling interest
1,545
20,500
17,468
-92.5%
Redeemable equity
439
378
3,391
+16.1%
Debt
90,882
103,599
134,591
-12.3%
Operating lease liabilities
3,162
n/a
n/a
Other liabilities
140,833
155,614
157,764
-9.5%
Total liabilities and equity
265,177
311,072
369,245
-14.8%
Fixed assets
45,879
43,611
53,874
+5.2%
Goodwill
25,895
33,974
58,821
-23.8%
Intangible assets
10,653
12,178
20,273
-12.5%
Trading assets
n/a
n/a
98.0
Cash and equivalents
35,811
31,124
43,299
+15.1%
Receivables
16,568
14,645
24,209
+13.1%
Inventory
17,215
13,803
19,419
+24.7%
Other assets
113,156
161,737
149,252
-30.0%
Total assets
265,177
311,072
369,245
-14.8%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.