General Electric (GE) FY2023 results: revenue $35.3 billion, up 21.3% on the year
General Electric Co. (GE) reported revenue of $35.3 billion for fiscal 2023, the year ended 31 December 2023, up 21.3% on the year before. Net income was $9.5 billion, up 2721.7%, and diluted earnings per share $8.36. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2024.
Revenue
$35.3 billion
+21.3% on the year
FY2016FY2023
Operating margin
10.5%
2.4% a year earlier
FY2016FY2023
Net income
$9.5 billion
+2,721.7% on the year
FY2016FY2023
Diluted EPS
$8.36
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
5,179
5,916
3,481
-12.5%
Capital expenditure
862
1,061
1,007
-18.8%
Free cash flow
4,317
4,855
2,474
-11.1%
Free cash flow margin
12.2%
16.7%
4.4%
Cash from investing
3,967
2,270
21,379
+74.8%
Cash from financing
-8,613
-5,585
-45,397
Depreciation and amortisation
797
846
1,622
-5.8%
Share-based compensation
192
143
305
+34.3%
Buybacks
1,233
1,048
107
+17.7%
Dividends paid
589
639
575
-7.8%
Dividend per share
$0.32
$0.32
$0.32
0.0%
Diluted shares, weighted
1,099m
1,101m
1,098m
-0.2%
Shares outstanding at period end
1,088m
1,089m
1,099m
-0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
27,378
33,696
32,044
-18.8%
Non-controlling interest
1,202
1,216
1,302
-1.2%
Redeemable equity
n/a
132
148
Debt
20,525
24,059
35,114
-14.7%
Operating lease liabilities
931
2,089
2,496
-55.4%
Other liabilities
123,264
127,659
134,274
-3.4%
Total liabilities and equity
173,300
188,851
205,378
-8.2%
Goodwill
8,948
8,835
13,303
+1.3%
Intangible assets
4,642
6,105
7,483
-24.0%
Investments
38,000
36,048
42,209
+5.4%
Cash and equivalents
15,204
15,810
15,174
-3.8%
Receivables
8,703
14,831
12,579
-41.3%
Inventory
8,284
14,891
13,539
-44.4%
Other assets
89,519
92,331
101,091
-3.0%
Total assets
173,300
188,851
205,378
-8.2%
10-K for the year ended 31 December 2023, filed 2 February 2024: the filing.