General Electric Company Revenue & Financials

GE Aerospace's financial profile for fiscal year 2024 reflects both the dramatic improvement Culp's restructuring has achieved and the complexity that still attaches to a business emerging from one of corporate America's most ambitious reorganizations. Total revenues of $38.7 billion represented approximately 18 percent growth from the $32.9 billion reported in FY2023 — driven by a combination of higher engine delivery volumes, pricing increases on service agreements, and the favorable mix shift as a larger proportion of revenue came from the high-margin services business. Adjusted operating profit for FY2024 reached approximately $6.8 billion, implying an adjusted operating margin of approximately 17.6 percent — a remarkable improvement from the negative or low-single-digit margins GE reported at the nadir of its crisis in 2018 and 2019. The commercial engines and services segment drove the margin improvement, with aftermarket services consistently generating margins significantly above the company average. Free cash flow conversion was strong, with approximately $6.1 billion in adjusted free cash flow in FY2024. This cash generation funded approximately $3.5 billion in share repurchases, ongoing pension contributions, and organic capital expenditure supporting manufacturing capacity expansion. Net debt has been reduced substantially from the bloated levels of the GE Capital era; GE Aerospace now carries a manageable leverage ratio more consistent with investment-grade industrial peers. The company's order backlog — reflecting both committed engine orders and long-term service agreement values — stood at approximately $165 billion at year-end 2024, providing exceptional revenue visibility. Earnings per share on an adjusted basis reached approximately $4.20 for FY2024, representing substantial year-over-year growth and well ahead of analyst consensus entering the year. Management has guided for continued double-digit earnings growth through 2025 and beyond, supported by the aviation industry's structural recovery and the growing services contribution from maturing engine families.