General Electric Company Revenue & Financials

At its peak valuation in August 2000, the company's market capitalization surpassed $594 billion, making it briefly the most valuable corporation on earth. GE Aerospace generated $38.7 billion in revenue for fiscal year 2024, with operating profit of approximately $6.8 billion — figures that would have been buried inside the old conglomerate's sprawling income statement. The company's collapse from a $594 billion market cap in 2000 to near-insolvency by 2018 stands as one of the most dramatic value-destruction events in corporate history. With FY2024 revenues of $38.7 billion, roughly 52,000 employees, and a market capitalization exceeding $195 billion as of mid-2025, GE Aerospace is the dominant commercial and military jet engine manufacturer in the world, with a services backlog providing durable, long-cycle revenue visibility that represents the strongest business case for the new GE in generations. Together these generated $38.7 billion in FY2024 revenues, with operating profit of approximately $6.8 billion and adjusted free cash flow of roughly $6.1 billion — metrics that reflect both the premium pricing power of high-performance turbomachinery and the capital discipline that Culp imposed on the organization beginning in 2018. Each LEAP-1B engine (for the MAX) has a list price of approximately $14 million, though airlines typically negotiate discounts — meaning GE recognizes revenue at discounted levels on the OE sale, accepting short-term margin compression in exchange for long-term aftermarket capture. In GE Aerospace's case, however, the analogy understates the complexity: jet engine overhauls can cost between $3 million and $30 million per event depending on the engine type, and with over 44,000 commercial engines in operation globally under some form of GE service relationship, the company commands a recurring revenue stream that is structurally resistant to near-term disruption. The commercial services backlog stood at approximately $145 billion as of year-end 2024, providing extraordinary revenue visibility over a 10-to-15-year horizon. For FY2024, the defense segment generated approximately $9 billion of GE Aerospace's total revenue, providing a meaningful counterbalance during commercial aviation downturns such as the COVID-19 pandemic period, when airline traffic collapsed and new engine deliveries stalled. The new GE Aerospace prioritizes organic investment in engine development and manufacturing capacity, pension liability reduction (the company made approximately $5 billion in pension contributions between 2019 and 2023), and disciplined return of capital through buybacks. The company repurchased approximately $3.5 billion in shares during FY2024 and has authorized additional repurchases, reflecting management's confidence in cash generation durability. General Electric Company is a Industrial Conglomerate / Aerospace & Defense company with $38.7B in 2024 revenue and 52K employees worldwide. 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. 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. 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. The company carries a significant defined benefit pension obligation, and while Culp's team made approximately $5 billion in pension contributions between 2019 and 2023 and has pursued pension risk transfer transactions, the residual liability remains a complexity that the company's leaner aerospace peers — pure-play engine manufacturers like Safran — do not face. The $145 billion commercial services backlog provides extraordinary revenue visibility and acts as a structural floor under cash generation. Management has outlined a financial roadmap to approximately $10 billion in operating profit and $7-plus billion in free cash flow by 2028, representing significant expansion from FY2024 levels. J.P. Morgan — the banker who had financed Edison General Electric from its earliest days — orchestrated a merger of the two companies in April 1892, creating the General Electric Company with a capital structure of $35 million.