Ge Healthcare Technologies Inc. · NASDAQ:GEHC
Ge Healthcare Technologies — Q4 2025 Earnings Presentation
34 slides from Ge Healthcare Technologies's earnings presentation, Feb 4, 2026
Slide 1: 4Q and Full Year 2025 Earnings Presentation
4Q and Full Year 2025 Earnings Presentation February 4, 2026 © 2026 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 2: Forward-looking statements and additional information
Forward-looking statements and additional information This presentation contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate
Slide 3: 4Q 2025 Highlights
4Q 2025 Highlights • Double-digit Organic revenue growth* in Pharmaceutical Diagnostics and solid mid-single-digit growth in Imaging and Advanced Visualization Solutions • Robust revenue performance driven by continued strength in the U.S. and EMEA • Record backlog and solid book-to-bill driven by c
Slide 4: Executing on our strategy
Executing on our strategy Meaningful execution on our strategy in 2025; entering 2026 with momentum Precision Growth Business care acceleration optimization D3: Smart devices and drugs, across Positioned to accelerate top- Focus on enhancing customer disease states, enabled by digital, AI line growt
Slide 5: Heartbeat: How we run the business every day for sustainable growth
Heartbeat: How we run the business every day for sustainable growth • Connects strategy to execution across the enterprise Heartbeat impact: driving delivery improvement • Focus on safety, quality, delivery, cost and innovation (SQDCI) • Problem-solving and efficiency build competitive advantage and
Slide 6: 4Q 2025 Consolidated performance summary
4Q 2025 Consolidated performance summary Revenues Organic orders Adjusted EBIT* and Adjusted EPS* Free cash flow* growth**(1) Adjusted EBIT margin* $5.7B 2.0% YoY $950M $1.44 $916M 4.8% Organic growth*(1) Book-to-Bill** 16.7% Margin (0.7)% YoY $105M YoY 1.06x (200) bps YoY YoY tariff impact: YoY tar
Slide 7: 2025 Consolidated performance summary
2025 Consolidated performance summary Revenues Organic orders Adjusted EBIT* and Adjusted EPS* Free cash flow* growth**(1) Adjusted EBIT margin* $20.6B 5.2% YoY $3.2B $4.59 $1.5B 3.5% Organic growth*(1) Backlog** 15.3% Margin 2.2% YoY $(49)M YoY $21.8B (100) bps YoY Book-to-Bill** 1.07x YoY tariff i
Slide 8: 4Q and full year 2025 margin performance
4Q and full year 2025 margin performance • Margin impacted by tariff expense of 4Q’25 Adjusted EBIT Margin* FY 2025 Adjusted EBIT Margin* ~$100M in 4Q 2025 and ~$245M in FY 2025 (200) bps YoY (100) bps YoY • Progress with margin initiatives: (30) bps YoY excluding tariffs +20 bps YoY excluding tarif
Slide 9: 4Q 2025 Imaging results
4Q 2025 Imaging results 4Q 2024 4Q 2025 YoY change Revenues $2,393M $2,552M 5.3%*(1) Segment EBIT $302M $264M (12.5)% Segment EBIT margin 12.6% 10.4% (230) bps Imaging TBA Highlights • Organic revenue growth* up YoY with double-digit growth in EMEA & U.S.; robust growth driven by advanced imaging di
Slide 10: 4Q 2025 Advanced Visualization Solutions results
4Q 2025 Advanced Visualization Solutions results 4Q 2024 4Q 2025 YoY change Revenues $1,440M $1,525M 4.2%*(1) Segment EBIT $374M $376M 0.7% Segment EBIT margin 25.9% 24.7% (130) bps Highlights • Organic revenue growth* YoY driven by continued strength in the U.S. and EMEA, as well as adoption of new
Slide 11: 4Q 2025 Patient Care Solutions results
4Q 2025 Patient Care Solutions results 4Q 2024 4Q 2025 YoY change Revenues $827M $825M (1.1)%*(1) Segment EBIT $106M $74M (29.6)% Segment EBIT margin 12.8% 9.0% (380) bps Highlights • Organic revenue growth* improved sequentially with shipments from prior quarter product hold; YoY decline driven by
Slide 12: 4Q 2025 Pharmaceutical Diagnostics results
4Q 2025 Pharmaceutical Diagnostics results 4Q 2024 4Q 2025 YoY change Revenues $646M $790M 12.7%*(1) Segment EBIT $212M $234M 10.0% Segment EBIT margin 32.9% 29.6% (330) bps . Highlights • Double-digit Organic revenue growth* driven by volume, price and NPIs • Sequential EBIT margin expansion; YoY r
Slide 13: Cash performance and capital deployment priorities
Cash performance and capital deployment priorities Full Year Free cash flow* Capital deployment since spin Includes ~$285M • $5.1B innovation investment**, fueling organic growth and Reinvestment tariff impact strong 3-year NPI vitality** of 55% • Strategic tuck-ins across digital, AI, cloud and Saa
Slide 14: Introducing 2026 Outlook
Introducing 2026 Outlook 2025A 2026E Assumptions(2): Organic Revenue 3.5% 3.0% - 4.0% • Reflects healthy capex environment and Growth*(1) continued commercial execution Adjusted EBIT Margin* 15.3% 15.8% - 16.1% • Delivering solid topline and strong EPS 50 - 80 bps growth with cautious outlook on Chi
Slide 15: Summary
Summary • Entering 2026 with momentum driven by a differentiated innovation pipeline and operational resilience • Operationalizing Heartbeat to drive top- and bottom-line growth • 2026 guidance reflects healthy capital investments, commercial execution and demand for our new products • Disciplined c
Slide 16: Slide 16
Slide 17: Q&A
Q&A © 2026 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 18: Upcoming events
Upcoming events BTIG Snowbird MedTech, Digital Health, Life Science and Diagnostic Tools February 11, 2026 Conference (Virtual) Citi MedTech and Life Sciences Access Day February 26, 2026 Barclays 28th Annual Global Healthcare Conference March 10, 2026 © 2026 GE HealthCare. GE is a trademark of Gene
Slide 19: Appendix
Appendix © 2026 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 20: Organic Revenue*
Organic Revenue* ($ in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 % change 2025 2024 % change Total revenues $ 5,698 $ 5,319 7.1 % $ 20,625 $ 19,672 4.8 % Less: Acquisitions(1) 52 1 169 4 Less: Dispositions(2) — — — — Less: Foreign currency e
Slide 21: Segment Organic Revenue*
Segment Organic Revenue* ($ in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 % change 2025 2024 % change Imaging revenues $ 2,552 $ 2,393 6.6 % $ 9,245 $ 8,855 4.4 % Less: Acquisitions(1) 1 — 15 — Less: Dispositions (2) — — — — Less: Foreign cur
Slide 22: Adjusted EBIT*
Adjusted EBIT* ($ in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 % change 2025 2024 % change Net income attributable to GE HealthCare $ 589 $ 720 (18.3)% $ 2,084 $ 1,993 4.6 % Add: Interest and other financial charges – net 105 121 440 504 Add
Slide 23: Adjusted Net Income*
Adjusted Net Income* ($ in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 % change 2025 2024 % change Net income attributable to GE HealthCare $ 589 $ 720 (18.3)% $ 2,084 $ 1,993 4.6 % Add: Non-operating benefit (income) costs (66) (100) (288) (4
Slide 24: Adjusted Earnings Per Share*
Adjusted Earnings Per Share* (In dollars, except shares outstanding presented in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 $ change 2025 2024 $ change Diluted earnings per share $ 1.29 $ 1.57 $ (0.28) $ 4.55 $ 4.34 $ 0.21 Add: Non-operating
Slide 25: Adjusted Tax Expense* and Adjusted ETR*
Adjusted Tax Expense* and Adjusted ETR* ($ in millions) For the three months ended December 31 For the years ended December 31 Unaudited 2025 2024 2025 2024 Benefit (provision) for income taxes $ (219) $ (96) $ (614) $ (531) Add: Tax effect of reconciling items (1) (4) (16) (7) (42) Add: Spin-Off an
Slide 26: Free Cash Flow*
Free Cash Flow* ($ in millions) For the three months ended December 31 For the twelve months ended December 31 Unaudited 2025 2024 % change 2025 2024 % change Cash from (used for) operating activities – continuing operations $ 1,050 $ 913 15.0 % $ 1,987 $ 1,955 1.7 % Cash flow conversion 95 % 98 % (
Slide 27: Non-GAAP P&L Reconciliations - 4Q 2025
Non-GAAP P&L Reconciliations - 4Q 2025 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 28: Non-GAAP P&L Reconciliations - 4Q 2024
Non-GAAP P&L Reconciliations - 4Q 2024 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Spin-Off and Investment Operating Tax effect of Spin-Off and GAAP Restructuring disposition- business and acquisition- revaluation benefit Non-GAAP separation reconciling other tax Reported cos
Slide 29: Non-GAAP P&L Reconciliations - FY 2025
Non-GAAP P&L Reconciliations - FY 2025 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 30: Non-GAAP P&L Reconciliations - FY 2024
Non-GAAP P&L Reconciliations - FY 2024 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment operating Tax effect of Spin-Off and Spin-Off and GAAP Restructuring disposition- business and acquisition- revaluation benefit reconciling adjustments Non-GAAP other tax separation
Slide 31: Acronyms
Acronyms AI Artificial Intelligence AVS Advanced Visualization Solutions bps Basis points CE Conformité Européenne CT Computed Tomography EBIT Earnings Before Interest and Taxes EMEA Europe, the Middle East, and Africa EPS Earnings Per Share ETR Effective Tax Rate EU European Union FDA Food and Drug
Slide 32: Definitions
Definitions The estimated revenue expected from customer contracts that are partially or fully unperformed including amounts deferred in Backlog contract liabilities; contracts, or portions thereof, that provide the customer with the right to cancel or terminate without incurring a substantive penal
Slide 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures The non-GAAP financial measures presented in this presentation are supplemental measures of GE HealthCare’s performance and its liquidity that the Company believes will help investors understand its financial condition, cash flows, and operating results, and assess its fu
Slide 34: Non-GAAP Financial Measures in Outlook
Non-GAAP Financial Measures in Outlook GE HealthCare calculates forward-looking non-GAAP financial measures, including Organic revenue growth, Adjusted EBIT margin, Adjusted ETR, Adjusted EPS, and Free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP fin
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