General Electric Company (GE) is a high-tech industrial company operating in three segments: Aerospace, Renewable Energy, and Power. Aerospace designs and produces commercial and military aircraft engines, integrated engine components, and electric power and mechanical aircraft systems, also providing aftermarket services. Renewable Energy delivers wind turbines and related technology and services for onshore and offshore wind power, including grid solutions, hydro, battery storage, and hybrid renewables. Power serves power generation customers with products and services for energy production, including gas and steam turbines and plant solutions. GE has a significant global installed base of equipment and provides related services.

GE is pursuing a strategic plan to form three independent companies: GE Aerospace, GE Vernova (combining Renewable Energy and Power), and GE HealthCare (spun off in January 2023). GE is adapting and innovating solutions for pressing global challenges, focusing on the future of flight and the energy transition.

GE faces aggressive competition across its businesses, often characterized by rapid technological advancements requiring continuous research and development. The company serves customers in over 160 countries and has manufacturing and service operations globally.

• Employees: 125,000 (as of December 31, 2023)
• Geographic Footprint: Operates in over 160 countries
• Headquarters: Boston, MA (Executive Offices); Schenectady, NY (Corporate Address)
• Founded: Over 130 years ago
• Number of locations/facilities: 161 manufacturing plants globally
• Revenue: $68.0 billion (FY2023)
• Key Subsidiaries/Brands: GE Aerospace, GE Vernova (to include Renewable Energy and Power)

• CEO: H. Lawrence Culp, Jr.
• CFO: Rahul Ghai
• Other Key Executives: L. Kevin Cox (Senior Vice President, Chief Human Resources Officer); Michael J. Holston (Senior Vice President, General Counsel & Secretary); Russell Stokes (Senior Vice President, President & CEO, Commercial Engines and Services, GE Aerospace); Scott L. Strazik (Senior Vice President, President & CEO, GE Vernova); Thomas S. Timko (Vice President, Controller & Chief Accounting Officer)

• Annual Revenue: $68.0 billion (FY2023)
• Net Income: $9.2 billion (FY2023)
• Total Assets: $163.0 billion (FY2023)
• Key Financial Highlights: Revenue increased $9.9 billion (17%) year-over-year. Profit increased $11.0 billion year-over-year. Cash flow from operating activities increased $1.6 billion year-over-year.

Aerospace: Designs and manufactures commercial and military aircraft engines, integrated engine components, electric power and mechanical aircraft systems, and provides aftermarket services.

Renewable Energy: Delivers wind turbines, technology, and services for onshore and offshore wind power, grid solutions, hydro, battery storage, hybrid renewables, and digital services.

Power: Provides products and services related to energy production, including gas and steam turbines, full balance of plant, upgrade and service solutions, and data-leveraging software.

Aerospace: Revenue $31.8 billion (FY2023), Segment Profit $6.1 billion (FY2023)

Renewable Energy: Revenue $15.1 billion (FY2023), Segment Loss $(1.4) billion (FY2023)

Power: Revenue $17.7 billion (FY2023), Segment Profit $1.5 billion (FY2023)

GE's current strategy is centered around separating its portfolio into three independent companies: GE Aerospace, GE Vernova (combining Renewable Energy and Power), and GE HealthCare (already spun off). This strategy aims to better position each business for long-term growth and value creation. GE Aerospace focuses on serving expanding and upgrading fleets in the commercial and military sectors, while also developing next-generation engine technologies for a more sustainable future of flight. GE Vernova is positioned to lead the energy transition by offering a range of power generation technologies and grid solutions to meet growing electricity demand and decarbonization needs. GE is also committed to sustainability through innovation, prioritizing it in their policies and product development.

GE operates in highly competitive industries including aviation, renewable energy, and power generation. The competitive landscape is characterized by rapid technological advancements, requiring continuous research and development. The energy sector is undergoing a significant transformation driven by the global energy transition, with increasing demand for renewable energy and grid modernization solutions. The aviation industry is recovering from the impacts of the COVID-19 pandemic and is focused on increasing efficiency and reducing emissions.

• Strategic Risks: Challenges in executing the separation plan and achieving expected benefits; global macroeconomic and geopolitical risks impacting operations and financial performance; dependence on successful execution of business strategies in highly competitive markets.
• Operational Risks: Operational challenges impacting product and service life cycle execution, product safety, and quality; cybersecurity threats to systems and data; supply chain disruptions and inflationary pressures impacting costs and delivery.
• Financial Risks: Potential weakening of customer financial condition impacting GE's business; risks related to debt levels and potential credit rating downgrades; exposure to run-off insurance and banking operations; volatility in foreign exchange and interest rates.
• Legal and Compliance Risks: Variety of legal proceedings and investigations, including legacy Alstom legal matters and shareholder lawsuits; potential changes in laws, regulations, and government policies impacting operations and financial results.