10-K – 2026-02-04 – gehc-20251231.htm

Lessee Arrangements
At lease commencement, we record a lease liability and corresponding right-of-use (“ROU”) asset. ROU assets are recognized within Property, plant, and equipment – net and lease liabilities are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position. Options to extend a lease are included as part of the ROU lease asset and liability at commencement when it is reasonably certain the Company will exercise the option. We have elected to combine lease and non-lease components in determining our lease liability, primarily for real estate leases. Non-lease components are generally related to services that the lessor performs for the Company associated with the leased asset. As the Company’s leases typically do not provide an implicit rate, the present value of our lease liability is determined using our incremental collateralized borrowing rate at lease commencement for leases that commenced post-Spin-Off and GE’s incremental collateralized borrowing rate at lease commencement for leases that commenced pre-Spin-Off. For leases with an initial term of 12 months or less, an ROU asset and lease liability are not recognized, and lease expense is recognized on a straight-line basis over the lease term. Certain of our leases include provisions for variable lease payments which are based on, but not limited to, maintenance, insurance, taxes, index escalations, and usage-based amounts. The Company recognizes variable lease payments not included in its lease liabilities in the period in which the obligation for those payments is incurred. We review ROU assets for impairment annually or when events occur or circumstances change that indicate that the asset may be impaired.

Lessor Arrangements
Equipment leased to others under operating leases is recognized within Property, plant, and equipment – net in the Consolidated Statements of Financial Position. Leases classified as sales-type leases or direct finance leases are recognized within All other current assets and All other non-current assets, respectively, in the Consolidated Statements of Financial Position. The terms of the related contracts, including the proportion of fixed versus variable payments and any options to shorten or extend the lease term or purchase the underlying asset, vary by customer.

See Note 6, “Financing Receivables” and Note 7, “Leases” for further information.

GOODWILL AND OTHER INTANGIBLE ASSETS.

Goodwill and Acquired Intangibles
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. We test goodwill for impairment at the reporting unit level annually in the fourth quarter of each year as of October 1 st , or more frequently when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, an impairment charge is recognized based on the difference between the reporting unit’s carrying value and its fair value. When performing a quantitative test, the market approach is typically used for estimating the fair values for our reporting units. Under the market approach, we estimate the fair value based on market multiples of earnings derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting unit. Depending on the specific reporting unit circumstances, we may also consider performing a valuation based on an income approach. It is reasonably possible that the judgments and estimates used could change in future periods.
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In-proce ss research and development (“IPR&D”) acquired as part of a business acquisition is capitalized at fair value when acquired and is considered an indefinite-lived intangible asset. We test indefinite-lived intangible assets for impairment annually in the third quarter of each year or when events occur or circumstances change that indicate it is more likely than not the fair value of the asset is below its carrying value. When testing IPR&D for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of the IPR&D is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that the IPR&D is impaired, an impairment charge is recognized based on the difference between the IPR&D’s carrying value and its fair value. When the IPR&D project is complete, the asset is considered a finite-lived intangible asset and subject to an impairment test at that date. Thereafter, the resulting asset is amortized over its estimated useful life and is subject to impairment assessments in the same manner as all amortizing intangible assets.

For other intangible assets that are not deemed indefinite-lived, the cost of the intangible asset is amortized on a straight-line basis over the asset’s estimated useful life. Amortizable intangible assets are reviewed for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In such circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values.

Internal-use Software
Internal-use software is software that is developed, purchased, or modified to meet internal needs and for which no substantive plan exists to sell, lease, or otherwise market the software externally. All costs associated with project tasks classified in the preliminary project development or post-implementation/operation stage are expensed as incurred. Capitalization of application development stage costs begins after both of the following occur: (1) the preliminary project development stage is completed and (2) management authorizes and commits to funding the software project and it is probable that the project will be completed and the software will be used for the purpose for which it was intended. Capitalization ceases when the project is substantially complete. Capitalized amounts are recognized within Other intangible assets – net in the Consolidated Statements of Financial Position and are amortized on a straight-line basis over the asset’s estimated useful life.

Capitalized cloud computing arrangement implementation costs
For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal-use software requirements. Capitalized amounts are recognized within All other non-current assets in the Consolidated Statements of Financial Position and are amortized on a straight-line basis over the expected term of the related service contract.

External-use Software
External-use software relates to software that is (1) intended to be sold, licensed, or marketed to our customers or (2) embedded and integral to our tangible products for which research and development (“R&D”) has been completed. Costs that are related to the conceptual formulation and design of software are expensed as incurred. Costs that are incurred after technological feasibility has been established until general release of the product are capitalized as an intangible asset and recognized within Other intangible assets – net in the Consolidated Statements of Financial Position. Capitalized costs for software to be sold, leased, or otherwise marketed are amortized on an individual product basis using straight-line amortization over the estimated useful life of the product. The Company performs regular reviews to assess whether unamortized capitalized external use software program costs remain recoverable through future revenue.

See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” and Note 18, “Supplemental Financial Information” for further information.

DERIVATIVES AND HEDGING.

We use derivative contracts to reduce the volatility of earnings and cash flows associated with risks related to foreign currency exchange rates, interest rates, and equity prices. Our policy is to use derivatives solely for managing risks and not for speculative purposes.

We employ the following hedge types: (1) cash flow hedges of foreign currency risk associated with third-party and intercompany foreign currency-denominated forecasted transactions and firm commitments, (2) net investment hedges of foreign currency risk associated with investments in foreign operations, (3) fair value hedges of interest rate risk associated with long-term borrowings, and (4) economic hedges not designated as qualifying hedging relationships of foreign currency risk associated with monetary assets and liabilities, including intercompany balances and equity price risk.

For net investment hedges, changes in the fair value of the components of the hedging derivatives excluded from the assessment of hedge effectiveness are deferred and amortized to earnings in the Consolidated Statements of Income using a systematic and rational method over the life of the derivative transaction.

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Contracts that do not in their entirety meet the definition of a derivative instrument and are not measured at fair value may contain embedded features affecting some or all of the cash flows or value of other exchanges that would otherwise be considered derivatives when assessed separately from the host contract. Such embedded features are separated from the host contract and accounted for as a derivative measured at fair value if their economic characteristics and risks are not clearly and closely related to those of the host contract.

S ee Note 13, “Financial Instruments and Fair Value Measurements” for furthe r information.

INCOME TAXES.

Uncertain tax positions that meet the more likely than not recognition threshold are included in the financial statements. Such uncertain tax positions are measured at the largest amount of benefit that the Company believes has a greater than 50% likelihood of realization upon settlement. Our policy is to adjust these reserves when facts and circumstances change, such as the change in the technical merit of a position, an uncertain tax position is effectively settled with the relevant taxing authority, or the statute of limitations has expired. Penalties and interest related to income tax matters are recognized within Benefit (provision) for income taxes in the Consolidated Statements of Income.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their respective tax basis, as well as net operating loss and tax credit carryforwards. The deferred income tax balances are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits considering all available positive and negative evidence, including the impact of the Tax Matters Agreement with GE, specifically assessing the adequacy of future expected taxable income from all sources, including reversal of existing taxable temporary differences, forecasted operating earnings, taxable income in prior carryback years, if applicable, and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established to reduce its carrying value to the amount that is more likely than not to be realized. Deferred taxes are provided for the outside basis difference of certain investments in non-U.S. affiliates and associated companies based upon our evaluation of the undistributed earnings of such entities if the permanently reinvested assumption cannot be made.

See Note 11 , “ Income Taxes” and Note 19, “Related Parties and Transition Services Agreement” for further information.

POSTRETIREMENT BENEFIT PLANS.

We measure our plan assets at fair value and categorize plan assets for disclosure purposes in accordance with the fair value hierarchy . Certain assets for which the fair value is measured using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The components of net periodic benefit costs, other than the service cost component, are recognized within Non-operating benefit (income) costs in the Consolidated Statements of Income for plans sponsored by the Company.

We engage third-party actuaries to assist in the determination of benefit obligations and related net periodic benefit costs. We develop significant long-term assumptions, including discount rates and the expected rate of return on assets in connection with our pension accounting. In the fourth quarter of each fiscal year and whenever a plan is determined to qualify for a remeasurement, we recognize differences between expected long-term return on plan assets and actual returns, and net actuarial gains and losses for the pension plan liabilities within the Consolidated Statements of Comprehensive Income (Loss).

We amortize gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions, that exceed 10% of the greater of the market related value of plan assets or benefit obligations, determined as of the beginning of the year. The period over which gains and losses are amortized to earnings is generally over the average remaining life expectancy of plan participants.

See Note 10, “Postretirement Benefit Plans” for further information.

LOSS CONTINGENCIES.

Loss contingencies are uncertain and unresolved matters that arise in the ordinary course of business and result from events that have the potential to result in a future loss. Such contingencies include, but are not limited to, product warranties, claims, litigation, environmental obligations, regulatory investigations and proceedings, product quality, and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the loss. When there appears to be a range of possible losses with equal likelihood, liabilities are based on the low end of such range. Disclosure is provided for material loss contingencies when a loss is probable and a reasonable estimate can be made, when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. Legal costs incurred in connection with loss contingencies are expensed as incurred.

See Note 14 , “ Commitments, Guarantees, Product Warranties, and Other Loss Contingencies ” for further information.
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ASSET RETIREMENT OBLIGATIONS.

Our operations involve the use, disposal, and cleanup of substances regulated under nuclear decommissioning regulations that require asset retirement obligations. Liabilities for nuclear decommissioning exclude possible insurance recoveries. Due to uncertainties or changes regarding the status of laws, regulations, technology, and information related to individual sites and lawsuits, it is reasonably possible that our exposure will exceed amounts accrued, and amounts not currently reasonably estimable and/or probable may need to be accrued in future periods. We record asset retirement obligations associated with the retirement of tangible long-lived assets as a liability in the period in which the obligation is incurred and its fair value can be reasonably estimated. The liability is measured at the present value of the obligation when incurred and is adjusted in subsequent periods. Corresponding asset retirement costs are generally capitalized as part of the carrying value of the related long-lived assets and depreciated over the assets’ useful lives.

See Note 14 , “ Commitments, Guarantees, Product Warranties, and Other Loss Contingencies ” for further information.

SUPPLY CHAIN FINANCE PROGRAMS.

The Company participates in voluntary supply chain finance programs which provide participating suppliers the opportunity to sell their GE HealthCare receivables to third parties at the sole discretion of both the suppliers and the third parties. We evaluate supply chain finance programs to ensure the use of a third-party intermediary to settle our trade payables does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables to borrowings. In connection with the supply chain finance programs, payment terms normally range from 30 to 180 days, depending on the underlying supplier agreements.

See Note 18, “Supplemental Financial Information” for further information.

FAIR VALUE MEASUREMENTS.

The following sections describe the valuation methodologies we use to measure financial and non-financial instruments at fair value including certain assets within our postretirement benefit plans. Observable inputs for fair value measurements reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish the following fair value hierarchy:
• Level 1 — Quoted prices for identical instruments in active markets.
• Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
• Level 3 — Significant inputs to the valuation model are unobservable.

See Note 13 , “ Financial Instruments and Fair Value Measurements ” for further information.

RECURRING FAIR VALUE MEASUREMENTS.

For financial assets and liabilities measured at fair value on a recurring basis, primarily money market funds, investment securities, derivatives, and contingent consideration, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Money Market Funds
Money market funds are valued using pricing information from the fund managers, quoted on a daily basis, and are considered Level 2 inputs.

Investment Securities
Publicly traded equity securities are valued using Level 1 quoted price inputs. Non-publicly traded equity securities for which the fair value option was elected are classified within Level 3 and are valued using unobservable inputs, primarily by discounting expected future cash flows.

Derivatives
The majority of our derivatives are valued using model-derived offers received from financial institutions for similar over-the-counter instruments without an active market or internal models. The models maximize observable inputs including interest rates and both forward and spot prices for currencies. As of December 31, 2025 and 2024, foreign currency contracts, interest rate contracts, embedded derivatives, and equity-linked total return swaps were valued using Level 2 inputs.

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Contingent Consideration
When an acquisition involves a contingent consideration arrangement, we record on the date of acquisition a liability for the fair value of the estimated additional consideration we may be obligated to pay in the future. The fair value is based upon estimates of future financial projections under various potential scenarios using a probability-weighted expected payment model discounted to present value. The estimates used to determine the fair value are subject to significant judgment and as such are considered Level 3 inputs. We subsequently remeasure such liabilities at the end of each reporting period and record changes in the fair value within SG&A in the Consolidated Statements of Income.

Investments in Annuity Contracts, Private Equity, Real Estate and Collective Funds held within our Postretirement Benefit Plans
Investments are generally valued using the NAV per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to an annuity contract, real estate, and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 10, “Postretirement Benefit Plans” for further information.

Debt Securities held within our Postretirement Benefit Plans
When available, we use quoted market prices to determine the fair value of debt securities which are Level 1 inputs. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are classified within Level 2. See Note 10, “Postretirement Benefit Plans” for further information.

There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the years ended December 31, 2025, 2024, and 2023. See Note 13, “Financial Instruments and Fair Value Measurements” for further information.

NON-RECURRING FAIR VALUE MEASUREMENTS.

Certain assets and liabilities are measured at fair value on a non-recurring basis. These items may include financing receivables and long-lived assets reduced to fair value upon classification as held for sale and impaired equity method investments and long-lived assets, which, when written down to fair value upon an impairment, are not subsequently adjusted to fair value unless further impairment occurs. The following sections describe the valuation methodologies the Company uses to measure these assets not measured on a recurring fair value basis.

Equity Method Investments
Equity method investments for which the fair value option was not elected are initially recorded at cost and are adjusted in each period for the Company’s share of the investee’s income or loss and dividends paid. In instances of impairment, equity method investments are written down to fair value using market observable data such as quoted prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources, or a combination of these approaches, as appropriate. These investments are generally valued using Level 3 inputs.

Equity Investments Without Readily Determinable Fair Value
Equity investments without readily determinable fair value, subject to a policy choice on a transaction-by-transaction basis, are accounted for under the measurement alternative at cost less impairment and adjusted to fair value for any observable price changes in or derly transactions for the identical or a similar investment of the same issuer. In the instance of impairment, if any, equity investments are adjusted to fair value using market observable data if available. If market observable data is not available, fair values are estimated using discounted cash flow models, comparative market multiples, or a combination of these approaches using Level 3 inputs.

Financing Receivables
We generally use market data, including pricing on recently closed market transactions, to value financing receivables that are held for sale. Such financing receivables are valued using Level 2 inputs. When data is unobservable, we use valuation methodologies based on current market interest rate data adjusted for inherent credit risk. Such financing receivables are valued using Level 3 inputs.

Long-Lived Assets
Fair values of long-lived assets are primarily developed internally and are corroborated by available external appraisal information, as applicable. These assets are generally valued using Level 3 inputs.

FOREIGN CURRENCY.

We have determined that the functional currency for many of our international operations is the local currency, and for other international operations the functional currency is the USD. The basis of this determination is the currency in which each of the international operations primarily generates and expends cash. When the functional currency is not the USD, asset and liability accounts are translated at period-end exchange rates. The Company translates functional currency income and expense amounts to their USD equivalents using average exchange rates for the period. These translation gains and losses are recognized within Accumulated other comprehensive income (loss) – net (“AOCI”) in the Consolidated Statements of Financial Position.
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Gains and losses from foreign currency transactions, such as those resulting from the settlement of monetary items in the non-functional currency and those resulting from remeasurements of monetary items, are included in Cost of products, Cost of services, SG&A, and R&D in the Consolidated Statements of Income, depending on the underlying nature of the item. Net gains (losses) from foreign currency transactions were $( 149 ) million, $ 16 million, and $ 16 million for the years ended December 31, 2025, 2024, and 2023, respectively.

BUSINESS COMBINATIONS.

Our financial statements include the operations of acquired businesses from the date of acquisition. The Company accounts for acquired businesses using the acquisition method of accounting in accordance with U.S. GAAP, which requires that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. When we acquire the remaining equity ownership of a company in which we hold an equity interest, we remeasure our equity interest to fair value. Any excess of the purchase price over the assigned values of the net assets acquired is recorded as Goodwill. Transaction costs are expensed as incurred. For those arrangements that involve potential future contingent consideration, on the date of acquisition we record a liability equal to the fair value of the estimated additional consideration we may be obligated to pay in the future.

See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” and Note 13, “Financial Instruments and Fair Value Measurements” for further information.

DISCONTINUED OPERATIONS.

Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or are spun-off. Presentation as discontinued operations is consistent for all periods presented.

RESTRUCTURING COSTS.

We record liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee termination costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period.

See Note 15, “Restructuring Activities” for further information.

RESEARCH AND DEVELOPMENT.

The Company conducts R&D activities to create new products, develop new applications for existing products, and enhance existing products. Clinical study and certain research costs are recognized over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. R&D costs are expensed as incurred.

In certain instances, R&D activities may be funded by third parties, including government entities. These R&D funding arrangements may include upfront payments, R&D cost sharing payments, and future milestone payments that may be based upon the occurrence of future R&D or commercialization events. Payments received as part of the R&D funding arrangements are generally presented as an offset to R&D expense.

COLLABORATIVE ARRANGEMENTS.

We enter into collaborative arrangements primarily related to development of new products. A collaborative arrangement is a contractual arrangement that involves two or more parties who are active participants in the activity, and are exposed to significant risks and rewards dependent on the commercial success of the activity. The assessment for a collaborative arrangement is performed throughout the life of the arrangement based on changes in the responsibilities of all parties. Amounts that are owed by collaboration partners related to R&D activities are generally presented as an offset to R&D expense.

ACCOUNTING CHANGES.

We evaluate Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not included in our disclosures were assessed and determined to either be not applicable or are not expected to have a significant impact on our financial statements.

Recent Accounting Pronouncements Reflected in Our Consolidated Financial Statements
In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The provisions of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025, prospectively applied to disclosures in our notes to the financial statements. See Note 11, “Income Taxes.” for further information.
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Other Recent Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . ASU 2024-03 addresses investor requests for more transparency about expense information through the disaggregation of relevant expense captions in the notes to the financial statements. The provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We expect the adoption to increase disclosures in our notes to the financial statements.

In September 2025, the FASB issued ASU No. 2025-06 (“ASU 2025-06”), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . ASU 2025-06 updates the accounting for internal-use software by eliminating the concept of development stages. Under the updated guidance, software costs are capitalized once management has authorized and committed to funding the project, and it is probable the project will be completed and the software will be used to perform the function intended. The provisions of ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. We are currently evaluating the effect that ASU 2025-06 will have on our financial statements.

NOTE 3. REVENUE RECOGNITION

CONTRACT AND OTHER DEFERRED ASSETS.

Contract assets reflect revenue recognized on contracts with customers in excess of billings based on contractual terms. Contract assets are classified as current or non-current based on the amount of time expected to lapse until the Company’s right to consideration becomes unconditional. Other deferred assets consist of costs to obtain contracts, primarily commissions, other cost deferrals for shipped products, and deferred service, labor, and direct overhead costs.

As of
December 31, 2025 December 31, 2024
Contract assets $ 645   $ 589  
Other deferred assets 428   385  
Contract and other deferred assets 1,073   974  
Non-current contract assets (1)
91   103  
Non-current other deferred assets (1)
120   105  
Total contract and other deferred assets $ 1,285   $ 1,183  

(1) Non-current contract and other deferred assets are recognized within All other non-current assets in the Consolidated Statements of Financial Position.

Capitalized costs to obtain a contract were $ 253 million and $ 217 million as of December 31, 2025 and 2024, respectively. Generally, these costs are recognized within two years of being capitalized. When recognized, the costs to obtain a contract are recorded within SG&A in the Consolidated Statements of Income.

CONTRACT LIABILITIES.

Contract liabilities include customer advances and deposits received when orders are placed and billed in advance of completion of performance obligations. Contract liabilities are classified as current or non-current based on the periods over which these remaining performance obligations are expected to be satisfied with our customers.

As of
December 31, 2025 December 31, 2024
Contract liabilities $ 2,095 $ 1,943
Non-current contract liabilities (1)
803 686
Total contract liabilities $ 2,899 $ 2,629

(1) Non-current contract liabilities are recognized within All other non-current liabilities in the Consolidated Statements of Financial Position.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $ 1,588 million and $ 1,585 million for the years ended December 31, 2025 and 2024, respectively.

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REMAINING PERFORMANCE OBLIGATIONS.

Remaining performance obligations (“RPO”) represents the estimated revenue expected from customer contracts that are partially or fully unperformed inclusive of amounts deferred in contract liabilities, excluding contracts, or portions thereof, that provide the customer with the right to cancel or terminate without incurring a substantive penalty. RPO also excludes estimated revenue from arrangements where we lease equipment manufactured by the Company to customers.

As of
December 31, 2025 December 31, 2024
Products
$ 5,001 $ 4,755
Services    
10,728 9,737
Total RPO     
$ 15,729 $ 14,491

We expect to recognize substantially all of the revenue for our product-related RPO within two years and services-related RPO within five years .

NOTE 4. SEGMENT AND GEOGRAPHICAL INFORMATION

GE HealthCare’s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”). These segments have been identified based on the nature of the products sold and how the Company manages its operations. We have not aggregated any of our operating segments to form reportable segments. A description of our reportable segments has been provided in Item 1, “Business” of this Annual Report on Form 10-K.

The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) for the purpose of assessing performance and allocating resources. The Company’s CODM is our Chief Executive Officer. The CODM assesses segment performance using Total revenues and an earnings metric defined as “Segment EBIT.” Segment EBIT is calculated as income before income taxes in our Consolidated Statements of Income excluding the impact of the following: Interest and other financial charges – net, Non-operating benefit (income) costs, restructuring costs, acquisition and disposition-related benefits (charges), gain (loss) on business and asset dispositions, Spin-Off and separation costs, amortization of acquisition-related intangible assets, and investment revaluation gain (loss). Segment EBIT is also used in the annual budget and periodic forecasting processes and informs the CODM in decision making regarding the allocation of resources to the segments.

Total Revenues by Segment For the years ended December 31

2025 2024 2023
Total Imaging $ 9,245   $ 8,855   $ 8,944  
AVS:

Procedural Guidance 2,752   2,711   2,666  
Specialized Ultrasound 2,601   2,420   2,428  
Total AVS
5,354   5,131   5,094  
PCS:
Monitoring Solutions
2,256   2,194   2,283  
Life Support Solutions
831   931   859  
Total PCS 3,086   3,125   3,142  
Total PDx 2,900   2,508   2,306  
Other (1)
40   52   66  
Total revenues $ 20,625   $ 19,672   $ 19,552  

(1) Financial information not presented within the reportable segments, shown within the Other category, represents Hea lthCar e Financial Services (“HFS”) which does not meet the definition of an operating segment.

No single customer accounted for more than 10% of the Company’s revenues for the years ended December 31, 2025, 2024, or 2023. Additionally, no single customer accounted for more than 10% of accounts receivable as of December 31, 2025 or 2024.

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Significant Expenses by Segment For the years ended December 31

2025 2024 2023
Imaging:
Cost of sales $ 6,099   $ 5,623   $ 5,901  
Other segment items (1)
2,255   2,270   2,222  
Total Imaging $ 8,353   $ 7,893   $ 8,123  
AVS:
Cost of sales $ 2,629   $ 2,485   $ 2,485  
Other segment items (1)
1,550   1,528   1,485  
Total AVS $ 4,178   $ 4,014   $ 3,970  
PCS:
Cost of sales $ 2,028   $ 1,930   $ 1,890  
Other segment items (1)
849   848   869  
Total PCS $ 2,877   $ 2,778   $ 2,759  
PDx:
Cost of sales $ 1,450   $ 1,236   $ 1,192  
Other segment items (1)
579   490   497  
Total PDx $ 2,028   $ 1,725   $ 1,689  

(1) Other segment items for each segment includes selling, general, administrative, research, and development related expenses, as well as other segment income and expenses.

Segment EBIT For the years ended December 31

2025 2024 2023
Segment EBIT
Imaging $ 891   $ 962   $ 821  
AVS
1,175   1,118   1,124  
PCS 209   347   383  
PDx 872   783   617  
Other (1)
7   2   11  
3,155   3,211   2,956  
Restructuring costs ( 120 ) ( 120 ) ( 54 )
Acquisition and disposition-related benefits (charges)
( 39 ) ( 3 ) 15  
Gain (loss) on business and asset dispositions
5   —   —  
Spin-Off and separation costs ( 38 ) ( 251 ) ( 270 )
Amortization of acquisition-related intangible assets ( 156 ) ( 137 ) ( 127 )
Investment revaluation gain (loss) 112   ( 22 ) 1  
Interest and other financial charges – net ( 440 ) ( 504 ) ( 542 )
Non-operating benefit income (costs) 288   406   382  
Income before income taxes
$ 2,768   $ 2,581   $ 2,361  

(1) Financial information not presented within the reportable segments, shown within the Other category, primarily represents HFS which does not meet the definition of an operating segment.

The following table represents the depreciation and amortization amounts reported within the Segment EBIT metric for our reportable segments. Depreciation and amortization expense related to shared property, plant, and equipment and intangibles, exclusive of acquisition-related intangible assets, has been fully allocated to our segments and those allocations are reflected in the amounts presented in the table below. These amounts are included within Cost of sales and Other segment items disclosed in the Significant Expenses by Segment table above.

Depreciation and Amortization by Segment
For the years ended December 31

2025 2024 2023

Imaging $ 227   $ 249   $ 274  
AVS 70   78   90  
PCS 53   55   69  
PDx 66   55   45  

The Company does not report total assets by segment as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.
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GEOGRAPHIC INFORMATION.

Revenues are classified according to the country in which products and services are sold.

Total Revenues by Country For the years ended December 31
2025 2024 2023
United States $ 9,168   $ 8,617   $ 8,228  
China 2,031   2,135   2,560  
All other countries 9,427   8,919   8,764  
Total revenues $ 20,625   $ 19,672   $ 19,552  

Long-lived assets represent Property, plant, and equipment – net and are classified according to the country where the asset is located.

Long-Lived Assets – Net by Country
As of
December 31, 2025 December 31, 2024
United States $ 962   $ 908  
China 439   392  
Norway 368   296  
Japan
296   62  
All other countries
1,027   893  
Total long-lived assets – net
$ 3,092   $ 2,550  

NOTE 5. RECEIVABLES

Current Receivables
As of
December 31, 2025 December 31, 2024
Current customer receivables (1)
$ 3,719   $ 3,382  
Non-income based tax receivables 159   155  
Other sundry receivables 180   133  
Current sundry receivables
339   287  
Allowance for credit losses ( 103 ) ( 103 )
Total current receivables – net $ 3,955   $ 3,566  

(1) Chargebacks, which are primarily related to our PDx business, are generally settled through issuance of credits, typically within one month of initial recognition, and are recorded as a reduction to Current customer receivables. Balances related to chargebacks were $ 148 million and $ 153 million as of December 31, 2025 and 2024, respectively.

Activity in the allowance for credit losses related to current receivables consisted of the following:

For the years ended December 31

2025 2024 2023
Balance at beginning of period $ 103   $ 98   $ 91  
Additions charged to costs and expenses 10   20   16  
Write-offs ( 15 ) ( 12 ) ( 11 )
Foreign currency exchange and other 4   ( 2 ) 2  
Balance at end of period $ 103   $ 103   $ 98  

Long-Term Receivables
As of
December 31, 2025 December 31, 2024
Long-term customer receivables $ 73   $ 59  
Non-income based tax receivables 24   20  
Other sundry receivables
100   68  
Long-term sundry receivables
124   88  

Allowance for credit losses
( 7 ) ( 5 )
Total long-term receivables – net
$ 190   $ 142  

Long-term receivables are recognized within All other non-current assets in the Consolidated Statements of Financial Position.
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NOTE 6. FINANCING RECEIVABLES

Current financing receivables and non-current financing receivables are recognized within All other current assets and All other non-current assets, respectively, in the Consolidated Statements of Financial Position.

As of
December 31, 2025 December 31, 2024
Loans receivable, at amortized cost
$ 21   $ 23  
Investment in finance leases, net of deferred income
76   69  
Allowance for credit losses ( 2 ) ( 2 )
Current financing receivables – net
$ 95   $ 90  

Loans receivable, at amortized cost
$ 44   $ 35  
Investment in finance leases, net of deferred income
149   152  
Allowance for credit losses ( 3 ) ( 4 )
Non-current financing receivables – net
$ 190   $ 183  

As of December 31, 2025 , 1 %, 1 %, and 1 % of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral. As of December 31, 2024 , 4 %, 4 %, and 3 % of financing receivables were over 30 days past due, over 90 days past due, and on nonaccrual, respectively, with the majority of nonaccrual financing receivables secured by collateral.

NOTE 7. LEASES

OPERATING LEASES.

As a lessee, the Company leases certain logistics, office, and manufacturing facilities, as well as vehicles and other equipment. Certain of the Company’s leases may include options to extend. Our ROU operating lease assets are recognized within Property, plant, and equipment – net in the Consolidated Statements of Financial Position. Our operating lease liabilities are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position, as detailed below.

Operating Lease Assets and Liabilities
As of
December 31, 2025 December 31, 2024
Operating lease ROU assets $ 410   $ 364  
Current operating lease liabilities 134   115  
Non-current operating lease liabilities 284   270  
Total operating lease liabilities $ 419   $ 385  

Operating Lease Expense
For the years ended December 31
2025 2024 2023
Long-term (fixed) $ 136   $ 134   $ 121  
Long-term (variable) 101   120   106  
Short-term 12   4   2  
Total operating lease expense $ 249   $ 258   $ 229  

Maturity of Lease Liabilities
2026 2027 2028 2029 2030 Thereafter Total
Undiscounted lease payments $ 153   $ 116   $ 73   $ 42   $ 20   $ 56   $ 460  
Less: imputed interest 41  
Total lease liability as of December 31, 2025
$ 419  

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Supplemental Information Related to Operating Leases
For the years ended December 31
2025 2024 2023
Cash paid for amounts included in the measurement of operating lease liabilities
$ 151 $ 138 $ 130
Right-of-use assets obtained in exchange for new lease liabilities 162 147 154
Weighted-average remaining lease term (in years) 4.6 4.4 4.7
Weighted-average discount rate 4.4   % 4.5   % 4.4   %

FINANCE LEASES.

The Company leases equipment manufactured or sold by the Company to customers through sales-type leases. Sales-type leases are included in financing receivables and are recognized within All other current assets and All other non-current assets in the Consolidated Statements of Financial Position.

Finance lease income was $ 14 million , $ 14 million, and $ 13 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is recognized within Other (income) expense – net i n the Consolidated Statements of Income.

Net Investment in Finance Leases
As of
December 31, 2025 December 31, 2024
Minimum lease payments receivable
$ 243   $ 242  
Less: deferred income ( 30 ) ( 31 )
Discounted lease receivable 213   211  
Estimated unguaranteed residual value of leased assets, net of deferred income 12   10  
Investment in finance leases, net of deferred income
$ 225   $ 221  

Contractual Maturities

Due In 2026 2027 2028 2029 2030 Thereafter Total
Minimum lease payments receivable
$ 86   $ 56   $ 39   $ 26   $ 16   $ 19   $ 243  

We expect actual maturities to differ from contractual maturities, primarily as a result of prepayments.

NOTE 8. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

PROPOSED ACQUISITION.

On November 20, 2025, we announced an agreement to acquire Intelerad for a purchase price of $ 2,300 million to be paid in cash. The proceeds of senior unsecured notes issued in the fourth quarter of 2025, together with borrowings under a new delayed draw term loan facility and cash on hand, are expected to be used to fund the purchase price of the acquisition. See Note 9, “Borrowings” for additional information on the borrowings. Intelerad is a leading medical imaging software and digital enterprise workflow solutions company with a significant presence in outpatient ambulatory care settings. Its cloud-first products are designed for radiology and cardiology and extend across both inpatient and outpatient care settings. Intelerad’s outpatient footprint complements GE HealthCare’s footprint in hospital-based imaging. Together, these combined capabilities are expected to create a more comprehensive, cloud-first and AI-enabled imaging offering spanning diverse care settings—from large academic medical centers to rapidly expanding ambulatory networks. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, including regulatory approvals.

ACQUISITIONS.

icometrix
On November 7, 2025, the Company acquired 100 % of the stock of icometrix NV (“icometrix”) for approximately $ 98 million of upfront payment, net of cash acquired and potential earn-out payments up to $ 35 million based on sales targets over two years . icometrix is focused on providing AI-powered brain imaging analysis for neurological disorders such as Alzheimer’s disease. Through this acquisition, we expect to integrate the icometrix platform with our MRI systems. icometrix is included in the Company’s Imaging segment.

This transaction was accounted for as a business combination. The preliminary purchase price allocation resulted in goodwill of $ 74 million, intangible assets of $ 34 million, and deferred tax liabilities of $ 9 million. Purchase price allocations are based on preliminary valuations. Our estimates and assumptions are subject to change within the measurement period. The goodwill associated with the acquired business is non-deductible for tax purposes.

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Nihon Medi-Physics
On March 31, 2025, the Company acquired the remaining 50 % interest in Nihon Medi-Physics Co., Ltd. (“NMP”) from joint venture partner Sumitomo Chemical for net cash consideration of $ 271 million. NMP is a leading pharmaceutical manufacturer in Japan, focused on radiopharmaceuticals, which are used to enable clinical images across neurology, cardiology, and oncology procedures, as well as nonclinical and clinical development of radiotracers and theranostics research. Their product portfolio includes several GE HealthCare radiopharmaceuticals. NMP is included in the Company’s PDx segment.
On March 31, 2025, the fair value of the Company’s existing 50 % interest in NMP was determined to be $ 301 million based on the cash consideration exchanged for acquiring the remaining 50 % equity interest. The carrying value of our 50 % interest was $ 204 million. The Company recognized a net gain of $ 97 million resulting from this remeasurement to fair value. This gain included the reclassification of certain amounts related to the Company’s 50 % interest out of AOCI including foreign currency translation gains of $ 63 million and losses related to a defined benefit pension plan of $ 8 million. The net gain from this remeasurement was recorded in Other (income) expense – net in the Company’s Consolidated Statements of Income for the year ended December 31, 2025.

The following table provides a summary of the purchase price consideration transferred for the acquisition of NMP.

Purchase consideration
Cash consideration, net of cash acquired
$ 271  
Fair value of previously held interest in NMP
301  
Fair value of contingent consideration
5  
Total allocable purchase price
$ 577  

The preliminary fair values of the assets and liabilities assumed in connection with the acquisition of NMP are as follows.

Preliminary allocation

Receivables
$ 53  
Inventories
9  
All other current assets (1)
35  
Property, plant, and equipment
240  
Goodwill
220  
Other intangible assets
235  
All other non-current assets
39  
Deferred income taxes
( 81 )
All other non-current liabilities
( 145 )
Other (2)
( 28 )
Total net assets post acquisition
$ 577  

(1) All other current assets includes $ 35 million of indemnification assets, with the underlying indemnified liabilities recorded in All other non-current liabilities.
(2) Other includes Accounts payable, All other current liabilities, and Current compensation and benefits.

The allocation of purchase price of NMP to the tangible and intangible assets acquired and liabilities assumed, as reflected in the table above, is based on the Company’s preliminary allocations of their fair values. As of December 31, 2025, measurement period adjustments included changes to the purchase price allocation, resulting in a net increase of approximately $ 4 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired intangibles and decommissioning liabilities based on facts and circumstances that existed as of the acquisition date. While all amounts remain subject to adjustments, the areas potentially subject to the most significant adjustments are decommissioning liabilities and deferred income taxes. The Company’s management believes the fair values recognized for the assets acquired and the liabilities assumed are based on reasonable estimates and assumptions.

Property, plant, and equipment is mostly comprised of land, buildings, equipment (including machinery, furniture, and fixtures) and construction in process. The fair value of property, plant, and equipment was determined using a market participant approach.

Other intangibles relate to $ 235 million of definite-lived intangible assets. Definite-lived intangible assets consist primarily of developed product market authorization rights and customer relationships. The acquired definite-lived intangibles are being amortized over a weighted-average estimated useful life of approximately 13 years. The estimated fair value of intangibles was determined using the income approach, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of cash flows an asset would generate over its useful life.

The goodwill associated with NMP, recorded within the PDx segment, is non-deductible for tax purposes and is attributed to expected synergies with NMP’s existing assets and workforce that are expected to allow the Company greater access and growth in the Japan market.
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Included in All other non-current liabilities are asset retirement obligations and decommissioning liabilities of $ 124 million, which were assumed in the transaction.

NMP has a defined benefit pension plan which has pension assets of $ 71 million and pension liabilities of $ 33 million, a net asset of $ 38 million, which we acquired in the transaction and is included in All other non-current assets.

Deferred income tax liabilities include the expected U.S. federal, state, and foreign tax consequences associated with temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and the respective tax basis.

If the acquisition of NMP had taken place as of the beginning of 2024, consolidated revenues and earnings would not have been significantly different than reported amounts.

MIM Software
On April 1, 2024, the Company acquired 100 % of the stock of MIM Software Inc. (“MIM Software”) for approximately $ 259 million, net of cash acquired of $ 11 million, and potential contingent payments valued at $ 13  million pertaining to achievement of certain milestones, for a total purchase price of $ 283 million. The acquisition included up to $ 23  million of other contingent payments based on service requirements. The acquisition was funded with cash on hand. This transaction was accounted for as a business combination. The purchase price allocation, which was finalized in the first quarter of 2025 without material adjustments, resulted in goodwill of $ 189 million, customer-related intangible assets of $ 52  million, developed technology intangible assets of $ 48  million, net deferred tax liabilities of $ 13 million, and other net assets of $ 7 million. The goodwill associated with the acquired business, recorded within the Imaging segment, is non-deductible for tax purposes and is attributed to expected synergies and commercial benefits from use of the MIM Software technology in our existing GE HealthCare portfolio. MIM Software is a global provider of medical imaging analysis and AI solutions for the practice of radiation oncology, molecular radiotherapy, diagnostic imaging, and urology at imaging centers, hospitals, specialty clinics, and research organizations worldwide.

If the acquisition of MIM Software had taken place as of the beginning of 2023, consolidated revenues and earnings would not have been significantly different from reported amounts.

GOODWILL.

Imaging AVS PCS PDx Total
Balance at December 31, 2023
$ 4,431   $ 3,933   $ 2,038   $ 2,534   $ 12,936  
Reallocation
( 1,031 ) 1,031   —   —   —  
Acquisitions (1)
194   42   —   —   236  
Foreign currency exchange and other ( 13 ) ( 19 ) ( 3 ) ( 1 ) ( 36 )
Balance at December 31, 2024
3,581   4,987   2,035   2,533   13,136  
Acquisitions (2)
81   —   —   220   301  
Foreign currency exchange and other 20   33   6   ( 8 ) 51  
Balance at December 31, 2025
$ 3,682   $ 5,020   $ 2,041   $ 2,745   $ 13,489  

(1) Includes the purchase of MIM Software recorded within our Imaging segment, as described above, and Intelligent Ultrasound Group PLC in our AVS segment.
(2) Includes the purchase of icometrix, as described above, and Spectronic Medical AB, both recorded within our Imaging segment. Also included is the purchase of NMP, as described above, recorded within our PDx segment.

The Company performs an impairment test of goodwill annually in the fourth quarter using either the quantitative or qualitative approach. In 2025 the impairment testing was conducted using the qualitative approach. Based on the results of the testing conducted, we concluded that no goodwill impairments existed for the years ended December 31, 2025, 2024 and 2023.

OTHER INTANGIBLE ASSETS.

As of December 31, 2025
As of December 31, 2024

Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net
Definite-lived assets
Customer-related $ 279   $ ( 43 ) $ 236   $ 112   $ ( 24 ) $ 88  
Patents and technology 2,698   ( 2,128 ) 570   2,593   ( 1,987 ) 606  
Capitalized software 1,703   ( 1,470 ) 233   1,743   ( 1,437 ) 306  
Trademarks and other 47   ( 31 ) 15   33   ( 29 ) 4  
Total definite-lived assets 4,727   ( 3,672 ) 1,055   4,481   ( 3,477 ) 1,004  
Indefinite-lived assets (1)
75   —   75   74   —   74  
Total other intangible assets $ 4,802   $ ( 3,672 ) $ 1,130   $ 4,555   $ ( 3,477 ) $ 1,078  

(1) Indefinite-lived intangible assets relate to acquired IPR&D prior to project completion and are not amortized.
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The Company performs an impairment test of IPR&D in the third quarter. In 2025, 2024, and 2023, the Company performed qualitative testing for all IPR&D assets and quantitative testing when warranted. Based on the results of this testing, there were no material impairments of indefinite-lived intangible assets recognized in the years ended December 31, 2025, 2024, or 2023.

During the year ended December 31, 2025, we recorded additions to acquired intangible assets subject to amortization of $ 280  million, primarily related to patents and technology and customer-related intangibles, with a weighted-average useful life of ten years .

Amortization expense was $ 291 million, $ 312 million, and $ 362 million for the years ended December 31, 2025, 2024, and 2023, respectively. There were no material impairments of definite-lived intangible assets recognized in the years ended December 31, 2025, 2024, or 2023.

Estimated annual pre-tax amortization expense for intangible assets as of December 31, 2025 over the next five calendar years is as follows.

2026
2027 2028 2029 2030
Estimated annual pre-tax amortization $ 259   $ 178   $ 127   $ 108   $ 93  

NOTE 9. BORROWINGS

The Company’s borrowings include the senior unsecured notes and credit agreements detailed below.

Senior Unsecured Notes
In the second quarter of 2025, the Company issued $ 650  million of 4.800 % senior unsecured notes due in 2031 and $ 850  million of 5.500 % senior unsecured notes due in 2035. In the fourth quarter of 2025, the Company issued $ 600  million of 4.150 % senior unsecured notes due in 2028 and $ 650  million of 4.950 % senior unsecured notes due in 2035. The senior unsecured notes issued in the fourth quarter of 2025 are subject to a special mandatory redemption at a price equal to 101 % of the aggregate principal amount of such notes, plus accrued and unpaid interest thereon, if the acquisition of Intelerad is not consummated on or prior to November 20, 2026, or if prior to such date the agreement to acquire Intelerad is terminated. Otherwise, the non-economic terms of the newly issued senior unsecured notes are substantially similar to the terms of the Company’s existing senior unsecured notes. For additional information on the proposed Intelerad acquisition, see Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”

In the fourth quarter of 2025, the Company repaid $ 1,500  million aggregate principal amount of 5.600 % senior unsecured notes due November 2025. As of December 31, 2025, the Company’s borrowings include $ 9,500  million aggregate principal amount of senior unsecured notes in nine series with maturity dates ranging from 2027 through 2052 (collectively, the “Notes”).

Interest payments on the Notes are due semi-annually until maturity. In the event of a change in control and a related downgrade of the ratings of the Notes below investment grade, the indenture governing the Notes requires that the Company make an offer to each holder of the Notes to repurchase all or any part of that holder’s notes at a repurchase price equal to 101 % of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid interest. The indenture also includes a limitation on liens incurred by the Company and its wholly owned U.S. subsidiaries. The indenture does not restrict the Company or its subsidiaries from incurring indebtedness, nor does it contain any financial covenants. All covenants are subject to a number of exceptions, limitations, and qualifications. Refer to the table below for further information about the Notes.

Credit Facilities
In the first quarter of 2025, the Company terminated its existing five-year and 364-day senior unsecured revolving credit facilities. These were replaced with new five-year and 364-day senior unsecured revolving credit facilities in aggregate committed amounts of $ 3,000  million and $ 500  million, respectively. The terms of these new facilities are substantially similar to those of the terminated facilities. In the fourth quarter of 2025, the Company entered into a delayed draw term loan facility in an aggregate committed amount of $ 750  million.

The Company has credit agreements providing for:
• a five-year senior unsecured revolving credit facility in an aggregate committed amount of $ 3,000  million, maturing on March 27, 2030;
• a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $ 500  million, maturing on March 26, 2026;
• a three-year senior unsecured term loan credit facility in an aggregate principal amount of $ 2,000  million, maturing on January 2, 2026 (the “Term Loan Facility”), and
• a three-year senior unsecured delayed draw term loan credit facility in an aggregate principal amount of $ 750  million, maturing on the third anniversary of the date on which the term loan is made to the Company (the “Delayed Draw Term Loan Facility” and, together with the five-year revolving credit facility, the 364-day revolving credit facility, and the Term Loan Facility, the “Credit Facilities”).
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There were no outstanding amounts under the Delayed Draw Term Loan Facility, the five-year revolving credit facility, or the 364-day revolving credit facility, and there was $ 500  million and $ 750  million outstanding on the Term Loan Facility as of December 31, 2025 and 2024, respectively. In the first quarter of 2025, we repaid $ 250  million of the Term Loan Facility. The Company expects to use borrowings under the Delayed Draw Term Facility to partially fund the expected acquisition of Intelerad.

The Company pays a facility fee to each lender, which accrues at a rate equal to an applicable margin specified in the revolving credit facility agreements on the daily commitments of the lenders. The borrowings under each of the Credit Facilities will bear interest at variable interest rates equal to: (1) the alternate base rate or (2) the Secured Overnight Financing Rate, in each case plus an applicable margin specified in the respective credit agreement. The Credit Facilities contain affirmative and negative covenants customary to financings of this type that limit, among other things, the Company’s ability to incur additional liens and to enter into certain fundamental change transactions and the incurrence of indebtedness by the Company’s subsidiaries. In addition, the Credit Facilities contain a financial covenant that requires the Company to not exceed a maximum consolidated net leverage ratio. The Company was in compliance with the financial covenant at each reporting period during 2025. The revolving credit facilities will be used for general corporate purposes.

Borrowings Composition As of
December 31, 2025 December 31, 2024
5.600 % senior notes due November 15, 2025
$ —   $ 1,500  
5.650 % senior notes due November 15, 2027
1,750   1,750  
4.150 % senior notes due December 15, 2028
600   —  
4.800 % senior notes due August 14, 2029
1,000   1,000  
5.857 % senior notes due March 15, 2030
1,250   1,250  
4.800 % senior notes due January 15, 2031
650   —  
5.905 % senior notes due November 22, 2032
1,750   1,750  
5.500 % senior notes due June 15, 2035
850   —  
4.950 % senior notes due December 15, 2035
650   —  
6.377 % senior notes due November 22, 2052
1,000   1,000  
Floating rate Term Loan Facility due January 2, 2026
500   750  
Other 24   36  
Total principal debt issued 10,024   9,036  
Less: Unamortized debt issuance costs and discounts 49   33  
Add: Cumulative basis adjustment for fair value hedges 27   ( 51 )
Total borrowings 10,003   8,951  
Less: Short-term borrowings (1)
508   1,502  
Long-term borrowings $ 9,495   $ 7,449  

(1) Short-term borrowings as of December 31, 2025 and 2024 i ncludes $ 502  million and $ 1,500  million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

Interest expense associated with long-term debt was $ 540  million, $ 580  million, and $ 616  million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included in Interest and other financial charges – net in the Consolidated Statements of Income.

Scheduled maturities of borrowings, excluding amortization of discounts and debt issuance costs, are as follows.

2026 2027 2028 2029 2030 Thereafter Total
$ 508   $ 1,767   $ 600   $ 1,000   $ 1,250   $ 4,900   $ 10,024  

See Note 13, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of December 31, 2025 and 2024, the Company had bank guarantees and surety bonds of approximately $ 1,149  million and $ 784  million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $ 22 million and $ 25 million of guarantees as of December 31, 2025 and 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Consolidated Statements of Financial Position reflect a liability of $ 3 million as of both December 31, 2025 and 2024 related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost.
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NOTE 10. POSTRETIREMENT BENEFIT PLANS

In connection with the Spin-Off, on January 1, 2023, GE HealthCare assumed a portion of former GE pension and other postretirement obligations and assets. The pension and other postretirement obligations assumed relate to benefits owed to current GE HealthCare employees, former GE HealthCare employees, and certain GE legacy plan participants. As of January 1, 2023, GE HealthCare established the assumed pension plans as single-employer plans, but continued to participate in legacy GE multiple-employer other postretirement benefit (“OPEB”) plans sponsored by GE. On January 1, 2024, we transitioned from the legacy GE multiple-employer OPEB plans to a GE HealthCare sponsored single-employer OPEB plan. This change did not have an impact on our results of operations or financial position.

The total assets and liabilities for all plans assumed by GE HealthCare on January 1, 2023, are shown in the tables below.

Accumulated Benefit Obligations and Unrecognized Gain
As of January 1, 2023
Defined benefit plans (1)
Other postretirement plans (2)
Total
Accumulated benefit obligations $ 21,696   $ 1,210   $ 22,906  

Unrecognized gain recorded in AOCI
1,258   1,223   2,481  

Net Benefit Liability
As of January 1, 2023
Defined benefit plans (1)
Other postretirement plans (2)
Total
Projected benefit obligations $ 21,743   $ 1,210   $ 22,953  
Fair value of plan assets
18,908   —   18,908  
Net liability $ 2,835   $ 1,210   $ 4,045  
(1) Defined benefit plans are comprised of both U.S. Plans and International Plans, as described below.
(2) OPEB Plans are comprised of benefits, as described below.

DESCRIPTION OF OUR PLANS.

We disclose in the following tables postretirement plans with assets or obligations that exceed $ 50  million. We use a December 31st measurement date for these plans and all tables presented below are for the years ended December 31st.

The U.S. Pension Plans are comprised of the obligations transferred to GE HealthCare from GE in connection with the Spin-Off and obligations that existed prior to the Spin-Off. The largest plans include the GE HealthCare Pension Plan and the GE HealthCare Supplemental Pension Plan, which provides supplementary benefits to higher-level, longer-service U.S. employees. The GE HealthCare Pension Plan and the GE HealthCare Supplemental Pension Plan have been closed to new participants since 2012. All remaining service accruals for the GE HealthCare Pension Plan were frozen effective December 31, 2024. Benefits for participants of the GE HealthCare Supplemental Pension Plan who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue a benefit which is paid out in ten annual installments upon retirement. The GE HealthCare Pension Plan has a projected benefit obligation of $ 15,519  million, plan assets of $ 13,988  million, and is 90 % funded per U.S. GAAP as of December 31, 2025. The GE HealthCare Supplemental Pension plan has a projected benefit obligation of $ 1,672  million as of December 31, 2025, and the benefits are paid to eligible participants directly by the Company as described further in “Funding” below.

Our International Pension Plans include all other plans that cover non-U.S. participants. These plans include obligations that existed prior to the Spin-Off and obligations transferred to GE HealthCare from GE in connection with the Spin-Off. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.

The OPEB Plans include unfunded postretirement health and life insurance defined benefit obligations to U.S. participants. GE HealthCare assumed the obligations associated with these plans in connection with the Spin-Off. Participants share in the cost of the healthcare and life insurance benefits. With the exception of production employees, subsidized benefits are generally only available to closed groups of employees and retirees.

Funding
The Company funds annually, at a minimum, the statutorily required minimum amount for our qualified plans. Non-qualified plans are unfunded and we pay benefits from our cash on hand. In 2026, the Company expects to make total cash contributions of approximately $ 350  million to these plans.

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Plan Funded Status U.S. Plans International Plans OPEB Plans
2025 2024 2025 2024 2025 2024
Change in projected benefit obligations
Balance at January 1 $ 18,241   $ 19,363   $ 2,957   $ 3,385   $ 1,016   $ 1,133  
Service cost 4   35   21   20   6   7  
Interest cost 996   970   151   141   50   54  
Participant contributions —   4   1   —   14   16  

Actuarial loss (gain) – net 591   ( 799 ) ( 122 ) ( 357 ) ( 45 ) ( 48 )
Benefits paid ( 1,266 ) ( 1,332 ) ( 136 ) ( 131 ) ( 134 ) ( 146 )

Settlements
—   —   ( 8 ) ( 4 ) —   —  
Special termination cost
3   —   —   —   1   —  
Acquisitions/Divestitures/Mergers
—   —   33   —   —   —  
Exchange rate adjustments —   —   252   ( 96 ) —   —  
Balance at December 31 $ 18,569   $ 18,241   $ 3,148   $ 2,957   $ 908   $ 1,016  
Change in plan assets
Balance at January 1 $ 14,378   $ 15,485   $ 3,276   $ 3,733   $ —   $ —  
Actual gain (loss) on plan assets 1,443   49   14   ( 263 ) —   —  
Employer contributions 176   172   41   30   120   130  
Participant contributions —   4   1   —   14   16  
Benefits paid ( 1,266 ) ( 1,332 ) ( 144 ) ( 136 ) ( 134 ) ( 146 )
Acquisitions/Divestitures/Mergers
—   —   72   —   —   —  
Exchange rate adjustments —   —   269   ( 89 ) —   —  
Balance at December 31 $ 14,731   $ 14,378   $ 3,528   $ 3,276   $ —   $ —  
Funded status – surplus (deficit) $ ( 3,838 ) $ ( 3,863 ) $ 380   $ 319   $ ( 908 ) $ ( 1,016 )

Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). Actuarial losses in 2025 and gains in 2024 related to projected benefit obligations were primarily the result of changes in discount rates.

Amounts Recorded in Consolidated Statements of Financial Position

U.S. Plans International Plans OPEB Plans
2025 2024 2025 2024 2025 2024
All other non-current assets
$ 13   $ 11   $ 723   $ 642   $ —   $ —  
Current compensation and benefits
( 178 ) ( 172 ) ( 23 ) ( 18 ) ( 118 ) ( 135 )
Non-current compensation and benefits
( 3,673 ) ( 3,702 ) ( 319 ) ( 305 ) ( 790 ) ( 881 )
Net amount recorded $ ( 3,838 ) $ ( 3,863 ) $ 380   $ 319   $ ( 908 ) $ ( 1,016 )

The projected benefit obligation balance at December 31 represents the actuarial present value of benefits based on employee service and compensation as of the measurement date and incorporates assumptions relating to future compensation levels and other demographic and financial assumptions. The accumulated benefit obligation represents the same actuarial obligations, excluding an assumption about future compensation levels.

Plan Obligations in Excess of Plan Assets As of
December 31, 2025
December 31, 2024

Accumulated benefit obligation $ 22,595   $ 22,185  
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 19,754   $ 19,517  
Fair value of plan assets 14,677   14,327  
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 19,778   $ 19,540  
Fair value of plan assets 14,677   14,327  

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Pre-Tax Amounts Recorded in AOCI

U.S. Plans International Plans OPEB Plans
2025 2024 2025 2024 2025 2024
Net loss (gain) $ ( 147 ) $ ( 506 ) $ 909   $ 849   $ ( 450 ) $ ( 469 )
Prior service cost (credit) ( 40 ) ( 51 ) ( 15 ) ( 16 ) ( 367 ) ( 447 )
Total recorded in AOCI $ ( 187 ) $ ( 557 ) $ 893   $ 833   $ ( 818 ) $ ( 916 )

Pre-tax Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income
U.S. Plans
International Plans
OPEB Plans
2025 2024 2023 2025 2024 2023 2025 2024 2023
Cost (income) of postretirement benefit plans
$ ( 218 ) $ ( 250 ) $ ( 224 ) $ 37   $ ( 20 ) $ ( 22 ) $ ( 86 ) $ ( 87 ) $ ( 86 )
Changes in other comprehensive loss (income):
Transfers from GE at Spin-Off
—   —   ( 1,791 ) —   —   542   —   —   ( 1,216 )
Plan amendments
—   —   53   —   ( 1 ) —   —   —   —  
Net loss (gain) – current year 294   348   695   16   98   198   ( 45 ) ( 48 ) 50  
Reclassifications out of AOCI:
Curtailment / settlement gain (loss) —   —   ( 108 ) 1   —   —   —   —   —  

Amortization of net (loss) gain
65   68   121   ( 21 ) ( 14 ) ( 6 ) 64   61   64  
Amortization of prior service (cost) credit
11   ( 8 ) ( 4 ) 2   2   3   80   87   87  
Total changes in other comprehensive loss (income) $ 370   $ 408   $ ( 1,034 ) $ ( 2 ) $ 86   $ 737   $ 98   $ 100   $ ( 1,015 )
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) $ 152   $ 158   $ ( 1,258 ) $ 35   $ 66   $ 715   $ 12   $ 13   $ ( 1,101 )

With respect to the retirement benefit balances included on our Consolidated Statement of Financial Position as of December 31, 2025, we estimate that we will amortize $ 108  million of net actuarial gain and $ 93  million of prior service credit from AOCI into Non-operating benefit (income) cost in the Consolidated Statement of Income during 2026.

Components of Expense (Income)

U.S. Plans
International Plans
OPEB Plans
2025 2024 2023 2025 2024 2023 2025 2024 2023
Service cost – Operating $ 4   $ 35   $ 35   $ 21   $ 20   $ 20   $ 6   $ 7   $ 6  
Interest cost 996   970   1,022   151   141   139   50   54   59  
Expected return on plan assets ( 1,145 ) ( 1,196 ) ( 1,242 ) ( 152 ) ( 193 ) ( 184 ) —   —   —  
Amortization of net loss (gain) ( 65 ) ( 68 ) ( 121 ) 21   14   6   ( 64 ) ( 61 ) ( 64 )
Amortization of prior service cost (credit) ( 11 ) 8   4   ( 2 ) ( 2 ) ( 3 ) ( 80 ) ( 87 ) ( 87 )
Curtailment loss (gain)
—   —   17   —   —   —   —   —   —  
Settlement loss (gain)
—   —   61   ( 1 ) —   —   —   —   —  
Special termination cost
3   1   —   —   —   —   1   —   —  
Non-operating $ ( 222 ) $ ( 285 ) $ ( 259 ) $ 17   $ ( 40 ) $ ( 42 ) $ ( 92 ) $ ( 94 ) $ ( 92 )
Net periodic expense (income) $ ( 218 ) $ ( 250 ) $ ( 224 ) $ 37   $ ( 20 ) $ ( 22 ) $ ( 86 ) $ ( 87 ) $ ( 86 )

In 2023, management approved an amendment to the U.S. based GE HealthCare Pension Plan whereby the benefits for all remaining active employees were frozen effective December 31, 2024, and additional benefit enhancements were provided. As a result, we recognized a non-cash pre-tax curtailment loss of approximately $ 17  million as non-operating benefit costs and an increase to our pension liability of $ 23  million in the year ended December 31, 2023. As a result of the plan changes, we remeasured the plan assets and the projected benefit obligation. These changes collectively decreased AOCI by $ 305  million as of December 31, 2023.
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Also in 2023, management approved and paid a one-time lump sum payment for certain terminated employees in two plans who were vested in their benefits. These lump sum settlements reduce our future cash requirements. As a result of the partial settlement of the pension liability, we recognized a non-cash pre-tax settlement charge in the year ended December 31, 2023. The settlement charge of $ 61 million represents a pro rata portion of unrecognized net loss recorded in AOCI and is recorded in Non-operating benefit (income) costs in the Consolidated Statement of Income.

Assumptions
U.S. Plans
International Plans
OPEB Plans

2025 2024 2023 2025 2024 2023 2025 2024 2023
Weighted-average benefit obligations assumptions
Discount rate 5.4   % 5.7   % 5.2   % 5.1   % 4.9   % 4.2   % 5.0   % 5.5   % 5.1   %
Compensation increases 3.5   % 3.5   % 3.7   % 2.7   % 2.8   % 3.1   % 3.6   % 3.6   % 3.6   %
Weighted-average benefit cost assumptions
Discount rate 5.7   % 5.2   % 5.5   % 4.9   % 4.2   % 4.6   % 5.5   % 5.1   % 5.4   %
Expected rate of return on plan assets 7.0   % 7.0   % 7.0   % 4.7   % 5.3   % 5.2   % —   % —   % —   %

For the December 31, 2025 postretirement health care obligations remeasurement, the Company assumed a 8.4 % initial weighted average rate of increase in the per capita cost of the various covered health care benefits, which applies primarily to non-Medicare eligible participants. The trend rate was assumed to decrease gradually to an ultimate rate of 4.5 % in 2038 and remain at that level thereafter.

Assumptions Used in Calculations
Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit at retirement, and how long they live. To reflect the obligation in today’s U.S. dollars, we discount the future payments using a rate that matches the time frame over which the payments are expected to be made. We also assume a long-term rate of return that will be earned on investments used to fund these payments.

GE HealthCare engages third-party actuaries to assist in the determination of the pension and other postretirement defined benefit plan assumptions. We evaluate these assumptions annually. We periodically evaluate other assumptions, such as retirement age, mortality, and turnover, and update them as necessary to reflect our actual experience and expectations for the future.

We determine the discount rate using the weighted average yields on high-quality fixed-income securities that have maturities consistent with the expected timing of benefit payments.

The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, we consider the current and target composition of plan investments, our historical returns earned, and our expectations about the future.

The compensation assumption is used to estimate the annual rate at which compensation of active plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Consolidated Statements of Financial Position and amortized to earnings in subsequent periods.

Expected Future Benefit Payments of Our Benefit Plans
U.S. Plans
International Plans
OPEB Plans

2026 $ 1,397   $ 157   $ 118  
2027 1,403   158   116  
2028 1,408   167   112  
2029 1,409   172   110  
2030
1,404   179   105  
2031-2035
6,797   980   436  

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PENSION PLAN ASSETS.

The GE HealthCare Employee Benefits Investment Committee (the “Investment Committee”) and various country pension boards oversee and monitor the investment decisions related to the assets of our U.S. funded pension plans and other international pension assets, respectively. The Investment Committee retains independent investment managers and advisors and uses documented policies and procedures relating to investment goals, targeted asset allocations, risk management practices, allowable and prohibited investment holdings, diversification, use of derivatives, the relationship between plan assets and benefit obligations, the funded status of the plans, and other relevant factors and considerations.

The assets of our U.S. funded pension plans are invested in a portfolio that includes U.S. and international equity securities; U.S. government and corporate debt securities; asset-backed debt securities; private equity; real estate and other alternative investments; as well as cash and cash equivalents and derivatives contracts. This combination of assets and derivatives is utilized to implement the investment strategies as well as for hedging asset and liability risks. The Investment Committee sets target allocation percentages at an asset class level, including permitted ranges above or below the target allocation percentages.

In October 2025, the Trustee of the Company’s United Kingdom (“U.K.”) defined benefit pension plan entered into an agreement with a third-party insurance company to execute a full bulk annuity purchase (“buy-in”) for the plan. The agreement does not relieve the Company of the primary responsibility to fund the pension obligations. The buy-in was undertaken to reduce pension risk, including investment, longevity, interest rate and inflation risk, by closely aligning plan assets with the plan’s long-term benefit obligations. The annuity contract is reported within the fair value of plan assets and is intended to provide payments to the plan in amounts equivalent to the benefits owed to members in accordance with the plan rules.

The plan assets for international plans are managed and allocated by the country pension boards in each country.

The following tables summarize our pension plan assets that are measured at fair value on a recurring basis. There are no plan assets associated with our OPEB Plans. The inputs and valuation techniques used to measure the fair value of the assets are consistent with the valuation methodologies we use to measure financial assets at fair value on a recurring basis, as described in Note 2, “Summary of Significant Accounting Policies.”

Composition of Plan Assets Basis of fair value measurement

Balance as of December 31, 2025
Level 1
Level 2
Level 3
Measured at NAV (1)

Global equity securities $ 4,832   $ 2,292   $ 108   $ —   $ 2,432  
Debt securities, cash, and cash equivalents
8,412   2,042   5,330   —   1,040  
Real estate 793   —   —   299   494  
Private equities and other investments 1,990   ( 75 ) 46   161   1,858  
Annuity contract
2,104   —   —   2,104   —  
Other
128   —   —   —   —  
Fair value of plan assets
$ 18,259   $ 4,258   $ 5,484   $ 2,564   $ 5,825  

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent), as a practical expedient, have not been classified in the fair value hierarchy.

Basis of fair value measurement

Balance as of December 31, 2024
Level 1
Level 2
Level 3
Measured at NAV (1)

Global equity securities $ 4,084   $ 944   $ 38   $ —   $ 3,101  
Debt securities, cash, and cash equivalents
10,593   1,307   8,000   —   1,285  
Real estate 1,100   —   —   476   623  
Private equities and other investments 1,877   7   53   216   1,602  

Fair value of plan assets
$ 17,654   $ 2,258   $ 8,091   $ 692   $ 6,612  

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent), as a practical expedient, have not been classified in the fair value hierarchy.

As of December 31, 2025 and 2024, the fair value of plan assets that used significant unobservable inputs (Level 3) was $ 2,564  million and $ 692  million, respectively. These assets primarily relate to an annuity contract, real estate, and private equity investments. The changes to the balances of Level 3 plan assets during 2025 were primarily driven by the buy-in transaction for the U.K. defined benefit pension plan described above. The changes to the balances of Level 3 plan assets during 2024 were not significant.

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Weighted Average Asset Allocation of Pension Plans
2025 Target
2025 Actual

Global equity securities 22   % 26   %
Debt securities, cash, and cash equivalents
49   % 46   %
Real estate 5   % 4   %
Private equities and other instruments 12   % 12   %
Annuity contract
12   % 12   %

DEFINED CONTRIBUTION PLAN.

GE HealthCare sponsors a defined contribution plan for its eligible U.S. employees. Expenses associated with our employees’ participation in GE HealthCare’s defined contribution plan were $ 154 million, $ 130 million, and $ 122 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 11. INCOME TAXES

The Company is subject to income taxes in the U.S. (both federal and state) and in numerous foreign jurisdictions. Changes in the tax laws or regulations in these jurisdictions, or in positions by the relevant authorities regarding their application, administration, or interpretation, may affect our tax liability, return on investments, and business operations.

The Tax Cuts and Jobs Act imposes tax on the Company for net controlled foreign corporation (“CFC”) tested income earned by certain non-U.S. subsidiaries (previously referred to as global intangible low-taxed income or “GILTI”). We have elected to account for net CFC tested income as a period cost. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into U.S. law, which includes significant changes to the federal income tax system. The Company has recorded the OBBBA tax impacts in its provision for income taxes for the year ended December 31, 2025, none of which are material to our financial statements.

Income From Continuing Operations Before Income Taxes

For the years ended December 31
2025 2024 2023
U.S. income
$ 1,028   $ 593   $ 816  
Non-U.S. income
1,740   1,988   1,545  
Total
$ 2,768   $ 2,581   $ 2,361  

Provision for Income Taxes
For the years ended December 31
2025 2024 2023
Current
U.S. Federal $ 4   $ 62   $ 171  
Non-U.S.
317   412   345  
U.S. State
8   8   42  
Deferred
U.S. Federal 110   3   —  
Non-U.S.
131   ( 12 ) 103  
U.S. State 44   58   82  
Total $ 614   $ 531   $ 743  

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The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
For the year ended December 31, 2025

Amount
Percent

Income from continuing operations before income taxes
$ 2,768  
Tax expected at 21%
581   21.0   %
State and local income taxes, net of federal income tax effect (1)
41   1.5   %
Foreign tax effects

  China 30   1.1   %
  Other foreign jurisdictions
54   2.0   %
Effect of cross-border tax laws

  Foreign-derived deduction eligible income
( 49 ) ( 1.8 ) %
  Net CFC tested income
45   1.6   %
  Other 5   0.2   %
Tax credits

  R&D tax credits
( 28 ) ( 1.0 ) %
  Foreign tax credits
( 81 ) ( 2.9 ) %
Changes in valuation allowances
9   0.3   %
Nontaxable or nondeductible items (2)
22   0.8   %
Changes in unrecognized tax benefits
( 24 ) ( 0.9 ) %
Other adjustments
8   0.3   %
Effective tax rate $ 614   22.2   %

(1) In 2025, state and local income taxes in California, Illinois, New York, Florida, New Jersey, New York City, and Pennsylvania comprise more than 50% of state and local income taxes, net of federal income tax effect.
(2) The tax impact of any share-based compensation items are included in this category.

For the years ended December 31, 2024 and 2023, the effective income tax rate differs from the statutory federal income tax rate as follows.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

For the years ended December 31
2024 2023
Income from continuing operations before income taxes
$ 2,581   $ 2,361  
Tax expected at 21%
542   496  
Foreign operations
38   63  
Withholding taxes
34   28  
U.S. tax on foreign operations
( 43 ) ( 35 )
Uncertain tax positions
170   11  
R&D benefits
( 51 ) ( 33 )
State and local income taxes, net of federal income tax effect
49   24  
Valuation allowance
( 281 ) 19  
Spin-Off and separation costs
72   184  
Other
—   ( 14 )
Provision for income taxes
$ 531   $ 743  
Effective income tax rate
20.6 % 31.5 %

For the years ended December 31, 2025 and 2024, included in State and local income taxes, net of federal income tax effect is $ 10 million and $ 35 million of expense related to revaluation of deferred tax assets as a result of changes in future apportionment and state tax rates based on the 2024 and 2023 as-filed tax returns. For the year ended December 31, 2023, the Spin-Off and separation costs line includes $ 59 million of expense related to revaluation of state deferred tax assets associated with the Spin-Off.

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UNRECOGNIZED TAX BENEFITS.

The Company is subject to periodic tax audits by tax authorities in the U.S. (both federal and state) and the numerous countries in which we operate. While the Company currently is being audited, or remains subject to audit, in a number of jurisdictions for tax years 2004-2024, including China, France, Germany, India, Japan, Norway, the U.K., and the United States , we believe that there are no jurisdictions in which the ultimate outcome of unresolved issues or claims is likely to be material to the results of operations, financial position, or cash flows. We believe that we have made adequate provisions for all unrecognized tax benefits.

The balance of unrecognized tax benefits, the amount of related interest and penalties, and the portion that, if recognized, would reduce tax expense and effective tax rate are as follows.

2025 2024 2023
Balance at beginning of period
$ 551   $ 409   $ 465  
Additions for tax positions of the current year
5   4   —  
Additions for tax positions of prior years
43   181   156  
Reductions for tax positions of prior years
( 108 ) ( 33 ) ( 203 )
Settlements with tax authorities
( 7 ) ( 4 ) ( 6 )
Expiration of the statute of limitations
( 21 ) ( 6 ) ( 3 )
Balance at end of period
$ 463   $ 551   $ 409  

For the year ended December 31, 2025, the Additions for tax positions of prior years line includes $ 37 million of currency translation adjustments (“CTA”), and the Reductions for tax positions of prior years line includes $ 102 million related to a tax attribute that expired in 2025.

For the year ended December 31, 2024, the Additions for tax positions of prior years line includes $ 172 million of reserves established due to ongoing audits, of which $ 142 million was established against a net operating loss deferred tax asset. Also for the year ended December 31, 2024, the Reductions for tax positions of prior years includes CTA of $ 14 million and a reversal of $ 19 million related to various tax audits that were closed during the year.

For the year ended December 31, 2023, the Additions for tax positions of prior years line in the table above includes $ 134  million related to the Spin-Off. Also during the year ended December 31, 2023, a matter was closed with local tax authorities which resulted in the reversal of a net operating loss deferred tax asset and the related $ 183  million unrecognized tax benefit, which is included in the Reductions for tax positions of prior years line above.

Unrecognized Tax Benefits
For the years ended December 31
2025 2024 2023
Unrecognized tax benefits
$ 463   $ 551   $ 409  
Accrued interest on unrecognized tax benefits
65   81   72  

Portion that, if recognized, would reduce tax expense and effective tax rate
158   182   157  

Interest and penalties on unrecognized tax benefits recorded in Benefit (provision) for income taxes in the Consolidated Statements of Income were not material during the years ended December 31, 2025, 2024, and 2023.

DEFERRED INCOME TAXES.

We regularly evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce the deferred tax assets to an amount that is more likely than not to be realized (a likelihood of more than 50%). Significant judgment is required in determining whether a valuation allowance is necessary and the amount of such valuation allowance. In assessing the recoverability of our deferred tax assets at December 31, 2025, we considered all available evidence, including the nature of financial statement losses, reversing taxable temporary differences, estimated future operating profits, and tax planning actions and strategies.

As of
December 31, 2025 December 31, 2024
Total assets
$ 4,491   $ 4,474  
Total liabilities
( 193 ) ( 56 )
Net deferred income tax asset (liability)
$ 4,298   $ 4,418  

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Components of the Net Deferred Income Tax Asset (Liability) As of
December 31, 2025 December 31, 2024
Deferred tax assets:

Employee benefits
$ 1,247   $ 1,340  
Reserves and accruals 481   413  
Operating loss carryforwards
463   447  
Lease liabilities
48   57  
Tax credit carryforwards
119   80  
U.S. interest restriction carryforwards 135   156  
Goodwill and other intangible assets 1,184   1,355  
Property, plant, and equipment
181   223  
Capitalized R&D
834   689  
Other deferred tax assets 100   55  
Total deferred income tax asset
4,793   4,817  
Valuation allowances
( 251 ) ( 231 )
Total deferred income tax asset after valuation allowance
4,542   4,586  
Deferred tax liabilities:

ROU assets
( 47 ) ( 42 )
Other deferred tax liabilities
( 198 ) ( 126 )
Total deferred income tax liability
( 244 ) ( 168 )
Net deferred income tax asset (liability)
$ 4,298   $ 4,418  

Valuation allowances primarily relate to non-U.S. deferred taxes where there were historical losses and U.S. federal and state credit carryforwards. Activity in the valuation allowance consists of the following:

Valuation Allowances For the years ended December 31

2025 2024 2023
Balance at beginning of period $ 231   $ 540   $ 272  
Provision for income taxes 4   ( 279 ) ( 12 )
Foreign currency exchange and other 16   ( 31 ) 280  
Balance at end of period $ 251   $ 231   $ 540  

For the year ended December 31, 2024, our valuation allowance decreased by $ 310 million, which included a release of a valuation allowance in France of $ 295 million reflected in the Provision for income taxes line. Based on our analysis of all positive and negative evidence during the year ended December 31, 2024, we concluded that it is more likely than not that France deferred tax assets will be realizable based on our profitability in France as a stand-alone company post Spin-Off and our expectation for the continued generation of prospective positive income in the jurisdiction. In making these judgments, we considered various business and structural factors as a stand-alone company, which support our conclusion of the realization of the deferred tax assets. As a result of the Spin-Off, there was an increase in the valuation allowance of $ 269  million in 2023, which is included in the Foreign currency exchange and other line of the table above.

NET OPERATING LOSSES.

As of December 31, 2025, the Company had net operating loss carryforwards of $ 5,987  million primarily related to Ireland, France, Brazil, Germany, and the Netherlands, which can be carried forward indefinitely. The gross net operating loss carryforwards resulted in a deferred tax asset of $ 1,170  million as of December 31, 2025. This amount excludes accruals of $ 300  million for unrecognized tax benefits the Company has recorded related to the underlying tax positions which generated the net operating losses and expected impacts to U.S. foreign tax credits of $ 407  million.

UNDISTRIBUTED EARNINGS.

Post Spin-Off, the Company’s previously undistributed earnings of certain of our foreign subsidiaries are no longer indefinitely reinvested in non-U.S. businesses due to current U.S. funding needs. Therefore, in 2023, an incremental deferred tax liability of $ 21 million was recorded for withholding and other foreign taxes due upon future distribution of earnings. In addition, the Company is providing for withholding and other foreign taxes due upon future distribution of current period earnings. However, the Company generally considers instances of outside basis differences in foreign subsidiaries that would incur additional U.S. tax upon an unforeseen future reversal (e.g., capital gain distribution or disposition to an unrelated third party) of approximately $ 8  billion to be permanent in duration. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.
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CASH TAXES PAID.

The amounts of cash paid for income taxes by GE HealthCare are as follows.

For the year ended December 31, 2025
U.S. Federal $ 38  
U.S. State 17  
Foreign
  Norway 69  
  China 66  
  India 41  
  Japan 23  
  United Kingdom 23  
  Other 151  
Cash paid during the year for income taxes $ 429  

NOTE 12. SHAREHOLDERS' EQUITY

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET.

Changes in AOCI by component were as follows.

Currency translation adjustments (1)
Pension and Other Postretirement Plans
Cash flow hedges Total AOCI
December 31, 2022 $ ( 1,845 ) $ ( 42 ) $ 9   $ ( 1,878 )
Other comprehensive income (loss) before reclassifications – net of taxes (2) of $ 22 , $ 186 , and $ 1
74   ( 601 ) ( 5 ) ( 532 )
Reclassifications from AOCI – net of taxes (3) of $ — , $ 97 , and $ 6
—   ( 296 ) ( 22 ) ( 318 )
Other comprehensive income (loss)
74   ( 897 ) ( 27 ) ( 850 )
Spin-Off related adjustments – net of taxes (4) of $ — $( 509 ), and $ —
28   1,972   —   2,000  
Less: Other comprehensive income (loss) attributable to noncontrolling interests
( 37 ) —   —   ( 37 )
December 31, 2023 ( 1,706 ) 1,033   ( 18 ) ( 691 )
Other comprehensive income (loss) before reclassifications – net of taxes of $( 19 ), $ 93 , and $( 11 )
( 271 ) ( 306 ) 33   ( 545 )
Reclassifications from AOCI – net of taxes (3) of $ — , $ 44 , and $( 1 )
—   ( 150 ) 3   ( 147 )
Other comprehensive income (loss)
( 271 ) ( 456 ) 36   ( 691 )
Less: Other comprehensive income (loss) attributable to noncontrolling interests
( 4 ) —   —   ( 4 )
December 31, 2024 ( 1,973 ) 576   18   ( 1,379 )
Other comprehensive income (loss) before reclassifications – net of taxes of $ 60 , $ 74 , and $ 5
354   ( 259 ) 5   101  
Reclassifications from AOCI – net of taxes (3)(5) of $ — , $ 50 , and $ 2
63   ( 163 ) ( 21 ) ( 120 )
Other comprehensive income (loss)
418   ( 422 ) ( 16 ) ( 19 )
Less: Other comprehensive income (loss) attributable to noncontrolling interests
( 7 ) ( 3 ) —   ( 10 )
December 31, 2025 $ ( 1,548 ) $ 158   $ 3   $ ( 1,388 )

(1) The amount of CTA recognized in Other comprehensive income (loss) (“OCI”) included net gains (losses) relating to net investment hedges, as further discussed in Note 13, “Financial Instruments and Fair Value Measurements.”
(2) Includes pre-tax impact to Pension and Other Postretirement Plans of $( 305 ) million for the pension plan amendment and related remeasurement of plan assets and benefit obligations. Refer to Note 10, “Postretirement Benefit Plans” for further information.
(3) Reclassifications from AOCI into earnings for Pension and Other Postretirement Plans are recognized within Non-operating benefit (income) costs, while Cash flow hedges are recognized within Cost of products and Cost of services in our Consolidated Statements of Income.
(4) Refer to Note 10, “Postretirement Benefit Plans” for further information on the unrecognized gain transferred from the GE pension and other postretirement plans in connection with the Spin-Off.
(5) Includes net of tax impact of $ 63 million of gains to Currency translation adjustments and $ 8 million of losses to Pension and Other Postretirement Plans related to the derecognition of the prior NMP equity method investment. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

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SHARE REPURCHASES.

On April 30, 2025, our Board of Directors authorized a share repurchase program (the “repurchase program”) for up to $ 1,000 million of our common stock. The repurchase program does not have an expiration date, does not obligate the Company to acquire any particular amount of common stock, and may be suspended or terminated at any time at the Company's discretion. During the year ended December 31, 2025, we repurchased 2.8 million shares under the repurchase program for total consideration of approximately $ 200 million.

NOTE 13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

DERIVATIVES AND HEDGING.

Our primary objective in executing and holding derivative contracts is to reduce the volatility of earnings and cash flows associated with risks related to foreign currency exchange rates, interest rates, and equity prices. These derivative contracts reduce, but do not entirely eliminate, the aforementioned risks. Our policy is to use derivative contracts solely for managing risks and not for speculative purposes.

The fair values of derivative contracts are recognized within All other current assets, All other non-current assets, All other current liabilities, and All other non-current liabilities in the Consolidated Statements of Financial Position based upon the contractual timing of settlements for these contracts. We designate certain derivative contracts as hedging instruments in cash flow, fair value, or net investment hedges. We evaluate the effectiveness of our derivative contracts designated as hedging instruments on a quarterly basis.

Cash Flow Hedges
We use foreign currency forward contracts to hedge the volatility of cash flows related to firm commitments and forecasted transactions, including intercompany transactions, denominated in foreign currencies other than a subsidiary’s functional currency. The maximum length of time over which we hedge forecasted transactions is five years . As of December 31, 2025, these contracts have a maximum remaining maturity of 51 months.

For derivative instruments designated as cash flow hedges, changes in the fair value of designated hedging instruments are initially recorded as a component of AOCI and subsequently reclassified to earnings in the period in which the hedged transaction affects earnings and to the same financial statement line item impacted by the hedged transaction. As of December 31, 2025, we expect to reclassify $ 7  million of pre-tax net deferred gains associated with designated cash flow hedges to earnings in the next 12 months, contemporaneously with the impact on earnings of the related hedged transactions.

The cash flows associated with derivatives designated as cash flow hedges are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Net Investment Hedges
We use cross-currency interest rate swaps and foreign currency forward contracts in combination with foreign currency option contracts to hedge the foreign currency risk associated with our net investment in foreign operations. As of December 31, 2025, these contracts were designated as hedges of our net investment in foreign operations, primarily in Euro and Chinese Renminbi currencies.

We use the spot method to assess hedge effectiveness for our net investment hedges. Changes in the fair value of the designated hedging instruments attributable to fluctuations in foreign currency to USD spot exchange rates are initially recorded and held as a component of the CTA portion of AOCI until the hedged foreign operation is either sold or substantially liquidated. Changes in fair value of the portion of net investment hedging derivatives excluded from the assessment of effectiveness are recorded in CTA and then recognized within Interest and other financial charges – net in the Consolidated Statements of Income using a systematic and rational method over the life of the hedge. Excluded components on the cross-currency swaps designated as net investment hedges, in the form of accrued interest, are recorded within Interest and other financial charges – net in the Consolidated Statements of Income.

The cash flows associated with derivatives designated as net investment hedges are recorded in All other investing activities – net in the Consolidated Statements of Cash Flows. For the years ended December 31, 2025 and 2024, All other investing activities – net includes $ 178 million and $ 94 million, respectively, of payments for the settlement of cross-currency swaps that were designated as net investment hedges. Cash flows from the periodic interest settlements on the cross-currency swaps are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Fair Value Hedges
We use interest rate swaps to hedge the interest rate risk on our fixed rate borrowings. These derivatives are designated as fair value hedges to hedge the changes in fair value due to benchmark interest rate risk of specific designated cash flows of our senior unsecured notes.

We record the changes in fair value on these swap contracts in Interest and other financial charges – net in our Consolidated Statements of Income, the same line item where the offsetting change in the fair value of the designated cash flows of the senior unsecured note is recorded as a basis adjustment.
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Cash flows for the periodic interest settlements on the interest rate swaps are recorded in All other operating activities – net in the Consolidated Statements of Cash Flows.

Derivatives Not Designated as Hedging Instrument s
We also execute derivative instruments, such as foreign currency forward contracts and equity-linked total return swaps, which are not designated as qualifying hedges. These derivatives serve as economic hedges of foreign currency exchange rate and equity price risks. We also identify and record foreign currency-related features in our purchase or sales contracts where the currency is not the local or functional currency of any substantive party to the contract as embedded derivatives.

The changes in fair value of derivatives not designated as qualifying hedge transactions are recorded in Cost of products, Cost of services, SG&A, and Other (income) expense – net in the Consolidated Statements of Income based on the nature of the underlying hedged transaction. Changes in fair value of embedded derivatives are recognized in Other (income) expense – net in the Consolidated Statements of Income.

The cash flows associated with derivatives not designated but used as economic hedges are recorded, based on the nature of the underlying hedged transaction, in All other operating activities – net and All other investing activities – net in the Consolidated Statements of Cash Flows. The cash flows related to embedded derivatives are included in All other operating activities – net in the Consolidated Statements of Cash Flows.

The following table presents the gross fair values of our outstanding derivative instruments.

Fair Value of Derivatives December 31, 2025 December 31, 2024
Gross Notional Fair Value – Assets Fair Value – Liabilities Gross Notional Fair Value – Assets Fair Value – Liabilities
Foreign currency forward contracts $ 1,508   $ 52   $ 23   $ 1,210   $ 43   $ 11  
Derivatives accounted for as cash flow hedges 1,508   52   23   1,210   43   11  
Cross-currency swaps (1)
4,115   51   135   1,995   15   46  
Foreign currency forward and options contracts 2,581   50   37   1,731   30   18  
Derivatives accounted for as net investment hedges 6,697   101   172   3,726   45   64  
Interest rate swaps (1)
2,700   28   —   2,700   —   51  
Derivatives accounted for as fair value hedges 2,700   28   —   2,700   —   51  
Foreign currency forward contracts 4,761   20   7   3,925   11   29  
Other derivatives (1)(2)
320   56   5   370   47   —  

Derivatives not designated as hedging instruments 5,081   76   12   4,294   57   29  
Total derivatives $ 15,986   $ 256   $ 207   $ 11,930   $ 145   $ 155  

(1) As of December 31, 2025, accrued interest is included in the above fair value and is not considered material. As of December 31, 2024, accrued interest is excluded from the above fair value and is not considered material.
(2) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.

The following table presents amounts recorded in Long-term borrowings in the Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.

December 31, 2025 December 31, 2024
Carrying amount Cumulative basis adjustment included in the carrying amount Carrying amount
Cumulative basis adjustment included in the carrying amount

Long-term borrowings designated as fair value hedges
$ 2,722   $ 27   $ 2,644   $ ( 51 )

Under the master arrangements with the respective counterparties to our derivative contracts, in certain circumstances and subject to applicable requirements, we are allowed to net settle transactions with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our Consolidated Statements of Financial Position and in the table above.

As of December 31, 2025 and 2024, the potential effect of rights of offset associated with the derivative contracts would be an offset to both assets and liabilities by $ 107  million and $ 77  million, respectively.

The table below presents the pre-tax gains (losses) recognized in OCI associated with the Company’s cash flow and net investment hedges.

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Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
For the years ended December 31

2025 2024 2023
Cash flow hedges $ —   $ 44   $ ( 6 )
Net investment hedges (1)
( 263 ) 80   ( 97 )

(1) Amounts recognized in OCI for excluded components for the periods presented were immaterial.

The tables below present the gains (losses) on our derivative financial instruments and hedging activity in the Consolidated Statements of Income.

Derivative Financial Instruments and Hedging Activity

For the year ended December 31, 2025

Cost of products Cost of services SG&A
Interest and other financial charges – net
Other (4)

Foreign currency forward contracts
$ 18   $ 5   $ —   $ —   $ —  
Effects of cash flow hedges 18   5   —   —   —  
Cross-currency swaps —   —   —   38   —  
Foreign currency forward and options contracts
—   —   —   21   —  
Effects of net investment hedges (1)
—   —   —   59   —  

Interest rate swaps (2)
—   —   —   63   —  
Debt basis adjustment on Long-term borrowings
—   —   —   ( 78 ) —  

Effects of fair value hedges
—   —   —   ( 15 ) —  
Foreign currency forward contracts
28   7   —   —   ( 1 )

Other derivatives (3)
—   —   5   —   9  
Effects of derivatives not designated as hedging instruments
28   7   5   —   7  

For the year ended December 31, 2024

Cost of products Cost of services SG&A Interest and other financial charges – net Other (4)

Foreign currency forward contracts $ ( 4 ) $ ( 1 ) $ —   $ —   $ —  
Effects of cash flow hedges ( 4 ) ( 1 ) —   —   —  
Cross-currency swaps —   —   —   31   —  
Foreign currency forward and option contracts —   —   —   11   —  
Effects of net investment hedges (1)
—   —   —   42   —  

Interest rate swaps (2)
—   —   —   ( 103 ) —  
Debt basis adjustment on Long-term borrowings —   —   —   76   —  

Effects of fair value hedges —   —   —   ( 27 ) —  
Foreign currency forward contracts ( 37 ) ( 9 ) —   —   1  
Other derivatives (3)
—   —   8   —   37  
Effects of derivatives not designated as hedging instruments ( 37 ) ( 9 ) 8   —   38  

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For the year ended December 31, 2023
Cost of products Cost of services SG&A Interest and other financial charges – net Other (4)

Foreign currency forward contracts $ 23   $ 6   $ —   $ —   $ —  
Effects of cash flow hedges 23   6   —   —   —  
Cross-currency swaps —   —   —   34   —  
Foreign currency forward and option contracts —   —   —   3   —  
Effects of net investment hedges (1)
—   —   —   37   —  

Interest rate swaps (2)
—   —   —   24   —  
Debt basis adjustment on Long-term borrowings —   —   —   ( 25 ) —  

Effects of fair value hedges —   —   —   ( 1 ) —  
Foreign currency forward contracts 3   2   —   —   5  

Other derivatives (3)
—   —   10   —   47  
Effects of derivatives not designated as hedging instruments 3   2   10   —   52  

(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the years ended December 31, 2025, 2024, and 2023.
(2) Amount includes interest expense on interest rate derivatives of $( 15 ) million, $( 27 ) million, and $( 1 ) million for the years ended December 31, 2025, 2024, and 2023 respectively.
(3) Other derivatives are comprised of embedded derivatives and derivatives related to equity contracts.
(4) Amounts are inclusive of gains (losses) in Other (income) expense – net in the Consolidated Statements of Income.

Counterparty Credit Risk
The Company would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts is represented by the fair value of contracts as of the reporting date. The fair value of the Company’s derivatives can change significantly from period to period based on, among other factors, market movements, and changes in our positions.

We manage concentration of counterparty credit risk by limiting acceptable counterparties to major financial institutions with investment grade credit ratings, by limiting the amount of credit exposure to individual counterparties, and by actively monitoring counterparty credit ratings and the amount of individual credit exposure.

We also employ master netting arrangements that limit the risk of counterparty non-payment on a particular settlement date to the net gain that would have otherwise been received from the counterparty. Although not completely eliminated, we do not consider the risk of counterparty default to be significant as a result of these protections. None of our derivative instruments are subject to collateral or other security arrangements, nor do they contain provisions that are dependent on our credit ratings from any credit rating agency.

FAIR VALUE MEASUREMENTS.

The following table represents assets and liabilities that are recorded and measured at fair value on a recurring basis.

Fair Value of Assets and Liabilities Measured on a Recurring Basis

As of December 31, 2025
As of December 31, 2024

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:
Money market funds
$ —   $ 399   $ —   $ 399   $ —   $ 312   $ —   $ 312  
Investment securities 47   —   30   77   32   —   —   32  
Derivatives
—   256   —   256   —   145   —   145  
Liabilities:
Derivatives
—   207   —   207   —   155   —   155  
Contingent consideration —   —   30   30   —   —   34   34  

Cash equivalents
As of December 31, 2025 and 2024 , Cash, cash equivalents, and restricted cash of $ 4,512  million and $ 2,889  million, respectively, included money market funds of $ 399  million and $ 312 million, and other cash equivalents of $ 3,046  million and $ 1,573  million, respectively. The carrying values of the other cash equivalents approximates the fair value due to their short maturities and are valued using Level 1 or Level 2 inputs. Refer to Note 18, “Supplemental Financial Information” for further information.

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Derivatives
Derivatives are measured at fair value using a discounted cash flow method or option models using interest rates, foreign exchange spot and forward rates and yield curves observable at commonly quoted intervals, implied volatilities, and credit spreads as key inputs. Unobservable inputs relate to our own credit risk which is not significant to the overall measurement of fair value.

Contingent consideration
Contingent consideration is recorded at fair value based on estimates of future cash flows in connection with business acquisitions . As the valuation of these liabilities is based on inputs that are less observable or not observable in the market, the determination of fair value is classified within Level 3 of the fair value hierarchy.

Non-recurring fair value measurements
Changes in fair value measurements of assets and liabilities measured at fair value on a non-recurring basis, such as equity method investments, equity investments without readily determinable fair value, financing receivables, and long-lived assets, were not material for the years ended December 31, 2025, 2024, and 2023, with the exception of the gain on fair value measurement of the NMP equity method investment as described in Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”

Fair value of other financial instruments
The estimated fair value of borrowings as of December 31, 2025 and 2024 was $ 10,545  million and $ 9,374  million, respectively, compared to a carrying value (which only includes a reduction for unamortized debt issuance costs and discounts and cumulative basis adjustment) of $ 10,003  million and $ 8,951  million, respectively. The fair value of our borrowings includes accrued interest and is determined based on observable and quoted prices and spreads of comparable debt and benchmark securities and is considered Level 2 in the fair value hierarchy. See Note 9, “Borrowings” and Note 18, “Supplemental Financial Information” for further information.

NOTE 14. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES

GUARANTEES.

The Company has off-balance sheet credit exposure through standby letters of credit, bank guarantees, bid bonds, and surety bonds. See Note 9, “Borrowings” for further information.

PRODUCT WARRANTIES.

We provide warranty coverage to our customers as part of customary practices in the market to provide assurance that the products we sell comply with agreed-upon specifications. We provide estimated product warranty expenses when we sell the related products. Warranty accruals are estimates that are based on the best available information, mostly historical claims experience, therefore claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows.

For the years ended December 31

2025 2024 2023
Balance at beginning of period $ 168   $ 192   $ 193  
Current-year provisions 208   202   216  
Expenditures ( 214 ) ( 220 ) ( 218 )
Foreign currency exchange and other 6   ( 6 ) 1  
Balance at end of period $ 169   $ 168   $ 192  

Product warranties are recognized within All other current liabilities in the Consolidated Statements of Financial Position.

LEGAL MATTERS.

In the normal course of our business, we are involved from time to time in various arbitrations; class actions; commercial, intellectual property, and product liability litigation; government investigations; investigations by competition/antitrust authorities; and other legal, regulatory, or governmental actions, including the significant matter described below that could have a material impact on our results of operations and cash flows. In many proceedings, including the specific matter described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties, and other factors that may have a material effect on the outcome. For such matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated.

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Contracts with Iraqi Ministry of Health
In 2017, a number of U.S. Service members, civilians, and their families brought a complaint in the U.S. District Court for the District of Columbia (the “District Court”) against a number of pharmaceutical and medical device companies, including GE HealthCare and certain affiliates, alleging that the defendants violated the U.S. Anti-Terrorism Act. The complaint seeks monetary relief and alleges that the defendants provided funding for an Iraqi terrorist organization through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health. In July 2020, the District Court granted defendants’ motions to dismiss and dismissed all of the plaintiffs’ claims. In January 2022, a panel of the U.S. Court of Appeals for the District of Columbia Circuit reversed the District Court’s decision. In February 2022, the defendants requested review of the decision by all of the judges on the U.S. Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”). In February 2023, the D.C. Circuit denied this request. In June 2023, defendants petitioned the Supreme Court to review the D.C. Circuit’s decision. On June 24, 2024, the Supreme Court vacated the D.C. Circuit’s decision and remanded the case to the D.C. Circuit for further consideration. On January 23, 2026, the D.C. Circuit reversed the District Court’s decision to dismiss the complaint and remanded the case for further proceedings.

ENVIRONMENTAL AND ASSET RETIREMENT OBLIGATIONS.

Our environmental remediation liabilities, which are measured on an undiscounted basis, were $ 15  million and $ 16  million as of December 31, 2025 and 2024, respectively, and are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position.

Our asset retirement obligations were $ 409  million and $ 292  million as of December 31, 2025 and 2024, respectively, and are recognized within All other current liabilities and All other non-current liabilities in the Consolidated Statements of Financial Position. The increase is primarily driven by $ 124 million in asset retirement obligations and decommissioning liabilities assumed as part of the NMP acquisition. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for further information.

OTHER UNRECOGNIZED CONTRACTUAL OBLIGATIONS.

In the normal course of business, we enter into purchase commitments that are legally binding and specify minimum purchase quantities or spending amounts for items such as inventory, contractual services, and capital expenditures. As of December 31, 2025, these future purchase obligations are as follows.

2026 2027 2028 2029 2030 Thereafter Total
Other Unrecognized Contractual Obligations
$ 468   $ 188   $ 171   $ 155   $ 77   $ 89   $ 1,149  

NOTE 15. RESTRUCTURING ACTIVITIES

Restructuring activities are essential to optimize the business operating model for GE HealthCare and mostly involve workforce reductions, organizational realignments, and revisions to our real estate footprint. Specifically, restructuring charges (gains) primarily include employee-related termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. For segment reporting, restructuring activities are not allocated.

Net expenses for restructuring initiatives committed to by management through December 31, 2025 are included in the table below.

For the years ended December 31

2025 2024 2023
Employee termination costs $ 100   $ 85   $ 38  
Facility and other exit costs 8   18   3  
Asset write-downs 12   17   13  
Total restructuring activities – net
$ 120   $ 120   $ 54  

These restructuring initiatives are expected to result in additional expenses of approximately $ 53  million, to be incurred primarily over the next 12 months, substantially related to employee-related termination benefits and asset write-downs. Restructuring expenses (gains) are recognized within Cost of products, Cost of services, or SG&A, as appropriate, in the Consolidated Statements of Income.

Liabilities related to restructuring are recognized within Current compensation and benefits, All other current liabilities, Non-current compensation and benefits, and All other non-current liabilities in the Consolidated Statements of Financial Position. The activity related to our restructuring liabilities follows.

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Employee termination costs
Facility and other exit costs
Total
Balance at December 31, 2023
$ 43   $ 25   $ 68  

Charges
85   8   93  
Payments and other adjustments
( 60 ) ( 15 ) ( 75 )
Balance at December 31, 2024
67   18   86  
Charges
95   7   102  
Payments and other adjustments
( 81 ) ( 15 ) ( 96 )
Balance at December 31, 2025
$ 82   $ 11   $ 92  

NOTE 16. SHARE-BASED COMPENSATION

We grant stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees under the 2023 Long-Term Incentive Plan (“LTIP”). The Talent, Culture, and Compensation Committee of the Board of Directors approves grants under the LTIP. Under the LTIP, we are authorized to issue up to approximately 41  million shares. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, RSUs vest, and PSUs are earned, we issue shares from authorized unissued common stock.

Stock options provide employees the opportunity to purchase GE HealthCare shares in the future at the market price of our stock on the date the award is granted. The options become exercisable over the vesting period, typically becoming fully vested in three to three and a half years, and expire ten years from the grant date if not exercised. We value stock options using a Black-Scholes option pricing model.

RSUs provide an employee the right to shares of GE HealthCare stock when the restrictions lapse over the vesting period of three to three and a half years. Upon vesting, each RSU is converted into one share of GE HealthCare common stock. We value RSUs using the market price on the grant date.

PSUs provide an employee with the right to receive shares of GE HealthCare stock based upon achievement of certain performance metrics. PSUs are subject to an employee service period of three years . PSUs may include a relative total shareholder return (“TSR”) modifier to determine the number of shares earned at the end of the performance period. We engage third-party valuation specialists to assist with the fair value estimate of the PSUs that include the TSR modifier using a Monte Carlo simulation to model the probability of possible outcomes.

The following tables provide the weighted average fair value of options, RSUs, and PSUs granted to employees during the years ended December 31, 2025, 2024, and 2023, and the related weighted average stock option valuation assumptions used in the Black-Scholes model.

Weighted Average Grant Date Fair Value For the years ended December 31

(In dollars) 2025 2024 2023
Stock options $ 30   $ 32   $ 25  
RSUs 83   89   73  
PSUs 85   96   85  

Key Assumptions in the Black-Scholes Valuation for Stock Options For the years ended December 31

2025 2024 2023
Risk-free rate
4.0   % 4.1   % 3.6   %
Dividend yield 0.16   % 0.13   % 0.01   %
Expected volatility 26.7   % 26.2   % 26.2   %
Expected term (in years) 6.2 6.2 6.2

For awards granted in 2023, 2024, and 2025, the expected volatility was derived from a peer group’s blended historical and implied volatility as GE HealthCare does not have sufficient historical volatility based on the expected term of the underlying options. The expected term of the stock options was determined using the simplified method. The risk-free interest rate was determined using the implied yield currently available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options. The dividend yield assumption is based on the expected annualized dividend payment at the date of grant.

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Stock Option Activity

Shares
(in thousands)
Weighted average exercise price
(in dollars)
Weighted average contractual term
(in years)
Intrinsic value
(in millions)

Outstanding as of January 1, 2025
4,246   $ 82  
Granted 666   85  
Exercised/Vested ( 606 ) 61  
Forfeited ( 208 ) 79  
Expired ( 339 ) 126  
Outstanding as of December 31, 2025
3,760   $ 82   6.0 $ 28  
Exercisable as of December 31, 2025
2,219   $ 83   4.6 $ 20  
Expected to vest 3,634   $ 82   5.9 $ 28  

RSU and PSU Activity

RSUs PSUs

Shares (in thousands) Weighted average grant date fair value (in dollars) Weighted average vesting period (in years)
Intrinsic value (in millions) Shares (in thousands) Weighted average grant date fair value (in dollars) Weighted average vesting period (in years) Intrinsic value (in millions)
Outstanding as of January 1, 2025
2,860   $ 78   778   $ 91  
Granted 1,478   83   492   85  
Exercised/Vested ( 1,484 ) 75   ( 72 ) 70  
Forfeited ( 313 ) 81   ( 122 ) 89  
Expired —   —   —   —  
Outstanding as of December 31, 2025
2,542   $ 82   2.0 $ 208   1,076   $ 88   2.0 $ 88  

Share-based compensation expense is recognized within Cost of products, Cost of services, SG&A, or R&D, as appropriate, in the Consolidated Statements of Income.

Share-based Compensation Expense For the years ended December 31

2025 2024 2023

Share-based compensation expense (pre-tax) $ 130   $ 125   $ 114  
Income tax benefits ( 24 ) ( 23 ) ( 23 )
Share-based compensation expense (after-tax) $ 106   $ 102   $ 91  

Other Share-based Compensation Data For the years ended December 31

2025 2024 2023

Cash received from stock options exercised
$ 37   $ 33   $ 34  
Intrinsic value of stock options exercised and RSUs/PSUs vested
141   251   106  

Unrecognized compensation expense was $ 159  million as of December 31, 2025 and is expected to be recognized over a weighted-average period of approximately 2.0 years.

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NOTE 17. EARNINGS PER SHARE

The numerator for both basic and diluted earnings per share (“EPS”) is Net income attributable to GE HealthCare. The denominator of basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs, and PSUs is reflected in the denominator for diluted EPS using the treasury stock method.

Earnings Per Share For the years ended December 31

(In millions, except per share amounts) 2025 2024 2023
Numerator:
Net income from continuing operations $ 2,154   $ 2,050   $ 1,618  
Net (income) loss attributable to noncontrolling interests
( 70 ) ( 57 ) ( 46 )
Net income from continuing operations attributable to GE HealthCare
2,084   1,993   1,572  
Deemed preferred stock dividend of redeemable noncontrolling interest —   —   ( 183 )
Net income from continuing operations attributable to GE HealthCare common stockholders
2,084   1,993   1,389  
Income (loss) from discontinued operations, net of taxes
—   —   ( 4 )
Net income attributable to GE HealthCare common stockholders
$ 2,084   $ 1,993   $ 1,385  
Denominator:
Basic weighted-average shares outstanding 456   456   455  
Dilutive effect of common stock equivalents 1   2   3  
Diluted weighted-average shares outstanding 458   459   458  
Basic Earnings Per Share:
Continuing operations
$ 4.56   $ 4.37   $ 3.06  
Discontinued operations —   —   ( 0.01 )
Attributable to GE HealthCare common stockholders 4.56   4.37   3.05  
Diluted Earnings Per Share:
Continuing operations
$ 4.55   $ 4.34   $ 3.04  
Discontinued operations —   —   ( 0.01 )
Attributable to GE HealthCare common stockholders 4.55   4.34   3.03  
Antidilutive securities (1)
3   3   4  

(1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.

NOTE 18. SUPPLEMENTAL FINANCIAL INFORMATION

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.

As of
December 31, 2025 December 31, 2024
Cash and cash equivalents (1)
$ 4,492   $ 2,874  
Short-term restricted cash 20   16  
Total Cash, cash equivalents, and restricted cash as presented in the Consolidated Statements of Financial Position
4,512   2,889  
Long-term restricted cash (2)
3   3  
Total Cash, cash equivalents, and restricted cash as presented in the Consolidated Statements of Cash Flows
$ 4,515   $ 2,893  

(1) The increase in Cash and cash equivalents was primarily due to proceeds from the issuance of senior unsecured notes by the Company in the fourth quarter of 2025. Refer to Note 9, “Borrowings” for further information.
(2) Long-term restricted cash is recognized within All other non-current assets in the Consolidated Statements of Financial Position.

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INVENTORIES.

As of
December 31, 2025 December 31, 2024
Raw materials $ 1,002   $ 921  
Work in process 95   92  
Finished goods 1,137   926  
Inventories
$ 2,234   $ 1,939  

Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Consolidated Statements of Financial Position and are not reflected in the table above. See the supplemental table “All Other Non-Current Assets” for further information.

PROPERTY, PLANT, AND EQUIPMENT – NET.
As of
December 31, 2025 December 31, 2024
Land and improvements
$ 144   $ 66  
Buildings, structures, and related equipment
2,140   1,943  
Machinery and equipment
2,872   2,705  
Leasehold improvements and manufacturing plants under construction
574   553  
Total property, plant, and equipment, at original cost
5,731   5,267  
Accumulated depreciation
( 3,049 ) ( 3,080 )
Right-of-use operating lease assets, net of amortization (1)
410   364  
Property, plant, and equipment – net
$ 3,092   $ 2,550  

(1) See Note 7, “Leases” for further information.

Depreciation expense related to Property, plant, and equipment – net, exclusive of ROU operating lease assets, was $ 287  million, $ 268  million, and $ 248  million for the years ended December 31, 2025, 2024, and 2023, respectively.

ALL OTHER ASSETS AND ALL OTHER LIABILITIES.

All Other Current Assets
As of
December 31, 2025 December 31, 2024
Prepaid expenses and deferred costs
$ 228   $ 188  
Financing receivables – net
95   90  
Derivative instruments (1)
169   123  
Tax receivables
154   115  
Other (2)
81   16  
All other current assets
$ 726   $ 532  

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(2) As of December 31, 2025, Other primarily consists of indemnity assets associated with the NMP acquisition and separation agreements with GE. These amounts were not material as of December 31, 2024.

All Other Non-Current Assets
As of
December 31, 2025 December 31, 2024
Prepaid pension asset
$ 742   $ 657  
Equity method and other investments
351   373  
Financing receivables – net
190   183  
Derivative instruments (1)
88   22  
Long-term receivables – net
190   142  
Inventories
121   139  
Contract and other deferred assets
211   208  
Capitalized cloud computing arrangement implementation costs (2)
200   84  
Other (3)
112   142  
All other non-current assets
$ 2,205   $ 1,950  

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(2) See the supplemental table “Capitalized Cloud Computing Arrangement Implementation Costs” for further information.
(3) Other primarily consists of indemnity assets associated with separation agreements with GE, and tax receivables.
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All Other Current Liabilities
As of
December 31, 2025 December 31, 2024
Sales allowances and related liabilities
$ 256   $ 242  
Income and indirect tax liabilities including uncertain tax positions
324   279  
Product warranties
169   168  
Accrued logistics and utilities
197   163  
Operating lease liabilities
134   115  
Derivative instruments (1)
47   90  
Interest payable on borrowings
100   92  
Environmental and asset retirement obligations
11   17  
Other (2)
348   386  
All other current liabilities
$ 1,587   $ 1,552  

(1) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(2) Other primarily consists of miscellaneous accrued costs, dividends payable, and contingent consideration liabilities.

All Other Non-Current Liabilities
As of
December 31, 2025 December 31, 2024
Contract liabilities
$ 803   $ 686  
Operating lease liabilities 284   270  
Environmental and asset retirement obligations (1)
413   291  
Income and indirect tax liabilities including uncertain tax positions
156   237  
Derivative instruments (2)
160   64  
Finance lease obligations
42   40  
Sales allowances and related liabilities
23   23  
Other (3)
178   184  
All other non-current liabilities
$ 2,061   $ 1,796  

(1) Refer to Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” for further information on the increase in Environmental and asset retirement obligations.
(2) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(3) Other primarily consists of miscellaneous accrued costs, indemnity liabilities associated with separation agreements with GE, and contingent consideration liabilities.

CAPITALIZED CLOUD COMPUTING ARRANGEMENT IMPLEMENTATION COSTS.

As of
December 31, 2025 December 31, 2024
Capitalized implementation costs
$ 249   $ 114  
Accumulated amortization
( 49 ) ( 30 )
Total Capitalized cloud computing arrangement implementation costs, net
$ 200   $ 84  

Amortization expense related to capitalized cloud computing arrangement implementation costs was $ 19 million, $ 10 million, and $ 7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

EQUITY METHOD INVESTMENTS.

Equity method investment balance Equity method income (loss)
As of December 31 Ownership Percentage 2025 2024 2025 2024 2023
Nihon Medi-Physics Co., Ltd. (1)
50 % $ —   $ 139   $ 2   $ 10   $ 10  
Other 28   24   1   ( 2 ) 1  
Total $ 28   $ 163   $ 3   $ 8   $ 11  

(1) In the first quarter of 2025, the Company acquired its remaining interest in NMP. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

As of December 31, 2025 and 2024 , the fair value of investments over which we have significant influence and have elected the fair value option was $ 32 million and $ 6 million , respectively.

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SUPPLY CHAIN FINANCE PROGRAMS.

A rollforward of our outstanding obligations confirmed and paid under the supply chain finance programs, which are included within Accounts payable in the Consolidated Statements of Financial Position, is presented below.

For the years ended December 31

2025 2024

Confirmed obligations outstanding at beginning of period
$ 394   $ 365  
Invoices confirmed during the year
818   886  
Confirmed invoices paid during the year
( 853 ) ( 855 )
Foreign exchange and other
1   ( 2 )
Confirmed obligations outstanding at end of period
$ 360   $ 394  

REDEEMABLE NONCONTROLLING INTERESTS .

The Company has noncontrolling interests with redemption features. These redemption features, such as put options, could require the Company to purchase the noncontrolling interests upon the occurrence of certain events. All noncontrolling interests with redemption features that are not solely within our control are recognized within the Consolidated Statements of Financial Position between liabilities and equity. Redeemable noncontrolling interests are initially recorded at the issuance date fair value. Those that are currently redeemable, or probable of becoming redeemable, are subsequently adjusted to the greater of current redemption value or initial carrying value.

Activity attributable to redeemable noncontrolling interests is presented below.

For the years ended December 31

2025 2024 2023
Balance at beginning of period $ 188   $ 165   $ 230  
Net income attributable to redeemable noncontrolling interests
66   50   41  
Redemption value adjustments (1)
—   —   183  
Distributions to redeemable noncontrolling interests and other (2)
( 45 ) ( 28 ) ( 289 )
Balance at end of period $ 209   $ 188   $ 165  

(1) As of January 3, 2023, certain redeemable noncontrolling interests were probable of becoming redeemable due to the change of control that occurred upon consummation of the Spin-Off. As a result, these redeemable noncontrolling interests were remeasured to their current redemption value. The remeasurement was accounted for as a deemed preferred stock dividend of redeemable noncontrolling interest and recorded as an adjustment to Retained earnings in the Consolidated Statements of Financial Position.
(2) In 2023, the redeemable noncontrolling interest holder exercised its option redemption provision and the Company paid a redemption amount of $ 211 million.

OTHER INCOME (EXPENSE) – NET.

For the years ended December 31

2025 2024 2023
Net financing income and investment income (loss)
$ 41   $ ( 1 ) $ 26  
Equity method income (loss)
3   8   11  
Change in fair value of assumed obligations
( 30 ) ( 32 ) ( 32 )
Gain on remeasurement of NMP equity method investment (1)
97   —   —  
Other items, net (2)
46   80   81  
Total other income (expense) – net
$ 157   $ 55   $ 86  

(1) During the year ended December 31, 2025, the Company acquired its remaining interest in NMP. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.
(2) Other items, net primarily consists of a mix of licensing and royalty income, government grants, lease income, change in tax indemnities, and gains and losses related to derivatives. Additionally, for the year ended December 31, 2025 it includes a realization of a gain contingency.

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NOTE 19. RELATED PARTIES AND TRANSITION SERVICES AGREEMENT

On January 3, 2023, GE completed the Spin-Off of GE HealthCare through a distribution of approximately 80.1 % of the Company’s outstanding common stock to holders of record of GE’s common stock as of the close of business on December 16, 2022 (the “Distribution”). On April 2, 2024, GE completed the separation of its GE Vernova business into an independent publicly traded company. As of December 31, 2024, GE had sold the rest of its remaining ownership of the Company’s outstanding common stock. Following the share sell-down, GE continues to be considered a related party due to board member affiliation.

In connection with the Spin-Off, certain adjustments were recorded to reflect transfers from GE, the draw-down of the Term Loan Facility, and settlement of Spin-Off transactions with GE, which resulted in the net reduction in Total equity of $ 2,849 million for the year ended December 31, 2023. These items substantially consisted of the transfer of certain pension plan liabilities and assets, certain deferred income taxes, deferred compensation liabilities, and employee termination obligations.

Also in connection with the Spin-Off, the Company entered into or adopted several agreements that provide a framework for the relationship between the Company and GE.

• Separation and Distribution Agreement – sets forth the principal actions to be taken in connection with the Spin-Off, including the transfer of assets and assumption of liabilities, and establishes certain rights and obligations between the Company and GE following the Distribution, including procedures with respect to claims subject to indemnification and related matters.
• Transition Services Agreement – governed all matters relating to the provision of shared services between the Company and GE on a transitional basis. The services the Company received included support for information technology, human resources, supply chain, finance, and facilities services, among others. The services generally commenced on the date of the Spin-Off and terminated in the 24 months following the Distribution Date depending upon the related transitional service. Net costs incurred were not significant for the year ended December 31, 2025, and we incurred $ 172  million, n et, and $ 372  million, net, for the years ended December 31, 2024 and 2023, respectively, under this agreement. These amounts represent fees charged from GE and GE Vernova to the Company, the majority of which are related to information technology, and are net of fees charged from the Company to GE and GE Vernova for facilities and other shared services.
• Tax Matters Agreement – governs the respective rights, responsibilities, and obligations between the Company and GE with respect to all tax matters (excluding employee-related taxes covered under the Employee Matters Agreement), in addition to certain restrictions which generally prohibited us from taking or failing to take any action in the two-year period following the Distribution that would have prevented the Distribution from qualifying as tax-free for U.S. federal income tax purposes, including limitations on our ability to pursue certain strategic transactions. The Tax Matters Agreement specifies the portion of tax liability, including certain pre-Spin-Off tax obligations attributable to the Company that may result from audit or other tax proceedings, for which the Company will bear contractual responsibility, and the Company and GE each agree to indemnify each other against any amounts for which such indemnified party is not responsible. The resolution of pre-Spin-Off tax obligations may result in changes to our unrecognized tax benefits and indemnity obligations.

NOTE 20. SUBSEQUENT EVENTS

On January 2, 2026, we repaid $ 500  million of the remaining Term Loan Facility upon maturity.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, the Company evaluated its disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2025, and that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Management has evaluated the effectiveness of the internal control over financial reporting, based on the framework and criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and concluded that they were effective as of December 31, 2025. All internal control systems have inherent limitations; as such, they may not prevent or detect all misstatements or fraud. Therefore, even those internal control systems determined to be effective can provide only reasonable assurance with respect to financial statements preparation and reporting. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that the current control structure may become inadequate for changes in conditions or the degree of compliance with the policies may deteriorate.

The effectiveness of such controls has been audited by Deloitte & Touche LLP, our independent registered public accounting firm, as stated in their report included in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.

During the quarter ended December 31, 2025, there were no changes in the Company’s internal control over financial reporting that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

DIRECTOR AND OFFICER TRADING ARRANGEMENTS.

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this report.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required under this item, with the exception of “Information About Our Executive Officers” and “Ethics and Governance” located under Item 1, “Business” of this Annual Report on Form 10-K, is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

ITEM 11. EXECUTIVE COMPENSATION

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.
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PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

FINANCIAL STATEMENTS.

Refer to Item 8, “Financial Statements and Supplementary Data” for a listing of our financial statements.

FINANCIAL SCHEDULES.

Schedules required by Regulation S-X (17 CFR 210) are omitted because they are either not applicable or the financial information is already included within the financial statements or notes thereto.

EXHIBITS.

Number
Description

2.1 Separation and Distribution Agreement, dated November 7, 2022, by and between General Electric Company and the Registrant, as amended (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 4, 2023). †

3.1 Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 29, 2022).

3.2 Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 29, 2022).

4.1 Base Indenture, dated as of November 22, 2022, among GE HealthCare Holding LLC, General Electric Company, as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to General Electric Company’s Current Report on Form 8-K filed with the SEC on November 23, 2022).

4.2 First Supplemental Indenture, dated as of November 22, 2022, between GE HealthCare Holding LLC and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.2 to General Electric Company’s Current Report on Form 8-K filed with the SEC on November 23, 2022).

4.3 Second Supplemental Indenture, dated as of August 14, 2024, between the Registrant and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 15, 2024).

4.4 Third Supplemental Indenture, dated as of June 9, 2025, be tween t he Registrant and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.2 to t he Registrant ’ s Current Report on Form 8 -K filed with the SE C on June 9, 2025).

4.5 Fourth Supplemental Indenture, dated as of December 15, 2025, be tween the Re gistrant and The Bank of New York Mellon, as trustee (incorporated by reference to Ex hibit 4.2 to t he Re gistra nt ’ s Current Report on Form 8 -K filed with the SE C on December 15, 2025).

4.6 Description of Securities (incorporated by reference to Exhibit 4.4 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 15, 2023).

10.1 Tax Matters Agreement, dated January 2, 2023, by and between General Electric Company and the Registrant (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 4, 2023). †

10.2 Trademark License Agreement, dated December 31, 2022, by and between General Electric Company and GE HealthCare Imaging Holding Inc. (incorporated by reference into Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 4, 2023). †

10.3 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.7 to the Registrant’s Form 10 filed with the SEC on October 11, 2022).

10.4 Credit Agreement, dated as of March 27, 2025 , by and among the Registra nt, as the borrower, JP Morgan Chase Bank, N.A., as Administrative Agent , and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed with the SEC on March 31, 2025 ).

10.5 364-Day Credit Agreement, dated as of March 27, 2025 , by and among the Registrant, as the borrower, JPMorgan Chase Bank, N.A., as Administrative Agent , and the lenders party thereto (incorporated by reference to Exhibit 10. 2 to the Current Report on Form 8-K filed with the SEC on March 31, 2025 ).

10.6 Credit Agreement, dated as of December 12, 2025, among the Regis trant, as t he borrower, JPMorgan Chase Bank, N.A., as the Administrative Agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on F orm 8-K fi led with the SEC on December 15, 2025).

10.7*
GE HealthCare 2023 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.11 to the Registrant’s Registration Statement on Form S-1 filed with the SEC on December 14, 2022).

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10.8*
GE HealthCare Mirror 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.12 to the Registrant’s Registration Statement on Form S-1 filed with the SEC on December 14, 2022).

10.9*
GE HealthCare Mirror 2007 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.13 to the Registrant’s Registration Statement on Form S-1 filed with the SEC on December 14, 2022).

10.10*
GE HealthCare Mirror 1990 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.14 to the Registrant’s Registration Statement on Form S-1 filed with the SEC on December 14, 2022).

10.11*
Offer Letter with Peter J. Arduini, dated June 15, 2021 (incorporated by reference to Exhibit 10.15 to the Registrant’s Amendment No. 1 to Form 10 filed with the SEC on November 7, 2022).

10.12*
Amended Offer Letter with Peter J. Arduini, dated November 16, 2022 (incorporated by reference to Exhibit 10.16 to the Registrant’s Amendment No. 2 to Form 10 filed with the SEC on November 18, 2022).

10.13*
Offer Letter with Frank R. Jimenez, dated February 4, 2022 (incorporated by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 25, 2023).

10.14*
Offer Letter with James K. Saccaro, dated May 4, 2023 (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 25, 2023). †

10.15*
Offer Letter with Taha Kass-Hout, dated September 9, 2022 (incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024).

10.16*
Employ ment contract with Roland Rott, dated as of June 30, 2024 (incorporated by reference to Exhibit 10.3 to t he Registrant ’ s Quarterly Report on Form 10-Q filed with t he SE C on April 30, 2025). †

10.17*
GE HealthCare Annual Executive Incentive Plan (incorporated by reference to Exhibit 10.20 to the Registrant’s Amendment No. 1 to Form 10 filed with the SEC on November 7, 2022).

10.18*
GE HealthCare Restoration Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Amendment No. 1 to Form 10 filed with the SEC on November 7, 2022).

10.19*
One GE HealthCare Annual Bonus Plan (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 3, 2023).

10.20*
GE HealthCare US Severance and Change in Control Plan for CEO and Leadership Team (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 25, 2023).

10.21*
GE HealthCare Non-Employee Director Compensation and Benefits Plan (incorporated by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 25, 2023).

10.22*
2023 GE HealthCare Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 3, 2023).

10.23*
2023 GE HealthCare Stock Option Grant Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 3, 2023).

10.24*
2023 GE HealthCare Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 3, 2023).

10.25*
2023 Global Addendum (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 3, 2023).

10.26*
2024 GE HealthCare Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024).

10.27*
2024 GE HealthCare Stock Option Grant Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024).

10.28*
2024 GE HealthCare Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024).

10.29*
2024 Global Addendum (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2024).

10.30*
2025 GE HealthCare Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2025).

10.31*
2025 GE HealthCare Stock Option Grant Agreement (incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2025).

10.32*
2025 GE HealthCare Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2025).

10.33*
2025 GE HealthCare New Hire Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2025).

10.34*
2025 Global Addendum (incorporated by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 30, 2025).

10.35*
GE HealthCare Director Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 25, 2023).

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10.36*
GE HealthCare Director Deferred Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.11 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 25, 2023).

19.1 GE HealthCare Technologies Inc. Securities Trading Policy.

21.1 Subsidiaries of the Registrant.

23.1 Consent of Independent Registered Public Accounting Firm .

31.1 Certification of the Registrant’s Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of the Registrant’s Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

97.1 GE HealthCare Technologies Inc. Clawback Policy (incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 6, 2024).

101 The following materials from GE HealthCare Technologies Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, formatted inline XBRL (eXtensible Business Reporting Language): (1) Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023; (2) Consolidated Statements of Comprehensive Income (Loss) for years ended December 31, 2025, 2024, and 2023; (3) Consolidated Statements of Financial Position as of December 31, 2025 and 2024; (4) Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024, and 2023; (5) Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023; and (6) Notes to the Consolidated Financial Statements.

104 Cover Page Interactive Data File (formatted as Inline XBRL).
† Certain portions of this exhibit have been redacted pursuant to Item 601(b)(2)(ii) and Item 601(b)(10)(iv) of Regulation S-K, as applicable. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.
*
Management contract or compensatory plan or arrangement.

ITEM 16. FORM 10-K SUMMARY

Registrants may voluntarily include a summary of information required by Form 10-K under this Item 16. The Company has elected to not include such summary information.
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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GE HealthCare Technologies Inc.
(Registrant)

February 4, 2026 /s/ James K. Saccaro
Date James K. Saccaro, Vice President & Chief Financial Officer (Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on February 4, 2026.

Signature
/s/ Peter J. Arduini
Title
Peter J. Arduini, President & Chief Executive Officer and Director (Principal Executive Officer)

/s/ James K. Saccaro
James K. Saccaro, Vice President & Chief Financial Officer (Principal Financial Officer)

/s/ George A. Newcomb
George A. Newcomb, Chief Accounting Officer (Principal Accounting Officer)

/s/ H. Lawrence Culp, Jr.
H. Lawrence Culp, Jr., Chairman of the Board of Directors

/s/ Rodney F. Hochman
Rodney F. Hochman, Director

/s/ Risa Lavizzo-Mourey
Risa Lavizzo-Mourey, Director

/s/ Catherine Lesjak
Catherine Lesjak, Director

/s/ Anne T. Madden
Anne T. Madden, Director

/s/ Tomislav Mihaljevic
Tomislav Mihaljevic, Director

/s/ William J. Stromberg
William J. Stromberg, Director

/s/ Phoebe L. Yang
Phoebe L. Yang, Director

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