SEC EDGAR · 10-Q
10-Q – 2026-07-29 – gehc-20260630.htm

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Omsättning
Note 2. Revenue Recognition | 11
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 45
Sales of products | $
Sales of services | 1,878
NOTE 2. REVENUE RECOGNITION
Our revenues primarily consist of sales of products and services to customers. Products include equipment, imaging agents, software-related offerings, and upgrades. Services include contractual and stand-by preventative maintenance and corrective services, as well as related parts and labor, extended warranties, training, and other service-type offerings. The Company recognizes revenue from contracts with customers when the customer obtains control of the underlying products or services.
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.
Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $ 1,189 million and $ 1,134 million for the six months ended June 30, 2026 and 2025, respectively.
Rörelseresultat
Operating income | 739
The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s 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 Condensed Consolidated Statements of Income excluding t
Segment EBIT | For the three months ended June 30
Segment EBIT
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 disclose
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. Net expenses for restructuring are excluded from Segment EBIT.
In the second quarter of 2026, we made a strategic change to our executive leadership and to our segments, combining our Imaging and Advanced Visualization Solutions (“AVS”) businesses into a new operating and reportable segment, Advanced Imaging Solutions (“AIS”). Following this organizational change, GE HealthCare’s operations has three reportable segments: AIS, Pharmaceutical Diagnostics (“PDx”), and Patient Care Solutions (“PCS”), and we assessed their performance using Segment revenues and
Global Trade and Macroeconomic Environment | Starting in February 2025, the U.S. imposed a variety of new tariffs on most imports from nearly all countries in the world. Tariffs by the U.S. and several other countries have materially impacted our financial results and should the tariffs continue at current levels, we expect to continue to see a material impact. Additional tariffs or other trade restrictions by the U.S. or by other countries where we do significant business could further materially impact our results in the future. While we
Periodens resultat
Net income | 573
Net income attributable to GE HealthCare | $
Net income (loss) attributable to noncontrolling interests | 13
Net income attributable to GE HealthCare | —
Net income | $
Adjustments to reconcile Net income to Cash from (used for) operating activities:
Net income attributable to GE HealthCare | 567
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, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.
Resultat per aktie
Note 15. Earnings Per Share | 27
Earnings per share attributable to GE HealthCare:
NOTE 15. 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, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.
Earnings Per Share | For the three months ended June 30
Basic earnings per share | $
Diluted earnings per share | 1.24
(1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.
Kassaflöde
Cash flow hedges – net of taxes | 8
Pension and Other Postretirement Plans | Cash flow hedges | Total AOCI
(1) The amount of Currency translation adjustments recognized in Other comprehensive income (loss) (“OCI”) included net gains (losses) relating to net investment hedges, as further discussed in Note 12, “ Financial Instruments and Fair Value Measurements.” | (2) 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 Condensed Consolidated Statements of Income. | (3) 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 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.
Cash Flow Hedges | 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 June 30, 2026, we expect to reclassify $ 42 million of pre-tax net deferred gains associated with designated cash flow hedges to earnings in t
Within the Condensed Consolidated Statements of Cash Flows, cash flows associated with derivatives designated as cash flow hedges are recorded in All other operating activities – net.
Derivatives accounted for as cash flow hedges | 1,636
The table below presents the pre-tax gains (losses) recognized in OCI associated with the Company’s cash flow and net investment hedges.
Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges
Fritt kassaflöde
Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP
We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for
Free Cash Flow* | For the six months ended June 30
Free cash flow* | $
Free cash flow* | 180
Likvida medel
Cash and cash equivalents (1) | $
(1) The decrease in Cash and cash equivalents was primarily due to the Intelerad acquisition. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for further information. | (2) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.
Nettoskuld
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 inc | 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 Accumulated other comprehensi
Eget kapital
Note 11. Shareholders' Equity | 20
NOTE 11. SHAREHOLDERS' EQUITY
Financing Activities | Cash used for financing activities in the six months ended June 30, 2026 was $215 million and primarily included $300 million for repurchases of common stock, partially offset by a net increase in borrowings of $150 million. The net increase in borrowings was primarily driven by $1,150 million of net proceeds from borrowings of $650 million under our Delayed Draw Term Loan and $500 million under our 364-day senior unsecured revolving credit facility, partially offset by $1,000 million from repay
Antal aktier
Weighted-average number of shares outstanding:
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, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.
Basic weighted-average shares outstanding | 453
Diluted weighted-average shares outstanding | 454
(In dollars, except shares outstanding presented in millions) | 2026
Total number of shares purchased | Average price paid per share (1)
(in dollars) | Total number of shares purchased as part of publicly announced programs (2) | Approximate dollar value of shares that may yet be purchased under the programs (1)(2)
Antal anställda
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 $ 39 million for both the three months ended June 30, 2026 and 2025, and $ 87 million and $ 83 million for the six months ended June 30, 2026 and 2025, respectively.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  10-Q

(Mark One)
☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended  June 30, 2026
or
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission file number  001-41528

GE HEALTHCARE TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Delaware
88-2515116

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

500 W. Monroe Street , Chicago , IL
60661

(Address of principal executive offices)
(Zip Code)

(Registrant’s telephone number, including area code) ( 833 ) 735-1139

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common stock, par value $0.01 per share
GEHC
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
☑
Accelerated filer
☐

Non-accelerated filer
☐
Smaller reporting company
☐

Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No  ☑
There were 451,686,252  sh ares of common stock with a par value of $0.01 per share outstanding as of July 22, 2026.

Table of Contents

Page

Forward-Looking Statements
3

Part I.
Financial Information

      Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
4

Condensed Consolidated Statements of Comprehensive Income (Loss)
5

Condensed Consolidated Statements of Financial Position
6

Condensed Consolidated Statements of Changes in Equity
7

Condensed Consolidated Statements of Cash Flows
9

Notes to the Condensed Consolidated Financial Statements (Unaudited)
10

Note 1. Organization and Basis of Presentation
10

Note 2. Revenue Recognition
11

Note 3. Segment Information
12

Note 4. Receivables
13

Note 5. Financing Receivables
14

Note 6. Operating Leases
14

Note 7. Acquisitions, Goodwill, and Other Intangible Assets
15

Note 8. Borrowings
18

Note 9. Postretirement Benefit Plans
19

Note 10. Income Taxes
19

Note 11. Shareholders' Equity
20

Note 12. Financial Instruments and Fair Value Measurements
21

Note 13. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies
25

Note 14. Restructuring Activities
27

Note 15. Earnings Per Share
27

Note 16. Supplemental Financial Information
28

      Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)
32

Trends and Factors Impacting Our Performance
32

Summary of Key Performance Measures
33

Results of Operations
34

Results of Operations – Segments
37

Non-GAAP Financial Measures
38

Liquidity and Capital Resources
43

Recently Issued Accounting Pronouncements
44

Critical Accounting Estimates
44

      Item 3.
Quantitative and Qualitative Disclosures about Market Risk
44

      Item 4.
Controls and Procedures
44

Part II.
Other Information

      Item 1.
Legal Proceedings
45

      Item 1A.
Risk Factors
45

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
45

Item 3.
Defaults Upon Senior Securities
45

Item 4.
Mine Safety Disclosures
45

Item 5.
Other Information
45

      Item 6.
Exhibits
46

Signatures
47

2

Table of Contents              

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business, financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows; changes to our business, operating, and leadership structure and related impacts; the impacts of macroeconomic and market conditions, including the impact of tariffs and other trade restrictions, and volatility on our business, operations, financial results, and financial position and on supply chains and the world economy; our receipt of future tariff refunds and the timing and amount thereof; our cost structure; our funding and liquidity; the impacts on our business of manufacturing, sourcing, and supply chain management; the impacts on our business of international conflicts, including the Russia and Ukraine conflict and conflicts in the Middle East; share repurchases; risks related to foreign currency exchange, interest rates, and commodity and key material price volatility and availability; demand in the global markets in which we operate; and our strategy, innovation, and acquisitions and investments. These forward-looking statements involve risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, operating in highly competitive markets; global geopolitical and economic instability, including as a result of changes in trade and tariff policy, and international conflicts and tensions, including between Ukraine and Russia, in the Middle East, and in other regions; public health crises, epidemics, and pandemics, and their effects on our business; changes in or elimination of government subsidies, and changes in third-party and government reimbursement processes, rates, and contractual relationships, including related to government shutdowns, and changes in the mix of public and private payers; demand for our products, services, or solutions and factors that affect that demand; developments in the market in China; our ability to control increases in healthcare costs and any subsequent effect on demand for our products, services, or solutions; our ability to successfully complete strategic transactions; the actions or inactions of third parties with whom we partner and the various collaboration, licensing, and other partnerships and alliances we have with third parties; the impacts related to our increasing focus on and investment in cloud, edge computing, artificial intelligence (“AI”), and software offerings; management of our supply chain and our ability to cost-effectively secure the materials we need to operate our business; disruptions in our operations; the impact of potential information technology, cybersecurity, or data security breaches; maintenance and protection of our intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; our ability to attract and/or retain key talent and qualified employees; increasing attention to sustainability matters; compliance with the various legal, regulatory, tax, privacy, and other laws to which we are subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the impact of potential product liability claims or potential litigation, arbitration, or similar proceedings; and our level of indebtedness and the impact of complying with the covenants and other terms of our debt instruments on our business. Please also see Item 1A., “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and any updates or amendments we make in future filings. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation.

3

Table of Contents              

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Condensed Consolidated Statements of Income (Unaudited)

For the three months ended June 30

For the six months ended June 30

(In millions, except per share amounts)
2026
2025

2026
2025

Sales of products
$
3,416  

$
3,263  

$
6,762  

$
6,380  

Sales of services
1,878  

1,743  

3,664  

3,404  

Total revenues
5,295  

5,007  

10,425  

9,784  

Cost of products
2,217  

2,160  

4,500  

4,122  

Cost of services
898  

863  

1,769  

1,665  

Gross profit
2,180  

1,985  

4,157  

3,997  

Selling, general, and administrative
1,118  

1,029  

2,235  

2,069  

Research and development
323  

302  

668  

646  

Total operating expenses
1,441  

1,331  

2,903  

2,714  

Operating income
739  

654  

1,254  

1,283  

Interest and other financial charges – net
114  

113  

210  

224  

Non-operating benefit (income) costs
( 45 )

( 73 )

( 96 )

( 148 )

Other (income) expense – net
( 22 )

1  

( 58 )

( 98 )

Income before income taxes
693  

613  

1,198  

1,304  

Benefit (provision) for income taxes
( 119 )

( 113 )

( 213 )

( 216 )

Net income
573  

500  

985  

1,088  

Net (income) loss attributable to noncontrolling interests
( 13 )

( 14 )

( 35 )

( 39 )

Net income attributable to GE HealthCare
$
561  

$
486  

$
950  

$
1,049  

Earnings per share attributable to GE HealthCare:

Basic
$
1.24  

$
1.06  

$
2.09  

$
2.30  

Diluted
1.24  

1.06  

2.08  

2.29  

Weighted-average number of shares outstanding:

Basic
453
457

454
457

Diluted
454
458

456
459

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Table of Contents              

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

For the three months ended June 30

For the six months ended June 30

(In millions)
2026
2025

2026
2025

Net income attributable to GE HealthCare
$
561  

$
486  

$
950  

$
1,049  

Net income (loss) attributable to noncontrolling interests
13  

14  

35  

39  

Net income
573  

500  

985  

1,088  

Other comprehensive income (loss):

Currency translation adjustments – net of taxes
( 71 )

221  

( 97 )

478  

Pension and Other Postretirement Plans – net of taxes
( 18 )

( 79 )

( 28 )

( 148 )

Cash flow hedges – net of taxes
8  

( 33 )

25  

( 41 )

Other comprehensive income (loss)
( 80 )

108  

( 100 )

288  

Comprehensive income (loss)
493  

608  

885  

1,376  

Less: Comprehensive income (loss) attributable to noncontrolling interests
14  

14  

27  

39  

Comprehensive income attributable to GE HealthCare
$
479  

$
594  

$
858  

$
1,338  

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents              

Condensed Consolidated Statements of Financial Position (Unaudited)
As of

(In millions, except share and per share amounts)
June 30, 2026
December 31, 2025

Cash, cash equivalents, and restricted cash
$
2,105  

$
4,512  

Receivables – net of allowances of $ 102 and $ 103
3,881  

3,955  

Inventories
2,483  

2,234  

Contract and other deferred assets
1,235  

1,073  

All other current assets
793  

726  

Current assets
10,497  

12,501  

Property, plant, and equipment – net
3,146  

3,092  

Goodwill
15,095  

13,489  

Other intangible assets – net
1,894  

1,130  

Deferred income taxes
4,359  

4,491  

All other non-current assets
2,254  

2,205  

Total assets
$
37,246  

$
36,906  

Short-term borrowings
$
2  

$
508  

Accounts payable
3,231  

3,250  

Contract liabilities
2,200  

2,095  

Current compensation and benefits
1,439  

1,666  

All other current liabilities
1,429  

1,587  

Current liabilities
8,302  

9,105  

Long-term borrowings
10,091  

9,495  

Non-current compensation and benefits
5,186  

5,453  

Deferred income taxes
315  

193  

All other non-current liabilities
2,133  

2,061  

Total liabilities
26,027  

26,307  

Commitments and contingencies

Redeemable noncontrolling interests
229  

209  

Common stock, par value $ 0.01 per share, 1,000,000,000 shares authorized, 459,470,464 shares issued as of June 30, 2026; 458,844,209 shares issued as of December 31, 2025
5  

5  

Treasury stock, at cost, 7,785,199 shares as of June 30, 2026 and 3,107,626 shares as of December 31, 2025
( 525 )

( 225 )

Additional paid-in capital
6,776  

6,707  

Retained earnings
6,199  

5,281  

Accumulated other comprehensive income (loss) – net
( 1,480 )

( 1,388 )

Total equity attributable to GE HealthCare
10,975  

10,379  

Noncontrolling interests
14  

11  

Total equity
10,989  

10,390  

Total liabilities, redeemable noncontrolling interests, and equity
$
37,246  

$
36,906  

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of Contents              

Condensed Consolidated Statements of Changes in Equity (Unaudited)

Common stock
Treasury stock

(In millions, except per share amounts)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Total equity

Balances as of March 31, 2026
459  

$
5  

5  

$
( 325 )

$
6,733  

$
5,654  

$
( 1,398 )

$
12  

$
10,680  

Issuance of shares under equity awards, net of shares withheld for taxes and other
— 

— 

— 

— 

( 1 )

— 

— 

— 

( 1 )

Repurchase of common stock
— 

— 

3  

( 200 )

— 

— 

— 

— 

( 200 )

Net income attributable to GE HealthCare
— 

— 

— 

— 

— 

561  

— 

— 

561  

Dividends declared ($ 0.035 per common share)
— 

— 

— 

— 

— 

( 16 )

— 

— 

( 16 )

Other comprehensive income (loss) attributable to GE HealthCare
— 

— 

— 

— 

— 

— 

( 81 )

— 

( 81 )

Changes in equity attributable to noncontrolling interests
— 

— 

— 

— 

— 

— 

— 

2  

2  

Share-based compensation
— 

— 

— 

— 

45  

— 

— 

— 

45  

Balances as of June 30, 2026
459  

$
5  

8  

$
( 525 )

$
6,776  

$
6,199  

$
( 1,480 )

$
14  

$
10,989  

Common stock
Treasury stock

(In millions, except per share amounts)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Total equity

Balances as of March 31, 2025
458  

$
5  

—  

$
( 25 )

$
6,597  

$
3,810  

$
( 1,199 )

$
20  

$
9,207  

Issuance of shares under equity awards, net of shares withheld for taxes and other
— 

— 

— 

— 

( 3 )

— 

— 

— 

( 3 )

Repurchase of common stock
— 

— 

1  

( 100 )

— 

— 

— 

— 

( 100 )

Net income attributable to GE HealthCare
— 

— 

— 

— 

— 

486  

— 

— 

486  

Other comprehensive income (loss) attributable to GE HealthCare
— 

— 

— 

— 

— 

— 

109  

— 

109  

Changes in equity attributable to noncontrolling interests
— 

— 

— 

— 

— 

— 

— 

1  

1  

Share-based compensation
— 

— 

— 

— 

34  

— 

— 

— 

34  

Balances as of June 30, 2025
458  

$
5  

2  

$
( 125 )

$
6,628  

$
4,295  

$
( 1,090 )

$
21  

$
9,733  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Condensed Consolidated Statements of Changes in Equity (Unaudited)

Common stock
Treasury stock

(In millions, except per share amounts)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Total equity

Balances as of December 31, 2025
459  

$
5  

3  

$
( 225 )

$
6,707  

$
5,281  

$
( 1,388 )

$
11  

$
10,390  

Issuance of shares under equity awards, net of shares withheld for taxes and other
1  

— 

— 

— 

( 10 )

— 

— 

— 

( 10 )

Repurchase of common stock
— 

— 

5  

( 300 )

— 

— 

— 

— 

( 300 )

Net income attributable to GE HealthCare
— 

— 

— 

— 

— 

950  

— 

— 

950  

Dividends declared ($ 0.070 per common share)
— 

— 

— 

— 

— 

( 32 )

— 

— 

( 32 )

Other comprehensive income (loss) attributable to GE HealthCare
— 

— 

— 

— 

— 

— 

( 92 )

— 

( 92 )

Changes in equity attributable to noncontrolling interests    
— 

— 

— 

— 

— 

— 

— 

4  

4  

Share-based compensation
— 

— 

— 

— 

80  

— 

— 

— 

80  

Balances as of June 30, 2026
459  

$
5  

8  

$
( 525 )

$
6,776  

$
6,199  

$
( 1,480 )

$
14  

$
10,989  

Common stock
Treasury stock

(In millions, except per share amounts)
Shares
Amount
Shares
Amount
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Total equity

Balances as of December 31, 2024
457  

$
5  

—  

$
( 25 )

$
6,583  

$
3,262  

$
( 1,379 )

$
18  

$
8,464  

Issuance of shares under equity awards, net of shares withheld for taxes and other
1  

— 

— 

— 

( 11 )

— 

— 

— 

( 11 )

Repurchase of common stock
— 

— 

1  

( 100 )

— 

— 

— 

— 

( 100 )

Net income attributable to GE HealthCare
— 

— 

— 

— 

— 

1,049  

— 

— 

1,049  

Dividends declared ($ 0.035 per common share)
— 

— 

— 

— 

— 

( 16 )

— 

— 

( 16 )

Other comprehensive income (loss) attributable to GE HealthCare
— 

— 

— 

— 

— 

— 

288  

— 

288  

Changes in equity attributable to noncontrolling interests
— 

— 

— 

— 

— 

— 

— 

2  

2  

Share-based compensation
— 

— 

— 

— 

56  

— 

— 

— 

56  

Balances as of June 30, 2025
458  

$
5  

2  

$
( 125 )

$
6,628  

$
4,295  

$
( 1,090 )

$
21  

$
9,733  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Condensed Consolidated Statements of Cash Flows (Unaudited)

For the six months ended June 30

(In millions)
2026
2025

Net income
$
985  

$
1,088  

Adjustments to reconcile Net income to Cash from (used for) operating activities:

Depreciation of property, plant, and equipment
154  

138  

Amortization of intangible assets
159  

146  

Gain on remeasurement of Nihon Medi-Physics equity method investment
—  

( 97 )

Net periodic postretirement benefit plan (income) expense
( 93 )

( 138 )

Postretirement plan contributions
( 171 )

( 182 )

Share-based compensation
80  

56  

Provision for income taxes
213  

216  

Cash paid during the year for income taxes
( 231 )

( 270 )

Changes in operating assets and liabilities, excluding the effects of acquisitions:

Receivables
62  

185  

Inventories
( 310 )

( 188 )

Contract and other deferred assets
( 132 )

( 48 )

Accounts payable
21  

( 113 )

Contract liabilities
83  

( 23 )

Current compensation and benefits
( 231 )

( 207 )

All other operating activities – net
( 130 )

( 218 )

Cash from (used for) operating activities
458  

344  

Cash flows – investing activities

Additions to property, plant and equipment and internal-use software
( 278 )

( 238 )

Purchases of businesses, net of cash acquired
( 2,293 )

( 279 )

Purchases of investments
( 19 )

( 28 )

All other investing activities – net
( 24 )

( 84 )

Cash from (used for) investing activities
( 2,615 )

( 630 )

Cash flows – financing activities

Net increase (decrease) in borrowings (maturities of 90 days or less)
( 1 )

1  

Newly issued debt, net of debt issuance costs (maturities longer than 90 days)
1,152  

1,493  

Repayments and other reductions (maturities longer than 90 days)
( 1,012 )

( 261 )

Dividends paid to stockholders
( 32 )

( 32 )

Repurchase of common stock
( 300 )

( 100 )

Proceeds from stock issued under employee benefit plans
10  

21  

Taxes paid related to net share settlement of equity awards
( 21 )

( 33 )

All other financing activities – net
( 12 )

( 15 )

Cash from (used for) financing activities
( 215 )

1,075  

Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash
( 35 )

84  

Increase (decrease) in cash, cash equivalents, and restricted cash
( 2,407 )

873  

Cash, cash equivalents, and restricted cash at beginning of year
4,515  

2,893  

Cash, cash equivalents, and restricted cash at end of period
$
2,108  

$
3,766  

Supplemental disclosure of cash flows information

Cash paid during the year for interest
$
( 280 )

$
( 260 )

Non-cash investing activities

Acquired but unpaid property, plant, and equipment
$
102  

$
90  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

GE HealthCare Technologies Inc. is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions.

The condensed consolidated financial statements (the “financial statements”) of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and operating results have been included. All intercompany balances and transactions within the Company have been eliminated in the financial statements. Operating results for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results that may be expected for the fiscal year as a whole. The December 31, 2025 period presented on the Condensed Consolidated Statement of Financial Position was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

The financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Tables throughout this document are presented in millions of U.S. dollars unless otherwise stated and certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts. References to the “Spin-Off” are related to the spin-off of GE HealthCare Technologies Inc. from General Electric Company, which now operates as GE Aerospace (“GE”).

In the second quarter of 2026, we made a strategic change to our executive leadership and to our segments, combining our Imaging and Advanced Visualization Solutions (“AVS”) businesses into a new operating and reportable segment, Advanced Imaging Solutions (“AIS”). Following this organizational change, the Company has three reportable segments: AIS, Pharmaceutical Diagnostics (“PDx”), and Patient Care Solutions (“PCS”), which is aligned with how the Company’s Chief Operating Decision Maker (“CODM”) reviews the business for the purpose of assessing performance and allocating resources. Historical segment financial information presented within this report has been recast to conform to the new reportable segment structure. See Note 3, “Segment Information” for more information.

ESTIMATES AND ASSUMPTIONS.

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions, which affect the reported amounts and related disclosures in the financial statements. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position, and cash flows.

RECENT ACCOUNTING PRONOUNCEMENTS.

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 or disclosures.

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.

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NOTE 2. REVENUE RECOGNITION

Our revenues primarily consist of sales of products and services to customers. Products include equipment, imaging agents, software-related offerings, and upgrades. Services include contractual and stand-by preventative maintenance and corrective services, as well as related parts and labor, extended warranties, training, and other service-type offerings. The Company recognizes revenue from contracts with customers when the customer obtains control of the underlying products or services.

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

June 30, 2026
December 31, 2025

Contract assets
$
776  

$
645  

Other deferred assets
459  

428  

Contract and other deferred assets
1,235  

1,073  

Non-current contract assets (1)
91  

91  

Non-current other deferred assets (1)
125  

120  

Total contract and other deferred assets
$
1,452  

$
1,285  

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

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

June 30, 2026
December 31, 2025

Contract liabilities
$
2,200
$
2,095

Non-current contract liabilities (1)
857
803

Total contract liabilities
$
3,057
$
2,899

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

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $ 1,189 million and $ 1,134 million for the six months ended June 30, 2026 and 2025, respectively.

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

June 30, 2026
December 31, 2025

Products
$
5,180
$
5,001

Services    
10,939
10,728

Total RPO     
$
16,118
$
15,729

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

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NOTE 3. SEGMENT INFORMATION

In the second quarter of 2026, we made a strategic change to our executive leadership and to our segments, combining our Imaging and AVS businesses into a new operating and reportable segment, Advanced Imaging Solutions. The AIS segment has a product portfolio that serves customers across three core areas: Radiology, Specialized Ultrasound, and Procedural Guidance. Radiology was formerly reported as our Imaging business, while Specialized Ultrasound and Procedural Guidance were previously reported in our AVS business. Historical segment financial information presented within this report has been recast to conform to the new reportable segment structure.

Following this organizational change, the Company has three reportable segments: AIS, PDx, and PCS. 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.

The Company’s organizational structure is based upon the availability of separate financial information that is evaluated regularly by the Company’s 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 Condensed 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 and other adjustments, amortization of acquisition-related intangible assets, investment revaluation gain (loss), and other non-recurring items such as refunds for tariffs incurred in prior years. 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 three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

AIS:

Radiology
$
2,388  

$
2,204  

$
4,686  

$
4,344  

Procedural Guidance
715  

660  

1,434  

1,301  

Specialized Ultrasound
668  

630  

1,290  

1,228  

Total AIS
3,771  

3,493  

7,410  

6,872  

Total PDx
843  

729  

1,612  

1,362  

PCS:

Monitoring Solutions
503  

578  

1,022  

1,135  

Life Support Solutions
172  

200  

357  

397  

Total PCS
675  

778  

1,379  

1,531  

Other (1)
6  

6  

24  

19  

Total revenues
$
5,295  

$
5,007  

$
10,425  

$
9,784  

(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.

Significant Expenses by Segment
For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

AIS:

Cost of sales
$
2,254  

$
2,106  

$
4,458  

$
4,057  

Other segment items (1)
992  

932  

1,948  

1,901  

Total AIS
$
3,246  

$
3,039  

$
6,407  

$
5,958  

PDx:

Cost of sales
$
422  

$
371  

$
828  

$
666  

Other segment items (1)
171  

144  

338  

278  

Total PDx
$
593  

$
516  

$
1,166  

$
943  

PCS:

Cost of sales
$
494  

$
507  

$
975  

$
988  

Other segment items (1)
207  

212  

420  

436  

Total PCS
$
700  

$
719  

$
1,395  

$
1,423  

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

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Segment EBIT
For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

Segment EBIT

AIS
$
525  

$
455  

$
1,004  

$
914  

PDx
250  

213  

446  

418  

PCS
( 26 )

60  

( 16 )

108  

Other (1)
1  

1  

6  

3  

750  

729  

1,440  

1,443  

Restructuring costs
( 27 )

( 18 )

( 76 )

( 40 )

Acquisition and disposition-related benefits (charges)
( 11 )

( 7 )

( 46 )

( 15 )

Gain (loss) on business and asset dispositions
—  

( 5 )

—  

5  

Spin-Off and separation costs and other adjustments
5  

( 5 )

2  

( 29 )

Amortization of acquisition-related intangible assets
( 61 )

( 40 )

( 108 )

( 75 )

Investment revaluation gain (loss)
—  

( 1 )

( 8 )

92  

Interest and other financial charges – net
( 114 )

( 113 )

( 210 )

( 224 )

Non-operating benefit income (costs)
45  

73  

96  

148  

Tariff refunds
106  

—  

106  

—  

Income before income taxes
$
693  

$
613  

$
1,198  

$
1,304  

(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 three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

AIS
$
67  

$
75  

$
139  

$
151  

PDx
19  

17  

39  

29  

PCS
13  

13  

25  

27  

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.

NOTE 4. RECEIVABLES

Current Receivables
As of

June 30, 2026

December 31, 2025

Current customer receivables (1)
$
3,535  

$
3,719  

Non-income based tax receivables
169  

159  

Other sundry receivables
279  

180  

Current sundry receivables
448  

339  

Allowance for credit losses
( 102 )

( 103 )

Total current receivables – net
$
3,881  

$
3,955  

(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 $ 103 million and $ 148 million as of June 30, 2026 and December 31, 2025, respectively. The decrease in chargebacks is primarily due to lower wholesaler product levels.

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Table of Contents              

Long-Term Receivables
As of

June 30, 2026
December 31, 2025

Long-term customer receivables
$
77  

$
73  

Non-income based tax receivables
25  

24  

Other sundry receivables
88  

100  

Long-term sundry receivables
112  

124  

Allowance for credit losses
( 7 )

( 7 )

Total long-term receivables – net
$
183  

$
190  

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

NOTE 5. 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 Condensed Consolidated Statements of Financial Position.

As of

June 30, 2026
December 31, 2025

Loans receivable, at amortized cost
$
21  

$
21  

Investment in finance leases, net of deferred income
74  

76  

Allowance for credit losses
( 3 )

( 2 )

Current financing receivables – net
$
92  

$
95  

Loans receivable, at amortized cost
$
45  

$
44  

Investment in finance leases, net of deferred income
149  

149  

Allowance for credit losses
( 3 )

( 3 )

Non-current financing receivables – net
$
191  

$
190  

As of June 30, 2026 , 2 %, 1 %, and 2 % 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, 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.

NOTE 6. 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 operating lease right-of-use (“ROU”) assets are recognized within Property, plant, and equipment – net and our operating lease liabilities are recognized within All other current liabilities and All other non-current liabilities in the Condensed Consolidated Statements of Financial Position, as detailed below.

Operating Lease Assets and Liabilities
As of

June 30, 2026
December 31, 2025

Operating lease ROU assets, net of amortization
$
391  

$
410  

Current operating lease liabilities
131  

134  

Non-current operating lease liabilities
263  

284  

Total operating lease liabilities
$
394  

$
419  

The total lease expense related to our operating lease portfolio was $ 60  million for both the three months ended June 30, 2026 and 2025, and $ 123  million and $ 122  million for the six months ended June 30, 2026 and 2025, respectively.

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NOTE 7. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

ACQUISITIONS.

Intelerad
On March 18, 2026, the Company acquired 100 % of the stock of Intelerad for approximately $ 2,293 million in cash, net of cash acquired. The purchase was funded by the proceeds of senior unsecured notes issued in the fourth quarter of 2025, together with new borrowings under a delayed draw term loan facility and cash on hand. See Note 8, “Borrowings” for additional information on the borrowings. Intelerad is included in the Company’s AIS segment.

Intelerad is a leading medical imaging software and digital enterprise workflow solutions company with a significant presence in outpatient ambulatory care settings, which the Company believes complements our strength in hospital-based imaging.

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

Preliminary allocation

Receivables
$
39  

Contract assets
27  

Property, plant, and equipment
9  

Goodwill
1,629  

Other intangible assets
845  

All other current and non-current assets
28  

Accounts payable
( 16 )

Contract liabilities
( 34 )

Other current liabilities
( 23 )

Deferred income taxes
( 123 )

All other non-current liabilities (1)
( 88 )

Total net assets post acquisition
$
2,293  

(1) All other non-current liabilities primarily includes tax reserves.

The purchase price allocation required estimates and assumptions, including, but not limited to, estimates of future cash flows, direct costs, and appropriate discount rates. During the three months ended June 30, 2026, the Company reassessed its estimates and inputs as new information about facts and circumstances that existed as of the acquisition date became known. As a result, the Company recorded a net increase of $ 45 million to goodwill. These adjustments primarily relate to Contract assets, Deferred income taxes, and Other intangible assets. While all amounts remain subject to adjustments, the areas subject to the most significant potential adjustments are Other intangible assets and Deferred income taxes. The Company’s management believes the amounts recognized for the assets acquired and liabilities assumed are based on reasonable estimates and assumptions.

Other intangibles relate to $ 845 million of definite-lived intangible assets, primarily consisting of developed technology, customer relationships, and trade names. The acquired definite-lived intangibles are being amortized over a weighted-average estimated useful life of approximately 12 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.

Goodwill recognized in connection with the Intelerad acquisition, recorded within the AIS segment, is not deductible for income tax purposes. The goodwill primarily reflects expected synergies and other strategic benefits associated with the integration of Intelerad’s technology into the Company’s market offerings and imaging technologies.

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.

Our unaudited supplemental pro forma consolidated financial information for the three and six months ended June 30, 2026 and 2025, including the results of operations for Intelerad as if the Intelerad acquisition had been completed on January 1, 2025, is as follows.

For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

Total revenues
$
5,295  

$
5,065  

$
10,478  

$
9,898  

Net income attributable to GE HealthCare
567  

462  

971  

981  

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The unaudited supplemental pro forma consolidated financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Intelerad. In order to reflect the occurrence of the acquisition on January 1, 2025, the unaudited supplemental pro forma financial information includes adjustments to reflect the following: (i) incremental amortization expense based on the current preliminary fair values of the identifiable intangible assets; (ii) the additional interest expense associated with the issuance of debt to finance the acquisition; and (iii) the reclassification of transaction and other acquisition-related costs incurred during the three and six months ended June 30, 2026, to the three and six months ended June 30, 2025. The unaudited supplemental pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2025. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.
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. We are in the process of integrating the icometrix platform with our MRI systems. icometrix is included in the Company’s AIS segment.
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.
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 Accumulated other comprehensive income (loss) – net (“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 Condensed Consolidated Statements of Income for the six months ended June 30, 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 fair values of the assets and liabilities assumed in connection with the acquisition of NMP, which were finalized in the first quarter of 2026 without material adjustment, are as follows.

Purchase price allocation

Receivables
$
53  

Inventories
9  

All other current assets (1)
35  

Property, plant, and equipment
239  

Goodwill
221  

Other intangible assets
235  

All other non-current assets
39  

Deferred income taxes
( 80 )

All other non-current liabilities
( 145 )

Other (2)
( 29 )

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.
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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, primarily consisting 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.

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.

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 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.

GOODWILL.

As discussed in Note 3, “Segment Information,” in the second quarter of 2026, the Company combined its Imaging and AVS businesses into a new operating and reportable segment, AIS. Accordingly, we combined the historical Imaging and AVS goodwill balances into the newly formed AIS segment.

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In connection with the change in reportable segments in the second quarter of 2026, the Company evaluated the goodwill of our reporting units within the AIS segment for impairment before and after the segment realignment and we did not identify any events or circumstances that would require an interim impairment test. In addition, with respect to goodwill within the PDx and PCS segments, we did not identify any events or circumstances that required an interim impairment test since the last annual impairment testing date. Future changes in operating results, market conditions, or other relevant assumptions could affect this assessment. Should the Company identify future indicators of goodwill impairment, it may be required to conduct an interim impairment test that could result in a goodwill impairment charge.

AIS
PDx
PCS
Total

Balance at December 31, 2025
$
8,702  

$
2,745  

$
2,041  

$
13,489  

Acquisitions (1)
1,629  

—  

—  

1,629  

Foreign currency exchange and other
( 14 )

( 7 )

( 2 )

( 23 )

Balance at June 30, 2026
$
10,317  

$
2,738  

$
2,040  

$
15,095  

(1) Includes the purchase of Intelerad recorded within our AIS segment, as described above.

OTHER INTANGIBLE ASSETS.

As of June 30, 2026

As of December 31, 2025

Gross Carrying Amount
Accumulated Amortization
Net

Gross Carrying Amount
Accumulated Amortization
Net

Definite-lived assets

Customer-related
$
390  

$
( 55 )

$
335  

$
279  

$
( 43 )

$
236  

Patents and technology
3,379  

( 2,213 )

1,167  

2,698  

( 2,128 )

570  

Capitalized software
1,769  

( 1,513 )

256  

1,703  

( 1,470 )

233  

Trademarks and other
97  

( 35 )

62  

47  

( 31 )

15  

Total definite-lived assets
5,635  

( 3,816 )

1,820  

4,727  

( 3,672 )

1,055  

Indefinite-lived assets (1)
75  

—  

75  

75  

—  

75  

Total other intangible assets
$
5,710  

$
( 3,816 )

$
1,894  

$
4,802  

$
( 3,672 )

$
1,130  

(1) Indefinite-lived intangible assets relate to acquired in-process research and development prior to project completion and are not amortized.

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Amortization expense was $ 84 million and $ 75 million for the three months ended June 30, 2026 and 2025, respectively, and $ 159 million and $ 146 million for the six months ended June 30, 2026 and 2025, respectively.

NOTE 8. BORROWINGS

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

Senior Unsecured Notes
As of June 30, 2026, 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.

Credit Facilities
In the first quarter of 2026, the Company terminated its existing $ 500  million 364-day senior unsecured revolving credit facility and replaced it with a new $ 500  million 364-day senior unsecured revolving credit facility with terms that are substantially similar to those of the terminated facility.
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 February 25, 2027; and
• a three-year senior unsecured delayed draw term loan credit facility in an aggregate principal amount of $ 650  million, maturing on March 16, 2029 (the “Delayed Draw Term Loan Facility” and, together with the five-year senior unsecured revolving credit facility and the 364-day senior unsecured revolving credit facility, the “Credit Facilities”).
In the first quarter of 2026, in connection with the acquisition of Intelerad, the Company borrowed $ 500  million under the 364-day senior unsecured revolving credit facility and subsequently completed a $ 650  million drawdown of the Delayed Draw Term Loan Facility, which had aggregate lender commitments of $ 750  million. The $ 100  million of unused lender commitments for the Delayed Draw Term Loan Facility automatically terminated upon completion of the drawdown. Immediately following the acquisition, the Company repaid $ 500  million under the 364-day senior unsecured revolving credit facility. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for more information on our Intelerad acquisition.
There were no outstanding amounts under the five-year senior unsecured revolving credit facility or the 364-day senior unsecured revolving credit facility as of June 30, 2026 and December 31, 2025, respectively.

Borrowings Composition
As of

June 30, 2026
December 31, 2025

5.650 % senior notes due November 15, 2027
$
1,750  

$
1,750  

4.150 % senior notes due December 15, 2028
600  

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  

650  

5.905 % senior notes due November 22, 2032
1,750  

1,750  

5.500 % senior notes due June 15, 2035
850  

850  

4.950 % senior notes due December 15, 2035
650  

650  

6.377 % senior notes due November 22, 2052
1,000  

1,000  

Floating rate Delayed Draw Term Loan Facility due March 16, 2029
650  

—  

Floating rate Term Loan Facility due January 2, 2026 (1)
—  

500  

Other
13  

24  

Total principal debt issued
10,163  

10,024  

Less: Unamortized debt issuance costs and discounts
44  

49  

Add: Cumulative basis adjustment for fair value hedges
( 25 )

27  

Total borrowings
10,093  

10,003  

Less: Short-term borrowings (2)
2  

508  

Long-term borrowings
$
10,091  

$
9,495  

(1) In the first quarter of 2026, the Company repaid $ 500  million of the remaining Term Loan Facility upon maturity.
(2) Short-term borrowings as of June 30, 2026 and December 31, 2025 i ncludes $ 2  million and $ 502  million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

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See Note 12, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of June 30, 2026 and December 31, 2025, the Company had bank guarantees and surety bonds of approximately $ 1,189  million and $ 1,149  million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $ 20 million and $ 22 million of guarantees as of June 30, 2026 and December 31, 2025, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Condensed Consolidated Statements of Financial Position reflect a liability of $ 3 million as of both June 30, 2026 and December 31, 2025 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.

NOTE 9. POSTRETIREMENT BENEFIT PLANS

We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories: U.S. Plans, International Plans, and Other Postretirement Plans (“OPEB Plans”). Refer to Note 10, “Postretirement Benefit Plans” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for further information. Pension plans with pension assets or obligations less than $ 50  million are not included in the results below.

Components of Expense (Income)

U.S. Plans
International Plans
OPEB Plans

For the three months ended June 30,
2026
2025
2026
2025
2026
2025

Service cost – Operating
$
1  

$
1  

$
5  

$
5  

$
1  

$
1  

Interest cost
241  

249  

39  

38  

11  

13  

Expected return on plan assets
( 275 )

( 287 )

( 40 )

( 38 )

—  

—  

Amortization of net loss (gain)
—  

( 20 )

6  

5  

( 14 )

( 15 )

Amortization of prior service cost (credit)
( 3 )

( 3 )

( 1 )

( 1 )

( 18 )

( 20 )

Special termination cost
—  

1  

—  

—  

—  

—  

Non-operating
$
( 37 )

$
( 59 )

$
5  

$
4  

$
( 21 )

$
( 21 )

Net periodic expense (income)
$
( 36 )

$
( 58 )

$
9  

$
10  

$
( 20 )

$
( 20 )

U.S. Plans
International Plans
OPEB Plans

For the six months ended June 30,
2026
2025
2026
2025
2026
2025

Service cost – Operating
$
2  

$
2  

$
9  

$
10  

$
3  

$
3  

Interest cost
481  

497  

79  

74  

22  

26  

Expected return on plan assets
( 550 )

( 573 )

( 81 )

( 74 )

—  

—  

Amortization of net loss (gain)
—  

( 40 )

12  

10  

( 29 )

( 30 )

Amortization of prior service cost (credit)
( 5 )

( 5 )

( 1 )

( 1 )

( 35 )

( 40 )

Special termination cost
—  

2  

—  

—  

—  

1  

Non-operating
$
( 74 )

$
( 119 )

$
9  

$
9  

$
( 42 )

$
( 43 )

Net periodic expense (income)
$
( 72 )

$
( 117 )

$
18  

$
19  

$
( 39 )

$
( 40 )

In the six months ended June 30, 2026, the Company made cash payments totaling $ 90 million to its U.S. Plans, $ 19 million to its International Plans, and $ 62  million to its OPEB Plans. As of June 30, 2026, the Company expects to make total cash contributions of approximately $ 350  million to these plans in 2026. 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.

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 $ 39 million for both the three months ended June 30, 2026 and 2025, and $ 87 million and $ 83 million for the six months ended June 30, 2026 and 2025, respectively.

NOTE 10. INCOME TAXES
Our effective income tax rate was 17.2 % and 18.4 % for the three months ended June 30, 2026 and 2025, respectively, and 17.8 % and 16.6 % for the six months ended June 30, 2026 and 2025, respectively.
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The tax rate for the three and six months ended June 30, 2026 is lower than the U.S. statutory rate primarily due to the use of tax attributes and foreign-derived deduction eligible income benefits, reconciling adjustments to recorded tax account balances, and research and development (“R&D”) benefits, partially offset by withholding taxes, geographic earnings mix, and state taxes.

The tax rate for the three months ended June 30, 2025 is lower than the U.S. statutory rate primarily due to the use of tax attributes and R&D benefits, partially offset by withholding taxes, geographic earnings mix, and state taxes. The tax rate for the six months ended June 30, 2025 is lower than the U.S. statutory rate primarily due to foreign income tax reserve releases, the use of tax attributes, the nontaxable remeasurement gain that was recorded in connection with the NMP acquisition, and R&D benefits, partially offset by withholding taxes, geographic earnings mix, and state taxes.
The Company is currently being audited, or remains subject to audit, in a number of jurisdictions for the tax years 2004-2024, including China, France, Germany, India, Japan, Norway, the United Kingdom, and the United States.

NOTE 11. SHAREHOLDERS' EQUITY

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) – NET.

Changes in AOCI by component were as follows.

For the three months ended June 30, 2026

Currency translation adjustments (1)
Pension and Other Postretirement Plans
Cash flow hedges
Total AOCI

March 31, 2026
$
( 1,566 )

$
147  

$
20  

$
( 1,398 )

Other comprehensive income (loss) before reclassifications – net of taxes of $ 8 , $ — , and $( 4 )
( 71 )

1  

18  

( 52 )

Reclassifications from AOCI – net of taxes (2) of $ — , $ 6 , and $ 1
—  

( 19 )

( 10 )

( 29 )

Other comprehensive income (loss)
( 71 )

( 18 )

8  

( 80 )

Less: Other comprehensive income (loss) attributable to noncontrolling interests
1  

—  

—  

1  

June 30, 2026
$
( 1,637 )

$
129  

$
28  

$
( 1,480 )

For the three months ended June 30, 2025

Currency translation adjustments (1)
Pension and Other Postretirement Plans
Cash flow hedges
Total AOCI

March 31, 2025
$
( 1,717 )

$
507  

$
10  

$
( 1,199 )

Other comprehensive income (loss) before reclassifications – net of taxes of $ 44 , $ 11 , and $ 10
221  

( 38 )

( 37 )

146  

Reclassifications from AOCI – net of taxes (2) of $ — , $ 12 , and $ 1
—  

( 41 )

4  

( 37 )

Other comprehensive income (loss)
221  

( 79 )

( 33 )

108  

Less: Other comprehensive income (loss) attributable to noncontrolling interests
—  

—  

—  

—  

June 30, 2025
$
( 1,495 )

$
428  

$
( 23 )

$
( 1,090 )

For the six months ended June 30, 2026

Currency translation adjustments (1)
Pension and Other Postretirement Plans
Cash flow hedges
Total AOCI

December 31, 2025
$
( 1,548 )

$
158  

$
3  

$
( 1,388 )

Other comprehensive income (loss) before reclassifications – net of taxes of $( 17 ), $( 3 ), and $( 10 )
( 97 )

13  

41  

( 42 )

Reclassifications from AOCI – net of taxes (2) of $ — , $ 12 , and $ 1
—  

( 41 )

( 16 )

( 57 )

Other comprehensive income (loss)
( 97 )

( 28 )

25  

( 100 )

Less: Other comprehensive income (loss) attributable to noncontrolling interests
( 8 )

—  

—  

( 8 )

June 30, 2026
$
( 1,637 )

$
129  

$
28  

$
( 1,480 )

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For the six months ended June 30, 2025

Currency translation adjustments (1)
Pension and Other Postretirement Plans
Cash flow hedges
Total AOCI

December 31, 2024
$
( 1,973 )

$
576  

$
18  

$
( 1,379 )

Other comprehensive income (loss) before reclassifications – net of taxes of $ 59 , $ 16 , and $ 14
415  

( 58 )

( 48 )

308  

Reclassifications from AOCI – net of taxes (2)(3) of $ — , $ 28 , and $ —
63  

( 90 )

7  

( 20 )

Other comprehensive income (loss)
478  

( 148 )

( 41 )

288  

Less: Other comprehensive income (loss) attributable to noncontrolling interests
—  

—  

—  

—  

June 30, 2025
$
( 1,495 )

$
428  

$
( 23 )

$
( 1,090 )

(1) The amount of Currency translation adjustments recognized in Other comprehensive income (loss) (“OCI”) included net gains (losses) relating to net investment hedges, as further discussed in Note 12, “ Financial Instruments and Fair Value Measurements.”
(2) 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 Condensed Consolidated Statements of Income.
(3) 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 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition.

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 three and six months ended June 30, 2026, we repurchased 3.3 million shares and 4.7 million shares, respectively, for total consideration of approximately $ 200 million and $ 300 million, respectively. During the three months ended June 30, 2025, we repurchased 1.4 million shares for total consideration of approximately $ 100 million. As of June 30, 2026, we had $ 500 million available under the repurchase program authorization.

NOTE 12. 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.

Cash Flow Hedges
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 June 30, 2026, we expect to reclassify $ 42  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.

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

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 June 30, 2026, these contracts were designated as hedges of our net investment in foreign operations, primarily in Euro and Chinese Renminbi currencies.

Within the Condensed Consolidated Statements of Cash Flows, cash flows associated with derivatives designated as net investment hedges are recorded in All other investing activities – net and cash flows from the periodic interest settlements on the cross-currency swaps are recorded in All other operating activities – net.

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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 Condensed 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.

Within the Condensed Consolidated Statements of Cash Flows, cash flows for the periodic interest settlements on the interest rate swaps are recorded in All other operating activities – net.

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, Selling, general, and administrative (“SG&A”), and Other (income) expense – net in the Condensed 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 Condensed Consolidated Statements of Income.

Within the Condensed Consolidated Statements of Cash Flows, 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, and cash flows related to embedded derivatives are recorded in All other operating activities – net.

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

Fair Value of Derivatives
June 30, 2026

December 31, 2025

Gross Notional
Fair Value – Assets
Fair Value – Liabilities

Gross Notional
Fair Value – Assets
Fair Value – Liabilities

Foreign currency forward contracts
$
1,636  

$
82  

$
7  

$
1,508  

$
52  

$
23  

Derivatives accounted for as cash flow hedges
1,636  

82  

7  

1,508  

52  

23  

Cross-currency swaps
3,990  

68  

70  

4,115  

51  

135  

Foreign currency forward and options contracts
2,628  

52  

38  

2,581  

50  

37  

Derivatives accounted for as net investment hedges
6,618  

120  

109  

6,697  

101  

172  

Interest rate swaps
2,700  

—  

25  

2,700  

28  

—  

Derivatives accounted for as fair value hedges
2,700  

—  

25  

2,700  

28  

—  

Foreign currency forward contracts
5,468  

10  

24  

4,761  

20  

7  

Other derivatives (1)
324  

11  

3  

320  

56  

5  

Derivatives not designated as hedging instruments
5,792  

21  

27  

5,081  

76  

12  

Total derivatives
$
16,746  

$
222  

$
167  

$
15,986  

$
256  

$
207  

(1) 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 Condensed Consolidated Statements of Financial Position related to cumulative basis adjustment for fair value hedges.

June 30, 2026
December 31, 2025

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
$
2,670  

$
( 25 )

$
2,722  

$
27  

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 Condensed Consolidated Statements of Financial Position and in the table above.

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As of June 30, 2026 and December 31, 2025, the potential effect of rights of offset associated with the derivative contracts would be an offset to both assets and liabilities by $ 98  million and $ 107  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.

Pre-tax Gains (Losses) Recognized in OCI Related to Cash Flow and Net Investment Hedges

For the three months ended June 30

For the six months ended June 30

2026
2025

2026
2025

Cash flow hedges
$
22  

$
( 47 )

$
51  

$
( 62 )

Net investment hedges (1)
( 35 )

( 189 )

72  

( 254 )

(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 Condensed Consolidated Statements of Income.

Derivative Financial Instruments and Hedging Activity
For the three months ended June 30, 2026

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

Foreign currency forward contracts
$
9  

$
2  

$
—  

$
—  

$
—  

Effects of cash flow hedges
9  

2  

—  

—  

—  

Cross-currency swaps
—  

—  

—  

13  

—  

Foreign currency forward and options contracts
—  

—  

—  

6  

—  

Effects of net investment hedges (1)
—  

—  

—  

19  

—  

Interest rate swaps (2)
—  

—  

—  

( 34 )

—  

Debt basis adjustment on Long-term borrowings
—  

—  

—  

34  

—  

Effects of fair value hedges
—  

—  

—  

1  

—  

Foreign currency forward contracts
10  

3  

—  

—  

—  

Other derivatives (3)
—  

—  

7  

—  

22  

Effects of derivatives not designated as hedging instruments
10  

3  

7  

—  

23  

For the three months ended June 30, 2025

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

Foreign currency forward contracts
$
( 3 )

$
( 1 )

$
—  

$
—  

$
—  

Effects of cash flow hedges
( 3 )

( 1 )

—  

—  

—  

Cross-currency swaps
—  

—  

—  

6  

—  

Foreign currency forward and option contracts
—  

—  

—  

5  

—  

Effects of net investment hedges (1)
—  

—  

—  

11  

—  

Interest rate swaps (2)
—  

—  

—  

24  

—  

Debt basis adjustment on Long-term borrowings
—  

—  

—  

( 28 )

—  

Effects of fair value hedges
—  

—  

—  

( 4 )

—  

Foreign currency forward contracts
44  

12  

—  

—  

( 1 )

Other derivatives (3)
—  

—  

4  

—  

6  

Effects of derivatives not designated as hedging instruments
44  

12  

4  

—  

5  

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Derivative Financial Instruments and Hedging Activity
For the six months ended June 30, 2026

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

Foreign currency forward contracts
$
14  

$
3  

$
—  

$
—  

$
—  

Effects of cash flow hedges
14  

3  

—  

—  

—  

Cross-currency swaps
—  

—  

—  

25  

—  

Foreign currency forward and options contracts
—  

—  

—  

11  

—  

Effects of net investment hedges (1)
—  

—  

—  

36  

—  

Interest rate swaps (2)
—  

—  

—  

( 51 )

—  

Debt basis adjustment on Long-term borrowings
—  

—  

—  

53  

—  

Effects of fair value hedges
—  

—  

—  

2  

—  

Foreign currency forward contracts
23  

6  

—  

—  

—  

Other derivatives (3)
—  

—  

4  

—  

16  

Effects of derivatives not designated as hedging instruments
23  

6  

4  

—  

16  

For the six months ended June 30, 2025

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

Foreign currency forward contracts
$
( 5 )

$
( 1 )

$
—  

$
—  

$
—  

Effects of cash flow hedges
( 5 )

( 1 )

—  

—  

—  

Cross-currency swaps
—  

—  

—  

14  

—  

Foreign currency forward and option contracts
—  

—  

—  

8  

—  

Effects of net investment hedges (1)
—  

—  

—  

22  

—  

Interest rate swaps (2)
—  

—  

—  

80  

—  

Debt basis adjustment on Long-term borrowings
—  

—  

—  

( 88 )

—  

Effects of fair value hedges
—  

—  

—  

( 8 )

—  

Foreign currency forward contracts
59  

16  

—  

—  

( 1 )

Other derivatives (3)
—  

—  

1  

—  

( 9 )

Effects of derivatives not designated as hedging instruments
59  

16  

1  

—  

( 10 )

(1) Changes in fair value related to components other than the spot rate are excluded from effectiveness testing for the three and six months ended June 30, 2026 and 2025.
(2) Amount includes interest income (expense) on interest rate derivatives of $ 1  million and $( 4 ) million for the three months ended June 30, 2026 and 2025, respectively, and $ 2  million and $( 8 ) million for the six months ended June 30, 2026 and 2025, 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 Condensed Consolidated Statements of Income.

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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 June 30, 2026

As of December 31, 2025

Level 1
Level 2
Level 3
Total

Level 1
Level 2
Level 3
Total

Assets:

Money market funds
$
—  

$
309  

$
—  

$
309  

$
—  

$
399  

$
—  

$
399  

Investment securities
52  

—  

30  

82  

47  

—  

30  

77  

Derivatives
—  

222  

—  

222  

—  

256  

—  

256  

Liabilities:

Derivatives
—  

167  

—  

167  

—  

207  

—  

207  

Contingent consideration
—  

—  

20  

20  

—  

—  

30  

30  

Cash equivalents
As of June 30, 2026 and December 31, 2025 , Cash, cash equivalents, and restricted cash of $ 2,105  million and $ 4,512  million, respectively, included money market funds of $ 309  million and $ 399 million, and other cash equivalents of $ 950  million and $ 3,046  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 16, “Supplemental Financial Information” for further information.

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 six months ended June 30, 2026 and 2025, with the exception of the gain on fair value measurement of the NMP equity method investment as described in Note 7, “Acquisitions, Goodwill, and Other Intangible Assets.”

Fair value of other financial instruments
The estimated fair value of borrowings as of June 30, 2026 and December 31, 2025 was $ 10,495  million and $ 10,545  million, respectively, compared to a carrying value (which only includes a reduction for unamortized debt issuance costs and discounts and cumulative basis adjustment) of $ 10,093  million and $ 10,003  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 8, “Borrowings” and Note 16, “Supplemental Financial Information” for further information.

NOTE 13. 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 8, “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.
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For the six months ended June 30

2026
2025

Balance at beginning of period
$
169  

$
168  

Current-year provisions
104  

113  

Expenditures
( 95 )

( 120 )

Foreign currency exchange and other
( 1 )

6  

Balance at end of period
$
176  

$
166  

Product warranties are recognized within All other current liabilities in the Condensed 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.

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 (the “Court of Appeals”) reversed the District Court’s decision. In February 2022, the defendants requested review of the decision by all the judges on the Court of Appeals (an “en banc” review). In February 2023, the Court of Appeals denied this request. In June 2023, defendants petitioned the Supreme Court to review the Court of Appeals’ decision. In June 2024, the Supreme Court vacated the Court of Appeals’ decision and remanded the case to the Court of Appeals for further consideration. In January 2026, the Court of Appeals reversed the District Court’s decision to dismiss the complaint and remanded the case for further proceedings. In April 2026, the Court of Appeals denied defendants’ request for an en banc review of the Court of Appeals’ decision. The parties are now in the discovery process.

INDEMNITIES.

In connection with the Tax Matters Agreement with GE as described in Note 19, “Related Parties and Transition Services Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, we have been informed that the Internal Revenue Service (“IRS”) may assert a material amount of additional taxes related to an ongoing IRS audit of the GE consolidated U.S. income tax returns, in which we are included, for the years 2016-2020. Any tax obligations would be allocated among the Company and GE, in accordance with the Tax Matters Agreement. A final resolution of this matter could be time-consuming and is not likely within the next 12 months. An unfavorable resolution of this matter and related allocation of additional tax liability, which is not reasonably estimable at this time, could result in additional material indemnification obligations due to GE for which we have not accrued a liability.

TARIFF REFUND CLAIMS.

In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs thereunder. In April 2026, U.S. Customs and Border Protection announced a new administrative process for importers to obtain refunds of certain tariffs imposed under IEEPA.

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The Company has submitted eligible refund claims through the established refund process and recognizes a receivable for anticipated IEEPA tariff refunds when management concludes that recovery of previously recognized tariff costs is probable and the amount of the recovery can be reasonably estimated. As of June 30, 2026, the Company received $ 107 million of refunds and recorded a $ 38 million receivable for submitted claims not yet reimbursed. The receivable is included within Receivables - net of allowances in the Condensed Consolidated Statements of Financial Position. In the second quarter of 2026, we recognized pre-tax benefits from tariff refunds of $ 106 million related to tariffs incurred in 2025 and $ 23 million related to tariffs incurred in 2026, all of which are recorded within Cost of products sold and Cost of services sold in the Condensed Consolidated Statements of Income.

While the Company believes recovery of the submitted claims is probable and estimable, the ultimate amount and timing of recovery remain subject to validation and administrative processing procedures, as well as potential legal, regulatory, and administrative developments. Accordingly, actual recoveries could differ from recorded amounts.

NOTE 14. 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. Net expenses for restructuring are excluded from Segment EBIT.

Net expenses for restructuring initiatives committed to by management through June 30, 2026 are included in the table below.

For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

Employee termination costs
$
25  

$
12  

$
68  

$
32  

Facility and other exit costs
2  

1  

5  

2  

Asset write-downs
—  

5  

3  

6  

Total restructuring activities – net
$
27  

$
18  

$
76  

$
40  

These restructuring initiatives are expected to result in additional expenses of approximately $ 38  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 Condensed 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 Condensed Consolidated Statements of Financial Position. The activity related to our restructuring liabilities follows.

Employee termination costs
Facility and other exit costs
Total

Balance at December 31, 2025
$
82  

$
11  

$
92  

Charges and reserve adjustments
69  

( 2 )

68  

Payments and other adjustments
( 48 )

( 2 )

( 51 )

Balance at June 30, 2026
$
103  

$
7  

$
109  

NOTE 15. 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, restricted stock units, and performance share units is reflected in the denominator for diluted EPS using the treasury stock method.

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Earnings Per Share
For the three months ended June 30
For the six months ended June 30

(In millions, except per share amounts)
2026
2025
2026
2025

Numerator:

Net income
$
573  

$
500  

$
985  

$
1,088  

Net (income) loss attributable to noncontrolling interests
( 13 )

( 14 )

( 35 )

( 39 )

Net income attributable to GE HealthCare
$
561  

$
486  

$
950  

$
1,049  

Denominator:

Basic weighted-average shares outstanding
453  

457  

454  

457  

Dilutive effect of common stock equivalents
1  

1  

1  

1  

Diluted weighted-average shares outstanding
454  

458  

456  

459  

Basic earnings per share
$
1.24  

$
1.06  

$
2.09  

$
2.30  

Diluted earnings per share
1.24  

1.06  

2.08  

2.29  

Antidilutive securities (1)
5  

5  

4  

4  

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

NOTE 16. SUPPLEMENTAL FINANCIAL INFORMATION

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH.

As of

June 30, 2026
December 31, 2025

Cash and cash equivalents (1)
$
2,079  

$
4,492  

Short-term restricted cash
26  

20  

Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position
2,105  

4,512  

Long-term restricted cash (2)
3  

3  

Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows
$
2,108  

$
4,515  

(1) The decrease in Cash and cash equivalents was primarily due to the Intelerad acquisition. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for further information.
(2) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

INVENTORIES.

As of

June 30, 2026
December 31, 2025

Raw materials
$
1,063  

$
1,002  

Work in process
103  

95  

Finished goods
1,317  

1,137  

Inventories
$
2,483  

$
2,234  

Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Condensed 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.

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PROPERTY, PLANT, AND EQUIPMENT – NET.

As of

June 30, 2026
December 31, 2025

Land and improvements
$
139  

$
144  

Buildings, structures, and related equipment
2,207  

2,140  

Machinery and equipment
2,872  

2,872  

Leasehold improvements and manufacturing plants under construction
582  

574  

Total property, plant, and equipment, at original cost
5,799  

5,731  

Accumulated depreciation
( 3,044 )

( 3,049 )

Operating lease ROU assets, net of amortization
391  

410  

Property, plant, and equipment – net
$
3,146  

$
3,092  

Depreciation expense related to Property, plant, and equipment – net, exclusive of operating lease ROU assets, was $ 76  million and $ 73  million for the three months ended June 30, 2026 and 2025, and $ 154  million and $ 138  million for the six months ended June 30, 2026 and 2025, respectively.

ALL OTHER ASSETS AND ALL OTHER LIABILITIES.

All Other Current Assets
As of

June 30, 2026
December 31, 2025

Prepaid expenses and deferred costs
$
300  

$
228  

Financing receivables – net
92  

95  

Derivative instruments
125  

169  

Income tax receivables
164  

154  

Other (1)
111  

81  

All other current assets
$
793  

$
726  

(1) Other primarily consists of the current portion of capitalized cloud computing arrangement implementation costs, and indemnity assets associated with the separation agreements with GE. See the supplemental table “Capitalized Cloud Computing Arrangement Implementation Costs” for further information.

All Other Non-Current Assets
As of

June 30, 2026
December 31, 2025

Prepaid pension asset
$
738  

$
742  

Equity method and other investments
362  

351  

Financing receivables – net
191  

190  

Derivative instruments
97  

88  

Long-term receivables – net
183  

190  

Inventories
127  

121  

Contract and other deferred assets
216  

211  

Capitalized cloud computing arrangement implementation costs (1)
221  

200  

Other (2)
120  

112  

All other non-current assets
$
2,254  

$
2,205  

(1) See the supplemental table “Capitalized Cloud Computing Arrangement Implementation Costs” for further information.
(2) Other primarily consists of indemnity assets associated with separation agreements with GE and income tax receivables.

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All Other Current Liabilities
As of

June 30, 2026
December 31, 2025

Sales allowances and related liabilities
$
237  

$
256  

Income and indirect tax liabilities including uncertain tax positions
180  

324  

Product warranties
176  

169  

Accrued logistics and utilities
205  

197  

Operating lease liabilities
131  

134  

Derivative instruments
55  

47  

Interest payable on borrowings
91  

100  

Environmental and asset retirement obligations
11  

11  

Other (1)
344  

348  

All other current liabilities
$
1,429  

$
1,587  

(1) Other primarily consists of miscellaneous accrued costs, dividends payable, and contingent consideration liabilities.

All Other Non-Current Liabilities
As of

June 30, 2026
December 31, 2025

Contract liabilities
$
857  

$
803  

Operating lease liabilities
263  

284  

Environmental and asset retirement obligations
441  

413  

Income and indirect tax liabilities including uncertain tax positions
232  

156  

Derivative instruments
113  

160  

Finance lease obligations
54  

42  

Sales allowances and related liabilities
26  

23  

Other (1)
149  

178  

All other non-current liabilities
$
2,133  

$
2,061  

(1) 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

June 30, 2026
December 31, 2025

Capitalized implementation costs
$
340  

$
249  

Accumulated amortization
( 68 )

( 49 )

Total Capitalized cloud computing arrangement implementation costs, net
$
272  

$
200  

Capitalized cloud computing arrangement implementation costs are recognized within All other current assets and All other non-current assets in the Condensed Consolidated Statements of Financial Position. Amortization expense related to capitalized cloud computing arrangement implementation costs was $ 11 million and $ 4 million for the three months ended June 30, 2026 and 2025, respectively, and $ 19 million and $ 8 million for the six months ended June 30, 2026 and 2025, respectively.

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.

Included within Accounts payable in the Condensed Consolidated Statements of Financial Position as of June 30, 2026 and December 31, 2025 were $ 334 million and $ 360 million, respectively, of confirmed supplier invoices that are outstanding and subject to third-party programs.

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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 Condensed 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 six months ended June 30

2026
2025

Balance at beginning of period
$
209  

$
188  

Net income attributable to redeemable noncontrolling interests
32  

37  

Distributions to redeemable noncontrolling interests and other
( 12 )

( 5 )

Balance at end of period
$
229  

$
220  

OTHER INCOME (EXPENSE) – NET.

For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

Net financing income and investment income (loss)
$
7  

$
6  

$
6  

$
5  

Equity method income (loss)
—  

1  

( 2 )

4  

Change in fair value of assumed obligations
( 3 )

( 10 )

( 9 )

( 18 )

Gain on remeasurement of NMP equity method investment (1)
—  

—  

—  

97  

Other items, net (2)
18  

2  

64  

11  

Total other income (expense) – net
$
22  

$
( 1 )

$
58  

$
98  

(1) Refer to Note 7, “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, lease income, gains and losses related to derivatives, and change in tax indemnities. Additionally, for the six months ended June 30, 2026, it includes income from contract settlements, and for the six months ended June 30, 2025, it includes a realization of a gain contingency.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial results should be read in conjunction with the condensed consolidated financial statements and corresponding notes (the “financial statements”) included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) for the three and six months ended June 30, 2026 and 2025. For a full understanding of our financial condition and results of operations, the below discussion should be read alongside the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances; see “Forward-Looking Statements.” Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

The following tables are presented in millions of United States (“U.S.”) dollars unless otherwise stated, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts and, unless otherwise stated, represent changes year-over-year. References to the “Spin-Off” are related to the spin-off of GE HealthCare Technologies Inc. from General Electric Company, which now operates as GE Aerospace (“GE”).

In the second quarter of 2026, we made a strategic change to our executive leadership and to our segments, combining our Imaging and Advanced Visualization Solutions (“AVS”) businesses into a new operating and reportable segment, Advanced Imaging Solutions (“AIS”). Following this organizational change, GE HealthCare’s operations has three reportable segments: AIS, Pharmaceutical Diagnostics (“PDx”), and Patient Care Solutions (“PCS”), and we assessed their performance using Segment revenues and Segment EBIT. These segments have been identified based on the nature of the products sold and how the Company manages its operations. Historical segment financial information presented within this report has been recast to conform to the new reportable segment structure. For additional information on our segments, refer to Note 3, “Segment Information.”

TRENDS AND FACTORS IMPACTING OUR PERFORMANCE

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

KEY TRENDS AFFECTING RESULTS OF OPERATIONS.

Global Trade and Macroeconomic Environment
Starting in February 2025, the U.S. imposed a variety of new tariffs on most imports from nearly all countries in the world. Tariffs by the U.S. and several other countries have materially impacted our financial results and should the tariffs continue at current levels, we expect to continue to see a material impact. Additional tariffs or other trade restrictions by the U.S. or by other countries where we do significant business could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs. Tariffs negatively impacted our Operating income by $68 million and $156 million for the three and six months ended June 30, 2026, respectively, and $43 million and $52 million for the three and six months ended June 30, 2025, respectively. Our cash flows were negatively impacted by $63 million and $175 million for the three and six months ended June 30, 2026, respectively, and $87 million and $95 million for the three and six months ended June 30, 2025, respectively. These impacts are exclusive of any benefits from tariff refunds as disclosed below.

In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs thereunder and in April 2026, U.S. Customs and Border Protection announced a new administrative process for importers to obtain refunds of certain tariffs imposed under IEEPA. In the second quarter of 2026, the Company submitted refund claims, received $107 million of refunds, and recorded a $38 million receivable for submitted claims not yet reimbursed within Receivables - net of allowances in the Condensed Consolidated Statements of Financial Position. In the second quarter of 2026, we recognized pre-tax benefits from tariff refunds of $106 million related to tariffs incurred in 2025 and $23 million related to tariffs incurred in 2026, all of which are recorded within Cost of products sold and Cost of services sold in the Condensed Consolidated Statements of Income. While the Company believes recovery of the submitted claims is probable, the ultimate amount and timing of recovery remain subject to validation and administrative processing procedures, as well as potential legal, regulatory, and administrative developments. Accordingly, actual recoveries could differ from recorded amounts. The Company intends to continue to file claims for additional tariff refunds, predominantly related to tariffs incurred in 2025. The timing and amount of any additional refunds remain uncertain and are subject to eligibility requirements, administrative processing, and other limitations.

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We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government procurement and reimbursement, and indirect impacts from the tariffs. Should these or other factors dampen economic growth, slow global trade, or impact inflation, we could see adverse impacts to our business as our customers adapt to the change in economic environment. We also continue to monitor potential impacts on purchasing decisions by both public and private customers in China and other markets as a result of the current trade environment, as well as other actions related to tariffs and trade frictions, investigations, or activities that could similarly increase our costs or otherwise impact our business. In addition, if negative sentiment towards U.S. companies influences the purchasing decisions of global customers, our business could be impacted materially.

Other Geopolitical and Macroeconomic Uncertainties
Global geopolitical instability, including the conflict in the Middle East, adversely impacted our costs, supply chains, and logistics during the second quarter of 2026. These conditions resulted in increased costs and challenges in maintaining service levels in affected areas.

We continue to monitor impacts related to key raw materials directly and indirectly related to our products or delivery of our products, including memory chips, logistics (inclusive of freight), and other costs linked to the price of oil and other critical components. Sustained cost inflation or constrained availability of critical components could negatively impact our ability to both produce and deliver products to our customers in a timely manner. We continue to take action to mitigate the exposures under the current environment by securing supply and identifying opportunities to partially offset cost increases; however, if the current environment continues or deteriorates further we will continue to see adverse impacts to our results.

China Market
We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and commercial infrastructure should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of volume based procurement policies, both of which have impacted our orders and revenues and may continue to do so.

Russia and Ukraine Conflict
We had $190 million and $214 million of assets in, or directly related to, Russia and Ukraine as of June 30, 2026 and December 31, 2025, respectively, none of which are subject to sanctions that impact the carrying value of the assets. We generated revenues of $106 million and $123 million from customers in these two countries for the six months ended June 30, 2026 and 2025, respectively. The potential inability to repatriate earnings from these two countries will not have a material impact on our ability to operate.

We continue to monitor the effects of Russia’s invasion of Ukraine, including the consideration of financial impact, cybersecurity risks, the applicability and effect of sanctions, and the employee base in Ukraine and Russia. Under the current U.S. Department of Commerce regulations, we are permitted to export, re-export, or transfer medical equipment and spare parts that meet stated criteria under a License Exception, which has eliminated the need for us to obtain individual U.S. licenses in most cases; however, licenses still may be needed for some transactions. The European Union and other countries have also expanded licensing requirements for certain spare parts, services, software, and other items. We will continue to apply for licenses to supply to these customers and to support our business in Russia, as required. The implementation of these measures affected our ability to supply customers in Russia during the six months ended June 30, 2026 and 2025 and is expected to continue to do so. There is no guarantee we will obtain all of the licenses for which we apply, that any approvals we obtain will be on a timely basis, will remain in effect, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. We will continue to assess whether developments related to the conflict have had, or are reasonably likely to have, a material impact on the Company.

SUMMARY OF KEY PERFORMANCE MEASURES

Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP financial measures. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below. See “Results of Operations” and “Liquidity and Capital Resources” below for further discussion on our key performance measures.

The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconciliations to their most directly comparable U.S. GAAP financial measures are provided below under “Non-GAAP Financial Measures.”

___________________
*Non-GAAP Financial Measure
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RESULTS OF OPERATIONS

The following tables set forth our results of operations for each of the periods presented.

Condensed Consolidated Statements of Income (Unaudited)
For the three months ended June 30
For the six months ended June 30

2026
2025
2026
2025

Sales of products
$
3,416
$
3,263
$
6,762
$
6,380

Sales of services
1,878
1,743
3,664
3,404

Total revenues
5,295
5,007
10,425
9,784

Cost of products
2,217
2,160
4,500
4,122

Cost of services
898
863
1,769
1,665

Gross profit
2,180
1,985
4,157
3,997

Selling, general, and administrative
1,118
1,029
2,235
2,069

Research and development
323
302
668
646

Total operating expenses
1,441
1,331
2,903
2,714

Operating income
739
654
1,254
1,283

Interest and other financial charges – net
114
113
210
224

Non-operating benefit (income) costs
(45)
(73)
(96)
(148)

Other (income) expense – net
(22)
1
(58)
(98)

Income before income taxes
693
613
1,198
1,304

Benefit (provision) for income taxes
(119)
(113)
(213)
(216)

Net income
573
500
985
1,088

Net (income) loss attributable to noncontrolling interests
(13)
(14)
(35)
(39)

Net income attributable to GE HealthCare
$
561
$
486
$
950
$
1,049

TOTAL REVENUES.

Revenues by Segment
For the three months ended June 30
For the six months ended June 30

2026
2025
% change
% organic* change
2026
2025
 % change
 % organic* change

Segment revenues

AIS
$
3,771
$
3,493
7.9%
5.0%
$
7,410
$
6,872
7.8%
4.5%

PDx     
843
729
15.6%
14.6%
1,612
1,362
18.4%
12.3%

PCS     
675
778
(13.3)%
(13.5)%
1,379
1,531
(10.0)%
(10.9)%

Other (1)     
6
6

24
19

Total revenues     
$
5,295
$
5,007
5.7%
3.5%
$
10,425
$
9,784
6.6%
3.2%

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

Revenues by Region
For the three months ended June 30
For the six months ended June 30

2026
2025
% change
2026
2025
 % change

United States and Canada (“USCAN”)     
$
2,476
$
2,340
5.8%
$
4,838
$
4,577
5.7%

Europe, the Middle East, and Africa (“EMEA”)     
1,348
1,268
6.3%
2,688
2,442
10.1%

China region     
582
563
3.4%
1,149
1,156
(0.6)%

Rest of World     
888
836
6.3%
1,751
1,609
8.8%

Total revenues     
$
5,295
$
5,007
5.7%
$
10,425
$
9,784
6.6%

For the three months ended June 30, 2026
Total revenues were $5,295 million, growing 5.7% as reported and 3.5% organically*. Sales of products increased 4.7% or $153 million primarily driven by strong growth in PDx and AIS revenues, partially offset by declines in PCS revenues. Sales of services increased 7.7% or $135 million primarily driven by the acquisition of Intelerad and growth in new and existing customer contractual agreements.
____________________
*Non-GAAP Financial Measure
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The segment revenues were as follows:

• AIS segment revenues were $3,771 million, growing 7.9% or $277 million as reported due to an increase in Organic revenue* and the acquisition of Intelerad. Organic revenue* grew 5.0% driven by strong growth in CardioVascular & Interventional Solutions, Computed Tomography (“CT”), and Molecular Imaging (“MI”) product lines;
• PDx segment revenues were $843 million, growing 15.6% or $114 million as reported, driven by growth in volume and price in contrast media and radiopharmaceutical products; and
• PCS segment revenues were $675 million, decreasing 13.3% or $104 million, primarily driven by operational and fulfillment challenges.

The regional revenues were as follows:

• USCAN revenues were $2,476 million, growing 5.8% or $136 million, with growth across PDx and AIS, inclusive of Intelerad revenues, partially offset by a decline in PCS revenues;
• EMEA revenues were $1,348 million, growing 6.3% or $80 million, primarily driven by growth in AIS revenues as well as favorable foreign currency impacts;
• China region revenues were $582 million, growing 3.4% or $19 million, primarily driven by favorable foreign currency impacts, partially offset by a decline in PCS revenues; and
• Rest of World revenues were $888 million, growing 6.3% or $52 million, primarily due to growth in AIS and PDx revenues.

For the six months ended June 30, 2026

Total revenues were $10,425 million , growing 6.6% as reported and 3.2% organically*. Sales of products increased 6.0% or $381 million primarily driven by growth in PDx and AIS revenues, as well as favorable foreign currency impacts, partially offset by declines in PCS revenues. Sales of services increased 7.6% or $ 260 million primarily driven by growth in new and existing customer contractual agreements and the acquisition of Intelerad, as well as favorable foreign currency impacts .

The segment revenues were as follows:

• AIS segment revenues were $7,410 million, growing 7.8% or $538 million as reported due to an increase in Organic revenue*, favorable foreign currency impacts, and the acquisition of Intelerad. Organic revenue grew 4.5% driven by strong growth in CT and CardioVascular & Interventional Solutions product lines;
• PDx segment revenues were $1,612 million, growing 18.4% or $251 million as reported, largely driven by an increase in Organic revenue* and the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”). Organic revenue* grew 12.3% driven by growth in volume and price in contrast media and radiopharmaceutical products; and
• PCS segment revenues were $1,379 million, decreasing 10.0% or $153 million, primarily driven by operational and fulfillment challenges.

The regional revenues were as follows:

• USCAN revenues were $4,838 million, growing 5.7% or $261 million, largely driven by growth across AIS, inclusive of Intelerad revenues, and PDx revenues, partially offset by a decline in PCS revenues;
• EMEA revenues were $2,688 million, growing 10.1% or $246 million with favorable foreign currency impacts as well as growth in AIS revenues;
• China region revenues were $1,149 million, decreasing 0.6% or $7 million with declines in AIS and PCS revenues largely offset by favorable foreign currency impacts as well as growth in PDx revenues; and
• Rest of World revenues were $1,751 million, growing 8.8% or $142 million with growth in AIS and PDx, inclusive of NMP revenues, as well as favorable foreign currency impacts.

____________________
*Non-GAAP Financial Measure
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OPERATING INCOME, NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT*, AND ADJUSTED NET INCOME*.

For the three months ended June 30
For the six months ended June 30

2026
% of Total revenues
2025
% of Total revenues
% change
2026
% of Total revenues
2025
% of Total revenues
 % change

Operating income     
$
739
14.0%
$
654
13.1%
13.1%
$
1,254
12.0%
$
1,283
13.1%
(2.3)%

Net income attributable to GE HealthCare
561
10.6%
486
9.7%
15.5%
950
9.1%
1,049
10.7%
(9.5)%

Adjusted EBIT*
750
14.2%
729
14.6%
2.9%
1,440
13.8%
1,443
14.8%
(0.2)%

Adjusted net income*
515
9.7%
487
9.7%
5.6%
967
9.3%
951
9.7%
1.7%

For the three months ended June 30, 2026

Operating income was $739 million, an increase of $86 million and 90 basis points as a percent of Total revenues. The increase was due to the following factors:

• Gross profit increased $195 million or 150 basis points as a percent of Total revenues primarily due to tariff refunds, a growth in sales volume, and an increase in price, partially offset by cost inflation. Cost of products sold increased $57 million, but decreased 130 basis points as a percent of Sales of products. The decrease as a percent of sales was driven primarily by tariff refunds and a growth in volume, partially offset by cost inflation and investment in design follow-through. Cost of services sold increased $35 million but decreased 170 basis points as a percent of Sales of services. The decrease as a percent of sales was driven by an increase in the pricing of our service offerings and tariff refunds, partially offset by cost inflation. Included in our total cost of revenues as part of our product investment was $139 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $128 million for the prior year comparable period; and
• Total operating expenses increased $110 million primarily due to an increase in Selling, general, and administrative (“SG&A”) expense of $89 million, primarily driven by expenses related to our recent acquisitions and increased employee benefit costs, and an increase in Research and development (“R&D”) of $21 million, due to investments including those related to recent acquisitions, partially offset by certain programs achieving development milestones resulting in costs to be reported under cost of revenues. SG&A as a percentage of Total revenues increased by 60 basis points and R&D as a percentage of Total revenues increased by 10 basis points.

Net income attributable to GE HealthCare and Net income margin were $561 million and 10.6%, an increase of $75 million and 90 basis points, respectively, primarily due to the following factors:

• Operating income increased $86 million, as discussed above;
• Non-operating benefit income decreased $28 million primarily due to lower current year amortization of postretirement benefit plan other comprehensive income;
• Other income – net increased $23 million primarily driven by an increase in Other items, net, and lower Change in fair value of assumed obligations, as disclosed in Note 16, “Supplemental Financial Information”; and
• Provision for income taxes increased $7 million primarily due to higher earnings in 2026 offset by reconciling adjustments to recorded tax account balances. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $750 million and 14.2%, an increase of $21 million, but a decrease of 40 basis points as a percent of Total revenues. The decrease as a percent of Total revenues was primarily due to cost inflation and planned investments, partially offset by a growth in sales volume. The impact of incremental year-over-year tariff expense was offset by tariff refunds relating to 2026.

Adjusted net income* was $515 million, an increase of $27 million primarily due to an increase in Adjusted EBIT*, as discussed above.

For the six months ended June 30, 2026

Operating income was $1,254 million, a decrease of $29 million and 110 basis points as a percent of Total revenues. The decrease was due to the following factors:

____________________
*Non-GAAP Financial Measure
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• Gross profit increased $160 million but decreased 100 basis points as a percent of Total revenues. The decrease as a percent of Total revenues was primarily due to an increase in Cost of products. Cost of products sold increased $378 million or 190 basis points as a percent of Sales of products. The increase as a percent of sales was largely driven by cost inflation, investment in design follow-through, and a now resolved PDx supplier issue, partially offset by tariff refunds. Cost of services sold increased $104 million but decreased 60 basis points as a percent of Sales of services. The decrease as a percent of sales was largely driven by an increase in pricing of our service offerings, partially offset by cost inflation, with tariff refunds offsetting the incremental year-over-year tariff expense. Included in our total cost of revenues as part of our product investment was $267 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $224 million for the prior year comparable period ; and
• Total operating expenses increased $189 million, with an increase in SG&A expense of $166 million primarily driven by expenses related to recent acquisitions and foreign currency movements, and an increase in R&D investments of $23 million, primarily driven by foreign currency movements and investments including those related to recent acquisitions, partially offset by certain programs achieving development milestones resulting in costs to be reported under cost of revenues. SG&A as a percentage of Total revenues increased by 30 basis points and R&D as a percentage of Total revenues decreased by 20 basis points.

Net income attributable to GE HealthCare and Net income margin were $950 million and 9.1%, a decrease of $100 million and 160 basis points respectively, primarily due to the following factors:

• Operating income decreased $29 million, as discussed above;
• Interest and other financial charges – net decreased $14 million primarily driven by efficient management of the debt profile;
• Non-operating benefit income decreased $52 million primarily related to lower current year amortization of postretirement benefit plan other comprehensive income;
• Other income – net decreased $39 million primarily driven by the non-repeat of the prior year remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest, partially offset by income from contract settlements in the first quarter. For additional detail refer to Note 16, “Supplemental Financial Information”; and
• Provision for income taxes decreased $3 million primarily due to reconciling adjustments to recorded tax account balances booked in the current year, and non-recurring prior year benefits from the release of foreign income tax reserves and a nontaxable remeasurement gain in connection with the NMP acquisition. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $1,440 million and 13.8%, a decrease of $3 million and 90 basis points, respectively, primarily due to a decrease in operating income, as discussed above.

Adjusted net income* was $967 million, an increase of $16 million primarily due to lower Interest and other financial charges – net.

RESULTS OF OPERATIONS – SEGMENTS

We exclude from Segment EBIT certain corporate-related expenses and certain transactions or adjustments that our Chief Operating Decision Maker considers to be non-operational, such as Interest and other financial charges – net, Benefit (provision) for income taxes, restructuring costs, acquisition and disposition-related benefits (charges), Spin-Off and separation costs and other adjustments, Non-operating benefit (income) costs, gain (loss) on business and asset dispositions, amortization of acquisition-related intangible assets, Net (income) loss attributable to noncontrolling interests, Income (loss) from discontinued operations, net of taxes, investment revaluation gain (loss), and other non-recurring items such as refunds for tariffs incurred in prior years. See Note 3, “Segment Information” for additional information on our reportable segments, and “Results of Operations” above for discussion on segment revenue performance.

Segment EBIT
For the three months ended June 30
For the six months ended June 30

2026
% of segment revenues
2025
% of segment revenues
% change
2026
% of segment revenues
2025
% of segment revenues
 % change

AIS
$
525
13.9 
%
$
455
13.0 
%
15.4 
%
$
1,004
13.5 
%
$
914
13.3 
%
9.8 
%

PDx     
250
29.6 
%
213
29.3 
%
16.9 
%
446
27.7 
%
418
30.7 
%
6.7 
%

PCS     
(26)
(3.8)
%
60
7.7 
%
(143.0)
%
(16)
(1.2)
%
108
7.0 
%
(114.8)
%

____________________
*Non-GAAP Financial Measure
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For the three months ended June 30, 2026

• AIS Segment EBIT was $525 million, an increase of $70 million due to a growth in sales volume and an increase in price, partially offset by cost inflation. The impact of incremental year-over-year tariff expense was offset by tariff refunds relating to 2026;
• PDx Segment EBIT was $250 million, an increase of $36 million due to a growth in sales volume and an increase in price, partially offset by planned investments; and
• PCS Segment EBIT was $(26) million, a decrease of $85 million due to a decline in sales volume and cost inflation.

For the six months ended June 30, 2026

• AIS Segment EBIT was $1,004 million, an increase of $89 million due to a growth in sales volume and contract settlements, partially offset by cost inflation, including the impact of incremental tariffs;
• PDx Segment EBIT was $446 million, an increase of $28 million due to a growth in sales volume and an increase in price, partially offset by a now resolved supplier issue and planned investments; and
• PCS Segment EBIT was $(16) million, a decrease of $124 million due to a decline in sales volume and cost inflation.

NON-GAAP FINANCIAL MEASURES
The non-GAAP financial measures presented in this Quarterly Report on Form 10-Q are supplemental measures of our performance and our liquidity that we believe will help investors understand our financial condition, cash flows, and operating results, and assess our future prospects. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below.

We report Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of our established, ongoing operations, as well as provide insights into overall demand for our products and services. To calculate these measures, we exclude the effect of acquisitions, dispositions, and foreign currency rate fluctuations.

We report EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, and Adjusted earnings per share to provide management and investors with an additional understanding of our business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures we exclude, and reflect in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges – net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. We may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin is calculated by taking Adjusted EBIT divided by Total revenues for the same period.

We report Adjusted tax expense and Adjusted ETR to provide management and investors with a better understanding of the normalized tax rate applicable to our business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. We may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above.

We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business.
____________________
*Non-GAAP Financial Measure
38

Table of Contents              

Organic Revenue*
For the three months ended June 30
For the six months ended June 30

2026
2025
% change
2026
2025
% change

AIS revenues
$
3,771
$
3,493
7.9%

$
7,410
$
6,872
7.8%

Less: Acquisitions (1)     
62
—

72
—

Less: Dispositions (2)     
—
—

—
—

Less: Foreign currency exchange    
41
—

156
—

AIS Organic revenue*
$
3,668
$
3,493
5.0%

$
7,182
$
6,872
4.5%

PDx revenues    
$
843
$
729
15.6%

$
1,612
$
1,362
18.4%

Less: Acquisitions (1)     
—
—

50
1

Less: Dispositions (2)     
—
—

—
—

Less: Foreign currency exchange    
8
—

35
—

PDx Organic revenue*    
$
835
$
729
14.6%

$
1,527
$
1,360
12.3%

PCS revenues    
$
675
$
778
(13.3)%

$
1,379
$
1,531
(10.0)%

Less: Acquisitions (1)     
—
—

—
—

Less: Dispositions (2)     
—
—

—
—

Less: Foreign currency exchange    
2
—

14
—

PCS Organic revenue*    
$
673
$
778
(13.5)%

$
1,365
$
1,531
(10.9)%

Other revenues    
$
6
$
6
3.8%

$
24
$
19
27.1%

Less: Acquisitions (1)     
—
—

—
—

Less: Dispositions (2)     
—
—

—
—

Less: Foreign currency exchange    
—
—

—
—

Other Organic revenue*    
$
6
$
6
3.8%

$
24
$
19
27.1%

Total revenues    
$
5,295
$
5,007
5.7%

$
10,425
$
9,784
6.6%

Less: Acquisitions (1)     
62
—

122
1

Less: Dispositions (2)     
—
—

—
—

Less: Foreign currency exchange    
51
—

205
—

Organic revenue*    
$
5,182
$
5,007
3.5%

$
10,098
$
9,783
3.2%

(1)
Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction, excluding the impact of Foreign currency exchange already captured in lines elsewhere.

(2)
Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

__________________
*Non-GAAP Financial Measure
39

Table of Contents              

Adjusted EBIT*
For the three months ended June 30

For the six months ended June 30

2026
2025
% change

2026
2025
 % change

Net income attributable to GE HealthCare     
$
561
$
486
15.5%

$
950
$
1,049
(9.5)%

Add: Interest and other financial charges – net    
114
113

210
224

Add: Non-operating benefit (income) costs    
(45)
(73)

(96)
(148)

Less: Benefit (provision) for income taxes    
(119)
(113)

(213)
(216)

Less: Net (income) loss attributable to noncontrolling interests     
(13)
(14)

(35)
(39)

EBIT*     
761
653
16.7%

1,312
1,380
(5.0)%

Add: Restructuring costs (1)     
27
18

76
40

Add: Acquisition and disposition-related charges (benefits) (2)     
11
7

46
15

Add: Spin-Off and separation costs and other adjustments (3)     
(5)
5

(2)
29

Add: (Gain) loss on business and asset dispositions (4)     
—
5

—
(5)

Add: Amortization of acquisition-related intangible assets    
61
40

108
75

Add: Investment revaluation (gain) loss (5)     
—
1

8
(92)

Less: Tariff refunds (6)
106
—

106
—

Adjusted EBIT*     
$
750
$
729
2.9%

$
1,440
$
1,443
(0.2)%

Net income margin
10.6%
9.7%
90 bps

9.1%
10.7%
(160) bps

Adjusted EBIT margin*     
14.2%
14.6%
(40) bps

13.8%
14.8%
(90) bps

(1)
Consists of severance, facility closures, and other charges associated with restructuring programs.

(2)
Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.

(3)
Costs and other adjustments related to the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.

(4)
Consists of gains and losses resulting from the sale of assets and investments.

(5)
Primarily relates to valuation adjustments for equity investments and for the six months ended June 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.