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Cash conversion turned negative in 2026Q2 with OCF/NI of -0.68 and FCF of -$1.9B, while buybacks of $2.1B exceeded operating cash flow, highlighting working capital volatility.
GE Aerospace (GE) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5B | 8.54B | 4.71B | 5.18B | 5.92B | 3.48B | 3.6B | 8.77B | 4.98B | 6.55B | 1.16B | 19.89B | 27.71B | 28.58B | 31.33B | 33.36B | 36.12B | 24.59B | 48.6B | 45.97B | 30.65B | 37.64B | 36.48B | 30.29B | 29.49B | 32.2B | 22.69B | 24.59B | 19.36B | 14.24B | 17.85B |
| Operating CF Margin % | - | 18.62% | 12.17% | 14.65% | 20.3% | 6.16% | 4.74% | 9.72% | 5.13% | 6.6% | 0.97% | 17.27% | 23.8% | 25.95% | 21.74% | 23.58% | 24.34% | 15.84% | 26.77% | 26.65% | 20.22% | 27.56% | 27.17% | 26.83% | 22.3% | 25.47% | 17.47% | 22.03% | 19.27% | 16.08% | 22.73% |
| Operating CF Growth % | -9.75% | 81.25% | -9.06% | -12.46% | 69.95% | -3.22% | -58.99% | 76.22% | -24.05% | 465% | -94.17% | -28.22% | -3.04% | -8.78% | -6.08% | -7.65% | 46.88% | -49.4% | 5.73% | 49.99% | -18.58% | 3.17% | 20.45% | 2.72% | -8.41% | 41.89% | -7.74% | 27.03% | 35.96% | -20.23% | 19.44% |
| Net Income | 8.97B | 8.7B | 6.66B | 9.48B | -795M | -3.33B | 5.55B | -4.91B | -22.44B | -5.79B | 3.67B | -6.13B | 15.23B | 13.06B | 13.64B | 14.15B | 13.16B | 11.14B | 18.67B | 23.37B | 19.34B | 18.66B | 17.16B | 15.59B | 15.13B | 13.68B | 12.73B | 10.72B | 9.3B | 8.2B | 7.28B |
| Depreciation & Amortization | 1.24B | 1.22B | 1.18B | 2.08B | 2.9B | 3.01B | 6.02B | 5.59B | 6.58B | 6.19B | 7.07B | 6.51B | 6.42B | 11.47B | 10.96B | 10.92B | 11.76B | 12.74B | 13.58B | 10.28B | 8.46B | 9.95B | 8.38B | 6.96B | 6.51B | 7.09B | 7.74B | 6.69B | 5.86B | 4.08B | 3.79B |
| Stock-Based Compensation | 0 | 0 | 33M | 360M | 263M | 0 | 363M | 420M | 376M | 379M | 571M | 454M | 418M | 438M | 299M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13M | 0 | 24M | 14M | -3M | -1.45B | -474M | 726M | 583M | -5.05B | -1.13B | 383M | -882M | -3.29B | -1.15B | -203M | 1.05B | -2.71B | -1.28B | 657M | 1.64B | -940M | 51M | 1.21B | 2.41B | 1.43B | 1.15B | 1.5B | 1.14B | 284M | 1.15B |
| Other Non-Cash Items | -4.99B | -911M | -2.17B | -9.11B | 1.96B | 8.62B | -8.48B | 6.49B | 19.61B | 15.63B | 482M | 13.41B | 9.51B | 1.69B | 7.08B | 6.2B | 3.12B | -10.9B | 9.11B | 2.7B | -39M | 3.56B | 2.34B | 4.92B | 1.31B | -6.03B | -3.02B | -130M | -2.98B | -1.48B | 2.43B |
| Working Capital Changes | -236M | -470M | -1.02B | 2.36B | 1.59B | -3.36B | 626M | 452M | 273M | -4.82B | -9.5B | 5.26B | -3B | 5.22B | 499M | 2.29B | 7.04B | 14.32B | 8.52B | 8.96B | 1.25B | 6.41B | 8.55B | 1.62B | 4.12B | 16.03B | 4.08B | 5.81B | 6.04B | 3.15B | 3.21B |
| Change in Receivables | -1.17B | -2.44B | -1.19B | -833M | -2.72B | 854M | -1.32B | -2.85B | -430M | -5.14B | 1.51B | -52M | -1.91B | -485M | -774M | -466M | -126M | 3.27B | -24M | 980M | -2.15B | -974M | -849M | 534M | -409M | 197M | -537M | 143M | 649M | 1.67B | 1.15B |
| Change in Inventory | -1.23B | -1.98B | -1.53B | -1.52B | -1.93B | -702M | 1.1B | -1.11B | -902M | 324M | -1.39B | -314M | -872M | -1.37B | -1.27B | -1.17B | 342M | 1.1B | -719M | -1.49B | -1.78B | -578M | -468M | 874M | -87M | -485M | -924M | 266M | 150M | -386M | -76M |
| Change in Payables | 1.35B | 1.99B | 688M | 1.06B | 2.79B | -2M | 1.06B | 2.98B | 2.2B | 0 | 1.2B | -541M | 305M | 360M | -424M | 1.24B | 805M | -480M | -1.08B | 469M | -119M | 245M | 5.37B | 802M | 227M | 4.68B | 3.3B | 820M | 1.58B | 0 | 0 |
| Cash from Investing | -2.16B | -1.15B | -1.67B | 3.98B | 2.27B | 21.38B | 16.64B | 8.94B | 18.24B | 5.38B | 49.2B | 59.49B | -5.03B | 29.12B | 11.3B | 19.88B | 32.44B | 43B | -40.9B | -72.42B | -51.4B | -35.05B | -38.41B | -22.9B | -61.95B | -40.11B | -37.7B | -42.18B | -40.13B | -18.27B | -20.21B |
| Capital Expenditures | -1.4B | -1.27B | -1.03B | -1.59B | -1.17B | -1.36B | -3.4B | -6.09B | -8.06B | -6.64B | -7.2B | -7.31B | -13.73B | -13.46B | -15.13B | -12.65B | -9.8B | -8.63B | -16.01B | -17.87B | -16.65B | -14.44B | -13.12B | -9.77B | -13.35B | -15.52B | -13.97B | -27.16B | -8.98B | -8.39B | -7.76B |
| CapEx % of Revenue | 2.77% | 2.78% | 2.67% | 4.51% | 4.03% | 2.41% | 4.49% | 6.76% | 8.3% | 6.69% | 6.03% | 6.35% | 11.79% | 12.22% | 10.5% | 8.94% | 6.6% | 5.56% | 8.82% | 10.36% | 10.99% | 10.57% | 9.77% | 8.65% | 10.1% | 12.28% | 10.76% | 24.33% | 8.94% | 9.47% | 9.88% |
| Acquisitions | -360M | -360M | 5.61B | 8.64B | 4.7B | 2.6B | 20.93B | 4.62B | 8.79B | 4.35B | 3.09B | -9.74B | 311M | 18.38B | 2.16B | -2.33B | 1.85B | 3.85B | -17.7B | -2.9B | 1.24B | -11.5B | -18.7B | -14.41B | -21.57B | -12.43B | -2.33B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -393M | 480M | -6.25B | -3.07B | -382M | 20.14B | -883M | 10.42B | 17.5B | 7.67B | 53.31B | 76.54B | 8.39B | 24.19B | 24.27B | 34.86B | 40.39B | 47.78B | -7.19B | -51.66B | -35.99B | -9.11B | -6.59B | 1.27B | -27.03B | -12.16B | -21.4B | -15.02B | -31.15B | -9.89B | -12.45B |
| Cash from Financing | -11.71B | -8.68B | -6.73B | -8.61B | -5.58B | -45.4B | -19.85B | -16.13B | -31.81B | -18.48B | -89.13B | -76.05B | -16.96B | -45.57B | -51.07B | -46.86B | -61.59B | -43.51B | 24.64B | 28.21B | 23.23B | -6.12B | 4.59B | -3.63B | 32.94B | 8.81B | 14.65B | 21.82B | 19.23B | 5.71B | 3.73B |
| Debt Issued (Net) | 1.37B | 199M | -786M | -3.4B | -11.13B | -36.85B | -18.77B | -14.1B | -21.54B | -14.34B | -58.41B | -57.55B | -30.19B | -29.32B | -40.72B | -29.26B | -48.91B | -31.95B | 19.74B | 53.38B | 43.6B | 61.9B | 9.87B | 47.16B | 77.66B | 52.55B | 39.4B | 54.33B | 58.89B | 11.15B | 9.07B |
| Equity Issued (Net) | -8.37B | -7.55B | -5.83B | -1.23B | -1.05B | -107M | -28M | 29M | -17M | -2.55B | -21.43B | -1.1B | -1.22B | -8.29B | -204M | -4.76B | -1.26B | 623M | 13.72B | -12.32B | -8.55B | -4.84B | 3.99B | 726M | -985M | -2.44B | 469M | -1B | -2.82B | -2.81B | -2.32B |
| Dividends Paid | -1.64B | -1.45B | -1.01B | -589M | -639M | -575M | -648M | -649M | -4.47B | -8.65B | -8.81B | -9.29B | -8.85B | -7.82B | -7.19B | -6.46B | -4.79B | -8.99B | -12.41B | -11.49B | -10.42B | -9.35B | -8.28B | -7.64B | -7.16B | -6.36B | -5.4B | -4.59B | -3.91B | -3.41B | -3.05B |
| Share Repurchases | -8.37B | -7.55B | -5.83B | -1.23B | -1.05B | -107M | -28M | 0 | -17M | -2.55B | -21.43B | -1.1B | -1.22B | -9.28B | -4.16B | -1.46B | -1.26B | 0 | -1.25B | -12.32B | -8.55B | -4.84B | 0 | 0 | 0 | 0 | 0 | -1B | -2.82B | -2.81B | -2.32B |
| Other Financing | -3.08B | 120M | 895M | -3.39B | 7.23B | -7.86B | -404M | -1.41B | -5.77B | 7.06B | -485M | -8.11B | 23.3B | -148M | -2.96B | -6.39B | -6.62B | -3.2B | 3.58B | -1.36B | -1.39B | -53.83B | -995M | -43.88B | -36.58B | -34.95B | -19.82B | -26.92B | -32.93B | 785M | 28M |
| Net Change in Cash | -9.45B | -1.1B | -3.88B | 663M | 40M | -20.75B | 531M | 1.53B | -9.18B | -5.66B | -22.35B | -20.53B | 2.1B | 11.1B | -7.27B | 5.54B | 6.64B | 24.08B | 32.34B | 1.75B | 2.47B | -3.53B | 2.66B | 3.75B | 477M | 887M | -359M | 4.24B | -1.54B | 1.67B | 3.73B |
| Free Cash Flow | 3.59B | 7.26B | 3.68B | 3.58B | 4.74B | 2.37B | 194M | 2.68B | -3.81B | 2.51B | -7.44B | 12.58B | 13.98B | 15.12B | 16.2B | 20.71B | 26.32B | 15.96B | 32.59B | 28.1B | 14B | 23.2B | 23.37B | 20.52B | 16.14B | 16.68B | 8.72B | -2.56B | 10.38B | 5.85B | 10.09B |
| FCF Margin % | 7.09% | 15.84% | 9.5% | 10.14% | 16.27% | 4.19% | 0.26% | 2.97% | -3.93% | 2.52% | -6.23% | 10.93% | 12.01% | 13.73% | 11.24% | 14.64% | 17.74% | 10.28% | 17.95% | 16.29% | 9.23% | 16.99% | 17.4% | 18.18% | 12.21% | 13.19% | 6.72% | -2.3% | 10.33% | 6.61% | 12.85% |
| FCF Growth % | -34.61% | 97.5% | 2.62% | -24.42% | 100.25% | 1120.62% | -92.75% | 170.26% | -252.04% | 133.67% | -159.16% | -10.02% | -7.53% | -6.69% | -21.75% | -21.33% | 64.94% | -51.03% | 15.99% | 100.75% | -39.67% | -0.71% | 13.86% | 27.17% | -3.23% | 91.16% | 440.34% | -124.7% | 77.34% | -42.01% | 18.73% |
| FCF per Share | 3.42 | 6.81 | 3.36 | 3.26 | 4.33 | 2.16 | 0.18 | 2.45 | -3.51 | 2.32 | -6.52 | 10.05 | 11.05 | 11.76 | 12.27 | 15.67 | 19.84 | 12.03 | 25.82 | 22.00 | 10.77 | 17.49 | 17.90 | 16.30 | 12.87 | 13.27 | 6.94 | -2.05 | 8.31 | 4.67 | 7.98 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.98x | 0.72x | 0.55x | 17.61x | -0.55x | 0.63x | -1.76x | -0.22x | -0.77x | 0.15x | -3.25x | 1.82x | 2.19x | 2.30x | 2.36x | 3.10x | 2.23x | 2.79x | 2.07x | 1.48x | 2.25x | 2.13x | 1.99x | 2.09x | 2.35x | 1.78x | 2.29x | 2.08x | 1.74x | 2.45x |
| Interest Paid | 882M | 882M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.21B | 5.78B | 8.76B | 9.54B | 8.99B | 12.72B | 15.57B | 17.13B | 19.6B | 25.85B | 23.34B | 18.44B | 16.59B | 0 | 10.56B | 9.65B | 11.13B | 11.62B | 0 | 0 | 0 | 0 |
| Taxes Paid | 773M | 739M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.44B | 7.47B | 2.49B | 2.96B | 2.49B | 3.24B | 2.92B | 2.67B | 2.54B | 3.24B | 2.91B | 2.87B | 3.25B | 0 | 1.54B | 948M | 1.49B | 2.6B | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GE stock.
GE Aerospace (GE) generated $8.54B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GE Aerospace (GE) generated $7.26B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
GE Aerospace (GE) spent $1.27B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GE Aerospace (GE) returned $1.45B to shareholders via cash dividends and spent $7.55B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Cash Conversion Turns Negative
In 2026Q2, GE Aerospace reported a net loss of $2.4B but operating cash outflow of $1.6B, yielding an OCF/NI ratio of -0.68, according to the latest quarterly report.
The negative cash conversion in 2026Q2 starkly contrasts with the prior quarter's near-parity ratio of 0.96, suggesting a significant timing issue in collections or payments. This volatility may indicate that reported earnings are not consistently translating into cash, warranting close monitoring of working capital movements.
FCF Swing Mirrors Revenue Surge
Free cash flow swung from $1.5B in 2026Q1 to -$1.9B in 2026Q2, a $3.4B reversal, despite revenue growth of 21.1% year-over-year, as per financial statements.
The FCF margin collapsed from 12.0% to -14.6% quarter-over-quarter, indicating that the revenue acceleration has not yet translated into cash generation. This divergence suggests that growth may be consuming cash through receivables or inventory, and investors should assess whether this is a temporary working capital build or a structural issue.
Working Capital Volatility Drives Cash
Working capital changes swung from a $457M source in 2026Q1 to a $244M use in 2026Q2, contributing to the cash flow reversal, based on reported cash flow data.
The erratic working capital swings, including a $470M use in 2025Q4 and a $457M source in 2026Q1, suggest that GE Aerospace's cash flow is highly sensitive to timing of collections and payments. This volatility may reflect the company's scale and contract terms, but it complicates forecasting and may indicate inefficiencies in cash conversion.
Aggressive Buybacks Outpace Cash Flow
GE Aerospace deployed $2.1B on buybacks in 2026Q2, exceeding its operating cash outflow of $1.6B, as reported in the cash flow statement, signaling aggressive capital return.
Despite negative operating cash flow, the company continued substantial share repurchases, funded presumably by existing cash reserves. This suggests a commitment to returning capital to shareholders, but it may strain liquidity if cash generation does not recover. Investors should monitor whether buybacks are sustainable given the cash flow volatility.
Cumulative Earnings Outpace Cash
Over the last ten quarters, cumulative net income of $20.6B exceeds cumulative operating cash flow of $15.4B, a $5.2B gap, according to company filings.
The persistent gap between net income and operating cash flow indicates that earnings have not fully converted to cash, possibly due to working capital buildup or other non-cash adjustments. This divergence may signal lower earnings quality, and investors should investigate the drivers, such as receivables growth or inventory accumulation.
Cash Flow Obscures Timing Effects
GE Aerospace's cash flow statement shows no stock-based compensation in most quarters, yet D&A remains steady around $300M, as per reported data, suggesting potential non-cash distortions.
The absence of SBC in the cash flow statement is unusual for a company of this size and may indicate that SBC is either immaterial or not separately disclosed. Additionally, the large swings in working capital and acquisition-related cash flows (e.g., $2.7B inflow in 2024Q1) can obscure the underlying cash generation from operations. Investors should adjust for these items to assess the true cash-generating ability of the core business.