GE HealthCare Technologies Inc. (GEHC) Cash Flow Statement
Where GEHC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.99B +1.9% vs 2024
- Capital expenditures
- $482.0M 2.3% of revenue
- Free cash flow
- $1.51B 7.3% margin
- Returned to shareholders
- $264.0M 18% of free cash flow
- Change in cash
- $1.62B cash at year-end $4.51B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GEHC operating cash flow, capex and free cash flow
GEHC cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.99B2019 | $1.99B2025 | −0.0%/yr | |
| Capital expenditures | $331.0M2019 | $482.0M2025 | +6.5%/yr | |
| Free cash flow | $1.66B2019 | $1.51B2025 | −1.6%/yr | |
| Free cash flow margin | 10.0%2019 | 7.3%2025 | −2.7 pts | |
| Operating cash flow / net income | 1.182019 | 0.922025 | −0.26 | |
| Stock-based compensation | $151.0M2019 | $130.0M2025 | −2.5%/yr | |
| Dividends paid | $02021 | $64.0M2025 | — | |
| Share buybacks (net) | $02023 | $200.0M2025 | — | |
| Capex / revenue | 2.0%2019 | 2.3%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GEHC cash flow by activity
GEHC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GEHC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $2.15B | $2.05B | $1.62B | $1.95B | $2.27B | $2.06B | $1.68B |
| Depreciation & amortization | $578.0M | $580.0M | $610.0M | $633.0M | $625.0M | $630.0M | $659.0M |
| Stock-based compensation | $130.0M | $125.0M | $114.0M | $67.0M | $76.0M | −$931.0M | $151.0M |
| Change in working capital | −$357.0M | −$59.0M | $22.0M | −$293.0M | −$1.37B | −$52.0M | −$387.0M |
| Other non-cash items | −$517.0M | −$745.0M | −$263.0M | −$243.0M | $1.0M | −$18.0M | −$115.0M |
| Cash from operating activities | $1.99B | $1.95B | $2.10B | $2.11B | $1.61B | $1.69B | $1.99B |
| Investing activities | |||||||
| Capital expenditures | −$482.0M | −$401.0M | −$387.0M | −$310.0M | −$248.0M | −$259.0M | −$331.0M |
| Investments (net) | −$118.0M | −$914.0M | −$558.0M | −$398.0M | −$1.76B | $19.99B | −$325.0M |
| Acquisitions & other investing | −$447.0M | $401.0M | $387.0M | $310.0M | $248.0M | $259.0M | $331.0M |
| Cash from investing activities | −$1.05B | −$914.0M | −$558.0M | −$398.0M | −$1.76B | $19.99B | −$325.0M |
| Financing activities | |||||||
| Dividends paid | −$64.0M | −$55.0M | −$41.0M | $0 | $0 | — | — |
| Share repurchases & issuance (net) | −$200.0M | $0 | $0 | — | — | — | — |
| Net borrowing (repayment) | $968.0M | −$423.0M | $1.14B | $8.20B | −$12.0M | −$16.0M | −$59.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$87.0M | −$95.0M | −$1.58B | −$9.03B | −$251.0M | −$21.53B | −$1.51B |
| Cash from financing activities | $617.0M | −$573.0M | −$478.0M | −$822.0M | −$263.0M | −$21.54B | −$1.57B |
| Summary | |||||||
| Net change in cash | $1.62B | $387.0M | $1.05B | $890.0M | −$451.0M | $143.0M | $35.0M |
| Cash at end of period | $4.51B | $2.89B | $2.51B | $1.45B | $561.0M | $1.01B | $869.0M |
| Free cash flow | $1.51B | $1.55B | $1.71B | $1.80B | $1.36B | $1.43B | $1.66B |
| Free cash flow margin | 7.3% | 7.9% | 8.8% | 9.8% | 7.7% | 8.3% | 10.0% |
| Capex / revenue | 2.3% | 2.0% | 2.0% | 1.7% | 1.4% | 1.5% | 2.0% |
| Operating cash flow / net income | 0.92 | 0.95 | 1.30 | 1.08 | 0.71 | 0.82 | 1.18 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $574.0M | $411.0M | $589.0M | $464.0M | $500.0M | $588.0M | $738.0M | $489.0M | $435.0M | $388.0M | $416.0M | $386.0M |
| Depreciation & amortization | $160.0M | $153.0M | $146.0M | $148.0M | $148.0M | $136.0M | $140.0M | $143.0M | $149.0M | $148.0M | $144.0M | $153.0M |
| Stock-based compensation | $45.0M | $35.0M | $36.0M | $38.0M | $34.0M | $22.0M | $33.0M | $22.0M | $36.0M | $34.0M | $33.0M | $29.0M |
| Change in working capital | −$58.0M | −$169.0M | $260.0M | −$87.0M | −$251.0M | −$143.0M | $215.0M | $87.0M | −$478.0M | $154.0M | $213.0M | −$146.0M |
| Other non-cash items | −$1.24B | −$140.0M | $20.0M | $30.0M | −$337.0M | −$353.0M | −$213.0M | −$3.0M | −$261.0M | −$305.0M | $244.0M | $228.0M |
| Cash from operating activities | −$517.0M | $290.0M | $1.05B | $593.0M | $94.0M | $250.0M | $913.0M | $738.0M | −$119.0M | $419.0M | $1.05B | $650.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$100.0M | −$178.0M | −$134.0M | −$110.0M | −$86.0M | −$152.0M | −$102.0M | −$90.0M | −$64.0M | −$145.0M | −$94.0M | −$80.0M |
| Investments (net) | −$6.0M | −$13.0M | −$36.0M | −$148.0M | −$223.0M | −$407.0M | −$240.0M | −$137.0M | −$349.0M | −$188.0M | −$88.0M | −$120.0M |
| Acquisitions & other investing | −$9.0M | −$2.31B | −$99.0M | $110.0M | $86.0M | $152.0M | $102.0M | $90.0M | $64.0M | $145.0M | $94.0M | $80.0M |
| Cash from investing activities | −$115.0M | −$2.50B | −$269.0M | −$148.0M | −$223.0M | −$407.0M | −$240.0M | −$137.0M | −$349.0M | −$188.0M | −$88.0M | −$120.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$16.0M | −$16.0M | −$16.0M | −$16.0M | −$16.0M | −$16.0M | −$14.0M | −$13.0M | −$14.0M | −$14.0M | −$13.0M | −$14.0M |
| Share repurchases & issuance (net) | −$200.0M | −$100.0M | $0 | −$100.0M | −$100.0M | $0 | — | — | −$37.0M | — | — | — |
| Net borrowing (repayment) | −$9.0M | $148.0M | −$261.0M | −$4.0M | $1.49B | −$256.0M | −$1.25B | $987.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$221.0M | −$11.0M | −$16.0M | −$45.0M | −$12.0M | −$14.0M | −$8.0M | −$60.0M | −$6.0M | −$139.0M | −$887.0M | −$10.0M |
| Cash from financing activities | −$446.0M | $21.0M | −$293.0M | −$165.0M | $1.36B | −$286.0M | −$1.28B | $914.0M | −$57.0M | −$153.0M | −$900.0M | −$24.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.04B | −$2.23B | $485.0M | $264.0M | $1.29B | −$417.0M | −$679.0M | $1.55B | −$547.0M | $59.0M | $86.0M | $475.0M |
| Cash at end of period | $1.25B | $2.29B | $4.51B | $4.03B | $3.77B | $2.48B | $2.89B | $3.57B | $2.02B | $2.56B | $2.51B | $2.42B |
| Free cash flow | −$617.0M | $112.0M | $917.0M | $483.0M | $8.0M | $98.0M | $811.0M | $648.0M | −$183.0M | $274.0M | $956.0M | $570.0M |
| Free cash flow margin | −11.7% | 2.2% | 19.6% | 9.4% | 0.2% | 2.1% | 15.2% | 13.3% | −3.8% | 5.9% | 18.4% | 11.8% |
| Capex / revenue | 1.9% | 3.5% | 2.9% | 2.1% | 1.7% | 3.2% | 1.9% | 1.9% | 1.3% | 3.1% | 1.8% | 1.7% |
| Operating cash flow / net income | −0.90 | 0.71 | 1.78 | 1.28 | 0.19 | 0.43 | 1.24 | 1.51 | −0.27 | 1.08 | 2.52 | 1.68 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GEHC cash generation
In fiscal 2025 (ended December 31, 2025), GE HealthCare generated $2.0 billion of cash from operations (up 1.9%) and spent $482.0 million on capital expenditures, leaving free cash flow of $1.5 billion, 7.3% of revenue. It returned $264.0 million to shareholders through dividends ($64.0 million) and net share buybacks ($200.0 million). Cash and equivalents rose by $1.6 billion over the year.
Related: GEHC income statement, GEHC balance sheet, GEHC dividend history. See the GEHC stock overview for the latest quote and news.
GEHC cash flow FAQ
What is GE HealthCare's free cash flow?
GE HealthCare's free cash flow was $1.5 billion in fiscal 2025: $2.0 billion of operating cash flow minus $482.0 million of capital expenditures It was $1.6 billion a year earlier..
How much cash does GE HealthCare generate from operations?
GE HealthCare generated $2.0 billion of cash from operating activities in fiscal 2025, 0.92 times its net income of $2.2 billion.
How much does GE HealthCare spend on capital expenditures?
GE HealthCare spent $482.0 million on capital expenditures in fiscal 2025, 2.3% of revenue, compared with $401.0 million the year before.
How much stock does GE HealthCare buy back?
GE HealthCare spent $200.0 million on net share repurchases in fiscal 2025.
How much does GE HealthCare pay in dividends?
GE HealthCare paid $64.0 million in dividends in fiscal 2025, 4.2% of free cash flow.