GEHC 10-K & 10-Q changes, risk factors and insider trading

•Efforts by public and private payers to control the growth of healthcare costs may lead to lower reimbursements or increased utilization controls related to the use of our products by healthcare providers, which may affect the price of and demand for our products,products services,and or solutions.services.

•Our inability to manage our supply chain or obtain supplies of components or raw materials, as well as any interruption in the operations of our facilities, our suppliers’, customers’, or third-party providers’ facilities, has restricted, and could continue to restrict, the manufacturing of products, cause delays in delivery, impair our ability to deliver products or provide servicesservices, or significantly increase our costs.

•IncreasedWe manufacture and sell products that rely upon software and computer systems to operate properly and process and store confidential information. Our business could be adversely affected by increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted cybercybercrimes, crimes pose a risk toand our systems, networks, products, solutions, services, and data, as well as our reputation, and we may be unableinability to obtain, maintain, protect, or effectively enforce our IP rights, which could adversely affect our business.rights.

•If we are unable to attract or retain key personneltalent and qualified employees or maintain relations with our employees or other employee representatives, it could adversely affect our business.

•Increasing attention to ESGsustainability matters, including environmental, health, and safety (“EH&S”) matters, may impose additional costs and expose us to new risks.

•Our business operations are tightly regulated by the U.S. FDA and equivalent global agencies and are subject to extensive laws and regulations, including with regard to the Foreigndevelopment, Corruptauthorization Practicesand Actcommercialization (theof “FCPA”),our similarproducts, as well as anti-corruption and anti-bribery laws, anti-kickback and false claims laws, antitrust and competition laws, and stringent privacy laws and information securitiessecurity regulations,laws, and applicable tax lawslaws. and anyAny changes theretoto or violations thereofof these laws and regulations could have a material adverse effect on our business.

•We are subject to laws and regulations in many jurisdictions governing government contracts, public procurement, and government reimbursements in many jurisdictions,reimbursements, as to which the failure to comply could adversely affect our business.

•InWe additionare exposed to risks associated with potential litigation, arbitration, and governmental proceedings, we are exposed to risks associated withincluding product liability claims that have been and may be brought against us or as a result of the actions or inactions of our customers or third parties that are outside of our control.us.

•We have significant postretirement benefit liabilities, including pension, healthcare,liabilities and life insurance benefits obligations, and thetheir actual costs and related cash flows of these obligations are uncertain and could exceed current estimates.

Healthcare markets are characterized by rapidly evolving technology, frequent introduction of new products, intense competition, and pricing pressures. We face substantial competition from international and domestic companies of all sizes;sizes, and these competitors often differ across our businesses. Competition is primarily focused on costcost-effectiveness, effectiveness, price,pricing, service, product performance, and technological innovation. Our ability to compete successfully may be adversely affected by factors such as:

•a failure to successfully enter new or emerging geographic or adjacent product markets, including as a result of pricing pressures from local and international competitors in those markets;

Our service organization allows us to deliver service offerings through an extensive network of field service engineers, global repair centers, and customer service centers. Increased competition from ISOs and evolving regulatory and legislative policies could adversely impact our business and resultsfinancial ofresults. operations.For Inexample, in the United StatesU.S. and Europe, ISOs continue to seek access to OEM service tools, parts, documents, software updates, and training. Specifically, in 2021, the Librarian of Congress in the UnitedU.S. Stateshas authorized a copyright act exemption that allows unregulated third-party repair companies to circumvent OEM copyright protections on software in its medical imaging device or system if circumvention is necessary to diagnose, maintain, or repair such device or system. Furthermore,Similarly, regulatory and legislative changes, such as the adoption of right-to-repair laws in the United StatesU.S. and elsewhere, could further strengthen the ability of ISOs to obtain valuable service contracts and directly compete with us in the services area. In addition to affecting our services business, the activities of ISOs could expose us to a number of other risks related to safety, quality, security, or performance of our products. This could increase compliance costs, require changes to our business practices, or otherwise impact our ability to compete in the services and repairs area.

Our inability to obtain and maintain regulatory authorizations for and supply commercial quantities of our offerings as quickly and effectively as our competitors could limit market acceptance. Additionally, our HealthCare Financial Services business is subject to various laws, rules, and regulations administered by authorities in jurisdictions where it does business, including the United States, Canada, China, France, Germany, the United Kingdom, and certain countries in Latin America. Furthermore, our markets are continually evolving and thus revenues and income are difficult to forecast.

In recent years, U.S. and some international healthcare industry participants, including distributors, manufacturers, suppliers, healthcare providers, insurers, and pharmacy chains, have consolidated or formed strategic alliances. Consolidations create larger enterprises with greater negotiating power and may result in the loss of a customer where the combined enterprise selects one distributor from two incumbents. Additionally, the U.S. healthcare industry has undergone significant changes designed to help increase access to medical care, improve safety and patient outcomes, contain costs, and increase efficiencies. These changes include a general decline in and/or changes to public and private insurer reimbursement levels and payment models and the industry shifting away from traditional healthcare venues like hospitals and toward clinics, physician offices, and patients’ homes. We expect the U.S. and to some extent the international healthcare industry to continue to change in the future. Any of these factors could adversely affect our pricing, margins, and market share and have a material adverse effect on our business results, cash flows, financial condition, or prospects.

We generate the majority of our revenue outside of the United StatesU.S. and our business is sensitive to global economic conditions. Slower global economic growth; actual or anticipated default on sovereign debt; volatility in the currency and credit markets; inflationary pressures; high levels of unemployment or underemployment; reduced levels of capital expenditures; changes or anticipation of potential changes in government fiscal, tax, import and export, trade, and monetary policies; changes in capital requirements for financial institutions; disruptions in the financial services industry; actual or anticipated default on sovereign debt; government deficit reduction and budget negotiation dynamics; sequestration; austerity measures; and other challenges that affect the global economy could adversely affect us and our customers, suppliers, and channel partners. Both the United StatesU.S. and international markets have experienced significant inflationary pressures in 2023 and, to a lesser extent, 2024, and inflation rates in the United States, as well as in other countries in which we operate, may continue at elevated levels for the near term. In response, the Federal Reserve in the United States and other central banks in various countries have raised interest rates in response to concernsexperience aboutinflationary inflation which may have the effect of further increasing economic uncertainty.pressures. Economic instability could also cause renewed uncertainty in global markets and the investment climate to deteriorate.

The imposition of tariffs, non-tariff barriers, and other import and export restrictions have contributed to increased global economic uncertainty. The rise of economic nationalism could make it more difficult for us to attract new customers, retain existing customers, continue to produce and source in an optimal manner, or maintain sales at existing levels, both in the United StatesU.S. and in other countries. Geopolitical and economic risks have increased over the past few years in many regions of the world, including in the United States.U.S. Our operations expose us to the risk that increased trade protectionism may adversely affect our business. For example, in late 2024 and earlyduring 2025, the UnitedU.S. States,imposed China,a andvariety the European Union each announced eitherof new tariffs,tariffs non-tariffon barriersmost (principallyimports relatedfrom to participation in public procurement of healthcare equipment), or export controls. Any of these risks, ensuing retaliation, or the further deterioration of trade relations betweenall countries could make our offerings more expensive or non-competitive in the affectedworld. countries.This in turn prompted several countries to announce tariffs on U.S. imports. While the situation continues to be fluid, tariffs materially impacted our profitability and cash flows in 2025, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at formally communicated levels, we expect to continue to see a material impact to our financial results through the incurrence of additional costs. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. We do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs. In addition, current changes and uncertainties in global tariffs are causing volatility in our cost positioning in some international markets. Growing tensions, protectionist trade policies, and tariffs may also lead to a fragmentation of the global economy, operational and logistical shifts in supply chains that may lead to higher costs and longer lead times, a general reduction of international trade in goods and services, and a reduction in the integration of financial markets, any of which could materially and adversely affect our business results, cash flows, financial condition, or prospects.

Further risks stem from ongoing and future geopolitical tensions and volatility (such as in Cuba, Iran, Syria, Russia, North Korea, and Israel and surrounding areas), other future conflicts that may arise, and economic sanctions imposed relating to regions and persons included on sanctioned party lists. In particular, the conflict between Ukraine and Russia and resulting sanctions and other restrictions imposed by the U.S., the EU, and Russia may negatively impact our revenuebusiness and financial results to the extent the conflict and the sanctions significantly impact our ability to sell products or services to customers in the affected regions,countries, collect receivables from such customers, or repatriate cash we do collect. Given the nature of our products, we do not believe that the current sanctions and other measures imposed by the United StatesU.S. and other countries preclude us from conducting business in the region. However, these sanctions have mademade, and will continue to makemake, it more burdensome and costly to serve customers in thesethe regions.region. 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 EU 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 duringin the years ended December 31, 20242025 and 2023is andexpected willto continue to do so as we confirm applicability of the U.S. License Exception to our transactions and continue to obtain licenses. We will continue to apply for licenses to supply to these customers and to support our business in Russia, as required. There is no guarantee we will obtain all of the licenses for which we applied,apply, that any approvals we obtain will be on a timely basis, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. In addition to the above, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers laws and regulations that restrict U.S. persons and, in some instances, non-U.S. persons in conducting activities, transacting business with, or making investments in certain countries or with governments, entities, and individuals subject to U.S. economic sanctions. Furthermore, the U.S. Department of Commerce Bureau of Industry and Security administers export controls that apply to products, software, and technology. If the sanctions, restrictions, and other retaliatory measures imposed by the global community change, we may be required to cease or suspend our operations in the region or we may voluntarily elect to do so. Additionally, elections in various countries may further exacerbate geopolitical and geoeconomic tensions and market instability. The lead uplead-up to these elections and their outcomes could result in sharp shifts in domestic, economic, and foreign policy approaches or even result in new or deepening geopolitical conflicts. WeFuture aregeopolitical continuouslyfactors monitoringthat economic,have political,the effect of reducing capital expenditures generally, and geopoliticalfor developmentshealthcare products, services, or solutions specifically, may negatively impact sales of our offerings and, as a result, make it more difficult for us to assessattract anynew potentialcustomers, futureretain impactexisting thatcustomers, mayor arise.maintain sales at existing levels.

The impact of geopolitical and economic developments globally will depend on a number of factors, including the effectiveness of measures by central banks and financial authorities. Such developments may also result in or coincide with reduced budgets for capital equipment and services, particularly if it becomes more difficult for our customers to accurately forecast and plan future business activities. This, in turn, could cause our customers to reduce, delay, or abandon purchases of our offerings. An uncertain economic environment may also adversely affect our customers’ budgets and may result in pricing pressure, requests for extended warranty provisions, and cancellation of service contracts, and could make it more difficult for us to collect outstanding receivables, especially in emerging markets. Any of these risks could have a material adverse effect on our businessbusiness, results,results of operations, cash flows, financial condition, prospects,or and the market price of our securities.prospects.

Public health crises, epidemics,crises and pandemics,epidemics suchand as the COVID-19 pandemic,pandemics have had andand, in the futurefuture, may have a material adverse impact on our business, as well as on the operations and financial performance of some of the customers and suppliers in industries that we serve.

Our operations and financial performance have been, and in the future may be, negatively impacted by public health crises,crises epidemics,and epidemics and pandemics, such as the COVID-19 pandemic, which have in the past caused, and may in the future cause, a slowdown of economic activity (including volatility in demand for our products, services, and solutions), disruptions in global supply chains, and significant volatility in financial markets. Additionally, as a result of such events, we have in the past experienced, and may in the future experience, operational challenges from the need to protect employee health and safety; site shutdowns; workplace disruptions; restrictions on the movement of people, raw materials, and goods (both at our own facilities and at those of our customers and suppliers); global supply chain disruptions; and price inflation. We also have experienced, and may in the future experience, unpredictable demand for our products, services, and solutions; customer requests for potential payment deferrals or other contract modifications; supply chain under-liquidationchallenges; delays of deliveries and the achievement of other billing milestones; delays or cancellations of new projects and related down-payments; and other factors related, directly and indirectly, to the effects of any public health crisis, epidemic, or pandemic on our customers that adversely impact our businesses.

The ultimate impact of any public health crisis, epidemic, or pandemic, including the COVID-19 pandemic,pandemic on our operations and financial performance depends on many factors that are not within our control, including, but not limited to: the severity and duration of the public health crisis, epidemic, or pandemic; the impact of variants and resurgences; governmental, business, and individuals’ actions in response to the public health crisis, epidemic, or pandemic; the impact on global and regional economies, travel, and economic activity; the development, availability, and public acceptance of effective treatments or vaccines; our employees’ compliance with vaccine mandates that may apply in various jurisdictions; the availability of federal, state, local, or non-U.S. funding programs; global economic conditions and levels of economic growth; and the pace and extent of the ultimate recovery from the public health crisis, epidemic, or pandemic.

Sales of many of our offerings directly or indirectly depend on the availability of reimbursement and the amount of reimbursement that our customers may seek from various third-party payers, including government programs, authorities, or agencies (e.g., Medicare and Medicaid in the United StatesU.S.), and private health plans. In general, employers and third-party payers, particularly in the United States,U.S., have become increasingly cost-conscious, with higher deductibles imposed in many medical plans. The imposition of higher deductibles tends to inhibit individuals from seeking the same level of medical treatments as they might seek if the costs were lower, particularly in the medical diagnostic portion of our business. Third-party payers have also increased utilization controls related to the use of our offerings by healthcare providers.

Without adequate support from third-party payers, the market for our offerings may be limited and adversely impacted. Governments and other payers may institute changes in healthcare delivery systems that reduce funding for services or encourage greater scrutiny of healthcare costs. The ability of customers to obtain appropriate reimbursement for our offerings from third-party payers is critical to the success of medical technology companies because it affects which offerings customers purchase and the prices they are willing to pay. For example, China has implemented volume-based procurement processes to constrain healthcare costs. Some countries impose drug price controls or reimbursement limitations for pharmaceutical products. Even if we develop promising new offerings, we may find limited demand for the offerings unless reimbursement approval is obtained from third-party payers. Further legislative or administrative reforms that impact reimbursements or pricing could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

In the United States,U.S., private third-party payers, although independent from Medicare, sometimes use portions of Medicare reimbursement policies and payment amounts in making their own reimbursement decisions. As a result, decisions by the Centers for Medicare and Medicaid Services (“CMS”) to reimburse for a diagnosis or treatment, or changes to Medicare’s reimbursement policies or reductions in payment amounts with respect to a diagnosis or treatment, sometimes extend to U.S. third-party payers’ reimbursement policies and amounts for that diagnosis or treatment. Decision-making by our U.S. customers is complicated by the uncertainty surrounding Medicare reimbursement rates for certain procedures. From time to time, CMS and third-party payers may review and modify the factors upon which they rely to determine appropriate levels of reimbursement for certain diagnoses or treatments. In China, government authorities control the inclusion or removal of drugs from the Essential Drug List and the National Reimbursement Drug List, which govern reimbursement under state-sponsored health plans. The removal or reclassification of our products on Chinese national or provincial lists can affect the reimbursement or reimbursement rate of our products in China. Any significant cuts in reimbursement rates or changes in reimbursement methodology or administration for procedures that use our offerings, or concerns or proposals regarding further cuts or changes in methodology or administration, could further increase uncertainty, adversely affect our customers’ decisions, reduce demand for our offerings, cause customers to cancel orders, and have a material adverse effect on our business results, cash flows, financial condition, or prospects.

Our business strategy includes the acquisition of technologies and businesses that expandexpand, accelerate, or complement our existing business. Successful growth through acquisitions depends upon our ability to identify suitable acquisition targets or assets, conduct due diligence, negotiate transactions on favorable terms, and ultimately complete such transactions and integrate the acquired target or asset successfully. See Note 8, "Acquisitions, Goodwill, and Other Intangible Assets" for a discussion of the acquisitions we completed or have entered into in 2025.

•inquiries and rulings by antitrust, foreign direct investment, or other regulatory bodies;

In addition, we also regularly evaluate a variety of other potential strategic transactions, including equity and other investments; strategic alliances that could further our strategic business objectives;investments, and disposition of non-core assets.assets or businesses. We may not successfully identify, complete, or manage the risks presented by these strategic transactions, including those outlined above. Equity and other investments and strategic alliances pose additional risks, as we could share ownership in both public and private companies and, in some cases, management responsibilities with one or more other parties whose objectives for the alliance may diverge from ours over time; who may not have the same priorities, strategies, or resources as we do; or whose interpretation of applicable policies may differ from our own. Additionally, dispositions of non-core assets or businesses could involve difficulties in the separation of operations, services, products, and employees, the disruption of our business, and the potential loss of key employees.

The following discussion and analysis of our financial results should be read in conjunction with the consolidated and combined financial statements and corresponding notes (the “financial statements”) included elsewhere in this Annual Report on Form 10-K. 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 years ended December 31, 2024, 2023,2025 and 2022.2024. For additional information on the year ended December 31, 2023 and year-over-year comparisons to December 31, 2024, refer to 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, 2024. 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 Annual Report on Form 10-K, and particularly in Item 1A, “Risk Factors.”

EffectiveGE JulyHealthCare’s 1,operations 2024,are Image Guided Therapies, previously part of the Imaging segment, was realigned to the Ultrasound segment to better match its clinical usageorganized and realizemanaged stronger business and customer impact by providing the right image guidance in the right care setting. The Ultrasound segment was subsequently renamed Advanced Visualization Solutions (“AVS”). Following this realignment, the Company continues to havethrough four reportable segments: Imaging, Advanced Visualization Solutions,Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”). These segments have been identified based on the nature of the products sold, and howwe theassessed Companytheir managesperformance itsusing operations.Segment Historicalrevenues segmentand financialSegment information presented within this report has been recast to conform to the new reportable segments structure.EBIT. For additional information on the nature of our business and our segments, refer to Item 1, “Business” and Note 4, “Segment and Geographical Information.”

We had $162$214 million and $153$162 million of assets in, or directly related to, Russia and Ukraine as of December 31, 20242025 and December 31, 2023,2024, respectively, none of which are subject to sanctions that impact the carrying value of the assets. We generated revenues of $363$353 million, $340 million,million and $395$363 million from customers in these two countries for the years ended December 31, 2024, 2023,2025 and 2022,2024, 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 years ended December 31, 2025 and 2024 and 2023is andexpected willto continue to do so as we confirm applicability of the U.S. License Exception to our transactions and continue to obtain licenses. There is no guarantee we will obtain all of the licenses for which we applied,apply, that any approvals we obtain will be on a timely basis, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. The Board, together with management,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.

Our revenuesrevenues, operating profits, and operatingcash profitsflows vary from quarter to quarter. Financial results in the fourth quarter have historically been higher than in other quarters due to the spending patterns of our customers.

Total revenues were $19,672$20,625 million, growing 1%4.8% or $120 million. Theas reported growthand was3.5% largely due toorganically*. Sales of servicesproducts increasingincreased 3%4.5% or $172$586 million primarily driven by strong growth in PDx, Imaging, and AVS revenues. Sales of services increased pricing.5.6% or $368 million primarily driven by growth in new and existing customer contractual agreements.

•PDxImaging segment revenues were $2,508$9,245 million, growing 9%4.4% or $202$390 millionmillion, with growth in the USCAN and EMEA regionsregions, drivenpartially offset by growthcontinued pressure in volume,the anChina increase in price, and new product introductions.market;

•USCAN revenues were $8,981$9,531 million, growing 5%6.1% or $430$550 millionmillion, withlargely driven by growth across allAVS, Imaging, and PDx segment revenues;

•Rest of WorldEMEA revenues were $3,158$5,425 million, growing 5%7.4% or $162$374 million due towith growth in PDx,Imaging, Imaging,AVS, and AVSPDx revenues, partiallyas offsetwell byas unfavorablefavorable foreign currency impacts.impacts;

•Gross profit increased $283$43 millionmillion, orbut 120decreased 170 basis points as a percent of Total revenues primarily due to aan reductionincrease in both Cost of products sold.and Cost of services as a percent of Total revenues. Cost of products sold decreasedincreased $194$671 million or 120220 basis points as a percent of Sales of products. The decreaseincrease as a percent of sales was driven by cost productivity,inflation, favorableincluding mixthe withinimpact ourof productincremental offerings,tariffs, and an increaseinvestment in pricingdesign of our products,follow-through, partially offset by cost inflation.productivity. Cost of services sold increased $31$240 million butor decreased 8090 basis points as a percent of Sales of services. The decreaseincrease as a percent of sales was driven by unfavorable mix within our service offerings, and cost productivityinflation, andincluding the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings, partially offset by cost inflation.offerings. Included in our total cost of revenuerevenues as part of our product investment was $405$490 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $438$405 million for the prior year comparable period; and

•Total operating expenses increaseddecreased $93$95 million, with ana increasedecrease in research and development (“R&D”) investments of $106$51 millionmillion, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, and a decrease in Selling, general, and administrative (“SG&A”) expense of $13$44 million primarily driven by costa savingdecrease initiatives,in includingSpin-Off informationand technology,separation largelycosts, partially offset by increased restructuringinvestment spend.in Asour acommercial result,teams and the acquisition of NMP. R&D as a percentage of Total revenues increaseddecreased by 5060 basis points and SG&A as a percentage of Total revenues decreased by 20120 basis points.

Net income attributable to GE HealthCare and Net income margin were $1,993$2,084 million and 10.1%, an increase of $425$91 million and 210flat basisto points,the prior year, respectively, primarily due to the following factors:

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 MarchJune 31,30, 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”).

We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government spendingprocurement 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.

We had $194$190 million and $214 million of assets in, or directly related to, Russia and Ukraine as of MarchJune 31,30, 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 $54$106 million and $64$123 million from customers in these two countries for the threesix months ended MarchJune 31,30, 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 threesix months ended MarchJune 31,30, 2026 and 2025 and is expected to continue to do so as we confirm applicability of the U.S. License Exception to our transactions and continue to obtain licenses.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.

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

Total revenues were $5,131$5,295 million, growing 7.4%5.7% as reported and 2.9%3.5% organically*. Sales of products increased 7.3%4.7% or $228$153 million primarily driven by strong growth in PDx, Imaging,PDx and AVSAIS revenues, as well as favorable foreign currency impacts, partially offset by declines in PCS revenues. Sales of services increased 7.5%7.7% or $125$135 million primarily driven by the acquisition of Intelerad and growth in new and existing customer contractual agreements as well as favorable foreign currency impacts.agreements.

•PDxAIS segment revenues were $770$3,771 million, growing 21.7%7.9% or $137$277 million as reported,reported largelydue driven byto an increase in Organic revenue* and the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”).Intelerad. Organic revenue* grew 9.7%5.0% driven by continuedstrong growth in volumeCardioVascular & Interventional Solutions, Computed Tomography (“CT”), and priceMolecular asImaging well as new(“MI”) product introductions.lines;

•USCAN revenues were $2,361$2,476 million, growing 5.6%5.8% or $124$136 million, largely driven bywith growth across Imaging, PDx,PDx and AVSAIS, inclusive of Intelerad revenues, partially offset by a decline in PCS revenues;

•Rest of WorldEMEA revenues were $863$1,348 million, growing 11.6%6.3% or $90$80 millionmillion, withprimarily driven by growth in PDx, inclusive of NMP revenues, and ImagingAIS revenues as well as favorable foreign currency impacts.impacts;

Operating income was $515$739 million, aan decreaseincrease of $115$86 million and 31090 basis points as a percent of Total revenues. The decreaseincrease was due to the following factors:

•Gross profit decreasedincreased $36$195 million or 360150 basis points as a percent of Total revenues primarily due to tariff refunds, a growth in sales volume, and an increase in bothprice, Costpartially ofoffset productsby andcost Cost of services as a percent of Total revenues.inflation. Cost of products sold increased $320$57 millionmillion, orbut 530decreased 130 basis points as a percent of Sales of products. The increasedecrease as a percent of sales was largelydriven drivenprimarily by tariff refunds and a growth in volume, partially offset by cost inflation,inflation including the impact of incremental tariffs,and investment in design follow-through, and a PDx supplier issue.follow-through. Cost of services sold increased $69$35 million orbut 50decreased 170 basis points as a percent of Sales of services. The increasedecrease as a percent of sales was largely driven by unfavorablean mixincrease withinin the pricing of our service offerings and costtariff inflation, including the impact of incremental tariffs,refunds, partially offset by ancost increase in pricing of our service offerings.inflation. Included in our total cost of revenues as part of our product investment was $127$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 $96$128 million for the prior year comparable period; and

Net income attributable to GE HealthCare and Net income margin were $389$561 million and 7.6%,10.6%, aan decreaseincrease of $175$75 million and 42090 basis pointspoints, respectively, primarily due to the following factors:

•Operating income decreasedincreased $115$86 million, as discussed above;

•Other income – net decreased $63$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 currentfirst quarter. For additional detail on the NMP acquisition, refer to Note 7,16, “Acquisitions,Supplemental Goodwill,Financial and Other Intangible AssetsInformation”; and

•Provision for income taxes decreased $10$3 million primarily due to lowerreconciling earningsadjustments to recorded tax account balances booked in 2026the offsetcurrent byyear, aand one-timenon-recurring prior year benefits from the release of foreign income tax reservereserves releaseand a nontaxable remeasurement gain in 2025connection for tax years no longer subject to an assessment fromwith the localNMP taxing authorities.acquisition. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted net income* was $452$967 million, aan decreaseincrease of $12$16 million primarily due a decrease in operating income, partially offset byto lower Interest and other financial charges – net.