Revenue flow

Margins

Stage	GE	% of rev	EMR	% of rev	Gap · A − B
Revenue	$14.1B	100.00%	$4.9B	100.00%	GE ×2.90
Gross profit	$5.0B	35.57%	$2.7B	54.48%	EMR +18.9pp
Operating income	$2.6B	18.45%	$1.0B	20.54%	EMR +2.1pp
Pre-tax income	$2.8B	19.87%	$916M	18.80%	GE +1.1pp
Net income	$2.3B	16.26%	$718M	14.73%	GE +1.5pp

Stage	GE	EMR	Gap · A − B
Revenue	$14.1B100.00%	$4.9B100.00%	GE ×2.90
Gross profit	35.57%$5.0B	54.48%$2.7B	EMR +18.9pp
Operating income	18.45%$2.6B	20.54%$1.0B	EMR +2.1pp
Pre-tax income	19.87%$2.8B	18.80%$916M	GE +1.1pp
Net income