Revenue flow

Margins

Stage	GE	% of rev	GEV	% of rev	Gap · A − B
Revenue	$14.1B	100.00%	$12.6B	100.00%	GE ×1.12
Gross profit	$5.0B	35.57%	$3.1B	24.58%	GE +11.0pp
Operating income	$2.6B	18.45%	$1.4B	11.03%	GE +7.4pp
Pre-tax income	$2.8B	19.87%	$1.8B	14.10%	GE +5.8pp
Net income	$2.3B	16.26%	$1.3B	10.20%	GE +6.1pp

Stage	GE	GEV	Gap · A − B
Revenue	$14.1B100.00%	$12.6B100.00%	GE ×1.12
Gross profit	35.57%$5.0B	24.58%$3.1B	GE +11.0pp
Operating income	18.45%$2.6B	11.03%$1.4B	GE +7.4pp
Pre-tax income	19.87%$2.8B	14.10%$1.8B	GE +5.8pp
Net income