Revenue flow

Margins

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

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