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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

Commission file number 001-41528

GE HEALTHCARE TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)


Delaware						88-2515116
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

500 W. Monroe Street, Chicago, IL						60661
(Address of principal executive offices)						(Zip Code)

(Registrant’s telephone number, including area code) (833) 735-1139

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GEHC	The Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the outstanding common stock of the Registrant held by non-affiliates as of June 2830, ~~2024~~2025, the last business day of the ~~registrants~~registrant’s most recently completed second fiscal quarter, was approximately $33 34 billion. There were ~~457~~455,~~298~~749,~~310~~767 shares of common stock with a par value of $0.01 per share outstanding as of ~~February~~January 628, ~~2025~~2026.

DOCUMENTS INCORPORATED BY REFERENCE

The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held May 287, ~~2025~~2026, is incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.

Table of Contents
		Page
Forward-Looking Statements		34
Part I.
Item 1.	Business	45
Item 1A.	Risk Factors	1314
Item 1B.	Unresolved Staff Comments	35
Item 1C.	Cybersecurity	35
Item 2.	Properties	36
Item 3.	Legal Proceedings	36
Item 4.	Mine Safety Disclosures	36
Part II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3637
Item 6.	[Reserved]	37
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	54
	Trends and Factors Impacting Our Performance	38
Item 8.	Financial Statements and Supplementary Data	56
	Summary of Key Performance Measures	39
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	108
	Results of Operations	40
Item 9A.	Controls and Procedures	108
	Results of Operations – Segments	42
Item 9B.	Other Information	108
	Non-GAAP Financial Measures	43
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	108
	Liquidity and Capital Resources	47
Part III.
	Recently Issued Accounting Pronouncements	48
Item 10.	Directors, Executive Officers and Corporate Governance	109
	Critical Accounting Estimates	48
Item 11.	Executive Compensation	109
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	50
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	109
Item 8.	Financial Statements and Supplementary Data	53
Item 13.	Certain Relationships and Related Transactions, and Director Independence	109
	Report of Independent Registered Public Accounting Firm - Deloitte & Touche LLP (PCAOB ID No. 34)	53
Item 14.	Principal Accountant Fees and Services	109
	Consolidated Statements of Income	56
Part IV.
	Consolidated Statements of Comprehensive Income (Loss)	57
Item 15.	Exhibits and Financial Statement Schedules	109
	Consolidated Statements of Financial Position	58
Item 16.	Form 10-K Summary	111
	Consolidated Statements of Changes in Equity	59
Signatures		112
	Consolidated Statements of Cash Flows	60
	Notes to the Consolidated Financial Statements	61
	Note 1. Organization and Basis of Presentation	61
	Note 2. Summary of Significant Accounting Policies	61
	Note 3. Revenue Recognition	70
	Note 4. Segment and Geographical Information	71
	Note 5. Receivables	73
	Note 6. Financing Receivables	74
	Note 7. Leases	74
	Note 8. Acquisitions, Goodwill, and Other Intangible Assets	75
	Note 9. Borrowings	78
	Note 10. Postretirement Benefit Plans	80
	Note 11. Income Taxes	85
	Note 12. Shareholders’ Equity	89
	Note 13. Financial Instruments and Fair Value Measurements	90
	Note 14. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies	94
	Note 15. Restructuring Activities	95
	Note 16. Share-Based Compensation	96
	Note 17. Earnings Per Share	98
	Note 18. Supplemental Financial Information	98

FORWARD-LOOKING STATEMENTS


	Note 19. Related Parties and Transition Services Agreement	102
	Note 20. Subsequent Events	102
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	102
Item 9A.	Controls and Procedures	102
Item 9B.	Other Information	103
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	103

Part III.
Item 10.	Directors, Executive Officers and Corporate Governance	103
Item 11.	Executive Compensation	103
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	103
Item 13.	Certain Relationships and Related Transactions, and Director Independence	103
Item 14.	Principal Accountant Fees and Services	103

Part IV.
Item 15.	Exhibits and Financial Statement Schedules	104
Item 16.	Form 10-K Summary	106

Signatures		107

This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business; financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows; the impacts of macroeconomic and market conditions and volatility on our business operations, financial results, and financial position and on supply chains and the world economy; our cost structure; our funding and liquidity; the impacts on our business of manufacturing, sourcing, and supply chain management; the Russia and Ukraine conflict; our operations as a stand-alone company; and risks related to foreign currency exchange, interest rates, and commodity price volatility. These forward-looking statements involve risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, operating in highly competitive markets; global geopolitical and economic instability, including as a result of the conflict between Ukraine and Russia, tensions in the Middle East, and changes in trade and tariff policy; public health crises, epidemics, and pandemics, and their effects on our business; changes in third-party and government reimbursement processes, rates, and contractual relationships, including related to government shutdowns, and changes in the mix of public and private payers; demand for our products, services, or solutions and factors that affect that demand; the delayed China stimulus and the ongoing anti-corruption campaign; our ability to control increases in healthcare costs and any subsequent effect on demand for our products, services, or solutions; our ability to successfully complete strategic transactions; the impacts related to our increasing focus on and investment in cloud, edge computing, artificial intelligence (“AI”), and software offerings; management of our supply chain and our ability to cost-effectively secure the materials we need to operate our business; disruptions in our operations; the actions or inactions of third parties with whom we partner and the various collaboration, licensing, and other partnerships and alliances we have with third parties; the impact of potential information technology (“IT”), cybersecurity, or data security breaches; maintenance and protection of our intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; our ability to attract and/or retain key personnel and qualified employees; environmental, social, and governance (“ESG”) matters; compliance with the various legal, regulatory, tax, privacy, and other laws to which we are subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the impact of potential product liability claims; our level of indebtedness, as well as our general ability to comply with covenants under our debt instruments, and any related effect on our business; and our ability to operate effectively as an independent, publicly traded company. Please also see Item 1A, “Risk Factors” of this Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) and any updates or amendments we make in future filings. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation.

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FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business, financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows; the impacts of macroeconomic and market conditions, including the impact of tariffs and other trade restrictions, and volatility on our business, operations, financial results, and financial position and on supply chains and the world economy; our cost structure; our funding and liquidity; the impacts on our business of manufacturing, sourcing, and supply chain management; the Russia and Ukraine conflict; share repurchases; and risks related to foreign currency exchange, interest rates, and commodity price volatility. These forward-looking statements involve risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from those described in our forward-looking statements include, but are not limited to, operating in highly competitive markets; global geopolitical and economic instability, including as a result of changes in trade and tariff policy, and international conflicts and tensions, including between Ukraine and Russia and in other regions; public health crises, epidemics, and pandemics, and their effects on our business; changes in third-party and government reimbursement processes, rates, and contractual relationships, including related to government shutdowns, and changes in the mix of public and private payers; demand for our products, services, or solutions and factors that affect that demand; developments in the market in China; our ability to control increases in healthcare costs and any subsequent effect on demand for our products, services, or solutions; our ability to successfully complete strategic transactions; the actions or inactions of third parties with whom we partner and the various collaboration, licensing, and other partnerships and alliances we have with third parties; the impacts related to our increasing focus on and investment in cloud, edge computing, artificial intelligence (“AI”), and software offerings; management of our supply chain and our ability to cost-effectively secure the materials we need to operate our business; disruptions in our operations; the impact of potential information technology, cybersecurity, or data security breaches; maintenance and protection of our intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; our ability to attract and/or retain key talent and qualified employees; increasing attention to sustainability matters; compliance with the various legal, regulatory, tax, privacy, and other laws to which we are subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the impact of potential product liability claims or potential litigation, arbitration, or similar proceedings; and our level of indebtedness and the impact of complying with the covenants and other terms of our debt instruments on our business. Please also see Item 1A, “Risk Factors” of this Annual Report on Form 10-K filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and any updates or amendments we make in future filings. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation.

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PART I

ITEM 1. BUSINESS

GE HealthCare Technologies Inc. (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) is a ~~trusted partner and~~ leading global healthcare solutions provider, ~~innovating~~of advanced medical technology, pharmaceutical diagnostics, and ~~integrated~~AI, cloud~~-first~~ ~~AI-enabled~~and software solutions, ~~services,~~that ~~and~~help ~~data~~clinicians ~~analytics~~tackle the world’s most complex diseases. We have approximately 5354,000 colleagues dedicated to our ~~mission~~purpose to create a world where healthcare has no limits. WeServing ~~operate~~patients atand ~~the~~providers ~~center~~for ofnearly ~~the~~130 ~~healthcare ecosystem~~years, ~~enabling~~GE ~~precision~~HealthCare ~~care~~is bydelivering ~~increasing~~bold ~~health~~innovations ~~system~~designed ~~capacity, enhancing productivity, digitizing healthcare delivery, and improving clinical outcomes while serving patients’ demand~~ for ~~greater~~the ~~efficiency,~~next ~~access,~~era ~~and~~of ~~personalized~~ medicine. ~~Our products, services, and solutions are designed~~ to ~~enable~~help clinicians todeliver ~~make~~ more ~~informed decisions quickly and efficiently~~personalized, ~~improving~~precise patient care ~~from screening and diagnosis to therapy and monitoring~~. ~~We have more than 125 years of experience and one of the strongest reputations in the global healthcare industry, built from our demonstrated record of delivering industry-defining innovation.~~ This is complemented by our broad service capabilities and dedication to quality and integrity with a strong operational culture, ~~deeply~~supported ~~embedded~~by inour lean ~~continuous~~business ~~improvement~~system, Heartbeat.

~~Precision~~We ~~care~~generate isrevenue ~~expected~~from tothe ~~drive~~sale ~~continued~~of ~~demand~~medical ~~and~~devices, ~~the~~consumable ~~need~~products, ~~for~~service ~~novel~~capabilities, ~~technologies~~and AI-enabled cloud and ~~future~~software ~~innovation,~~solutions. asWe ~~healthcare~~serve ~~providers~~customers in over 160 countries with a global team of approximately 9,700 sales professionals and ~~researchers~~8,900 ~~seek~~field ~~new~~service ~~solutions~~engineers. Our customers are hospitals, health systems, and ~~tools~~researchers, ~~for~~including ~~managing~~public, ~~various~~private, ~~disease~~academic, ~~states~~and government institutions. ~~The~~Our ~~pursuit~~comprehensive portfolio of ~~precision~~solutions ~~care~~addresses ~~opportunities~~the ~~significantly~~biggest ~~expands~~challenges ~~our~~facing ~~addressable~~healthcare ~~markets~~today, and is designed to ~~include~~advance ~~integrated~~care ~~diagnostics~~delivery for customers, AIreduce ~~and~~disease ~~machine~~burden, ~~learning-based~~enable ~~clinical~~better ~~decision~~patient ~~support~~outcomes, ~~highly~~and ~~personalized~~drive ~~therapies~~sustainable ~~enabled~~growth byfor ~~more~~the ~~precise~~company. ~~diagnostics~~These qualities foster trust, loyalty, and ~~remote~~partnership ~~patient~~with ~~monitoring~~our global customer base. ~~The~~Our ~~scale~~revenues, operating profits, and ~~breadth~~cash offlows ~~our~~vary ~~portfolio,~~from ~~combined~~quarter ~~with~~to ~~our~~quarter. ~~innovation~~Financial ~~capabilities,~~results ~~position~~in usthe tofourth bequarter ahave ~~leading~~historically ~~enabler~~been higher than in other quarters due to the spending patterns of ~~precision~~our ~~care~~customers.

WeGE ~~generate~~HealthCare ~~revenue~~Technologies ~~from the sale of medical devices, consumable products, service capabilities, and digital solutions~~Inc. Weis ~~serve~~a ~~customers~~Delaware incorporation ~~over 160 countries~~ with acorporate ~~global~~headquarters ~~team~~in ~~of approximately 9~~Chicago,~~800~~ ~~sales professionals and 8,300 field service engineers~~Illinois. ~~Our~~On ~~customers~~January ~~are healthcare providers and researchers~~3, ~~including public~~2023, ~~private, and academic institutions. We are organized into four business segments that are aligned with~~ the ~~industries~~General weElectric ~~serve: Imaging~~Company, ~~Advanced~~which ~~Visualization~~now ~~Solutions~~operates ~~(“AVS”),~~as ~~Patient~~GE ~~Care~~Aerospace ~~Solutions~~ (“~~PCS~~GE”), ~~and~~completed ~~Pharmaceutical~~the ~~Diagnostics~~spin-off ~~(“PDx”). Our portfolio~~ of ~~solutions~~GE ~~addresses~~HealthCare (the ~~biggest challenges facing healthcare providers and patients today, and helps drive better patient outcomes and improved productivity for customers~~“Spin-Off”). These qualities foster trust, loyalty, and partnership with our global customer base. Our revenues and operating profits 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.

GE HealthCare Technologies Inc. is a Delaware corporation with corporate headquarters in Chicago, Illinois. On January 3, 2023, the General Electric Company, which now operates as GE Aerospace (“GE”), completed the spin-off of GE HealthCare (the “Spin-Off”). Refer to Note 1, “Organization and Basis of Presentation” for further information regarding the Spin-Off.

OUR SEGMENTS

WeOur ~~develop,~~business ~~manufacture,~~is ~~and~~organized ~~market~~into afour ~~broad~~segments ~~portfolio~~that ofare ~~products,~~aligned ~~services,~~with ~~and~~the ~~complementary~~industries ~~digital~~we ~~solutions~~serve: ~~used in the diagnosis~~Imaging, ~~treatment,~~Advanced ~~and~~Visualization ~~monitoring~~Solutions ~~of patients. We have a large~~(“AVS”), ~~global~~Patient ~~installed~~Care ~~base~~Solutions ~~of medical imaging~~(“PCS”), ~~ultrasound,~~ and ~~patient~~Pharmaceutical ~~monitoring~~Diagnostics ~~systems~~(“PDx”).

Effective July 1, 2024, Image Guided Therapies (“IGT”), previously part of the Imaging segment, was realigned to the Ultrasound segment to better match its clinical usage and realize 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. Following this realignment, the Company continues to have four reportable segments: Imaging, AVS, PCS, and PDx, as described below.

IMAGING.

GEOur ~~HealthCare~~Imaging issegment aincludes ~~global~~five ~~leader~~product inlines ~~medical~~and ~~imaging~~associated ~~with~~service acapabilities: ~~comprehensive~~Molecular ~~portfolio~~Imaging of(“MI”), ~~scanning~~Computed ~~devices~~Tomography (“CT”), ~~clinical~~Magnetic ~~applications~~Resonance (“MR”), ~~service~~Women’s ~~capabilities~~Health, and ~~digital solutions~~X-ray. ~~Our~~We ~~Imaging~~manage ~~portfolio~~our ~~spans~~Molecular ~~the~~Imaging ~~care continuum~~ and ~~provides~~Computed ~~critical~~Tomography ~~tools~~product ~~for~~lines ~~clinicians,~~together ~~from~~(“MI/CT”) ~~initial screening~~ and ~~diagnosis,~~our ~~through~~Women’s ~~therapeutic~~Health ~~decision-making~~ and ~~monitoring~~X-ray ofproduct ~~patient~~lines ~~progression~~together (“WH/XR”). Our products support providers in the delivery of care for a broad spectrum of clinical specialties, including oncology, cardiology, neurology, nuclear medicine, orthopedics, women’s health, pediatrics, and surgery.

~~Our~~•Molecular ~~Imaging~~imaging ~~portfolio~~enables ~~includes~~the ~~five~~visualization, ~~product~~characterization, ~~lines~~and quantification of functional processes taking place at the cellular and ~~associated~~subcellular ~~service~~levels ~~capabilities:~~within ~~Molecular~~patients. ~~Imaging~~The images produced by MI systems allow clinicians to study the cellular and molecular pathways and mechanisms of disease in patients. We offer a complete MI solution from cyclotrons, chemistry synthesis, positron emission tomography (“MIPET”), ~~Computed~~computed ~~Tomography~~tomography (“PET/CT”), ~~Magnetic~~single-photon ~~Resonance~~emission computed tomography (“MRSPECT”), ~~Women’s Health~~PET/MR, and ~~X-ray.~~nuclear Wemedicine ~~manage~~to ~~our~~advanced ~~Molecular~~digital ~~Imaging~~ and ~~Computed~~AI-enabled ~~Tomography~~solutions. ~~product~~Our ~~lines~~MI ~~together~~team ~~(“MI/CT”)~~works ~~and~~closely ~~our~~with ~~Women’s~~the ~~Health~~PDx segment and ~~X-ray~~their ~~product~~innovations ~~lines~~and ~~together~~collaborations ~~(“WH/XR”)~~with pharmaceutical companies.

•~~Molecular~~Computed ~~imaging~~tomography ~~enables~~scans ~~the~~render ~~visualization,~~3D ~~characterization,~~anatomical ~~and~~images ~~quantification~~ of ~~functional~~structures, ~~processes~~such ~~taking~~as ~~place~~bone, atsoft ~~the~~tissue, ~~cellular~~ and ~~subcellular~~air ~~levels~~cavities ~~within~~using ~~patients.~~an ~~The~~X-ray ~~images~~tube ~~produced~~that byrotates MIaround ~~systems~~a ~~allow~~patient. ~~clinicians~~The toimages ~~study~~are ~~the~~used ~~cellular~~in ~~and~~a ~~molecular~~wide ~~pathways~~variety ~~and mechanisms~~ of ~~disease~~applications, inincluding ~~patients.~~the Wedetection ~~offer~~of atumors ~~complete~~or MIlesions, ~~solution~~blocked ~~from~~blood ~~cyclotrons,~~vessels ~~chemistry~~in ~~synthesis~~the brain, ~~positron~~abnormal ~~emission~~heart ~~tomography (“PET”)~~conditions, ~~computed~~complex ~~tomography~~bone ~~(“PET/CT”)~~fractures, ~~PET/MR,~~ and ~~nuclear~~internal ~~medicine~~injuries tofrom ~~advanced digital and AI-enabled solutions~~trauma. Our ~~Molecular~~comprehensive ~~Imaging~~CT ~~team~~portfolio ~~works~~includes ~~closely~~multi-purpose ~~with the PDx segment~~ and ~~their~~specialty ~~innovations and collaborations with pharmaceutical companies~~scanners.

4•Magnetic resonance is a non-invasive imaging technology that produces detailed anatomical images of almost every internal structure in the human body, such as the brain, spinal cord, heart, breast, kidneys, muscles, ligaments, and tendons. MR can also be used for functional imaging, and it is well-suited for disease detection, diagnosis, and treatment monitoring of a variety of conditions, including stroke, cancer, trauma, aneurysm, multiple sclerosis, cardiomyopathy, and congenital disorders. Our MR portfolio includes scanners for a range of clinical capabilities through different bore sizes, magnetic field strengths, and scalable platforms.

•Computed tomography scans render 3D anatomical images of structures, such as bone, soft tissue, and air cavities using an X-ray tube that rotates around a patient. The images are used in a wide variety of applications, including the detection of tumors or lesions, blocked blood vessels in the brain, abnormal heart conditions, complex bone fractures, and internal injuries from trauma. Our comprehensive Computed Tomography portfolio includes multi-purpose and specialty scanners.

•Magnetic resonance is a non-invasive imaging technology that produces detailed anatomical images of almost every internal structure in the human body, such as the brain, spinal cord, heart, breast, kidneys, muscles, ligaments, and tendons. MR can also be used for functional imaging, and it is well-suited for disease detection, diagnosis, and treatment monitoring of a variety of conditions, including stroke, cancer, trauma, aneurysm, multiple sclerosis, cardiomyopathy, and congenital disorders. Our Magnetic Resonance portfolio includes scanners for a range of clinical capabilities through different bore sizes, magnetic field strengths, and scalable platforms.

•Women’s Health products use X-ray technology to help clinicians screen for and diagnose breast cancer as well as bone and metabolic diseases in women. The product portfolio includes imaging and biopsy positioning systems designed to image the breast and dual energy X-ray absorptiometry scanners designed to image bones with low mineral density.

•X-ray systems are used by clinicians to perform first-line diagnostic imaging examinations of anatomical structures in the body, such as bones, lungs, and the gastrointestinal tract. Our X-ray product portfolio includes systems for three distinct clinical situations: fixed room radiography products installed in hospitals and imaging centers; mobile radiography products used for bedside or other point-of-care imaging needs; and fluoroscopy products installed in hospitals for dynamic or “moving” X-ray imaging in applications like gastrointestinal examinations.

We also offer a suite of AI-enabled software and applications that help clinicians improve productivity, address staff shortages, and deliver better patient outcomes. These software solutions and applications are upgradable through the lifecycle of the equipment and are especially beneficial for multi-site, multi-disciplinary networks that have complex operations. ~~We also offer Picture Archiving and Communication Systems (“PACS”) and Radiological Information Systems to manage the storage and reporting of radiology images.~~

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In addition to our core products, digital solutions, and service offerings, we provide complementary enterprise solutions, such as education and training and data integration services. Our broad enterprise solutions used along the imaging continuum enable us to drive connectivity across healthcare systems and throughout the product lifecycle.

ADVANCED VISUALIZATION SOLUTIONS.

GE HealthCare is a global leader in ultrasound, image guided therapies, and interventional solutions with a broad portfolio that spans the continuum of care, including screening, diagnosis, treatment, and monitoring of certain diseases. Our AVS ~~business~~segment is focused on designing solutions that are aligned by specialties or care areas for specific clinical workflows to better serve the unique needs of our customers and improve patient outcomes. WeThe ~~continue~~product toportfolio ~~deliver~~serves ~~innovative~~customers ~~solutions~~across totwo ~~support~~core ~~interventional~~areas: ~~procedures,~~Specialized ~~all~~Ultrasound ~~with~~and ~~digital~~Procedural Guidance. Specialized Ultrasound includes Comprehensive Care Ultrasound and ~~AI-enabled~~Women’s ~~solutions~~Health ~~that~~Ultrasound. ~~help~~Procedural ~~clinicians~~Guidance ~~increase~~includes ~~diagnostic~~CardioVascular ~~confidence~~and Interventional Solutions, ~~while~~and ~~simplifying~~Surgical ~~clinical~~Innovations. Ultrasound technologies are a meaningful component of both areas, reflecting their use across diagnostic, interventional, and ~~operational~~surgical ~~workflows~~settings.

~~The~~•Comprehensive ~~AVS~~Care ~~segment~~Ultrasound ~~has~~includes asystems ~~portfolio~~ that ~~serves~~produce ~~customers~~images ~~across~~to ~~two~~support ~~core~~precise ~~areas:~~screening, ~~Specialized~~diagnosis, ~~Ultrasound~~monitoring, and ~~Procedural~~treatment ~~Guidance.~~across ~~Specialized~~the ~~Ultrasound~~whole ~~includes~~body, ~~Comprehensive~~including ~~Care~~liver, ~~Ultrasound~~thyroid, kidney, breast, vascular, and ~~Women’s~~transcranial ~~Health~~applications. ~~Ultrasound~~These systems include point-of-care and handheld ultrasound devices to support clinical decision-making throughout various care pathways in diverse sites of care. ~~Procedural~~Our ~~Guidance~~systems ~~includes~~combine ~~CardioVascular~~high image quality with comprehensive clinical tools including measurement quantification, workflow automation, cross-modality networking, real-time and ~~Interventional~~AI-enabled ~~Solutions~~scan guidance, and ~~Surgical~~cloud-based ~~Innovations~~technologies with versatility, accessibility, and portability required to deliver care.

•Comprehensive Care Ultrasound includes systems that produce images to support precise screening, diagnosis, monitoring, and treatment across the whole body, including liver, thyroid, kidney, breast, vascular, and transcranial applications. These systems include point of care and handheld ultrasound devices to support clinical decision-making throughout various care pathways in diverse sites of care. Our systems combine high image quality with comprehensive clinical tools including measurement quantification, workflow automation, cross-modality networking, real-time and AI-enabled scan guidance, and cloud-based technologies with versatility, accessibility, and portability required to deliver care.

•Women’s Health Ultrasound provides systems to support obstetrics, gynecology, and assisted reproductive medicine. These care areas require specially designed ultrasound products that account for patient comfort and workflow constraints to enable practitioners to provide higher-quality screening, exams, and procedural care, and give clinicians images with the clarity and definition they need to focus on early detection and intervention.

•CardioVascular and Interventional Solutions provides clinicians with ~~tools~~innovative tosolutions ~~diagnose~~that enhance diagnoses, ~~treat~~intervention, treatment, and ~~monitor~~monitoring ~~cardiovascular~~in ~~conditions~~therapeutic ~~with~~areas ~~precision~~such ~~and confidence~~ as ~~well~~cardiology, asperipheral ~~technologies~~vascular, toneurology ~~help assist clinicians~~ and ~~surgeons~~oncology. ~~during~~Our ~~open~~integrated ~~surgeries~~portfolio ~~and~~of ~~minimally invasive and interventional procedures. This includes~~ ultrasound systems used to assess the structure and function of the heart, as well as real-time ~~advanced~~ X-ray ~~imaging~~systems, ~~that~~combines ~~integrates~~advanced ~~with~~imaging, ~~ultrasound~~workflow ~~and~~intelligence, ~~other imaging~~ and ~~diagnostic~~ergonomic ~~systems.~~designs, ~~These~~to ~~technologies~~ support ~~planning,~~healthcare ~~guiding,~~providers ~~and~~in ~~assessing~~delivering acare ~~variety~~with ofgreater ~~surgical~~confidence ~~procedures like cardiac interventions~~ and ~~those~~efficiency. ~~that~~Together, ~~involve~~these ~~insertion~~technologies offacilitate ~~devices~~image ~~like~~guided ~~deep~~therapy ~~brain~~across ~~stimulators,~~a ~~spinal~~full ~~implants,~~spectrum ~~and~~of ~~other~~interventional ~~neurological devices~~procedures.

5•Surgical Innovations products are used in the operating environment and include a broad portfolio of advanced mobile surgical C-arms that meet clinical needs for surgical imaging and are designed to be easily maneuverable in operating rooms and adaptable for various surgical procedures. Surgical visualization and guidance technology expands the use of ultrasound beyond diagnostics to provide real-time information during surgical procedures to help guide interventions and navigate inside the human body.

~~•Surgical~~Each ~~Innovations~~clinical ~~products~~area ~~are~~is ~~used~~supported inwith ~~the~~digital ~~operating~~and ~~environment~~AI ~~and~~solutions ~~include~~designed ato ~~broad~~deliver ~~portfolio~~optimal ofworkflows ~~advanced~~and ~~mobile~~increase ~~surgical~~efficiency. ~~C-arms~~Technologies ~~that~~like ~~meet~~AI-guided ~~clinical~~ultrasound ~~needs~~offer ~~for~~healthcare ~~surgical~~providers ~~imaging~~real-time guidance and ~~are~~step-by-step ~~designed~~instructions to behelp ~~easily~~clinicians ~~maneuverable~~conduct inscans ~~crowded~~for ~~operating~~cardiac ~~rooms~~assessments and ~~adaptable~~capture ~~for~~high-quality ~~various~~images ~~surgical~~at ~~procedures~~the point-of-care. ~~Surgical~~Other ~~visualization~~digital automation and ~~guidance~~workflow ~~technology~~solutions ~~expands~~across the ~~use~~AVS ofportfolio ~~ultrasound~~can ~~beyond~~help ~~diagnostics~~reduce toimaging ~~provide~~barriers ~~real-time~~and ~~information~~repetitive ~~during~~tasks, ~~surgical~~increase standardization, and expand collaborative capacity. Clinicians are further supported by our broad probe portfolio which includes specialized probes for interventional procedures. Our equipment, software, and AI solutions are complemented by service offerings that are highly regionalized according to ~~help~~local ~~guide~~requirements, ~~interventions~~varying ~~and~~customer ~~navigate~~needs, ~~inside~~and ~~the~~cross-modality ~~human~~service ~~body~~strategies.

Each clinical area is supported with our digital and AI-enabled ultrasound solutions that are designed to deliver optimal, simplified, and scalable clinical and operational workflows. They are designed to increase efficiencies that support care for more patients by: providing AI-guided ultrasound to help clinicians of all experience levels acquire quality diagnostic images; eliminating keystrokes to shorten exam time; and providing clinical decision support tools. Clinicians are further supported by our broad probe portfolio which includes specialized probes for interventional procedures. Our equipment, digital, and AI solutions are complemented by service offerings that are highly regionalized according to local requirements, varying customer needs, and cross-modality service strategies.

PATIENT CARE SOLUTIONS.

GEOur ~~HealthCare’s~~ PCS segment isserves acare ~~leading~~teams ~~global~~and ~~provider~~healthcare ofsystems ~~medical~~across ~~devices,~~multiple ~~proprietary~~patient ~~parameters~~care ~~and~~needs ~~consumables,~~including ~~services,~~Monitoring ~~and~~Solutions ~~digital solutions that acquire~~ and ~~transform~~Life ~~complex~~Support ~~clinical~~Solutions. ~~data~~Monitoring ~~into~~Solutions ~~real-time~~includes ~~visualization~~Patient Monitoring and ~~clinical~~Diagnostic ~~decision~~Cardiology. ~~support~~Life toSupport ~~ease~~Solutions ~~the~~includes ~~way~~Maternal toInfant ~~more~~Care ~~confident patient care~~ and ~~improve patient outcomes~~Anesthesia. ~~These~~Both ~~solutions~~Monitoring ~~form~~Solutions ~~a broad~~ and ~~integrated~~Life ~~portfolio~~Support ~~that~~Solutions ~~support~~include ~~patient~~services, ~~care~~consumables, ~~needs~~ and ~~care~~digital ~~teams within and beyond most acute healthcare environments~~applications.

•Our ~~PCS~~Patient ~~portfolio~~Monitoring ~~serves~~solutions ~~care~~enable ~~teams~~clinicians ~~and~~to ~~healthcare~~flex ~~systems~~care ~~across~~based ~~multiple~~on a patient’s ~~care~~acuity ~~needs~~and ~~including~~across ~~Monitoring~~the ~~Solutions~~care ~~and~~continuum. ~~Life~~Our ~~Support~~portfolio ~~Solutions.~~ranges ~~Monitoring~~from ~~Solutions~~spot-check ~~includes~~to ~~Patient~~continuous ~~Monitoring~~patient monitoring, ~~Diagnostic~~including ~~Cardiology~~comprehensive multi-parameter monitors; central stations; continuous, ~~Consumables~~wearable, and ~~Services~~mobile ~~portfolio~~monitors; transport monitors; cardiac telemetry solutions; spot-check monitors; and visualization, alarm distribution, and ~~Digital~~care ~~Solutions~~team collaboration solutions. ~~Life~~Our ~~Support~~Patient ~~Solutions~~Monitoring business includes ~~Maternal~~proprietary ~~Infant~~parameters ~~Care~~ and ~~Anesthesia~~complementary consumables as well as original equipment manufacturers’ parameters that are integrated into our monitoring fleet, of which a significant portion represents recurring revenue streams.

•Our ~~flexible~~Diagnostic ~~Patient~~Cardiology ~~Monitoring~~portfolio ~~solutions~~offers ~~enable~~electrocardiogram ~~clinicians~~(“ECG” toor ~~flex~~“EKG”) ~~care~~solutions ~~based~~which onare atypically ~~patient’s acuity and across~~ the ~~care~~first ~~continuum.~~diagnostic ~~Our~~tools ~~portfolio ranges from spot-check~~ to ~~continuous~~detect ~~patient~~cardiovascular ~~monitoring~~disease, ~~including~~a ~~comprehensive~~leading ~~multi-parameter~~cause ~~monitors;~~of ~~central~~death ~~stations;~~globally. ~~continuous,~~We ~~wearable,~~provide ~~and~~resting ~~mobile~~ECG ~~monitors;~~devices, ~~transport~~stress ~~monitors;~~ECG ~~cardiac~~devices, ~~telemetry~~and ~~solutions;~~ECG ~~spot-check~~management ~~monitors;~~digital ~~and visualization~~solutions, ~~alarm~~including ~~distribution,~~interpretation ~~and care team collaboration solutions~~algorithms. Our ~~Patient~~ECG ~~Monitoring~~ecosystem ~~business~~obtains, ~~includes~~interprets, ~~proprietary parameters~~ and ~~complementary~~stores ~~consumables~~ECGs ascaptured ~~well~~from asdevices ~~original~~in ~~equipment~~both ~~manufacturers’~~hospital ~~parameters~~and ~~that~~home ~~are integrated into our monitoring fleet~~settings, ofsupporting ~~which~~patients aand ~~significant~~clinicians ~~portion~~along ~~represents~~the ~~recurring~~continuum ~~revenue~~of ~~streams~~cardiology care.

•In Diagnostic Cardiology, we offer electrocardiogram (“ECG” or “EKG”) solutions, that are usually the first diagnostic tool to detect cardiovascular disease, a leading cause of death globally. We provide resting ECG devices, stress ECG devices, and ECG management digital solutions, including interpretation algorithms. Our ECG ecosystem obtains, interprets, and stores ECGs captured from devices in both hospital and home settings, supporting patients and clinicians along the continuum of cardiology care.

•Our Consumables and Services portfolio consists of approximately 1,000 consumables that are used throughout the hospital primarily with our monitors and therapy devices, such as blood pressure, ECG, pulse oximetry, temperature, respiratory rate, blood oxygen level, and brain activity. Our service offerings are flexible and can range from preventative maintenance to comprehensive, onsite biomedical service engineering contracts. Both our consumables and services provide our customers with ongoing clinical impact and protect their capital investment while providing us with recurring revenue streams.

•The Patient Care Solutions portfolio also includes digital solutions that provide clinical decision support in acute and other care settings, simplifying clinical and operational workflows to drive efficiencies and helping improve delivery of precision medicine and patient outcomes. These solutions aggregate and integrate clinical data from various devices across care settings in real time and simplify visualization to guide clinical and operational decisions, enabling more efficient care team collaboration, virtually. These solutions are interoperable and vendor-agnostic to integrate with customer environments in a multi-vendor setting and provide a recurring revenue stream.

•Our Maternal Infant Care products are used in the labor and delivery department to monitor important maternal and fetal parameters, and in neonatal intensive care to assist in critical care for newborns. Our product portfolio includes neonatal incubators, infant warmers, resuscitation devices, phototherapy equipment, maternal and fetal monitors, and digital offerings, such as maternal and fetal heart rate surveillance software. Our products have added innovation in design, including integrated scales, hands-free alarm silencing, angled radiant heating, and thermoregulation.

•Anesthesia products offer life support solutions via ventilation technology and are used by anesthesiologists and nurse anesthetists to ventilate and deliver general anesthetic drugs to patients during surgeries. Our products are installed in many operating rooms, non-operating room anesthesia environments, and ambulatory surgical centers across the world.

Our broad portfolio of connected devices and digital solutions is complemented by a comprehensive suite of service offerings, including parts, labor, and training, as well as emerging data, analytics, and networking solutions enabled by AI to aid our customers in improving uptime and efficiency of their medical technology fleets.

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•Our Maternal Infant Care portfolio offers products that are used in the labor and delivery department to monitor important maternal and fetal parameters, and in neonatal intensive care to assist in critical care for newborns. Our product portfolio includes neonatal incubators, infant warmers, resuscitation devices, phototherapy equipment, maternal and fetal monitors, and digital offerings, such as maternal and fetal heart rate surveillance software. Our products have added innovation in design, including integrated scales, hands-free alarm silencing, angled radiant heating, and thermoregulation.

•Our Anesthesia portfolio offers life support solutions via ventilation technology and are used by anesthesiologists and nurse anesthetists to ventilate and deliver general anesthetic drugs to patients during surgeries. Our products are installed in many operating rooms, non-operating room anesthesia environments, and ambulatory surgical centers across the world.

•Our Consumables portfolio offers both clinical and non-clinical accessories used throughout the hospital primarily with our monitors and therapy devices, such as blood pressure, ECG, pulse oximetry, temperature, respiratory rate, blood oxygen level, and brain activity. Both our consumables and services provide our customers with ongoing clinical impact and protect their capital investment while providing us with recurring revenue streams.

•Our Digital Solutions portfolio includes solutions that provide clinical decision support in acute and other care settings, simplifying clinical and operational workflows to drive efficiencies and helping improve delivery of precision care and patient outcomes. These solutions aggregate and integrate clinical data from various devices across care settings in real time and simplify visualization to guide clinical and operational decisions, enabling more efficient care team collaboration, virtually. These solutions are interoperable and vendor-agnostic to integrate with customer environments in a multi-vendor setting and provide a recurring revenue stream.

Our broad portfolio of connected devices and digital solutions is complemented by a comprehensive suite of service offerings. Our service offerings are flexible and can range from preventative maintenance to comprehensive, onsite biomedical service engineering contracts for both GE HealthCare and non-GE HealthCare installed base.

PHARMACEUTICAL DIAGNOSTICS.

GEOur ~~HealthCare~~PDx issegment asupplies ~~leading supplier of~~ contrast and radiopharmaceutical imaging agents to the global radiology and nuclear medicine industries. These agents help clinicians assess patients to enable more precise diagnoses, monitor disease progression, and enable better therapy selection. We distribute products globally that help meet patient and procedural needs across a multitude of modalities. PDx’s diagnostic agents are complementary to the imaging and ultrasound devices we offer, including CT, angiography and X-ray, MR, ~~single-photon emission computed tomography (“~~SPECT”), and PET, and are also compatible with systems from other equipment vendors.

PDx operates within a strictly regulated industry with unique operational needs. Diagnostic agents require a sophisticated supply chain for manufacturing, supported by a global infrastructure of commercial, marketing, medical affairs, market access, application, regulatory, and pharmacovigilance teams that help monitor products. Customers require timely and reliable supply of diagnostic agents as shortages or delays can be highly disruptive to workflows and even cause exam cancellations.

Our PDx business develops and produces two types of imaging agents: contrast media and radiopharmaceuticals.

•Contrast media are pharmaceuticals that are administered to a patient ~~prior~~during to certain diagnostic scans in order to increase the visibility of tissues or structures ~~during~~in imaging exams. Contrast media increases the diagnostic value of imaging and can be critical in the visualization of small or nuanced areas of diagnostic interest, such as cancer lesions or vascular structures, and to plan medical interventions, such as angioplasties, biopsies, or radiation therapy. We offer contrast media to three imaging modality groups: (1) CT, angiography, and X-ray, (2) MR, and (3) ~~Ultrasound~~ultrasound. Our business also includes contrast injection devices that are automated devices used to monitor and control the injection of contrast into patients, providing valuable productivity benefits in the imaging suite. We offer contrast injectors through collaborations with third-party original equipment manufacturers.

•Radiopharmaceuticals, or molecular imaging agents, are molecular tracers labeled with radioisotopes that are injected into a patient prior to a diagnostic imaging scan. These agents work by accumulating in an area of diagnostic interest, such as a tumor, and emitting energy that is detected by a SPECT or PET scanner. Because they have specific molecular targets, they allow visualization and assessment of cell function, providing a more detailed dimension of biological activity. Our radiopharmaceuticals support diagnosis and therapy selection in various care areas, such as neurology, cardiology, and oncology, and are also used by pharmaceutical companies and researchers in selecting target populations for clinical trials.

Our unique combination of imaging equipment and pharmaceutical diagnostics enables building capabilities across disease states through diagnostic pharmaceuticals, hardware, software, and AI-enabled and ~~digital~~cloud solutions. Our strong portfolio of diagnostic agents and advanced global supply chain, combined with our imaging, cyclotron, and advanced visualization software, positions us to grow in existing markets as well as emerging adjacencies.

ACQUISITIONS

Our business strategy includes the acquisition of technologies and businesses that expand, accelerate, or complement our existing business. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for further information.

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RESEARCH AND DEVELOPMENT ACTIVITIES

Our research and development (“R&D”) efforts focus on scientific discovery and research into promising technologies that lead to potential healthcare applications, creating new products, services and solutions, discovery of novel clinical applications for on-market products and solutions, and enhancing our existing products to help improve outcomes for customers and their patients. We employ approximately 11,100 engineers and scientists worldwide, including hardware, systems, and software engineers and personnel focused on clinical research. We deliver value through innovative medical technology solutions across the patient care continuum (including screening, diagnosis, ~~and~~ therapy, and monitoring) by leveraging hardware, software, AI, and digital technologies. We engage in and sponsor clinical research and product development through collaborations with ~~universities~~academic institutions, medical centers, and other organizations. We occasionally enter into agreements with third parties related to collaboration on R&D activities associated with the development of new or innovative products.

INTELLECTUAL PROPERTY

We have a substantial portfolio of intellectual property (“IP”). We rely on a combination of patent, design, utility model, trademark, copyright, trade secret, and regulatory exclusivity period protections, as well as confidentiality agreements to protect our IP. Our IP team collaborates with our R&D and product teams to develop product-line-focused IP strategies and secure IP rights as appropriate. We generally file patent applications in the United States and other countries that have strong technology patent protections. We also license from third parties a variety of IP that complements our internal R&D efforts and our product offerings. While, in aggregate, our patents and other IP are vital to our operations, we do not consider any single IP asset or group of assets to be of material importance to any segment or to the business as a whole~~; rather, we believe understanding our customers’ needs, technology expertise, and manufacturing know-how are critical for our business~~.

We rely on confidentiality agreements with colleagues, contractors, consultants, and third parties to help protect our trade secrets, proprietary technology, and other confidential information. We also monitor development and commercialization activities of third parties so our IP rights are not infringed upon. In addition, we make infrastructure investments to secure our IP assets and conduct audits to assess the effectiveness of our IP protection program.

We believe that invention leads to value for our customers and stakeholders, and that a culture of innovation across GE HealthCare is a core element of our success.

As part of the Spin-Off from GE, we secured IP specific to our business and GE granted us a license to use other IP required for our business. We also entered into a long-term trademark license agreement with GE that enables GE HealthCare to continue building upon our brand.

COMPETITORS

The global medical technology industry is highly competitive and includes global and regional participants of all sizes that can vary by product line. Because of the diversity of our products and offerings, we face a wide variety of competitors, including a broad range of manufacturers, third-party distributors, and service providers. In the industries we serve, we believe our primary global competitors include Siemens Healthineers, Philips Healthcare, ~~Canon~~United Imaging, Mindray, and ~~United Imaging~~Canon, among others. In our PDx business segment, we primarily compete with Bayer, Bracco, Guerbet, and Curium. We also both compete and partner with various digital health and healthcare AI participants.

While key competitive factors and trends vary among our segments, these typically include value, quality and performance, safety, delivery speed, service and support, technology and innovation, software offering, and brand reputation. For further discussion of risks related to competition, please refer to Item 1A., “Risk Factors.”

HUMAN CAPITAL

We are a purpose-driven global workforce of approximately 5354,000 colleagues with an average tenure that reflects a strong, engaged culture. Our colleagues are committed to serving our customers and enabling them to provide high quality patient care. Our Cultural Operating Principles emphasize safety for patients, customers, and colleagues; servant leadership with unyielding integrity; and fostering a sense of belonging for every one of our colleagues to fulfill our ~~mission~~commitment of delivering precision care through innovation. We monitor our human capital priorities throughout the year, including as a part of our monthly business operating reviews. Our senior leadership is a ~~diverse and~~ global team of industry veterans with a diverse set of experiences and background together with the skills and expertise required to lead a large, global, ~~publicly~~healthcare ~~listed medical technology, pharmaceutical diagnostics, and digital~~ solutions ~~company~~provider. We ~~embrace~~foster a ~~workplace~~culture ~~where~~of ~~every~~belonging ~~voice~~for ~~makes~~all awith ~~difference~~high-performing ~~and~~teams ~~helps~~that ~~build~~represent athe ~~healthier~~global ~~world~~communities we serve.

Below are our human capital priorities:

•Protect the health and safety of our workforce: Safety is integrated into everything we do, from manufacturing to installation, operation, and service. We are committed to prioritizing safety over delivery and cost. We maintain rigorous health and safety standard protocols across our businesses that are designed to align with regulatory requirements, industry practices, and company values. Our efforts extend to promoting the mental and emotional health and well-being of our workforce.

•Evolve our culture: Our senior management team continues to lead our company through a transformational period, having completed the Spin-Off in January 2023 and now executing on our next phase as a public company. We have aligned the organization around Cultural Operating Principles that represent a shared understanding of how we expect colleagues to work with each other and interact with stakeholders to enable our growth strategy, deliver on our purpose, and create value for our colleagues, customers, patients, stockholders, and communities. Our culture amplifies the value of each person’s unique identity, background, and experiences. We are committed to fostering a culture in which every colleague feels empowered to do their best work because they feel accepted, respected, and a sense of belonging. We have objective measures in place to gauge the progress of our culture. 8

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•Evolve our culture: We believe that achieving the intentional culture we desire is a key unlock to the highest performing organization we can be. Knowing that culture is a never ending journey, we have aligned the organization around Cultural Operating Principles that represent a shared understanding of how we expect colleagues to work with each other and interact with stakeholders to enable our growth strategy, deliver on our purpose, and create value for our colleagues, customers, patients, stockholders, and communities. Our culture amplifies the value of each person’s unique identity, background, and experiences. We are committed to fostering a culture in which every colleague feels empowered to do their best work because they feel accepted, respected, and a sense of belonging. We have objective measures in place to gauge the progress of our culture.

Our Cultural Operating Principles are:

•Serve our people, patients, and customers;

•Lead with a lean mindset;

•Empower entrepreneurial spirit;

•Deliver the future of healthcare; and

•Winning with an inclusive team.

8•Attract, develop, and cultivate our talent: GE HealthCare’s approach to talent management is designed to facilitate strong individual and company performance, foster innovation, enhance colleague engagement, and drive sustainable organizational growth. This starts with attracting qualified candidates to the organization with a strong company value proposition and competitive total rewards. A key pillar of our talent strategy is having senior management-led talent processes that yield succession readiness, strong leaders, and a more engaged, productive, and retained workforce. Ensuring professional development and continuous learning of our colleagues remains a fundamental priority for the organization as a whole.

•Attract, develop, and cultivate our talent: GE HealthCare’s approach to talent management is designed to facilitate strong individual and company performance, foster innovation, enhance employee engagement, and drive sustainable organizational growth. This starts with attracting qualified candidates to the organization with a strong company value proposition and competitive total rewards. A key pillar of our talent strategy is having senior management-led talent processes that yield succession readiness, strong leaders, and a more engaged, productive, and retained workforce. Ensuring professional development and continuous learning of our colleagues remains a fundamental priority for the organization as a whole.

•Retain, motivate, and reward our talent: GE HealthCare’s approach to total rewards is underpinned by a philosophy designed to provide programs that attract, retain, and motivate our people to fulfill our purpose to create a world where healthcare has no limits. Our philosophy is further supported by four principles that guide the total rewards we provide, which are:

•Business-focused and differentiated by performance;

•Ownership-oriented;

•Competitive, motivating, and fair; and

•Simple and transparent.

Of our approximately 5354,000 colleagues, ~~17,000~~32% are located in the United States ~~and 7,000 in China, our next largest country~~. ~~We have approximately 900 union-represented manufacturing colleagues in the United States.~~ GE HealthCare’s relationship with employee-representative organizations outside the United States takes many forms, including in Europe where GE HealthCare engages the representative bodies for colleagues, such as works councils and trade unions, in accordance with local law. We strive to unlock the ambition of all our people so they can innovate, grow, and reach their full potential. Our well-established colleague development strategy allows us to attract and retain innovative leaders, which is instrumental to our long-term success.

SUSTAINABILITY

GE HealthCare is committed to delivering products and solutions that build a healthier and more sustainable world for current and future generations. We have ana ~~ESG~~sustainability program and governance structure that is aligned with our business strategy, the priorities of our stakeholders, our goals and ambitions, and our need to adapt to changes in societal, environmental, and regulatory expectations.

The Board of Directors (the “Board”) oversees management’s establishment and execution of corporate strategy, along with our ~~ESG~~sustainability program and activities. Our Enterprise Stewardship Program Committee, a committee of our management team, works in partnership with ~~all~~our segments, regions, and functions to support GE HealthCare’s ongoing goals in connection with environmental stewardship, ~~corporate~~ social responsibility, human capital, ~~governance,~~ and sustainability. ItThe ~~proactively~~committee identifies, ~~assesses,~~ and ~~responds~~addresses to risks and opportunities that could ~~impact~~affect ~~the~~our ~~company’s~~ business ~~and operations~~, ~~and~~ implements GE HealthCare’s sustainability strategy, ~~while~~and ~~maintaining~~maintains transparent ~~and open~~ communication with stakeholders.

WeGE ~~have~~HealthCare’s ~~five~~sustainability ~~focus~~strategy, ~~areas~~guided ~~that~~by ~~build upon~~ our ~~long-standing~~Cultural ~~commitments~~Operating ~~to innovation~~Principles, ~~product~~focuses ~~quality,~~on ~~and~~the ~~integrity.~~following ~~They~~five ~~are~~pillars:

•~~Expanding~~Enable access to quality healthcare for more patients;

•~~Promoting~~Cultivate a ~~culture~~workplace ofwhere ~~belonging~~all ~~for~~colleagues ~~all~~can thrive;

•~~Mitigating~~Build ~~our~~a ~~climate~~more ~~impact~~sustainable, ~~and~~healthier ~~improving resiliency~~future;

•~~Advancing~~Advance ~~the~~sustainable ~~circular~~practices ~~economy~~throughout ~~and~~the ~~environmental~~product ~~design~~lifecycle; and

•~~Protecting~~Deliver ~~patient~~safe ~~data~~and secure products and ~~cybersecurity~~services

More information on our ESG program can be found in our annual Sustainability Report available on our website (which is not incorporated by reference herein).

SALES AND DISTRIBUTION MODEL

GE HealthCare deploys a global multi-channel commercial model consisting of approximately 9,800 sales professionals and a network of over 5,000 indirect third-party partners. Our reach into top hospitals and health systems is evidenced by our long-standing collaborations with leading institutions around the world. Our commercial model is organized according to the needs of our customers and includes global and regional marketing, regional inside sales teams, field-based sales teams, sales agents, and distributors. Our equipment sales representatives partner closely with their service sales counterparts to position both equipment contracts and long-term maintenance agreements along with system upgrades and software as a service (“SaaS”) agreements. We complement our direct and indirect sales channels with end-to-end virtual sales teams. Our direct and indirect channel mix helps us expand our market coverage, increase customer satisfaction, and win more business in broad geographies and emerging markets. In developed markets, we supplement our commercial model with strategic account executive and collaboration teams that bring the depth and breadth of our overall portfolio to the senior leadership of our top customers to deliver long-term commercial collaborations, which can be tied to specific outcomes.

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More information on our sustainability program can be found in our annual Sustainability Report available on our website (which is not incorporated by reference herein).

SALES AND DISTRIBUTION MODEL

GE HealthCare deploys a global multi-channel commercial model consisting of approximately 9,700 sales professionals and a network of over 5,000 indirect third-party partners. Our reach into top hospitals and health systems is evidenced by our long-standing collaborations with leading institutions around the world. Our commercial model is organized according to the needs of our customers and includes global and regional marketing, regional inside sales teams, field-based sales teams, sales agents, and distributors. Our equipment sales representatives partner closely with their service sales counterparts to position both equipment contracts and long-term maintenance agreements along with system upgrades and software as a service (“SaaS”) agreements. We complement our direct and indirect sales channels with end-to-end virtual sales teams. Our direct and indirect channel mix helps us expand our market coverage, increase customer satisfaction, and win more business in broad geographies and emerging markets. In developed markets, we supplement our commercial model with strategic account executive and collaboration teams that bring the depth and breadth of our overall portfolio to the senior leadership of our top customers to deliver long-term commercial collaborations, which can be tied to specific outcomes.

GLOBAL INTEGRATED SUPPLY CHAIN, SOURCING, AND LOGISTICS

Our sourcing, production, and distribution network is managed globally while our products are manufactured at and distributed by facilities serving specific regions. We believe our global scale, complemented by local focus, allows us to provide our customers with improved supply chain security, reduced costs, and compliance with regional or national trade and marketing requirements. We have manufacturing, assembly, and pharmaceutical production in 4344 facilities across 17 countries. We use globally managed and coordinated quality assurance programs across our manufacturing and distribution facilities, and we regularly inspect and audit our sites. We hold our suppliers to the same rigorous operating standards. Our supply chain design drives resilience and redundancy, including maintaining buffer capacity, diversifying our sourcing and manufacturing bases, and utilizing advanced risk-focused analytics.

REGULATION

REGULATION OF MEDICAL DEVICES AND PHARMACEUTICAL PRODUCTS.

The development, manufacturing, marketing, sale, promotion, and distribution of medical devices and pharmaceutical products are subject to stringent government regulation globally. We commit extensive resources to maintain compliance with these regulations.

The U.S., European Union (“EU”), and China are our most significant regions based on revenue and the regulatory landscape within these regions. The Food and Drug Administration (“FDA”) in the United States, the European Medicines Agency (“EMA”) (for pharmaceuticals) and European National Competent Authorities and Notified Bodies (for devices) in Europe, the National Medical Products Administration (“NMPA”) in China and other government agencies, such as state and local authorities, in the United States, Europe, and China, administer strict requirements governing the design, development, testing, performance, safety, quality, manufacturing, packaging, labeling, distribution, import/export, sale, servicing, marketing, and post-market surveillance of medical products, including medical devices and pharmaceutical products. In addition, we are subject to applicable national and sub-national laws and regulations of other countries.

Our ability to market and sell our products globally depends upon our compliance with the laws and regulations in each jurisdiction in which we develop, manufacture, or distribute our products. This requires, among other things, compliance with laws and regulations related to developing, testing, conducting clinical trials if needed, and receiving appropriate marketing authorization from the appropriate regulatory authorities prior to commercialization of our products where necessary. We are also subject to extensive laws and regulations requiring ongoing compliance and monitoring of our products throughout the product lifecycle. For example, we have extensive processes and procedures for monitoring the post-market safety and performance of our products, reporting applicable events to regulators, and taking action to address potential safety or quality concerns where needed. In addition, regulators across the globe have the authority to conduct periodic inspections of our facilities, products, and Quality Management System processes and procedures to evaluate our compliance with applicable laws and regulations. Regulators also monitor our advertising and promotion of products for compliance with applicable laws and regulations.

Complying with requirements imposed on our products and business is an ongoing process as we introduce additional products and/or product modifications and seek to comply with changing legal and regulatory requirements. The time required to obtain authorization to market and sell products varies by country. The ability to comply with global post-market requirements requires extensive and ongoing resources. An enforcement or adverse action by a regulator could limit our ability to obtain regulatory authorizations or impact our ability to develop, market, distribute, or otherwise make our products available, depending on the nature of the action.

DATA PRIVACY LAWS.

Among the most relevant and material to our business, based on the volume and sensitivity of the data at issue, are: the U.S. Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information and Technology for Economic and Clinical Health Act (collectively “HIPAA”); the EU General Data Protection Regulation (Regulation (EU) 2016/679) (“GDPR”), similar U.K. legislation resulting from the European Union (Withdrawal) Data Act of 2018 (“U.K. GDPR”), and other EU country-level laws; the Lei Geral de Proteção de Dados Pessoias (“Brazil LGPD”); the various laws and accompanying regulations in China governing data privacy and cybersecurity (e.g., the Cybersecurity Law of the People’s Republic of China, Personal Information Protection Law (“China PIPL”) & Data Security Law (“China DSL”)), the Digital Personal Data Protection Act of India, and significant privacy legislation recently adopted in the Middle East and Africa Personal Data Protection Law (“PDPL”) Royal Decree No. M/19 on September 16, 2021. In addition, there are also various U.S. state-level laws (e.g., the California Consumer Privacy Act), country regional laws, and proposed legislation that we monitor for applicability and impact to our business. These laws present a continuing challenge to businesses to structure their data collection, storage, use, and cross-border transmission in a compliant manner.

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DATA PRIVACY LAWS.

Due to our extensive global footprint and handling of personal data as both a data controller (on our own behalf) and data processor (on behalf of third parties, primarily customers), we are also subject to an extensive collection of global laws and regulations protecting the privacy, security, and integrity of the personal data, sensitive personal data, and patient health information that we create, receive, use, and maintain as a business. Our cloud, AI, edge computing, and software solutions must comply with stringent regulations, including certification requirements, in many of the countries in which our customers are located, particularly in relation to obtaining, using, storing, and transferring personal data, and such compliance is required before we can launch our offerings in the applicable countries. Additionally, our use of AI to support business operations carries inherent risks related to data privacy, IP, and security, such as intended, unintended, or inadvertent transmission of proprietary, confidential, or sensitive information.

Among the most relevant and material of these regulations to our business, based on the volume and sensitivity of the data at issue, are: the U.S. Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information and Technology for Economic and Clinical Health Act (collectively “HIPAA”); the EU General Data Protection Regulation (Regulation (EU) 2016/679) (“GDPR”), similar United Kingdom (“U.K.”) legislation resulting from the European Union (Withdrawal) Data Act of 2018 (“U.K. GDPR”), and other EU country-level laws; the Lei Geral de Proteção de Dados Pessoias (“Brazil LGPD”); the various laws and accompanying regulations in China governing data privacy and cybersecurity (e.g., the Cybersecurity Law of the People’s Republic of China, Personal Information Protection Law (“China PIPL”) and Data Security Law (“China DSL”)), the Digital Personal Data Protection Act of India, and significant privacy legislation recently adopted in the Middle East and Africa Personal Data Protection Law (“PDPL”) Royal Decree No. M/19 on September 16, 2021. In addition, there are also various U.S. state-level laws (e.g., the California Consumer Privacy Act), country regional laws, and proposed legislation that we monitor for applicability and impact to our business. These laws present a continuing challenge to businesses to structure their data collection, storage, use, and cross-border transmission in a compliant manner.

Many of these laws impose a significant compliance burden on organizations within their scope, and failure to comply can result in a variety of sanctions, including, with respect to GDPR, administrative fines for the most serious compliance failures up to 4% of a company’s global total annual revenue of the preceding fiscal year. While there have been some recent enforcement actions by EU country-level data protection authorities resulting in substantial fines pursuant to GDPR, there remains uncertainty as to how data protection authorities throughout the rest of the globe will choose to interpret and enforce violations of applicable privacy laws and regulations (e.g., Brazil LGPD, China PIPL). Furthermore, these laws and regulations are continuously evolving, and further clarification in the form of implementing rules, guidelines, and related guidance from the data protection authorities is necessary to understand the full picture of the compliance obligations imposed on businesses within their scope. Additionally, in recent years, the EU has introduced upcoming legislation that would regulate the use and transfer of non-personal, technical data only.

~~GLOBAL~~SALES ~~HEALTHCARE~~& ~~COMPLIANCE~~BUSINESS PRACTICES.

The marketing, promotion, and sale of medical devices, drugs, and services are regulated by the U.S. Department of Health and Human Services and comparable U.S. state and non-U.S. governments and agencies responsible for reimbursement and regulation of the delivery of healthcare items and services, representing government’s interest in regulating the quality and cost of healthcare. Industry trade associations (such as Advanced Medical Technology Association (“AdvaMed”) and MedTech) increasingly provide guidance on applicable laws and regulations.

U.S. federal healthcare laws apply when we or our customers submit claims for items or services that are reimbursed under Medicare, Medicaid, or other federally funded healthcare programs, including laws related to kickbacks, false claims, self-referrals, and healthcare fraud and abuse. Similar state false claims, anti-kickback, anti-self-referral, and insurance laws also apply to state-funded Medicaid and other healthcare programs and private third-party payers. Any failure to comply with these laws and regulations could subject us or our officers and colleagues to criminal and civil financial penalties and expose us to civil liability and risk of further enforcement action under the U.S. Anti-Kickback Statute (“AKS”), the False Claims Act (“FCA”), or other healthcare fraud and abuse laws. In addition, as a manufacturer of U.S. FDA-cleared and -approved devices and drugs reimbursable by federal healthcare programs, we are subject to the U.S. federal Physician Payments Sunshine Act (the “Sunshine Act”), which requires us to annually track and report to the federal government certain payments and other transfers of value we make to U.S.-licensed physicians and other healthcare professionals or U.S. teaching hospitals. Similar laws exist in some U.S. states as well.

The U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010, and similar anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies from making improper payments to or otherwise engaging in bribery of government officials. These laws apply to many of our customer interactions, as healthcare professionals in other countries are often considered government officials, and in some cases lay out requirements of how to operationalize compliance with the legal requirements. Countries outside the United States have enacted similar local laws requiring medical device companies to report transfers of value to healthcare providers licensed in those countries. Failure to comply with these laws may expose us to criminal and civil enforcement actions, monetary fines and penalties, and reputational harm.

ADDITIONAL U.S. REGULATORY REQUIREMENTS.

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INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following table presents the names, ages, and positions of our executive officers as of the date of this Annual Report.

Name	Age	Position
Peter J. Arduini	6061	President, Chief Executive Officer, and Director
James K. Saccaro	5253	Vice President and Chief Financial Officer
Adam Y. Holton	54	Chief People Officer
Jeannette Bankes	55	President and CEO, Patient Care Solutions
Frank R. Jimenez	60	General Counsel and Corporate Secretary
Adam Y. Holton	55	Chief People Officer
Taha Kass-Hout	53	Chief Science and Technology Officer
Frank R. Jimenez	61	General Counsel and Corporate Secretary
Kevin M. O’Neill	56	President and CEO, Pharmaceutical Diagnostics
Taha Kass-Hout	54	Chief Science and Technology Officer
Philip Rackliffe	51	President and CEO, Advanced Visualization Solutions
Kevin M. O’Neill	57	President and CEO, Pharmaceutical Diagnostics
Roland Rott	53	President and CEO, Imaging
Philip Rackliffe	52	President and CEO, Advanced Visualization Solutions
Kenneth Stacherski	54	Chief Global Supply Chain and Service Officer
Roland Rott	54	President and CEO, Imaging
Thomas J. Westrick	56	President and CEO, Patient Care Solutions

The following are brief biographies describing the backgrounds of our executive officers.

Peter J. Arduini. Mr. Arduini was appointed as our President and Chief Executive Officer in connection with ~~our~~the Spin-Off ~~from GE~~. He served as the President and Chief Executive Officer of GE’s healthcare business from January 2022 until the Spin-Off. Previously, Mr. Arduini was the President and Chief Executive Officer of Integra LifeSciences (Nasdaq: IART) (“Integra”), a global medical technologies and solutions company, from January 2012 to December 2021. ~~During~~Prior ~~his~~to ~~tenure~~Integra, Mr. Arduini worked at Baxter Healthcare as ~~Chief~~President ~~Executive~~of ~~Officer~~its Medication Delivery division. Before Baxter Healthcare, ~~the~~he ~~Integra~~spent ~~portfolio~~15 ~~evolved~~years ~~significantly~~at toGE’s healthcare business in a ~~faster~~variety ~~growing~~of leadership roles in the United States and ~~more~~globally, ~~profitable~~including ~~company~~leading ~~through~~the ~~multiple~~Computed ~~acquisitions~~Tomography and aMolecular ~~sustainable~~Imaging ~~research~~business, Healthcare Services, and ~~development~~U.S. ~~pipeline~~sales. Mr. Arduini serves on the boards of the Bristol-Myers Squibb Company (NYSE: BMY), where he serves as chair of the compensation and management development committee; AdvaMed, where he served as Chairman of the Board from January 2024 until January 2026; and the National Italian American Foundation.

11James K. Saccaro. Mr. Saccaro has served as our Vice President and Chief Financial Officer since June 2023. Previously, Mr. Saccaro served as the Chief Financial Officer of Baxter International Inc. (NYSE: BAX) (“Baxter”), a multinational healthcare company, starting in 2015. He held a variety of positions of increasing responsibility at Baxter from 2002 through 2013, including Vice President of Financial Planning and Analysis; Vice President of Finance for Baxter’s operations in Europe, the Middle East, and Africa; Vice President of Strategy; and Corporate Vice President and Treasurer. Mr. Saccaro served as Senior Vice President and Chief Financial Officer of Hill-Rom Holdings, Inc. from 2013 to 2014 prior to rejoining Baxter as Special Assistant to the Chief Executive Officer in 2014. Prior to 2002, he held strategy and business development positions at Clear Channel Communications and The Walt Disney Company.

~~Prior~~Jeannette toBankes. ~~Integra, Mr~~Ms. ~~Arduini~~Bankes ~~worked~~has atserved ~~Baxter Healthcare~~ as our President ofand ~~its~~Chief ~~Medication~~Executive ~~Delivery~~Officer, ~~division.~~Patient ~~Before~~Care ~~Baxter~~Solutions ~~Healthcare~~since May 2025. Previously, heMs. ~~spent~~Bankes 15served ~~years~~as President, Global Franchises at ~~GE’s~~Alcon ~~healthcare~~Inc. ~~business~~(NYSE: inALC), a ~~variety~~global manufacturer of ~~leadership~~vision ~~roles~~care inproducts ~~the~~and ~~United~~surgical ~~States~~equipment, ~~and~~from ~~globally,~~March ~~including~~2019 ~~leading~~to ~~the~~April ~~Computed~~2025. ~~Tomography~~Ms. ~~and~~Bankes ~~Molecular~~has ~~Imaging~~served ~~business,~~on ~~Healthcare~~the ~~Services~~board of Aurion Biotech, ~~and~~a ~~U.S.~~clinical-stage ~~sales.~~regenerative ~~Mr.~~medicine ~~Arduini~~company, ~~serves~~since onFebruary ~~the~~2025 ~~boards~~and ofserved on the ~~Bristol-Myers~~board ~~Squibb~~of ~~Company~~Atrion Corp. (~~NYSE~~Nasdaq: ~~BMY~~ATRI), ~~where~~a hemanufacturer ~~serves~~of asmedical ~~chair~~application ofproducts, ~~the~~from ~~compensation~~September 2023 to August 2024 and ~~management~~on ~~development~~the ~~committee;~~board ~~AdvaMed,~~of ~~where~~Apollo heEndosurgery, ~~serves~~Inc. as(Nasdaq: ~~Chairman~~APEN), ofa ~~the~~medical ~~Board;~~technology ~~and~~company, ~~the~~from ~~National~~April ~~Italian~~2022 ~~American~~to ~~Foundation~~April 2023.

~~James~~Adam KY. ~~Saccaro~~Holton. Mr. ~~Saccaro~~Holton has served as our ~~Vice President and~~ Chief ~~Financial~~People Officer since June ~~2023~~2024. Previously, Mr. ~~Saccaro~~Holton served as ~~the~~ Chief ~~Financial~~People Officer of ~~Baxter International Inc. (NYSE: BAX) (“Baxter”)~~Amedisys, a ~~multinational~~home ~~healthcare~~health company, ~~starting~~from inOctober ~~2015.~~2022 Heto ~~held~~June a2024. ~~variety~~Prior ofto ~~positions~~that ofrole, ~~increasing~~he ~~responsibility~~served atas ~~Baxter~~Chief ~~from~~Human ~~2002~~Resources ~~through~~Officer ~~2013~~at Numotion, ~~including~~a ~~Vice~~provider ~~President~~ of ~~Financial~~rehab ~~Planning~~technology, ~~and~~from ~~Analysis;~~February ~~Vice~~2019 ~~President~~to ofOctober ~~Finance~~2022. ~~for~~Mr. ~~Baxter’s~~Holton ~~operations~~also inpreviously ~~Europe,~~worked ~~the~~as ~~Middle~~Senior ~~East, and Africa;~~ Vice President of ~~Strategy;~~Human ~~and~~Resources ~~Corporate~~at ~~Vice~~USAA, ~~President~~a ~~and~~financial ~~Treasurer.~~services ~~Mr.~~company, ~~Saccaro~~and ~~served~~ as ~~Senior~~Chief ~~Vice~~Human ~~President~~Resources ~~and~~Officer ~~Chief~~at ~~Financial~~CHS ~~Officer~~Inc., ofa ~~Hill~~Fortune-~~Rom~~100 ~~Holdings,~~agricultural ~~Inc~~cooperative. ~~from~~Earlier ~~2013~~in tohis ~~2014~~career, ~~prior~~Mr. toHolton ~~rejoining~~worked ~~Baxter~~at asGE, ~~Special~~including ~~Assistant~~GE’s tohealthcare ~~the~~business. ~~Chief~~He ~~Executive~~has ~~Officer~~served inon ~~2014.~~the ~~Prior~~Board toof ~~Baxter,~~Sierra heDelta ~~held~~since ~~strategy~~February 2018 and ~~business~~served ~~development~~as ~~positions~~Board atChair ~~Clear~~from ~~Channel~~November ~~Communications~~2018 ~~and~~until ~~The~~November ~~Walt Disney Company~~2023.

~~Adam~~Frank YR. ~~Holton~~Jimenez. Mr. ~~Holton~~Jimenez has served as our ~~Chief~~General ~~People~~Counsel ~~Officer~~and Corporate Secretary since ~~June~~the ~~2024~~Spin-Off. He served as the General Counsel of GE’s healthcare business from February 2022 until the Spin-Off. Previously, Mr. ~~Holton~~Jimenez served as ~~Chief~~Vice ~~People~~President, ~~Officer~~General Counsel and Corporate Secretary of ~~Amedisys~~Raytheon Company, a ~~home~~defense ~~health company~~contractor, from ~~October~~January ~~2022~~2015 to ~~June~~April ~~2024.~~2020 ~~Prior~~and, tofollowing ~~that~~Raytheon’s ~~role,~~merger hewith ~~served~~United Technologies Corporation, as ~~Chief~~Executive ~~Human~~Vice ~~Resources~~President ~~Officer~~and atGeneral ~~Numotion,~~Counsel a(April ~~provider~~2020 ofto ~~rehab~~December ~~technology~~2021) ~~from~~and ~~February~~Special ~~2019~~Advisor to ~~October~~the Chairman and Chief Executive Officer (December 2021 to February 2022) of Raytheon Technologies Corporation, an aerospace and defense company. In prior public company positions, Mr. ~~Holton~~Jimenez ~~also~~served ~~previously~~as ~~worked~~General Counsel of Bunge Limited, ITT Corporation, and ITT spin-off Xylem Inc. In prior public service positions, Mr. Jimenez served as ~~Senior~~General ~~Vice~~Counsel ~~President~~of the Navy, Deputy General Counsel of ~~Human~~the ~~Resources~~U.S. atDepartment ~~USAA~~of Defense, aPrincipal ~~financial~~Deputy ~~services~~General ~~company~~Counsel ~~and~~of asthe Navy, Chief ~~Human~~of ~~Resources~~Staff ~~Officer~~ at ~~CHS~~the ~~Inc~~U.S. Department of Housing and Urban Development, aand ~~Fortune-100~~Deputy ~~agricultural~~Chief ~~cooperative~~of Staff and Acting General Counsel for former Florida Governor Jeb Bush. ~~Earlier~~He inwas ~~his~~previously ~~career,~~a litigation partner at Steel Hector & Davis LLP (now Squire Patton Boggs LLP). Mr. ~~Holton~~Jimenez ~~worked~~serves aton GEthe boards of Huntington Ingalls Industries (NYSE: HII), ~~including~~where GEhe serves on the compensation committee and the governance and policy committee; the Ann & Robert H. Lurie Children’s ~~healthcare~~Hospital ~~business~~of Chicago and Medical Center, where he serves on the audit committee; Equal Justice Works, where he serves as Chairman; and the Executive Committee of the Yale Law School Association, where he serves as President. He ~~has~~also ~~served~~serves on the ~~Board~~advisory boards of ~~Sierra~~the ~~Delta~~Columbia ~~since~~University ~~February~~Mailman ~~2018~~School of Public Health and ~~served~~the Yale Law School Center for the Study of Corporate Law, as ~~Board~~well ~~Chair~~as ~~from~~on ~~November~~the ~~2018~~University ~~until~~of ~~November~~Miami ~~2023~~President’s Council.

Frank R. Jimenez. Mr. Jimenez has served as our General Counsel and Corporate Secretary since our Spin-Off from GE. He served as the General Counsel of GE’s healthcare business from February 2022 until the Spin-Off. Previously, Mr. Jimenez served as Vice President, General Counsel and Corporate Secretary of Raytheon Company, a defense contractor, from January 2015 to April 2020 and, following Raytheon’s merger with United Technologies Corporation, as Executive Vice President and General Counsel (April 2020 to December 2021) and Special Advisor to the Chairman and Chief Executive Officer (December 2021 to February 2022) of Raytheon Technologies Corporation, an aerospace and defense company. In prior public company positions, Mr. Jimenez served as General Counsel of Bunge Limited, ITT Corporation, and ITT spin-off Xylem Inc. In prior public service positions, Mr. Jimenez served as General Counsel of the Navy, Deputy General Counsel of the U.S. Department of Defense, Principal Deputy General Counsel of the Navy, Chief of Staff at the U.S. Department of Housing and Urban Development, and Deputy Chief of Staff and Acting General Counsel for former Florida Governor Jeb Bush. He was previously a litigation partner at Steel Hector & Davis LLP (now Squire Patton Boggs LLP). Mr. Jimenez serves on the boards of Huntington Ingalls Industries (NYSE: HII), where he serves on the compensation committee and the governance and policy committee; the Ann & Robert H. Lurie Children’s Hospital of Chicago and Medical Center; and Equal Justice Works, where he serves as Chairman. He also serves on the advisory boards of the Columbia University Mailman School of Public Health and the Yale Law School Center for the Study of Corporate Law, as well as on the University of Miami President’s Council.

Taha Kass-Hout. Dr. Taha Kass-Hout, MD, MS, has served as GE HealthCare’s Global Chief Science and Technology Officer since January 2023. Merging his background in interventional cardiology with AI and machine learning, he is driving advancements in AI-based medical imaging, diagnostics, and health system operational efficiency. Prior to his role at GE HealthCare, Dr. Kass-Hout served as Vice President of Machine Learning, Distinguished Engineer, and Chief Medical Officer at Amazon from May 2017 to January 2023, where he led the company’s health AI strategy, technologies and solutions, including Amazon Comprehend Medical, AWS HealthLake, and Amazon Pharmacy. He also played a critical role in establishing Amazon’s COVID-19 diagnostics lab, including Amazon’s first U.S. FDA authorization for testing its associates globally—later offered to the public for at-home testing. From 2013 to 2016, Dr. Kass-Hout was the first Chief Health Informatics Officer at the FDA, where he championed data transparency through initiatives including openFDA and precisionFDA. Dr. Kass-Hout is also the current Chair of the AdvaMed Digital Health Tech Division Board of Directors.

Kevin M. O’Neill. Mr. O’Neill has served as our President and Chief Executive Officer, Pharmaceutical Diagnostics since the Spin-Off. He served as Chief Executive Officer, Pharmaceutical Diagnostics of GE’s healthcare business from July 2017 until the Spin-Off and served as President and Chief Executive Officer, GE Ireland and U.K., from January 2018 until the Spin-Off. Prior to that, he was the Chief Financial Officer of the Life Sciences division of GE’s healthcare business starting in August 2013. Mr. O’Neill has over 20 years of experience with GE, beginning in the Energy services business in the U.K. and U.S. followed by a series of chief financial officer roles in GE’s healthcare business, including in the Life Sciences business, supply chain, Western Europe, and the PDx business. Prior to joining GE, Mr. O’Neill was Financial Controller for Eurostar, the European high-speed train operator.

Philip Rackliffe. Mr. Rackliffe has served as our President and Chief Executive Officer, Advanced Visualization Solutions since July 2024. Previously, Mr. Rackliffe served as President and Chief Executive Officer of our IGT business from August 2022 to June 2024. From October 2019 to August 2022, Mr. Rackliffe served as the Chief Executive Officer of Centerline Biomedical, a biomedical device and imaging company. He has over 25 years of global experience in medtech, medical device, imaging and pharmaceutical companies, both public and private, including Baxter, Boston Scientific, and Pfizer.

~~Roland~~Table Rott. Mr. Rott has served as our President and Chief Executive Officer, Imaging since July 2024. Prior to that, Mr. Rott served as our Chief Executive Officer, Ultrasound from the Spin-Off to June 2024. He served as Chief Executive Officer, Ultrasound of GE’s healthcare business from April 2021 until the Spin-Off. Mr. Rott joined GE’s healthcare business in 2011 and has held several leadership roles including in the global Women’s Health Ultrasound and Ultrasound IT segments as well as Maternal Infant Care. Before joining GE, Mr. Rott was Managing Director, Europe, the Middle East, and Africa and Asia Pacific, and Executive Board Member of Exact Holding. In his early career, he had an entrepreneurial start, founding and successfully exiting two software companies in Austria.Contents

~~Kenneth~~Taha ~~Stacherski~~Kass-Hout. MrDr. ~~Stacherski~~Taha Kass-Hout, MD, MS, has served as ~~the~~GE ~~Chief~~HealthCare’s Global ~~Supply~~Chief ~~Chain~~Science and ~~Service~~Technology Officer ~~of GE HealthCare~~ since ~~the~~January ~~Spin-Off~~2023. HeMerging ~~served~~his asbackground ~~the~~in ~~Chief~~interventional ~~Global~~cardiology ~~Supply~~with ~~Chain~~AI and ~~Service~~machine ~~Officer~~learning, ofhe ~~GE’s~~is ~~healthcare~~driving ~~business~~advancements ~~from~~in ~~October~~AI-based ~~2022~~medical ~~until~~imaging, ~~the~~diagnostics, ~~Spin-Off.~~and ~~Previously,~~health ~~from~~system ~~July~~operational ~~2021~~efficiency. Prior to ~~October~~his ~~2022~~role heat GE HealthCare, Dr. Kass-Hout served as ~~the~~Vice President of Machine Learning, Distinguished Engineer, and Chief ~~Operations~~Medical Officer ofat ~~Array~~Amazon ~~Technologies,~~from aMay ~~solar~~2017 ~~tracking~~to ~~company~~January 2023, where he led the company’s ~~global~~health ~~integrated~~AI ~~supply chain~~ strategy~~. Before joining Array Technologies~~, ~~Mr. Stacherski served for over ten years in various leadership roles with Honeywell~~technologies, ~~a diversified technology~~ and ~~manufacturing company~~solutions, including ~~Vice~~Amazon ~~President~~Comprehend ofMedical, ~~Integrated~~AWS ~~Supply~~HealthLake, ~~Chain~~and ~~from~~Amazon ~~October~~Pharmacy. ~~2019~~He toalso ~~June~~played ~~2021;~~a ~~Vice~~critical ~~President~~role ofin ~~Enterprise~~establishing ~~Digital~~Amazon’s ~~Transformation~~COVID-19 ~~from~~diagnostics ~~November~~lab, ~~2018~~including toAmazon’s ~~October~~first ~~2019;~~U.S. ~~Vice~~FDA ~~President~~authorization offor ~~Portfolio~~testing ~~Transformation~~its ~~from~~associates ~~October~~globally—later ~~2017~~offered to ~~October~~the ~~2018;~~public ~~Vice~~for ~~President~~at-home ~~and~~testing. ~~General~~From ~~Manager~~2013 ofto ~~Honeywell~~2016, ~~UOP~~Dr. ~~from~~Kass-Hout ~~April~~was ~~2016~~the tofirst ~~October~~Chief ~~2017;~~Health ~~Vice~~Informatics ~~President~~Officer ofat ~~Procurement,~~the ~~Logistics~~FDA, ~~and~~where ~~Trade~~he ~~Compliance~~championed ~~from~~data ~~May~~transparency ~~2013~~through toinitiatives ~~April~~including ~~2016;~~openFDA and ~~Global~~precisionFDA. ~~Director~~Dr. ofKass-Hout ~~Integrated~~was ~~Supply~~appointed ~~Chain~~as ~~from~~the ~~June~~first ~~2011~~Chair toof ~~May~~the ~~2013.~~AdvaMed ~~Prior~~Digital toHealth ~~Honeywell,~~Tech heDivision ~~acted~~Board ~~as President and Chief Operating Officer~~ of ~~Composite~~Directors, ~~Technologies~~a ~~Corporation~~position ~~and~~he ~~spent~~held 13from ~~years~~October at2023 ~~Ford~~until ~~Motor~~January ~~Company~~2026.

~~Thomas~~Kevin JM. ~~Westrick~~O’Neill. Mr. ~~Westrick~~O’Neill has served as our President and Chief Executive Officer, ~~Patient~~Pharmaceutical ~~Care~~Diagnostics ~~Solutions~~ since the Spin-Off. He served as Chief Executive Officer, ~~Patient~~Pharmaceutical ~~Care~~Diagnostics ~~Solutions~~ of GE’s healthcare business from ~~September~~July ~~2020~~2017 until the Spin-Off. ~~Previously,~~and heserved ~~led~~as ~~the~~President ~~Global~~and ~~Quality,~~Chief ~~Medical~~Executive Officer, ~~Regulatory~~GE ~~Affairs~~U.K. and ~~Global~~Ireland, ~~Research~~from ~~organization~~January ~~for~~2018 ~~GE’s~~until ~~healthcare~~the ~~business~~Spin-Off. ~~from~~From ~~January~~August ~~2016~~2013 to ~~September~~January ~~2020.~~2018, ~~Mr.~~he ~~Westrick~~was ~~joined~~the Chief Financial Officer of the Life Sciences division of GE’s healthcare business. inMr. ~~2003~~O’Neill ashas ~~Global~~over ~~Controller~~25 ~~and~~years ~~Chief~~of ~~Accounting~~experience ~~Officer.~~with HeGE, ~~was~~beginning ~~also~~in ~~named~~the ~~Chief~~Energy ~~Risk~~services ~~Officer~~business in ~~2010~~the U.K. and ~~was~~U.S. ~~responsible~~followed ~~for~~by ~~leading~~ a ~~comprehensive~~series ~~enterprise~~of ~~risk~~chief ~~management~~financial ~~program.~~officer ~~Prior~~roles toin ~~joining~~ GE’s healthcare business, ~~Mr.~~including ~~Westrick~~in ~~spent~~the 13Life ~~years~~Sciences inbusiness, ~~public~~supply ~~accounting~~chain, ~~with~~Western ~~Arthur~~Europe, ~~Andersen~~and ~~LLP~~the ~~and~~PDx ~~Deloitte~~business. &Prior ~~Touche~~to ~~LLP~~joining inGE, ~~the~~Mr. ~~audit~~O’Neill ~~and~~was ~~consulting~~Financial ~~practice~~Controller ~~serving~~for aEurostar, ~~variety~~the ofEuropean ~~complex~~high-speed ~~global~~train ~~companies~~operator.

Philip Rackliffe. Mr. Rackliffe has served as our President and Chief Executive Officer, Advanced Visualization Solutions since July 2024. Previously, Mr. Rackliffe served as President and Chief Executive Officer of our Image Guided Therapies business from August 2022 to June 2024. From October 2019 to August 2022, Mr. Rackliffe served as the Chief Executive Officer of Centerline Biomedical, a biomedical device and imaging company. He has over 25 years of global experience in medtech, medical device, imaging and pharmaceutical companies, both public and private, including Baxter, Boston Scientific, and Pfizer.

Roland Rott. Mr. Rott has served as our President and Chief Executive Officer, Imaging since July 2024. Prior to that, Mr. Rott served as our Chief Executive Officer, Ultrasound from the Spin-Off to June 2024. He served as Chief Executive Officer, Ultrasound of GE’s healthcare business from April 2021 until the Spin-Off. Mr. Rott joined GE’s healthcare business in 2011 and held several leadership roles, including in the global Women’s Health Ultrasound and Ultrasound IT segments as well as Maternal Infant Care. Before joining GE, Mr. Rott was Managing Director, Europe, the Middle East, and Africa and Asia Pacific, and Executive Board Member of Exact Holding. In his early career, he had an entrepreneurial start, founding and successfully exiting two software companies in Austria.

ETHICS AND GOVERNANCE

We have adopted The Spirit & The Letter (GE HealthCare’s code of conduct), which qualifies as a code of ethics under Item 406 of Regulation S-K. The code applies to all of our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions.

Our code of ethics is available free of charge on our website, gehealthcare.com, and will be provided free of charge to any stockholder submitting a written request to: Corporate Secretary, GE HealthCare Technologies Inc., 500 W. Monroe Street, Chicago, IL 60661. We will disclose any waiver we grant to an executive officer or director under our code of ethics, or certain amendments to the code of ethics, on our website.

In addition, we have adopted Governance Principles and charters for each of the three standing committees of our Board. All of these materials are available on our web site, gehealthcare.com, and will be provided free of charge to any stockholder requesting a copy by writing to: Corporate Secretary, GE HealthCare Technologies Inc., 500 W. Monroe Street, Chicago, IL 60661.

ADDITIONAL INFORMATION ABOUT GE HEALTHCARE

GE HealthCare’s Internet address is gehealthcare.com, and our Investor Relations website is investor.gehealthcare.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available, without charge, on our website, as soon as reasonably practicable after they are filed electronically with the SEC. Reports filed with the SEC may be viewed at sec.gov. The information on our website is not, and shall not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any other filings we make with the SEC.

Table of Contents

ITEM 1A. RISK FACTORS

An investment in our company is subject to a number of risks. These risks and other risks could materially and adversely affect our business, results of operations, cash flows, financial condition, or prospects and the actual outcome of matters as to which forward-looking statements are made in this Annual Report on Form 10-K. You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating us and our common stock. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events, or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future.

SUMMARY OF RISK FACTORS.

AnThis ~~investment~~summary ~~in our company is subject to a number~~ of risks. ~~These~~is ~~risks~~intended ~~relate~~ to ~~our~~provide ~~business;~~an ~~competition;~~overview the healthcare industry; data privacy and cybersecurity; laws surrounding quality, regulation, and compliance; geopolitical megatrends; financing and capital markets activities; and our common stock. Any of ~~these~~the ~~risks~~principal ~~and other~~ risks ~~could~~we ~~materially~~face and ~~adversely~~should ~~affect~~not ~~our~~be ~~business,~~considered ~~results~~a ofsubstitute ~~operations,~~for ~~cash~~a ~~flows,~~review ~~and financial condition and the actual outcome~~ of ~~matters as to which forward-looking statements are made in this Annual Report on Form 10-K. Some of~~ the more ~~significant~~detailed ~~challenges~~risk ~~and~~factors ~~risks~~discussed weimmediately ~~face~~following ~~include~~this ~~the following:~~summary.

~~•We~~Industry ~~operate in highly competitive markets, competition may increase in the future,~~ and ~~our~~Economic ~~industry may be disrupted, requiring us to lower prices or resulting in a loss of market share, and our inability to successfully complete strategic transactions could adversely affect our business.~~Risks

13•We operate in highly competitive markets.

•~~Global~~Our ~~geopolitical~~business ~~instability,~~is ~~such~~subject asto ~~continuing~~the ~~uncertainties~~effects ~~and~~of ~~challenging~~global ~~conditions~~geopolitical ~~in regional economies~~ and ~~global~~ economic instability, ~~such~~and as public health crises~~, have and could in the future adversely affect our business, customers, and suppliers~~.

•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, ~~services,~~and ~~or solutions~~services.

~~•Our~~Business ~~increasing focus on~~ and ~~investment~~Operational in cloud, edge computing, AI, and software offerings present risks to our business. We may not be successful in driving the global deployment and customer adoption of digital offerings characterized by digital applications and solutions.Risks

•Our ~~inability~~business tostrategy ~~manage~~could ~~our~~be ~~supply~~adversely ~~chain~~affected orif ~~obtain~~we ~~supplies~~are ofunable ~~components~~to orsuccessfully ~~raw~~complete ~~materials,~~strategic astransactions ~~well~~or asmanage ~~any interruption in the operations of~~ our ~~facilities~~collaboration, ~~our~~joint ~~suppliers’~~venture, ~~customers’,~~ or ~~third-party~~similar 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 services or significantly increase our costsarrangements.

•IfOur webusiness dostrategy ~~not~~includes ~~successfully~~substantial ~~manage~~investment ~~our~~in ~~collaboration arrangements~~R&D, ~~licensing~~with ~~arrangements,~~a ~~joint~~focus ~~ventures~~on AI, orcloud, ~~strategic~~edge ~~alliances~~computing, ~~with~~and ~~third~~software ~~parties,~~offerings. weWe ~~may~~cannot ~~not~~guarantee ~~realize~~that ~~the~~these ~~expected~~investments ~~benefits~~will ~~from~~generate ~~such~~new ~~arrangements~~offerings, ~~which~~attract ~~could~~customers, ~~adversely~~or ~~affect~~generate ~~our~~sufficient ~~business~~revenue.

•~~Increased~~Our ~~cybersecurity~~inability ~~requirements,~~to ~~vulnerabilities,~~manage ~~threats,~~our ~~and~~supply ~~more~~chain ~~sophisticated~~or ~~and~~obtain ~~targeted~~supplies ~~cyber~~of ~~crimes~~components ~~pose~~or araw ~~risk~~materials, toas well as any interruption in the operations of our ~~systems~~facilities, ~~networks,~~our ~~products~~suppliers’, ~~solutions~~customers’, ~~services~~or third-party providers’ facilities, ~~and~~has ~~data~~restricted, asand ~~well~~could ascontinue ~~our~~to ~~reputation~~restrict, ~~and~~the wemanufacturing ~~may~~of beproducts, ~~unable~~cause todelays ~~obtain,~~in ~~maintain~~delivery, ~~protect,~~impair orour ~~effectively~~ability ~~enforce~~to ~~our~~deliver IPproducts ~~rights,~~or ~~which~~provide ~~could~~services, ~~adversely~~or ~~affect~~significantly increase our ~~business~~costs.

•IfWe wemanufacture ~~are~~and ~~unable~~sell products that rely upon software and computer systems to ~~attract~~operate orproperly ~~retain~~and ~~key~~process ~~personnel~~and store confidential information. Our business could be adversely affected by increased cybersecurity requirements, vulnerabilities, threats, and ~~qualified~~more ~~employees~~sophisticated orand ~~maintain~~targeted ~~relations~~cybercrimes, ~~with~~and our ~~employees~~inability orto ~~other~~obtain, ~~employee~~maintain, ~~representatives~~protect, itor ~~could~~effectively ~~adversely~~enforce ~~affect~~ our ~~business~~IP rights.

•~~Increasing~~If ~~attention~~we are unable to ~~ESG~~attract ~~matters,~~or ~~including~~retain ~~environmental,~~key ~~health,~~talent and ~~safety~~qualified ~~(“EH&S”)~~employees ~~matters,~~or ~~may~~maintain ~~impose~~relations ~~additional~~with ~~costs~~our ~~and~~employees ~~expose~~or usemployee torepresentatives, ~~new~~it ~~risks~~could adversely affect our business.

•~~Our~~Increasing ~~research~~attention ~~and~~to ~~development~~sustainability ~~efforts~~matters, ~~may~~including ~~not~~environmental, ~~succeed~~health, inand ~~developing~~safety ~~commercially~~(“EH&S”) ~~successful~~matters, ~~products~~may ~~and~~impose ~~technologies,~~additional ~~which~~costs ~~could~~and ~~adversely~~expose ~~affect~~us ~~our~~to ~~business~~new risks.

~~•If~~Regulatory ~~our Spin-Off from GE is determined to be a taxable transaction, it could result in significant tax liability to GE~~ and ~~its~~Legal ~~stockholders and we could have an indemnification obligation to GE, which could adversely affect our business, financial condition, cash flows, and results of operations.~~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 ~~Foreign~~development, ~~Corrupt~~authorization ~~Practices~~and ~~Act~~commercialization ~~(the~~of ~~“FCPA”)~~our products, ~~similar~~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 ~~securities~~security ~~regulations~~laws, and applicable tax laws. ~~and~~Any ~~any~~ changes ~~thereto~~to or violations ~~thereof~~of 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~~, as to which the failure to comply could adversely affect our business.

•InWe ~~addition~~are exposed to risks associated with potential litigation, arbitration, and governmental proceedings, weincluding ~~are exposed to risks associated with~~ 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~~.

•Developments following regulatory authorization, including results in post-approval device or pharmaceutical Phase 4 trials or other studies, could adversely affect sales or decrease demand for our medical devices or pharmaceutical products.

•Our certificate of incorporation provides that certain courts in the State of Delaware or the federal district courts of the United States will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

•Complying with our requirements under our debt instruments could adversely affect our business, results of operations, cash flows, and financial condition.

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

~~•Changes~~Table inof foreign currency exchange rates, equity prices, and interest rates, and unfavorable changes in economic conditions or uncertainties that effect the capital markets could adversely affect our financial performance.Contents

~~•Future~~General ~~material impairments in the value of our long-lived assets, including goodwill, could adversely affect our business.~~Risks

•~~Certain~~Our ofexisting ~~our~~indebtedness, ~~directors~~ and ~~employees~~any ~~may~~additional ~~have~~indebtedness ~~actual~~that orwe ~~potential~~may ~~conflicts~~incur, ofcould ~~interest~~have ~~because~~important ofconsequences ~~their~~for ~~financial~~our ~~interests in GE or because of their previous or continuing positions with GE~~business.

•~~Certain~~We ~~provisions~~have insignificant ~~our~~postretirement ~~certificate~~benefit ofliabilities ~~incorporation,~~and ~~bylaws,~~their actual costs and ~~Delaware~~related ~~law~~cash ~~may~~flows ~~discourage~~are ~~takeovers.~~uncertain and could exceed current estimates.

•We or GE may fail to perform under various transaction agreements executed as part of the Spin-Off.

You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating GE HealthCare and GE HealthCare’s common stock. Any of the following risks could materially and adversely affect GE HealthCare’s business, financial condition, or results of operations.

INDUSTRY AND ECONOMIC RISKS.

We operate in highly competitive markets, competition may increase in the future, and our industry may be disrupted, requiring us to lower prices or resulting in a loss of market share.

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;, and these competitors often differ across our businesses. Competition is primarily focused on cost -effectiveness, ~~price~~pricing, service, product performance, and technological innovation. Our ability to compete successfully may be adversely affected by factors such as:

•the ~~introduction~~development of new ortechnology, ~~more~~the ~~affordable~~application ~~products~~of known or ~~product~~unknown ~~enhancements~~technology, byadvances ~~competitors~~in medicine, ~~including~~or ~~products~~new ~~that~~developments ~~could~~in ~~substitute~~the ~~for~~treatment ~~our~~or ~~products~~diagnosis orof ~~reprocessed~~disease ~~products~~that ortransform ~~generic~~our ~~versions~~industry ~~when~~or ~~our~~render ~~proprietary~~a ~~products~~product ~~lose~~or ~~their~~product ~~patent~~line ~~protection~~obsolete;

•the development of new technology, the application of known or unknown technology, advances in medicine, or new developments in the treatment or diagnosis of disease that transform our industry or render a product line obsolete;

•competitors responding more quickly or effectively to new technology, or changes in customer requirements and industry trends;

•the introduction of new or more affordable products or product enhancements by competitors, including products that could substitute for our products or reprocessed products or generic versions when our proprietary products lose their patent protection;

•a failure to satisfy local market conditions and regulations, such as mandatory IP transfers, protectionist measures, and other government policies supporting increased local competition;

•the application of new or innovative business models to our industry;

•the emergence of new market entrants, including those with innovative technology or substantial financial resources, such as startups or established technology companies;

•a failure to maintain or expand relationships with existing customers or attract new customers;

•cost of production or delivery, whether due to geographic location, currency fluctuations, taxes, tariffs, duties, or otherwise, which may enable our competitors to offer greater discounts or lower prices;

•the performance, capability, and integrity of third parties, including due to their financial instability or their compliance or regulatory failures;

•the perception of our brand and image in the market;

•the strengthening of independent service organizations (“ISOs”) (third-party entities that specialize in the repair and maintenance of medical devices produced by original equipment manufacturers (“OEMs”), including us) and companies specializing in one or more of our operating segments or offerings;

•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;

•a failure to acquire or effectively integrate businesses and technologies that complement or expand our existing businesses;

•changing regulatory standards, legal requirements, or enforcement rigor; or

•consolidation among customers, suppliers, channel partners, or competitors.

The implementation of localization requirements and the other government policies in certain geographies such as China and Russia creates a risk that, if we do not localize our products or operations to meet such requirements, we could lose market share and experience adverse effects on our business results, cash flows, and financial condition.

~~The~~Table ~~implementation~~ of localization requirements and other government policies in certain geographies, driven by support of local industry, security of supply, and incentives for technological breakthroughs, could negatively affect our market share, business results, cash flows, and financial condition. For example, policies in countries such as China and Russia that require the purchase of locally manufactured products or that are favorable to locally-based manufacturers, and our ability or decision to meet the requirements of such policies, may affect customer purchasing decisions and may have an adverse effect on our business, operations, or financial results.Contents

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 financial results. ofFor ~~operations.~~example, Inin the ~~United~~U.S. ~~States~~ 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 ~~United~~U.S. ~~States~~has 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~~U.S. ~~States~~ 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.

Global geopolitical and economic instability, as well as continuing uncertainties and challenging conditions in regional economies, could adversely affect our business.

We generate the majority of our revenue outside of the ~~United~~U.S. ~~States~~ 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~~U.S. ~~States~~ 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 ~~concerns~~experience ~~about~~inflationary ~~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.

~~Our~~The ~~business~~imposition ~~is affected by global geopolitical conditions. Future geopolitical factors that have the effect~~ of ~~reducing~~tariffs, ~~capital~~non-tariff ~~expenditures generally~~barriers, and ~~for~~other ~~healthcare~~import ~~products,~~and ~~services,~~export orrestrictions ~~solutions~~have ~~specifically,~~contributed ~~may~~to ~~negatively~~increased ~~impact~~global ~~sales~~economic ofuncertainty. ~~our~~The ~~offerings~~rise ~~and,~~of aseconomic anationalism ~~result,~~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., ~~For~~both ~~example,~~in the U.S. and in ~~March~~other ~~2024,~~countries. Geopolitical and economic risks have increased over the ~~government~~past few years in ~~China~~many ~~announced~~regions aof ~~new~~the ~~stimulus~~world, ~~program~~including ~~(“2024~~in ~~stimulus”)~~the ~~that~~U.S. ~~includes~~Our operations expose us to the ~~healthcare~~risk ~~sector~~that ~~and~~increased istrade ~~being~~protectionism ~~implemented~~may ~~through~~adversely ~~China’s~~affect ~~provinces~~our business. InFor ~~addition~~example, anduring ~~anti-corruption~~2025, ~~campaign~~the ~~directed~~U.S. atimposed a variety of new tariffs on most imports from all countries in the ~~healthcare~~world. ~~sector~~This ~~remains~~in ~~ongoing~~turn prompted several countries to announce tariffs on U.S. ~~Both~~imports. ofWhile ~~these~~the ~~factors~~situation ~~contributed~~continues to ~~delayed~~be ~~orders~~fluid, tariffs materially impacted our profitability and ~~sales~~cash flows in ~~our~~2025, ~~China~~primarily ~~business~~the ~~throughout~~bilateral ~~2024~~U.S. ~~While~~and weChinese ~~expect~~tariffs and U.S. tariffs on all other global import suppliers. Should the ~~2024~~tariffs ~~stimulus~~continue ~~program~~at formally communicated levels, we expect to ~~result~~continue into ~~opportunities~~see ~~for~~a material impact to our ~~business~~financial inresults ~~China~~through inthe incurrence of additional costs. Additional tariffs or other trade restrictions by the ~~longer~~U.S. ~~term,~~or itother ~~has~~countries ~~had~~where awe ~~short-term~~do ~~impact~~significant asbusiness, ~~provinces~~or ~~develop~~other ~~and~~restrictions ~~announce~~on ~~their~~specific ~~plans~~industries, ~~and~~such ~~customers~~as ~~begin~~pharmaceuticals, tocould ~~make~~further ~~purchasing~~materially ~~decisions~~impact our results in the future. We do not expect ~~the~~that ~~effects~~our ofmitigation actions will fully offset the ~~delay~~additional incosts or other negative impacts resulting from the ~~2024~~tariffs. ~~stimulus~~In addition, current changes and ~~the~~uncertainties ~~anti-corruption~~in ~~campaign~~global totariffs ~~continue~~are tocausing ~~impact~~volatility in our ~~orders~~cost positioning in some international markets. Growing tensions, protectionist trade policies, and ~~sales~~tariffs inmay also lead to a fragmentation of the ~~near~~global ~~term~~economy, ~~although~~operational weand ~~are~~logistical ~~unable~~shifts in supply chains that may lead to ~~predict~~higher ~~the~~costs ~~exact~~and ~~duration~~longer orlead ~~magnitude~~times, a general reduction of international trade in goods and services, and a reduction in the ~~impact~~integration of financial markets, any of which could materially and adversely affect our business results, cash flows, financial condition, or prospects.

~~The~~Table ~~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 States 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. Our operations expose us to the risk that increased trade protectionism may adversely affect our business. For example, in late 2024 and early 2025, the United States, China, and the European Union each announced either new tariffs, non-tariff barriers (principally related to participation in public procurement of healthcare equipment), or export controls. Any of these risks, ensuing retaliation, or the further deterioration of trade relations between countries could make our offerings more expensive or non-competitive in the affected countries. Growing tensions, protectionist trade policies, and tariffs may also lead to a fragmentation of the global economy, 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. Contents

Further risks stem from ~~geopolitical~~ongoing ~~tensions~~ and ~~volatility~~future ~~(such~~geopolitical astensions ~~in Cuba, Iran, Syria, Russia, North Korea,~~ and ~~Israel~~volatility 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 ~~revenue~~business 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~~U.S. ~~States~~ and other countries preclude us from conducting business in the region. However, these sanctions have made, and will continue to make, it more burdensome and costly to serve customers in ~~these~~the ~~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 ~~during~~in ~~the~~2025 ~~years ended December 31, 2024~~ and ~~2023~~is ~~and~~expected ~~will~~to 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 -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 ~~are~~geopolitical ~~continuously~~factors ~~monitoring~~that ~~economic~~have the effect of reducing capital expenditures generally, ~~political~~and for healthcare products, services, or solutions specifically, may negatively impact sales of our offerings and, ~~geopolitical~~as ~~developments~~a result, make it more difficult for us to ~~assess~~attract ~~any~~new ~~potential~~customers, ~~future~~retain ~~impact~~existing ~~that~~customers, ~~may~~or ~~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 business, results of operations, cash flows, financial condition, ~~prospects,~~or ~~and the market price of our securities~~prospects.

Public health crises, and epidemics, and pandemics, ~~such as the COVID-19 pandemic,~~ have had and, in the future, 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, 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-liquidation~~challenges; 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 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.

~~The~~Table ~~ultimate impact~~ of any public health crisis, epidemic, or pandemic, including the COVID-19 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.Contents

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, services, or solutions.

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 States~~U.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.

BUSINESS AND OPERATIONAL RISKS.

Our inability to successfully complete strategic transactions could adversely affect our business.

Our business strategy includes the acquisition of technologies and businesses that expand, 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.

Acquisitions may expose us to significant risks and uncertainties, including:

•competition for acquisition targets and assets, which may lead to substantial increases in purchase price or other terms that are less attractive to us, including the use of our shares for payment of the purchase price;

•dependence on external sources of capital, in particular to finance the purchase price of acquisitions;

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

•acquired companies’ previous failure to comply with applicable regulatory requirements;

•failure to timely or successfully integrate acquired companies’ strategies, functions, systems, controls, including cybersecurity and data protection controls, and products into our own;

•inability to produce products at increased scale or loss of previously available distribution channels;

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•heightened external scrutiny on acquired IP rights, regulatory exclusivity periods, and confidentiality agreements, or lack of IP rights for the acquired portfolio;

•diversion of our management’s attention from existing operations to the acquisition and integration process;

•a failure to accurately predict or to realize expected growth opportunities, cost savings, synergies, and market acceptance of acquired companies’ products;

•a failure to identify significant non-compliant behaviors or practices by, or liabilities relating to, an acquisition target (or its agents) prior to acquisition;

•successor liability imposed by regulators for actions by a target (or its agents) prior to acquisition;

•expenses, delays, and difficulties in integrating acquired businesses into our existing businesses; and

•difficulties in retaining key customers and personnel.

Various other assessments and assumptions regarding acquisition targets may prove to be incorrect, and actual developments may differ significantly from our expectations.

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;~~ and disposition of non-core 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 occurrence of any of the above in connection with any acquisition or other strategic transaction could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

~~Our~~If ~~increasing~~we ~~focus~~do onnot ~~and~~successfully ~~investment~~manage inour ~~cloud~~collaboration arrangements, ~~edge~~licensing ~~computing~~arrangements, AIjoint ventures, ~~and~~or ~~software~~strategic ~~offerings~~alliances ~~present~~with ~~risks~~third toparties, ~~our~~we ~~business. We~~ may not berealize ~~successful in driving~~ the ~~global~~expected ~~deployment~~benefits ~~and~~from ~~customer~~such ~~adoption~~arrangements, ofwhich ~~digital~~could ~~offerings~~adversely ~~characterized~~affect byour ~~digital applications and solutions~~business.

AFrom ~~growing~~time ~~part~~to oftime, ~~our~~we ~~business~~enter ~~involves~~into ~~cloud~~collaborations, ~~edge~~licensing ~~computing~~arrangements, AIjoint ~~(including~~ventures, ~~generative~~or ~~AI)~~strategic alliances with third parties to complement or augment our capabilities, ~~and~~including ~~software~~in ~~solutions~~R&D, ~~and~~product wedevelopment, ~~are~~manufacturing, ~~devoting~~and ~~significant~~marketing. ~~resources~~Evaluating, toappropriately ~~develop~~structuring, negotiating, and ~~deploy~~implementing such ~~strategies.~~arrangements ~~Our~~may ~~success~~be ~~with~~a ~~these~~lengthy ~~solutions~~and ~~will~~complex ~~depend~~process onand ~~the~~must ~~level~~meet ofapplicable ~~adoption~~business, oflegal, ~~our~~and ~~offerings~~compliance requirements. WeOther ~~incur~~companies ~~costs~~may tocompete ~~develop~~with ~~cloud,~~us ~~edge~~for ~~computing,~~these ~~AI,~~opportunities. ~~and~~As ~~software~~a ~~solutions~~result, ~~and~~we tomay ~~build~~not ~~and~~identify, ~~maintain~~secure, ~~infrastructure~~or tocomplete ~~support~~such ~~cloud~~arrangements ~~and~~in ~~edge~~a ~~computing~~timely ~~offerings.~~manner, ~~Success~~on ~~with~~a ~~these~~cost-effective ~~solutions~~basis, ~~depends~~or on ~~execution~~otherwise infavorable ~~many areas~~terms, ~~including:~~if at all.

~~•establishing~~We ~~and~~may ~~maintaining~~not realize the ~~utility~~expected benefits from these arrangements. We may not be able to exercise sole decision-making authority regarding any such collaboration, ~~compatibility~~licensing arrangement, ~~and~~joint ~~performance~~venture, or strategic alliance. This could create the risk of ~~our~~impasses ~~cloud~~on decisions, ~~edge~~given ~~computing,~~that ~~AI,~~our ~~and~~partners ~~software~~in ~~solutions~~these arrangements may have economic or business interests that diverge from our interests. Conflicts may arise in these arrangements concerning the achievement of performance milestones or the interpretation of significant terms under any agreement (including financial obligations), termination rights, or the ~~reliability~~ownership or control of ~~our~~IP ~~third-party~~developed ~~software~~during ~~vendors~~the arrangement. Our partners may suffer adverse commercial, ~~network~~financial, or legal circumstances that are outside of our control and ~~cloud~~may ~~providers)~~jeopardize ontheir asuccess, ~~growing~~our ~~array~~partners may terminate their relationships with us, or breakdowns in these relationships may give rise to disputes. Given the potentially different interests of ~~medical~~the ~~devices~~parties involved, ~~software~~we could suffer delays in product development, ~~and~~commercialization ~~equipment;~~or other operational difficulties.

~~•continuing~~These arrangements may require us to ~~enhance~~incur ~~the~~non-recurring ~~attractiveness~~and ofother charges, increase expenditures, or disrupt our ~~solutions~~ordinary business activities. These arrangements may expose us to ~~our~~known ~~customers~~and inunknown risks, including unique risks with respect to the ~~face~~economic, political, and regulatory environment of ~~increasing~~any ~~competition~~foreign ~~from~~entities awith ~~significant~~which ~~number~~we ofpartner, ~~existing~~quality control, and ~~new~~legal ~~entrants~~and inregulatory violations committed by partners whose actions are outside of our control. Any of the ~~market,~~foregoing ~~while~~could ~~ensuring~~have ~~these~~a ~~solutions~~material ~~meet~~adverse ~~their~~effect ~~reliability~~on ~~and~~our ~~security~~business, ~~expectations;~~results ~~and~~of operations, cash flows, financial condition, or prospects.

•ensuring these solutions meet regulatory requirements in a fast-moving space disrupted by changing regulations around data and the need for innovation, including obtaining marketing authorizations when required.

ItTable is uncertain whether our strategies will attract customers or generate revenue required to succeed in this highly competitive and rapidly changing global market. We commit substantial efforts, funds, and other resources to R&D and IT infrastructure for our digital offerings, and the risk of failure is inherent. Even where our digital offerings satisfy applicable regulations and reimbursement policies, customers may not adopt them due to concerns about the security of personal data or the customers’ absence of digital infrastructure to support and effectively use the offerings, a hesitancy to embrace new technology, or for other reasons. We also may not effectively execute organizational and technical changes to accelerate innovation and execution. In a number of countries, some cloud, edge computing, AI, and software solutions are restricted areas of foreign investment. Collaborating with a domestic, qualified third party will increase costs and may create uncertainties in such jurisdictions. The legality or validity of any collaboration may be challenged or subjected to scrutiny in such jurisdictions and the relevant governmental authorities have broad discretion in addressing such arrangements. Any of these risks could have a material adverse effect on our business results, cash flows, financial condition, or prospects. Contents

~~Cloud,~~Our ~~edge~~increasing ~~computing,~~focus on and ~~software~~investment ~~solutions~~ in ~~healthcare must comply with stringent regulations~~cloud, ~~including~~edge ~~certification requirements~~computing, ~~in many of the countries in which our customers are located~~AI, ~~particularly in relation to obtaining, using, storing,~~ and ~~transferring personal data. Our~~ software ~~solutions~~offerings ~~must~~present berisks ~~compliant~~to ~~with applicable regulations in the country in question before we can launch~~ our ~~offerings~~business. InWe ~~some jurisdictions, we must obtain marketing authorizations before commercializing software solutions. Such regulatory compliance~~ may ~~take~~not ~~longer or cost more than expected or require that design changes~~ be ~~incorporated~~successful ~~into~~in ~~our~~driving ~~offerings.~~the Inglobal ~~addition,~~deployment ~~changes~~and tocustomer ~~reimbursement~~adoption ~~policies~~of ~~for~~ digital ~~healthcare~~ offerings, ~~could~~including ~~potentially~~cloud-enabled, ~~lead to delays and additional expense. The inability of customers to obtain adequate reimbursement from private and governmental third~~AI-~~party~~enabled, ~~payers could adversely affect purchasing decisions~~ and ~~prices~~software ~~and cause our revenue and profitability to suffer~~solutions.

~~Additionally,~~A wegrowing ~~are~~part ~~making significant investments in AI initiatives and are building AI into many~~ of our ~~digital~~business ~~offerings.~~involves We are planning to leverage generative AI such as large language models across our portfolios to build differentiated products and solutions and deploy those solutions through various modalities for our customerscloud, ~~including on the device, via~~ edge computing ~~or data centers~~, ~~and/or via the cloud. Using~~ AI ~~in this manner presents risks and challenges that could affect its adoption, acceptance, and effectiveness,~~ (including flawed AI algorithms; insufficient, overbroad, or biased datasets; unauthorized access to personal data; lack of acceptance from our customers; or failure to deliver positive outcomes. As we seek to build clinical applications that leverage generative AI ~~models built by third parties~~), weand ~~may~~software ~~have limited rights to access the underlying intellectual property used to create the generative AI model~~solutions, and, ifwe ~~requested,~~are ~~this~~devoting ~~may~~significant ~~limit~~resources ~~or impair our ability~~ to ~~independently~~developing ~~verify the explainability, transparency,~~ and ~~reliability~~deploying ofsuch ~~the underlying model~~strategies. ~~The~~Our ~~use~~success ofwith AIthese insolutions ~~healthcare~~will ~~offerings~~depend ~~also~~on ~~poses~~the ~~certain~~level ~~clinical risks resulting from potential misdiagnosis or misinformation provided from AI applications, diminishing critical judgment, or loss~~ of ~~interpersonal care from clinicians. These deficiencies could undermine the decisions, predictions, or analysis AI applications produce, as well as their~~ adoption, ~~subjecting us to competitive harm; legal liability, including under new legislation regulating AI in jurisdictions such as the EU or new applications~~ of ~~existing~~our ~~data protection, privacy, IP, and other laws; regulatory actions; and reputational harm~~offerings. ~~Additionally,~~We ~~our~~incur ~~obligations to comply with the evolving legal and regulatory landscape could entail significant~~ costs ~~or limit our ability~~ to ~~incorporate~~develop ~~certain~~cloud, AIedge ~~capabilities into our offerings. In addition~~computing, ~~some~~ AI ~~scenarios present ethical~~, ~~privacy, or other social issues, risking reputational harm~~ and~~/or~~ ~~reduced~~software ~~market demand or acceptance of AI~~ solutions. ~~The~~and ~~safeguards we have designed~~ to ~~promote~~build ~~the~~and ~~ethical~~maintain ~~implementation~~infrastructure ~~of AI may not be sufficient~~ to ~~protect~~support uscloud ~~against negative outcomes. Furthermore, we contract with numerous third parties to offer our digital content to customers as well as to assist with the development of their own software applications~~ and ~~services,~~edge ~~and~~computing our reliance on access to these third parties’ healthcare digital applications, which may not continue to be available to us on commercially reasonable terms, or at all, could impact our ability to offer a wide variety of our own digital offerings. atSuccess ~~reasonable prices~~ with ~~acceptable usage tools, or continue to expand our geographic reach. All of~~ these ~~risks~~solutions ~~are~~depends ~~amplified by the critical nature of healthcare decisions and the sensitivity of health-related information, and the occurrence of any of the above could have a material adverse effect~~ on ~~our~~execution ~~business~~in ~~results,~~many ~~cash flows~~areas, ~~financial~~including: ~~condition, or prospects.~~

~~Our~~•establishing ~~inability~~and tomaintaining ~~manage~~the ~~our~~utility, ~~supply~~compatibility, ~~chain~~and orperformance ~~obtain supplies~~ of ~~components~~our orcloud, ~~raw~~edge ~~materials~~computing, ~~has restricted~~AI, and ~~could~~software ~~continue~~solutions to(including ~~restrict,~~ the ~~manufacturing~~reliability of ~~products,~~our ~~cause~~third-party ~~delays~~software invendors, ~~delivery~~network, orand ~~significantly~~cloud ~~increase~~providers) ~~our~~on ~~costs,~~a ~~and~~growing ~~our~~array ~~use~~ of ~~third~~medical ~~parties~~devices, insoftware, ~~various markets~~ and ~~their~~equipment; ~~actions or inactions could affect our business.~~

We•continuing ~~rely~~to onenhance the ~~timely~~attractiveness ~~supply~~ of ~~components,~~our ~~products, services, and~~ solutions. ~~If suppliers fail~~ to ~~meet their delivery obligations, raise prices, or cease to supply to us, it may affect~~ our ~~ability to deliver to our~~ customers orin ~~significantly~~the ~~increase~~face ~~our~~of ~~costs.~~increasing Ifcompetition wefrom ~~lose~~a ~~suppliers,~~significant ifnumber ~~their operations are substantially interrupted, if their prices increase significantly due to inflationary pressures, or if any~~ of ~~them~~existing ~~fail to meet performance or quality specifications, we may be required to identify~~ and ~~qualify one or more replacement suppliers. This also may require us to redesign or modify our products to incorporate~~ new ~~components~~entrants ~~and~~in ~~obtain~~the ~~regulatory authorization~~market, ~~qualification,~~while ormeeting ~~certification~~reliability of these redesigned or modified products. Further, we have multiple single-source or sole-source suppliers with no alternatives yet identified. Our dependence on such single- or sole-source suppliers subjects us to possible risks of shortages, interruptions, and ~~price~~security ~~fluctuations.~~expectations ~~Disruptions or loss of any of our single- or sole-source suppliers, or capacity limitations of the suppliers~~ for ~~components,~~these ~~could~~solutions; ~~increase our costs, curtail growth opportunities, cause material delays,~~ and ~~adversely impact our business, financial results, and customer relationships.~~

•meeting regulatory requirements for the development, testing, marketing, and implementation of these solutions in a fast-moving space disrupted by changing regulations around data and the need for innovation, including obtaining marketing authorizations when required.

It is uncertain whether our strategies will attract customers or generate revenue required to succeed in this highly competitive and rapidly changing global market. We commit substantial efforts, funds, and other resources to R&D and IT infrastructure for our digital offerings, and the risk of failure is inherent. Even where our digital offerings satisfy applicable regulations and reimbursement policies, customers may not adopt them due to concerns about the security of personal data or the customers’ absence of digital infrastructure to support and effectively use the offerings, a hesitancy to embrace new technology, or for other reasons. We also may not effectively execute organizational and technical changes to accelerate innovation and execution. In a number of countries, some cloud, edge computing, AI, and software solutions are restricted areas of foreign investment. Collaborating with a domestic, qualified third party will increase costs and may create uncertainties in such jurisdictions. The legality or validity of any collaboration may be challenged or subjected to scrutiny in such jurisdictions and the relevant governmental authorities have broad discretion in addressing such arrangements. Any of these risks could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

Cloud, AI, edge computing, and software solutions in healthcare must comply with stringent regulations, including certification requirements, in many of the countries in which our customers are located, particularly in relation to obtaining, using, storing, and transferring personal data. Our software solutions must be compliant with applicable regulations in the country in question before we can launch our offerings. In some jurisdictions, we must obtain marketing authorizations before commercializing software solutions. Such regulatory compliance may take longer or cost more than expected or require that design changes be incorporated into our offerings. In addition, changes to reimbursement policies for digital healthcare offerings could potentially lead to delays and additional expense. The inability of customers to obtain adequate reimbursement from private and governmental third-party payers could adversely affect purchasing decisions and prices and cause our revenue and profitability to suffer.

Additionally, we are making significant investments in AI initiatives and are building AI into many of our digital offerings. We are planning to use AI, including generative AI, throughout our portfolios to build differentiated products and solutions and deploy those solutions through various modalities for our customers, including on the device, via edge computing or data centers, and/or via the cloud. Using AI in this manner presents risks and challenges that could affect its adoption, acceptance, and effectiveness, including flawed AI algorithms; insufficient, overly-broad, or biased datasets; unauthorized use or access to personal data; lack of acceptance from our customers; difficulties in obtaining or maintaining the necessary regulatory approvals or clearances; or failure to deliver positive outcomes. As we seek to build clinical applications that leverage AI models built by third parties, we may have limited rights to access the underlying intellectual property used to create these models, and, if requested, this may limit or impair our ability to independently verify the explainability, transparency, and reliability of the underlying model. The use of AI in healthcare offerings also poses clinical risks resulting from potential misdiagnosis or misinformation provided from AI applications, diminishing critical judgment, or loss of interpersonal care from clinicians. These deficiencies could undermine the decisions, predictions, or analysis AI applications produce, as well as their adoption, subjecting us to competitive harm; legal liability, including under new legislation regulating AI in jurisdictions such as the EU or ongoing evolution in how data protection, privacy, IP, and other laws are interpreted; regulatory actions; and reputational harm. Additionally, our obligations to comply with the evolving legal and regulatory landscape could entail significant costs or limit our ability to incorporate some AI capabilities into our offerings. In addition, some AI scenarios present ethical, privacy, or other social issues, risking reputational harm and/or reduced market demand or acceptance of AI solutions. The safeguards we have designed to promote the ethical implementation of AI may not be sufficient to protect us against negative outcomes. Furthermore, we contract with numerous third parties to offer our digital content to customers as well as to assist with the development of their own software applications and services, and our reliance on access to these third parties’ healthcare digital applications, which may not continue to be available to us on commercially reasonable terms or at all, could impact our ability to offer a wide variety of our own digital offerings at reasonable prices with acceptable usage tools or continue to expand our geographic reach. These risks are amplified by the critical nature of healthcare decisions and the sensitivity of health-related information, and the occurrence of any of the above could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

~~Supply~~Table ~~chain interruptions or price increases in certain key countries, such as China, India, Russia, and Israel, have had, and could continue to have, a similar adverse effect on our business. The costs~~ of certain raw materials, logistics, and services necessary for the production and distribution of our products are subject to fluctuation based on many factors beyond our control, including but not limited to changes in general economic conditions, labor costs, transportation costs, and currency exchange rates.Contents

WeOur ~~rely~~inability ~~upon~~to ~~supplies~~manage ofour ~~certain~~supply ~~raw~~chain ~~materials,~~or ~~including~~obtain ~~helium,~~supplies ~~iodine, and rare earth minerals. Worldwide demand, availability, and pricing~~ of ~~these~~components or raw materials ~~have~~has ~~been volatile~~restricted, and wecould ~~expect~~continue ~~that~~ to ~~continue~~restrict, in the ~~future.~~manufacturing ~~If supply~~ of ~~these~~products, ~~materials~~cause isdelays ~~restricted~~in delivery, or ifsignificantly ~~prices~~ increase, ~~this~~our ~~could~~costs, ~~constrain~~and our ~~manufacturing~~use of ~~affected~~third ~~products,~~parties ~~reduce~~in ~~our~~various ~~profit~~markets ~~margins,~~and their actions or ~~otherwise~~inactions ~~adversely~~could affect our business ~~results, cash flows, and financial condition~~.

~~The~~We ~~risks~~rely on the timely supply of ~~disruption~~components, ~~described~~products, ~~above~~services, asand ~~well~~solutions asfrom ~~the~~suppliers. ~~risks~~If ~~arising~~suppliers ~~from~~fail ~~war,~~to ~~geopolitical~~meet ~~conflicts~~their delivery obligations, ~~government~~raise ~~sanctions~~prices, or ~~trade~~cease ~~controls,~~to ~~imposition~~supply ofto ~~tariffs~~us, ~~natural~~it ~~disasters,~~may ~~climate~~affect ~~change-related~~our ~~physical~~ability ~~and~~to ~~transitional~~deliver ~~risks,~~to ~~actual~~our customers or ~~threatened~~significantly ~~public~~increase ~~health~~our ~~crises,~~costs. ~~epidemics~~If we lose suppliers, ~~and~~if ~~pandemics~~their operations are substantially interrupted, ~~cybersecurity~~if ~~incidents~~their orprices ~~other~~increase ~~disruptions~~significantly ~~impacting~~due ~~information~~to ~~technology~~inflationary ~~systems~~pressures, or ~~other~~if ~~business~~any ~~continuity~~of ~~events~~them fail to meet performance or quality specifications, ~~could~~we ~~adversely~~may ~~affect~~be ~~our~~required ~~operations~~to identify and ~~our~~qualify one or more replacement suppliers’. ~~ability~~This also may require us to ~~deliver,~~redesign ~~and~~or ~~limit~~modify our ~~ability~~products to ~~meet~~incorporate new components and obtain regulatory authorization, qualification, or certification of these redesigned or modified products, which could increase our ~~commitments~~costs, tocause ~~customers~~material delays, or ~~significantly~~otherwise ~~impact~~adversely affect our ~~financial~~business. ~~results~~Further, ~~and~~we ~~condition~~have multiple single-source or sole-source suppliers with no alternatives yet identified. ByOur ~~way~~dependence on such single- or sole-source suppliers subjects us to the risk of ~~example~~possible shortages, weinterruptions, ~~were~~and ~~adversely~~price ~~affected~~fluctuations. byDisruptions ~~the~~or ~~inability~~loss of any of our single- or sole-source suppliers, toor ~~deliver~~capacity ~~components~~limitations ~~and~~of ~~raw~~these ~~materials~~suppliers, oncould aincrease ~~timely~~our ~~basis~~costs, incurtail ~~connection~~growth ~~with~~opportunities, ~~the~~cause ~~COVID-19~~material ~~pandemic~~delays, and adversely impact our business, financial results, and customer relationships.

InSupply ~~addition,~~chain weinterruptions ~~cannot~~or ~~guarantee~~price ~~that~~increases ~~the~~in ~~mitigation~~certain ~~strategies~~key ~~we employ~~countries, such as ~~internal~~China, ~~and~~India, ~~third-party~~Russia, ~~risk~~and ~~management~~Israel, ~~tools~~have had, ~~maintaining~~and ~~objective~~could ~~evidence~~continue ofto ~~our~~have, ~~suppliers’~~a ~~compliance~~similar ~~with~~adverse ~~minimum~~effect ~~viable~~on ~~quality~~our ~~standards~~business. ~~and~~The ~~audits~~costs of ~~conformance~~certain ~~with~~raw ~~these~~materials, ~~standards~~logistics, ~~conducting ongoing supplier~~ and ~~internal~~services ~~audits,~~necessary ~~developing~~for ~~resiliency~~the ~~plans,~~production and ~~investing~~distribution inof our ~~internal~~products ~~data~~are ~~and~~subject ~~analytic~~to ~~architecture,~~fluctuation ~~will~~based beon ~~successful~~many orfactors ~~that~~beyond weour ~~will~~control, beincluding, ~~able~~but not limited to, ~~alter~~changes ~~our~~in ~~strategies~~general oreconomic ~~develop~~conditions, ~~new~~labor ~~strategies~~costs, iftransportation costs, and ascurrency ~~needed~~exchange rates.

We ~~have~~rely ~~replaced~~upon ~~certain~~supplies ~~internal~~of ~~capabilities~~certain ~~with~~raw ~~outsourced~~materials, ~~products~~including helium, ~~services~~iodine, ~~or solutions. These processes may result in increased dependency on external suppliers~~ and ~~other~~rare ~~third~~earth ~~parties~~minerals. ~~Failure~~Worldwide ofdemand, ~~third-party~~availability, ~~suppliers~~export torestrictions, ~~establish~~ and ~~comply~~pricing ~~with~~of ~~required~~these ~~quality~~raw ~~management~~materials ~~systems~~have orbeen ~~comply~~volatile, ~~with applicable legal~~ and ~~regulatory~~we ~~requirements~~expect ~~may~~that ~~also lead~~ to ~~withdrawals~~continue ~~of our certifications or authorizations required for market access~~ in ~~certain~~the ~~jurisdictions~~future. ~~Such~~For ~~supplier~~example, ~~failures~~in ~~may~~2025, ~~prevent~~China ussignificantly ~~from~~tightened ~~meeting~~its ~~customer~~export ~~requirements~~controls inon arare ~~timely~~earth ~~manner~~minerals. Some, ~~which~~but ~~could~~not ~~result in damages or other claims~~all, ~~order cancellations, loss~~ of ~~market~~these ~~share,~~restrictions ~~and~~were ~~damage~~temporarily tosuspended ~~our~~after ~~reputation.~~trade ~~Shortages~~negotiations orwith ~~delays~~the ~~could~~U.S. ~~adversely~~in ~~affect~~October ~~our business~~2025. AIf ~~general~~supply ~~shortage~~ of these materials oris ~~components~~further ~~also~~restricted ~~poses~~or ~~the~~if ~~risk~~prices ofincrease, ~~unforeseeable~~this ~~fluctuations~~could inconstrain ~~prices~~our ~~and~~manufacturing ~~demand. Any~~ of ~~the~~affected ~~above~~products, ~~factors~~reduce ~~could~~our ~~have~~profit amargins, ~~material~~or ~~adverse~~otherwise ~~effect~~adversely onaffect our business, results of operations, cash flows, and financial condition~~, or prospects~~.

~~Additionally~~We have replaced certain internal capabilities with outsourced products, ~~the~~services, ~~implementation~~or ofsolutions. ~~localization~~These ~~requirements~~processes may result in increased dependency on external suppliers and other ~~government~~third ~~policies~~parties. ~~driven~~For byexample, ~~support~~we rely on contract manufacturing organizations to produce certain of ~~local~~our ~~industry,~~molecular ~~and~~imaging ~~increasing~~pharmaceutical ~~attention~~products. Failure by third-party suppliers to ~~ESG~~maintain ~~matters,~~sufficient ~~including~~manufacturing ~~EH&S~~capacity ~~matters,~~for ~~may~~our ~~impose~~products ~~additional~~could ~~costs~~create ~~and~~shortages ~~requirements~~or ondelay ~~our~~fulfilling ~~business,~~orders. ~~such~~Failure asof ~~the~~third-party ~~need~~suppliers to ~~qualify~~establish ~~new~~and ~~local~~comply ~~suppliers~~with required quality management systems or comply with ~~new~~applicable ~~material~~legal ~~reporting~~and regulatory requirements may also lead to withdrawals of our certifications or authorizations required for market access in certain jurisdictions. Such supplier failures may prevent us from meeting customer requirements in a timely manner, which could ~~negatively~~result in damages or other claims, order cancellations, loss of market share, and damage to our reputation. Shortages or delays could adversely affect our ~~ability~~business. toA ~~compete~~general shortage of materials or components also poses the risk of unforeseeable fluctuations in ~~certain~~prices ~~markets~~and demand. Any of the above factors could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

Additionally, the implementation of localization requirements and other government policies driven by support of local industry, and increasing attention to sustainability matters, including EH&S matters, may impose additional costs and requirements on our business, such as the need to qualify new local suppliers or comply with new material reporting requirements, which could negatively affect our ability to compete in certain markets.

Our business dealings also involve other third parties such as distributors, dealers, wholesalers, packagers, resellers, agents, collaboration partners, sub-contractors, and others. We rely on third-party transport and warehouse management services for reliable and secure point-to-point transportation of our products to our customers and patients, tracking of these shipments, and warehousing of our products. If any of these third parties were to encounter delivery performance issues or other disruptions leading to the loss, damage, or destruction of our products, it would be costly to replace these products in a timely manner. This may damage our reputation and result in decreased demand for our products. In turn, these third parties may use sub-parties. Such dealings expose us to known and unknown risks, including risks related to economic, political, and regulatory environments; performance and quality control; business continuity in the event of termination or other events; conflicts of interest; cybersecurity events; and violations of regulations and laws, including anti-corruption laws, by these third parties or their sub-parties. We cannot control the day-to-day practices of these third parties and cannot guarantee they will comply with our quality standards, contractual requirements, applicable law, and company policies regarding compliance with regulatory and legal requirements. If these third parties do not follow our standards or violate local laws and regulations, we could suffer commercial, financial, or reputational harm, which could jeopardize our ability to continue doing business in these markets or cause our relationships to deteriorate.

~~Any~~The ~~interruption~~risks inof disruption described above, as well as the ~~operations~~risks arising from war, geopolitical conflicts, government sanctions or trade controls, imposition of ~~our~~tariffs, ~~facilities~~natural disasters, climate change-related physical and transitional risks, actual or ~~our~~threatened ~~suppliers’~~public health crises, ~~customers’~~epidemics, and pandemics, cybersecurity incidents or ~~third-party~~other ~~providers’~~disruptions ~~facilities~~impacting information technology systems, ~~may~~or ~~impair~~other business continuity events, could adversely affect our operations and our suppliers’ ability to deliver, ~~products~~and limit our ability to meet our commitments to customers or ~~provide~~significantly ~~services~~impact our financial results and condition. We cannot guarantee that the mitigation strategies we employ will be successful or that we will be able to alter our strategies or develop new strategies if and as needed.

We are dependent on our global production and operating network to develop, manufacture, assemble, supply, transport, ship, warehouse, and service our offerings. A work stoppage, labor shortage, or other production limitation, including import or export restrictions and transportation issues, among others, could occur at our facilities, facilities of suppliers or other third parties on which we rely, or customer facilities, and could negatively impact our reputation and market position. Such interruptions may occur for several reasons, including as a result of regulatory enforcement actions, tight credit markets or other financial distress, production constraints or difficulties, unscheduled downtimes, war, severe weather and natural disasters, fires and explosions, accidents, mechanical failures, pandemics, civil unrest, strikes, unpermitted releases of toxic or hazardous substances, other EH&S risks, sabotage, cybersecurity attacks, riots, or terrorist attacks.

~~Any~~Table ~~significant event affecting one~~ of our production or operating facilities may result in a disruption to our ability to supply customers, and standby capacity necessary for the reliable operation of the facility may not be sufficiently available. The impact of these risks is heightened if our production capacity is at or near full utilization (or if we lack alternative manufacturing sites) and could result in our inability to accept orders or deliver products in a timely manner. Additionally, significant capital investment to increase manufacturing capacity may be required to expand our business or meet increased demand for our products in the future. Any of these risks could have a material adverse effect on our business results, cash flows, financial condition, or prospects.Contents

IfAny weinterruption doin ~~not~~the ~~successfully~~operations ~~manage~~of our ~~collaboration arrangements~~facilities, ~~licensing~~or ~~arrangements~~our suppliers’, ~~joint ventures~~customers’, or ~~strategic alliances with~~ third-party ~~parties~~providers’ facilities, we may ~~not~~impair ~~realize~~our ~~the~~ability ~~expected~~to ~~benefits~~deliver ~~from~~products ~~such~~or ~~arrangements,~~provide ~~which could adversely affect our business~~services.

~~From~~We ~~time~~are todependent ~~time,~~on weour ~~enter~~global ~~into~~production ~~collaborations~~and operating network to develop, ~~licensing~~manufacture, ~~arrangements~~assemble, ~~joint~~supply, ~~ventures~~transport, orship, ~~strategic~~warehouse, ~~alliances~~and ~~with~~service ~~third~~our ~~parties~~offerings. toA ~~complement~~work stoppage, labor shortage, or ~~augment~~other ~~our~~production ~~capabilities~~limitation, including inimport ~~R&D,~~or ~~product~~export ~~development,~~restrictions ~~manufacturing,~~ and ~~marketing.~~transportation ~~Evaluating~~issues, ~~appropriately~~among ~~structuring~~others, ~~negotiating,~~could ~~and~~occur ~~implementing~~at ~~such~~our ~~arrangements~~facilities, ~~may~~facilities beof asuppliers ~~lengthy~~or ~~and~~other ~~complex~~third ~~process~~parties ~~and~~on ~~must~~which ~~meet~~we ~~with~~rely, ~~applicable~~or ~~business,~~customer ~~legal~~facilities, and ~~compliance~~could ~~requirements.~~negatively ~~Other~~impact ~~companies~~our ~~may~~reputation ~~compete~~and ~~with~~market usposition. Such interruptions may occur for ~~these~~several ~~opportunities.~~reasons, Asincluding as a result of regulatory enforcement actions, wetight ~~may~~credit ~~not~~markets ~~identify~~or other financial distress, ~~secure~~changes in global trade policies, production constraints or ~~complete~~difficulties, ~~such~~unscheduled ~~arrangements~~downtimes, inwar, asevere ~~timely~~weather ~~manner~~and natural disasters, onfires aand ~~cost-effective~~explosions, ~~basis~~accidents, mechanical failures, pandemics, civil unrest, strikes, unpermitted releases of toxic or onhazardous ~~otherwise~~substances, ~~favorable~~other ~~terms~~EH&S risks, ifsabotage, atcybersecurity ~~all.~~attacks, riots, or terrorist attacks.

WeAny ~~may~~significant ~~not~~event ~~realize~~affecting ~~the~~one ~~expected~~of ~~benefits~~our ~~from~~production ~~these~~or ~~arrangements.~~operating Wefacilities may ~~not~~result bein ~~able~~a disruption to ~~exercise~~our ~~sole~~ability ~~decision-making~~to ~~authority~~supply ~~regarding any such collaboration~~customers, ~~licensing~~and ~~arrangement,~~standby ~~joint~~capacity ~~venture,~~necessary orfor ~~strategic~~the ~~alliance.~~reliable ~~This~~operation ~~could~~of ~~create~~ the ~~risk~~facility ofmay ~~impasses~~not onbe ~~decisions,~~sufficiently ~~given~~available. ~~that~~The ~~our~~impact ~~partners~~of in these ~~arrangements~~risks ~~may~~is ~~have~~heightened ~~economic~~if ~~or business interests that diverge from~~ our ~~interests.~~production ~~Conflicts~~capacity ~~may~~is ~~arise~~at inor ~~these~~near ~~arrangements~~full ~~concerning~~utilization ~~the achievement of performance milestones~~ (or ~~the~~if ~~interpretation~~we oflack ~~significant~~alternative ~~terms~~manufacturing ~~under~~sites) ~~any~~and ~~agreement~~could ~~(including~~result ~~financial~~in ~~obligations),~~our ~~termination~~inability ~~rights,~~to oraccept ~~the~~orders ~~ownership~~ or ~~control~~deliver ofproducts IPin ~~developed~~a ~~during~~timely ~~the arrangement~~manner. ~~Our~~Additionally, ~~partners~~significant ~~may~~capital ~~suffer~~investment ~~adverse~~to ~~commercial,~~increase ~~financial,~~manufacturing orcapacity ~~legal~~may ~~circumstances~~be ~~that~~required ~~are~~to ~~outside~~expand of our ~~control~~business ~~and~~or ~~may~~meet ~~jeopardize~~increased ~~their~~demand ~~success,~~for our ~~partners~~products ~~may~~in ~~terminate~~the ~~their~~future. ~~relationships~~Any ~~with~~of ~~us, or breakdowns in~~ these ~~relationships~~risks ~~may~~could ~~give~~have ~~rise~~a tomaterial ~~disputes.~~adverse ~~Given~~effect ~~the~~on ~~potentially~~our ~~different~~business, ~~interests~~results of ~~the~~operations, ~~parties~~cash ~~involved~~flows, wefinancial ~~could~~condition, ~~suffer delays in product development~~ or ~~other operational difficulties~~prospects.

~~These~~Increased ~~arrangements~~cybersecurity ~~may~~requirements, ~~require us to incur non-recurring and other charges~~vulnerabilities, ~~increase expenditures~~threats, orand ~~disrupt~~more ~~our~~sophisticated ~~ordinary~~and ~~business~~targeted ~~activities.~~cybercrimes ~~These~~pose ~~arrangements~~a ~~may~~risk ~~expose us~~ to ~~known~~our ~~and unknown risks~~systems, ~~including unique risks with respect to the economic~~networks, ~~political~~products, ~~and regulatory environment of any foreign entities with which we partner~~solutions, ~~quality control~~services, and ~~legal~~data, ~~and~~as ~~regulatory~~well ~~violations~~as ~~committed by partners whose actions are outside of~~ our ~~control.~~reputation, ~~Any~~which ~~of the foregoing~~ could ~~have~~adversely aaffect ~~material adverse effect on~~ our business ~~results, cash flows, financial condition, or prospects~~.

~~Increased~~We ~~cybersecurity~~manufacture ~~requirements,~~and ~~vulnerabilities,~~sell ~~threats,~~products ~~and~~that ~~more~~rely ~~sophisticated~~upon software and ~~targeted~~computer ~~cyber~~systems ~~crimes~~to ~~pose~~operate aproperly ~~risk~~and toprocess ~~our~~and ~~systems,~~store ~~networks,~~confidential information. Our products are often connected to, ~~solutions~~and reside within, ~~services~~our customers’ IT infrastructures, including their on-premise and ~~data~~cloud infrastructures. In some jurisdictions, aswe ~~well~~are asexpected to design our ~~reputation~~products to include appropriate cybersecurity protections, ~~which~~and ~~could~~regulatory ~~adversely~~authorities ~~affect~~may ~~our~~review ~~business~~such protections when granting marketing authorizations.

WeWhile ~~manufacture~~we seek to protect our products and IT systems from unauthorized access, these measures may not be effective, particularly because techniques used to obtain unauthorized access or to sabotage systems change frequently, have increased in sophistication (including through the use of AI), and often are not identified at the time that they are launched against a target. These risks apply to our installed base of products, products we currently sell, new products we will introduce in the future, and older technology that ~~rely~~we ~~upon~~no longer sell or service but remains in use by customers. Additionally, we offer software, cloud, and ~~computer~~edge ~~systems~~computing toproducts ~~operate~~that ~~properly~~are ~~and~~developed, ~~process~~controlled, ~~and~~or ~~store~~hosted ~~confidential~~by ~~information~~third-party providers. ~~Our~~A cybersecurity breach of or other disruption to our systems or products, ~~often~~service ~~are~~providers’ ~~connected~~network security and systems, or other third-party services could disrupt treatment being delivered to patients or interfere with our customers’ operations, and ~~reside~~could ~~within~~lead to the loss of, damage to, or public disclosure of our employees’ and customers’ ITstored ~~infrastructures~~information, including personal data, such as individually identifiable health information (including “protected health information”). InSuch ~~some~~an ~~jurisdictions~~event could have serious negative consequences, weincluding ~~are~~alleged ~~expected~~customer or patient harm, obligations to ~~design~~notify enforcement authorities or users of our products, voluntary or forced recalls of or modifications to ~~include~~our ~~appropriate~~products, ~~cybersecurity~~regulatory ~~protections~~actions, fines, penalties and ~~regulatory~~damages, ~~authorities~~reduced ~~may~~demand ~~review~~for ~~such~~or ~~protections~~use ~~when~~of ~~granting~~our ~~marketing~~offerings ~~authorizations~~by customers, harm to our reputation, and time-consuming and expensive litigation, any of which could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

~~While~~There weare ~~seek~~increasingly tolarge ~~protect~~volumes ~~our~~of ~~products~~information, ~~and~~including ITpatient ~~systems from unauthorized access~~data, ~~these~~being ~~measures~~generated ~~may~~that ~~not~~need to be ~~effective,~~securely ~~particularly~~processed ~~because~~and ~~techniques~~stored ~~used~~by tohealthcare ~~obtain~~organizations. ~~unauthorized~~Our ~~access~~IT orsystems tohave ~~sabotage~~been ~~systems~~subject ~~change~~to ~~frequently~~computer malware, ~~increase~~unauthorized ~~in sophistication~~access, and ~~often~~other ~~are~~cyber-attacks. ~~not~~There ~~identified~~has atbeen ~~the~~an ~~time~~increase ~~that~~in ~~they~~the ~~are~~frequency ~~launched~~and ~~against~~sophistication aof ~~target.~~the ~~These~~cybersecurity ~~risks~~threats ~~apply~~we toand our ~~installed~~service ~~base~~providers ~~of products~~face, ~~products~~including wethrough ~~currently~~the ~~sell,~~use ~~new~~of ~~products~~AI weby ~~will introduce in the future~~adversaries, and ~~older~~we ~~technology~~expect ~~that~~these weactivities noto ~~longer~~continue ~~sell~~to orincrease. ~~service~~Geopolitical ~~but~~tensions ~~remains~~or inconflicts, ~~use~~such byas ~~customers.~~the ~~Additionally,~~conflict webetween ~~offer~~Russia ~~software,~~and ~~cloud~~Ukraine, and ~~edge~~the ~~computing~~increased ~~products~~adoption ~~that~~of ~~are~~AI ~~developed~~technologies, ~~controlled,~~may orfurther ~~hosted~~heighten bythe ~~third-party~~risk ~~providers~~of cyber-attacks. AAdditionally, ~~cybersecurity~~leveraging ~~breach~~AI ofcapabilities ~~or other disruption~~ to ~~our~~potentially ~~systems~~improve orinternal ~~products,~~functions ~~service~~and ~~providers’~~operations ~~network~~presents ~~security~~further risks and ~~systems~~challenges, orincluding ~~other~~the ~~third-party~~possibility ~~services~~of ~~could~~creating ~~disrupt~~new ~~treatment~~attack ~~being~~methods ~~delivered~~for toadversaries. ~~patients~~The oruse ~~interfere~~of ~~with~~AI ~~our~~to ~~customers’~~support business operations, ~~and~~carries ~~could~~inherent ~~lead~~risks related to ~~the~~data ~~loss of~~privacy, ~~damage to~~IP, ~~or public disclosure of our employees’~~ and ~~customers’ stored information~~security, ~~including personal data,~~ such as ~~individually~~intended, ~~identifiable~~unintended, ~~health~~or ~~information~~inadvertent ~~(including~~transmission ~~“protected~~of ~~health~~proprietary, ~~information”~~confidential, or ~~“PHI”).~~sensitive ~~Such~~information, anas ~~event~~well ~~could~~as ~~have~~challenges ~~serious~~related ~~negative~~to ~~consequences,~~implementing ~~including~~and ~~alleged~~maintaining ~~customer~~AI ~~or patient harm~~tools, ~~obligations~~such toas ~~notify~~developing ~~enforcement~~and ~~authorities~~maintaining orappropriate ~~users~~datasets offor ~~our~~such ~~products,~~support. ~~voluntary~~If orwe ~~forced~~fail ~~recalls of or modifications~~ to ~~our~~implement ~~products,~~adequate ~~regulatory actions~~safeguards, ~~fines,~~the ~~penalties and damages, reduced demand for or~~ use of ~~our~~AI ~~offerings~~may byintroduce ~~customers,~~additional ~~harm to our reputation~~operational, ~~and time-consuming and expensive litigation~~legal, ~~any~~or ofregulatory ~~which~~vulnerabilities ~~could~~such ~~have~~as aproducing ~~material~~inaccurate ~~adverse~~outcomes ~~effect~~based on ~~our~~flaws ~~business~~in ~~results,~~the ~~cash~~underlying ~~flows,~~data ~~financial~~or ~~condition~~methodologies, or ~~prospects~~unintended results.

There are increasingly large volumes of information, including patient data, being generated that need to be securely processed and stored by healthcare organizations. Our IT systems have been subject to computer malware, unauthorized access, and other cyber-attacks. There has been an increase in the frequency and sophistication of the cybersecurity threats we and our service providers face, and we expect these activities to continue to increase. Geopolitical tensions or conflicts, such as the conflict between Russia and Ukraine, and the increased adoption of AI technologies, may further heighten the risk of cyber-attacks. Additionally, leveraging AI capabilities to potentially improve internal functions and operations presents further risks and challenges, including the possibility of

~~creating~~Table ~~new attack methods for adversaries. The use~~ of AI to support business operations carries inherent risks related to data privacy, IP, and security, such as intended, unintended, or inadvertent transmission of proprietary, confidential, or sensitive information, as well as challenges related to implementing and maintaining AI tools, such as developing and maintaining appropriate datasets for such support. If we fail to implement adequate safeguards, the use of AI may introduce additional operational, legal, or regulatory vulnerabilities such as producing inaccurate outcomes based on flaws in the underlying data or methodologies, or unintended results. Contents

Furthermore, we may also be exposed to a more significant risk if such actions are taken by state or state-affiliated actors. The objectives of these cyber-attacks vary widely and may include, among other things, unauthorized access to personal, customer, or third-party information, disruptions in operations and the provision of services to customers, or theft of IP or other sensitive assets or information belonging to us, our business partners, or customers. As such attacks become more effective, the risks in this area continue to grow. The back-up systems we or our customers have in place may not be adequate in the event of a failure or interruption. We may not have current capabilities to identify all vulnerabilities, which may allow others to exploit persistent potential exposures within our IT systems and products. We could suffer significant business disruption, including transaction errors, supply chain or manufacturing interruptions, processing inefficiencies, data loss, loss of customers, reputational damage, the loss of or damage to IP or other proprietary information, litigation, investigations, and possible liability to employees, customers, suppliers, patients, and regulatory authorities as a result of a successful cyber-attack or other disruption impacting our IT systems. Further, our ability to effectively plan, forecast, and execute our business plan and comply with applicable laws and regulations may be impaired by such cyber-attacks or disruptions. Any of the above could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects, and on the timeliness of reporting our operating results.

We rely on software, SaaS, hardware, and other material components from a number of third parties to manufacture our products or otherwise operate our business. If a material cyber incident or other disruption impacting a supplier were to result in its prolonged inability to use, manufacture, and/or ship such components, this could impact our ability to manufacture and/or use our products. In addition, third-party sourced software components, malicious code, or a critical vulnerability or error emerging within such software could expose our customers to increased cyber risk. Efforts we have undertaken to mitigate such risks may not prevent all incidents.

If we were to experience a significant cybersecurity breach or other disruption impacting our information systems or data, the costs associated with the investigation, remediation, and potential notification of the incident to customers, regulators, and counterparties, as well as any related litigation expenses, fines, penalties, or damages, could be material. In addition, our remediation efforts may not be successful. The data privacy and IT security insurance coverage we currently maintain may be inadequate. In addition, the market for such insurance continues to evolve and, in the future, our data privacy and IT security insurance coverage may be prohibitively expensive or not available on acceptable terms or in sufficient amounts, or at all.

We may be unable to obtain, maintain, protect, or effectively enforce our IP rights.

We place considerable emphasis on obtaining, maintaining, and using our IP to support our business strategy. We pursue IP protection in key jurisdictions to protect our R&D investment and limit the risk of infringing third-party IP rights. However, we cannot ensure that our means of obtaining, maintaining, and enforcing our IP rights will be adequate to maintain a competitive advantage.

The laws of many jurisdictions may not protect our IP rights or provide an adequate forum to effectively address situations where our IP rights have been compromised. Furthermore, protecting against the unauthorized use of proprietary technology may be difficult, expensive, and drawn out. We may need to litigate with third parties to enforce or defend patents issued to us or to determine the enforceability and validity of our proprietary rights or those of others. Determining whether an offering infringes, misappropriates, or otherwise violates a third party’s IP rights involves complex legal and factual issues, and the outcome of this type of litigation is often uncertain and inconsistent. This is true for our major markets, including China, as well as developing markets with less developed IP systems. An adverse determination in any such litigation, or significant delays in obtaining effective relief, could materially impair our IP rights and may harm our business.

From time to time, we receive notices from third parties asserting infringement, misappropriation, or violation of their IP rights. We are also subject to lawsuits alleging infringement, misappropriation, or other violation of third-party IP rights. When such claims are asserted against us (or to avoid such claims), we may seek to license the third party’s IP rights, which may be costly. We may be unable to obtain necessary licenses on satisfactory terms, if at all. If we are unable to obtain an adequate license, we may be subject to lawsuits seeking damages or an injunction against the manufacture, import, marketing, sale, or operation of our offerings or against the operation of our business as presently conducted. We do not maintain insurance for claims or litigation involving the infringement, misappropriation, or other violation of IP rights. Regardless of the merits or outcome, the resolution of any IP dispute could require significant financial and management resources.

Adverse judicial rulings or our entry into any license or settlement agreement in connection with third-party claims could affect our ability to compete and have a material adverse effect on our business results, cash flows, financial condition, or prospects. Our agreements with our customers and other third parties typically include indemnification or other provisions under which we agree to indemnify or otherwise be liable to them for losses suffered or incurred as a result of IP claims. We may not always be successful in limiting our liability with respect to such obligations and could become subject to large indemnity payments or damages claims from contractual breach, which could harm our business results, cash flows, financial condition, or prospects.

Furthermore, protecting confidential information and trade secrets can be difficult and, even if a successful enforcement action is brought, such action may not be effective in protecting our IP rights. Additionally, the increased sharing of our data with third parties as a result of right-to-repair legislation or EU data legislation laws could increase the risk of loss or damage to our IP. If we cannot adequately obtain, maintain, protect, or enforce our IP rights, our competitors may be able to compete more successfully against us, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

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We may not receive protection for pending or future applications relating to IP rights owned by or licensed to us, and the claims allowed under any issued IP rights may not be sufficiently broad to protect our products, services, solutions, and any associated trademarks. Products sold by our competitors may infringe, misappropriate, or otherwise violate IP rights owned or licensed by us. Any issued IP rights owned by or licensed to us may be challenged, invalidated, held unenforceable, or circumvented in litigation or other proceedings, and these limited IP rights may not provide us with effective competitive advantages. IP rights may also be unavailable, limited, unenforceable, or practically unenforceable in some countries, and some governments may require us to transfer our IP rights to local entities to do business in the jurisdiction, either of which could make it easier for competitors to capture increased market position and compete with us. We may also incur substantial costs to protect ourselves in litigation or other proceedings involving the validity and enforceability of our IP rights. If claims against us are successful, we could lose valuable IP rights. An unfavorable outcome in any such litigation could have a material adverse effect on our business results, cash flows, financial condition, or prospects. We also rely on agreements with certain employees, consultants and other parties to protect, in part, trade secrets and other proprietary rights. We cannot be certain that these agreements will not be breached, that such provisions will be enforceable, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information, or that third parties will not otherwise gain access to our trade secrets or proprietary knowledge.

We do not own the GE trademark or logo, and we entered into a Trademark License Agreement with GE in connection with the Spin-Off (the “Trademark License Agreement”), pursuant to which GE granted us a license to use specified trademarks, which include the GE Monogram and the “GE HealthCare” word mark for use in connection with certain of our products, services, and solutions, as well as the right to use the GE brand in connection with certain legal entity names within our corporate structure. GE owns and controls the GE brand, and the integrity and strength of the GE brand will depend in large part on the efforts and businesses of GE and other licensees of the GE brand and how the brand is used, promoted, and protected by them, which will be outside of our control. Furthermore, there are certain circumstances under which the Trademark License Agreement may be terminated. Termination of the Trademark License Agreement would eliminate our rights to use the specified trademarks granted to us under this agreement and may result in our having to negotiate a new or reinstated agreement with less favorable terms or cause us to lose our rights under the Trademark License Agreement, which would require us to change our corporate name and undergo significant rebranding efforts. Any rebranding efforts may require significant resources and expenses and may affect our ability to attract and retain customers, all of which could have an adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

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

There is substantial competition for key ~~personnel~~talent, senior management, and qualified employees in the healthcare industry, and we may face increased competition for such a highly qualified scientific, technical, clinical, and management workforce in a highly competitive environment. To help attract, retain, and motivate qualified employees in senior roles, we use equity-based awards and performance-based cash incentive awards. Sustained declines in our stock price, or lower stock price performance relative to competitors, can reduce the retention value of our equity-based awards, which can impact the competitiveness of our compensation. There can be no assurance that we will be successful in retaining existing ~~personnel~~talent or recruiting new ~~personnel~~talent.

~~Having~~Certain aof ~~diverse~~our employees in the U.S. and ~~inclusive~~elsewhere ~~workplace~~are ~~can~~covered ~~also~~by ~~enhance~~collective ~~our~~bargaining ~~ability~~agreements. toThese ~~attract~~agreements ~~and~~typically ~~retain~~contain ~~talent~~provisions ~~and~~regarding isthe angeneral ~~important~~working ~~driver~~conditions of our employees, including provisions that could affect our ability to ~~compete~~restructure ~~and~~our ~~innovate.~~operations, Asclose ~~such~~facilities, or reduce our ~~inability~~number of employees. We may not be able to ~~attract~~extend existing collective bargaining agreements or, upon the expiration of such agreements, negotiate such agreements in a favorable and ~~retain~~timely ~~diverse~~manner ~~talent~~or ~~can~~without ~~have~~work ~~adverse~~stoppages, ~~consequences~~strikes, onor ~~our~~similar ~~business~~actions.

~~Certain~~The loss of ~~our~~one ~~employees~~or inmore ~~the~~key ~~United~~employees; ~~States~~our ~~and~~inability ~~elsewhere~~to ~~are~~attract ~~covered~~or bydevelop ~~collective~~additional ~~bargaining~~qualified ~~agreements.~~employees; ~~These~~any ~~agreements~~delay ~~typically~~in ~~contain~~hiring ~~provisions~~key ~~regarding~~talent; ~~the~~any ~~general~~deterioration ~~working~~of ~~conditions~~the ofrelationships with our employees, ~~including~~unions, ~~provisions~~and ~~that~~other ~~could~~employee ~~affect~~representatives; ~~our~~or ~~ability~~any tomaterial ~~restructure~~work ~~our operations~~stoppage, ~~close facilities~~strike, or ~~reduce~~similar ~~our~~action ~~number~~could ofhave ~~employees.~~a Wematerial ~~may~~adverse ~~not~~effect beon ~~able~~our tobusiness ~~extend~~results, ~~existing~~cash ~~collective~~flows, ~~bargaining~~financial ~~agreements~~condition, or prospects. Furthermore, ~~upon~~our ~~the~~actions ~~expiration~~or ofresponses to any such ~~agreements~~negotiations, ~~negotiate~~labor ~~such~~disputes, ~~agreements~~work instoppages, aor ~~favorable~~strikes ~~and~~could ~~timely~~negatively ~~manner~~impact orour ~~without~~corporate ~~work~~reputation ~~stoppages,~~and ~~strikes,~~have oradverse ~~similar~~effects ~~actions~~on our business.

The loss of one or more key employees; our inability to attract or develop additional qualified employees; any delay in hiring key personnel; any deterioration of the relationships with our employees, unions, and other employee representatives; or any material work stoppage, strike, or similar action could have a material adverse effect on our business results, cash flows, financial condition, or prospects. Furthermore, our actions or responses to any such negotiations, labor disputes, work stoppages, or strikes could negatively impact our corporate reputation and have adverse effects on our business.

~~Increasing~~Table ~~attention~~of ~~to ESG matters, including EH&S matters, may impose additional costs on our business and expose us to new risks.~~ Contents

WeIncreasing ~~face~~ attention ~~from~~to ~~investors,~~sustainability ~~regulators~~matters, ~~and~~including ~~other~~EH&S ~~stakeholders~~matters, ~~who~~ may ~~have~~impose ~~conflicting~~additional ~~views,~~costs ~~related~~on to our ~~ESG~~business ~~positions, performance,~~ and ~~disclosures.~~expose ~~Third-party~~us ~~organizations that provide information~~ to ~~investors~~new ~~on ESG matters have developed ratings processes for evaluating companies on their respective approaches~~risks. If we receive unfavorable ESG ratings or otherwise draw scrutiny for the positions we take or do not take on these matters, it could be used by investors, lenders, and customers to inform their investment, financing, or purchasing decisions, which could have a negative impact on our business.

We face increasing attention from investors, regulators, customers, and other stakeholders, who may have conflicting views on our positions, performance, and disclosures relating to sustainability-related matters, and we are subject to legal and regulatory requirements ~~that~~relating ~~focus~~to onsuch ~~our ESG~~ positions, performance, and disclosures. In addition, sustainability-based customer standards and tender requirements or weighting criteria, in particular in the EU, may impact our ability to compete successfully. These requirements continue to broaden and may be conflicting, both in terms of scope and geography, a trend we expect to continue. ~~Our~~If we draw scrutiny for the positions we take or do not take on these matters (or for altering any such position) or receive unfavorable ratings from third-party organizations that provide information to investors on sustainability matters, it could be used by investors, lenders, customers, and employees to inform their investment, financing, purchasing, or employment decisions, which could have a negative impact on our business. Additionally, our processes and controls for reporting of ~~ESG~~sustainability matters may not always conform with evolving and disparate standards for identifying, measuring, and reporting ~~ESG~~sustainability metrics, and such standards may change over time, which could result in significant revisions to our performance metrics, goals, or reported progress in achieving our goals. AFurthermore, a failure to adequately meet regulatory expectations may result in non-compliance, the loss of business, and reputational impacts, and anour ~~inability~~becoming the target of litigation or investigations initiated by government authorities or private actors alleging that our activities related to ~~attract~~sustainability ~~and~~matters ~~retain~~are ~~top~~anti-competitive, ~~talent~~discriminatory, or otherwise unlawful.

We have established and publicly announced details of our ~~ESG~~sustainability program, including goals related to addressing climate change. While these goals reflect our current plans and aspirations, we may need to adjust or revise them in light of changes to the assumptions made at the time they were set or the emergence of risks related to our ability to deliver them. These risks include the availability and cost of low- or non-carbon-based energy sources; the suitability, cost, and availability of materials and technologies; and the possible organic growth of our business.

We are also subject to international, national, state, and local laws, regulations, industry and customer standards, and other voluntary commitments related to EH&S matters. These EH&S laws, regulations, standards, and commitments apply to a broad range of activities across our whole product lifecycle, including those related to (1) protection of the environment, protected species, and use of natural resources; (2) occupational health, safety, and well-being; (3) the use, handling, management, release, storage, transportation, remediation, and disposal of, and exposure to, hazardous waste, ~~radio~~radiochemical ~~chemical~~ materials, and other hazardous or toxic materials; (4) our products, including the use of certain chemicals in our products and production processes; (5) emissions to air, land, and water; and (6) climate change.

The requirements we are subject to impose ~~certain~~ responsibilities on our business, including the obligation to install pollution control technologies and to obtain and maintain various environmental permits, the cost of which may be substantial. They can also impose cleanup liabilities, including with respect to discontinued or predecessor operations or third-party waste disposal sites. In some jurisdictions we are, and ~~are~~may ~~likely to~~ increasingly be, subject to climate change mitigation and adaptation regulation, tax, disclosure, and reporting requirements. If we fail to comply with these requirements, we could be subject to administrative, civil, or criminal fines and penalties; remediation costs; enforcement actions; the suspension or termination of our permits or operations; third-party claims; or other sanctions.

The implementation of new or existing EH&S laws, regulations, and industry and customer standards, and any changes to them, which we cannot predict and which have historically become more stringent over time, could increase our costs and require us to reassess our business priorities. Administrative decisions, legal developments, or other governmental or judicial actions may influence the interpretation or enforcement of EH&S laws, regulations, and industry standards, and may thereby increase compliance or other costs. In addition, EH&S laws, regulations, and standards may also have an adverse impact on our ability to develop our products and to maintain and grow access to certain markets. EH&S laws and regulations enacted ~~world-wide~~worldwide may require us to re-design products or production processes, or to cease using certain substances, leading to detrimental operational impacts and an increase in operating costs. Any of these risks or costs, and our ability to assess, prepare for, and fully comply with future EH&S laws or regulations, could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

Our products and operations utilizing radioactive materials are subject to varying international, federal, state, and local regulations and must be conducted in accordance with a number of licenses and certifications. The handling and disposal of radioactive materials and wastes may impose significant requirements and costs, including with respect to the decommissioning of facilities handling radioactive materials. Disposal sites for the lawful disposal of materials or wastes associated with our products may be limited or non-existent, may no longer accept these materials in the future, or may accept them on unfavorable terms, which could adversely impact our operations.

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Our research and development efforts may not succeed in developing commercially successful products and technologies, which could adversely affect our business.

To remain competitive, we must continue to launch new products, services, and solutions, requiring substantial investment in R&D. If we cannot successfully introduce new offerings that address the needs of our customers, our offerings may become obsolete, and our business results, cash flows, and financial condition could suffer.

Many of our offerings have lengthy development and commercialization cycles. Promising new products, services, and solutions may fail to reach the market at all or at the right time, or may have only limited commercial success due to reasons including safety or efficacy concerns, failure to achieve positive outcomes, inability to obtain necessary regulatory authorizations, or third-party reimbursement decisions. Additionally, new offerings may be quickly rendered obsolete by changing customer preferences, changing industry standards, or competitors’ innovations or reverse engineering efforts. It is uncertain when or whether our products, services, or solutions currently under development will be launched or will be commercially successful. Any of these developments may have a material adverse effect on our business results, cash flows, financial condition, and prospects.

25REGULATORY AND LEGAL RISKS.

~~industry~~The ~~standards,~~FDA orand ~~competitors’~~equivalent ~~innovations~~global oragencies ~~reverse~~tightly ~~engineering~~regulate ~~efforts.~~and Itactively isenforce ~~uncertain~~the ~~when~~laws orand ~~whether~~regulations ~~our~~governing ~~products~~the development, ~~services~~authorization, orand ~~solutions~~commercialization ~~currently under development will be launched or will be commercially successful. Any~~ of ~~these~~medical ~~developments~~devices ~~may have a material adverse effect on our business results, cash flows, financial condition,~~ and ~~prospects~~pharmaceutical products.

IfWe are subject to rigorous regulation governing development, product testing, manufacturing, packaging, labeling, safety, quality, storage, marketing clearance or approval, advertising and promotion, import and export, sales and distribution, performance and effectiveness, and post-market surveillance. The FDA, the various competent authorities of the EU member states or other European countries that enforce the EU’s Medical Device Regulation, the EMA (for pharmaceuticals) in the EU, and the NMPA in China are the regulatory authorities affecting us most prominently with respect to the commercialization of our ~~Spin~~products, services, and solutions. There are numerous other regulatory schemes at the national and sub-~~Off~~national ~~from~~levels GEin isother ~~determined~~countries in which we conduct business. Regulatory premarket clearance, approval, or conformity assessment requirements may affect or delay our ability to bemarket new offerings. The need to comply with regulations is a ~~taxable~~substantial ~~transaction~~controlling, itoperational, and reputational risk. A failure to comply with applicable laws and regulations could result in ~~significant~~governmental ~~tax~~investigations, ~~liability~~fines, toand GEother ~~and~~sanctions, ~~its~~the ~~stockholders~~temporary or permanent shutdown of production facilities, recalls of products, product withdrawals, revocation of marketing authorizations, disqualification from participation in healthcare activities, third-party and wepurported ~~could~~whistleblower ~~have~~claims, animport ~~indemnification~~detentions, ~~obligation~~and tonegative GEpublicity, which could ~~adversely~~have ~~affect~~adverse consequences on our business, ~~financial~~results ~~condition~~of operations, cash flows, ~~and~~financial ~~results~~condition, ofor ~~operations~~prospects.

Prior to the completion of the Spin-Off, GE received (1) a private letter ruling from the Internal Revenue Service (the “IRS”) to the effect that, among other things, our Spin-Off from GE will qualify as a transaction that is tax-free for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) a written opinion from each of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Ernst & Young, LLP (“EY”) to the effect that the Spin-Off will qualify for non-recognition of gain and loss under Section 355 and related provisions of the Code.

The opinion of counsel and the opinion of EY do not address any U.S. state or local or foreign tax consequences of the Spin-Off.

In addition, the opinion of counsel, the opinion of EY, and the private letter ruling rely on certain facts, assumptions, representations, and undertakings from GE and us regarding the past and future conduct of the companies’ respective businesses and other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not otherwise satisfied, GE and its stockholders may not be able to rely on the opinion of counsel, the opinion of EY, or the private letter ruling and could be subject to significant tax liabilities.

The opinion of counsel and the opinion of EY is not binding on the IRS or the courts, and there can be no assurance that the IRS or a court will not take a contrary position. Notwithstanding the opinion of counsel, the opinion of EY, or the private letter ruling, the IRS could determine on audit that the Spin-Off or any of certain related transactions is taxable if it determines that any of these facts, assumptions, representations, or undertakings are not correct or have been violated, or if it disagrees with the conclusions in the opinion that are not covered by the private letter ruling, or for other reasons, including as a result of certain significant changes in the stock ownership of GE or us after the Spin-Off. If the conclusions expressed in the opinion of counsel or the opinion of EY are challenged by the IRS, and if the IRS prevails in such challenge, the tax consequences of the Spin-Off (including the tax consequences to GE and the U.S. Holders (as defined in the Code)) could be materially less favorable.

If, as a result of any of our representations being untrue or our covenants being breached, the Spin-Off were determined not to qualify for non-recognition of gain or loss under Section 355 and related provisions of the Code, we could be required by the Tax Matters Agreement to indemnify GE for the resulting taxes and related expenses. Those amounts could be material and any such obligation could adversely affect our business, financial condition, cash flows, and results of operations.

LEGAL AND REGULATORY RISKS.

The U.S. FDA and equivalent global agencies tightly regulate and actively enforce the laws and regulations governing the development, authorization, and commercialization of medical devices and pharmaceutical products.

We are subject to rigorous regulation governing development, product testing, manufacturing, packaging, labeling, safety, quality, storage, marketing clearance or approval, advertising and promotion, import and export, sales and distribution, performance and effectiveness, and post-market surveillance. The U.S. FDA, the various competent authorities of the EU member states or other European countries that enforce the EU’s Medical Device Regulation, the European Medicines Agency (“EMA”) for Regulation of Pharmaceuticals in the EU, and the NMPA in China are the regulatory authorities affecting us most prominently with respect to the commercialization of our products, services, and solutions. There are numerous other regulatory schemes in our countries around the globe at the national and sub-national levels. Regulations pertaining to our products are increasing in previously unregulated countries and are becoming more stringent in already regulated countries. Regulatory premarket clearance, approval, or conformity assessment requirements may affect or delay our ability to market new offerings. The need to comply with regulations is a substantial controlling, operational, and reputational risk. A failure to comply with applicable laws and regulations could result in governmental investigations, fines, and other sanctions, the temporary or permanent shutdown of production facilities, recalls of products, product withdrawals, revocation of marketing authorizations, disqualification from participation in healthcare activities, third-party and purported whistleblower claims, import detentions, and negative publicity, which could have adverse consequences on our business results, cash flows, financial condition, or prospects.

We must conduct clinical trials on humans before we commercialize certain products. Delays and complications in planned clinical trials can result in increased development costs and delays in regulatory authorizations and products reaching the market. These regulations can be burdensome and subject to change, exposing us to the risk of increased costs and business disruption. Changes to current products and labeling may also be subject to vigorous review, and approvals or the time needed to secure approvals are not certain.

We are subject to regulations requiring restrictions, certification, and/or licensing of our facilities, and our facilities are subject to periodic inspections by regulatory authorities. Adverse inspection outcomes have in the past, and may in the future, impact our ability to develop, manufacture, market, or distribute certain products.

We also carefully monitor the quality and performance of our products once they are distributed. We may identify problems with product design, manufacturing, labeling, distribution, or other issues that impact the safety, quality, or performance of our products. These types of issues have in the past, and could in the future, create risk to patients, clinicians, or other personnel in contact with our products and lead to product recalls, removals, replacement, servicing, or other corrective actions. This can also create risk of enforcement action by regulatory authorities, ~~and~~ increased product liability risk, and civil or criminal claims.

Regulatory scrutiny may increase in the future and could require us to change the way we operate, including the way in which we offer certain services. Regulations pertaining to our products are increasing and becoming more stringent in already regulated countries, and countries that did not previously regulate medical products are developing and implementing regulations for these products. These laws and regulations vary by jurisdiction, are complex, change frequently, and are subject to changes in interpretation and enforcement. Moreover, certain fields, such as cloud and edge computing, clinical decision support software, cybersecurity, mobile medical applications, AI, ~~generative AI,~~ and ~~Machine~~machine ~~Learning~~learning are rapidly evolving within the industry and particularly subject to changing law and regulation. New or changing regulations can delay or otherwise adversely impact our ability to bring certain products to market.

Regulatory authorities in many countries regulate the advertising and promotion of our offerings to ensure that our claims are consistent with our regulatory clearances and approvals, that there is data to substantiate the claims, and that our materials are not false or misleading. If we or any of our suppliers, channel partners, or agents fail to comply with laws and regulations related to promotional labeling and advertising and are perceived to potentially be false, misleading, or otherwise not permissible, we may face legal or regulatory actions.

Additionally, if a regulatory authority concludes that we are not in compliance with applicable laws or regulations or that our products pose an unreasonable risk for patients, users, or others, regulatory authorities may refuse to accept or authorize regulatory filings; ban such offerings; detain or seize unadulterated or misbranded products; order a recall, repair, replacement, or refund of such products; or require us to notify healthcare professionals and others that the offerings present unreasonable risks of substantial harm to public health. A regulatory authority may impose operating restrictions or enjoin certain violations of applicable law pertaining to medical devices or pharmaceutical products and assess civil or criminal penalties against us. The regulatory authority may also recommend prosecution by law enforcement agencies. Any new legislation or regulation or any changes in the interpretation or enforcement of existing legislation or regulation may impose significant and costly new obligations on us, which may interrupt our supply of products, delay launch of new offerings, or negatively affect our cost of doing business. Given all of the foregoing, future costs and liabilities relating to compliance with applicable laws and regulations could have a material adverse effect on our business results, cash flows, financial condition, or prospects. 26

~~The~~Table ~~failure~~of ~~to comply with the FCPA and similar anti-corruption and anti-bribery laws globally has resulted and could continue to result in civil or criminal sanctions and adversely affect our business.~~ Contents

~~The FCPA~~Additionally, ~~the~~if ~~U.K.~~a ~~Bribery~~regulatory ~~Act~~authority ofconcludes ~~2010~~that ~~(“UKBA”),~~we ~~and~~are ~~similar~~not ~~anti-corruption~~in ~~and~~compliance ~~anti-bribery~~with applicable laws inor ~~other~~regulations ~~jurisdictions~~or ~~generally~~that ~~prohibit~~our ~~companies~~products ~~from~~pose ~~offering~~an ~~and~~unreasonable ~~making~~risk ~~corrupt~~for ~~payments~~patients, tousers, or ~~otherwise~~others, ~~engaging~~regulatory inauthorities ~~bribery~~may ofrefuse ~~government~~to ~~officials.~~accept Weor ~~operate~~authorize inregulatory ~~many~~filings; ~~parts~~ban ofsuch ~~the~~offerings; ~~world~~detain ~~that~~or ~~have~~seize ~~experienced~~unadulterated ~~elevated~~or ~~levels~~misbranded ofproducts; ~~public~~order ~~sector~~a ~~corruption.~~recall, ~~Because~~repair, ofreplacement, ~~the~~or ~~predominance~~refund of ~~government-sponsored~~such products; or require us to notify healthcare ~~systems~~professionals ~~around~~and others that the ~~world,~~offerings ~~many~~present unreasonable risks of ~~our~~substantial ~~customer~~harm ~~relationships~~to ~~outside~~public ofhealth. ~~the~~A ~~United~~regulatory ~~States~~authority ~~are~~may ~~with~~impose ~~governmental~~operating ~~entities,~~restrictions ~~the~~or ~~employees~~enjoin certain violations of ~~which~~applicable ~~may~~law bepertaining ~~considered~~to ~~government~~medical ~~officials~~devices ~~under~~or ~~such~~pharmaceutical ~~laws.~~products ~~Many~~and ~~anti-corruption~~assess ~~laws,~~civil ~~such~~or ascriminal ~~the~~penalties ~~UKBA,~~against ~~also~~us. ~~prohibit~~The ~~bribery~~regulatory ofauthority ~~private~~may ~~sector~~also ~~individuals,~~recommend ~~and~~prosecution ~~thus~~by ~~extend~~law ~~far~~enforcement ~~beyond~~agencies. ~~interactions~~Any ~~with~~new ~~government~~legislation ~~officials.~~or Weregulation ~~also~~or ~~are~~any ~~subject~~changes toin the ~~FCPA’s~~interpretation ~~accounting~~or ~~provisions,~~enforcement ~~which~~of ~~require~~existing uslegislation toor ~~keep~~regulation ~~accurate~~may ~~books~~impose ~~and~~significant ~~records~~ and tocostly ~~maintain~~new anobligations ~~adequate~~on ~~system~~us, ofwhich ~~internal~~may ~~accounting~~interrupt ~~controls~~our ~~sufficient~~supply toof ~~provide~~products, ~~reasonable~~delay ~~assurances~~launch of ~~management’s~~new ~~control~~offerings, ~~authority,~~or ~~and~~negatively ~~responsibility~~affect ~~over~~ our ~~assets.~~cost ~~Non-U~~of doing business.S. ~~companies~~Given the foregoing, ~~including~~future ~~some~~costs ofand ~~our~~liabilities ~~competitors,~~relating ~~may~~to ~~not~~compliance bewith ~~subject~~applicable tolaws ~~the~~and ~~provisions~~regulations ofcould ~~the~~have ~~FCPA.~~a Ifmaterial ~~these~~adverse ~~competitors~~effect ~~engage~~on inour ~~corrupt~~business ~~practices~~results, ~~they~~cash ~~may~~flows, ~~gain~~financial acondition, ~~business~~or ~~advantage~~prospects.

~~Global~~The ~~enforcement~~failure ofto ~~anti-corruption~~comply ~~laws has increased substantially in recent years,~~ with more frequent voluntary self-disclosure by companies, aggressive investigations (including coordinated investigations across countries and governmental authorities) and enforcement proceedings by U.S. and non-U.S. governmental agencies, and assessment of significant civil and criminal fines, penalties, and other sanctions against companies and individuals. Companies in the ~~healthcare~~FCPA sector have been a particular focus of government enforcement in recent years. We also face the risk of unauthorized payments, offers of payments, or requests for payments being made by our employees, intermediaries, third parties and ~~their~~similar ~~sub-parties, customers or customer representatives, consultants, or other representatives. We may face liability under~~ anti-corruption ~~laws based upon the actions or inactions of these parties even when they are not subject to our control~~ and~~/or~~ ~~are not contractually bound to us. We may also face liability from employee misconduct, such as fraud, which cannot always be deterred or prevented. Enforcement of~~ anti-~~corruption~~bribery laws inglobally ~~the healthcare industry in recent years~~ has ~~focused~~resulted ~~on international operations, particularly~~ in ~~countries such as China~~, ~~Brazil, Mexico,~~ and ~~Russia.~~could ~~China’s~~continue ~~anti-corruption~~to ~~agency,~~result ~~the National Supervisory Commission~~in, ~~has~~civil ~~the~~or ~~power~~criminal tosanctions ~~investigate government officials~~ and ~~individuals~~adversely ~~employed~~affect byour ~~state-owned entities and public institutions and to collect evidence (including from private companies and individuals), seize assets, and recommend cases for prosecution~~business. ~~In prior years, the Chinese judicial branch has publicly disclosed an increasing number of~~

27The Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act of 2010 (“UKBA”), and similar anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies from offering and making corrupt payments to or otherwise engaging in bribery of government officials. We operate in many parts of the world that have experienced elevated levels of public sector corruption. Because of the predominance of government-sponsored healthcare systems around the world, many of our customer relationships outside of the U.S. are with governmental entities, the employees of which may be considered government officials under such laws. Many anti-corruption laws, such as the UKBA, also prohibit bribery of private sector individuals, and thus extend far beyond interactions with government officials. We also are subject to the accounting provisions of the FCPA, which require us to keep accurate books and records and to maintain an adequate system of internal accounting controls sufficient to provide reasonable assurances of management’s control, authority, and responsibility over our assets. Non-U.S. companies, including some of our competitors, may not be subject to the provisions of the FCPA. If these competitors engage in corrupt practices, they may gain a business advantage.

Global enforcement of anti-corruption laws has increased substantially in recent years, with more frequent voluntary self-disclosure by companies, aggressive investigations (including coordinated investigations across countries and governmental authorities) and enforcement proceedings by U.S. and non-U.S. governmental agencies, and assessment of significant civil and criminal fines, penalties, and other sanctions against companies and individuals. Companies in the healthcare sector have been a particular focus of government enforcement in recent years. We also face the risk of unauthorized payments, offers of payments, or requests for payments being made by our employees, intermediaries, third parties and their sub-parties, customers or customer representatives, consultants, or other representatives. We may face liability under anti-corruption laws based upon the actions or inactions of these parties even when they are not subject to our control and/or are not contractually bound to us. We may also face liability from employee misconduct, such as fraud, which cannot always be deterred or prevented. Enforcement of anti-corruption laws in the healthcare industry in recent years has focused on international operations, particularly in countries such as China, Brazil, Mexico, and Russia. China’s anti-corruption agency, the National Supervisory Commission, has the power to investigate government officials and individuals employed by state-owned entities and public institutions and to collect evidence (including from private companies and individuals), seize assets, and recommend cases for prosecution. In prior years, the Chinese judicial branch has publicly disclosed an increasing number of judgments against government officials and others found to have engaged in corruption and other misconduct across many industries; certain of these judgments contain references that identify some of our products, employees, and channel partners. We review these judgments and other concerns we identify and conduct internal inquiries where appropriate. In 2023, China’s Central Commission for Discipline Inspection, the National Supervisory Commission, and other governmental entities in China initiated an anti-corruption campaign focused on the healthcare sector, which contributed to delayed orders and sales in our China business. ~~We expect the effects of the anti-corruption campaign to continue to impact our orders and sales in the near term, although we are unable to predict the exact duration or magnitude of the impact.~~ The China anti-corruption campaign has resulted and may result in the investigation of and/or judgments against individuals, including our employees, and entities operating in the healthcare sector. Any enforcement proceedings related to this campaign against us or our employees could subject us to civil and criminal fines, penalties, and other sanctions. Additionally, we are also subject to China’s Anti-Unfair Competition Law. Consequences for violations include civil, administrative, and criminal penalties for businesses that commit acts of unfair competition (including commercial bribery).

It is our policy to develop and implement safeguards and to educate our employees and certain third parties concerning these legal requirements and to prohibit improper practices. However, our existing safeguards and any future improvements may not always be effective, and employees or certain third parties may engage in conduct for which we may be held responsible or suffer reputational harm.

Any alleged or actual violations of these laws or regulations may subject us to government scrutiny; criminal, civil, or administrative sanctions; stockholder lawsuits; reputational damage; and other liabilities. From time to time, we make self-disclosures regarding our compliance with the FCPA and similar laws to relevant authorities who may pursue or decline to pursue enforcement proceedings against us. We, with the assistance of outside counsel, made voluntary self-disclosures to the SEC and the DOJ beginning in 2018 regarding tender irregularities and other potential violations of the FCPA relating to our activities in certain provinces in China. We have been engaged in ongoing discussions with each of the SEC and the DOJ regarding these matters. At this time, we are unable to predict the duration, scope, result, or related costs associated with these disclosures to the SEC and the DOJ. We also are unable to predict what, if any, action may be taken by the SEC or the DOJ or what penalties or remedial actions they may seek. Any determination that our operations or activities are not in compliance with existing laws or regulations, including applicable foreign laws, could result in the imposition of fines, penalties, disgorgement, equitable relief, or other losses. Furthermore, a violation of certain anti-corruption laws could result in exclusion from government healthcare programs. In addition, governmental entities may seek to hold us liable for violations committed by any companies in which we invest or that we may acquire. The costs associated with the investigation, remediation, and potential notification of any violation to customers, regulators, and counterparties could be material. Any of the foregoing could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

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We are subject to anti-kickback and false claims laws (including as these laws relate to off-label promotion of products) and failure to comply with these laws could adversely affect our business, including via sanctions and conditions on business activity.

Claims generated as a result of kickbacks may be treated as false or fraudulent. In the U.S., the U.S. False Claims Act (the “FCA”) imposes civil liability on any person or entity that submits, or causes the submission of, a false or fraudulent claim to the U.S. government. The FCA also allows a private individual or entity with knowledge of past or present fraud against the federal government to sue on behalf of the government to recover civil penalties and treble damages. In certain cases, manufacturers have entered criminal and civil settlements with the federal government under which they entered into plea agreements, paid substantial monetary amounts, and entered into corporate integrity agreements that require, among other things, substantial ongoing reporting, monitoring, and other remedial actions. A failure by any of our employees or agents to abide by the policies and procedures we have in place to comply with these laws and regulations could result in potential criminal or civil penalties and damages against us, which may include treble damages, fines, or penalties under the FCA.

If we are not successful in defending ourselves, violations of fraud and abuse laws could have a significant impact on our business, including the potential imposition of civil, criminal, and administrative penalties, damages, disgorgement, monetary fines, individual imprisonment, possible exclusion from participation in certain government healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and curtailment or restructuring of our operations.

We are subject to antitrust and competition laws that can result in sanctions and conditions on the way we conduct our business.

We are subject to antitrust and competition laws, which generally prohibit certain types of conduct deemed to be anti-competitive, including price fixing, bid rigging, cartel activities, price discrimination, market monopolization, tying arrangements, ~~acquisitions of competitors,~~ and other practices that have, or may have, an adverse effect on competition. Regulatory authorities may have authority to impose fines and sanctions or to require changes or impose conditions on the way we conduct business in connection with alleged non-compliance with applicable law. Under certain circumstances, violations of antitrust laws could result in suspension or debarment of our ability to contract with certain parties or complete certain transactions. In addition, an increasing number of jurisdictions also provide private rights of action for competitors or consumers to seek damages asserting claims of anti-competitive conduct. Increased government scrutiny of our actions or enforcement of private rights of action could adversely affect our business or damage our reputation. Conducting internal investigations or responding to audits or investigations by government agencies could be costly and time-consuming. An adverse outcome under any such investigation or audit could subject us to fines or criminal or other penalties, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

time-consuming. An adverse outcome under any such investigation or audit could subject us to fines or criminal or other penalties, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

We are subject to stringent privacy laws and information security regulations.

Our products and systems receive, generate, and store significant volumes of personal and sensitive information, such as employee, supplier, customer, and patient data. Moreover, our digital ecosystem enables our customers to store personal data of their patients in cloud solutions that are hosted by us using third-party cloud providers. There are additional regulations relating to cloud data protection and privacy, which heightens our risks associated with the protection of such information. We have legal and contractual obligations regarding the protection of confidential and personal information and the appropriate collection, use, retention, protection, disclosure, transfer, and other processing of such data. Additionally, regulators within the ~~United States~~U.S., ~~European Union~~EU, and around the world are evaluating ~~how~~or ~~best~~have started to regulate development and use of data generated by connected product or service as well as AI technologies. We are subject to various privacy law regimes in the different jurisdictions in which we operate, including comprehensive regulatory systems in Europe, Latin America, and Asia Pacific and sector-specific requirements. ~~Certain~~Some international jurisdictions have enacted or are enacting data localization laws mandating that certain types of data collected in a particular jurisdiction be physically stored within that jurisdiction. In addition, U.S. regulators have adopted regulations that prohibit or restrict certain transfers of bulk U.S. sensitive personal data or U.S. government-related data to specified countries of concern or to entities and individuals that reside in or are otherwise associated with a country of concern.

These laws and regulations continue to evolve, and we cannot be sure how these laws and regulations will be interpreted, enforced, or applied to our operations. In addition to the risks associated with enforcement activities and potential contractual liabilities, our ongoing efforts to comply with evolving laws and regulations may be costly and require ongoing modifications to our policies, procedures, and systems. If we, or third parties, fail to adequately safeguard confidential and personal data, or if such information or data are wrongfully used by us or third parties, or disclosed to unauthorized persons or entities, such an event may result in fines, penalties, and harm to our reputation and could have a material adverse effect on our business results, cash flows, financial condition, or prospects. For additional information see “Data and Data Privacy Laws” under Item 1, “Business.”

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Changes in applicable tax laws and regulations, as well as adverse outcomes of ongoing and future tax audits, could adversely affect our business and our ability to use deferred tax assets.

We are subject to income and other non-income taxes (including sales, excise, and value-added) in ~~the~~multiple ~~United States and foreign~~ jurisdictions. Thus, the tax treatment of transactions we execute is subject to changes in tax laws or regulations, tax treaties, or positions by the relevant authority regarding the application, administration, or interpretation of these tax laws and regulations. These factors, together with the ambiguity of tax laws and regulations, the subjectivity of factual interpretations, and uncertainties regarding the geographic mix of earnings in any period, can affect our estimates of our effective tax rate and income tax assets and liabilities, result in changes in our estimates and accruals, and have a material adverse effect on our business results, cash flows, or financial condition. We are unable to predict what tax reforms may be proposed or enacted in the future or what effect such changes would have on our business; however, such changes could potentially result in higher tax expense and payments, along with increasing the complexity, burden, and cost of compliance.

~~Beginning~~We inare ~~2024,~~subject ~~many~~to ~~countries~~periodic tax audits by tax authorities and we may have ~~enacted~~liability ~~local~~in ~~legislation~~connection ~~related~~with totax ~~the~~audits ~~Organization~~of GE for ~~Economic~~periods Coprior to the Spin-~~operation~~Off. Tax authorities may not agree with our interpretation of applicable tax laws and ~~Development~~regulations. ~~Pillar~~As ~~Two~~a ~~Global~~result, ~~Anti-Base~~such ~~Erosion~~tax ~~(“GloBE”)~~authorities ~~rules~~may assess additional tax, ~~which~~interest, ~~include~~and penalties. We regularly assess the ~~introduction~~likely outcomes of athese ~~15%~~audits ~~global~~and ~~minimum~~other tax. ~~The~~disputes ~~impact~~to ondetermine ~~our~~the ~~income~~appropriateness of our tax ~~expense~~provision and establish reserves for material, ~~which~~known istax ~~reflected~~exposures. inHowever, the ~~financial~~calculation ~~statements~~of assuch atax ~~period~~exposures ~~cost~~involves the application of complex tax laws and isregulations ~~not~~in ~~anticipated~~many tojurisdictions. Therefore, there can be ~~significant,~~no assurance that we will ~~depend~~accurately onpredict the ~~exact~~outcomes ~~nature~~ of ~~each~~any ~~country’s~~tax ~~GloBE~~audit ~~legislation,~~or ~~guidance,~~other ~~and~~tax ~~regulations~~dispute ~~thereon,~~or ~~and~~that ~~their~~issues ~~application~~raised by tax authorities will be resolved at a financial cost that does not exceed our related reserves. ~~Additionally~~As such, ~~future~~the ~~enacted~~actual ~~GloBE~~outcomes ~~legislation~~of orthese ~~changes~~disputes toand ~~existing~~other ~~GloBE~~tax ~~legislation~~audits could have a material impact on our ~~anticipated~~business ~~tax~~and ~~burden~~financial results.

WeFinally, ~~are~~while ~~subject~~the tomajority ~~periodic~~of ~~tax~~our ~~audits~~deferred by tax ~~authorities.~~assets ~~Tax~~either ~~authorities~~do ~~may~~ not ~~agree~~have ~~with~~an ~~our~~expiration ~~interpretation~~date ofor ~~applicable~~are ~~tax~~expected ~~laws~~to ~~and~~be ~~regulations.~~utilized Asprior ato ~~result,~~an ~~such~~expiration ~~tax authorities may assess additional tax~~date, ~~interest,~~our ~~and~~ability ~~penalties.~~to Wefully ~~regularly~~benefit ~~assess~~from ~~the likely outcomes of~~ these ~~audits~~assets ~~and~~could ~~other~~be ~~tax~~impacted ~~disputes~~by ~~to determine~~ the ~~appropriateness~~taxable ofincome ~~our~~generated ~~tax~~in ~~provision~~certain ~~and~~countries ~~establish~~over ~~reserves for material~~time, ~~known~~subsequent ~~tax~~changes ~~exposures.~~to ~~However,~~applicable ~~the calculation of such~~ tax ~~exposures involves the application of complex tax~~ laws ~~and regulations~~ in ~~many~~these jurisdictions~~. Therefore~~, ~~there~~and ~~can~~our beTax noMatters ~~assurance~~Agreement ~~that~~with weGE ~~will~~(see ~~accurately~~Note ~~predict the outcomes of any tax audit or other tax dispute or that issues raised by tax authorities will be resolved at a financial cost that does not exceed our related reserves. As such~~11, ~~the~~“Income ~~actual~~Taxes” ~~outcomes of these disputes~~ and ~~other~~Note ~~tax~~19, ~~audits~~“Related ~~could~~Parties ~~have a material impact on our business~~ and ~~financial~~Transition ~~results~~Services Agreement”).

~~While~~If the ~~majority~~Spin-Off ofis ~~our~~determined ~~deferred tax assets either do not have an expiration date or are expected~~ to be ~~utilized~~a ~~prior~~taxable ~~to an expiration date~~transaction, ~~our~~it ~~ability~~could toresult ~~fully~~in ~~benefit~~significant ~~from~~tax ~~these~~liability ~~assets~~to ~~could~~GE beand ~~impacted~~its bystockholders ~~the~~and ~~taxable~~we ~~income~~could ~~generated~~have inan ~~certain~~indemnification ~~countries~~obligation ~~over~~to ~~time~~GE, ~~subsequent~~which ~~changes~~could toadversely ~~applicable~~affect ~~tax~~our ~~laws~~business, infinancial ~~these jurisdictions~~condition, ~~and~~cash ~~our Tax Matters Agreement with GE (see Note 11~~flows, ~~“Income Taxes”~~ and ~~Note~~results ~~19,~~of ~~“Related Parties”)~~operations.

WePrior ~~are~~to ~~subject~~the tocompletion ~~laws~~of ~~and~~the ~~regulations~~Spin-Off, ~~governing~~GE ~~government~~received ~~contracts~~(1) ~~and~~a ~~public~~private ~~procurement~~letter ruling from the Internal Revenue Service (the “IRS”) to the effect that, asamong ~~well~~other things, the Spin-Off will qualify as ~~policies~~a oftransaction ~~our~~that ~~customers~~is ontax-free ~~capital~~for ~~spending~~U.S. ~~and~~federal ~~government~~income ~~reimbursement~~tax purposes under Sections 355 and ~~funding~~368(a)(1)(D) inof ~~many~~the ~~jurisdictions~~Internal Revenue Code of 1986, as amended (the “Code”) and (2) written opinions to ~~which~~the effect that the ~~failure~~Spin-Off towill ~~comply~~qualify ~~with~~for ornon-recognition ~~changes~~of togain ~~such~~and ~~laws,~~loss ~~regulations,~~under orSection ~~policies~~355 ~~could~~and ~~adversely~~related ~~affect~~provisions ~~our~~of ~~business.~~the Code.

The opinions do not address any U.S. state or local or foreign tax consequences of the Spin-Off. In addition, the opinions and the private letter ruling rely on certain facts, assumptions, representations, and undertakings from GE and us regarding the past and future conduct of the companies’ respective businesses and other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not otherwise satisfied, GE and its stockholders may not be able to rely on the opinions or the private letter ruling and could be subject to significant tax liabilities. The opinions are not binding on the IRS or the courts, and there can be no assurance that the IRS or a court will not take a contrary position. Notwithstanding the opinions or the private letter ruling, the IRS could determine on audit that the Spin-Off or any of certain related transactions is taxable if it determines that any of these facts, assumptions, representations, or undertakings are not correct or have been violated, or if it disagrees with the conclusions in the opinions that are not covered by the private letter ruling, or for other reasons, including as a result of certain significant changes in the stock ownership of GE or us after the Spin-Off. If the conclusions expressed in the opinions are challenged by the IRS, and if the IRS prevails in such challenge, the tax consequences of the Spin-Off (including the tax consequences to GE and the U.S. Holders (as defined in the Code)) could be materially less favorable.

If, as a result of any of our representations being untrue or our covenants being breached, the Spin-Off were determined not to qualify for non-recognition of gain or loss under Section 355 and related provisions of the Code, we could be required by our Tax Matters Agreement with GE to indemnify GE for the resulting taxes and related expenses. Those amounts could be material and any such obligation could adversely affect our business, financial condition, cash flows, and results of operations.

Table of Contents

We are subject to laws and regulations governing government contracts and public procurement, as well as policies of our customers on capital spending and government reimbursement and funding in many jurisdictions, as to which the failure to comply with or changes to such laws, regulations, or policies could adversely affect our business.

We have agreements relating to the sale of our offerings to government entities around the world. Additionally, we are directly or indirectly subject to government policies governing reimbursement for healthcare procedures and services. As a result, we are subject to various statutes and regulations in a variety of jurisdictions that apply to companies doing business with the government. The laws governing government contracts can differ from the laws governing private contracts, and government contracts may contain terms and conditions that are not applicable to private contracts or that expose us to higher levels of risk and potential liability than non-government contracts. Similarly, most jurisdictions have public procurement laws and reimbursement policies that set out rules and regulations for purchases and reimbursements by governmental entities. These jurisdictions may modify their laws, policies, rules, or regulations, or impose new requirements that could adversely affect our business. We are subject to investigation for non-compliance with the regulations governing government contracts, public procurement, and government reimbursements, when involved in such matters. A failure to comply with these regulations could result in suspension of these contracts; delayed or reduced payment; criminal, civil, or administrative penalties; contract termination; reputational harm that diminishes our ability to successfully compete for new government work; or debarment.

Additionally, our customers include hospitals, universities, healthcare providers, government agencies, and public and private research institutions. Many factors, including public policy spending priorities, available resources, and product and economic cycles, have a significant impact on the capital spending policies of these entities. Impasses in national, regional, or local government budgeting decisions, including as a result of ~~a possible~~ U.S. federal government ~~shutdown~~shutdowns, could lead to substantial delays or reductions in governmental spending. Many of our products have lengthy sales and purchase order cycles or are subject to competitive bidding or public tender processes. As a result, customers may delay or accelerate system purchases in conjunction with timing of their capital budget timelines or be unable to complete such purchases at all. Any of these risks could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

For contracts with the U.S. federal government, with certain exceptions, we must comply with the Federal Acquisition Regulation and applicable agency rules, the Procurement Integrity Act, the Buy American Act, and/or the Trade Agreements Act. Because the use of our products, services, and solutions is often reimbursed by the U.S. federal government through Medicare and Medicaid, we must comply with the AKS, the Sunshine Act, and the FCA. See “We are subject to anti-kickback and false claims laws (including as these laws relate to off-label promotion of products) and failure to comply with these laws could adversely affect our business, including via sanctions and conditions on business activity.” We must also comply with various other domestic and foreign government regulations and requirements as well as various statutes related to employment and labor practices, supply chain requirements, reporting and disclosure obligations, EH&S matters, recordkeeping, and accounting. Certain countries impose additional requirements on government suppliers as a prerequisite to doing business in the country. These can include, among other things, local headcount requirements, local manufacturing and supplier requirements, and technology or IP transfers.

China has a government-run procurement system for public hospitals to obtain medical devices (mainly high-value medical consumables) and drugs. The system for reimbursing the costs of these medical devices and drugs for patients is also set by the central and local governments. Distribution chains of these medical devices and drugs may be restricted in certain provinces by a policy that requires that at most two tax invoices may be issued throughout the distribution chain, which effectively prohibits sale of products through multi-layer distributors (even between wholly-owned subsidiaries). The continued existence, and any expansion and tightening, of this policy could present significant challenges for our relevant products to reach a larger geographic area in China. Failure to comply with this policy may preclude us from participating in the government-run procurement processes with public hospitals or result in our disqualification from engaging in respective medical device or product sales to public hospitals in a certain locality. These regulations and requirements affect how we transact business with our clients and, in some instances, impose additional costs and risks on our business operations for the relevant products.

Additionally, some governmental entities, including the U.S. federal government, can terminate contracts for their convenience or for our default. These governmental entities may also be subject to continued legislative funding approval. Early termination for convenience of one or more of our contracts, or a change in a government customer’s funding levels, including as a result of a U.S. federal government shutdown, could impact our expected revenues. A termination for default of one or more of our contracts could subject us to penalties and damages resulting from the default, including costs for the governmental entity to reprocure the items under contract, in addition to other penalties previously listed. In 2025, the U.S. administration began efforts to reduce federal spending and the size of the federal workforce. These and similar spending reductions could result in contract terminations, delays, and cancellations of new procurements, and reductions in price and contract scope.

The U.S. federal government could also invoke the Defense Production Act (“DPA”), requiring that we accept and prioritize contracts for materials deemed necessary for national defense, regardless of loss in revenue incurred on such contracts. In such circumstances, we may be required to reallocate time and resources away from our customers to fulfill U.S. federal government requests under the DPA. This could cause us to be unable to fulfill contractual obligations to non-U.S. federal government customers and harm long-term business relationships with our customers, suppliers, and channel partners, which could adversely affect our business. Additionally, we conduct business in many countries outside of the ~~United~~U.S. ~~States~~ and, therefore, could be subject to similar laws and regulations imposed by governments of other countries. These laws or regulations could likewise cause us to be unable to fulfill contractual obligations or require us to reallocate time and resources, which could adversely affect our business.

WeTable are also subject to government audits, investigations, and oversight proceedings. Efforts to ensure our business arrangements comply with applicable laws involve substantial costs. It is possible that governmental and enforcement authorities will conclude that our business practices do not comply with current or future laws and regulations. If any such actions are instituted against us, defense can be costly and time-consuming, and may require significant financial and personnel resources. If we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil, criminal, and administrative penalties, damages, disgorgement, monetary fines, individual imprisonment, possible exclusion from participation in certain government healthcare programs (including Medicare and Medicaid in the United States), contractual damages, reputational harm, diminished profits and future earnings, and curtailment or restructuring of our operations. In addition, any of our government contracts could be terminated or we could be suspended or debarred from all government contract work. We also possess dependencies on governments relative to workforce protocols and customs decisions due to events that are difficult to predict, such as pandemics and regional conflicts. Any of these risks could have a material adverse effect on our business, cash flows, financial condition, results of operations, or prospects. Contents

We are also subject to government audits, investigations, and oversight proceedings. Efforts to ensure our business arrangements comply with applicable laws involve substantial costs. It is possible that governmental and enforcement authorities will conclude that our business practices do not comply with current or future laws and regulations. If any such actions are instituted against us, defense can be costly and time-consuming, and may require significant financial and personnel resources. If we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil, criminal, and administrative penalties, damages, disgorgement, monetary fines, individual imprisonment, possible exclusion from participation in certain government healthcare programs (including Medicare and Medicaid in the U.S.), contractual damages, reputational harm, diminished profits and future earnings, and curtailment or restructuring of our operations. In addition, any of our government contracts could be terminated or we could be suspended or debarred from all government contract work. In January 2025, an executive order was issued requiring U.S. federal contractors to certify that they do not operate any programs promoting diversity, equity, and inclusion that violate any applicable federal anti-discrimination laws. Additionally, various U.S. federal and state government agencies and departments may initiate legal proceedings asserting our actions or programs violate civil rights laws or other similar federal or state orders, laws, or regulations. A violation of these or similar federal or state orders, laws, or regulations may expose us to penalties and sanctions discussed above and jeopardize our ability to continue to do work with the U.S. federal government and certain state governments, which may adversely affect our future results of operations. We also possess dependencies on governments relative to workforce protocols and customs decisions due to events that are difficult to predict, such as pandemics and regional conflicts. Any of these risks could have a material adverse effect on our business, cash flows, financial condition, results of operations, or prospects.

We are exposed to risks associated with 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.

We design, manufacture, sell, install, and service a wide range of ~~products,~~technologically-advanced ~~including~~ products ~~and related services that are at the cutting edge of existing technologies and medical advances~~. Our products are used by healthcare providers to diagnose, monitor, and treat a wide range of medical conditions. We are required to comply with ~~the~~high ~~highest~~ quality standards ~~in product manufacturing,~~ and quality management plays an essential role in determining and meeting customer requirements, preventing defects, improving our offerings, and ensuring the safety and efficacy of our products. As a result, our business exposes us to potential product liability claims. We have been, and expect to continue to be, subject to lawsuits from customers and patients alleging that our products contributed to a personal injury, death, incorrect diagnosis, property damage, and/or that we allegedly did not appropriately warn the customer or patient of potential risks associated with the product. Even if these or similar claims are without merit, they can result in costly and time-consuming litigation. We may also be exposed to claims or regulatory action if our products do not conform or are alleged not to conform to applicable product or design specifications, labeling, or manufacturing requirements. Quality issues could result in warranty, guarantee, or other claims, including with respect to performance guarantees under service contracts. Even if such non-conformance has no actual impact on the quality of our products, we may be exposed to claims, regulatory actions, or negative press reports, or may be required to modify our products or their labeling, conduct a recall, or take other actions, any of which could adversely affect our reputation or our relationships with customers and users of our products.

Because some of our products, including radiopharmaceuticals, are involved in the intentional delivery of radiation to the human body and other situations where people may be exposed to radiation, including X-rays, the possibility for significant bodily injury or death exists for the intended or unintended recipient of the delivery. Our products are used to diagnose and treat acutely ill patients and at critical moments in the patient care continuum, and the failure (or alleged failure) of our products to perform as expected in such moments could compromise patient treatment, which, depending on the circumstances, could be life-threatening to patients.

Product and other liability actions, claims, or injunctions are subject to significant uncertainty and may be expensive, time-consuming, and disruptive to our operations. For these and other reasons, we may choose to settle product liability claims and other liability actions against us, regardless of their actual merit. If such action or injunction were finally determined adversely to us, it could result in significant damages and reputational harm, including the possibility of punitive damages, and our financial position could be adversely affected. Adverse publicity regarding patient outcomes, accidents, failure rates, misdiagnoses, and resulting mistreatment, even ones that do not involve our products, could result in additional regulation of our products or the healthcare industry in general, cause reputational harm, and adversely affect our ability to promote, manufacture, and sell our products, even if the claims against us are later shown to be unfounded or unsubstantiated.

Moreover, if our products gain a reputation for being unreliable, unsafe, or ineffective, our relationships with governmental authorities may be adversely affected, which could result in increased scrutiny by regulatory authorities. In addition, if one of our products is determined to be defective (whether due to design, labeling, or manufacturing defects, or other reasons), or found to be so by a regulatory authority, we may be liable for damages or fines or be required to correct, remove, or recall the product or notify competent regulatory authorities. See “The ~~U.S.~~ FDA and equivalent global agencies tightly regulate and actively enforce the laws and regulations governing the development, authorization, and commercialization of medical devices and pharmaceutical products.” The adverse publicity resulting from a recall could damage our reputation and cause customers to review and possibly terminate their relationships with us, potentially beyond the product that was the subject of the action. A correction, removal, or recall could consume management and employee time, and adverse publicity, harm to our reputation, or increased regulatory scrutiny could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

We maintain product liability insurance coverage, among other liability insurance coverage, which includes deductible amounts and self-insured retentions. Our insurance coverage may prove to be inadequate, and future policies may not be available on acceptable terms or in sufficient amounts, if at all. If a material claim is successfully brought against us relating to a self-insured liability or a liability that is in excess of our insurance coverage, or for which insurance coverage is denied or limited, we could be required to pay substantial damages, which could have a material adverse effect on our business results, financial position, cash flows, or prospects. Any litigation,

~~investigation,~~Table orof ~~complaint and any adverse publicity surrounding such allegations or actions could have a material adverse effect on our business results, cash flows, financial condition, or prospects.~~ Contents

~~Moreover,~~We wemaintain ~~may~~product ~~face substantial~~ liability toinsurance ~~patients~~coverage, ~~customers,~~among ~~and~~other ~~others~~liability ~~for~~insurance ~~damages resulting from the faulty~~coverage, orwhich ~~allegedly~~includes ~~faulty,~~deductible ~~design,~~amounts ~~manufacture,~~and ~~installation,~~self-insured ~~servicing, support, testing, or interoperability of our products with other products, or their misuse or failure~~retentions. Our ~~products~~insurance ~~generally~~coverage ~~operate~~may ~~within~~prove ~~our~~to ~~customers’~~be ~~facilities~~inadequate, and ~~network~~future ~~systems.~~policies ~~Human and other errors or accidents~~ may ~~occur~~not ~~during~~be ~~the~~available ~~operation~~on ofacceptable ~~our~~terms ~~products~~or in ~~complex~~sufficient ~~environments~~amounts, ~~particularly~~if ~~where~~at ~~our~~all. ~~products~~If ~~are~~a ~~used~~material inclaim ~~conjunction~~is ~~with~~successfully ~~products~~brought ~~from~~against ~~other~~us ~~vendors,~~relating ~~where~~to ~~interoperability~~a orself-insured ~~data~~liability ~~sharing~~or ~~protocols~~a ~~may~~liability ~~result~~that is in ~~unsatisfactory~~excess ~~performance~~of ~~even~~our ~~though~~insurance ~~the~~coverage, ~~equipment~~or ~~operates~~for ~~according~~which toinsurance ~~specifications.~~coverage Inis ~~addition,~~denied ~~independent~~or ~~service~~limited, ~~organizations~~we could ~~fail~~be torequired ~~adequately perform their obligations or~~ to ~~properly~~pay ~~service~~substantial ~~our products~~damages, which could ~~subject~~have usa tomaterial ~~further~~adverse ~~liability.~~effect Weon ~~may~~our ~~also~~business ~~be subject to claims for property damage~~results, ~~economic~~financial ~~loss~~position, ~~bodily~~cash ~~injury~~flows, or ~~death related to or resulting from the installation, servicing, and support of our products~~prospects. Any ~~accident, mistreatment, or related injury or death could cause us to incur legal costs; subject us to~~ litigation, ~~recall~~investigation, or ~~regulatory~~complaint ~~enforcement~~and ~~actions;~~any oradverse ~~generate negative~~ publicity ~~and~~surrounding ~~cause~~such ~~damage~~allegations ~~to our reputation, whether~~ or ~~not~~actions ~~we or our products were at fault, and~~ could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

Moreover, we may face substantial liability to patients, customers, and others for damages resulting from the faulty, or allegedly faulty, design, manufacture, installation, servicing, support, testing, or interoperability of our products with other products, or their misuse or failure. Our products generally operate within our customers’ facilities and network systems. Human and other errors or accidents may occur during the operation of our products in complex environments, particularly where our products are used in conjunction with products from other vendors, where interoperability or data sharing protocols may result in unsatisfactory performance even though the equipment operates according to specifications. In addition, ISOs could fail to adequately perform their obligations or to properly service our products, which could subject us to further liability. We may also be subject to claims for property damage, economic loss, bodily injury, or death related to or resulting from the installation, servicing, and support of our products. Any accident, mistreatment, or related injury or death could cause us to incur legal costs; subject us to litigation, recall, or regulatory enforcement actions; or generate negative publicity and cause damage to our reputation, whether or not we or our products were at fault, and could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects.

We may become involved in litigation, arbitration, and governmental proceedings, including those stemming from third-party conduct beyond our control.

We are involved in, or threatened with, legal, arbitration, and governmental proceedings or investigations from time to time in the ordinary course of our business as well as heightened scrutiny in the healthcare industry, including disputes with employees, competitors, customers, suppliers, channel partners, competition authorities, regulators, other authorities, purported whistle-blowers, or regulatory agencies, or others concerning allegations of, among other things, breaches of contract, product liability, product defects, IP infringement, logistics or manufacturing related topics, quality regulations, EH&S or employment issues, termination of business relationship, or alleged or suspected violations of applicable laws in various jurisdictions. The outcome of pending or potential future legal, arbitration, and governmental proceedings is difficult to predict, and excessive verdicts do occur. If such proceedings are determined adversely to us or if we enter into a legal settlement, we may be required to change our business practices or take other actions or we may incur fines, penalties, or monetary losses, some of which may be significant or could disrupt the operation of our business. Exposure to litigation or ~~other~~ government action, whether directed at us; our customers, suppliers, or channel partners; or our or their respective business partners, could also result in the distraction of management resources and adversely affect our reputation, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects. Like other companies in our industry, we are subject to investigations and extensive regulation by government agencies around the world. As a result, we have interactions with government agencies on an ongoing basis. Criminal charges and substantial fines or civil penalties, as well as limitations on our ability to conduct business in applicable jurisdictions and other changes to our business practices, could result from government investigations.

Developments following regulatory authorization, including results in post-approval device or pharmaceutical Phase 4 trials or other studies, could adversely affect sales or decrease demand for our medical devices or pharmaceutical products.

As a condition to granting marketing authorization of a medical device or pharmaceutical product, the FDA may require a company to conduct additional clinical trials or surveillance studies. The outcomes of these post-market trials could result in the loss of marketing authorization, changes in product labeling, or new or increased concerns about the safety or efficacy of a product. Regulatory agencies in countries outside of the ~~United~~U.S. ~~States~~ often have similar authority and may impose comparable requirements. Post-marketing studies, whether conducted by us or by others, and whether mandated by regulatory agencies or voluntary, and other emerging data about marketed products, such as adverse event reports, may also adversely affect the availability or commercial potential of our products. Further, the discovery of significant problems with a product similar to one of our products that implicate (or are perceived to implicate) an entire class of products could have an adverse effect on the availability or commercial potential of the affected products. Accordingly, new data about our products, or products similar to our products, could negatively impact demand for our products due to real or perceived safety issues or uncertainty regarding efficacy and, in some cases, could result in updated labeling, restrictions on use, product withdrawal, or recall. Any of these risks could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

~~Our~~GENERAL certificate of incorporation provides that certain courts in the State of Delaware or the federal district courts of the United States will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employeesRISKS.

America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. The exclusive forum provisions will be applicable to the fullest extent permitted by applicable law, subject to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provisions will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. There is, however, uncertainty as to whether a court would enforce the exclusive forum provisions, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.

Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and, to the fullest extent permitted by law, to have consented to the provisions of our certificate of incorporation described above. The choice of forum provision may result in increased costs for investors to bring a claim. Further, the choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, other employees, or stockholders, which may discourage such lawsuits against us and our directors, officers, other employees, or stockholders. However, the enforceability of similar forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings. If a court were to find the exclusive choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions.

RISKS RELATING TO FINANCING AND CAPITAL MARKETS ACTIVITIES.

Complying with our requirements under our debt instruments could adversely affect our business, results of operations, cash flows, and financial condition.

We have $810,~~951~~003 million of borrowings outstanding as of December 31, ~~2024~~2025, and we may incur additional indebtedness in the future. Our existing debt, together with any additional indebtedness that we may incur, could have important consequences, including, but not limited to, requiring a portion of our cash flow from operations to make principal and interest payments, limiting our flexibility in planning for, or reacting to, changes in our business and industry, and limiting our ability to borrow additional funds as needed to take advantage of business opportunities as they arise, pay cash dividends, or repurchase our common stock.

The debt instruments that comprise our indebtedness may contain restrictive covenants that may limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all of our debt. To the extent that we incur additional indebtedness, the risks described above could increase.32

~~Our~~Table ability to make payments on and to refinance our indebtedness, as well as any future debt that we may incur, will depend on our ability to generate cash from operations, financings, or asset sales. Our ability to generate cash is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. Additionally, a substantial portion of ~~our total consolidated cash is held overseas and may not be efficiently accessible to fund our debt obligations, which are primarily held in the United States.~~Contents

The debt instruments that comprise our indebtedness contain restrictive covenants that may limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all of our debt. To the extent that we incur additional indebtedness, the risks described above could increase.

Our ability to make payments on and to refinance our indebtedness, as well as any future debt that we may incur, will depend on our ability to generate cash from operations, financings, or asset sales. Our ability to generate cash is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. Additionally, a substantial portion of our total consolidated cash is held overseas and may not be efficiently accessible to fund our debt obligations, which are primarily held in the U.S.

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

We have significant postretirement benefit liabilities, including pension, healthcare, and life insurance benefit obligations. These net liabilities arise under multiple retirement benefit plans and statutory obligations in various countries. Most of the liabilities arise under pension plans, including defined benefit pension plans, either funded with plan assets (partially or fully) or unfunded. Increases in pension, healthcare, and life insurance benefit obligations and costs could have a material adverse effect on our earnings, cash flows, and financial condition.

Our results of operations may be positively or negatively affected by the amount of income or expense we record for our defined benefit pension plans. U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) require that we calculate income or expense for the plans using actuarial valuations, which reflect assumptions about financial markets, interest rates, and the expected long-term rate of return on plan assets. We are also required to make an annual measurement of plan assets and liabilities, which may result in a significant reduction or increase in equity. ~~The~~Additionally, many of the factors that impact our pension calculations are subject to financial market volatility, and future ~~decreases~~changes in the discount rate or ~~low~~shifts in returns on plan assets can adversely impact our financial results and financial condition. Any of these factors could have a material adverse effect on our business, results of operations, cash flows, financial condition, or prospects. Furthermore, accounting standards and legal conditions governing our pension obligations are subject to changes in applicable legislation, regulations, or case law. We cannot provide any assurance that we will not incur new or more extensive pension obligations in the future due to such changes. For a discussion regarding how our financial statements have been and can be affected by our pension and healthcare benefit obligations, see Note 10, “Postretirement Benefit Plans” to the financial statements included elsewhere in this Annual Report on Form 10-K.

33Changes in foreign currency exchange rates, equity prices, and interest rates, and unfavorable changes in economic conditions or uncertainties that affect the capital markets, could adversely affect our financial performance.

~~Changes~~We generate the majority of our revenue outside of the U.S. Fluctuations in the value of foreign currencies relative to the U.S. dollar (“USD”) could adversely affect our financial results. As of the year ended December 31, 2025, our largest currency ~~exchange~~exposures ~~rates~~are the Euro, ~~equity~~Chinese ~~prices~~Renminbi, Japanese Yen, Norwegian Krone, and ~~interest~~British ~~rates~~Pound Sterling. Revenues and expenses of our non-U.S. businesses are translated into USD for financial reporting purposes, and ~~unfavorable~~fluctuations ~~changes~~in the value of foreign currencies against the USD impact reported earnings. In addition, our assets and liabilities denominated in ~~economic~~foreign ~~conditions~~currencies orcan ~~uncertainties~~also ~~that~~be ~~affect~~impacted by changes in foreign currency exchange rates against the ~~capital~~USD, ~~markets~~which could ~~adversely~~result ~~affect~~in exchange gains or losses from revaluation. We also face foreign exchange rate risk from our ~~financial~~investments ~~performance~~in subsidiaries owned and operated in foreign countries. Furthermore, foreign exchange hedging activities do not offer permanent or comprehensive protection, appropriate hedging instruments may not always be available or may be prohibitively costly, or we might not be successful in effectively mitigating such exposures.

We generate the majority of our revenue outside of the United States. Fluctuations in the value of foreign currencies relative to the U.S. dollar (“USD”) could adversely affect our financial results. As of the year ended December 31, 2024, our largest currency exposures are the Euro, Chinese Renminbi, Japanese Yen, Norwegian Krone, and British Pound Sterling. Revenues and expenses of our non-U.S. businesses are translated into USD for financial reporting purposes, and fluctuations in the value of foreign currencies against the USD impact reported earnings. In addition, our assets and liabilities denominated in foreign currencies can also be impacted by changes in foreign currency exchange rates against the USD, which could result in exchange gains or losses from revaluation. We also face foreign exchange rate risk from our investments in subsidiaries owned and operated in foreign countries. Furthermore, foreign exchange hedging activities do not offer permanent or comprehensive protection, appropriate hedging instruments may not always be available or may be prohibitively costly, or we might not be successful in effectively mitigating such exposures.

Equity prices can be volatile. The prices of our common stock and equity investments have fluctuated and could fluctuate in the future, which could impact the long-term performance of the investments we hold, the value of equity compensation awards we grant, the value of plan assets held in our pension plans, and, as a result, our financial performance.

We are also exposed to volatility due to changes in interest rates, which primarily impacts our borrowings, postretirement assets and liabilities, and investments. Changes in interest rates may impact the fair value of our fixed interest rate borrowings, the cash flows associated with our variable interest rate borrowings, and the valuation of our postretirement assets and liabilities, which may directly or indirectly impact our earnings or our cash flows, and the cash flows associated with our investments. Refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further information.

Additionally, our future capital requirements will depend on many factors, including operating requirements, acquisitions, and the need to refinance existing debt. Our exposure to changes in interest rates and our ability to access the money markets and capital markets on terms that are favorable to us, or at all, could be impeded if market conditions are not favorable. This could impact our ability to issue additional debt or enter into other financing arrangements on acceptable terms. Furthermore, changes in credit ratings issued by nationally recognized credit rating agencies could also adversely affect our access to and cost of financing. Higher borrowing costs or the inability to access capital markets could adversely affect our ability to support future growth and operating requirements. As a result, we may be compelled to take additional measures to preserve our cash flow, including through the reduction of operating expenses or suspension of dividend payments.

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Future material impairments in the value of our long-lived assets, including goodwill, could adversely affect our business.

We review our long-lived assets, including identifiable intangible assets, goodwill, and property, plant, and equipment (“PP&E”), for impairment at least annually. All long-lived assets are reviewed when there is an indication that impairment may have occurred. Changes in market conditions or other changes in the outlook of value may lead to impairment charges in the future. In addition, we may sell assets that we determine are not critical to our strategy. Future events or decisions may lead to asset impairments or related charges. Certain non-cash impairments may result from a change in our strategic goals, business direction, or other factors relating to the overall business environment. Material impairment charges could negatively affect our results of operations and financial condition.

GENERAL RISKS.

Certain of our directors and employees may have actual or potential conflicts of interest because of their financial interests in GE or because of their previous or continuing positions with GE.

Because of their current or former positions with GE, certain of our executive officers and directors own equity interests in both us and GE. Continuing ownership of GE shares and equity awards could create, or appear to create, potential conflicts of interest if we and GE face decisions that could have implications for both us and GE. For example, potential conflicts of interest could arise in connection with the resolution of any dispute between us and GE regarding the terms of the agreements governing the Spin-Off and our relationship with GE. Potential conflicts of interest may also arise out of any commercial arrangements that we or GE may enter into in the future.

Our certificate of incorporation provides that certain state and federal courts in the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery located within the State of Delaware will be the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee, agent, or stockholder to us or our stockholders; any action asserting a claim arising pursuant to the Delaware General Corporation Law ("DGCL"), the certificate of incorporation, or the bylaws; or any action asserting a claim governed by the internal affairs doctrine. However, if the Court of Chancery within the State of Delaware lacks jurisdiction over such action, the action may be brought in another court of the State of Delaware or, if no court of the State of Delaware has jurisdiction, then in the United States District Court for the District of Delaware. Additionally, our certificate of incorporation states that the foregoing provision will not apply to claims arising under the Securities Act of 1933, as amended (the “Securities Act”). Unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. The exclusive forum provisions will be applicable to the fullest extent permitted by applicable law, subject to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provisions will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. There is, however, uncertainty as to whether a court would enforce the exclusive forum provisions, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.

Certain provisions in our certificate of incorporation, bylaws, and Delaware law may discourage takeovers and limit the power of our stockholders.

Several provisions of our certificate of incorporation, bylaws, and Delaware law may discourage, delay, or prevent a merger or acquisition. These include, among others, provisions that (1) establish advance notice requirements for stockholder nominations and proposals; (2) limit the ability of stockholders to call special meetings or act by written consent; (3) provide the Board the right to issue shares of preferred stock without stockholder approval; and (4) provide for the ability of our directors, and not stockholders, to fill vacancies on the Board (including those resulting from an enlargement of the Board). In addition, we are subject to Section 203 of the ~~Delaware General Corporation Law (“~~DGCL”), which could have the effect of delaying or preventing a change of control that stockholders may favor.

~~These~~Table ~~and other provisions~~ of our certificate of incorporation, bylaws, and Delaware law, as well as the restrictions in our Tax Matters Agreement, may discourage, delay, or prevent certain types of transactions involving an actual or a threatened acquisition or change in control of GE HealthCare, including unsolicited takeover attempts, even though the transaction may offer our stockholders the opportunity to sell their shares of our common stock at a price above the prevailing market price. Our Board believes these provisions will protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential acquirers to negotiate with the Board and by providing the Board with more time to assess any acquisition proposal. These provisions will apply even if the offer may be considered beneficial by some stockholders and could delay or prevent an acquisition that the Board determines is not in our and our stockholders’ best interests. Contents

WeThese and other provisions of our certificate of incorporation, bylaws, and Delaware law may discourage, delay, or prevent certain types of transactions involving an actual or a threatened acquisition or change in control of GE ~~may~~HealthCare, ~~fail~~including tounsolicited ~~perform~~takeover ~~under~~attempts, ~~various~~even though the transaction ~~agreements~~may ~~executed~~offer asour ~~part~~stockholders the opportunity to sell their shares of our common stock at a price above the ~~Spin-Off~~prevailing market price. These provisions will apply even if the offer may be considered beneficial by some stockholders and could delay or prevent an acquisition that the Board determines is not in our and our stockholders’ best interests.

In connection with the Spin-Off, we and GE entered into various transaction agreements related to the Spin-Off. These agreements govern our relationship with GE and we rely on GE to satisfy its performance obligations under these agreements. If we or GE do not satisfy our respective obligations under these agreements, including indemnification obligations, our business, results of operations, cash flows, and financial condition could be adversely affected.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

CYBERSECURITY RISK MANAGEMENT.

GE HealthCare employs practices, processes, and procedures to proactively and comprehensively manage risks, including risks related to cybersecurity, through its enterprise risk management (“ERM”) program. We aim to identify material cybersecurity risks via multiple strategies, including user and external reporting, audit and assessment activities, and technology programs. We utilize risk identification and risk mitigation strategies.

•Risk identification begins with understanding the devices and equipment in use across the company, including laptops, servers, and other data devices, industrial equipment and machinery, and associated risks related to the use of those devices and equipment.

•Risk mitigation entails protecting our data and operational systems via a system of controls. We monitor and collect data about the devices and users that touch our network resources, reviewing this data for anomalies. When we identify anomalies, we investigate to determine if the anomaly represents a threat. We have a process to contain and remediate identified threats. As discussed further below, we have incident response processes in place to utilize in case of threats or incidents. We conduct regular crisis simulations.

Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those in our supply chain or who have access to our customer and employee data or our systems. Third-party risks are included within our ERM assessment program as well as our cybersecurity-specific risk identification program, as discussed above. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers. We perform diligence on third parties that have access to our systems, data, or facilities that house such systems or data, and monitor cybersecurity threat risks identified through such diligence.

We have a dedicated team of cyber professionals who report to our Chief Information Security Officer (“CISO”). This team publishes information technology and security policies, measures compliance, trains the workforce on cyber risks and protections, and operates a program to identify and mitigate risks and threats. Our risk mitigation activities include workforce awareness, vulnerability management, network segmentation, cyber protection and containment, detection ~~and reaction~~, response and recovery. This team operates to decrease the risk of cyber incidents having a material impact. We measure our programs against the National Institute of Standards and Technology Cyber Security Framework and regularly test our controls and incident response plans.

We maintain incident response plans that guide our activities in preparing for, detecting, responding to, and recovering from cybersecurity incidents. These plans cover the range of activities we undertake in connection with responding to cybersecurity incidents, including assessment, investigation, containment, remediation, and mitigation, as well as compliance with legal obligations including any necessary regulatory reporting.

As part of these processes, we regularly engage with assessors, consultants, auditors, and other third parties to review our cybersecurity program to help identify areas for continued focus, improvement, and compliance.

35To date, the Company is not aware of any cybersecurity incident that has had or is reasonably likely to have a material impact on the Company, including its business strategy, or financial results. However, despite our security measures, there can be no assurance that the Company, or the third parties with which we interact, will not experience a cybersecurity incident in the future that may materially affect us. We describe whether and how cybersecurity-related risks could materially affect our business in Item 1A, “Risk Factors” under the heading “Increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted cybercrimes pose a risk to our systems, networks, products, solutions, services, and data, as well as our reputation, which could adversely affect our business.”

To date, the Company is not aware of any cybersecurity incident that has had or is reasonably likely to have a material impact on the Company, including its business strategy, results of operations, or financial condition. However, despite our security measures, there can be no assurance that the Company, or the third parties with which we interact, will not experience a cybersecurity incident in the future that may materially affect us. We describe whether and how cybersecurity-related risks could materially affect our business in item 1A. “Risk Factors” under the heading “Increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted cyber crimes pose a risk to our systems, networks, products, solutions, services, and data, as well as our reputation, which could adversely affect our business.”

CYBERSECURITY GOVERNANCE.

Cybersecurity is an important part of our risk management processes and an area of focus for our Board and management. The Audit Committee of our Board is responsible for the oversight of cybersecurity-related risks. The Audit Committee regularly receives reports from management on our cybersecurity threat risk management and strategy processes, including on topics such as our data security posture, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, incident response plans, and cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to these risks. The Audit Committee received reports from our Chief Information Officer (“CIO”) and/or CISO ~~five~~four times in ~~2024~~2025.

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Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO. The CISO works closely with the CIO, Chief Privacy Officer (“CPO”), and other members of the legal team who report to the General Counsel, to review the cybersecurity program while monitoring global data protection regulations and cyber security laws. The CISO, CIO, and CPO, collectively, have over 35 years of work experience in various roles involving managing information security, developing cybersecurity strategy, and implementing effective information and cybersecurity programs. Our CISO is currently a board member for the National Technology Security Coalition, a non-profit, non-partisan trade association serving as the voice of CISOs to help improve national cybersecurity and has served on the board of advisors of many security technology companies.

ITEM 2. PROPERTIES

GE HealthCare is a global organization headquartered in Chicago, Illinois with other major centers in or near ~~Chicago,~~the following cities: Milwaukee, Paris, Bangalore, and Shanghai~~, and is headquartered in Chicago, Illinois~~. We own or lease over 300 facilities around the world excluding third-party logistics sites. We have 4344 manufacturing facilities, of which 3032 are owned. We have 1514 manufacturing facilities located in the United States and 2830 located outside of the United States, including in China, Japan, Mexico, Norway, India, Israel, ~~Mexico~~Germany, Brazil, Austria, Denmark, France, ~~Germany,~~ Ireland, the Netherlands, ~~Norway,~~ Sweden, Finland, and South Korea~~, and Japan~~. Many of these facilities serve more than one business line and may be used for multiple purposes, such as administration, sales, research, manufacturing, warehousing, service, and distribution. We consider our facilities suitable and adequate for the purposes for which they are used and do not anticipate difficulty in renewing existing leases as they expire or in finding alternative facilities.

ITEM 3. LEGAL PROCEEDINGS

Information on material pending legal proceedings is incorporated herein by reference to the information set forth in Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” to the financial statements included elsewhere in this Annual Report on Form 10-K.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

PRINCIPAL MARKET.

The principal market on which GE HealthCare’s common stock is traded is The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “GEHC”.

A “when issued” trading market for GE HealthCare’s common stock began on Nasdaq on December 16, 2022, and “regular way” trading of GE HealthCare’s common stock began on January 4, 2023. Prior to December 16, 2022 there was no public market for GE HealthCare’s common stock.

STOCKHOLDERS.

There were ~~189~~180,~~289~~363 stockholders of record of GE HealthCare common stock as of ~~February~~January 628, ~~2025~~2026.

DIVIDENDS.

We declared ~~and paid~~ a quarterly dividend of $0.03035 per share to our stockholders of record for ~~the~~all ~~first~~quarters of 2025. The timing, ~~second~~declaration, amount, and ~~third~~payment ~~quarter~~ of ~~2024.~~future Individends to stockholders, if any, will fall within the ~~fourth~~discretion ~~quarter~~of the Board of ~~2024,~~Directors wetaking ~~declared~~into aconsideration ~~dividend~~matters such as the capital needs of ~~$0.035~~GE ~~per~~HealthCare ~~share~~and opportunities to beretain ~~paid~~future earnings for use in the ~~first~~operation ~~quarter~~ of ~~2025~~our business and to fund future growth.

~~The~~ISSUER ~~timing,~~PURCHASES ~~declaration,~~OF ~~amount,~~EQUITY and payment of future dividends to stockholders, if any, will fall within the discretion of the Board of Directors taking into consideration matters such as the capital needs of GE HealthCare and opportunities to retain future earnings for use in the operation of our business and to fund future growthSECURITIES.

On April 30, 2025, our Board of Directors authorized a share repurchase program (the “repurchase program”) pursuant to which GE HealthCare may repurchase up to $1,000 million of its common stock. The repurchase program does not have an expiration date. We did not repurchase any of our common stock during the three months ended December 31, 2025 and had $800 million available under the authorization as of December 31, 2025.

STOCK PERFORMANCE GRAPH.

The following graph compares the total return on the Company’s common stock for the last 2436 months with the Standard & Poor’s 500 (“S&P 500”) and S&P 500 Healthcare indices. The graph assumes $100 was invested in each of these indices on January 4, 2023, the first day of “regular way” trading for our common stock, and that all dividends were reinvested.

ITEM 6. [RESERVED]

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Part II. Financial Information
Index
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)			Page
Trends and Factors Impacting Our Performance			39
Summary of Key Performance Measures			40
Results of Operations			41
Results of Operations – Segments			44
Non-GAAP Financial Measures			45
Liquidity and Capital Resources			50
Recently Issued Accounting Pronouncements			52
Critical Accounting Estimates			52

The following discussion and analysis of our financial results should be read in conjunction with the consolidated 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, 2025 and 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.”

38GE HealthCare’s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (“AVS”), Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”), and we assessed their performance using Segment revenues and Segment 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.”

~~MANAGEMENT’S~~On ~~DISCUSSION~~January ~~AND~~3, ~~ANALYSIS~~2023, OFGeneral ~~FINANCIAL~~Electric ~~CONDITION~~Company, ~~AND~~which ~~RESULTS~~now OFoperates ~~OPERATIONS~~as GE Aerospace (“GE”), completed the spin-off of GE HealthCare Technologies Inc. (the “Spin-Off”). Refer to Note 19, “Related Parties and Transition Services Agreement” for further information.

The following ~~discussion~~tables ~~and~~are ~~analysis~~presented ~~of our financial results should be read~~ in ~~conjunction~~millions ~~with~~of ~~the~~United ~~consolidated~~States ~~and combined financial statements and corresponding notes~~ (~~the~~ “~~financial statements”) included elsewhere in this Annual Report on Form 10-K~~U. ~~The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc~~S. ~~and its subsidiaries (“GE HealthCare,~~”) ~~the~~dollars ~~“Company,”~~unless ~~“our,”~~otherwise ~~“us~~stated,” orexcept ~~“we”)~~ for ~~the years ended December 31, 2024, 2023, and 2022. This discussion contains forward~~per-~~looking~~share ~~statements~~amounts ~~that~~which are ~~based~~presented ~~upon current expectations and are subject to uncertainty and changes~~ in ~~circumstances;~~U.S. ~~see “Forward-Looking Statements~~dollars.” ~~Our~~Certain ~~actual~~columns ~~results~~and ~~could~~rows ~~differ~~may ~~materially~~not ~~from~~sum ~~the results contemplated by these forward-looking statements~~ due to athe ~~number~~use of ~~factors,~~rounded ~~including~~numbers. ~~those~~Percentages ~~discussed~~presented ~~below~~are ~~and~~calculated ~~elsewhere~~from inthe ~~this~~underlying ~~Annual~~whole-dollar ~~Report~~amounts ~~on Form 10-K~~and, ~~and~~unless ~~particularly~~otherwise ~~in Item 1A~~stated, ~~“Risk~~represent ~~Factors~~changes year-over-year.”

On January 3, 2023, the General Electric Company, which now operates as GE Aerospace (“GE”), completed the spin-off of GE HealthCare Technologies Inc. (the “Spin-Off”). For further information regarding the Spin-Off, refer to Note 1, “Organization and Basis of Presentation.”

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.

Effective July 1, 2024, Image Guided Therapies, previously part of the Imaging segment, was realigned to the Ultrasound segment to better match its clinical usage and realize 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 have four reportable segments: Imaging, Advanced Visualization Solutions, Patient Care Solutions (“PCS”), and Pharmaceutical Diagnostics (“PDx”). These segments have been identified based on the nature of the products sold and how the Company manages its operations. Historical segment financial information presented within this report has been recast to conform to the new reportable segments structure. For additional information on the nature of our business and our segments, refer to Item 1, “Business” and Note 4, “Segment and Geographical Information.”

TRENDS AND FACTORS IMPACTING OUR PERFORMANCE

We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, “Risk Factors.”

KEY TRENDS AFFECTING RESULTS OF OPERATIONS.

~~Russia~~Global Trade and ~~Ukraine~~Macroeconomic ~~Conflict~~Environment

WeThroughout ~~had~~2025, ~~$162~~the ~~million~~U.S. ~~and~~imposed ~~$153~~a ~~million~~variety of ~~assets~~new tariffs on most imports from all countries in, orthe ~~directly~~world. ~~related~~This in turn prompted several countries to, ~~Russia~~announce ~~and~~tariffs ~~Ukraine~~on asU.S. ofimports. ~~December~~While 31the situation continues to be fluid, ~~2024~~tariffs materially impacted our Operating income by approximately $245 million and cash flows by approximately $285 million for the year ended December 31, ~~2023~~2025, ~~respectively,~~primarily ~~none~~the ofbilateral ~~which~~U.S. ~~are~~and ~~subject~~Chinese totariffs ~~sanctions~~and ~~that~~U.S. ~~impact~~tariffs ~~the~~on ~~carrying~~all ~~value~~other ofglobal ~~the~~import ~~assets~~suppliers. WeShould ~~generated~~the ~~revenues~~tariffs ofcontinue ~~$363~~at ~~million,~~formally ~~$340~~communicated ~~million~~levels, ~~and~~we ~~$395~~expect ~~million~~to ~~from~~continue ~~customers~~to insee ~~these~~a ~~two~~material ~~countries~~impact ~~for~~to our financial results. Additional tariffs or other trade restrictions by the ~~years~~U.S. ~~ended~~or ~~December~~other ~~31,~~countries ~~2024~~where we do significant business, ~~2023~~or other restrictions on specific industries, ~~and~~such ~~2022~~as pharmaceuticals, ~~respectively~~could further materially impact our results in the future. ~~The~~While ~~potential~~we ~~inability~~are taking actions to ~~repatriate~~mitigate ~~earnings~~the ~~from~~impact ~~these~~of ~~two~~tariffs, ~~countries~~we ~~will~~do not ~~have~~expect athat ~~material~~our ~~impact~~mitigation onactions ~~our~~will ~~ability~~fully tooffset ~~operate~~the additional costs or other negative impacts resulting from the tariffs.

We continue to monitor the ~~effects~~global ofmarkets ~~Russia’s~~in ~~invasion~~which ofwe ~~Ukraine,~~operate ~~including~~for ~~the~~changes ~~consideration~~in ofcustomer ~~financial impact~~behavior, ~~cybersecurity~~changes ~~risks,~~in ~~the~~government ~~applicability~~spending and ~~effect of sanctions~~reimbursement, and ~~the~~indirect ~~employee~~impacts ~~base~~from inthe ~~Ukraine and Russia~~tariffs. ~~Under~~Should ~~the~~these ~~current~~factors ~~U.S.~~dampen ~~Department~~economic ~~of Commerce regulations~~growth, weslow ~~are~~global ~~permitted to export~~trade, ~~re-export,~~ or ~~transfer~~impact ~~medical~~inflation, ~~equipment~~we ~~and~~could ~~spare~~see ~~parts~~adverse ~~that~~impacts ~~meet~~to ~~stated~~our ~~criteria~~business ~~under~~as aour ~~License~~customers ~~Exception,~~adapt ~~which~~to ~~has eliminated~~ the ~~need~~change ~~for~~in useconomic toenvironment. ~~obtain~~We ~~individual~~also ~~U.S.~~continue ~~licenses~~to inmonitor ~~most~~potential ~~cases;~~impacts ~~however,~~on ~~licenses~~purchasing ~~still~~decisions ~~may~~by beboth ~~needed~~public ~~for~~and ~~some~~private ~~transactions.~~customers ~~The~~in ~~European~~China ~~Union~~ and other ~~countries~~markets ~~have~~as ~~also~~a ~~expanded~~result ~~licensing~~of ~~requirements~~the ~~for~~current ~~certain~~trade ~~spare parts~~environment, ~~services,~~as ~~software,~~well ~~and~~as other ~~items.~~actions Werelated ~~will continue~~ to ~~apply~~tariffs ~~for licenses to supply to these customers~~ and totrade ~~support~~frictions, ~~our business in Russia~~investigations, asor ~~required.~~activities ~~The~~that ~~implementation~~could ofsimilarly ~~these~~increase ~~measures affected~~ our ~~ability~~costs toor ~~supply~~otherwise ~~customers~~impact inour ~~Russia~~business. ~~during~~In ~~the years ended December 31~~addition, ~~2024~~if ~~and~~negative ~~2023~~sentiment ~~and~~towards ~~will continue to do so as we confirm applicability of the~~ U.S. ~~License~~companies ~~Exception~~influences tothe ~~our~~purchasing ~~transactions~~decisions ~~and continue to obtain licenses. There is no guarantee we will obtain all~~ of ~~the~~global ~~licenses for which we applied~~customers, ~~that any approvals we obtain will be on a timely basis, or that~~ our business incould ~~Russia will not~~ be ~~further~~impacted ~~disrupted due to evolving legal or operational considerations~~materially. ~~The Board, together with management, will continue to assess whether developments related to the conflict have had, or are reasonably likely to have, a material impact on the Company.~~

China Market

We ~~continue~~believe ~~to monitor developments in~~ the ~~market~~focus inof ~~China. In March 2024, the~~ government policy in China ~~announced a new stimulus program (“2024 stimulus”) that includes the healthcare sector and~~ is ~~being~~on ~~implemented~~expanding ~~through~~access ~~China’s~~to ~~provinces~~healthcare. In addition, anour ~~anti-corruption~~investments ~~campaign~~to ~~directed~~address atclinical ~~the~~needs, ~~healthcare~~localization, ~~sector remains ongoing. Both of these factors contributed to delayed orders~~ and ~~sales~~commercial ininfrastructure ~~our~~should ~~China~~benefit ~~business throughout 2024. We expect the 2024 stimulus program will result in opportunities for~~ our business in China in the ~~longer~~long term~~, but it has had a short-term impact as provinces develop and announce their plans and customers begin to make purchasing decisions~~. WeHowever, ~~expect~~we ~~the effects of the delay in the 2024 stimulus and the anti-corruption campaign to~~ continue to ~~impact~~monitor ~~our~~developments ~~orders and sales~~ in the ~~near~~China ~~term~~market, ~~although~~including weincreased ~~are~~competition ~~unable~~from tolocal ~~predict~~companies and the ~~exact~~prevalence ~~duration or magnitude~~ of ~~the~~Volume ~~impact.~~Based WeProcurement ~~expect~~policies, both of ~~these~~which ~~impacts~~have toimpacted beour ~~temporary,~~orders and werevenues ~~believe~~and ~~the~~may ~~focus~~continue ~~of government policy in China on expanding access~~ to ~~healthcare~~do ~~will benefit our business in China in the long term~~so.

~~Tariffs~~Russia and Ukraine Conflict

InWe ~~February~~had ~~2025,~~$214 ~~the~~million ~~United~~and ~~States~~$162 ~~imposed~~million ~~additional~~of ~~tariffs~~assets onin, ~~products~~or ~~from~~directly ~~China.~~related ~~These tariffs~~to, Russia and ~~any~~Ukraine ~~future~~as ~~tariffs,~~of ~~including~~December on31, ~~products~~2025 ~~from~~and ~~Mexico~~December or31, ~~Canada~~2024, byrespectively, ~~the~~none ~~United~~of ~~States~~which orare ~~other~~subject ~~countries,~~to ~~will~~sanctions ~~likely~~that ~~result~~impact inthe ~~additional~~carrying ~~costs~~value toof usthe assets. ~~The~~We ~~impact~~generated revenues of ~~tariffs~~$353 ~~will~~million ~~depend~~and on$363 ~~various~~million ~~factors~~from ~~including~~customers in these two countries for the ~~timing,~~years ~~amount,~~ended ~~scope~~December 31, 2025 and ~~nature~~2024, ofrespectively. ~~the~~The ~~tariffs,~~potential ~~and~~inability ~~any~~to ~~mitigating~~repatriate ~~actions~~earnings wefrom ~~implement~~these two countries will not have a material impact on our ability to operate.

~~Tax Valuation Allowances~~38

~~Deferred~~Table ~~income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability~~ of these future tax deductions and credits by evaluating all available positive and negative evidence. We have a valuation allowance against certain U.S. and foreign deferred tax assets and will release the valuation allowance when there is sufficient positive evidence to support a conclusion that it is more likely than not the deferred tax assets will be realized. For additional information regarding our income taxes, see Note 11, “Income Taxes.”Contents

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 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. 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, 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.

Geopolitical Conflicts

Geopolitical instability, across multiple regions, could adversely impact our operations, supply chains, and logistics. These events may result in increased costs, delays in product deliveries, and challenges in maintaining service levels in affected areas. While these events have not materially impacted our operations, we continue to monitor these developments closely.

Recent U.S. Legislation

On July 4, 2025, the One Big Beautiful Bill Act was signed into U.S. law, which includes significant changes to the federal income tax system. The changes did not have a material impact to the Company’s tax provision for the year ended December 31, 2025.

Seasonality

Our revenues, ~~and~~ operating profits, and cash flows 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.

OPERATION AS A STAND-ALONE COMPANY.

Financial Presentation Under GE Ownership

GE HealthCare utilized allocations and carve-out methodologies through the date of the Spin-Off to prepare historical combined financial statements. The combined financial statements herein for periods prior to the Spin-Off may not be indicative of our future performance, do not necessarily include the actual expenses that would have been incurred by us, and may not reflect our results of operations, financial position, and cash flows had we been a separate, stand-alone company during the historical periods presented. For additional information, see Note 1, “Organization and Basis of Presentation.”

Stand-Alone Company Expenses

As a result of the Spin-Off, we are subject to federal and state securities laws and stock exchange requirements. We have established additional procedures and practices as a stand-alone public company. As a result, we have and will continue to incur additional costs related to external reporting, internal audit, treasury, investor relations, Board of Directors and officers, and stock administration.

Compensation

We have instituted competitive compensation policies and programs as an independent public company. The expense for these policies and programs increased from the compensation expense allocated by GE in years prior to the Spin-Off, driven primarily by higher cash and stock compensation to retain employees and align more closely with industry peers.

SUMMARY OF KEY PERFORMANCE MEASURES

Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP financial measures. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below. See “Results of Operations” and “Liquidity and Capital Resources” below for further discussion on our key performance measures.

The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconciliations to their most directly comparable U.S. GAAP financial measures are provided below under “Non-GAAP Financial Measures.”

~~____________________~~___________________

*Non-GAAP Financial Measure

4039

Table of Contents

RESULTS OF OPERATIONS

The following tables set forth our results of operations for each of the periods presented.

Consolidated and Combined Statements of Income

For the years ended December 31

Consolidated Statements of Income

For the years ended December 31

2024

2023

2022

2025

2024

Sales of products

13,~~075~~661

13,~~127~~075

~~12,044~~

Sales of services

6,~~597~~964

6,~~425~~597

~~6,297~~

Total revenues

1920,~~672~~625

19,~~552~~672

~~18,341~~

Cost of products

8,~~271~~942

8,~~465~~271

~~7,975~~

Cost of services

3,~~196~~436

3,~~165~~196

~~3,187~~

Gross profit

8,~~205~~248

78,~~922~~205

~~7,179~~

Selling, general, and administrative

4,~~269~~225

4,~~282~~269

~~3,631~~

Research and development

1,~~311~~260

1,~~205~~311

~~1,026~~

Total operating expenses

5,~~580~~485

5,~~487~~580

~~4,657~~

Operating income

2,~~625~~763

2,~~435~~625

~~2,522~~

Interest and other financial charges – net

~~504~~440

~~542~~504

Non-operating benefit (income) costs

(~~406~~288)

(~~382~~406)

~~(5)~~

Other (income) expense – net

(55157)

(8655)

~~(62)~~

Income from continuing operations before income taxes

2,581

2,361

2,512

Income before income taxes

2,768

2,581

Benefit (provision) for income taxes

(~~531~~614)

(~~743~~531)

~~(563)~~

Net income from continuing operations

2,050

1,618

1,949

Net income

2,154

2,050

Income (loss) from discontinued operations, net of taxes

—

(4)

Net (income) loss attributable to noncontrolling interests

(70)

(57)

Net income

2,050

1,614

1,967

Net income attributable to GE HealthCare

2,084

1,993

Net (income) loss attributable to noncontrolling interests

(57)

(46)

(51)

Net income attributable to GE HealthCare

1,993

1,568

1,916

TOTAL REVENUES.

Revenues by Segment	For the years ended December 31
		2024		2023		2022		2024 vs. 2023 % change	2023 vs. 2022 % change	2024 vs. 2023 % organic* change	2023 vs. 2022 % organic* change
		2025		2024				% change		% organic* change
Segment revenues
Imaging		$	89,~~855~~245	$	8,~~944~~855	$	~~8,395~~	~~(1)~~4.4%	7%	~~(1)~~3.8%	8%
AVS		5,~~131~~354		5,~~094~~131		~~5,012~~		14.3%	2%	13.8%	3%
PCS		3,~~125~~086		3,~~142~~125		~~2,916~~		(1.2)%	8%	—(1.5)%	8%
PDx		2,~~508~~900		2,~~306~~508		~~1,958~~		915.6%	~~18%~~	98.8%	~~18%~~
Other(1)		5240		6652		60
Total revenues		$	1920,~~672~~625	$	19,~~552~~672	$	~~18,341~~	14.8%	7%	13.5%	8%

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

Revenues by Region	For the years ended December 31
		2024		2023		2022		2024 vs. 2023 % change	2023 vs. 2022 % change
		2025		2024				% change
United States and Canada (“USCAN”)		$	89,~~981~~531	$	8,~~551~~981	$	~~8,130~~	56.1%	5%
Europe, the Middle East, and Africa (“EMEA”)		5,~~051~~425		5,~~058~~051		~~4,684~~		—7.4%	8%
China region		2,~~360~~251		2,~~785~~360		~~2,531~~		(154.6)%	~~10%~~
Rest of World		3,~~280~~418		3,~~158~~280		~~2,996~~		4.2%	5%
Total revenues		$	1920,~~672~~625	$	19,~~552~~672	$	~~18,341~~	14.8%	7%

For the year ended December 31, 2025

Total revenues were $20,625 million, growing 4.8% as reported and 3.5% organically*. Sales of products increased 4.5% or $586 million primarily driven by strong growth in PDx, Imaging, and AVS revenues. Sales of services increased 5.6% or $368 million primarily driven by growth in new and existing customer contractual agreements.

____________________

*Non-GAAP Financial Measure

4140

~~For~~Table ~~the~~of ~~year ended December 31, 2024~~Contents

Total revenues were $19,672 million, growing 1% or $120 million. The reported growth was largely due to Sales of services increasing 3% or $172 million primarily driven by increased pricing.

The segment revenues were as follows:

•Imaging segment revenues were $89,~~855~~245 million, ~~decreasing~~growing 14.4% or $89390 million, ~~following~~with ~~high single-digit revenue~~ growth in the ~~prior~~USCAN ~~year,~~and ~~with~~EMEA ~~current~~regions, ~~year~~partially ~~impacts~~offset ~~from~~by ~~lower~~continued ~~sales~~pressure ~~volume~~ in the China ~~and unfavorable foreign currency impacts~~market;

•AVS segment revenues were $5,~~131~~354 million, growing 14.3% or $37222 million with anstrength ~~increase~~ in ~~sales~~the ~~volume~~U.S. inmarket, ~~USCAN~~ partially offset by ~~lower~~continued ~~sales~~pressure ~~volume~~ in the China ~~and unfavorable foreign currency impacts~~market;

•PCS segment revenues were $3,~~125~~086 million, decreasing 1.2% or $1738 million ~~primarily due to decreased volume in the Monitoring Solutions product line following growth in the prior year and unfavorable foreign currency impacts~~, ~~partially~~largely ~~offset~~driven by ~~increased~~a ~~volume~~decline in ~~the~~Life ~~Maternal~~Support ~~Infant~~Solutions ~~Care product line~~revenues; and

•PDx segment revenues were $2,~~508~~900 million, growing 915.6% or $~~202~~392 million ~~with~~as ~~growth~~reported, driven by an increase in ~~the~~Organic ~~USCAN~~revenue* and ~~EMEA~~the ~~regions~~acquisition ~~driven~~of byNihon ~~growth~~Medi-Physics ~~in volume~~Co., anLtd. ~~increase~~(“NMP”). inOrganic ~~price,~~revenue* ~~and~~grew ~~new~~8.8% ~~product~~driven ~~introductions~~by continued growth in volume and price.

The regional revenues were as follows:

•USCAN revenues were $89,~~981~~531 million, growing 56.1% or $~~430~~550 million, ~~with~~largely driven by growth across ~~all~~AVS, Imaging, and PDx segment revenues;

•EMEA revenues were $5,~~051~~425 million, ~~flat~~growing to7.4% ~~the~~or ~~prior~~$374 ~~year,~~million ~~following~~with ~~high single-digit~~ growth in ~~the~~Imaging, ~~prior year~~AVS, ~~with~~and ~~growth in~~ PDx revenues, ~~largely~~as ~~offset~~well byas ~~decreases~~favorable inforeign ~~Imaging~~currency ~~and PCS revenues~~impacts;

•China region revenues were $2,~~360~~251 million, decreasing 154.6% or $~~425~~108 million with declines in ~~all~~Imaging, ~~segment revenues following double-digit growth in the prior year due to the impact from the 2022 COVID stimulus programs~~AVS, and ~~current~~PCS ~~year~~revenues ~~sales~~partially ~~impacted~~offset by ~~the~~growth ~~delayed~~in ~~2024~~PDx ~~stimulus and the ongoing anti-corruption campaign~~revenues; and

•Rest of World revenues were $3,~~280~~418 million, growing 4.2% or $~~122~~138 million with growth in ~~all~~PDx, ~~segment~~inclusive of NMP revenues, and Imaging revenues, partially offset by unfavorable foreign currency impacts.

~~For~~OPERATING ~~the~~INCOME, ~~year~~NET ~~ended~~INCOME ~~December~~ATTRIBUTABLE 31TO GE HEALTHCARE, ~~2023~~ADJUSTED EBIT*, AND ADJUSTED NET INCOME*.

Total revenues were $19,552 million, growing 7% or $1,211 million as reported and 8% organically*. The reported growth was primarily due to Sales of products growing 9% or $1,083 million as reported, with growth across all segments.


	For the years ended December 31
		2025		% of Total revenues	2024		% of Total revenues	% change
Operating income		$	2,763	13.4%	$	2,625	13.3%	5.3%
Net income attributable to GE HealthCare		2,084		10.1%	1,993		10.1%	4.6%
Adjusted EBIT*		3,155		15.3%	3,211		16.3%	(1.8)%
Adjusted net income*		2,100		10.2%	2,060		10.5%	2.0%

~~The~~For ~~segment~~the ~~revenues~~year ~~were~~ended asDecember ~~follows:~~31, 2025

~~•Imaging~~Operating ~~segment~~income ~~revenues~~was ~~were~~ $82,~~944~~763 million, ~~growing~~an 7%increase orof $~~549~~138 million asand ~~reported~~10 ~~due~~basis topoints anas ~~increase~~a inpercent ~~Organic~~of ~~revenue*,~~Total ~~partially offset by unfavorable foreign currency impacts~~revenues. ~~Organic~~The revenue*increase ~~grew~~was ~~8% primarily~~ due to ~~growth~~the infollowing ~~Magnetic~~factors: ~~Resonance and MI/CT product lines, due to supply chain fulfillment improvements, new product introductions, and an increase in price;~~

•~~AVS~~Gross ~~segment~~profit ~~revenues~~increased ~~were~~ $~~5,094~~43 million, ~~growing~~but 2%decreased or170 ~~$82~~basis ~~million~~points as ~~reported~~a percent of Total revenues primarily due to an increase in ~~Organic~~both revenue*Cost of products and Cost of services as a percent of Total revenues. Cost of products sold increased $671 million or 220 basis points as a percent of Sales of products. The increase as a percent of sales was driven by cost inflation, including the impact of incremental tariffs, and investment in design follow-through, partially offset by ~~unfavorable~~cost ~~foreign~~productivity. ~~currency~~Cost ~~impacts~~of services sold increased $240 million or 90 basis points as a percent of Sales of services. ~~Organic~~The revenue*increase ~~grew~~as 3%a ~~primarily~~percent ~~due~~of tosales ~~growth~~was indriven ~~the~~by ~~CardioVascular~~unfavorable mix within our service offerings, and ~~Interventional~~cost ~~Solutions~~inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product ~~line~~investment ~~due~~was to$490 million in engineering costs for design follow-through on new product introductions, anand ~~increase~~product inlifecycle ~~price~~maintenance subsequent to the initial product launch, ~~and~~compared ~~supply~~to ~~chain~~$405 ~~fulfillment~~million ~~improvements~~for the prior year comparable period; and

•~~PCS~~Total ~~segment~~operating ~~revenues~~expenses ~~were~~decreased $~~3,142~~95 million, ~~growing~~with 8%a ordecrease in research and development (“R&D”) investments of $~~226~~51 million, ~~due~~driven toby ~~growth~~certain programs achieving development milestones resulting in ~~Monitoring~~costs ~~Solutions~~to be reported under cost of revenues, and ~~Consumables~~a decrease in Selling, general, and ~~Services~~administrative ~~product~~(“SG&A”) ~~lines~~expense of $44 million primarily driven by ana ~~increase~~decrease in ~~price~~Spin-Off and ~~operational~~separation ~~improvements;~~costs, partially offset by increased investment in our commercial teams and the acquisition of NMP. R&D as a percentage of Total revenues decreased by 60 basis points and SG&A as a percentage of Total revenues decreased by 120 basis points.

•PDx segment revenues were $2,306 million, growing 18% or $348 million with growth across all regions due to an increase in price and improved demand.

The regional revenues were as follows:

•USCAN revenues were $8,551 million, growing 5% or $421 million due to growth in PCS, PDX, and Imaging revenues;

•EMEA revenues were $5,058 million, growing 8% or $374 million due to growth in Imaging and PDx revenues;

•China region revenues were $2,785 million, growing 10% or $254 million due to growth across all segment revenues, partially offset by unfavorable foreign currency impacts; and

•Rest of World revenues were $3,158 million, growing 5% or $162 million due to growth in PDx, Imaging, and AVS revenues, partially offset by unfavorable foreign currency impacts.

____________________

*Non-GAAP Financial Measure

4241

~~OPERATING~~Table ~~INCOME,~~of ~~NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT*, AND ADJUSTED NET INCOME*.~~Contents

	For the years ended December 31
		2024		% of Total revenues	2023		% of Total revenues	2022		% of Total revenues	2024 vs. 2023 % change	2023 vs. 2022 % change
Operating income		$	2,625	13.3%	$	2,435	12.5%	$	2,522	13.8%	8%	(3)%
Net income attributable to GE HealthCare		1,993		10.1%	1,568		8.0%	1,916		10.4%	27%	(18)%
Adjusted EBIT*		3,211		16.3%	2,956		15.1%	2,861		15.6%	9%	3%
Adjusted net income*		2,060		10.5%	1,797		9.2%	2,103		11.5%	15%	(15)%

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

~~For~~•Operating ~~the~~income ~~year~~increased ~~ended~~$138 ~~December 31~~million, ~~2024~~as discussed above;

~~Operating~~•Interest ~~income~~and ~~was~~other ~~$2,625~~financial ~~million,~~charges an– ~~increase~~net ofdecreased $~~190~~64 million ~~and~~primarily 90driven ~~basis~~by ~~points~~debt asrepayment aand ~~percent~~continued ~~of Total revenues. The increase was due to the following factors:~~ optimization;

•~~Gross~~Non-operating ~~profit~~benefit ~~increased~~income decreased $~~283~~118 million ~~or 120 basis points as a percent of Total revenues~~ primarily ~~due~~related to alower ~~reduction~~expected inreturns ~~Cost~~on ofplan ~~products~~assets sold. Cost of products sold decreased $194 million or 120 basis points as a percent of Sales of products. The decrease as a percent of sales was driven by cost productivity, favorable mix within our product offerings, and ~~an increase in pricing of our products, partially offset by cost inflation. Cost of services sold~~ increased ~~$31~~interest ~~million but decreased 80 basis points as a percent of Sales of services. The decrease as a percent of sales was driven by~~ cost productivity and an increase in pricing of our service offerings, partially offset by cost inflation. Included in our total cost of revenue as part of our product investment was $405 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 million for the prior year comparable period; ~~and~~

•~~Total~~Other ~~operating~~income ~~expenses~~– net increased $93103 million, ~~with~~primarily andriven ~~increase~~by inthe ~~R&D~~remeasurement ~~investments~~ of ~~$106~~the ~~million~~Company’s ~~and~~50% ainterest ~~decrease~~ in ~~Selling,~~NMP ~~general,~~based ~~and~~on ~~administrative~~the ~~(“SG&A”)~~cash ~~expense~~consideration ofexchanged ~~$13~~for ~~million~~acquiring ~~primarily~~the ~~driven~~remaining by50% ~~cost~~equity ~~saving~~interest. ~~initiatives,~~For ~~including~~additional ~~information~~detail ~~technology,~~on ~~largely~~the ~~offset~~NMP byacquisition, ~~increased~~refer ~~restructuring~~to ~~spend.~~Note As8, a“Acquisitions, ~~result~~Goodwill, ~~R&D as a percentage of Total revenues increased by 50 basis points~~ and ~~SG&A~~Other asIntangible aAssets”; ~~percentage of Total revenues decreased by 20 basis points.~~and

~~Net~~•Provision for income ~~attributable~~taxes toincreased GE$83 ~~HealthCare~~million primarily due to U.S. and ~~Net~~foreign ~~income~~tax ~~margin~~law ~~were~~changes ~~$1,993~~partially ~~million~~offset ~~and~~by ~~10.1%~~a reduction in non-recurring impacts from the Tax Matters Agreement with GE, foreign income tax reserve releases for tax years which are no longer subject to an ~~increase~~assessment offrom ~~$425~~the ~~million~~local taxing authorities, and ~~210~~the ~~basis~~use ~~points,~~of ~~respectively~~tax attributes from updating our global structure following the Spin-Off. In the prior year, ~~primarily~~there ~~due~~was a large non-recurring decrease related to the ~~following~~release ~~factors:~~of the France valuation allowance, partially offset by the establishment of a reserve for ongoing audits in France. For additional detail regarding our income taxes, see Note 11, “Income Taxes.”

~~•Operating~~Adjusted ~~income~~EBIT* ~~increased~~and Adjusted EBIT margin* were $~~190~~3,155 million and 15.3%, a decrease of $56 million and 100 basis points, respectively, primarily due to an increase in Total operating expenses, excluding the impact of Spin-Off and separation costs, partially offset by an increase in Gross profit, as discussed above;.

•Adjusted net income* was $2,100 million, an increase of $40 million primarily due to lower Interest and other financial charges – net ~~decreased~~and ~~$38~~lower ~~million~~Adjusted ~~primarily~~tax ~~driven~~expense*, partially offset by ~~repayments~~a ~~made~~decrease onin operating income when excluding the ~~Term~~impact ~~Loan~~of ~~Facility;~~lower Spin-Off and separation costs.

•Non-operating benefit income increased $24 million primarily related to the amortization of net gains on our pension plans;

•Other income – net decreased $31 million primarily driven by favorable impacts from Net financing and investment income in the prior year driven by impacts from the revaluation of investments; and

•Provision for income taxes decreased $212 million primarily due to the release of the France valuation allowance partially offset by the establishment of a reserve for ongoing audits in France. In the prior year, there were larger non-recurring impacts from the Tax Matters Agreement with GE as well as an incremental charge for the accrual of withholding and other foreign taxes due upon future distribution of earnings. For additional detail regarding our income taxes, see Note 11, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $3,211 million and 16.3%, an increase of $255 million and 120 basis points, respectively, primarily due to an increase in Gross profit, partially offset by investment in R&D.

Adjusted net income* was $2,060 million, an increase of $263 million primarily due to an increase in Gross profit and lower Interest and other financial charges – net, partially offset by investment in R&D.

____________________*Non-GAAP Financial Measure

For the year ended December 31, 2023

Operating income was $2,435 million, a decrease of $87 million and 130 basis points as a percent of Total revenues. The decrease as a percent of Total revenues was due to the following factors:

•Cost of products sold increased $490 million but decreased 170 basis points as a percent of Sales of products. The decrease as a percent of sales was driven by cost productivity and an increase in pricing of our products, partially offset by cost inflation. Cost of services sold decreased $22 million or 130 basis points as a percent of Sales of services. The decrease as a percent of sales was driven by cost productivity and an increase in pricing of our service offerings, partially offset by cost inflation. Included in our total cost of revenue as part of our product investment was $438 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $429 million for the prior year comparable period; and

•Total operating expenses increased $830 million due to an increase in SG&A expense of $651 million driven by increased costs associated with both the one-time stand-up and recurring operations of a stand-alone company and commercial and marketing investments and an increase in R&D investments of $179 million. As a result, SG&A as a percentage of Total revenues increased by 210 basis points and R&D as a percentage of Total revenues increased by 60 basis points.

Net income attributable to GE HealthCare and Net income margin were $1,568 million and 8.0%, a decrease of $348 million and 240 basis points, respectively, primarily due to the following factors:

•Operating income decreased $87 million, as discussed above;

•Interest and other financial charges – net increased $465 million primarily due to interest expense related to the debt securities issued by GE HealthCare in November of 2022 and the Term Loan Facility drawn upon in January of 2023;

•Non-operating benefit income increased $377 million primarily related to the pension plans transferred to GE HealthCare as part of the Spin-Off; and

•Provision for income taxes increased $180 million primarily due to the tax effect of foreign currency movement, the impact of the Tax Matters Agreement, including the effect of completing the 2022 U.S. federal tax return, taxes accrued for the future repatriation of current earnings with a one-time charge for prior period earnings of certain of our foreign subsidiaries, and the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates. For additional detail regarding our income taxes, see Note 11, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $2,956 million and 15.1%, an increase of $95 million but a decrease of 50 basis points, respectively, primarily due to an increase in Total revenues, offset by an increase in Total operating expenses, excluding the impact of one-time Spin-Off and separation costs, as discussed above.

Adjusted net income* was $1,797 million, a decrease of $306 million primarily due to higher Interest and other financial charges – net, partially offset by an increase in Operating Income, excluding the impact of one-time Spin-Off and separation costs, as discussed above.

RESULTS OF OPERATIONS – SEGMENTS

We exclude from Segment EBIT certain corporate-related expenses and certain transactions or adjustments that our Chief Operating Decision Maker (which is our Chief Executive Officer) considers to be non-operational, such as Interest and other financial charges – net, Benefit (provision) for income taxes, restructuring costs, acquisition and disposition-related benefits (charges), Spin-Off and separation costs, Non-operating benefit (income) costs, gain (loss) on business and asset dispositions, amortization of acquisition-related intangible assets, Net (income) loss attributable to noncontrolling interests, Income (loss) from discontinued operations, net of taxes, and investment revaluation gain (loss). See Note 4, “Segment and Geographical Information” for additional information on our reportable segments, and “Results of Operations” above for discussion on segment revenue performance.

Segment EBIT	For the years ended December 31
		2024		% of segment revenues		2023		% of segment revenues		2022		% of segment revenues		2024 vs. 2023 % change		2023 vs. 2022 % change
		2025		% of segment revenues		2024		% of segment revenues						% change
Imaging		$	~~962~~891	~~10.~~9.6	%	$	~~821~~962	910.29	%	$	~~780~~	~~9.3~~	%	17(7.4)	%	5	%
AVS		1,~~118~~175		2122.80	%	1,~~124~~118		2221.18	%	~~1,228~~		~~24.5~~	%	~~(1)~~5.2	%	~~(8)~~	%
PCS		~~347~~209		116.18	%	~~383~~347		1211.21	%	~~341~~		~~11.7~~	%	(939.6)	%	12	%
PDx		~~783~~872		3130.21	%	~~617~~783		2631.82	%	~~520~~		~~26.6~~	%	2711.4	%	19	%

~~____________________*Non-GAAP~~For ~~Financial~~the ~~Measure~~year ended December 31, 2025

44•Imaging Segment EBIT was $891 million, a decrease of $71 million due to cost inflation, including the impact of incremental tariffs, partially offset by a growth in sales volume, an increase in price, and cost productivity;

~~For~~•AVS ~~the~~Segment ~~year~~EBIT ~~ended~~was ~~December~~$1,175 31million, ~~2024~~an increase of $58 million due to growth in sales volume and cost productivity, partially offset by cost inflation, including the impact of incremental tariffs;

•~~Imaging~~PCS Segment EBIT was $~~962~~209 million, ana ~~increase~~decrease of $~~141~~137 million due to unfavorable mix, cost ~~productivity~~inflation, ~~and~~including anthe ~~increase~~impact inof ~~price~~incremental tariffs, ~~partially~~and ~~offset~~a bydecline ~~cost~~in ~~inflation~~sales volume; and

•~~AVS~~PDx Segment EBIT was $~~1,118~~872 million, aan ~~decrease~~increase of $689 million due to ~~cost~~an ~~inflation,~~increase ~~unfavorable~~in ~~mix,~~price and ~~investments~~growth in sales volume, partially offset by ~~cost~~increased ~~productivity;~~investment.

~~•PCS Segment EBIT was $347 million, a decrease of $36 million due to cost inflation, partially offset by cost productivity; and~~____________________

~~•PDx~~*Non-GAAP ~~Segment~~Financial ~~EBIT was $783 million, an increase of $166 million due to an increase in price, growth in sales volume, and cost productivity, partially offset by cost inflation.~~Measure

~~For the year ended December 31, 2023~~42

~~•Imaging~~Table ~~Segment EBIT was $821 million, an increase~~ of $41 million due to cost productivity, an increase in price, and growth in sales volume, largely offset by investments, liquidation of higher-cost inventory, and mix between our product and service offerings;Contents

•AVS Segment EBIT was $1,124 million, a decrease of $104 million due to investments and cost inflation, partially offset by cost productivity and an increase in price;

•PCS Segment EBIT was $383 million, an increase of $42 million due to cost productivity, an increase in price, and growth in sales volume, partially offset by investments and cost inflation; and

•PDx Segment EBIT was $617 million, an increase of $97 million due to an increase in price, growth in sales volume, and cost productivity, partially offset by cost inflation and investments.

NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures presented in this Annual Report on Form 10-K are supplemental measures of our performance and our liquidity that we believe will help investors understand our financial condition, cash flows, and operating results, and assess our future prospects. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below.

We report Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of our established, ongoing operations, as well as provide insights into overall demand for our products and services. To calculate these measures, we exclude the effect of acquisitions, dispositions, and foreign currency rate fluctuations.

We report EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, and Adjusted earnings per share to provide management and investors with an additional understanding of our business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures we exclude, and reflect in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges – net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. We may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin is calculated by taking Adjusted EBIT divided by Total revenues for the same period.

We report Adjusted tax expense and Adjusted ETR to provide management and investors with a better understanding of the normalized tax rate applicable to our business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. We may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above.

We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business.

4543

Organic Revenue*	For the years ended December 31
		2024		2023		% change
Imaging revenues		$	8,855	$	8,944	(1)%
Less: Acquisitions(1)		47		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		(71)		—
Imaging Organic revenue*		$	8,880	$	8,944	(1)%
AVS revenues		$	5,131	$	5,094	1%
Less: Acquisitions(1)		—		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		(25)		—
AVS Organic revenue*		$	5,157	$	5,094	1%
PCS revenues		$	3,125	$	3,142	(1)%
Less: Acquisitions(1)		—		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		(6)		—
PCS Organic revenue*		$	3,131	$	3,142	—%
PDx revenues		$	2,508	$	2,306	9%
Less: Acquisitions(1)		—		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		(10)		—
PDx Organic revenue*		$	2,518	$	2,306	9%
Other revenues		$	52	$	66	(21)%
Less: Acquisitions(1)		—		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		—		—
Other Organic revenue*		$	52	$	66	(21)%
Total revenues		$	19,672	$	19,552	1%
Less: Acquisitions(1)		47		—
Less: Dispositions(2)		—		—
Less: Foreign currency exchange		(112)		—
Organic revenue*		$	19,737	$	19,552	1%

Table of Contents

(1)	Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction.
Organic Revenue*		For the years ended December 31
(2)	Represents revenues attributable to dispositions for the four quarters preceding the disposition date.
			2025		2024		% change
Imaging revenues			$	9,245	$	8,855	4.4%
Less: Acquisitions(1)			15		—
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			35		—
Imaging Organic revenue*			$	9,195	$	8,855	3.8%
AVS revenues			$	5,354	$	5,131	4.3%
Less: Acquisitions(1)			—		—
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			30		—
AVS Organic revenue*			$	5,324	$	5,131	3.8%
PCS revenues			$	3,086	$	3,125	(1.2)%
Less: Acquisitions(1)			—		—
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			7		—
PCS Organic revenue*			$	3,079	$	3,125	(1.5)%
PDx revenues			$	2,900	$	2,508	15.6%
Less: Acquisitions(1)			154		4
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			21		—
PDx Organic revenue*			$	2,724	$	2,504	8.8%
Other revenues			$	40	$	52	(23.0)%
Less: Acquisitions(1)			—		—
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			—		—
Other Organic revenue*			$	40	$	52	(23.3)%
Total revenues			$	20,625	$	19,672	4.8%
Less: Acquisitions(1)			169		4
Less: Dispositions(2)			—		—
Less: Foreign currency exchange			94		—
Organic revenue*			$	20,363	$	19,667	3.5%

____________________*Non-GAAP Financial Measure


(1)			Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction, excluding the impact of Foreign currency exchange already captured in lines elsewhere.
(2)			Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

46__________________

Organic Revenue*	For the years ended December 31
	2023		2022		% change
Imaging revenues	$	8,944	$	8,395	7%
Less: Acquisitions(1)	1		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	(131)		—
Imaging Organic revenue*	$	9,074	$	8,395	8%
AVS revenues	$	5,094	$	5,012	2%
Less: Acquisitions(1)	—		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	(56)		—
AVS Organic revenue*	$	5,150	$	5,012	3%
PCS revenues	$	3,142	$	2,916	8%
Less: Acquisitions(1)	—		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	(16)		—
PCS Organic revenue*	$	3,158	$	2,916	8%
PDx revenues	$	2,306	$	1,958	18%
Less: Acquisitions(1)	—		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	(14)		—
PDx Organic revenue*	$	2,320	$	1,958	18%
Other revenues	$	66	$	60	10%
Less: Acquisitions(1)	—		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	1		—
Other Organic revenue*	$	65	$	60	8%
Total revenues	$	19,552	$	18,341	7%
Less: Acquisitions(1)	1		—
Less: Dispositions(2)	—		—
Less: Foreign currency exchange	(216)		—
Organic revenue*	$	19,767	$	18,341	8%

(1)			Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction.
(2)			Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

____________________*Non-GAAP Financial Measure

Adjusted EBIT*	For the years ended December 31
		2024		2023		2022		2024 vs. 2023 % change	2023 vs. 2022 % change
Net income attributable to GE HealthCare		$	1,993	$	1,568	$	1,916	27%	(18)%
Add: Interest and other financial charges – net		504		542		77
Add: Non-operating benefit (income) costs		(406)		(382)		(5)
Less: Benefit (provision) for income taxes		(531)		(743)		(563)
Less: Income (loss) from discontinued operations, net of taxes		—		(4)		18
Less: Net (income) loss attributable to noncontrolling interests		(57)		(46)		(51)
EBIT*		$	2,679	$	2,521	$	2,584	6%	(2)%
Add: Restructuring costs(1)		120		54		146
Add: Acquisition and disposition-related charges (benefits)(2)		3		(15)		(34)
Add: Spin-Off and separation costs(3)		251		270		14
Add: (Gain) loss on business and asset dispositions(4)		—		—		(1)
Add: Amortization of acquisition-related intangible assets		137		127		121
Add: Investment revaluation (gain) loss(5)		22		(1)		31
Adjusted EBIT*		$	3,211	$	2,956	$	2,861	9%	3%
Net income margin		10.1%		8.0%		10.4%		210 bps	(240) bps
Adjusted EBIT margin*		16.3%		15.1%		15.6%		120 bps	(50) bps

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments.

Adjusted Net Income*	For the years ended December 31
		2024		2023		2022		2024 vs. 2023 % change	2023 vs. 2022 % change
Net income attributable to GE HealthCare		$	1,993	$	1,568	$	1,916	27%	(18)%
Add: Non-operating benefit (income) costs		(406)		(382)		(5)
Add: Restructuring costs(1)		120		54		146
Add: Acquisition and disposition-related charges (benefits)(2)		3		(15)		(34)
Add: Spin-Off and separation costs(3)		251		270		14
Add: (Gain) loss on business and asset dispositions(4)		—		—		(1)
Add: Amortization of acquisition-related intangible assets		137		127		121
Add: Investment revaluation (gain) loss(5)		22		(1)		31
Add: Tax effect of reconciling items(6)		(42)		(24)		(67)
Add: Spin-Off and other tax adjustments(7)		(17)		196		—
Less: Income (loss) from discontinued operations, net of taxes		—		(4)		18
Adjusted net income*		$	2,060	$	1,797	$	2,103	15%	(15)%

(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including the accrual of a deferred tax liability on the prior period earnings of certain of the Company’s foreign subsidiaries for which the Company is no longer permanently reinvested, the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates, and the impact of tax legislation changes. As of the third quarter of 2024 this line additionally includes discrete tax impacts resulting from the Spin-Off and separation from GE previously reported under Tax effect of reconciling items.

*Non-GAAP Financial Measure

4844

Adjusted Earnings Per Share*	For the years ended December 31
(In dollars, except shares outstanding presented in millions)		2024		2023		2022		2024 vs. 2023 $ change		2023 vs. 2022 $ change
Diluted earnings per share – continuing operations		$	4.34	$	3.04	$	4.18	$	1.31	$	(1.14)
Add: Deemed preferred stock dividend of redeemable noncontrolling interest		—		0.40		—
Add: Non-operating benefit (income) costs		(0.88)		(0.83)		(0.01)
Add: Restructuring costs(1)		0.26		0.12		0.32
Add: Acquisition and disposition-related charges (benefits)(2)		0.01		(0.03)		(0.07)
Add: Spin-Off and separation costs(3)		0.55		0.59		0.03
Add: (Gain) loss on business and asset dispositions(4)		—		—		(0.00)
Add: Amortization of acquisition-related intangible assets		0.30		0.28		0.27
Add: Investment revaluation (gain) loss(5)		0.05		(0.00)		0.07
Add: Tax effect of reconciling items(6)		(0.09)		(0.05)		(0.15)
Add: Spin-Off and other tax adjustments(7)		(0.04)		0.43		—
Adjusted earnings per share*		$	4.49	$	3.93	$	4.63	$	0.56	$	(0.70)
Diluted weighted-average shares outstanding		459		458		454

Table of Contents

(1)	Consists of severance, facility closures, and other charges associated with restructuring programs.
Adjusted EBIT*		For the years ended December 31
(2)	Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
			2025		2024		% change
(3)	Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
Net income attributable to GE HealthCare			$	2,084	$	1,993	4.6%
(4)	Consists of gains and losses resulting from the sale of assets and investments.
Add: Interest and other financial charges – net			440		504
(5)	Primarily relates to valuation adjustments for equity investments.
Add: Non-operating benefit (income) costs			(288)		(406)
(6)	The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
Less: Benefit (provision) for income taxes			(614)		(531)
(7)	Consists of certain income tax adjustments, including the accrual of a deferred tax liability on the prior period earnings of certain of the Company’s foreign subsidiaries for which the Company is no longer permanently reinvested, the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates, and the impact of tax legislation changes. As of the third quarter of 2024 this line additionally includes discrete tax impacts resulting from the Spin-Off and separation from GE previously reported under Tax effect of reconciling items.
Less: Net (income) loss attributable to noncontrolling interests			(70)		(57)
EBIT*			2,920		2,679		9.0%
Add: Restructuring costs(1)			120		120
Add: Acquisition and disposition-related charges (benefits)(2)			39		3
Add: Spin-Off and separation costs(3)			38		251
Add: (Gain) loss on business and asset dispositions(4)			(5)		—
Add: Amortization of acquisition-related intangible assets			156		137
Add: Investment revaluation (gain) loss(5)			(112)		22
Adjusted EBIT*			$	3,155	$	3,211	(1.8)%
Net income margin			10.1%		10.1%		— bps
Adjusted EBIT margin*			15.3%		16.3%		(100) bps

Adjusted Tax Expense* and Adjusted ETR*		For the years ended December 31
(1)	Consists of severance, facility closures, and other charges associated with restructuring programs.
			2024		2023		2022
(2)	Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
Benefit (provision) for income taxes			$	(531)	$	(743)	$	(563)
(3)	Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs.
Add: Tax effect of reconciling items(1)			(42)		(24)		(67)
(4)	Consists of gains and losses resulting from the sale of assets and investments.
Add: Spin-Off and other tax adjustments(2)			(17)		196		—
(5)	Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
Adjusted tax expense*			$	(590)	$	(571)	$	(630)
Effective tax rate			20.6%		31.5%		22.4%
Adjusted effective tax rate*			21.8%		23.7%		22.6%

(1)	The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
Adjusted Net Income*		For the years ended December 31
(2)	Consists of certain income tax adjustments, including the accrual of a deferred tax liability on the prior period earnings of certain of the Company’s foreign subsidiaries for which the Company is no longer permanently reinvested, the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates, and the impact of tax legislation changes. As of the third quarter of 2024 this line additionally includes discrete tax impacts resulting from the Spin-Off and separation from GE previously reported under Tax effect of reconciling items.
			2025		2024		% change
Net income attributable to GE HealthCare			$	2,084	$	1,993	4.6%
Add: Non-operating benefit (income) costs			(288)		(406)
Add: Restructuring costs(1)			120		120
Add: Acquisition and disposition-related charges (benefits)(2)			39		3
Add: Spin-Off and separation costs(3)			43		251
Add: (Gain) loss on business and asset dispositions(4)			(5)		—
Add: Amortization of acquisition-related intangible assets			156		137
Add: Investment revaluation (gain) loss(5)			(112)		22
Add: Tax effect of reconciling items(6)			(7)		(42)
Add: Spin-Off and other tax adjustments(7)			72		(17)
Adjusted net income*			$	2,100	$	2,060	2.0%

____________________


(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. An adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including one-time adjustments to deferred tax balances, impacts from tax law changes, the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, and discrete tax impacts resulting from the Spin-Off and separation from GE.

___________________

*Non-GAAP Financial Measure

4945

Free Cash Flow*	For the years ended December 31
	2024		2023		2022		2024 vs. 2023 % change	2023 vs. 2022 % change
Cash from (used for) operating activities – continuing operations	$	1,955	$	2,101	$	2,134	(7)%	(2)%
Add: Additions to PP&E and internal-use software	(401)		(387)		(310)
Add: Dispositions of PP&E	—		1		4
Free cash flow*	$	1,554	$	1,715	$	1,828	(9)%	(6)%

Table of Contents


Adjusted Earnings Per Share*	For the years ended December 31
(In dollars, except shares outstanding presented in millions)		2025		2024		$ change
Diluted earnings per share		$	4.55	$	4.34	$	0.21

Add: Non-operating benefit (income) costs		(0.63)		(0.88)
Add: Restructuring costs(1)		0.26		0.26
Add: Acquisition and disposition-related charges (benefits)(2)		0.08		0.01
Add: Spin-Off and separation costs(3)		0.09		0.55
Add: (Gain) loss on business and asset dispositions(4)		(0.01)		—
Add: Amortization of acquisition-related intangible assets		0.34		0.30
Add: Investment revaluation (gain) loss(5)		(0.24)		0.05
Add: Tax effect of reconciling items(6)		(0.02)		(0.09)
Add: Spin-Off and other tax adjustments(7)		0.16		(0.04)
Adjusted earnings per share*		$	4.59	$	4.49	$	0.10
Diluted weighted-average shares outstanding		458		459


(1)			Consists of severance, facility closures, and other charges associated with restructuring programs.
(2)			Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.
(3)			Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. An adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests.
(4)			Consists of gains and losses resulting from the sale of assets and investments.
(5)			Primarily relates to valuation adjustments for equity investments and for the year ended December 31, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction.
(6)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(7)			Consists of certain income tax adjustments, including one-time adjustments to deferred tax balances, impacts from tax law changes, the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, and discrete tax impacts resulting from the Spin-Off and separation from GE.


Adjusted Tax Expense* and Adjusted ETR*	For the years ended December 31
		2025		2024
Benefit (provision) for income taxes		$	(614)	$	(531)
Add: Tax effect of reconciling items(1)		(7)		(42)
Add: Spin-Off and other tax adjustments(2)		72		(17)
Adjusted tax expense*		$	(550)	$	(590)
Effective tax rate		22.2%		20.6%
Adjusted effective tax rate*		20.2%		21.8%


(1)			The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction.
(2)			Consists of certain income tax adjustments, including one-time adjustments to deferred tax balances, impacts from tax law changes, the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, and discrete tax impacts resulting from the Spin-Off and separation from GE.


Free Cash Flow*	For the years ended December 31
	2025		2024		% change
Cash from (used for) operating activities – continuing operations	$	1,987	$	1,955	1.7%
Add: Additions to PP&E and internal-use software	(482)		(401)
Add: Dispositions of PP&E	—		—

Free cash flow*	$	1,505	$	1,554	(3.2)%

___________________

*Non-GAAP Financial Measure

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LIQUIDITY AND CAPITAL RESOURCES

As of December 31, ~~2024~~2025, our Cash, cash equivalents, and restricted cash balance in the Consolidated Statements of Financial Position was $24,~~889~~512 million. We have historically generated positive cash flows from operating activities. Additionally, we have access to revolving credit facilities and a delayed draw term loan facility of $3,500 million and $750 million, respectively, in aggregate, described in detail in Note 9, “Borrowings.”

We believe that our existing balance of Cash, cash equivalents, and restricted cash, future cash generated from operating activities, access to capital markets, and existing credit facilities will be sufficient to meet the needs of our current and ongoing operations, pay taxes due, service our existing debt, and fund investments in our business for at least the next 12 months.

The following table summarizes our cash flows for the periods presented:

Cash Flow	For the years ended December 31
	2024		2023		2022
	2025		2024
Cash from (used for) operating activities – continuing operations	$	1,~~955~~987	$	21,~~101~~955	$	~~2,134~~
Cash from (used for) investing activities – continuing operations	(~~914~~1,047)		(~~558~~914)		~~(398)~~
Cash from (used for) financing activities – continuing operations	~~(573)~~617		(~~478~~573)		~~(822)~~
Free cash flow*	1,~~554~~505		1,~~715~~554		~~1,828~~

Operating Activities

Cash generated from operating activities in the year ended December 31, 2025 was $1,987 million and included Net income of $2,154 million, adjusted for non-cash items including depreciation and amortization expense of $578 million, the gain on remeasurement of the NMP equity method investment of $97 million, and $647 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by company-funded benefit payments for postretirement benefit plans, an increase in receivables due to higher volume, and an increase in inventories to meet business demand in the current trade environment. This includes an impact of approximately $285 million from incremental tariffs.

Cash generated from operating activities in the year ended December 31, 2024 was $1,955 million and included Net income from continuing operations of $2,050 million, non-cash charges primarily for depreciation and amortization of $580 million, and $675 million in outflows from incremental changes in assets and liabilities, primarily driven by company-funded benefit payments for postretirement benefit plans, an increase in receivables due to higher volume, and a build in inventories.

Cash generated from operating activities in the year ended December 31, 2023 was $2,101 million and included Net income from continuing operations of $1,618 million, non-cash charges primarily for depreciation and amortization of $610 million, and $127 million in outflows from incremental changes in assets and liabilities, primarily driven by company-funded benefit payments for postretirement benefit plans and an increase in receivables, partially offset by lower cash taxes paid and a decrease in inventories.

Cash generated from operating activities in the year ended December 31, 2022 was $2,134 million and included Net income from continuing operations of $1,949 million, non-cash charges for depreciation and amortization of $633 million, and a $448 million outflow from changes in assets and liabilities, primarily driven by an increase in both inventories and receivables, and higher cash taxes paid, partially offset by an increase in accounts payable.

Investing Activities

Cash used for investing activities in the year ended December 31, ~~2024~~2025 was $~~914~~1,047 million and primarily included ~~additions~~Additions to PP&E and internal-use software of $~~401~~482 million related mostly to investments in facilities, including manufacturing capacity expansion, and new product introductions, purchases of businesses, net of cash acquired, of $~~313~~378 million largely related to the ~~MIM~~acquisitions ~~Software~~of ~~Inc.~~the ~~(“MIM~~remaining ~~Software”)~~50% interest in NMP and ~~Intelligent~~100% ~~Ultrasound~~of ~~Group~~the ~~PLC~~stock ~~acquisitions~~of icometrix NV (“icometrix”), and a payment of $94178 million for settlement of cross-currency swaps that were designated inas net investment hedges. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the ~~MIM~~NMP ~~Software~~and ~~acquisition,~~icometrix acquisitions and Note 13, “Financial Instruments and Fair Value Measurements” for additional information on the settlement of cross-currency swaps.

Cash used for investing activities in the year ended December 31, ~~2023~~2024 was $~~558~~914 million and primarily included ~~additions~~Additions to PP&E and internal-use software of $~~387~~401 million related mostly to ~~new product introductions,~~ manufacturing capacity expansion, and new product introductions, purchases of businesses, net of cash acquired, of $~~147~~313 million ~~primarily~~ related to ~~Caption~~the ~~Health,~~MIM Software Inc. (“MIM Software”) and Intelligent Ultrasound Group PLC acquisitions, and payment of $94 million for settlement of cross-currency swaps that were designated as net investment hedges. Refer to Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the MIM Software acquisition and Note 13, “Financial Instruments and Fair Value Measurements” for additional information on the settlement of cross-currency swaps.

Cash used for investing activities in the year ended December 31, 2022 was $398 million and primarily included additions to PP&E of $310 million related primarily to manufacturing capacity expansion, and new product introductions.

____________________*Non-GAAP Financial Measure

Financing Activities

Cash ~~used~~generated ~~for~~from financing activities in the year ended December 31, ~~2024~~2025 was $~~573~~617 million and primarily included ~~repayment~~$2,730 million of net proceeds from the issuance of $12,~~000~~750 million aggregate principal amount of senior unsecured notes, ~~and~~partially ~~$400~~offset ~~million~~by inrepayment ~~repayments~~of $1,500 million of ~~the~~senior ~~outstanding~~unsecured ~~Term~~notes ~~Loan~~due ~~Facility,~~in ~~partially~~November ~~offset~~2025 byand $~~995~~ 250 million of ~~net~~our ~~proceeds~~outstanding ~~from~~Term ~~the~~Loan ~~issuance of $1~~Facility,~~000~~ ~~million~~and ~~aggregate~~repurchase ~~principal~~of ~~amount~~common ofstock ~~senior~~for ~~unsecured~~total ~~notes~~consideration ~~due~~of in$200 ~~2029~~million. Refer to Note 9, “Borrowings” and Note 12, “Shareholders' Equity” for further information.

Cash used for financing activities in the year ended December 31, ~~2023~~2024 was $~~478~~573 million and primarily included repayment of $1,~~317~~000 million aggregate principal amount of ~~transfers~~senior tounsecured GEnotes, and $~~850~~ 400 million ~~partial~~in ~~repayment~~repayments of ~~our~~the outstanding Term Loan Facility, ~~and~~partially offset by $~~211~~ 995 million of ~~redemption~~net ofproceeds ~~noncontrolling~~from ~~interests,~~the ~~partially~~issuance ~~offset~~of by $21,000 million ~~drawdown~~aggregate principal amount of ~~the~~senior ~~Term~~unsecured ~~Loan~~notes ~~Facility~~due in 2029.

Cash used for financing activities in the year ended December 31, 2022 was $822 million and primarily included $8,934 million of transfers to GE, partially offset by $8,198 million of newly issued debt.___________________

~~Free~~*Non-GAAP ~~cash~~Financial flow*Measure

Free cash flow* was $1,554 million for the year ended December 31, 2024 and primarily included $1,955 million of cash generated from operating activities, partially offset by $401 million of cash used for additions to PP&E.47

~~Free~~Table ~~cash flow* was $1,715 million for the year ended December 31, 2023 and primarily included $2,101 million~~ of ~~cash generated from operating activities, partially offset by $387 million of cash used for additions to PP&E.~~Contents

Free cash flow* was $1,828 million for the year ended December 31, 2022 and primarily included $2,134 million of cash generated from operating activities, partially offset by $310 million of cash used for additions to PP&E.

Capital Expenditures

Cash used for capital expenditures was $401 million, $387 million, and $310 million for the years ended December 31, 2024, 2023, and 2022, respectively. Capital expenditures were primarily for manufacturing capacity expansion, new product introductions, and equipment and tooling for new and existing products.

Material Cash Requirements

In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future. Information regarding our obligations under lease, debt, and other commitments ~~are~~is provided in Note 7, “Leases,” Note 9, “Borrowings,” and Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies.” We have material cash requirements related to our pension obligations as described in Note 10, “Postretirement Benefit Plans.” Additionally, on November 20, 2025, we announced an agreement to acquire Intelerad for a purchase price of $2,300 million to be paid in cash as described in Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”

Debt and Credit Facilities

~~Additional information on our debt and credit facilities, including definitions of the terms used below, is included in Note 9, “Borrowings.”~~ As part of our capital structure, we have incurred debt. The servicing of this debt is supported by cash flows from our operations. As of December 31, ~~2024~~2025, we had $810,~~951~~003 million of total debt compared to $98,~~442~~951 million as of December 31, ~~2023~~2024. ~~This~~The ~~includes~~increase ain debt was due primarily to our issuances in the second quarter of 2025 of $~~1,000~~650 million aggregate principal amount of senior unsecured notes ~~issued~~due byin ~~the~~2031 ~~Company~~and in$850 million ~~the~~aggregate ~~third~~principal ~~quarter~~amount of ~~2024,~~senior ~~and~~unsecured anotes ~~repayment~~due in 2035, and in the fourth quarter of ~~2024~~2025 of $~~1,000~~ 600 million aggregate principal amount of senior unsecured notes. ~~The~~due ~~decrease~~ in ~~debt~~2028 ~~was~~and $650 million aggregate principal amount of senior unsecured notes due ~~primarily~~in to2035. The issuances were partially offset by repayments of $~~150~~ 1,500 million aggregate principal amount outstanding of the senior unsecured notes due in November 2025 in the fourth quarter of 2025 and of $250 million of the outstanding Term Loan Facility in the first ~~and fourth~~ quarter of ~~2024, respectively~~2025.

~~The~~In ~~weighted~~the ~~average~~fourth ~~interest~~quarter ~~rate~~of 2025, we entered into a Delayed Draw Term Loan Facility in an aggregate committed amount of $750 million as part of the funding for the ~~Notes~~expected acquisition of Intelerad. In addition to the Term Loan Facility and Delayed Draw Term Loan Facility, our ~~Credit~~credit ~~Facilities~~facilities ~~for~~include ~~the~~a five-year ~~ended~~senior unsecured revolving facility that provides borrowings of up to $3,000 million expiring in March 2030, and a 364-day senior unsecured revolving facility that provides borrowings of up to $500 million expiring in March 2026. As of December 31, ~~2024~~2025, ~~was~~there 5were no outstanding borrowings on any of the revolving facilities or the Delayed Draw Term Loan Facility.~~99%~~ Additional information on our debt and credit facilities, including definitions of the terms used above, is included in Note 9, “Borrowings.”

InThe ~~addition~~Credit toFacilities ~~the Term Loan Facility, our credit facilities~~ include avarious ~~five-year~~customary ~~senior~~covenants ~~unsecured revolving facility~~ that ~~provides~~limit, ~~borrowings~~among ofother upthings, tothe ~~$2,500 million~~incurrence ~~expiring~~of inliens ~~January~~securing ~~2028~~debt, ~~and~~the aentry ~~364-day~~into ~~senior~~certain ~~unsecured~~fundamental ~~revolving~~change ~~facility~~transactions ~~that~~by ~~provides~~GE ~~borrowings~~HealthCare, ofand upthe tomaximum ~~$1,000 million~~permitted ~~expiring~~consolidated innet ~~December~~leverage ~~2025~~ratio. As of December 31, ~~2024~~2025, ~~there~~we were noin ~~outstanding~~compliance ~~borrowings~~with onthe ~~either~~covenant ofrequirements, including the ~~two~~maximum ~~revolving~~consolidated ~~facilities~~net leverage ratio.

The Credit Facilities include various customary covenants that limit, among other things, the incurrence of liens securing debt, the entry into certain fundamental change transactions by GE HealthCare, and the maximum permitted leverage ratio. As of December 31, 2024, we were in compliance with the covenant requirements, including the maximum consolidated net leverage ratio.

Access to Capital and Credit Ratings

In connection with the Spin-Off, we accessed the capital markets and raised $10,250 million of debt by issuing $8,250 million of senior unsecured notes in November 2022, completed a drawdown of the Term Loan Facility of $2,000 million in January 2023, and arranged $3,500 million of revolving credit facilities to further support our liquidity needs. In the third quarter of 2024, we issued $1,000 million aggregate principal amount of senior unsecured notes due in 2029. We plan to continue to rely on capital markets, and we expect to have access to credit facilities to fund our operations. The cost and availability of debt financing will be influenced by our credit ratings and market conditions. ~~Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”), and Fitch Ratings (“Fitch”) currently issue ratings on our long-term debt.~~

____________________

*Non-GAAP Financial Measure

Our credit ratings as of February 6, 2025 are set forth in the table below and remain unchanged since the Spin-Off.

	Moody’s	S&P	Fitch
Long-term rating	Baa2	BBB	BBB
Outlook	Stable	Stable	Stable

We are disclosing our credit ratings to enhance the understanding of our sources of liquidity and the effects of our ratings on our costs of funds and access to liquidity. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

For a discussion of recently issued accounting standards, see Note 2, “Summary of Significant Accounting Policies.”

CRITICAL ACCOUNTING ESTIMATES

Our financial results are affected by the selection and application of accounting policies and methods. We have adopted accounting policies to prepare our financial statements in conformity with U.S. GAAP.

To prepare our financial statements in accordance with U.S. GAAP, management makes estimates and assumptions that may affect the reported amounts of our assets and liabilities, including our contingent liabilities, as of the date of our financial statements, and the reported amounts of our revenues and expenses during the reporting periods. Our actual results may differ from these estimates. We consider estimates to be critical (1) if we are required to make assumptions about material matters that are uncertain at the time of estimation or (2) if materially different estimates could have been made or it is reasonably likely that the accounting estimate will change from period to period. The following are areas considered to be critical and require management’s judgment: Revenue Recognition, ~~Business~~Valuation ~~Combination~~of ~~Related~~Assets ~~Measurements~~and Liabilities in Connection with Acquisitions, Pension and Other Postretirement Benefits, and Income Taxes.

See Note 2, “Summary of Significant Accounting Policies” for further information on our significant accounting policies.

REVENUE RECOGNITION.

Our revenues are recorded based on the consideration specified in customer contracts net of any sales incentives, discounts, returns, chargebacks, group purchasing organization fees, rebates, or credits, which are accounted for as estimated variable consideration. Our estimates for these deductions are based upon historical experience and consider current and forecasted market trends. We record the estimated amounts as a reduction to revenue when we recognize the related product or service sale.

Chargebacks are a form of variable consideration that occur when a contracted customer purchases through an intermediary wholesaler. The contracted customer generally purchases product from the wholesaler at its contracted price plus a mark-up. The wholesaler, in turn, charges us back for the difference between the price initially paid by the wholesaler and the contract price paid to the wholesaler by the contracted customer. A provision for outstanding chargebacks is recorded at the time we recognize revenue from the sale to the wholesaler and requires certain estimates such as the wholesaler chargeback rates, the expected sell-through levels by our wholesale customers to contracted customers, as well as estimated wholesaler inventory levels.

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The amounts of variable consideration included in the net transaction price for revenue recognition are limited to the amounts that are estimated to be probable of occurrence to avoid a material revenue reversal in a future period.

When a contract with a customer includes multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling prices. In cases where observable prices for a performance obligation are not available, standalone selling prices are estimated by the Company using our pricing strategies and giving consideration to product configuration, geography, customer type, and other market-specific factors.

See Note 3, “Revenue Recognition” for further information on revenue recognition and Note 5, “Receivables” for further information on chargebacks.

~~BUSINESS~~VALUATION ~~COMBINATION~~OF ~~RELATED~~ASSETS ~~MEASUREMENTS~~AND LIABILITIES IN CONNECTION WITH ACQUISITIONS.

Our financial statements include the operations of an acquired business starting from the completion of the combination. The assets acquired and liabilities assumed, including any contingent consideration we may be liable to pay in the future, are recorded on the date of the business combination at their respective estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired recorded as goodwill. Our business combinations typically result in the recognition of goodwill, developed technology, and other intangible assets, which affect the amount of future period amortization expense. The fair values of acquired intangible assets and liabilities are determined using information available at the business combination date based on estimates and assumptions that are deemed reasonable. Significant assumptions vary by the class of asset or liability and the valuation technique used. These assumptions can include: the discount rates; timing; probability of achieving regulatory and commercialization milestones; inflation rate; and certain assumptions that form the basis of the forecasted results of the acquired business including revenue, costs to comply with asset retirement obligations, earnings before interest, taxes, depreciation and amortization, growth rates, royalty rates, and technology obsolescence rates. These assumptions are forward-looking and could be affected by future economic and market conditions. We engage third-party valuation specialists who review our critical assumptions and prepare the calculations of the fair value of acquired intangible assets in connection with significant business combinations.

52See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for further information on our acquisitions.

See Note 8, “Acquisitions, Goodwill, and Other Intangible Assets” for further information on our business combinations.

PENSION AND OTHER POSTRETIREMENT BENEFITS.

Pension and other postretirement benefits are calculated using significant inputs to the actuarial models that measure pension benefit obligations and related effects on operations. Two assumptions, discount rate and expected return on assets, are important elements of plan expense and related asset and liability measurement. The Company evaluates these critical assumptions at least annually on a plan and country-specific basis. The Company periodically evaluates other assumptions involving demographic factors such as retirement age, mortality, and turnover, and updates them to reflect our experience and expectations for the future. Actual results in any given year often will differ from actuarial assumptions because of economic and other factors.

Projected benefit obligations (“PBO”) are measured as the present value of expected payments. We discount those cash payments using the weighted average of market-observed yields for high-quality fixed-income securities with maturities that correspond to the expected timing of benefit payments.

A 50 basis point change in the assumed discount rate would have the following effects on the calculation of net periodic benefit costs in ~~2025~~2026 and PBO and accumulated postretirement benefit obligation (“APBO”) as of December 31, ~~2024~~2025:

Discount Rate Sensitivity
	U.S. Plans		International Plans		Other Postretirement Plans
50 bps increase in discount rate
Impact on PBO/APBO as of December 31, 2024	$	(812)	$	(195)	$	(32)
Impact on PBO/APBO as of December 31, 2025	$	(827)	$	(192)	$	(29)
Impact on service cost and interest cost in 2025	37		2		3
Impact on service cost and interest cost in 2026	40		3		3
50 bps decrease in discount rate
Impact on PBO/APBO as of December 31, 2024	$	885	$	215	$	33
Impact on PBO/APBO as of December 31, 2025	$	902	$	214	$	31
Impact on service cost and interest cost in 2025	(43)		(3)		(2)
Impact on service cost and interest cost in 2026	(45)		(4)		(2)

The sensitivity of the net deficit to the discount rate would be lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the plan’s asset allocation.

To determine the expected long-term rate of return on pension plan assets, we consider current and target asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields, and spreads, using both internal and external sources. We also consider expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and target allocations. A 1% change in the assumed expected long-term rate of return on plan assets would increase or decrease the 2025 net periodic benefit costs of these plans by $194 million.49

~~Our~~Table ~~pension plan assets contain financial instruments that are measured at fair value. While the majority~~ of these assets are valued based on quoted prices for identical or similar instruments in active markets, the fair value of certain assets is estimated using significant unobservable inputs (Level 3). These assets primarily relate to real estate and private equity investments.Contents

~~For~~To determine the expected long-term rate of return on pension ~~benefits~~plan ~~and~~assets, ~~retiree~~we ~~health~~consider current and ~~life~~target ~~benefits~~asset ~~transferred~~allocations, ~~from~~as GEwell as historical and expected returns on ~~January~~various 1,categories ~~2023,~~of ~~third~~plan assets. In developing future long-~~party~~term ~~actuaries~~return ~~were~~expectations ~~engaged~~for toour ~~assist~~principal benefit plans’ assets, we formulate views on the future economic environment, both in the ~~valuation~~U.S. and abroad. We evaluate general market trends and historical relationships among a number of ~~transferred~~key ~~pension~~variables ~~assets~~that impact asset class returns such as expected earnings growth, inflation, valuations, yields, and ~~liabilities~~spreads, using ~~assumptions~~both ~~provided~~internal and external sources. We also consider expected volatility by GEasset ~~which~~class ~~the~~and ~~Company~~diversification ~~reviewed~~across ~~prior~~classes to ~~recording~~determine ~~amounts~~expected overall portfolio results given current and target allocations. A 1% change in ~~our~~the ~~combined~~assumed ~~financial~~expected ~~statements~~long-term rate of return on plan assets would increase or decrease the 2026 net periodic benefit costs of these plans by $188 million.

WeOur ~~disclose~~pension inplan ~~the~~assets ~~following~~contain ~~table~~financial ~~postretirement~~instruments ~~plans~~that ~~with~~are ~~assets~~measured orat ~~obligations~~fair ~~that~~value. ~~exceed~~While ~~$50~~the ~~million~~majority as of ~~December~~these ~~31,~~assets ~~2024.~~are ~~Refer~~valued tobased ~~Note~~on ~~10,~~quoted ~~“Postretirement~~prices ~~Benefit~~for ~~Plans”~~identical ~~for~~or ~~further~~similar ~~details~~instruments ~~related~~in toactive ~~these~~markets, ~~plans.~~the ~~The~~fair value of ~~the~~certain assets ~~and~~is ~~liabilities~~estimated asusing ofsignificant ~~December~~unobservable ~~31,~~inputs ~~2024~~(Level 3). These assets primarily relate to an annuity contract, ~~are~~real ~~summarized~~estate, inand ~~the~~private ~~table~~equity ~~below~~investments.

	Projected benefit obligations		Fair value of plan assets		Funded status - surplus (deficit)
GE HealthCare Pension Plan	$	15,230	$	13,650	$	(1,580)
GE HealthCare Supplementary Pension Plan	1,886		—		(1,886)
Other U.S. Pension Plans	1,125		727		(398)
Total U.S. Plans	18,241		14,378		(3,863)
International Plans	2,957		3,276		319
OPEB Plans(1)	1,016		—		(1,016)
Total	$	22,214	$	17,654	$	(4,561)
(1) As defined in Note 10, “Postretirement Benefit Plans.”

We disclose in the following table postretirement plans with assets or obligations that exceed $50 million as of December 31, 2025. Refer to Note 10, “Postretirement Benefit Plans” for further details related to these plans. The value of the assets and liabilities as of December 31, 2025, are summarized in the table below.


	Projected benefit obligations		Fair value of plan assets		Funded status - surplus (deficit)
GE HealthCare Pension Plan	$	15,519	$	13,988	$	(1,531)
GE HealthCare Supplementary Pension Plan	1,672		—		(1,672)
Other U.S. Pension Plans	1,378		743		(635)
Total U.S. Plans	18,569		14,731		(3,838)
International Plans	3,148		3,528		380
OPEB Plans(1)	908		—		(908)
Total	$	22,625	$	18,259	$	(4,365)
(1) As defined in Note 10, “Postretirement Benefit Plans.”

INCOME TAXES.

For periods prior to the Spin-Off, GE HealthCare is included in the combined U.S. federal, state, and foreign income tax returns of GE, where eligible. However, we have adopted the separate return method for purposes of our combined financial statements. The income tax provisions reflected in our combined financial statements for the period ended December 31, 2022 have been estimated as if we were a separate taxpayer.

Our annual tax expense is based on our income, applicable statutory tax rates, and tax incentives available to us in the various jurisdictions in which we operate. Changes in existing tax laws or rates could significantly impact the estimate of our tax liabilities. Deferred tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as from net operating loss and tax credit carryforwards. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, taxable income in prior carryback years to the extent applicable, and available tax planning strategies. These sources of income rely heavily on estimates; we use our historical experience as well as our short- and long-range business forecasts to provide insight.

Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. We recognize tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities based on the technical merits of the position. Our policy is to adjust these reserves when facts and circumstances change, such as the change in the technical merit of a position, or an uncertain tax position is effectively settled with the relevant taxing authority, or the statute of limitations has expired. We have provided for the amounts we believe will ultimately result from these changes; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities.

See Note 11, “Income Taxes” for further information on income taxes.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk primarily from changes in foreign currency exchange rates, interest rates, commodity prices, and equity prices, which may impact future income, cash flows, and fair value of our business. In certain situations, we may seek to reduce cash flow volatility associated with changes in foreign currency exchange rates, the foreign currency risk associated with our net investment in foreign operations, or the fair value interest rate risk of our financial instruments bearing fixed interest by entering into financial arrangements intended to provide a hedge against a portion of such risks. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative contracts to the extent they meet the objectives described above, and not for speculative purposes. See Note 13, “Financial Instruments and Fair Value Measurements” for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

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FOREIGN CURRENCY RISK.

As a result of our global operations, we generate and incur a significant portion of our revenues and expenses, including those arising from intercompany transactions, in currencies other than the functional currency of our foreign operations creating exposure to foreign currency translation risk. Such principal currencies include the Euro, the Chinese Renminbi, the Japanese Yen, the Norwegian Krone, and the British Pound Sterling, among others. Operating entities with functional currencies other than the USD also create exposure to foreign currency risk realized upon their sale or a complete or substantially complete liquidation.

We use a number of techniques to manage the effects of foreign currency exchange risk, including hedging of significant currency exposures. We use cash flow hedging primarily to reduce or eliminate the effects of foreign currency exchange rate changes on purchase and sale contracts and economic hedges when we have exposures to foreign currency exchange risk for which we are unable to meet the requirements for hedge accounting. We use net investment hedging to hedge the foreign currency risk of our net investment in foreign operations against adverse movements in exchange rates against the USD. As a result of the above mitigating activities, we have been able to significantly reduce the financial impact of volatility from currency fluctuations.

The potential ~~decrease~~increase in fair value of our foreign currency derivative contracts from a 10% decrease in USD spot rates against other applicable currencies would have been $82111 million as of December 31, ~~2024~~2025. This excludes foreign currency derivative contracts designated as net investment hedges as changes in the fair value of those contracts are not expected to impact earnings. The sensitivity analysis assumes a uniform weakening of USD spot rates against the other applicable currencies, compared to the actual exchange rates applied as of December 31, ~~2024~~2025, with all other factors remaining constant. This sensitivity analysis disregards the offsetting change in value of the underlying hedged currency exposures in earnings.

54The effect arising from foreign currency transactions, including the remeasurement of derivatives mentioned above, can result in significant fluctuations at points in time, but generally will be offset as the underlying hedged item is recognized in earnings. The global nature of our customer base and manufacturing footprint allows for the natural offset of certain income and costs denominated in foreign currencies. See Note 2, “Summary of Significant Accounting Policies” for net gains (losses) from foreign currency transactions for the years ended December 31, 2025, 2024, and 2023.

The effect arising from foreign currency transactions, including the remeasurement of derivatives mentioned above, can result in significant fluctuations at points in time, but generally will be offset as the underlying hedged item is recognized in earnings. The global nature of our customer base and manufacturing footprint allows for the natural offset of certain income and costs denominated in foreign currencies. See Note 2, “Summary of Significant Accounting Policies” for net gains (losses) from foreign currency transactions for the years ended December 31, 2024, 2023, and 2022.

INTEREST RATE RISK.

We are exposed to interest rate risk due to changes in benchmark interest rates related to the fair value of our borrowings bearing fixed interest rates and variability of cash flows related to our investments and borrowings bearing variable interest rates.

As of December 31, ~~2024~~2025, we have $89,~~250~~500 million outstanding principal of fixed-rate ~~debt~~senior unsecured notes and $~~750~~500 million outstanding principal on the Term Loan Facility which carries a variable interest rate. As of December 31, ~~2024~~2025, we have $24,~~889~~512 million of Cash, cash equivalents, and restricted cash, of which $13,~~885~~445 million is invested in short-term investments that generate income based on variable interest rates.

A change in interest rates would impact the fair value of our fixed-rate debt and would impact our earnings and cash flows associated with our floating-rate debt. A hypothetical change of interest rates by 100 basis points would increase or decrease our annual interest expense by approximately $3532 million, partially offset by the change in interest income from our cash investments.

We primarily manage interest rate risk by using a mix of fixed-rate and variable-rate debt that we deem appropriate. As of December 31, ~~2024~~2025, we executed an aggregate notional amount of interest rate swap contracts to synthetically convert $2,700 million of our senior unsecured notes from fixed rates to variable rates as part of our interest rate risk management strategy.

COMMODITY RISK.

We rely upon supplies of certain raw materials including helium, iodine, and rare earth minerals. Worldwide demand, availability, and pricing of these raw materials have been volatile, and we expect that availability and pricing will continue to fluctuate in the future. If supply of these materials is restricted or if prices increase, this could constrain our manufacturing of affected products, reduce our profit margins, or otherwise adversely affect our business, our customers, and patients who may rely on our products.

Similarly, commodities and energy prices are subject to significant volatility. If the costs of certain commodities or of energy, shipping, or transportation increase and we are unable to pass along these costs to our customers, our ~~profit~~financial ~~margins~~results would be adversely affected. Furthermore, increasing our prices to our customers could result in long-term sales declines or loss of market share if our customers find alternative suppliers, which could also have a material adverse effect on our ~~results~~financial ~~of operations~~results.

Disruptions in deliveries, capacity constraints, production disruptions up- or down-stream, price increases, or decreased availability of raw materials or commodities (including as a result of war, natural disasters, climate change-related physical and transitional risks, actual or threatened public health emergencies, or other business continuity events) adversely affect our operations and, depending on the length and severity of the disruption, can limit our ability to meet our commitments to customers or significantly impact our operating profit or cash flows.

We may from time to time engage in hedging transactions to reduce the impact to earnings from commodity price fluctuations. The impact of commodity hedges is recognized in earnings in the applicable current period.51

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EQUITY RISK.

As of December 31, ~~2024~~2025, we have $~~260~~248 million of deferred compensation liabilities subject to the risk of changes in equity prices. A change in the U.S equity markets would result in a corresponding change in the value of these deferred compensation liabilities, which would impact our earnings and cash flows. We may from time to time engage in hedging transactions to reduce the impact to earnings from equity price fluctuations.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Part II. Financial Information
Index
Item 8. Financial Statements and Supplementary Data			Page
Report of Independent Registered Public Accounting Firm - Deloitte & Touche LLP (PCAOB ID No. 34)			57
Consolidated and Combined Statements of Income			60
Consolidated and Combined Statements of Comprehensive Income (Loss)			61
Consolidated Statements of Financial Position			62
Consolidated and Combined Statements of Changes in Equity			63
Consolidated and Combined Statements of Cash Flows			64
Notes to the Consolidated and Combined Financial Statements			65
Note 1. Organization and Basis of Presentation			65
Note 2. Summary of Significant Accounting Policies			66
Note 3. Revenue Recognition			75
Note 4. Segment and Geographical Information			76
Note 5. Receivables			79
Note 6. Financing Receivables			80
Note 7. Leases			80
Note 8. Acquisitions, Goodwill, and Other Intangible Assets			81
Note 9. Borrowings			83
Note 10. Postretirement Benefit Plans			84
Note 11. Income Taxes			90
Note 12. Accumulated Other Comprehensive (Income) Loss – Net			93
Note 13. Financial Instruments and Fair Value Measurements			94
Note 14. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies			98
Note 15. Restructuring Activities			100
Note 16. Share-Based Compensation			100
Note 17. Earnings Per Share			102
Note 18. Supplemental Financial Information			103
Note 19. Related Parties and Transition Services Agreement			106
Note 20. Subsequent Events			108

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of GE HealthCare Technologies, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of GE HealthCare Technologies, Inc. (the "Company") as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated ~~and combined~~ statements of income, comprehensive income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 134, ~~2025~~2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

~~Income~~Revenue ~~Taxes~~Recognition – ~~Valuation~~Allocation ~~Allowance~~of onthe ~~Deferred~~Transaction ~~Tax~~Price ~~Assets~~to —Each Performance Obligation – Refer to Notes 2 and 113 to the financial statements

Critical Audit Matter Description

~~The~~Contracts ~~Company~~for ~~recognizes~~the ~~deferred~~sale ~~income~~of ~~taxes~~products ~~for~~and ~~tax~~services ~~attributes~~often ~~and~~include ~~for~~multiple ~~differences~~distinct ~~between~~performance ~~the~~obligations, ~~financial~~usually ~~statement~~involving ~~and~~an ~~tax~~upfront ~~basis~~deliverable of ~~assets~~equipment and ~~liabilities~~future atperformance ~~enacted~~obligations ~~statutory~~such ~~tax~~as ~~rates~~installation, intraining, ~~effect~~or ~~for~~ the ~~years~~future indelivery ~~which~~of ~~the~~products ~~deferred~~or ~~tax~~services. ~~liability~~If ora ~~asset~~contract iscontains ~~expected~~more tothan beone ~~settled~~performance orobligation, ~~realized.~~the Atransaction ~~valuation~~price ~~allowance~~ is ~~provided~~allocated to ~~offset~~each ~~deferred~~performance ~~tax~~obligation ~~assets~~based ~~if,~~on ~~based~~relative ~~upon~~stand-alone ~~the~~selling ~~available~~price. ~~evidence,~~Stand-alone itselling price is ~~more~~obtained ~~likely~~from ~~than~~sources ~~not~~such ~~that~~as ~~some~~the orseparate ~~all~~selling ofprice ~~the~~for ~~deferred~~that ~~tax~~or ~~assets~~a ~~will~~similar ~~not~~item, beif ~~realized~~reasonably available. ~~Future~~If ~~realization~~such ofevidence ~~deferred~~is ~~tax~~not ~~assets~~reasonably ~~depends~~available, on the ~~existence~~Company ofuses ~~sufficient~~its ~~taxable~~best ~~income~~estimate of ~~the~~selling ~~appropriate~~price, ~~character.~~which ~~Sources~~is ofestablished ~~taxable~~consistent ~~income~~with ~~include~~the ~~future~~pricing ~~reversals~~strategy of ~~deferred~~the ~~tax~~Company ~~assets~~ and ~~liabilities,~~considers ~~expected~~product ~~future~~configuration, ~~taxable income~~geography, ~~taxable~~customer ~~income in prior carryback years if permitted under the tax law~~type, and ~~tax~~other ~~planning~~market-specific ~~strategies~~factors.

The Company’s ~~determination~~allocation of the ~~valuation~~transaction ~~allowance~~price ~~for~~to ~~certain~~each ~~deferred~~performance ~~tax~~obligation ~~assets~~ involves judgments and estimates, including ~~the~~its ~~projected~~best ~~timing~~estimate ~~and pattern~~ of ~~future~~stand-alone ~~reversals~~selling ofprice ~~existing~~for ~~taxable~~performance ~~temporary differences and the projection of future sources of taxable income~~obligations. Auditing ~~management~~the Company’s ~~projected~~allocation ~~timing and pattern~~ of ~~future reversals of existing taxable temporary differences and~~ the ~~projection~~transaction ofprice ~~future~~to ~~sources of taxable income, which affect~~ the ~~recorded~~performance ~~valuation~~obligations ~~allowances~~in ~~for~~a ~~certain~~contract ~~deferred tax assets,~~ required a high degree of auditor judgment and an increased extent of ~~effort,~~auditor ~~including the need to involve our income tax specialists~~effort.

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How the Critical Audit Matter Was Addressed in the Audit

~~With~~Our ~~the assistance of our income tax specialists, our~~ audit procedures related to the ~~determination~~allocation ~~that~~of itthe istransaction ~~more~~price ~~likely~~to ~~than not that sufficient taxable income will be generated in~~ the ~~future~~performance toobligations ~~realize certain net deferred tax assets~~ included the following, among others:

•We ~~considered~~tested ~~relevant~~the ~~tax~~effectiveness ~~laws~~of ~~and~~relevant ~~regulations~~controls inrelated ~~evaluating~~to the ~~appropriateness of management~~Company’s ~~estimates~~determination of ~~future~~stand-alone ~~sources~~selling price and the allocation of ~~taxable~~transaction ~~income~~price to performance obligations.

•We ~~evaluated~~selected ~~the~~certain ~~reasonableness~~products ofand ~~management~~services and tested the Company’s ~~estimates~~estimate of ~~future~~stand-alone ~~sources~~selling ofprice ~~taxable~~by ~~income~~evaluating byhistorical ~~comparing~~prices charged for those performance obligations by the ~~estimates~~Company toor ~~historical~~other ~~sources~~third parties, or by evaluating the reasonableness of ~~taxable~~the ~~income~~Company’s orestimate ~~loss~~if stand-alone selling prices were not available.

•We ~~evaluated~~selected ~~management’s~~a ~~projected~~sample ~~timing~~of ~~and~~revenue ~~projected~~transactions ~~pattern~~and oftested the ~~reversals~~Company’s allocation of ~~existing~~transaction ~~taxable~~price ~~temporary~~to ~~differences~~performance obligations.

•We evaluated whether ~~the~~management’s ~~estimated~~revenue ~~future~~recognition ~~sources~~accounting ofpolicies ~~taxable~~with ~~income~~respect ~~were~~to allocation of the ~~appropriate~~transaction ~~character~~price to ~~utilize~~performance obligations are in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers, and evaluated the ~~deferred~~appropriateness ~~tax~~of ~~assets~~management’s ~~under~~application ~~tax~~of ~~law~~those accounting policies in the determination of revenue recognition conclusions.

/s/ Deloitte & Touche LLP Chicago, Illinois February 134, ~~2025~~2026 We have served as the Company’s auditor since 2022.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of GE HealthCare Technologies Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of GE HealthCare Technologies Inc. (the “Company”) as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, ~~2024~~2025, of the Company and our report dated February 134, ~~2025~~2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP Chicago, Illinois February 134, ~~2025~~2026

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Consolidated Statements of Income
	For the years ended December 31
(In millions, except per share amounts)		2025		2024		2023
Sales of products		$	13,661	$	13,075	$	13,127
Sales of services		6,964		6,597		6,425
Total revenues		20,625		19,672		19,552
Cost of products		8,942		8,271		8,465
Cost of services		3,436		3,196		3,165
Gross profit		8,248		8,205		7,922
Selling, general, and administrative		4,225		4,269		4,282
Research and development		1,260		1,311		1,205
Total operating expenses		5,485		5,580		5,487
Operating income		2,763		2,625		2,435
Interest and other financial charges – net		440		504		542
Non-operating benefit (income) costs		(288)		(406)		(382)
Other (income) expense – net		(157)		(55)		(86)
Income from continuing operations before income taxes		2,768		2,581		2,361
Benefit (provision) for income taxes		(614)		(531)		(743)
Net income from continuing operations		2,154		2,050		1,618
Income (loss) from discontinued operations, net of taxes		—		—		(4)
Net income		2,154		2,050		1,614
Net (income) loss attributable to noncontrolling interests		(70)		(57)		(46)
Net income attributable to GE HealthCare		2,084		1,993		1,568
Deemed preferred stock dividend of redeemable noncontrolling interest		—		—		(183)
Net income attributable to GE HealthCare common stockholders		$	2,084	$	1,993	$	1,385

Earnings per share from continuing operations attributable to GE HealthCare common stockholders:
Basic		$	4.56	$	4.37	$	3.06
Diluted		4.55		4.34		3.04
Earnings per share attributable to GE HealthCare common stockholders:
Basic		$	4.56	$	4.37	$	3.05
Diluted		4.55		4.34		3.03
Weighted-average number of shares outstanding:
Basic		456		456		455
Diluted		458		459		458

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Comprehensive Income (Loss)

	For the years ended December 31
(In millions)		2025		2024		2023
Net income attributable to GE HealthCare		$	2,084	$	1,993	$	1,568
Net income (loss) attributable to noncontrolling interests		70		57		46
Net income		2,154		2,050		1,614
Other comprehensive income (loss):

Currency translation adjustments – net of taxes		418		(271)		74
Pension and Other Postretirement Plans – net of taxes		(422)		(456)		(897)
Cash flow hedges – net of taxes		(16)		36		(27)
Other comprehensive income (loss)		(19)		(691)		(850)
Comprehensive income (loss)		2,134		1,359		764
Less: Comprehensive income (loss) attributable to noncontrolling interests		60		53		9
Comprehensive income attributable to GE HealthCare		$	2,074	$	1,306	$	755

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Financial Position
	As of
(In millions, except share and per share amounts)	December 31, 2025		December 31, 2024
Cash, cash equivalents, and restricted cash	$	4,512	$	2,889
Receivables – net of allowances of $103 and $103	3,955		3,566

Inventories	2,234		1,939
Contract and other deferred assets	1,073		974
All other current assets	726		532
Current assets	12,501		9,901
Property, plant, and equipment – net	3,092		2,550
Goodwill	13,489		13,136
Other intangible assets – net	1,130		1,078
Deferred income taxes	4,491		4,474
All other non-current assets	2,205		1,950
Total assets	$	36,906	$	33,089
Short-term borrowings	$	508	$	1,502
Accounts payable	3,250		3,035

Contract liabilities	2,095		1,943
Current compensation and benefits	1,666		1,521
All other current liabilities	1,587		1,552
Current liabilities	9,105		9,553
Long-term borrowings	9,495		7,449
Non-current compensation and benefits	5,453		5,583
Deferred income taxes	193		56
All other non-current liabilities	2,061		1,796
Total liabilities	26,307		24,437
Commitments and contingencies
Redeemable noncontrolling interests	209		188
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 458,844,209 shares issued as of December 31, 2025; 457,246,971 shares issued as of December 31, 2024	5		5
Treasury stock, at cost, 3,107,626 shares as of December 31, 2025 and 291,053 shares as of December 31, 2024	(225)		(25)
Additional paid-in capital	6,707		6,583
Retained earnings	5,281		3,262

Accumulated other comprehensive income (loss) – net	(1,388)		(1,379)
Total equity attributable to GE HealthCare	10,379		8,446
Noncontrolling interests	11		18
Total equity	10,390		8,464
Total liabilities, redeemable noncontrolling interests, and equity	$	36,906	$	33,089

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Changes in Equity
	Common stock			Treasury stock
(In millions, except per share amounts)	Shares	Amount		Shares	Amount		Additional paid-in capital		Retained earnings		Net parent investment		Accumulated other comprehensive income (loss) – net		Equity attributable to noncontrolling interests		Total equity

Balances as of December 31, 2022	—	$	—	—	$	—	$	—	$	—	$	11,235	$	(1,878)	$	5	$	9,362
Net transfers from GE, including Spin-Off-related adjustments	—	—		—	—		—		—		(4,851)		2,000		2		(2,849)
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment	454	5		—	—		6,379		—		(6,384)		—		—		—
Issuance of shares under equity awards, net of shares withheld for taxes and other	1	—		—	—		—		—		—		—		—		—
Net income attributable to GE HealthCare	—	—		—	—		—		1,568		—		—		—		1,568
Dividends declared ($0.12 per common share)	—	—		—	—		—		(55)		—		—		—		(55)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—	—		—		—		—		(813)		—		(813)
Changes in equity attributable to noncontrolling interests	—	—		—	—		—		—		—		—		5		5
Share-based compensation	—	—		—	—		114		—		—		—		—		114
Changes in equity due to redemption value adjustments on redeemable noncontrolling interests	—	—		—	—		—		(187)		—		—		—		(187)
Balances as of December 31, 2023	455	5		—	—		6,493		1,326		—		(691)		12		7,145
Issuance of shares under equity awards, net of shares withheld for taxes and other	2	—		—	(25)		(35)		—		—		—		—		(60)
Net income attributable to GE HealthCare	—	—		—	—		—		1,993		—		—		—		1,993
Dividends declared ($0.125 per common share)	—	—		—	—		—		(58)		—		—		—		(58)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—	—		—		—		—		(688)		—		(688)
Changes in equity attributable to noncontrolling interests	—	—		—	—		—		—		—		—		7		7
Share-based compensation	—	—		—	—		125		—		—		—		—		125
Balances as of December 31, 2024	457	5		—	(25)		6,583		3,262		—		(1,379)		18		8,464
Issuance of shares under equity awards, net of shares withheld for taxes and other	2	—		—	—		(5)		—		—		—		—		(5)
Repurchase of common stock	—	—		3	(200)		—		—		—		—		—		(200)
Net income attributable to GE HealthCare	—	—		—	—		—		2,084		—		—		—		2,084
Dividends declared ($0.14 per common share)	—	—		—	—		—		(64)		—		—		—		(64)
Other comprehensive income (loss) attributable to GE HealthCare	—	—		—	—		—		—		—		(9)		—		(9)
Changes in equity attributable to noncontrolling interests	—	—

Filing Compare · GE HealthCare Technologies Inc.