GE HealthCare filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $21.6 billion, which rose 6.9% on the year before. That growth rate was up 0.4 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 0.6% | 13.3% | 7.9% |
| FY25 Q1 | 1.6% | 13.7% | 7.0% |
| FY25 Q2 | 2.3% | 13.8% | 7.9% |
| FY25 Q3 | 3.5% | 13.5% | 6.9% |
| FY25 Q4 | 4.8% | 13.4% | 7.3% |
| FY26 Q1 | 6.0% | 12.6% | 7.2% |
| FY26 Q2 | 6.5% | 12.9% | 7.4% |
| FY26 Q3 | 6.9% | 13.3% | 8.7% |
What stands out in the filings
Net income fell 2.8% over the year while free cash flow rose 34.9%, indicating that reported profit and cash are moving at different speeds.
Profitability
Reported cash is holding up better than reported profit. The trailing gross margin was 39.9%. The trailing operating margin was 13.3%, down 0.2 percentage points from a year earlier, while the trailing net margin was 10.0%. Net income over the twelve months was $2.2 billion, which fell 2.8% on the year before.
Where the cash went
The cash flow statement shows growth. Operating cash flow over the twelve months was $2.4 billion, up 30.5% on the year before. Capital spending was $526.0 million, or 2.4% of revenue. Free cash flow, operating cash flow less capital spending, was $1.9 billion, up 34.9% on the year before. The free-cash-flow margin was 8.7% of revenue, up 1.8 percentage points from a year earlier.
The share base
The average diluted share count fell 0.6% over the year.
In context
Measured against its own history: today’s free-cash-flow margin of 8.7% is higher than 67% of the company’s own past quarterly readings, which have ranged from 6.9% to 9.9%. Today’s operating margin of 13.3% is higher than 53% of past readings (12.4% to 13.8%). Today’s twelve-month revenue growth rate of 6.9% is above every past reading (0.6% to 6.6%).
Guidance
The company kept its full-year 2026 guidance for organic revenue growth (adjusted) at 3% to 4%, for adjusted EBIT margin at 15.4% to 15.7%, for inflation associated with memory chips, oil and freight and other components at $250.0 million, and for adjusted effective tax rate (ETR) at 20% to 21%.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 34.6%, and 5 percentage points higher would raise it by 45.1%. A free-cash-flow margin 1 percentage point lower would lower it by 15.9%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
