Research · Sep 3, 2026
[GEHC] GE HealthCare Thesis 2026: Enterprise Deals Scale as Free Cash Flow Target Raised
GE HealthCare Technologies FY25 revenue $20.63B (+5%); op income $2.76B (+5%); NI $2.08B (+5%); EPS $4.55. Pharmaceutical Diagnostics +13% organic Q4 (Flyrcado + Nihon Medi-Physics). Imaging +5.3% Q4; AVS +4.2% (4 consecutive quarters of margin expansion). Backlog $21.2B; $7B+ enterprise deals (UC San Diego). $1B buyback authorized; $-200M FY25. icometrix + IntelliRed M&A. FY26 guide: revenue +3-4%, adj EBIT 15.8-16.1% (+50-80bp), adj EPS $4.95-$5.15 (+8-12%), FCF ~$1.7B (+13%).