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, 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 princip ...

Exhibit 99 GE HealthCare reports fourth quarter and full year 2025 financial results Company exceeds topline and earnings per share expectations; demonstrates operational resilience Fourth quarter 2025 highlights (1) Full year 2025 highlights (1) Chicago, IL – February 4, 2026 – GE HealthCare (Nasdaq: GEHC) today reported financial results for the fourth quarter and full year ended December 31, 2025. GE HealthCare President and CEO Peter Arduini said, "In our third year as a public company, we've made great ...

Core Insights - GE HealthCare reported strong financial results for Q4 and the full year ended December 31, 2025, highlighting significant growth in key segments [1] Financial Performance - The company experienced growth in Pharmaceutical Diagnostics, Imaging, and Advanced Visualization Solutions, indicating successful execution of its strategic focus [1]

Key Takeaways GEHC secures FDA 510(k) clearance and CE Mark for Allia Moveo, enabling commercialization.Allia Moveo's compact, cable-free design and AI-enabled guidance aim to boost workflow efficiency.GEHC reports first global installation in France and initial U.S. deployment, supporting vascular procedures.GE HealthCare Technologies Inc. (GEHC) recently announced that it has obtained FDA 510(k) clearance and CE Marking for its Allia Moveo, enabling commercialization of its latest interventional imaging p ...

Core Viewpoint - GE HealthCare Technologies Inc. (GEHC) is expected to report its fourth-quarter 2025 results on February 4, with a history of exceeding earnings estimates in the previous four quarters, averaging an 11.11% surprise [1][2]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for GEHC's fourth-quarter 2025 revenues is $5.59 billion, reflecting a 5.2% increase from the prior-year quarter [2]. - The consensus estimate for adjusted earnings per share (EPS) is $1.43, indicating a 1.4% decrease from the prior-year period [2]. Performance Drivers - GE HealthCare's fourth-quarter performance is anticipated to be steady, driven by strong customer demand, a favorable capital equipment environment, and traction from recent product launches [3]. - Organic revenue growth is expected to remain robust, with strong execution across Imaging, Advanced Visualization Solutions (AVS), and Pharmaceutical Diagnostics, despite margin pressures from tariffs and investment spending [3][4]. Segment Analysis Imaging - Revenue growth in the Imaging segment is supported by strong demand in the U.S. and EMEA markets, with customers upgrading aging diagnostic imaging equipment [5]. - Order trends remained strong, bolstered by large system deals and a healthy capital spending backdrop, although margins faced headwinds from tariffs [5][6]. Advanced Visualization Solutions - The AVS segment is likely to show solid performance, driven by strong adoption of AI-enabled ultrasound and image-guided solutions, contributing to above-average revenue growth [7][8]. Patient Care Solutions - The Patient Care Solutions segment is expected to have softer performance due to a temporary product hold that constrained shipments, although improvements are anticipated following the resolution of this issue [9]. Pharmaceutical Diagnostics - The Pharmaceutical Diagnostics segment is projected to deliver strong results, driven by growth in contrast media and radiopharmaceuticals, despite some margin pressure from planned investments and integration costs [10]. Margin and EPS Outlook - GE HealthCare's margins and EPS are expected to show sequential improvement, supported by volume recovery in Patient Care Solutions and continued productivity actions, despite ongoing tariff-related headwinds [11]. Share Price Performance - Over the past six months, GE HealthCare's shares have increased by 13.4%, outperforming the industry, which saw a 9.6% decline, and the S&P 500, which gained 13.1% during the same period [14].

Group 1 - GE HealthCare Technologies (NASDAQ:GEHC) is recognized as one of the top 12 Medical Devices stocks to invest in according to hedge funds [1] - David Roman from Goldman Sachs has reiterated a Buy rating for GE HealthCare Technologies and raised the price target from $86 to $98, indicating a potential upside of nearly 24% for investors [1] - Vijay Kumar of Evercore ISI has maintained an Outperform rating on GE HealthCare Technologies, with an upward revision of the price target from $92 to $95, suggesting an anticipated upside of nearly 20% [3] Group 2 - The company operates in the pharmaceutical diagnostics and medical technology sectors, focusing on precision care through the development and marketing of products and services used in patient diagnosis, treatment, and monitoring [5] - GE HealthCare Technologies is structured into four segments: Advanced Visualization Solutions (AVS), Imaging, Patient Care Solutions (PCS), and Pharmaceutical Diagnostics (PDx) [5] - Kumar expects 2026 to present interesting prospects for the medical technology space, driven by strong capital expenditure trends and recovery indicators in China [4]

Core Insights - The MRI equipment market is experiencing significant growth, with the global MRI main magnet market size projected to increase from 2.61 billion in 2020 to 3.08 billion by 2025, reflecting a compound annual growth rate (CAGR) of 3.4% [12] - In China, the MRI main magnet market is expected to reach 3.08 billion by 2025, with a year-on-year growth of 6.9%, surpassing the global growth rate [12] - Major companies like Siemens Healthineers, GE Healthcare, and Philips Healthcare are focusing on in-house production of core components, creating technological barriers and market advantages [12][14] MRI Main Magnet Industry Overview - MRI (Magnetic Resonance Imaging) relies on strong, stable magnetic fields, with the main magnet being a critical component that generates the magnetic field [1][5] - Main magnets can be categorized into permanent magnets and electromagnetic types, with superconducting magnets being the preferred choice for high-field MRI systems [5][6] - The main magnet system accounts for approximately 30%-40% of the cost in 1.5T MRI systems and up to 50% in 3.0T systems [11] Market Dynamics - The demand for MRI equipment is closely linked to the overall development of the MRI industry, which is expanding due to increased healthcare spending and technological advancements [12] - The Chinese MRI equipment market is projected to recover in 2024 after a decline in 2023, with an expected growth to 17.59 billion by 2025, marking a 6% increase [9] Competitive Landscape - The top five companies in the Chinese market for superconducting magnets in 2024 are Siemens Healthineers, GE Healthcare, United Imaging, Philips Healthcare, and the third-party supplier, Jiexin Superconductor, which holds a 7.2% market share [14] - Companies lacking the capability to produce their own magnets often rely on third-party suppliers, leading to a competitive disadvantage [12] Industry Trends - The MRI main magnet industry is evolving towards helium-free, high-field, and digital intelligent technologies, enhancing reliability and reducing maintenance costs [15] - Recent advancements include the development of a domestically produced 5.0T MRI system by United Imaging, indicating progress in breaking foreign technology monopolies [15]

Group 1 - GE HealthCare Technologies Inc. (NASDAQ:GEHC) is involved in selling medical equipment such as MRI machines, CT scanners, and ultrasound systems to hospitals [2] - The company was spun out of General Electric (GE) in early 2023, allowing it to benefit from a "focus dividend" with a dedicated management team for capital allocation and strategy [2] - Jim Cramer suggested that GE HealthCare does not have the same potential as GE Vernova and GE Aerospace, recommending investors to sell their shares in GEHC [1] Group 2 - Cooper Investors Global Equities Fund added GE HealthCare Technologies Inc. to its portfolio in late 2023, indicating a positive outlook on the company's future [2] - The primary products of GE HealthCare include large, sophisticated imaging machines such as ultrasounds, X-rays, and CT scanners [2]

Summary of China Healthcare Industry Conference Call Industry Overview - **Industry**: China Healthcare Industry - **Report Date**: January 21, 2026 - **Sentiment**: Cautiously optimistic outlook for 2026 regarding hospital capital expenditures and market dynamics [1][2] Key Insights Capital Expenditure Trends - **Stable to Moderate Growth**: Hospital capital expenditures are expected to remain stable with moderate growth in 2026 [2] - **Survey Results**: 59% of surveyed hospital managers anticipate capital expenditure growth in 2026, up from 43% in late 2024, but still below 85% in late 2023 [3] - **Projected Growth Rate**: Expected capital expenditure growth of 4.7% in 2026, compared to 3.0% growth anticipated for 2025 [3] - **Actual Growth Expectations**: Respondents expect actual capital expenditure growth of 5.8% for 2025, indicating limited visibility on actual demand [3] Key Drivers of Expenditure - **Primary Drivers**: 1. Hospital Surplus (69%) 2. Patient Demand (50%) 3. Local Fiscal Budgets (44%) [3] - **Service Volume Constraints**: Factors such as Diagnosis-Related Group (DRG) payment limits and medical insurance settlements are seen as major constraints on service volume [3] Equipment and Technology Focus - **Investment Priorities**: Hospitals are prioritizing investments in AI, endoscopy, and imaging equipment, with a focus on surgical and flexible endoscopes, followed by CT and ultrasound [3] - **Weak Demand**: In vitro diagnostics are expected to remain weak [3] Company-Specific Insights Beneficiaries of Capital Expenditure Growth - **Mindray Medical (300760.SZ)**: Expected to benefit from a stable capital expenditure environment, with anticipated single-digit revenue growth in 2026. The company is expected to maintain a 16% share of planned capital expenditures [4][10] - **United Imaging (688271.SS)**: Anticipated to benefit from strong demand in high-end imaging, with projected revenue growth of approximately 21% in 2026 [4][11] - **New Industries (300832.SZ)**: Expected to face continued pricing pressure in in vitro diagnostics but may achieve above-industry growth due to healthy demand for chemical luminescence analyzers [4][12] - **Huatai Medical (688617.SS)**: Positioned to capitalize on the growing adoption of pulse field ablation technology, with projected revenue growth of 30% in 2026 [4][13] - **Guichuang Tongqiao (2190.HK)**: Expected to see revenue growth of around 30% driven by increased demand for neurointerventional and peripheral interventional procedures [4][15] Challenges for Global Players - **GE Healthcare**: Faces mixed impacts from increased capital expenditure and growing preference for local brands, which may offset some growth [4][16] - **Siemens Healthineers (SHL)**: Cautious outlook due to slow recovery in utilization rates and increased pricing pressure from procurement policies [4][17] - **Philips (PHIA)**: Similar cautious outlook with potential declines in market share for CT and ultrasound equipment [4][18] - **Olympus (7733.T)**: Expected to face challenges in maintaining market share in the digestive endoscopy market [4][19] - **Hologic (6869.T)**: Anticipated slowdown in clinical testing volumes and potential market share decline in hematology [4][20] Additional Observations - **Market Dynamics**: The report highlights a complex landscape for global medical technology companies in China, with both opportunities and pressures from local competition and procurement policies [4][16][17][18][19][20] - **Emerging Trends**: The shift towards local brands and the impact of procurement policies are significant trends that may reshape the competitive landscape in the healthcare sector [4][16][17][18][19][20]

Market Overview - The S&P 500 has increased by 17% over the past year and 2.5% over the past month, currently surpassing the 6,950 mark with 7,300 as a potential target [1] - A rotation is occurring in the market, with mega-cap tech stocks cooling while overall breadth improves, indicating a shift towards more diverse growth across small caps and energy stocks [2] - Despite modest upside forecasts for the S&P 500 in 2026, rising valuation metrics and ongoing volatility may lead to selective trimming of positions [2][3] Company-Specific Insights Tesla (TSLA) - Tesla shares are currently trading at $440, down approximately 9% over the last month, facing rising price pressures and increased competition, particularly from BYD in China [4] - Deliveries fell by about 8.6% year-over-year, and the Cybertruck is underperforming in sales volume [4] - Major fund managers, including ARK Innovation ETF, are reducing their Tesla holdings, indicating a lack of confidence in the stock's future performance [4] GE HealthCare Technologies (GEHC) - GE HealthCare Technologies is trading at $82 per share, with sales in China declining by approximately 11% and 18% year-over-year in the first and second quarters of 2024, respectively [6] - The company has been downgraded by UBS due to competitive pressures and risks from rising generics that are not fully priced in [6] - Despite a steady dividend payout of 0.18%, the stock faces limited upside and increased competition in the medical technology market [8] UnitedHealth (UNH) - UnitedHealth shares are trading at less than $340, down 34% over the past year, primarily due to rising medical costs and a significant drop in Medicaid margins projected to decline from -0.1% in 2025 to -1.8% in 2026 [9] - The company has faced management challenges, including curbing earnings guidance and scrutiny over diagnosis practices, leading to increased uncertainty [10] - Analysts suggest selling UNH shares until clearer visibility on its performance emerges [10]