stockrowWhat it does
GE HealthCare Technologies sells medical equipment, diagnostic drugs, software and services to hospitals, health systems and researchers. Its products help clinicians see inside the body, monitor patients and guide treatment. The company is headquartered in Chicago, Illinois, and Peter J. Arduini is its chief executive.
Its imaging equipment includes CT and magnetic resonance scanners, X-ray systems and molecular imaging machines. These devices produce images used to investigate conditions such as cancer, heart disease and injuries. The company also sells ultrasound equipment used in examinations and procedures, including devices for women’s health and cardiovascular care.
GE HealthCare’s patient care products include bedside and wearable monitors, electrocardiogram devices, anesthesia equipment and products for newborn care. Its pharmaceutical diagnostics business supplies contrast agents that make structures more visible on scans, as well as radiopharmaceutical tracers that help clinicians assess biological activity. Those agents can be used with GE HealthCare equipment and with other manufacturers’ systems.
The company also sells software, including AI-enabled tools designed to assist clinicians and improve workflows. Services range from equipment maintenance to training and data integration. GE HealthCare serves customers in public, private, academic and government institutions in over 160 countries.
In 2025, the business was organized into Imaging, Advanced Visualization Solutions, Patient Care Solutions and Pharmaceutical Diagnostics. GE HealthCare subsequently combined Imaging and Advanced Visualization Solutions into Advanced Imaging Solutions.
How it makes money
GE HealthCare earns revenue from equipment and other product sales, as well as services that maintain and support equipment after installation. Total revenue was $20,625 million in 2025 and $5.5 billion in the third quarter of 2026.
Product revenue was $13.7 billion in 2025, while service revenue was $7.0 billion. Imaging was the largest reported segment in 2025, with $9.2 billion in revenue. Its equipment includes CT, MR, molecular imaging, women’s health and X-ray systems; the segment also sells software and associated services.
Advanced Visualization Solutions sold ultrasound and procedural guidance products, including systems used in cardiovascular care and surgical imaging. Patient Care Solutions supplied monitors, anesthesia equipment and neonatal products, together with consumables, digital applications and services. Pharmaceutical Diagnostics generated revenue from contrast media and radiopharmaceutical agents used in scans. In the third quarter of 2026, the company reported Advanced Imaging Solutions, Pharmaceutical Diagnostics and Patient Care Solutions as its segments.
Some revenue follows the use or maintenance of equipment rather than a new equipment purchase. Sales teams offer long-term maintenance agreements, system upgrades and software-as-a-service agreements alongside equipment contracts. Patient monitoring consumables and certain digital applications also produce recurring revenue. Diagnostic agents are used in individual scans, so Pharmaceutical Diagnostics revenue recurs as patients are scanned.
The company reported growth in both product and service revenue in the third quarter of 2026. It said pricing and cost actions contributed to margin improvement, while higher volumes also supported profitability. For its Vivid cardiovascular platform, GE HealthCare said AI-enabled features supported premium pricing and a simplified design reduced manufacturing costs.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Product | $13.7 billion | 66.2% | 4.48% |
| Service | $7.0 billion | 33.8% | 5.56% |
Customers and how it sells
GE HealthCare sells to hospitals, health systems and researchers, including public, private, academic and government institutions. Its customers buy equipment for screening, diagnosis, procedures and patient monitoring, as well as diagnostic agents and support for installed systems. Some service contracts also cover equipment made by other manufacturers.
The company reaches customers through its own sales teams, agents and distributors. Its commercial organization includes field-based and inside sales teams, regional marketing and virtual sales. Equipment and service representatives work together on equipment contracts, maintenance agreements and software subscriptions. Strategic account teams work with senior leaders at major customers on longer-term commercial collaborations.
GE HealthCare serves customers in over 160 countries. In 2025, revenue from the United States was $9.2 billion, China revenue was $2.0 billion, and revenue from all other countries was $9.4 billion. Those figures identify China as a country, rather than the broader China region used in some of the company’s regional reporting.
The company said local competition and volume-based procurement policies had affected its orders and revenue in China. Customer spending patterns also affect timing: its fourth-quarter financial results have historically been higher than other quarters.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| All other countries | $9.4 billion | 45.7% | 5.70% |
| United States | $9.2 billion | 44.4% | 6.39% |
| China | $2.0 billion | 9.85% | −4.87% |
Suppliers and costs
GE HealthCare manages sourcing, production and distribution globally, with facilities serving particular regions. It has manufacturing, assembly and pharmaceutical production in 44 facilities across 17 countries. Its supply-chain practices include maintaining buffer capacity and diversifying sourcing and manufacturing locations.
The cost of products includes manufacturing and engineering expenses. Service costs include the costs of supporting installed equipment. In 2025, both product and service costs rose as a share of their respective sales, reflecting cost inflation that included incremental tariffs. Product costs also included investment in work on new products and maintenance of existing products after launch.
Tariffs reduced operating income by approximately $245 million for the year ended December 31, 2025. The company said its mitigation actions would not fully offset the additional costs or other negative effects of tariffs at the levels then communicated.
In the third quarter of 2026, GE HealthCare said memory-chip inflation and higher oil prices had hurt margins. It entered multiyear agreements with technology partners to secure memory chips. Patient Care Solutions also experienced supplier issues and supply constraints in the first half of 2026; the company said improved supplier and factory execution subsequently helped product fulfillment.
- Revenue$20.6B
- Cost of revenue−$12.4B
- Research and development−$1.3B
- Selling, general and administrative−$4.2B
- Operating income$2.8B
Competitive position
GE HealthCare competes with medical technology manufacturers, distributors and service providers. Its primary global competitors include Siemens Healthineers, Philips Healthcare, United Imaging, Mindray and Canon. In Pharmaceutical Diagnostics, its principal competitors include Bayer, Bracco, Guerbet and Curium. The company also both competes and partners with digital health and healthcare AI businesses.
Competition varies by product but includes price and value, product performance, safety, delivery speed, service, technology, software and brand reputation. Independent service organizations repair and maintain medical equipment made by manufacturers, including GE HealthCare. Competitors can also introduce lower-priced products or generic versions when proprietary protections expire.
Our reading: The installed equipment base and service relationships provide a meaningful source of customer access, because the company can offer maintenance, upgrades and software alongside equipment sales, although independent service providers compete for that work.
Our reading: The combination of imaging equipment and diagnostic agents gives GE HealthCare a differentiated offering, but the agents also work with other manufacturers’ equipment and face established pharmaceutical diagnostics competitors.
Our reading: Intellectual property offers protection across the portfolio, but no single asset or group of assets is material to the company as a whole. Continued product development matters because competitors can respond to technological change and customer requirements.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Siemens Healthineers | Medical technology | High |
| Philips Healthcare | Medical technology | High |
| United Imaging | Medical technology | High |
| Mindray | Medical technology | High |
| Canon | Medical technology | High |
| Bayer | Pharmaceutical diagnostics | High |
| Bracco | Pharmaceutical diagnostics | High |
| Guerbet | Pharmaceutical diagnostics | High |
Growth opportunities
GE HealthCare is investing in imaging equipment, software, diagnostic agents and its distribution capabilities. It also acquires technologies and businesses that expand or complement its existing operations. In the third quarter of 2026, the company reported organic revenue growth across its segments and raised its full-year outlook.
GE HealthCare expects approximately 4% organic revenue growth for 2026. Its third-quarter organic growth was 6.2%, with demand supporting orders and backlog. The company said its Patient Care Solutions business improved product fulfillment during the quarter after earlier supply challenges.
The company has expanded ultrasound platforms in cardiovascular care, women’s health and general imaging. It received CE marking for its Photonova Spectra photon-counting CT system; its StarGuide GX SPECT/CT system was pending FDA clearance as of the third-quarter update. Software upgrades and service agreements provide other ways to sell to customers with installed equipment.
In Pharmaceutical Diagnostics, GE HealthCare is developing a manganese-based MR contrast agent. The company estimates that the agent could address a nearly $1.2 billion market and says its combined phase two and phase three trial is progressing. It also announced plans to acquire SOFIE Biosciences, which it expects to establish a U.S. final-mile PET radiopharmaceutical supply footprint upon closing and add the FAPI 74 tracer to its pipeline.
GE HealthCare’s stated Flyrcado target is $500 million or more in annual revenue by 2028. It reported growing adoption among existing cardiac PET-CT programs and customers converting from SPECT to PET.
- $17.6BFY2021
- $18.3BFY2022
- $19.6BFY2023
- $19.7BFY2024
- $20.6BFY2025
Structural risks
- Competition and technology: Competitors may introduce more affordable products, respond faster to customer needs or develop technologies that render existing products obsolete. Independent service organizations also compete to maintain and repair medical devices.
- Regulation and product safety: Medical devices and pharmaceuticals face extensive authorization, manufacturing and post-market requirements. Regulatory action could limit GE HealthCare’s ability to develop, market or distribute products. Privacy and cybersecurity laws also apply to its handling of patient data and software offerings.
- Trade and costs: Tariffs affected 2025 operating income, and the company does not expect its mitigation actions to fully offset their additional costs at the levels then communicated. GE HealthCare also identified potential Section 232 tariffs as a significant uncertainty.
- Supply and execution: Patient Care Solutions faced supplier constraints in the first half of 2026. Diagnostic-agent customers require timely supply, because shortages or delays can disrupt workflows and lead to canceled exams.
- Acquisitions and debt: The company’s strategy depends partly on acquisitions and collaborations. Integration difficulties, acquired liabilities or failure to achieve expected opportunities can affect results. Existing and additional indebtedness can also have consequences for the business.
Bottom line
Our reading
GE HealthCare combines equipment sales with services, consumables and diagnostic agents that can generate revenue after an installation. Its customer relationships and product range support that model, but they do not remove competition from equipment makers, diagnostic-drug suppliers and independent service providers. Growth investments in imaging and pharmaceutical diagnostics sit alongside exposure to regulatory requirements, supply constraints and changing trade costs.