GEHC — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
GE HealthCare grew Q2 2026 revenue 5.7% (3.5% organic) on record 11.1% organic orders growth, but its 16.5% GAAP EPS jump to $1.24 leaned on refunds of 2025 tariffs; adjusted EPS rose 6.6% to $1.13 as Patient Care Solutions swung to a loss.
- Revenue
- $5.3B
- +5.7% YoY
- Net income
- $561M
- +15.5% YoY
- Diluted EPS
- $1.24
- +16.5% YoY
- Operating margin
- 14.0%
Overview
GE HealthCare's second quarter of 2026 (three months ended June 30) has a strong headline and a more ordinary engine underneath. Revenue rose 5.7% to $5.30 billion, and diluted earnings per share (EPS, profit divided by the share count) jumped 16.5% to $1.24. But much of that jump came from a one-off: refunds of US tariffs that the Supreme Court ruled illegal in February 2026. Organic growth, which strips out acquisitions and currency swings so you see the business's own growth, was 3.5%. Adjusted EPS, the company's preferred measure that removes one-off items (including the refund relating to 2025), rose a more modest 6.6% to $1.13.
The quarter also shows a business moving at two speeds. Contrast media and radioactive tracers (Pharmaceutical Diagnostics) grew 14.6% organically, and the combined scanner business grew 5.0%. Patient monitoring equipment (Patient Care Solutions) shrank 13.5% and fell to a segment loss. Management now says it is "reviewing strategic options" for that unit, which can mean anything up to a sale. Orders, the strongest number in the release, rose 11.1% organically.
This is the first quarter reported under a new structure. GE HealthCare merged its Imaging and Advanced Visualization Solutions (ultrasound and image-guided procedure systems) units into one segment, Advanced Imaging Solutions (AIS), and restated past periods to match. It now reports three segments: AIS, Pharmaceutical Diagnostics (PDx) and Patient Care Solutions (PCS).
Key metrics
| Metric | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Revenue | $5,295M | $5,007M | +5.7% |
| Organic revenue growth* | 3.5% | — | — |
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