GE HealthCare’s ‘Record’ Quarter Amid CFO Transition

GE HealthCare’s impressive Q2 2026 results arrive soon after the company announced a significant change to its finance leadership.

Chief Financial Officer Jay Saccaro is stepping down on 14 August 2026, with long-standing GE finance executive George Newcomb appointed interim CFO while a search for a permanent successor gets underway.

The company's Q2 revenue reached US$5.3bn, representing 5.7% growth, while adjusted earnings per share rose 6.6%, exceeding analyst expectations. Order growth was also up a record 11%.

“This quarter demonstrated how operating in a more simplified and integrated way positions us to serve customers and drive growth and margin acceleration now and into the future, says GE HealthCare CEO Peter Arduini.

“We remain confident in our strategy of enabling precision care and in the future of GE HealthCare because the strength of our teams and their commitment to delivering the future of healthcare is here for customers and patients.”

Dual growth drivers

The strongest performance came from the company's Imaging business, where revenue hit US$3.7bn as healthcare providers continued investing in CT, MRI and ultrasound technologies. 

Pharmaceutical Diagnostics recorded the fastest year-on-year revenue growth at 15.6%, underlining continued demand for contrast media and molecular imaging products used throughout the patient pathway.

One business likely to be under scrutiny is Patient Care Solutions, which continued to face softer market conditions during the quarter, with revenues down 13.3% year-on-year.

Discussing the Patient Care Solutions segment, Peter explains, “While we are focused on returning the business to growth and profitability, we are reviewing strategic options to maximise its long-term value.” 

The stronger Q2 performance marks a strong turnaround from Q1, when GE HealthCare lowered its profit forecast amid persistent inflation in memory chips, oil and freight costs, alongside tariff pressures linked to conflict in the Middle East. 

A change behind the scenes

Behind GE HealthCare’s impressive earnings, a major transition is taking place.

In the lead-up to reporting its quarterly results, GE HealthCare confirmed that Chief Financial Officer Jay Saccaro would step down from his role.

"It has been a privilege to serve as GE HealthCare's CFO and lead its outstanding finance organisation," says Jay, who informed the company of his decision on 21 July 2026.

"I want to thank Peter, the Board, and my colleagues for their partnership over the past three years and I wish the company continued success."

Jay, who has led the company's finance organisation since 2023, will remain with the business through a transition period before departing on 14 August.

A familiar interim CFO

Jay’s interim successor is George Newcomb, whose career spans almost three decades across GE’s healthcare and finance divisions.

His previous leadership positions include finance roles across GE HealthCare and GE Capital, providing extensive experience in capital allocation, operational finance and business transformation.

The appointment provides continuity as GE HealthCare enters its next phase of growth, allowing the company to build on its improving financial performance while transitioning to new finance leadership.