General Electric
Q4 2022 Earnings Call
Jan 24, 2023, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, ladies and gentlemen, and welcome to the General Electric fourth-quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. My name is Liz and I will be your conference coordinator today. [Operator instructions] If you experience issues with the webcast sites refreshing or there appears to be delays in the slight advancement, please hit F5 on your keyboard to refresh.
As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Steve Winoker, vice president of investor relations. Please proceed.
Steve Winoker -- Vice President, Investor Relations
Thanks, Liz. Welcome to GE's fourth-quarter and full-year 2022 earnings call. I'm joined by Chairman and CEO Larry Culp, and CFO Carolina Dybeck Happe. Keep in mind that some of the statements we're making are forward-looking and based on our best view of the world and our businesses as we see them today.
As described in our SEC filings and on our website, those elements may change as the world changes. As a reminder, GE completed the separation of our healthcare business this month. GE Healthcare will report separately on January 30th. So, while included in our 2022 results, we're focusing today's commentary primarily on GE Aerospace and GE Vernova, our portfolio of energy businesses.
Our remarks will also be simpler and shorter today, reflecting the company we are now, and we'll move more quickly to Q&A. I'll now hand the call over to Larry.
Larry Culp -- Chairman and Chief Executive Officer
Steve, thank you, and good morning, everyone. 2022 marked the beginning of a new era for GE, following four years of strategic and operational transformation. We successfully separated GE Healthcare in a spin-off, distributing approximately 80% to GE shareholders on January 3rd. We strengthened our foundation, retiring an additional $11 billion of debt, bringing our total debt reduction over $100 billion since 2018.
We continue to improve our operations, further embedding lean and decentralization to better serve our customers. And today, excluding GE Healthcare Services, which are both higher margin and more resilient, represented an even larger part of our portfolio, about 60% of revenues and 85% of our backlog. We finished the year strong, delivering revenue growth, margin expansion, and better cash generation. GE Aerospace led the way as we executed on an unprecedented ramp.