GE Aerospace (GE) investor relations material

Executive summary

• Q3 orders rose 49% to $19.0B; adjusted revenue increased 18%, operating profit 30% and adjusted EPS 36%. 2026 guidance was raised across the board.

• Commercial services and engine deliveries grew more than 20% year to date; commercial services backlog exceeded $170B and total RPO reached $212.1B at September 30.

Financial highlights

• Q3 GAAP revenue was $14.1B, up 16%; adjusted revenue was $13.3B, up 18%.

• Q3 operating profit was $3.0B, up 30%, with a 22.5% margin, up 220 bps; GAAP profit was $2.8B, up 12%, with a 19.9% margin, down 80 bps.

• Adjusted EPS was $2.25, up 36%; continuing-operations diluted EPS was $2.32, up 14%.

• Q3 FCF was $2.0B, down 14%, with 87% conversion; 9M FCF was $6.7B, up 13%, with 105% conversion.

• 9M adjusted revenue was $37.5B, up 23%; operating profit was $8.3B, up 22%, and adjusted EPS was $6.13, up 28%.

Outlook and guidance

• 2026 adjusted revenue growth guidance rose to 19–20%; operating profit to $10.9–$11.0B; adjusted EPS to $8.00–$8.10; FCF to $9.1–$9.4B, with conversion above 100%.

• CES expects 2026 revenue growth in the low 20s and operating profit of $10.5–$10.6B; DPT expects low-double-digit revenue growth and operating profit of $1.6–$1.7B.

• 2027 commercial services growth is expected in the low double digits; DPT revenue growth is expected in the high single digits, with margins near 2026 levels.

• 2027 GE9X losses are expected to create a $300M YoY headwind; margin expansion is expected from 2028 as the headwind eases and LEAP services margins mature.

• CPP acquisition is expected to close in 2H 2027, subject to approvals; planned funding includes ~$7B cash and the balance in new debt.