GE Aerospace
GEFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$11.0B
Q1 2026 · +22% YoY
TTM ROIC
29.2%
FY2025 · NOPAT / Invested Capital (Book): Adj. Operating Income × (1 - tax rate) / (Total Assets - Non-Interest-Bearing Current Liabilities) · WACC ~9.2% · Moat spread +20pp
Financial Snapshot
ticker: GE step: 04 generated: 2026-05-12 source: quick-research
GE Aerospace (GE) — Financial Snapshot
Income Statement Summary (GE Aerospace standalone post April 2024 split)
| Metric | FY2024 | FY2025 | FY2026 Guide | YoY |
|---|---|---|---|---|
| Revenue | $35.1B | $42.5B | ~$46-47B | +9-10% |
| Adj. Revenue Growth | +13% | +21% | +9% | |
| Adj. Operating Margin | 20% | 21.5% | 21-22% | +50bps |
| Adj. Operating Profit | $7.0B | $9.1B | $9.85-10.25B | +9-12% |
| Adj. EPS | $4.60 | $6.40 | $7.10-7.40 | +11-16% |
| Free Cash Flow | $6.2B | $7.7B | $8.0-8.4B | +4-9% |
Segment Performance (FY2025)
| Segment | Revenue | Operating Profit | Margin |
|---|---|---|---|
| Commercial Engines & Services | $34.2B | $8.9B | 26.0% |
| Defense & Propulsion Technologies | $9.0B | $1.3B | 14.4% |
Engine Deliveries (FY2025)
| Metric | Value |
|---|---|
| Total commercial engine deliveries | +25% YoY |
| LEAP engine deliveries | +28% YoY (record 1,800+ units) |
| LEAP shop visits | +27% YoY |
| Installed base growth target | ~3x between 2024-2030 |
Q1 2026 Highlights
| Metric | Q1 2026 |
|---|---|
| Profit guidance raised | +$1B for FY26 |
| LEAP OE turning profitable | First time in 2026 |
| Q1 EPS | Record high |
Backlog
| Metric | Value |
|---|---|
| Total backlog | ~$190B |
| CES backlog (Q1 2026) | $170B+ (+$30B since YE 2024) |
| Backlog/Revenue ratio | ~4x |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Free Cash Flow | $7.7B (+24%) |
| Cash & Equivalents | ~$15B |
| Total Debt | ~$20B (post split) |
| Net Cash Position | ~($5B) net debt — modest |
Key Ratios (approximate, May 2026)
- P/E (forward): ~32x | EV/EBITDA: ~22x | Dividend Yield: ~0.6%
- ROIC: ~15-18% (post-split clean structure)
- FCF Yield: ~3.3%
Growth Profile
GE Aerospace is in execution mode on a generational aftermarket cycle: ~$190B backlog, LEAP installed base tripling 2024-2030, LEAP OE turning profitable in 2026 (vs prior loss). Q1 2026 EPS hit record and management raised FY26 profit outlook by $1B. Margin expansion driven by services mix + LEAP OE inflection.
Forward Estimates
- FY2026E Revenue: ~$46-47B (mgmt guide +9-10%)
- FY2026E Adj EPS: $7.10-7.40 (mgmt guide; +11-16%)
- FY2027E EPS: ~$8.50-9.00 (consensus +20%)
- FY2028E EPS: ~$10+ (LEAP installed base inflection)
- Long-term EPS CAGR target: 20%+ through 2030
Capital Return
- Quarterly dividend $0.35/share = $1.40 annual (~$1.5B paid)
- Share buybacks: ~$5-7B annual run rate post-split
- Multi-year $1B+ US manufacturing investment (announced 2026)
- $7.7B+ FCF provides flexibility for accelerated capital return
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GE.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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