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GE Aerospace — Q3 2026 Webcast Presentation
GE Aerospace (GE) · 21 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All GE deck slides
Slide 1 — GE Aerospace
GE Aerospace third quarter 2026 performance October 20, 2026 Financial results & company highlights
Slide 2 — Caution concerning forward-looking statements:
2 Caution concerning forward-looking statements: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see www.geaerospace.com/investor-relations/important-forward-looking-statement-information as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Non-GAAP financial measures: In this document, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered alternatives to the corresponding GAAP measures. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings releases, our Quarterly Report on Form 10-Q, and our earnings presentations, as applicable. Additional information: Amounts shown on subsequent pages may not add due to rounding. Charts shown on subsequent pages are not to scale. CFM International is a 50/50 JV that produces CFM56 and LEAP engine families. RISE is a program of CFM International. CFM RISE is a registered trademark. CFM RISE is a technology demonstrator program, not a product for sale. Engine Alliance is a 50/50 JV that produces the GP7200 engine. GE Aerospace’s Investor Relations website at www.geaerospace.com/investor-relations, as well as GE Aerospace's LinkedIn and other social media accounts, contain a significant amount of information about GE Aerospace, including financial and other information for investors. GE Aerospace encourages investors to visit these websites from time to time, as information is updated, and new information is posted.
Slide 3 — 3Q'26 updates
3Q'26 updates 3 Investing to meet customer needs … building capacity with Consolidated Precision Products (CPP) plus >$3 billion in annual R&D to advance current and future technologies Another quarter of solid demand and services strength ... total orders +49%, adj. revenue* +18% and EPS* +36%, raising 2026 guide across the board * Non-GAAP Financial Measure 3 3Q’26 3Q'26 YTD Orders growth +49% +49% Adjusted revenue* growth +18% +23% Operating profit* $3.0B +30% y/y $8.3B +22% y/y Adjusted EPS* $2.25 +36% y/y $6.13 +28% y/y Free cash flow* $2.0B (14)% y/y $6.7B +13% y/y 3 FLIGHT DECK driving continued output momentum … YTD commercial services revenue and total engine deliveries both up >20%
Slide 4 — >2x
4 Removing waste and leveraging AI to improve output … LEAP turnaround time down ~2 weeks, which combined with other efforts has driven grounded aircraft from engines to nearly zero Driving continued output momentum with Problem solving with suppliers, airframers, airlines and lessors … 3Q priority supplier material input up double-digits Delivering for customers … YTD commercial services revenue +26% and total engine deliveries +21% To support the LEAP ramp, our team focused on improving flow and standardizing work on the assembly line for a key component, growing assembly capacity. >2x LEAP fan assembly output
Slide 5 — Investing to meet customer needs
Advancing current and future technologies 5 Investing to meet customer needs Achieved significant milestones on GEK800 (F143) with Kratos including selection by U.S. Air Force as second source on JASSM. XA102 selected by the U.S. Air Force for the next phase of NGAP, which includes hardware procurement and subcomponent testing. Completed the world's first high-altitude hybrid electric flight above 30,000 feet in partnership with NASA, BETA Technologies and Boeing. Signed an agreement to acquire Consolidated Precision Products (CPP) to support delivery and new technology innovation.
Slide 6 — $13.3B
6 3Q'26 results: strong top and bottom-line growth * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted net income* Adjusted revenue* $13.3B +18% y/y Operating profit* $3.0B +30% y/y Free cash flow* $2.0B (14)% y/y Adjusted EPS* $2.25 +36% y/y Orders $19.0B +49% y/y Op profit margin* 22.5% $8.3B, +22% y/y +23% y/y $6.13, +28% y/y $6.7B, +13% y/y FCF* conversion-a)105% +49% y/y 3Q'26 YTD FCF* conversion-a) 87%
Slide 7 — 3Q'26 adjusted EPS*: operating profit* driving growth
7 3Q'26 adjusted EPS*: operating profit* driving growth * Non-GAAP Financial Measure Operating profit and interest impacts are tax affected 3Q'26 YTD $1.14 $0.11 $0.08 $4.80 $6.13 +36% y/y +28% y/y • Adjusted ETR* 15.2%, up 20 bps • CES and DPT $0.43 • Corporate $0.12 • Diluted share count down 24M
Slide 8 — Commercial Engines & Services (CES): 3Q'26 performance
(a – Internal shop visit 8 Commercial Engines & Services (CES): 3Q'26 performance Op profit margin 28.0% 27.3% 27.9% +21% y/y +21% y/y (10)bps y/y Revenue Operating profit ▪ Services: +17% … ISV-a) revenue +12% from volume including LEAP >40% and workscope; spare parts >20% ▪ Equipment: +38% … engine deliveries +8% including LEAP +5% and GEnx growth; no 3Q impact from GE9X deliveries ▪ Op profit: +21% ... Op profit margin (10)bps ▪ Services volume and price partially offset by mix and inflation 8 3Q'26 YTD: revenue +27%; op profit $7.9B, +22%; op profit margin 27.2%, (130)bps
Slide 9 — Defense & Propulsion Technologies (DPT): 3Q'26 performance
▪ Op profit: +8% … Op profit margin +20bps ▪ Volume and price partially offset by mix and inflation Defense & Propulsion Technologies (DPT): 3Q'26 performance +8% y/y +20bps y/y +7% y/y 9 Revenue Operating profit ▪ Defense & Systems: +5% … growth in both services and equipment with engine deliveries +4% – Defense book-to-bill 1.0x in 3Q, 1.5x YTD ▪ Propulsion & Additive Technologies: +10% … driven by Avio Aero and Unison Op profit margin 13.5% 13.8% 13.7% 3Q'26 YTD: revenue +13%; op profit $1.3B, +14%; op profit margin 13.1%, flat
Slide 10 — Raising 2026 guidance
10 Segment dynamics * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted net income* Raising 2026 guidance Adjusted revenue growth* Adjusted revenue* 21% $42.3B High-teens ~19-20% Operating profit* Op profit margin* $9.1B 21.4% $10.55-$10.75B $10.9-$11.0B Adjusted EPS* $6.37 $7.65-$7.85 $8.00-$8.10 Free cash flow* FCF* conversion-a) $7.7B 113% $8.9-$9.2B >100% $9.1-$9.4B >100% 2025 2026 Guide Prior 2026 Guide Current Commercial Engines & Services ▪Revenue: Low 20s prior: ~20% ‒ Services: Low 20s (high end of range) prior: Low 20s ‒ Equipment: Low 20s prior: ~20% ▪Op profit: $10.5-$10.6B prior: $10.25-$10.35B Defense & Propulsion Technologies ▪Revenue: +LDD ▪Op profit: $1.6-$1.7B As of October 20, 2026
Slide 11 — GE Aerospace: advancing propulsion today, tomorrow and in the future
Unrivaled customer service and proven products deliver time on wing and lower cost of ownership Fleet of ~80K engines and over 2.3B flight hours creates customer intimacy and unmatched insights GE Aerospace: advancing propulsion today, tomorrow and in the future 11 Highest Operational Reliability GE Aerospace’s proprietary lean operating model to deliver safety, quality, delivery, and cost – in that order >$3B annual R&D and leading engineering talent inventing next- gen technology to drive durability, efficiency, turnaround times and defense capabilities * Non-GAAP Financial Measure Consistently growing op profit* & FCF*, compounding with capital deployment and return opportunities Most Extensive Installed Base Best performing products underwing across narrowbody, widebody, regional, rotorcraft, combat and mobility platforms Customer Preferred Platforms Breakthrough Innovation
Slide 12 — Q&A
12 Q&A
Slide 13 — Appendix
13 Appendix 14 Segment guidance 15 Additional items as of October 20, 2026 16 Orders, revenue and operating profit by segment
Slide 14 — 2026 segment guidance
+~19-20% 14 Commercial Engines & Services (CES) Defense & Propulsion Technologies (DPT) Corporate Cost & Eliminations-a) Adjusted revenue* Operating profit* GE Aerospace Equipment Services 2026 segment guidance Guidance as of October 20, 2026 ($ in billions) *Non-GAAP Financial Measure (a – Adjusted Corporate & Other operating costs* represents the sum of Corporate & other profit (costs) and (Eliminations). For 2026E, ~$(500)M is Corporate cost, which is ~flat y/y, and ~$(700)M is Eliminations, which is up ~$(100)M y/y. $24.3 $7.7 +Low 20s +Low 20s High end of range +Low 20s $10.5 - $10.6 +LDD $1.6 - $1.7 $10.9 - $11.0 +~20% +Low 20s +~20% $10.25 - $10.35 +LDD $1.6 - $1.7 $10.55 - $10.75 +High-teens Low end of range $(1.2)-(1.3) $(1.2)-(1.3) $(1.1)
Slide 15 — Additional items as of October 20, 2026
Additional items as of October 20, 2026 Diluted share count 1,041M 1,047M ~1,050M in FY'26 vs 1,068M shares in FY'25 … $2.0B of share repurchases in 3Q’26 Cash balance $8.8B $8.8B $10.3B including short-term liquidity investments as of September 30, 2026 Total borrowings $19.3B $19.3B No planned debt repayment … plan to refinance '26+ maturities and issue new debt in '27 to partially fund CPP acquisition Interest expense*-a) $(222)M $(655)M ~$(900)M in FY'26 vs $(816)M in FY'25 Adjusted ETR* 15.2% 15.6% ~16.0% in FY'26 vs 17.3% in FY'25, reduced from prior guide of <16.5% * Non-GAAP Financial Measure (a – Interest represents Interest and other financial charges excluding Insurance and U.S. tax equity 15 15 3Q'26 YTD FY'26 dynamics 3Q'26
Slide 16 — Orders, revenue and operating profit by segment
16 Orders, revenue and operating profit by segment ($ in millions) * Non-GAAP Financial Measure (a – Adjusted revenue* (b – Adjusted Corporate & Other operating costs* represents the sum of Corporate & other profit (costs) and (Eliminations). Corporate & other and Eliminations were $(217)M and $(156)M, respectively, in 3Q'26, and $(462) and $(504), respectively, in 3Q'26 YTD. 3Q’26 3Q’26 YTD ORDERS Services y/y Equipment y/y Total y/y Services y/y Equipment y/y Total y/y CES $9,929 23% $5,336 235% $15,265 58% $29,341 30% $16,187 128% $45,528 54% DPT $1,805 16% $2,465 20% $4,269 18% $5,400 9% $9,181 53% $14,581 33% GE Aerospace $11,627 22% $7,367 127% $18,994 49% $34,428 26% $24,066 101% $58,494 49% REVENUE Services y/y Equipment y/y Total y/y Services y/y Equipment y/y Total y/y CES $7,735 17% $2,607 38% $10,342 21% $21,986 26% $7,006 30% $28,992 27% DPT $1,715 8% $1,754 5% $3,469 7% $5,022 10% $5,103 17% $10,126 13% Eliminations & other $(89) (24)% $(437) (11)% $(526) (13)% $(269) (37)% $(1,316) (19)% $(1,585) (22)% GE Aerospace $9,361 15% $3,924 24% $13,285 18% $26,739 23% $10,794 25% $37,533 23% OPERATING PROFIT 3Q’26 y/y 3Q’26 YTD y/y CES $2,887 21% $7,899 22% DPT $475 8% $1,329 14% Corporate cost and eliminations*-b) $(373) 29% $(966) (9)% GE Aerospace* $2,988 30% $8,262 22% -a) -a) -a) -a)
Slide 17 — Non-GAAP reconciliations
17 Non-GAAP reconciliations 18 Third quarter adjusted revenue, costs, other income, operating profit, net income and EPS 19 Third quarter year-to-date adjusted revenue, costs, other income, operating profit, net income and EPS 20 Third quarter and year-to-date free cash flow
Slide 18 — Third quarter adjusted revenue*, costs*, other income*, operating profit*, net income* and EPS*
* Non-GAAP Financial Measure (a – Net income (loss) from continuing operations attributable to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests Third quarter adjusted revenue*, costs*, other income*, operating profit*, net income* and EPS* (Dollars in millions) 3Q'26 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'26 Adjusted (Non-GAAP) 3Q'25 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'25 Adjusted (Non-GAAP) Revenues $ 14,118 $ 833 $ — $ — $ 13,285 $ 12,181 $ 875 $ — $ — $ 11,305 Less: Costs and expenses 11,745 1,046 78 (6) 10,627 9,951 519 75 29 9,328 Add: Other income 432 (66) 52 117 330 285 (48) — 11 322 Profit (loss) $ 2,805 $ (279) $ (27) $ 123 $ 2,988 $ 2,515 $ 309 $ (75) $ (18) $ 2,299 Less: Interest and other financial charges — 8 1 (231) 222 — 6 — (225) 219 Less: Provision (benefit) for income taxes 385 (96) (4) 62 423 344 5 (16) 43 311 Less: Dilution — — — — — 5 — — — 5 Less: Net income (loss) attributable to noncontrolling interests 8 — — 8 — (3) — — (3) — Net income (loss) $ 2,412 $ (192) $ (24) $ 284 $ 2,343 $ 2,170 $ 297 $ (59) $ 167 $ 1,764 EPS $ 2.32 $ (0.18) $ (0.02) $ 0.27 $ 2.25 $ 2.04 $ 0.28 $ (0.06) $ 0.16 $ 1.66 Net income from cont ops before income taxes $ 2,805 $ (287) $ (27) $ 346 $ 2,774 $ 2,515 $ 303 $ (75) $ 210 $ 2,077 Less: Provision (benefit) for income taxes $ 385 $ (96) $ (4) $ 62 $ 423 $ 344 $ 5 $ (16) $ 43 $ 311 Effective income tax rate 13.7 % 15.2 % 13.7 % 15.0 % -a) -b) -b) 18
Slide 19 — Third quarter year-to-date adjusted revenue*, costs*, other income*, operating profit*, net income*
Third quarter year-to-date adjusted revenue*, costs*, other income*, operating profit*, net income* and EPS* (Dollars in millions) 3Q'26 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'26 YTD Adjusted (Non-GAAP) 3Q'25 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'25 YTD Adjusted (Non-GAAP) Revenues $ 39,859 $ 2,326 $ — $ — $ 37,533 $ 33,138 $ 2,681 $ — $ — $ 30,457 Less: Costs and expenses 32,784 2,246 218 81 30,238 26,874 1,982 199 12 24,681 Add: Other income 730 (187) 52 (103) 968 885 (142) — 21 1,007 Profit (loss) $ 7,804 $ (107) $ (167) $ (184) $ 8,262 $ 7,149 $ 557 $ (199) $ 8 $ 6,783 Less: Interest and other financial charges — 19 2 (675) 655 — 18 — (593) 575 Less: Provision (benefit) for income taxes 1,044 (193) (34) 85 1,185 1,015 (127) (41) 123 1,061 Less: Dilution — — — — — 6 — — — 6 Less: Net income (loss) attributable to noncontrolling interests 11 — — 11 — (16) — — (16) — Net income (loss) $ 6,750 $ 67 $ (135) $ 395 $ 6,423 $ 6,143 $ 666 $ (158) $ 494 $ 5,141 EPS $ 6.44 $ 0.06 $ (0.13) $ 0.38 $ 6.13 $ 5.73 $ 0.62 $ (0.15) $ 0.46 $ 4.80 Net income from cont ops before income taxes $ 7,804 $ (126) $ (169) $ 480 $ 7,619 $ 7,149 $ 539 $ (199) $ 617 $ 6,192 Less: Provision (benefit) for income taxes $ 1,044 $ (193) $ (34) $ 85 $ 1,185 $ 1,015 $ (127) $ (41) $ 123 $ 1,061 Effective income tax rate 13.4 % 15.6 % 14.2 % 17.1 % -a) * Non-GAAP Financial Measure (a – Net income (loss) from continuing operations attributable to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests 19 -b) -b)
Slide 20 — Third quarter and year-to-date free cash flow*
Third quarter and year-to-date free cash flow* (Dollars in millions) 3Q'26 3Q'25 V% 3Q'26 YTD 3Q'25 YTD V% Net income (loss) (GAAP) $ 2,420 $ 2,171 11 % $ 6,761 $ 6,133 10 % Depreciation & amortization 336 302 960 913 Operating working capital (1,538) (441) (1,840) (910) Current receivables (1,657) (113) (2,351) (1,270) Inventories, including deferred inventory costs (322) (392) (965) (1,787) Current contract assets (54) (51) (22) (116) Contract liabilities and current deferred income 183 209 48 593 Progress collections 254 (97) 535 173 Accounts payable 59 3 916 1,498 Sales discounts and allowances 608 107 1,564 554 Other CFOA 377 416 (116) (244) Cash flows from operating activities (CFOA) (GAAP) $ 2,203 $ 2,556 (14)% $ 7,329 $ 6,447 14 % Add: gross additions to property, plant and equipment and internal-use software (337) (307) (1,002) (842) Add: dispositions of property, plant and equipment 122 51 179 76 Less: separation cash expenditures (27) (56) (143) (202) Less: Corporate & Other restructuring cash expenditures (27) (6) (79) (51) Free cash flow (FCF) (Non-GAAP) $ 2,042 $ 2,362 (14)% $ 6,728 $ 5,933 13 % Free cash flow (Non-GAAP) conversion % 87 % 134 % 105 % 115 % -a) -c) -b) -d) 20 * Non-GAAP Financial Measure (a – Net income (loss) from continuing operations (b – Depreciation and amortization of property, plant & equipment and amortization of intangible assets (c – Includes the following: (Gains) losses on retained and sold ownership interests and other equity securities, employee benefit liabilities, income taxes (net), goodwill impairments and all other operating; includes separation cash expenditures and Corporate restructuring cash expenditures (d – FCF* conversion: FCF* / adjusted net income*
Slide 21 — Upcoming calendar
Upcoming calendar 21 4Q'26 Earnings January 21, 2027 1Q'27 Earnings April 20, 2027 2Q'27 Earnings July 15, 2027 3Q'27 Earnings October 19, 2027