GE Aerospace三季度业绩超预期并全线上调2026年指引，但大盘股beat-and-raise历史呈明显见光死风险

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 20, 2026
General Electric Co
mpany
(Exact name of registrant as specified in its charter)
New York
001-00035
14-0689340
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1 Neumann Way,
Evendale,
OH
45215
(Address of principal executive offices)
(Zip Code)
(Registrant’s telephone number, including area code)
(
513
) 2
43-2000
_______________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
GE
New York Stock Exchange
1.875% Notes due 2027
GE 27E
New York Stock Exchange
1.500% Notes due 2029
GE 29
New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035
GE /35
New York Stock Exchange
2.125% Notes due 2037
GE 37
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On October 20, 2026, General Electric Company, operating as GE Aerospace (the "Company"), released its third-quarter 2026 financial results on its investor relations website at www.geaerospace.com/investor-relations. A copy of these is attached as Exhibit 99 and incorporated by reference herein.
The information provided pursuant to this Item 2.02, including Exhibit 99, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
99
Third-quarter 2026 financial results released on GE Aerospace's website on October 20, 2026.
104
The cover page of this Current Report on Form 8-K formatted as Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
General Electric Company
(Registrant)
Date: October 20, 2026
/s/ Robert Giglietti
Robert Giglietti
Vice President - Chief Accounting Officer, Controller and Treasurer
Principal Accounting Officer

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EX-99
2
ge3q2026earningsrelease.htm
EX-99
Document
GE AEROSPACE ANNOUNCES THIRD QUARTER 2026 RESULTS
Year-to-date orders, revenue and total engine deliveries up over 20%, raising full-year guidance
Third Quarter 2026:
•
Total orders of $19.0B, +49%;
•
Total revenue (GAAP) of $14.1B, +16%; adjusted revenue* $13.3B, +18%;
•
Profit (GAAP) of $2.8B, +12%; operating profit* $3.0B, +30%;
•
Profit Margin (GAAP) of 19.9%, (80) bps; operating profit margin* 22.5%, +220 bps;
•
Continuing EPS (GAAP) of $2.32, +14%; adjusted EPS* $2.25, +36%;
•
Cash from operating activities (GAAP) of $2.2B, (14)%; free cash flow* $2.0B, (14)%
CINCINNATI — Oct 20, 2026 — GE Aerospace (NYSE:GE) announced results today for the third quarter ending September 30, 2026.
GE Aerospace Chairman and CEO H. Lawrence Culp, Jr., said, “We delivered strong results this quarter as solid demand drove orders up 49%, with strength in commercial services up 23%, total revenue up 18% and EPS up 36%. We are raising our 2026 guidance across the board, and we now expect 2027 commercial services to grow low-double-digits supported by our over $170 billion commercial services backlog.”
Culp continued, “Thanks to the collaboration of the GE Aerospace team with our supplier partners we continue to build momentum. By leveraging FLIGHT DECK fundamentals, year-to-date commercial services revenue and total engine deliveries were both up over 20%, including another quarter of record internal shop visit output. All the while, we're continuing to invest in our customers' needs with our agreement to acquire CPP to expand capacity, and over $3 billion in annual R&D to advance current and future technologies."
Recent highlights include:
•
Increased material input from priority suppliers double-digits year-over-year, contributing to strong year-to-date Commercial Engines & Services (CES) services revenue and total engine deliveries, including LEAP growing 26%.
•
Announced commitments for more than 1,800 engines at a historic
Farnborough International Airshow
, including the largest LEAP agreement ever for more than 1,000
LEAP-1A
engines with IndiGo and in October, signed an agreement with Turkish Airlines for more than 300
LEAP-1B
engines along with a long-term services agreement covering its entire LEAP-1B fleet of over 600 engines. In Defense, signed a contract worth up to $2.9B to provide ongoing support for the F414's powering the U.S. Navy's F/A-18 and EA-18G fleets.
•
Signed an agreement to acquire
Consolidated Precision Products (CPP)
to expand mission-critical castings capacity for the aerospace industry to meet demand across commercial engines, aftermarket and defense. This acquisition would also accelerate the introduction of new engine technologies to our current fleet and next-generation platforms.
•
Completed the
world's first high-altitude hybrid electric flight
above 30,000 feet in partnership with the National Aeronautics and Space Administration (NASA), BETA Technologies, and Boeing, demonstrating the viability of more electric aircraft engine systems for greater efficiency, durability, and range.
•
Advanced key defense programs, including the
GEK800
(F143) engine with Kratos being designated as a second-source propulsion solution for the Joint Air-to-Surface Standoff Missile (JASSM) and continued progress on the
XA102
adaptive-cycle engine as the U.S. Air Force’s Next Generation Adaptive Propulsion (NGAP) program moves into hardware procurement and subcomponent testing.
*Non-GAAP Financial Measure
1
Total Company Results & Guidance
Three Months Ended September 30
Nine months ended September 30
Dollars in millions; per-share amounts in dollars, diluted
2026
2025
Year on Year
2026
2025
Year on Year
GAAP Metrics
Total Revenue
$14,118
$12,181
16
%
$39,859
$33,138
20
%
Profit
2,805
2,515
12
%
7,804
7,149
9
%
Profit Margin
19.9
%
20.7
%
(80) bps
19.6
%
21.6
%
(200) bps
Continuing EPS
2.32
2.04
14
%
6.44
5.73
12
%
Cash from Operating Activities (CFOA)
2,203
2,556
(14)
%
7,329
6,447
14
%
Non-GAAP Metrics
Adjusted Revenue
$13,285
$11,305
18
%
$37,533
$30,457
23
%
Operating Profit
2,988
2,299
30
%
8,262
6,783
22
%
Operating Profit Margin
22.5
%
20.3
%
220 bps
22.0
%
22.3
%
(30) bps
Adjusted EPS
2.25
1.66
36
%
6.13
4.80
28
%
Free Cash Flow (FCF)
2,042
2,362
(14)
%
6,728
5,933
13
%
By Segment
Commercial Engines & Services
$10,342
$8,521
21
%
$28,992
$22,830
27
%
Defense & Propulsion Technologies
3,469
3,251
7
%
10,126
8,927
13
%
Eliminations & Other
(526)
(466)
(13)
%
(1,585)
(1,300)
(22)
%
Adjusted revenue*
$13,285
$11,305
18
%
$37,533
$30,457
23
%
Commercial Engines & Services
$2,887
$2,384
21
%
$7,899
$6,501
22
%
Defense & Propulsion Technologies
475
440
8
%
1,329
1,169
14
%
Corporate Cost & Eliminations*
-a)
(373)
(525)
29
%
(966)
(887)
(9)
%
Operating profit*
$2,988
$2,299
30
%
$8,262
$6,783
22
%
GE Aerospace Full-Year 2026 Guidance:
Based on GE Aerospace's year-to-date performance and outlook for the fourth quarter, the company is raising total company guidance across the board and now expects:
2025
2026 Guide
Prior
2026 Guide
Current
Adjusted Revenue* Growth
Adjusted Revenue*
'
+21%
$42.3B
High-teens
~19-20%
Operating Profit*
Operating 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
-b)
$7.7B
113%
$8.9 - $9.2B
>100%
$9.1 - $9.4B
>100%
*Non-GAAP Financial Measure
(a – Adjusted Corporate & Other operating costs* represents the sum of Corporate & other profit (costs) and (Eliminations). In 2026, the company is expecting this to trend toward the lower end of our prior $(1.2)-$(1.3)B guidance range with ~$(500)M Corporate cost, which is ~flat y/y, and ~$(700)M Eliminations, which is up ~$(100)M y/y.
(b – FCF* conversion: FCF* / adjusted net income*
2
Results and Guidance by Reporting Segment
The following discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results.
Commercial Engines & Services (CES)
Three months ended September 30
Nine months ended September 30
(Dollars in millions)
2026
2025
Year on Year
2026
2025
Year on Year
Orders
$15,265
$9,645
58
%
$45,528
$29,617
54
%
Revenue
10,342
8,521
21
%
28,992
22,830
27
%
Operating profit/(loss)
2,887
2,384
21
%
7,899
6,501
22
%
Operating profit/(loss) margin
27.9
%
28.0
%
(10)
bps
27.2
%
28.5
%
(130)
bps
For the quarter, orders of $15.3 bil
lion increased 58%, with services increasing
23% and
equipment more than tripling. Revenue of $10.3 billion was up 21%. Services grew 17% with internal shop visit revenue up 12% from higher volume, including LEAP up over 40%, and heavier workscope; spare parts revenue grew over 20%. Equipment revenue grew 38%, driven by engine deliveries up 8%, including LEAP up 5%, and GEnx growth. While we delivered GE9X engines in the quarter, the impact from these shipments will be recognized post midseal certification. Profit of $2.9 billion was up 21% from higher services volume and price. Margins contracted (10) basis points from
mix and inflation.
In 2026, CES now expects revenue growth of low 20s, up from our prior guide of ~20%, driven by higher services revenue, which we now expect to grow at the higher end of our prior guide of low 20s, and equipment revenue growth of low 20s, up from ~20%. Operating profit is expected to be in the range of $10.5-$10.6 billion, up from our prior guide of $10.25-$10.35 billion, driven by higher services growth and reduced GE9X impact.
Defense & Propulsion Technologies (DPT)
Three months ended September 30
Nine months ended September 30
(Dollars in millions)
2026
2025
Year on Year
2026
2025
Year on Year
Orders
$4,269
$3,607
18
%
$14,581
$10,979
33
%
Revenue
3,469
3,251
7
%
10,126
8,927
13
%
Operating profit/(loss)
475
440
8
%
1,329
1,169
14
%
Operating profit/(loss) margin
13.7
%
13.5
%
20
bps
13.1
%
13.1
%
—
bps
For the quarter, orders of $4.3 billion were up 18%. Revenue of $3.5 billion grew 7%.
Defense & Systems revenue was up
5%
driven by growth in both
services and equipment, including engine deliveries up 4%.
Propulsion & Additive Technologies revenue increased
10%
with growth driven by Avio Aero and Unison.
Profit of $475 million was up 8% and margins increased 20 basis points from increased volume and price, partially offset by mix and inflation.
In 2026, DPT continues to expect revenue growth of low double digits and operating profit of $1.6-$1.7 billion.
*Non-GAAP Financial Measure
3
Financial Measures That Supplement GAAP
We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business.
In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenue, specifically Adjusted revenue, (2) costs, specifically Adjusted Corporate & other operating costs, (3) profit, specifically Operating profit and Operating profit margin; Adjusted net income (loss) and Adjusted earnings (loss) per share (EPS), (4) cash flows, specifically free cash flow (FCF), (5) guidance, specifically 2026 Operating profit, 2026 Adjusted EPS and 2026 FCF.
The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Certain columns, rows or percentages within these reconciliations may not add or recalculate due to the use of rounded numbers. Totals and percentages presented are calculated from the underlying numbers in millions.
ADJUSTED REVENUE, OPERATING PROFIT AND PROFIT MARGIN (NON-GAAP)
Three months ended September 30
Nine months ended September 30
(Dollars in millions)
2026
2025
V%
2026
2025
V%
Total revenue (GAAP)
$
14,118
$
12,181
16
%
$
39,859
$
33,138
20
%
Less: Insurance revenue
833
875
2,326
2,681
Adjusted revenue (Non-GAAP)
$
13,285
$
11,305
18
%
$
37,533
$
30,457
23
%
Total costs and expenses (GAAP)
$
11,745
$
9,951
18
%
$
32,784
$
26,874
22
%
Less: Insurance cost and expenses
1,043
514
2,235
1,967
Less: U.S. tax equity cost and expenses
4
5
12
15
Less: interest and other financial charges
231
225
675
593
Less: non-operating benefit cost (income)
(178)
(198)
(531)
(596)
Less: restructuring & other
23
22
74
49
Less: separation costs
3
53
93
150
Add: noncontrolling interests
8
(3)
11
(16)
Adjusted costs (Non-GAAP)
$
10,627
$
9,328
14
%
$
30,238
$
24,681
23
%
Other income (loss) (GAAP)
$
432
$
285
52
%
$
730
$
885
(18)
%
Less: U.S. tax equity
(66)
(48)
(187)
(142)
Less: gains (losses) on retained and sold ownership interests and other equity securities
117
8
(127)
18
Less: gains (losses) on purchases and sales of business interests
—
3
24
3
Less: restructuring & other
52
—
52
—
Adjusted other income (loss) (Non-GAAP)
$
330
$
322
2
%
$
968
$
1,007
(4)
%
Profit (loss) (GAAP)
$
2,805
$
2,515
12
%
$
7,804
$
7,149
9
%
Profit (loss) margin (GAAP)
19.9
%
20.7
%
(80) bps
19.6
%
21.6
%
(200) bps
Operating profit (loss) (Non-GAAP)
$
2,988
$
2,299
30
%
$
8,262
$
6,783
22%
Operating profit (loss) margin (Non-GAAP)
22.5
%
20.3
%
220 bps
22.0
%
22.3
%
(30) bps
We believe that adjusting revenue provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of revenue from our run-off insurance operations. We believe that adjusting profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We also use Adjusted revenue* growth and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2026.
*Non-GAAP Financial Measure
4
ADJUSTED CORPORATE & OTHER OPERATING COSTS (NON-GAAP)
Three months ended September 30
Nine months ended September 30
(In millions)
2026
2025
V%
2026
2025
V%
Insurance revenue
$
833
$
875
$
2,326
$
2,681
Eliminations and other
(526)
(466)
(1,585)
(1,300)
Corporate & Other revenue
$
307
$
409
(25)
%
$
741
$
1,381
(46)
%
Gains (losses) on purchases and sales of business interests
—
3
24
3
Gains (losses) on retained and sold ownership interests and other equity securities
117
8
(127)
18
Restructuring and other charges
28
(22)
(22)
(49)
Separation costs
(3)
(53)
(93)
(150)
Insurance profit (loss)
(210)
361
91
714
U.S. tax equity profit (loss)
(70)
(52)
(199)
(157)
Adjusted Corporate & Other operating costs (Non-GAAP)
(373)
(525)
(966)
(887)
Corporate & Other operating profit (cost) (GAAP)
$
(511)
$
(279)
$
(1,291)
$
(509)
Less: gains (losses), impairments, Insurance, and restructuring & other
(137)
246
(325)
379
Adjusted Corporate & Other operating costs (Non-GAAP)
$
(373)
$
(525)
29
%
$
(966)
$
(887)
(9)
%
Corporate & Other profit (costs)
(217)
(381)
(462)
(487)
Eliminations
(156)
(144)
(504)
(400)
Adjusted Corporate & Other operating costs (Non-GAAP)
$
(373)
$
(525)
29
%
$
(966)
$
(887)
(9)
%
Adjusted Corporate & Other operating costs* excludes gains (losses) on purchases and sale of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-cost restructuring programs, separation costs, our run-off insurance operations, and U.S. tax equity profit (loss). We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.
*Non-GAAP Financial Measure
5
ADJUSTED NET INCOME (LOSS) (NON-GAAP)
Three months ended September 30
Nine months ended September 30
(In millions, diluted, per-share amounts in dollars)
2026
2025
2026
2025
Income
EPS
Income
EPS
Income
EPS
Income
EPS
Net income (loss) from continuing operations (GAAP)
$
2,412
$
2.32
$
2,170
$
2.04
$
6,750
$
6.44
$
6,143
$
5.73
Insurance net income (loss) (pre-tax)
(210)
(0.20)
363
0.34
96
0.09
720
0.67
Tax effect on Insurance net income (loss)(a)
8
0.01
(77)
(0.07)
(57)
(0.05)
(85)
(0.08)
Less: Insurance net income (loss) (net of tax)
(202)
(0.19)
287
0.27
39
0.04
635
0.59
U.S. tax equity net income (loss) (pre-tax)
(78)
(0.07)
(60)
(0.06)
(221)
(0.21)
(181)
(0.17)
Tax effect on U.S. tax equity net income (loss)
88
0.08
71
0.07
249
0.24
212
0.20
Less: U.S. tax equity net income (loss) (net of tax)
10
0.01
11
0.01
28
0.03
31
0.03
Non-operating benefit (cost) income (pre-tax) (GAAP)
178
0.17
198
0.19
531
0.51
596
0.56
Tax effect on non-operating benefit (cost) income
(37)
(0.04)
(42)
(0.04)
(112)
(0.11)
(125)
(0.12)
Less: Non-operating benefit (cost) income (net of tax)
140
0.13
157
0.15
420
0.40
471
0.44
Gains (losses) on purchases and sales of business interests (pre-tax)
—
—
3
—
24
0.02
3
—
Tax effect on gains (losses) on purchases and sales of business interests
—
—
(1)
—
—
—
2
—
Less: Gains (losses) on purchases and sales of business interests (net of tax)
—
—
2
—
24
0.02
5
—
Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)
117
0.11
8
0.01
(127)
(0.12)
18
0.02
Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(a)(b)
(25)
(0.02)
(1)
—
27
0.03
—
—
Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)
92
0.09
8
0.01
(100)
(0.10)
18
0.02
Restructuring & other (pre-tax)
28
0.03
(22)
(0.02)
(22)
(0.02)
(49)
(0.05)
Tax effect on restructuring & other
3
—
5
—
14
0.01
10
0.01
Less: Restructuring & other (net of tax)
31
0.03
(17)
(0.02)
(9)
(0.01)
(39)
(0.04)
Separation costs (pre-tax)
(4)
—
(53)
(0.05)
(95)
(0.09)
(150)
(0.14)
Tax effect on separation costs
1
—
11
0.01
20
0.02
31
0.03
Less: Separation costs (net of tax)
(3)
—
(42)
(0.04)
(75)
(0.07)
(119)
(0.11)
Adjusted net income (loss) (Non-GAAP)
$
2,343
$
2.25
$
1,764
$
1.66
$
6,423
$
6.13
$
5,141
$
4.80
(a) Includes related tax valuation allowances. Tax effect on Insurance net income includes valuation allowances for 2025.
(b) Includes tax benefits available to offset the tax on gains (losses) on equity securities.
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
We believe that Adjusted net income* provides management and investors with useful measures to evaluate the performance of the total company and increased period-to-period comparability, as well as a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding items that are not closely related with ongoing operations. We also use Adjusted EPS* as a performance metric at the company level for our performance stock units granted in 2026.
*Non-GAAP Financial Measure
6
FREE CASH FLOW (FCF) (NON-GAAP)
Three months ended September 30
Nine months ended September 30
(In millions)
2026
2025
V%
2026
2025
V%
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
%
We believe investors may find it useful to compare free cash flow* performance without the effects of separation cash expenditures and Corporate & Other restructuring cash expenditures (associated with the separation-related program announced in the fourth quarter of 2022 and acquisition-related costs). In addition, we include dispositions of property, plant and equipment, including sale leaseback activity. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flow*. We also use FCF* as a performance metric at the company level for our annual executive incentive plan and performance stock units granted in 2026.
2026 GUIDANCE: 2026 OPERATING PROFIT (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Operating profit* in 2026 without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the mark-to-market of our investment in BETA Technologies, Inc. and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains and restructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we believe is too large and variable to be meaningful.
2026 GUIDANCE: 2026 ADJUSTED EPS (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for Adjusted EPS* in 2026 without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the mark-to-market of our investment in BETA Technologies, Inc. and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains and restructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we believe is too large and variable to be meaningful.
2026 GUIDANCE: 2026 FCF (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for free cash flow* in 2026 without unreasonable effort due to the uncertainty of timing for capital expenditures and restructuring related cash expenditures.
*Non-GAAP Financial Measure
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Caution Concerning Forward Looking Statements:
This release and certain of our public communications and filings we make with the U.S. Securities and Exchange Commission (SEC) may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," "range" or similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position; conditions affecting the aerospace industry, including our customers and suppliers; our expected financial performance, including cash flows, revenue, margins, net income and earnings per share; planned and potential transactions; our credit ratings and outlooks; our funding and liquidity; our cost structures and plans to reduce costs; restructuring, impairment or other financial charges; or tax rates.
For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:
•
changes in macroeconomic and market conditions and market volatility (including risks related to recession, inflation, supply chain constraints or disruptions, interest rates, values of financial assets, oil, jet fuel and other commodity prices and exchange rates), and the impact of such changes and volatility on our business operations and financial results;
•
market or other developments that may affect demand or the financial strength and performance of airframers, airlines, suppliers and other key aerospace industry participants, such as demand for air travel, supply chain or other production constraints, shifts in U.S. or foreign government defense programs and other industry dynamics;
•
pricing, cost, volume and the timing of sales, deliveries, investment and production by us and our customers, suppliers or other industry participants;
•
the impact of actual or potential safety or quality issues or failures of our products or third-party products with which our products are integrated, including design, production, performance, durability or other issues, and related costs and reputational effects;
•
operational execution on our business plans, including our performance amidst market growth and ramping newer product platforms, meeting delivery and other contractual obligations, improving turnaround times in our services businesses and reducing costs over time;
•
global economic trends, competition and geopolitical risks, including evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries, or demand or supply shocks from events such as a major terrorist attack, war (including the conflict in the Middle East), natural disasters or actual or threatened public health pandemics or other emergencies;
•
the amount and timing of our income and cash flows, which may be impacted by macroeconomic, customer, supplier, competitive, contractual, financial or accounting (including changes in estimates) and other dynamics and conditions;
•
our capital allocation plans, including the timing and amount of dividends, share repurchases, acquisitions, organic investments and other priorities;
•
our decisions about investments in research and development or new products, services and platforms, and our ability to launch new products in a cost-effective manner, as well as technology developments and other dynamics that could shift the demand or competitive landscape for our products and services;
•
our success in executing acquisitions and other planned and potential transactions, including the timing for such transactions, the ability to satisfy regulatory requirements or any applicable pre-conditions, business integrations and the expected benefits;
•
downgrades of our credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;
•
capital or liquidity needs associated with our run-off insurance operations or mortgage portfolio in Poland (Bank BPH), the amount and timing of any required future capital contributions and any strategic options that we may consider;
•
changes in law, regulation or policy that may affect our business, including policies related to trade, tariffs or capital allocation; government defense priorities or budgets; environmental or climate regulation, incentives and emissions offsetting or trading regimes and the effects of tax law changes or audits;
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•
the impact of regulation; government investigations; regulatory, commercial and legal proceedings or disputes; environmental, health and safety matters; or other legal compliance risks, including the impact of shareholder and related lawsuits, Bank BPH and other proceedings that are described in our SEC filings;
•
the impact related to information technology, cybersecurity, artificial intelligence or data security developments or breaches at GE Aerospace or third parties; and
•
the other factors that are described in the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2025, as such descriptions may be updated or amended in future reports we file with the SEC.
These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.
Additional Information
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.
Additional financial information can be found on the Company’s website at:
www.geaerospace.com/investor-relations
under Events and Reports.
Conference Call and Webcast
GE Aerospace will discuss its results during its investor conference call today starting at 7:30 a.m. ET. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the Events and Reports page on GE Aerospace’s website at:
www.geaerospace.com/investor-relations
. An archived version of the webcast will be available on the website after the call.
About GE Aerospace
GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 50,000 commercial and 30,000 military aircraft engines. With a global team of approximately 57,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow and the future at
www.geaerospace.com
.
GE Aerospace Investor Contact:
Blaire Brown, 857.472.9659
blaire.brown@geaerospace.com
GE Aerospace Media Contact:
Nicole Sizemore, 203.945.9783
nicole.sizemore@geaerospace.com
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