GE Aerospace

Strong Q3 performance across engines, services, and profit/cash - Orders +49% YoY, led by CES (commercial engine & services) +58%; DPT +18%. - Revenue +18% YoY: CES +21%, DPT +7%. - Operating profit +30% YoY to $3B; margins 22.5% (+220 bps). - EPS $2.25 (+36% YoY) (driven mostly by higher operating profit + lower share count). - Free cash flow $2B in the quarter.

2026 guidance raised (not just “beat,” but upgraded outlook) - Total company revenue growth expected: 19%–20% (up from high-teens prior). - CES growth: low-20s (from ~20%). - Commercial services revenue: now ~$5.5B YoY, ~$400M higher at midpoint. - Commercial equipment growth: low-20s (vs ~20%). - DPT growth: low double digits unchanged. - Operating profit: $10.9B–$11.0B (midpoint +$300M). - EPS now $8.00–$8.10 (+$0.30 at midpoint); tax rate ~16% (improving vs prior expectation). - Full-year free cash flow: $9.1B–$9.4B (+$200M).

2027 outlook: low double-digit services growth supported by backlog + shop-readiness improvements - Management expects low double-digit commercial services growth in 2027. - Rationale: backlog >$170B plus improved service throughput and turnaround times. - They emphasized “backlog and cycles already flown” as the main anchor for 2027—i.e., less dependent on new demand surprises.