Ge Aerospace · NYSE:GE
Ge Aerospace — Q1 2026 Earnings Presentation
22 slides from Ge Aerospace's earnings presentation, Apr 21, 2026
Slide 1: GE Aerospace first quarter 2026 performance
April 21, 2026 GE Aerospace first quarter 2026 performance Financial results & company highlights
Slide 2: Caution concerning forward-looking statements
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
Slide 3: 1Q'26 updates
1Q'26 updates Well positioned to navigate dynamic macro environment trending toward high-end of guide supported by strong start +87% Orders growth y/y and robust >$170B commercial services backlog +29% Adjusted revenue* growth y/y FLIGHT DECK accelerating output growth commercial services revenue an
Slide 4: Navigating dynamic macro environment with young and diverse fleet
Navigating dynamic macro environment with young and diverse fleet 1Q’26 2026 2026 Actual Jan. Forecast Apr. Forecast GE Aerospace/CFM fleet 2025 departures-a) Middle East (HSD) '+HSD (LDD) departures-a) ~35% ~35% North and Latin APAC & China America All other +LSD '+LSD/MSD flat/+LSD departures-a) G
Slide 5: Well-positioned to deliver 2026 services guidance
Well-positioned to deliver 2026 services guidance Commercial services orders Spare parts delinquency ’26 internal shop visit volume ~70% growth 2Q + 3Q engine removals pipeline +49% Shop visit guide y/y +18% y/y +30% y/y Off wing ▪ Demand robust: CES services orders +32% ▪ Demand exceeds supply … de
Slide 6: Driving 1Q output growth
driving 1Q output growth Problem solving with suppliers, airframers, airlines and lessors to deliver a strong 2026 Removing waste and leveraging AI to improve output with reduced turnaround times across platforms y/y Expanding capacity with another $1B investment in U.S. manufacturing in ‘26 GE Aero
Slide 7: Growing >$210B backlog with >650 new commercial engine wins in 1Q
Growing >$210B backlog with >650 new commercial engine wins in 1Q American Airlines selected >300 LEAP-1A to United Airlines selected 300 GEnx to grow 787 Delta Airlines selected 60 GEnx for the first time power A321neo and A321XLR, deepening our fleet - United now largest GEnx operator. to power it
Slide 8: 1Q'26: over 20% top-line and earnings growth
1Q'26: over 20% top-line and earnings growth Adjusted Operating Adjusted Free cash Orders revenue* profit* EPS* flow* $23.0B $11.6B $2.5B $1.86 $1.7B +87% y/y +29% y/y +18% y/y +25% y/y +14% y/y Op profit margin* 21.8% Significant orders, revenue and earnings growth * Non-GAAP Financial Measure 8
Slide 9: 1Q'26 adjusted EPS: growth from profit and below-the-line actions
1Q’26 adjusted EPS*: growth from profit and below-the-line actions +25% y/y • Diluted share count • Adjusted ETR* down 24M 14.7% vs 17.6% • Interest expense slightly higher • CES and DPT $0.38 • Corporate $(0.09) * Non-GAAP Financial Measure Operating profit and interest impacts are tax effected 9 C
Slide 10: Commercial Engines & Services (CES): 1Q'26 performance
Commercial Engines & Services (CES): 1Q'26 performance Revenue Operating profit +34% y/y +23% y/y Op profit 28.7% 23.7% 26.4% (230)bps y/y margin ▪ Services: +39% … internal shop visit (ISV) revenue +35% ▪ Op profit: +23% ... Op profit margin (230)bps from higher volume and workscopes; spare parts >
Slide 11: Defense & Propulsion Technologies (DPT): 1Q'26 performance
Defense & Propulsion Technologies (DPT): 1Q'26 performance Revenue Operating profit +19% y/y +17% y/y Op profit 12.0% 9.2% 11.8% (20)bps y/y margin ▪ Defense & Systems: +14% … growth in both services ▪ Op profit: +17% … Op profit margin (20)bps and equipment with units +24% – Defense book-to-bill 2.
Slide 12: Maintaining 2026 guidance … trending toward high-end of range
Maintaining 2026 guidance … trending toward high-end of range 2025 2026 Guide 2026 Assumptions Adjusted revenue growth* 21% LDD ▪ Brent crude price remains elevated Adjusted revenue* $42.3B through 3Q, reducing by year-end ▪ Near term impact from fuel availability Operating profit* $9.1B $9.85B - $1
Slide 13: GE Aerospace: advancing propulsion today, tomorrow and in the future
GE Aerospace: advancing propulsion today, tomorrow and in the future Highest Customer Most Extensive Breakthrough Operational Preferred Installed Base Innovation Reliability Platforms Fleet of ~80K engines Unrivaled customer Best performing ~$3B annual R&D and GE Aerospace’s and over 2.3B flight ser
Slide 14: Q&A
- Q&A 14
Slide 15: Appendix
Appendix 16 2026 segment guidance 17 Additional items as of April 21, 2026 18 Orders, revenue and operating profit by segment 15
Slide 16: Maintaining FY'26 guidance across the board … trending toward high-end of range
Maintaining FY'26 guidance across the board … trending toward high-end of range Guidance as of April 21, 2026 ($ in billions) Adjusted revenue* Operating profit* +Mid-teens $9.6 - $9.9 Commercial Engines & $24.3 +Mid-teens Services Services (CES) Equipment $7.7 +Mid/high-teens +MSD/HSD Defense & Pro
Slide 17: Additional items as of April 21, 2026
Additional items as of April 21, 2026 1Q'26 1Q'25 FY'26 dynamics Diluted share count 1,054M 1,078M ~1,050M shares in FY'26 … $2.2B of share repurchases in 1Q’26 Cash balance $11.0B $12.4B NA Total borrowings $20.3B $19.6B No planned debt repayment … plan to refinance '26+ maturities Interest expense
Slide 18: Orders, revenue and operating profit by segment
Orders, revenue and operating profit by segment ($ in millions) 1Q’26 ORDERS Services y/y Equipment y/y Total y/y CES $9,777 49% $7,554 213% $17,331 93% DPT $1,814 (1)% $4,360 134% $6,174 67% GE Aerospace $11,489 38% $11,479 191% $22,968 87% REVENUE Services y/y Equipment y/y Total y/y CES $6,817 39
Slide 19: Non-GAAP reconciliations
Non-GAAP reconciliations 20 First quarter adjusted revenue, costs, other income, operating profit, net income and EPS 21 First quarter free cash flow 19
Slide 20: First quarter adjusted revenue, costs, other income, operating profit, net income and EPS
First quarter adjusted revenue*, costs*, other income*, operating profit*, net income* and EPS* Less: Less: Less: Less: Insurance Separation, 1Q'26 Insurance Separation, 1Q'25 and US tax restructuring Less: Other Adjusted and US tax restructuring Less: Other Adjusted (Dollars in millions) 1Q'26 GAAP
Slide 21: First quarter 2026 free cash flow
First quarter 2026 free cash flow* (Dollars in millions) 1Q'26 1Q'25 V% Net income (loss) (GAAP) -a) $ 1,946 $ 1,962 (1) % Depreciation & amortization -b) 312 299 Operating working capital (543) 103 Current receivables (709) (326) Inventories, including deferred inventory costs (534) (724) Current c
Slide 22: Upcoming calendar
Upcoming calendar 2Q'26 Earnings July 16, 2026 3Q'26 Earnings October 20, 2026 22