Slide 1: GE Aerospace fourth quarter & full year 2025 performance
January 22, 2026 GE Aerospace fourth quarter & full year 2025 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: Our Purpose
OUR PURPOSE We invent the future of flight, lift people up and bring them home safely ~3.5B ~1M 3 out of 4 Passengers flew with GE Aerospace People flying at any given time on Commercial flights technology under wing in 2025 GE Aerospace-powered aircraft powered by our engines Figures include equipm
Slide 4: 4Q'25 and FY'25 results: strong finish to an outstanding year
4Q'25 and FY'25 results: strong finish to an outstanding year 4Q’25 FY’25 FY'25 adj. revenue* +21%, adj. EPS* +38% and >100% FCF* conversion-a) … momentum continuing into ‘26 Orders growth +74% +32% Adjusted revenue* growth +20% +21% FLIGHT DECK accelerating services and equipment output to deliver
Slide 5: Momentum continuing into FY'26
Momentum continuing into FY'26 Total company guidance as of January 22, 2026 Adj. revenue*: Mid-teens CAGR-a) Adj. EPS*: Mid-twenties CAGR-a) FCF*: Mid-teens CAGR-a) +LDD $7.10 - $7.40 $8.0B - $8.4B +10% +21% +56% +38% +14% 123% 113% >100% (mid-point) conversion-a) conversion-a) conversion-b) Op pro
Slide 6: Results accelerating with investing across our supply chain
Results accelerating with Investing across our supply chain … .... … supporting continued output momentum Priority suppliers material input Commercial services revenue Engine deliveries +>40% +26% +26% ▪ Expanded CES to include T&O teams enabling management ▪ Internal shop visit revenue +24%, spare
Slide 7: Customer-driven investments to deliver differentiated value
Customer-driven investments to deliver differentiated value Produced ~1,450 LEAP-1A HPT durability kits for new engines and overhaul shops Won >500 new engine agreements across narrowbody and widebody platforms at since certification. the Dubai Airshow, including an agreement with flydubai for 60 GE
Slide 8: 4Q'25 results: double-digit growth across all key metrics
4Q'25 results: double-digit growth across all key metrics Adjusted Operating Adjusted Free cash Orders revenue* profit* EPS* flow* $27.0B $11.9B $2.3B $1.57 $1.8B +74% y/y +20% y/y +14% y/y +19% y/y +15% y/y Op profit margin* 19.2% FY'25 +32% y/y +21% y/y $9.1B, +25% y/y $6.37, +38% y/y $7.7B, +24%
Slide 9: Commercial Engines & Services (CES): 4Q'25 performance
Commercial Engines & Services (CES): 4Q'25 performance Revenue Operating profit +24% y/y +5% y/y Op profit 28.2% 27.4% 24.0% (420)bps y/y margin ▪ Services: +31% … internal shop visit revenue +30% from ▪ Op profit: +5% ... Op profit margin (420)bps volume and workscopes; spare parts >25% ▪ Services
Slide 10: Defense & Propulsion Technologies (DPT): 4Q'25 performance
Defense & Propulsion Technologies (DPT): 4Q'25 performance Revenue Operating profit +13% y/y +5% y/y Op profit 9.6% 13.6% 8.9% (70)bps y/y margin ▪ Defense & Systems: +2% … price and customer mix ▪ Op profit: +5% … Op profit margin (70)bps more than offset Defense units (7)% – Defense book-to-bill 2
Slide 11: FY'25 results: profit driving increased adjusted earnings per share
FY'25 results: profit driving increased adjusted earnings per share* +38% y/y • Diluted share count • Adjusted ETR* down 26M 17.3%, down ~3pts • Lower interest expense • CES and DPT $1.49 • Corporate $(0.17) 4Q'25 $1.32 $0.21 $0.02 $0.02 $1.57 +19% y/y * Non-GAAP Financial Measure Operating profit a
Slide 12: FY'26 guidance: reflecting segment structure adjustments
FY'26 guidance: reflecting segment structure adjustments Guidance as of January 22, 2026 ($ in billions) Adjusted revenue* Operating profit* +Mid-teens $9.6 - $9.9 Commercial Engines & $24.2 +Mid-teens Services Services (CES) Equipment $7.7 +Mid/high-teens +MSD/HSD Defense & Propulsion $1.55 - $1.65
Slide 13: FY'26 guidance: mid-teens adj. EPS growth and >100% FCF conversion
FY'26 guidance: mid-teens adj. EPS* growth and >100% FCF* conversion-a) Total company guidance as of January 22, 2026 Adjusted EPS* FCF* $7.10 - $7.40 $8.0 - $8.4B • Adj. ETR* • Share count • CapEx <17%, slightly ~18M lower ~3% of lower y/y Revenue +14% >100% (mid-point) conversion-a) -b) * Non-GAAP
Slide 14: GE Aerospace: Climbing higher
GE Aerospace: Climbing higher 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 service and proven products leading enginee
Slide 15: Q&A
~ Q&A 15
Slide 16: Appendix
Appendix 17 Additional items as of January 22, 2026 18 Orders, revenue and operating profit by segment 19 Supplemental KPIs 20 2025 adjusted P&L 21 2025 FCF 22 Adjustments to segment structure 16
Slide 17: Additional items as of January 22, 2026
Additional items as of January 22, 2026 4Q'25 FY'25 FY'26 dynamics Diluted share count 1,060M 1,068M ~1,050M shares in FY'26 Cash balance — $12.4B NA Total borrowings — $20.5B No planned debt repayment … plan to refinance '26+ maturities Pension liabilities (post-tax) — $4.3B NA Interest expense*-a)
Slide 18: Orders, revenue and operating profit by segment
Orders, revenue and operating profit by segment ($ in millions) 4Q’25 FY’25 ORDERS Services y/y Equipment y/y Total y/y Services y/y Equipment y/y Total y/y CES $8,577 18% $14,264 152% $22,842 76% $31,867 27% $22,548 49% $54,415 35% DPT $1,589 10% $2,982 113% $4,571 61% $5,847 1% $7,550 38% $13,397
Slide 19: Supplemental KPIs
Supplemental KPIs Orders (units) 4Q'25 4Q’24 FY'25 FY’24 Commercial 2,661 1,229 4,869 3,919 LEAP-a) 1,437 1,091 3,302 3,014 Defense 241 373 818 732 Sales (units) 4Q'25 4Q’24 FY'25 FY’24 Commercial 727 519 2,386 1,911 LEAP-a) 562 378 1,802 1,407 Defense 172 184 635 490 Growth (%) 4Q'25 4Q’24 FY'25 FY
Slide 20: 2025 operating profit and adjusted earnings per share details
2025 operating profit* and adjusted earnings per share* details ($ in millions except adjusted EPS*, share count in millions) 1Q'25 2Q'25 3Q'25 4Q'25 2025 Adjusted revenues* $ 9,001 $ 10,151 $ 11,305 $ 11,865 $ 42,322 Adjusted costs* 7,192 8,161 9,328 9,925 34,606 Adjusted other income* 337 347 322
Slide 21: 2025 free cash flow details
2025 free cash flow* details ($ in millions) 1Q'25 2Q'25 3Q'25 4Q'25 2025 Net income (loss)-a) $ 1,962 $ 2,000 $ 2,171 $ 2,461 $ 8,595 Depreciation & amortization-b) 299 312 302 307 1,220 Operating working capital 103 (572) (441) (122) (1,032) Sales discounts and allowances 80 367 107 7 562 Other CF
Slide 22: Adjustments to segment structure
Adjustments to segment structure ($ in billions) As reported Adjustments Revised-a) REVENUE 2025 2025 2025 CES Services $25.0 $(0.8) $24.2 CES Equipment $8.3 $(0.6) $7.7 Commercial Engines & Services (CES) $33.3 $(1.4) $31.9 Defense & Propulsion Technologies (DPT) $10.6 $1.7 $12.2 Eliminations & oth
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations 24 Fourth quarter adjusted revenue, costs, other income, operating profit, adjusted net income and EPS 25 Full year 2025 adjusted revenue, costs, other income, operating profit, adjusted net income and EPS 26 Fourth quarter and full year free cash flow 27 Adjusted corporate
Slide 24: Fourth quarter adjusted revenue, costs, other income, operating profit, adjusted net income and EPS
Fourth quarter adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* Less: Less: Less: Less: Insurance Separation, 4Q'25 Insurance Separation, 4Q'24 and US tax restructuring Less: Other-b) Adjusted and US tax restructuring Less: Other -b) Adjusted (Dollars in mil
Slide 25: Full year 2025 adjusted revenue, costs, other income, operating profit, adjusted net income and EPS
Full year 2025 adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* Less: Less: Less: Less: Insurance Separation, 2025 Insurance Separation, 2024 and US tax restructuring Less: Other Adjusted and US tax restructuring Less: Other Adjusted -b) -b) (Dollars in mill
Slide 26: Fourth quarter and full year 2025 free cash flow
Fourth quarter and full year free 2025 cash flow* (Dollars in millions) 4Q'25 4Q'24 V% 2025 2024 V% Net income (loss) (GAAP) -a) $ 2,461 $ 1,897 30 % $ 8,595 $ 6,657 29 % Depreciation & amortization -b) 307 297 1,220 1,184 Operating working capital (122) 141 (1,032) (431) Current receivables (1,167)
Slide 27: Adjusted corporate costs
Adjusted corporate costs* (Dollars in millions) 4Q'25 4Q'24 V% 2025 2024 V% Insurance revenue $ 852 $ 933 $ 3,533 $ 3,581 Eliminations and other (442) (294) (1,546) (1,239) Corporate & Other revenue $ 410 $ 639 (36)% $1,987 $2,343 (15)% Gains (losses) on purchases and sales of business interests $ 2
Slide 28: Adjusted corporate costs updated for adjustments to segment structure
Adjusted corporate costs* updated for adjustments to segment structure (Dollars in billions) 2025 Insurance revenue $ 3.5 Eliminations and other (1.8) Corporate & Other revenue $ 1.7 Gains (losses) on purchases and sales of business interests $ 0.0 Gains (losses) on retained and sold ownership inter
Slide 29: Upcoming calendar
Upcoming calendar 1Q'26 Earnings April 21, 2026 2Q'26 Earnings July 16, 2026 29