GENERAL ELECTRIC CO (GE)

GE Aerospace is a global aerospace leader operating the industry's largest and growing commercial propulsion fleet, with an installed base of approximately 50,000 commercial and 30,000 military engines that drives an aftermarket services business representing roughly 70% of revenue; it serves customers in about 120 countries through 70 U.S. facilities and 62 facilities in 23 other countries, employing approximately 57,000 people. The company operates through two reportable segments: Commercial Engines & Services (CES), which designs, manufactures and services jet engines for commercial airframes, business aviation and aeroderivative applications (including narrowbody, widebody and regional platforms such as LEAP, CF6, GE90, GEnx and GE9X, with LEAP produced via the CFM International joint venture with Safran) and accounted for about 73% of total 2025 revenue with services at 75% of segment revenue; and Defense & Propulsion Technologies (DPT), comprising Defense & Systems (defense engines like F110, F404, F414, T700, T901 and LM2500, plus avionics and power systems) and Propulsion & Additive Technologies (Avio Aero, Unison, Dowty Propellers, Colibrium Additive brands covering turboprops, transmissions, additive manufacturing and related components), which made up about 23% of 2025 revenue with services at 51%. The company employs its proprietary FLIGHT DECK lean operating model to prioritize safety, quality, delivery and cost, and invests heavily in R&D (2025 total R&D of $2,989 million, including $1,580 million company-funded and $1,409 million customer/partner-funded) on technologies such as ceramic matrix composites, additive manufacturing, and the CFM RISE program for next-generation propulsion.

GE Aerospace maintains a substantial patent and trade-secret portfolio though it is not materially dependent on any single IP right, and relies on a complex global supply chain facing ongoing material and tariff-related constraints, which it is addressing through supplier partnerships, FLIGHT DECK, and pricing/cost actions; in late 2025 the U.S. established a zero-tariff aerospace agreement with the EU, UK, Japan and Korea. The company is subject to extensive regulation, including FAA/EASA certification requirements for commercial engines, U.S. export control and sanctions regimes (EAR, ITAR, OFAC), and government contracting rules (FAR/DFARS) given its significant defense business tied largely to U.S. Department of War and allied government budgets. It also retains legacy operations including run-off insurance, a Polish mortgage portfolio (Bank BPH), and certain U.S. tax equity investments.

Financially, for fiscal year 2025 GE Aerospace reported total revenue of $45,855 million (up 18% from $38,702 million in 2024), net income from continuing operations attributable to common shareholders of $8,601 million (up from $6,670 million), and total remaining performance obligations (RPO) of $190,564 million, up 11% year-over-year, reflecting strong equipment and services demand, a significant production ramp in LEAP engines, expanding MRO capacity investments, and notable new engine orders including a $5 billion U.S. Air Force IDIQ contract and a $1.6 billion order from Hindustan Aeronautics. CES segment revenue grew 24% to $33,314 million with profit up 26% to $8,861 million, while DPT segment revenue rose 11% to $10,554 million with profit up 22% to $1,296 million, reflecting broad-based growth across both commercial and defense propulsion businesses amid ongoing supply chain and tariff-related cost pressures.