GE AEROSPACE ANNOUNCES FIRST QUARTER 2026 RESULTS (Form 8-K)

GE AEROSPACE ANNOUNCES FIRST QUARTER 2026 RESULTS

Strong 1Q performance with robust commercial services backlog growth, trending to high-end of 2026 guide

First Quarter 2026:

•Total orders of $23.0B, +87%;

•Total revenue (GAAP) of $12.4B, +25%; adjusted revenue* $11.6B, +29%;

•Profit (GAAP) of $2.2B, (2)%; operating profit* $2.5B, +18%;

•Profit Margin (GAAP) of 17.7%, (490) bps; operating profit margin* 21.8%, (200) bps;

•Continuing EPS (GAAP) of $1.83, flat; adjusted EPS* $1.86, +25%;

•Cash from operating activities (GAAP) of $1.9B, +21%; free cash flow* $1.7B, +14%

CINCINNATI - April 21, 2026 - GE Aerospace (NYSE:GE) announced results today for the first quarter ending March 31, 2026.

GE Aerospace Chairman and CEO H. Lawrence Culp, Jr., said, "GE Aerospace had a strong first quarter with orders growing 87% and revenue up 29% supporting double-digit growth in earnings and free cash flow. FLIGHT DECK keeps us focused on what our customers value: driving improvements in output and durability, while reducing cost of ownership and applying today's learnings to next-generation technologies."

Culp continued, "Our young and diverse fleet coupled with a $170 billion commercial services backlog positions us well to navigate the current operating environment. With the dynamic geopolitical landscape, we're holding our full-year guidance across the board and are trending toward the high-end of the range given our strong start to the year."

Recent highlights include:

•Increased material input from priority suppliers by double-digits sequentially, contributing to Commercial Engines & Services (CES) services revenue up 39%. Total engine deliveries increased 43% year-over-year.

•Announced commercial wins for more than 650 engines, including agreements with American Airlines for more than 300 LEAP-1A engines, United Airlines for 300 GEnx engines, and Delta Airlines for 60 GEnx engines. Additionally signed a long-term materials agreement with Ryanair to cover their entire fleet of ~2,000 CFM56 and LEAP engines.

•Secured a contract for T408 engines to continue supporting the U.S. Marine Corps, and a contract with the U.S. Air Force to design the GEK1500, a next-gen engine for small Collaborative Combat Aircraft (CCA) in partnership with Kratos.

•Shared plans to invest $1 billion in U.S. manufacturing sites and supplier base for the second consecutive year to help accelerate engine deliveries, ramp parts that extend time-on-wing, and strengthen the defense industrial base.

•Continued to strengthen the external global Maintenance, Repair and Overhaul (MRO) network to support LEAP aftermarket demand by adding Iberia as the seventh Premier MRO and expanding Delta TechOps capabilities to both LEAP-1A and LEAP-1B engines.

•Established Singapore as the world's first airport testbed for Open Fan technology as a part of the CFM RISE program to study the integration of next-generation engine architecture into airport operations and develop a readiness framework for airframers, airports, and airlines worldwide.

Total Company Results & Guidance

			Three Months Ended March 31
Dollars in millions; per-share amounts in dollars, diluted			2026			2025			Year on Year
GAAP Metrics
Total Revenue			$12,392			$9,935			25		%
Profit			2,198			2,245			(2)		%
Profit Margin			17.7		%	22.6		%	(490) bps
Continuing EPS			1.83			1.83			-		%
Cash from Operating Activities (CFOA)			1,868			1,543			21		%
Non-GAAP Metrics
Adjusted Revenue			$11,614			$9,001			29		%
Operating Profit			2,528			2,146			18		%
Operating Profit Margin			21.8		%	23.8		%	(200) bps
Adjusted EPS			1.86			1.49			25		%
Free Cash Flow (FCF)			1,658			1,451			14		%

By Segment
Commercial Engines & Services			$8,920			$6,663			34		%
Defense & Propulsion Technologies			3,214			2,698			19		%
Eliminations & Other			(519)			(361)			(44)		%
Adjusted revenue (Non-GAAP)			$11,614			$9,001			29		%

Commercial Engines & Services			$2,356			$1,910			23		%
Defense & Propulsion Technologies			379			325			17		%
Corporate Cost & Eliminations-a) (Non-GAAP)			(206)			(89)			(131)		%
Operating profit (Non-GAAP)			$2,528			$2,146			18		%

GE Aerospace Full-Year 2026 Guidance:

For 2026, the company is maintaining the following guidance, but trending toward the higher-end of the range of:

			2025			2026 Guide
Adjusted Revenue* Growth Adjusted Revenue*			'+21% $42.3B			LDD
Operating Profit* Operating profit margin*			$9.1B 21.4%			$9.85B - $10.25B
Adjusted EPS*			$6.37			$7.10 - $7.40
Free Cash Flow* FCF* conversion-b)			$7.7B 113%			$8.0B - $8.4B >100%

2026 Guidance Assumptions: GE Aerospace's full-year 2026 guidance now assumes several macro factors including the price of brent crude oil remaining elevated through 3Q and decreasing by year-end, a near-term impact from fuel availability, a reduction in global GDP estimates, and flat to low-single-digit departures-c) growth in 2026. Guidance does not assume a global economic recession.

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 March 31
(Dollars in millions)			2026			2025			Year on Year
Orders			$17,331			$8,988			93			%
Revenue			8,920			6,663			34			%
Operating profit/(loss)			2,356			1,910			23			%
Operating profit/(loss) margin			26.4		%	28.7		%	(230)			bps

For the quarter, orders of $17.3 billion increased 93%, with services increasing 49% and equipment more than tripling. Revenue of $8.9 billion was up 34%. Services grew 39% with internal shop visit revenue up 35% and spare parts revenue growing more than 25%. Equipment revenue grew 20%, from unit volume up 50%, partially offset by customer mix. Profit of $2.4 billion was up 23% from higher services volume, price and absence of charges related to estimated profitability on long-term service agreements. In 1Q'26 we recorded charges related to estimated profitability on long-term service agreements of approximately $(30) million including approximately $100 million reversal of a majority of the tariff-related charge recorded in 1Q'25. Overall, margins contracted (230) basis points from install engine growth (including GE9X) and investments.

In 2026, CES continues to expect revenue growth of mid-teens, driven by mid-teens services revenue growth, and equipment revenue growth of mid- to high-teens. Operating profit continues to be expected in the range of $9.6-$9.9 billion.

Defense & Propulsion Technologies (DPT)

			Three months ended March 31
(Dollars in millions)			2026			2025			Year on Year
Orders			$6,174			$3,693			67			%
Revenue			3,214			2,698			19			%
Operating profit/(loss)			379			325			17			%
Operating profit/(loss) margin			11.8		%	12.0		%	(20)			bps

For the quarter, orders of $6.2 billion were up 67%. Revenue of $3.2 billion grew 19%. Defense & Systems revenue grew 14% with growth in both services and equipment, including deliveries up 24%. Propulsion & Additive Technologies revenue grew 29% with growth across all businesses, led by Avio Aero. Profit of $379 million was up 17% from increased volume and price. Margins were down (20) basis points driven by mix, investments and inflation.

In 2026, DPT continues to expect revenue growth of mid- to high-single-digit, and operating profit of $1.55-$1.65 billion.

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 March 31
(Dollars in millions)			2026			2025			V%
Total revenue (GAAP)			$	12,392		$	9,935		25		%
Less: Insurance revenue			778			934
Adjusted revenue (Non-GAAP)			$	11,614		$	9,001		29		%
Total costs and expenses (GAAP)			$	10,178		$	7,992		27		%
Less: Insurance cost and expenses			648			728
Less: U.S. tax equity cost and expenses			4			5
Less: interest and other financial charges			230			210
Less: non-operating benefit cost (income)			(176)			(201)
Less: restructuring & other			24			1
Less: separation costs			55			51
Add: noncontrolling interests			16			(5)
Adjusted costs (Non-GAAP)			$	9,410		$	7,192		31		%
Other income (loss) (GAAP)			$	(16)		$	302		(105)		%
Less: U.S. tax equity			(55)			(42)
Less: gains (losses) on retained and sold ownership interests and other equity securities			(309)			7
Less: gains (losses) on purchases and sales of business interests			24			-
Adjusted other income (loss) (Non-GAAP)			$	325		$	337		(4)		%
Profit (loss) (GAAP)			$	2,198		$	2,245		(2)		%
Profit (loss) margin (GAAP)			17.7		%	22.6		%	(490) bps
Operating profit (loss) (Non-GAAP)			$	2,528		$	2,146		18		%
Operating profit (loss) margin (Non-GAAP)			21.8		%	23.8		%	(200) 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* and Operating profit* as performance metrics at the company level for our annual executive incentive plan for 2026.

ADJUSTED CORPORATE & OTHER OPERATING COSTS (NON-GAAP)			Three months ended March 31
(In millions)			2026			2025			V%
Insurance revenue			$	778		$	934
Eliminations and other			(519)			(361)
Corporate & Other revenue			$	259		$	573		(55)		%
Gains (losses) on purchases and sales of business interests			24			-
Gains (losses) on retained and sold ownership interests and other equity securities			(309)			7
Restructuring and other charges			(24)			(1)
Separation costs			(55)			(51)
Insurance profit (loss)			130			205
U.S. tax equity profit (loss)			(59)			(47)
Adjusted Corporate & Other operating costs (Non-GAAP)			(206)			(89)
Corporate & Other operating profit (cost) (GAAP)			$	(500)		$	24
Less: gains (losses), impairments, Insurance, and restructuring & other			(293)			113
Adjusted Corporate & Other operating costs (Non-GAAP)			$	(206)		$	(89)		(131)		%
Corporate & Other profit (costs)			(36)			25
Eliminations			(170)			(114)
Adjusted Corporate & Other operating costs (Non-GAAP)			$	(206)		$	(89)		(131)		%

ADJUSTED NET INCOME (LOSS) (NON-GAAP)			Three months ended March 31
(In millions, diluted, per-share amounts in dollars)			2026									2025
			Income			EPS						Income			EPS
Net income (loss) from continuing operations (GAAP)			$	1,930		$	1.83					$	1,967		$	1.83
Insurance net income (loss) (pre-tax)			133			0.13						207			0.19
Tax effect on Insurance net income (loss)(a)			(28)			(0.03)						24			0.02
Less: Insurance net income (loss) (net of tax)			104			0.10						231			0.21
U.S. tax equity net income (loss) (pre-tax)			(67)			(0.06)						(55)			(0.05)
Tax effect on U.S. tax equity net income (loss)			75			0.07						63			0.06
Less: U.S. tax equity net income (loss) (net of tax)			9			0.01						9			0.01
Non-operating benefit (cost) income (pre-tax) (GAAP)			176			0.17						201			0.19
Tax effect on non-operating benefit (cost) income			(37)			(0.04)						(42)			(0.04)
Less: Non-operating benefit (cost) income (net of tax)			139			0.13						159			0.15
Gains (losses) on purchases and sales of business interests (pre-tax)			24			0.02						-			-
Tax effect on gains (losses) on purchases and sales of business interests			-			-						3			-
Less: Gains (losses) on purchases and sales of business interests (net of tax)			24			0.02						3			-
Gains (losses) on retained and sold ownership interests and other equity securities (pre-tax)			(309)			(0.29)						7			0.01
Tax effect on gains (losses) on retained and sold ownership interests and other equity securities(a)(b)			62			0.06						1			-
Less: Gains (losses) on retained and sold ownership interests and other equity securities (net of tax)			(247)			(0.23)						8			0.01
Restructuring & other (pre-tax)			(24)			(0.02)						(1)			-
Tax effect on restructuring & other			5			-						-			-
Less: Restructuring & other (net of tax)			(19)			(0.02)						(1)			-
Separation costs (pre-tax)			(56)			(0.05)						(51)			(0.05)
Tax effect on separation costs			12			0.01						10			0.01
Less: Separation costs (net of tax)			(44)			(0.04)						(41)			(0.04)
Adjusted net income (loss) (Non-GAAP)			$	1,963		$	1.86					$	1,601		$	1.49
(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.

FREE CASH FLOW (FCF) (NON-GAAP)			Three months ended March 31
(In millions)			2026			2025			V%
Cash flows from operating activities (CFOA) (GAAP)			$	1,868		$	1,543		21		%
Add: gross additions to property, plant and equipment and internal-use software			(331)			(208)
Add: dispositions of property, plant and equipment			13			10
Less: separation cash expenditures			(83)			(76)
Less: Corporate & Other restructuring cash expenditures			(26)			(31)
Free cash flow (FCF) (Non-GAAP)			$	1,658		$	1,451		14		%
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). In addition, beginning in the third quarter of 2025, we include dispositions of property, plant and equipment. 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.