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GE Aerospace GE

Industrials  —  Aerospace & Defense
327.09 7.31 2.29% as of 25 Sep
Market cap
$333.1B
P/E
38.2×
S&P 500 Member Dividend Champion (5y) Revenue Champion (3y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

GE Aerospace (GE) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

GE Aerospace recorded $45.9 billion of revenue, $11.2 billion of operating income and $8.7 billion of net income in FY2025. Diluted EPS was $8.14 in FY2025, and free cash flow was $7.4 billion in FY2025. Revenue rose by 18.5% in FY2025 against FY2024, while net income increased by 32.5% in FY2025 against FY2024.

In Q2 FY2026, revenue was $13.3 billion, gross profit was $4.7 billion and operating income was $3.1 billion. Net income was $2.4 billion and diluted EPS was $2.26 in Q2 FY2026. Free cash flow was $2.9 billion in Q2 FY2026. Trailing-twelve-month revenue was $50.6 billion and trailing-twelve-month net income was $9.0 billion to Q2 FY2026.

Growth

Revenue was $45.9 billion in FY2025, compared with $38.7 billion in FY2024, and revenue growth was 18.5% in FY2025 against FY2024. Revenue compound annual growth was 16.3% in FY2022–FY2025, while the five-year revenue compound annual growth rate was −9.57% in FY2020–FY2025. Diluted EPS was $8.14 in FY2025, compared with $5.99 in FY2024, with growth of 35.9% in FY2025 against FY2024.

Free cash flow was $7.4 billion in FY2025, compared with $3.8 billion in FY2024, and grew 94.8% in FY2025 against FY2024. In Q2 FY2026, revenue was $13.3 billion, diluted EPS was $2.26 and free cash flow was $2.9 billion. Revenue, EPS and free cash flow increased 21.1%, 19.6% and 50.2%, respectively, in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 36.8% in FY2025, a change of −0.4 percentage points in FY2024–FY2025. Operating margin was 24.5% in FY2025, up 2.7 percentage points in FY2024–FY2025. Pre-tax margin was 21.8% in FY2025, up 2.1 percentage points in FY2024–FY2025, while net margin was 19.0% in FY2025, up 2.0 percentage points in FY2024–FY2025.

Over FY2020–FY2025, gross margin changed by 13.1 percentage points, operating margin by 22.0 percentage points, pre-tax margin by 13.9 percentage points and net margin by 11.7 percentage points. Return on equity was 45.3%, return on assets was 6.87% and return on invested capital was 26.0% in FY2025. In Q2 FY2026, gross margin was 35.0% and operating margin was 23.1%. Industry-median comparisons are not reported.

Balance sheet

Total debt was $20.5 billion in FY2025, compared with $19.3 billion in FY2024. Cash and short-term investments were $12.4 billion in FY2025, compared with $14.6 billion in FY2024. Net debt was $8.1 billion in FY2025, after net cash of −$385.0 million in FY2023 and net debt of $4.7 billion in FY2024.

Shareholders’ equity was $18.9 billion in FY2025, compared with $19.6 billion in FY2024, and book value per share was $17.81 in FY2025. Working capital was $1.6 billion in FY2025, compared with $3.2 billion in FY2024. Net debt reached $9.8 billion in Q2 FY2026. The current ratio was 1.0× and debt to equity was 1.1× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $8.5 billion in FY2025, compared with $4.7 billion in FY2024, representing growth of 81.3% in FY2025 against FY2024. Capital expenditure was $1.2 billion in FY2025, compared with $918.0 million in FY2024. Free cash flow was $7.4 billion in FY2025, compared with $3.8 billion in FY2024, and represented 84.9% of net income in FY2025.

Dividends paid were $1.5 billion and net share repurchases were $7.6 billion in FY2025. Capital returned to shareholders was $9.0 billion in FY2025 and $26.0 billion in FY2021–FY2025. Weighted average shares were 1.1 billion shares in FY2025; the share count changed by −3.02% in FY2020–FY2025. Trailing-twelve-month operating cash flow was $9.8 billion and free cash flow was $8.6 billion to Q2 FY2026.

Valuation

As of September 24, 2026, market capitalisation was $332.6 billion and the P/E was 37.4×. As of September 24, 2026, the P/E was higher than its 20.9× median over the five fiscal years to FY2025, standing at 1.8× of that median. The P/S was 6.6× as of September 24, 2026, higher than its 3.1× five-year median and 1.3× ten-year median; it was 2.1× and 5.1× of those medians, respectively.

The P/B was 18.6× as of September 24, 2026, higher than its 3.8× five-year median and 1.8× ten-year median. The EV/Sales multiple was 6.8× as of September 24, 2026, higher than its 3.1× five-year median and 1.6× ten-year median. The EV/Cash flow multiple was 49.9× as of September 24, 2026, higher than its 45.7× five-year median. Industry-median multiples are not reported.

What changed since last quarter

Revenue was $13.3 billion in Q2 FY2026, up 7.72% against Q1 FY2026 and 21.1% against Q2 FY2025. Diluted EPS was $2.26 in Q2 FY2026, up 24.9% against Q1 FY2026 and 19.6% against Q2 FY2025. Free cash flow was $2.9 billion in Q2 FY2026, up 93.0% against Q1 FY2026 and 50.2% against Q2 FY2025.

Gross margin was 35.0% in Q2 FY2026, down −1.0 percentage point against Q1 FY2026 and −2.9 percentage points against Q2 FY2025. Operating margin was 23.1% in Q2 FY2026, down −0.7 percentage points against Q1 FY2026 and −2.3 percentage points against Q2 FY2025. Net debt was $9.8 billion in Q2 FY2026, increasing by $516.0 million against Q1 FY2026 and $2.8 billion against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the quarter-to-quarter and year-over-year changes in gross and operating margins?
  • What explains the increase in net debt through the latest reported quarter?
  • How are revenue and cash flow distributed across the company’s operations?
  • What accounts for the difference between the recent revenue growth rate and the longer five-year revenue growth rate?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.