Revenue growth reached 24.7% in 2026Q1, yet gross margins have contracted to 31.0% from 39.7% in 2025Q1, suggesting that inflationary pressures may be eroding historical pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 48.35B | 45.85B | 38.7B | 35.35B | 29.14B | 56.47B | 75.83B | 90.22B | 97.01B | 99.28B | 119.47B | 115.16B | 116.41B | 110.14B | 144.12B | 141.48B | 148.42B | 155.28B | 181.58B | 172.49B | 151.57B | 136.58B | 134.29B | 112.89B | 132.21B | 126.42B | 129.85B | 111.63B | 100.47B | 88.54B | 78.54B |
| Revenue Growth % | 21.85% | 18.48% | 9.49% | 21.31% | -48.4% | -25.54% | -15.95% | -7% | -2.28% | -16.9% | 3.74% | -1.07% | 5.69% | -23.58% | 1.87% | -4.67% | -4.42% | -14.49% | 5.27% | 13.8% | 10.97% | 1.7% | 18.96% | -14.62% | 4.58% | -2.65% | 16.32% | 11.11% | 13.47% | 12.73% | 13.37% |
| Cost of Goods Sold | 31.52B | 28.97B | 24.31B | 22.94B | 18.99B | 43.38B | 57.87B | 64.85B | 69.4B | 75.59B | 87.65B | 82.69B | 83.7B | 79.84B | 74.31B | 68.28B | 71.71B | 75.92B | 83.77B | 73.13B | 66.77B | 59.78B | 61.76B | 51.21B | 52.86B | 49.1B | 51.82B | 45.96B | 42.28B | 36.01B | 29.09B |
| COGS % of Revenue | - | 63.17% | 62.81% | 64.89% | 65.16% | 76.82% | 76.31% | 71.88% | 71.54% | 76.14% | 73.37% | 71.81% | 71.91% | 72.49% | 51.56% | 48.26% | 48.32% | 48.89% | 46.13% | 42.39% | 44.05% | 43.77% | 45.99% | 45.36% | 39.98% | 38.84% | 39.91% | 41.17% | 42.08% | 40.67% | 37.03% |
| Gross Profit | 16.84B | 16.89B | 14.39B | 12.41B | 10.15B | 13.09B | 17.96B | 25.37B | 27.61B | 23.69B | 31.82B | 32.47B | 32.7B | 30.3B | 69.81B | 73.2B | 76.7B | 79.36B | 97.81B | 99.36B | 84.8B | 76.8B | 72.53B | 61.68B | 79.35B | 77.32B | 78.03B | 65.67B | 58.19B | 52.53B | 49.45B |
| Gross Margin % | 34.82% | 36.83% | 37.19% | 35.11% | 34.84% | 23.18% | 23.69% | 28.12% | 28.46% | 23.86% | 26.63% | 28.19% | 28.09% | 27.51% | 48.44% | 51.74% | 51.68% | 51.11% | 53.87% | 57.61% | 55.95% | 56.23% | 54.01% | 54.64% | 60.02% | 61.16% | 60.09% | 58.83% | 57.92% | 59.33% | 62.97% |
| Gross Profit Growth % | - | 17.32% | 16% | 22.23% | -22.45% | -27.12% | -29.19% | -8.11% | 16.56% | -25.55% | -2% | -0.72% | 7.94% | -56.6% | -4.63% | -4.57% | -3.34% | -18.87% | -1.56% | 17.18% | 10.42% | 5.88% | 17.59% | -22.27% | 2.63% | -0.91% | 18.82% | 12.86% | 10.76% | 6.23% | 18.03% |
| Operating Expenses | 7.88B | 8.12B | 7.63B | 7.69B | 6.56B | 12.03B | 17.55B | 20.22B | 20.85B | 26.43B | 17.64B | 17.83B | 16.85B | 17.95B | 40.43B | 3.93B | 7.08B | 51.05B | 52.28B | 48.07B | 41.77B | 39.89B | 39.89B | 33.3B | 49.92B | 46.21B | 47.44B | 39.72B | 34.69B | 35.03B | 31.11B |
| OpEx % of Revenue | - | 17.7% | 19.72% | 21.76% | 22.5% | 21.31% | 23.15% | 22.41% | 21.49% | 26.62% | 14.76% | 15.48% | 14.47% | 16.29% | 28.05% | 2.78% | 4.77% | 32.88% | 28.79% | 27.87% | 27.56% | 29.21% | 29.7% | 29.5% | 37.76% | 36.55% | 36.53% | 35.58% | 34.53% | 39.57% | 39.62% |
| Selling, General & Admin | 4.99B | 4.09B | 6.35B | 6.68B | 5.75B | 10.35B | 14.99B | 17.1B | 17.43B | 26.43B | 17.64B | 17.83B | 16.85B | 17.95B | 29.69B | 0 | 41.12B | 40.43B | 45.05B | 43.64B | 38.7B | 36.65B | 36B | 29.55B | 46.84B | 43.73B | 45.39B | 38.05B | 33.09B | 30.95B | 27.33B |
| SG&A % of Revenue | - | 8.92% | 16.4% | 18.9% | 19.73% | 18.33% | 19.77% | 18.95% | 17.97% | 26.62% | 14.76% | 15.48% | 14.47% | 16.29% | 20.6% | - | 27.7% | 26.03% | 24.81% | 25.3% | 25.54% | 26.84% | 26.81% | 26.18% | 35.43% | 34.59% | 34.96% | 34.08% | 32.94% | 34.95% | 34.8% |
| Research & Development | 1.66B | 1.58B | 1.29B | 1.01B | 808M | 1.68B | 2.56B | 3.12B | 3.42B | 4.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.45% | 3.32% | 2.86% | 2.77% | 2.98% | 3.38% | 3.46% | 3.52% | 4.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 2.45B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74B | 0 | 0 | 0 | 0 | 10.73B | 3.93B | -34.03B | 10.63B | 7.23B | 4.43B | 3.06B | 3.24B | 3.89B | 3.75B | 3.08B | 2.48B | 2.04B | 1.67B | 1.6B | 4.08B | 3.79B |
| Operating Income | 8.95B | 8.77B | 6.76B | 4.72B | 3.6B | 1.06B | 409M | 5.15B | 6.76B | -2.74B | 14.18B | 14.63B | 15.85B | 12.35B | 29.38B | 69.27B | 69.62B | 28.3B | 45.53B | 51.29B | 43.03B | 36.91B | 32.64B | 28.38B | 29.43B | 31.11B | 30.59B | 25.95B | 23.5B | 17.5B | 18.34B |
| Operating Margin % | 18.51% | 19.13% | 17.47% | 13.34% | 12.34% | 1.87% | 0.54% | 5.71% | 6.97% | -2.76% | 11.87% | 12.71% | 13.62% | 11.21% | 20.39% | 48.96% | 46.91% | 18.23% | 25.07% | 29.74% | 28.39% | 27.02% | 24.31% | 25.14% | 22.26% | 24.61% | 23.56% | 23.25% | 23.39% | 19.77% | 23.35% |
| Operating Income Growth % | - | 29.71% | 43.33% | 31.17% | 239.89% | 158.68% | -92.06% | -23.81% | 346.84% | -119.32% | -3.12% | -7.7% | 28.36% | -57.97% | -57.58% | -0.5% | 145.97% | -37.83% | -11.23% | 19.2% | 16.59% | 13.06% | 15.02% | -3.58% | -5.39% | 1.69% | 17.87% | 10.47% | 34.23% | -4.57% | 11.33% |
| EBITDA | 9.87B | 9.99B | 7.95B | 5.9B | 4.78B | 3.42B | 3.87B | 8.69B | 13.34B | 3.46B | 21.25B | 19.48B | 20.81B | 17.55B | 38.58B | 78.26B | 79.4B | 38.92B | 57.01B | 61.56B | 51.49B | 44.75B | 40.99B | 35.24B | 35.94B | 38.24B | 36.98B | 32.65B | 29.36B | 21.59B | 22.13B |
| EBITDA Margin % | 20.42% | 21.79% | 20.53% | 16.68% | 16.4% | 6.05% | 5.11% | 9.63% | 13.75% | 3.48% | 17.79% | 16.92% | 17.87% | 15.94% | 26.77% | 55.31% | 53.5% | 25.07% | 31.4% | 35.69% | 33.97% | 32.76% | 30.52% | 31.22% | 27.19% | 30.25% | 28.48% | 29.24% | 29.22% | 24.38% | 28.17% |
| EBITDA Growth % | 13.89% | 25.74% | 34.75% | 23.35% | 39.85% | -11.75% | -55.44% | -34.86% | 286.19% | -83.74% | 9.07% | -6.37% | 18.54% | -54.5% | -50.71% | -1.44% | 104% | -31.72% | -7.4% | 19.58% | 15.06% | 9.17% | 16.3% | -1.95% | -5.99% | 3.4% | 13.27% | 11.21% | 36% | -2.45% | 10.25% |
| D&A (Non-Cash Add-back) | 921M | 1.22B | 1.18B | 1.18B | 1.18B | 2.36B | 3.46B | 3.54B | 6.58B | 6.19B | 7.07B | 4.85B | 4.95B | 5.2B | 9.19B | 8.99B | 9.79B | 10.62B | 11.48B | 10.28B | 8.46B | 7.84B | 8.35B | 6.86B | 6.51B | 7.13B | 6.38B | 6.69B | 5.86B | 4.08B | 3.79B |
| EBIT | 10.09B | 10.84B | 8.61B | 11.47B | 2.86B | -3.9B | 9.48B | 2.87B | -16.22B | -6.69B | 12.05B | 11.65B | 13.06B | 11.97B | 29.79B | 34.58B | 29.72B | 28.3B | 45.53B | 51.29B | 42.17B | 35.99B | 31.91B | 28.07B | 29.11B | 30.76B | 30.17B | 25.59B | 23.23B | 17.5B | 18.34B |
| Net Interest Income | -541M | -843M | -173M | -392M | -873M | -1.21B | -3.52B | -1.42B | -4.2B | -4.3B | -4.76B | -3.4B | -2.8B | -2.75B | -12.21B | -14.22B | -15.4B | -18.31B | -25.76B | -23.76B | -18.88B | -14.81B | -11.62B | -10.46B | -10.22B | -11.06B | -11.72B | -10.01B | -9.75B | 0 | 0 |
| Interest Income | 322M | 0 | 813M | 637M | 466M | 585M | 0 | 1.51B | 562M | 358M | 263M | 65M | 0 | 116M | 196M | 206M | 133M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 863M | 843M | 986M | 1.03B | 1.34B | 1.79B | 3.52B | 2.93B | 4.77B | 4.66B | 5.02B | 3.46B | 2.8B | 2.87B | 12.41B | 14.42B | 15.54B | 18.31B | 25.76B | 23.76B | 18.88B | 14.81B | 11.62B | 10.46B | 10.22B | 11.06B | 11.72B | 10.01B | 9.75B | 0 | 0 |
| Other Income/Expense | 999M | 1.23B | 859M | 5.72B | -2.07B | -6.75B | 5.56B | -5.21B | -27.75B | -8.61B | -7.15B | -6.45B | -5.59B | -3.25B | -12B | -49.11B | -55.43B | -18.31B | -25.76B | -23.76B | -19.74B | -15.73B | -12.34B | -10.77B | -10.54B | -11.41B | -12.15B | -10.38B | -10.02B | -6.32B | -7.54B |
| Pretax Income | 9.95B | 10B | 7.62B | 10.44B | 1.52B | -5.7B | 5.97B | -54M | -20.99B | -11.35B | 7.03B | 8.19B | 10.26B | 9.1B | 17.38B | 20.16B | 14.19B | 9.99B | 19.77B | 27.53B | 23.29B | 21.18B | 20.3B | 17.61B | 18.89B | 19.7B | 18.45B | 15.58B | 13.48B | 11.18B | 10.81B |
| Pretax Margin % | 20.58% | 21.81% | 19.69% | 29.54% | 5.22% | -10.09% | 7.87% | -0.06% | -21.63% | -11.43% | 5.89% | 7.11% | 8.82% | 8.26% | 12.06% | 14.25% | 9.56% | 6.44% | 10.89% | 15.96% | 15.36% | 15.51% | 15.11% | 15.6% | 14.29% | 15.58% | 14.21% | 13.95% | 13.41% | 12.63% | 13.76% |
| Income Tax | 1.37B | 1.41B | 962M | 994M | 169M | -757M | -487M | 552M | 93M | -2.81B | -1.13B | 6.49B | 773M | 1.22B | 2.53B | 5.75B | 1.04B | -1.15B | 1.1B | 4.16B | 3.94B | 3.82B | 3.7B | 3.85B | 3.76B | 5.57B | 5.71B | 4.86B | 4.18B | 2.98B | 3.53B |
| Effective Tax Rate % | 13.8% | 14.05% | 12.62% | 9.52% | 11.1% | 13.29% | -8.16% | -1022.22% | -0.44% | 24.75% | -16.11% | 79.22% | 7.53% | 13.4% | 14.58% | 28.5% | 7.32% | -11.49% | 5.57% | 15.09% | 16.94% | 18.06% | 18.21% | 21.83% | 19.89% | 28.29% | 30.96% | 31.2% | 31.02% | 26.62% | 32.63% |
| Net Income | 8.66B | 8.7B | 6.56B | 9.48B | 336M | -6.34B | 5.7B | -4.98B | -22.36B | -8.48B | 7.5B | -6.13B | 15.23B | 13.06B | 13.64B | 14.15B | 11.64B | 11.03B | 17.41B | 22.21B | 20.74B | 16.72B | 17.16B | 15.24B | 14.12B | 13.68B | 12.73B | 10.72B | 9.3B | 8.2B | 7.28B |
| Net Margin % | 17.91% | 18.98% | 16.94% | 26.82% | 1.15% | -11.22% | 7.52% | -5.52% | -23.04% | -8.55% | 6.28% | -5.32% | 13.09% | 11.86% | 9.46% | 10% | 7.85% | 7.1% | 9.59% | 12.88% | 13.68% | 12.24% | 12.78% | 13.5% | 10.68% | 10.82% | 9.81% | 9.6% | 9.25% | 9.26% | 9.27% |
| Net Income Growth % | 23.82% | 32.76% | -30.86% | 2722.02% | 105.3% | -211.1% | 214.56% | 77.73% | -163.5% | -213.12% | 222.43% | -140.22% | 16.67% | -4.28% | -3.6% | 21.53% | 5.61% | -36.67% | -21.6% | 7.07% | 24.05% | -2.56% | 12.63% | 7.92% | 3.17% | 7.45% | 18.83% | 15.29% | 13.32% | 12.68% | 10.76% |
| Net Income (Continuing) | 8.58B | 8.6B | 6.66B | 9.45B | 1.35B | -4.94B | 6.46B | -606M | -21.08B | -8.54B | 8.16B | 1.7B | 9.49B | 7.88B | 14.85B | 14.41B | 13.15B | 11.14B | 18.67B | 23.37B | 19.34B | 17.35B | 16.6B | 13.77B | 15.13B | 14.13B | 12.73B | 10.72B | 9.3B | 8.2B | 7.28B |
| Discontinued Operations | 0 | 103M | -91M | -3M | -949M | -1.47B | -911M | -4.31B | -1.36B | -312M | -954M | -7.5B | 5.86B | 5.47B | -983M | 29M | -969M | 82M | -617M | -249M | 1.4B | -634M | 559M | 2.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 240M | 221M | 223M | 1.2B | 1.22B | 1.45B | 2.01B | 1.98B | 20.88B | 20.86B | 4.69B | 4.84B | 8.77B | 6.22B | 5.44B | 1.7B | 5.26B | 7.84B | 8.95B | 8B | 7.58B | 8.05B | 16.38B | 5.78B | 5.47B | 5.21B | 4.94B | 5.21B | 4.28B | 3.68B | 3.01B |
| EPS (Diluted) | 8.26 | 8.16 | 5.99 | 8.36 | 0.04 | -6.16 | 4.67 | -4.96 | -20.99 | -8.35 | 8.24 | -4.89 | 12.00 | 11.51 | 10.32 | 9.93 | 8.55 | 8.08 | 13.76 | 17.36 | 16.00 | 12.56 | 13.12 | 12.08 | 11.28 | 10.96 | 10.16 | 8.56 | 7.44 | 6.56 | 5.76 |
| EPS Growth % | 26.17% | 36.23% | -28.35% | 19341.86% | 100.7% | -231.91% | 194.15% | 76.37% | -151.38% | -201.34% | 268.51% | -140.75% | 4.26% | 11.53% | 3.93% | 16.14% | 5.82% | -41.28% | -20.74% | 8.5% | 27.39% | -4.27% | 8.61% | 7.09% | 2.92% | 7.87% | 18.69% | 15.05% | 13.41% | 13.89% | 10.77% |
| EPS (Basic) | - | 8.16 | 6.04 | 8.44 | 0.04 | -6.16 | 4.67 | -4.96 | -20.99 | -8.35 | 6.90 | -4.93 | 12.08 | 5.95 | 10.32 | 9.93 | 8.55 | 8.08 | 13.76 | 17.44 | 16.00 | 12.64 | 13.20 | 12.16 | 11.36 | 11.04 | 10.32 | 8.72 | 7.60 | 6.67 | 5.87 |
| Diluted Shares Outstanding | 1.05B | 1.07B | 1.09B | 1.1B | 1.1B | 1.1B | 1.1B | 1.09B | 1.09B | 1.08B | 1.14B | 1.25B | 1.27B | 1.29B | 1.32B | 1.32B | 1.33B | 1.33B | 1.26B | 1.28B | 1.3B | 1.33B | 1.31B | 1.26B | 1.25B | 1.26B | 1.26B | 1.25B | 1.25B | 1.25B | 1.26B |
| Basic Shares Outstanding | 1.04B | 1.07B | 1.08B | 1.09B | 1.1B | 1.1B | 1.09B | 1.09B | 1.09B | 1.08B | 1.13B | 1.24B | 1.26B | 1.28B | 1.32B | 1.32B | 1.33B | 1.33B | 1.26B | 1.27B | 1.29B | 1.32B | 1.3B | 1.25B | 1.24B | 1.24B | 1.24B | 1.23B | 1.23B | 1.23B | 1.26B |
| Dividend Payout Ratio | - | 16.68% | 15.38% | 6.21% | 190.18% | - | 11.36% | - | - | - | 117.41% | - | 58.11% | 59.9% | 52.7% | 45.64% | 41.14% | 81.51% | 71.27% | 51.75% | 50.24% | 55.93% | 48.24% | 50.16% | 50.69% | 46.46% | 42.41% | 42.8% | 42.09% | 41.58% | 41.9% |
Supply chain delivery constraints
As reported in recent financial statements, GE Aerospace achieved a 24.7% year-over-year revenue increase in 2026Q1, though this follows a period of significant volatility, including a 44.3% contraction in 2024Q4, reflecting the complex impact of the company's recent corporate restructuring and ongoing supply chain bottlenecks.
The erratic revenue trajectory suggests that the company is still normalizing its top-line performance following the spinoff of its non-aerospace business units. Investors should monitor whether the recent growth acceleration is sustainable or merely a reflection of clearing backlogged deliveries that were previously delayed by Tier 2 and Tier 3 supplier constraints.
Based on reported figures, GE Aerospace's gross margin declined to 31.0% in 2026Q1 from a peak of 39.7% in 2025Q1, suggesting that inflationary pressures on raw materials or shifts in product mix may be beginning to erode the company's historical pricing power in the aftermarket segment.
The contraction in gross margins appears to indicate that the company is struggling to fully pass through rising costs associated with specialized superalloys and skilled labor. This trend warrants further investigation into whether the LEAP engine production ramp is currently diluting overall profitability compared to the legacy CFM56 service revenue.
According to quarterly income statements, operating margins fluctuated significantly from 6.2% in 2023Q4 to 24.1% in 2024Q4, highlighting a lack of consistent operating leverage as the company navigates the high fixed-cost requirements of its specialized engine manufacturing and maintenance infrastructure.
The volatility in operating income relative to gross profit suggests that SG&A expenses remain sensitive to corporate overhead and restructuring costs. Analysts should monitor whether management can maintain disciplined expense control as the company shifts its focus toward long-term R&D investments for next-generation propulsion technologies.
While the company's installed base of 44,000 engines provides a theoretical moat, the recent decline in net margins to 15.6% in 2026Q1 from 20.0% in 2025Q4 suggests that the market may be overestimating the resilience of high-margin service revenue during periods of broader industrial supply chain disruption.
Short-sellers may focus on the potential for margin compression if the 'time on wing' for newer engine programs fails to meet durability expectations, forcing higher warranty and maintenance costs. The reliance on long-term service agreements may also mask underlying cash flow volatility if contract assets continue to grow faster than actual cash collections.
Quick answers to the most common questions about buying GE stock.
For fiscal year 2025, GE Aerospace (GE) reported total revenue of $45.85B. This represents a 41.6% decline compared to $78.54B in 1996.
GE Aerospace (GE) is profitable, generating $8.70B in net income for the fiscal year ending 2025 with a net profit margin of 19.0%.
GE Aerospace (GE) reported an operating income of $8.77B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
GE Aerospace (GE) generated $16.89B in gross profit for the year, representing a gross profit margin of 36.8%. This demonstrates the company's core pricing power and production efficiency.