GE Aerospace
GE NYSE Aerospace & Defense Financials FY2016–FY2025
GE Aerospace's revenue rose 18.5% to $45.9 billion in fiscal 2025. Its net margin was 19.0%, up from 16.9% a year earlier. Free cash flow was $7.3 billion, up 97.5%. It paid out $9.0 billion in dividends and buybacks, 124% of free cash flow. The diluted share count fell 2.4%.
About these figures. Years before 2024 include businesses GE has since spun off (GE HealthCare in 2023, GE Vernova in 2024). Share counts and per-share figures for earlier years are restated for a stock split (1-for-8), so every year is on today's share basis.
What GE Aerospace does
GE Aerospace designs, makes and services jet engines. Its customers are airframers (the companies that build aircraft, including Boeing and Airbus), airlines, third-party repair shops, governments and militaries. It serves customers in about 120 countries. Its installed base is approximately 50,000 commercial and 30,000 military engines, and servicing those engines, which it calls its aftermarket business, is approximately 70% of revenue.
It has two reportable segments. Commercial Engines & Services, approximately 73% of 2025 revenue, makes engines for commercial aircraft, business aviation and aeroderivative uses (engines adapted for non-flight power needs), and sells maintenance, repair and overhaul work and spare parts. Defense & Propulsion Technologies, approximately 23% of revenue, makes defense engines and other aircraft systems, including engines for fighters, helicopters and ships. Many commercial engines are sold through CFM International, a 50-50 joint venture with Safran of France that is not consolidated into GE's results.
Product life cycles are long: commercial engines can operate for decades with services in the aftermarket. GE Aerospace says its LEAP engine is in a significant production ramp. It carries out manufacturing and service work at 70 facilities in the United States and Puerto Rico and 62 facilities in other countries.
- Legal name
- GENERAL ELECTRIC COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 29, 2026
- Accession · CIK
- 0000040545-26-000008
0000040545
Revenue and margins
GE Aerospace had $45.9B of revenue in fiscal 2025, up 18.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.3B in fiscal 2025, 15.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
GE Aerospace returned $9.0B to shareholders in fiscal 2025, 124% of free cash flow. The diluted share count fell 2.4%.
Value GE Aerospace yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$8.1B and divides by 1,068.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.0x · peers 36.8x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably GE Aerospace can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.8B | $15.8B | $15.2B | $13.6B | $12.4B |
| Debt incl. finance leases | — | $20.3B | $20.9B | $19.3B | $20.5B |
| Net debt / EBITDA | — | 1.2x | 0.5x | 0.6x | 0.7x |
| Debt / equity | — | 0.6x | 0.8x | 1.0x | 1.1x |
| Interest coverage | −1.3x | 2.0x | 10.8x | 8.9x | 12.3x |
| Current ratio | 1.3x | 1.2x | 1.3x | 1.1x | 1.0x |
| Quick ratio | 1.0x | 0.9x | 1.1x | 0.8x | 0.7x |
| Total assets | $198.9B | $188.9B | $173.3B | $123.1B | $130.2B |
| Total liabilities | $157.3B | $153.9B | $144.7B | $103.6B | $111.3B |
| Shareholders' equity | $40.3B | $33.7B | $27.4B | $19.3B | $18.7B |
| Net debt (− = net cash) | — | $4.5B | $5.7B | $5.7B | $8.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$21.3M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Robert M. GigliettiVice President | Sold | 10,242 | $369.92 | $3.8M | Form 4 |
| Jul 24, 2026 | Mohamed AliSenior Vice President | Sold | 8,096 | $353.71 | $2.9M | Form 4 |
| Jul 23, 2026 | Riccardo ProcacciSenior Vice President | Sold | 1,517 | $347.92 | $0.5M | Form 4 |
| Feb 3, 2026 | Riccardo ProcacciSenior Vice President | Sold | 800 | $310.11 | $0.2M | Form 4 |
| Feb 2, 2026 | Amy L GowderSenior Vice President | Sold | 4,000 | $305.73 | $1.2M | Form 4 |
| Jan 30, 2026 | Robert M. GigliettiVice President | Sold | 3,035 | $305.51 | $0.9M | Form 4 |
| Jan 30, 2026 | Russell StokesSenior Vice President | Sold | 30,363 | $306.47 | $9.3M | Form 4 |
| Nov 19, 2025 | Russell StokesSenior Vice President | Sold | 8,000 | $297.71 | $2.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | 2.4% | 1.3% | 0.1% |
| Altman Z'' | 2.68 | 2.97 | 3.02 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | |
| Boeing BA | $148.9B | 34.5% | 4.8% | −2.1% | 13.5% | 67.0x | 6 | Compare → |
| Lockheed Martin LMT | $139.9B | 5.6% | 10.3% | 9.2% | 27.1% | 21.5x | 5 | Compare → |
| Carrier Global CARR | $47.4B | −3.3% | 10.0% | 9.8% | 8.0% | 36.8x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $119.5B | $99.3B | $97.0B | $90.2B | $75.8B | $56.5B | $29.1B | $35.3B | $38.7B | $45.9B |
| Gross profit | $57.0B | $35.0B | $24.2B | $23.3B | $15.4B | — | — | — | — | — |
| Research and development | $5.4B | $5.5B | $3.4B | $3.1B | $2.6B | $1.7B | $808M | $1.0B | $1.3B | $1.6B |
| Interest expense | $5.8B | $4.2B | $4.5B | $4.1B | $3.0B | $2.5B | $1.6B | $1.1B | $969M | $882M |
| Pretax income | $7.0B | −$11.3B | −$21.0B | −$54.0M | $6.0B | −$5.7B | $1.5B | $10.4B | $7.6B | $10.0B |
| Income tax | −$1.1B | −$2.8B | $93.0M | $552M | −$487M | −$757M | $169M | $994M | $962M | $1.4B |
| Net income | $7.5B | −$8.5B | −$22.4B | −$5.0B | $5.7B | −$6.3B | $336M | $9.5B | $6.6B | $8.7B |
| Diluted EPS | $6.00 | −$8.24 | −$20.96 | −$4.99 | $4.63 | −$6.00 | $0.05 | $8.36 | $5.99 | $8.14 |
| Diluted shares | 1.14B | 1.09B | 1.09B | 1.09B | 1.10B | 1.10B | 1.10B | 1.10B | 1.09B | 1.07B |
| Cash flow | ||||||||||
| Cash from operations | $1.2B | $6.6B | $5.0B | $8.7B | $3.6B | $3.5B | $5.9B | $5.2B | $4.7B | $8.5B |
| Capital expenditure | $7.2B | $6.6B | $6.6B | $2.2B | $1.6B | $1.3B | $1.4B | $862M | $1.0B | $1.3B |
| Free cash flow | −$6.0B | −$88.0M | −$1.6B | $6.5B | $2.0B | $2.2B | $4.5B | $4.3B | $3.7B | $7.3B |
| Depreciation and amortization | $7.1B | $7.4B | $8.2B | $2.0B | $2.1B | $1.6B | $846M | $797M | $834M | $863M |
| Stock-based compensation | — | — | $336M | $400M | $353M | $305M | $143M | $192M | $286M | $325M |
| Acquisitions | $2.3B | $2.7B | $1.0M | $68.0M | $85.0M | $69.0M | $30.0M | $41.0M | $135M | $360M |
| Share buybacks | $22.6B | $0.0M | $0.0M | $0.0M | $28.0M | $107M | $1.0B | $1.2B | $5.8B | $7.6B |
| Dividends paid | $8.8B | $8.7B | $4.5B | $649M | $648M | $575M | $639M | $589M | $1.0B | $1.5B |
| Dividends and buybacks | $31.4B | $8.7B | $4.5B | $649M | $676M | $682M | $1.7B | $1.8B | $6.8B | $9.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $48.1B | $43.3B | $31.1B | $35.8B | $36.5B | $15.8B | $15.8B | $15.2B | $13.6B | $12.4B |
| Total debt | $135.8B | $132.6B | $101.7B | $90.9B | $75.0B | — | $20.3B | $20.9B | $19.3B | $20.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | — | — | $103.1B | $84.9B | $66.3B | $58.4B | $42.6B | $37.6B | $40.6B |
| Current liabilities | — | — | — | $78.9B | $54.6B | $52.0B | $49.4B | $32.1B | $34.4B | $39.0B |
| Inventory | $22.4B | $19.4B | $13.8B | $17.2B | $15.9B | $15.8B | $14.9B | $8.3B | $9.8B | $11.9B |
| Property and equipment, net | $50.5B | $53.9B | $43.6B | $45.9B | $44.7B | — | — | — | — | — |
| Total assets | $359.1B | $369.2B | $311.1B | $265.2B | $256.2B | $198.9B | $188.9B | $173.3B | $123.1B | $130.2B |
| Total liabilities | $284.7B | $292.4B | $259.6B | $235.3B | $219.1B | $157.3B | $153.9B | $144.7B | $103.6B | $111.3B |
| Shareholders' equity | $70.2B | $56.0B | $31.0B | $28.3B | $35.6B | $40.3B | $33.7B | $27.4B | $19.3B | $18.7B |
| Margins | ||||||||||
| Gross margin | 47.7% | 35.2% | 24.9% | 25.8% | 20.3% | — | — | — | — | — |
| EBITDA margin | 16.6% | 0.3% | −8.5% | 6.7% | 14.6% | −2.7% | 13.5% | 34.8% | 24.4% | 25.6% |
| Net margin | 6.3% | −8.6% | −23.0% | −5.5% | 7.5% | −11.2% | 1.2% | 26.8% | 16.9% | 19.0% |
| FCF margin | −5.1% | −0.1% | −1.7% | 7.2% | 2.6% | 4.0% | 15.6% | 12.2% | 9.5% | 15.8% |
| Returns | ||||||||||
| Return on capital | 6.7% | −3.5% | −9.1% | 3.1% | 11.2% | — | — | 28.3% | 25.2% | 35.8% |
| Return on capital employed | — | — | — | — | 4.6% | −1.8% | 2.2% | 8.2% | 7.5% | 12.1% |
| Return on equity | 8.9% | −13.5% | −51.4% | −16.8% | 17.9% | −16.7% | 0.9% | 31.0% | 28.1% | 45.8% |
| Return on assets | 1.8% | −2.3% | −6.6% | −1.7% | 2.2% | −2.8% | 0.2% | 5.2% | 4.4% | 6.9% |
| Growth | ||||||||||
| Revenue growth | 1.8% | −16.9% | −2.3% | −7.0% | −16.0% | −25.5% | −48.4% | 21.3% | 9.5% | 18.5% |
| Net income growth | — | −213.1% | — | — | — | −211.1% | — | 2,722.0% | −30.9% | 32.8% |
| EPS growth | — | −237.3% | — | — | — | −229.6% | — | 16,620.0% | −28.4% | 35.9% |
| FCF growth | −148.0% | — | — | — | −69.5% | 12.2% | 103.8% | −4.8% | −15.0% | 97.5% |
| Share count change | −8.9% | −4.9% | 0.1% | 0.4% | 0.4% | 0.3% | 0.3% | −0.2% | −0.5% | −2.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.4x | 302.8x | — | 9.1x | 3.5x | — | 1.2x | 0.5x | 0.6x | 0.7x |
| Debt / equity | 1.9x | 2.4x | 3.3x | 3.2x | 2.1x | — | 0.6x | 0.8x | 1.0x | 1.1x |
| Interest coverage | 2.2x | −1.7x | −3.7x | 1.0x | 3.0x | −1.3x | 2.0x | 10.8x | 8.9x | 12.3x |
| Current ratio | — | — | — | 1.3x | 1.6x | 1.3x | 1.2x | 1.3x | 1.1x | 1.0x |
| Quick ratio | — | — | — | 1.1x | 1.3x | 1.0x | 0.9x | 1.1x | 0.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.0% | 6.7% | 6.8% | 2.5% | 2.1% | 2.2% | 4.7% | 2.4% | 2.7% | 2.8% |
| Stock comp / revenue | — | — | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% | 0.7% | 0.7% |
| Payouts / FCF | — | — | — | 10.0% | 34.0% | 30.6% | 37.1% | 42.1% | 185.8% | 123.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | 5.0 | — | — | 6.0 | 4.0 | 5.0 |
| Altman Z'' | — | — | — | 1.9 | 2.4 | 2.0 | 2.1 | 2.7 | 3.0 | 3.0 |
| Accruals ratio | 1.5% | −4.1% | −8.0% | −4.8% | 0.8% | −4.3% | −2.9% | 2.4% | 1.3% | 0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000040545). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.