May. 7 at 7:39 PM
$GE backlog:
$210B in 1Q26 - up from
$190B at YE25 - Commercial Services backlog is 80% of total - GE effectively has 4.3 years of revs already under contract
LEAP engine (powering Boeing 737 MAX & Airbus A320neo) is currently being ramped to a target of 2,000 units annually
These engines have a 40-year lifecycle, every new engine delivery "locks in" decades of future service revenue - servicing/parts margins higher than selling new engines
GE is investing
$1B in 2026 specifically to modernize US manufacturing and increase the "velocity" of engine shop visits
Expected to grow at a rate north of +15% annually over the next 3 years & more growth after that, as new engines mature & the more lucrative aftermarket parts & service stream ramps up
FY26 FCF target:
$8.0B–
$8.4B
Since 2020, there have probably been 3,000 or 4,000 planes that airlines would have taken but were never built -
$BA Max issues,
$RTX engine issues, supply chain disruptions, tariffs, insourcing, Iran war, etc have contributed to growing backlogs & production issues
Boeing&
$EADSY have 15,000 jets on order (worth
$1T+) = shadow backlog for GE, Pratt & Whitney &
$RYCEY
