GE Aerospace Q3 2026 Earnings: How Much Revenue Comes From Engine Services

By Stock Titan Editorial Team Published October 20, 2026, 07:09 AM EDT

GE Aerospace Q3 2026 earnings and the raised 2026 guidance

Total revenue rose 16% to $14.1 billion in the quarter ended September 30, 2026, according to the third quarter release attached to the company’s 8-K. Adjusted revenue, the company’s measure that leaves out its run-off insurance business, rose 18% to $13.3 billion.

Earnings per share from continuing operations were $2.32 under GAAP, up 14%. On the adjusted basis, which also strips out insurance results and items such as gains on investments and restructuring, they were $2.25, up 36%.

Operating profit, again an adjusted measure, rose 30% to $3.0 billion.

Orders rose 49% to $19.0 billion. Orders for commercial services rose 23%, the figure chief executive H. Lawrence Culp, Jr. cited in the release, and orders for commercial equipment more than tripled.

Free cash flow fell 14% to $2.0 billion in the quarter. The company’s earnings presentation shows growth in current receivables absorbing $1.66 billion of cash, against $0.11 billion a year earlier.

The company’s guidance, its own forecast for the year, went up on every line. GE Aerospace now expects adjusted earnings per share of $8.00 to $8.10 for 2026, up from its previous range of $7.65 to $7.85. The company’s financials page on StockTitan carries the reported history behind these figures.

GE Aerospace revenue breakdown between services and new engines

In its 2025 annual report, the company describes services as maintenance, repair and overhaul (MRO) of engines and the sale of spare parts. It sells them under long-term service agreements, spare parts agreements or time and material contracts.

Company-wide, services revenue was $9.36 billion of $13.29 billion in adjusted revenue, or 70.5% by our count from the third quarter 10-Q. The 10-Q itself describes the aftermarket business as “approximately 70% of revenue.”

The sharper split is in Commercial Engines & Services, the segment that builds and services engines for airliners and business jets. There, services brought in $7.74 billion and equipment $2.61 billion. That is $2.97 of services for each dollar of equipment, or 74.8% of the segment’s revenue.

A year earlier services were 77.8% of the segment, so the mix moved a few points toward equipment.

The base behind those sales is large. In its third quarter 10-Q, GE Aerospace counts approximately 50,000 commercial and 30,000 military engines in its installed base, parked aircraft included. Its annual report notes that commercial engines “can operate for decades with services in the aftermarket.” The GE Aerospace overview on StockTitan collects the company’s releases and filings.

Show the data

Part	Value	Share
Services (repairs, overhauls, spare parts)	$7.74B	74.8%
New engines and equipment	$2.61B	25.2%

How much of GE Aerospace’s revenue growth came from services

Commercial Engines & Services revenue rose $1,821 million from a year earlier, to $10,342 million. By our count from the 10-Q segment table, services added $1,106 million of that increase.

Equipment added the other $715 million. So services delivered 60.7% of the new revenue, while equipment, a smaller business growing faster, delivered 39.3%.

Across the whole company the result is almost the same. Services added $1,218 million of the $1,980 million increase in adjusted revenue, or 61.5%.

Over nine months services carried more of the growth: $4,562 million of a $6,162 million increase in the segment, or 74%. Equipment revenue grew faster in the July to September period than in either earlier quarter of 2026 while services growth eased, so this quarter tilted toward equipment.

Show the data

Step	Value
Q3 2025	$8.521B
Services	+$1.106B
Equipment	+$0.715B
Q3 2026	$10.342B

Why GE Aerospace commercial engine equipment revenue grew 38%

The release says equipment revenue “grew 38%, driven by engine deliveries up 8%, including LEAP up 5%, and GEnx growth.” The 10-Q also lists pricing among the reasons segment revenue rose. Deliveries grew far less in units than equipment revenue did in dollars, and the company does not split the rise between volume, mix and price.

LEAP is the narrowbody engine of CFM International, the company’s joint venture with Safran. The 10-Q’s customer list shows the LEAP-1A on the Airbus A320neo and the LEAP-1B on the Boeing 737 MAX.

The company delivered 535 LEAP engines in the quarter, against 511 a year earlier. Over nine months it delivered 1,565, against 1,240.

GE Aerospace said it delivered GE9X engines, built for the Boeing 777X, during the quarter, but that “the impact from these shipments will be recognized post midseal certification,” a certification the 10-Q says comes from the Federal Aviation Administration.

Segment profit rose 21% to $2.9 billion, which the release credits to “higher services volume and price.” The operating margin, profit as a share of revenue, was 27.9% against 28.0%, a change the release puts down to “mix and inflation.”

The company does not report profit separately for services and for new engines. Its 10-Q does list “the impact of higher install engine deliveries” among the items that held back segment profit over the first nine months, install engines being those delivered for new aircraft.

The annual report draws the link between today’s deliveries and tomorrow’s services. It says LEAP “is expected in the coming years to overtake the mature CFM56 as the industry’s largest fleet.” It adds: “This is expected to also drive a significant increase in shop visits and need for MRO capacity as LEAP engines come due for services.”

Engine makers did not all see that mix this quarter. RTX reported on October 20 that commercial aftermarket sales at Pratt & Whitney rose 21% in the third quarter, while its commercial original equipment sales fell 5%. Each company defines those lines its own way, so the comparison is one of direction only.

How fast GE Aerospace commercial engine services revenue grew each quarter of 2026

On the restated segment basis, services revenue in Commercial Engines & Services grew 38.7% in Q1 2026, 26.4% in Q2 and 16.7% in Q3, by our count.

In dollars, the increase over the same quarter of 2025 was $1.90 billion, then $1.55 billion, then $1.11 billion.

The 2025 quarters behind those comparisons rose from $4.92 billion to $6.63 billion. Internal shop visit revenue, the overhauls GE Aerospace performs in its own shops, rose 12% this quarter. In the third quarter of 2025 it had risen 33%, according to the 10-Q.

The release breaks the quarter’s 17% services growth down further. Internal shop visit revenue rose “from higher volume, including LEAP up over 40%, and heavier workscope,” and spare parts revenue grew over 20%.

The company raised its services forecast for the full year. It now expects services revenue in the segment to grow “at the higher end of our prior guide of low 20s.” For 2027, Culp said in the release, “we now expect 2027 commercial services to grow low-double-digits supported by our over $170 billion commercial services backlog.” Both are company forecasts, and the release gives no breakdown of them.

Show the data

Category	2025 (restated)	2026
Q1	$4.92B	$6.82B
Q2	$5.88B	$7.43B
Q3	$6.63B	$7.74B

What GE Aerospace’s $170 billion services backlog means

GE Aerospace reports its backlog as remaining performance obligation, which the 10-Q defines as “unfilled customer orders for products and product services (expected life of contract sales for product services),” leaving out orders a customer can cancel without a substantive penalty.

For Commercial Engines & Services, the services part stood at $170.2 billion on September 30, against $154.7 billion at the end of 2025 on the restated basis. The equipment part was $10.2 billion. The 10-Q puts this year’s rise down to “commercial actions and increases to existing long-term service agreements.”

Part of that figure is an estimate. The 2025 annual report says payments under these agreements are “generally based on the utilization of the asset,” and that “the estimate of utilization, which can change over the contract life, impacts both the amount of customer payments we expect to receive and our estimate of future contract costs.”

Much of that work lies years ahead. Across the whole company, defense included, the 10-Q expects 12% of its $178.7 billion services backlog to become revenue within a year, 40% within five years and 67% within ten.

For a sense of scale, the commercial services backlog equals about 22 quarters of services revenue at the third quarter’s pace. That is our comparison of size, and the company gives no timetable in that form.

Show the data

Item	Value	Times the smallest
Services backlog, Sep 30, 2026	$170.2B	22x
Equipment backlog, Sep 30, 2026	$10.2B	1.3x
Services revenue, Q3 2026	$7.7B	1.0x

Frequently asked questions

The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now