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Call sheet · Q3'26

GE Aerospace (GE)

Q3'26 earnings call · held October 20, 2026 · compared with the Q2'26 call · management-credibility review
8/12
Disclosure score
3 medium flags
Financial quality
Bottom line
GE Aerospace raised guidance with strong commercial services demand. The useful test is how that demand becomes revenue and cash: services orders rose 30% year to date, services revenue rose 26%, and non-GAAP free cash flow rose 13%. Q3 adjusted EPS rose 36%, while GAAP continuing EPS rose 14%. Track receivable collection, delayed parts and GE9X timing rather than treating total-company orders as services orders or interpreting low-double-digit guidance as a cut.

The 30-second version

  • Services demand is strong, but order scope matters
  • The raised outlook includes timing benefits
  • Cash conversion and delayed parts remain useful follow-ups

What changed this quarter

MetricQ2'26Q3'26Change
Total company orders (YoY)+17% Q2+49% Q3Massive acceleration, nearly 3x prior quarter rate
Adjusted revenue growth (YoY, non-GAAP)+24% Q2+18% Q3Decelerated 600bps even as guide was raised
Adjusted EPS growth (YoY, non-GAAP)+22% Q2+36% Q3Acceleration driven by op profit + lower share count
Operating profit margin (non-GAAP)21.7%, down 130bps Q222.5%, up 220bps Q3Full swing from margin compression to expansion
CES segment margin27.3%, down 160bps Q227.9% Q3Up 60bps sequentially; segment margin comparison
Quarterly free cash flow$3.0B, +43% YoY Q2$2.0B Q3Sequential step-down; working capital was a use this quarter
YTD FCF conversion>140% Q2105% YTDDown from over 140% at Q2 to 105%; still above 100%
Spare parts delinquency (sequential)Grew 20% sequentially, quantified'Increased sequentially' / 'up slightly', unquantifiedHard number replaced by qualitative language
Total company backlog disclosed in prepared remarks$210B cited explicitlyNot repeated; only $170B commercial services backlog citedHeadline backlog figure dropped from opening remarks
Commercial services backlog~$170B Q2$170B+ Q3Both are lower-bound figures; exact growth cannot be inferred

Accountability tracked

5 new promises made1 narrative shift flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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