1Q26 LEAP Deliveries +63% to 520 Engines

Deliveries of CFM LEAP engines have increased by 63 percent in Q1 year-over-year, GE Aerospace has said in the first quarter results. Compared to just 319 engines in 1Q25, output reached 520 engines this March quarter. In the first three months of 2025, production was affected by a supplier issue at Safran, the French company that holds a 50 percent stake in CFM International. This explained why deliveries were down compared to 2024, when 367 LEAPs were delivered to Airbus, Boeing, and COMAC. GE’s Commercial Engines & Services (CES) reported $8.9 billion in revenues, up from $6.7 billion last year. In the past twelve months, Services' orders were up 32 percent. Net profit was up 23 percent to $2.4 billion at a 26.4 percent margin, down from 28.7 percent last year, mainly driven by investments and the growing but undelivered fleet of GE9X engines on the Boeing 777-9. Group CEO Larry Culp said it has identified the cause of the crack that was discovered during a shop visit on a mid-seal of a GE9X test engine in January. “We are at the root cause, we are finalizing the modification as we speak.” Shop visits Services grew by 39 percent, with internal shop-visit revenues up 35 percent and spare-engine revenues up 25 percent. LEAP shop visits grew by 50 percent and are trending really nicely for Q2 and Q3, said CFO Rahul Ghai, coming from increased volumes as repairs will double. Equipment revenues were up 20 percent. While unit volume was up 50 percent, the effect was offset by a less favorable product mix. Commercial engine orders were up by 93 percent year-over-year to $17.3 billion, thanks to new orders for over 650 LEAP and GEnx engines during the quarter. American Airlines ordered 300 engines for its Airbus A321neo/XLR fleet, while United and Delta ordered 300 and 60 GENX powerplants, respectively, for Boeing 787s. GE also won a long-term materials agreement with Ryanair for over 2.000 LEAP-1B and CFM56 engines that power its Boeing MAX fleet. GE’s Flightdeck operating model resulted in better alignment with suppliers, pushing commercial engine deliveries up by 43 percent: 520 LEAPs and 120 GEnx versus 319 LEAPs and 107 GEnx in Q1 2025. GE continues to invest in new MRO capacity and recently announced a $1 billion investment in manufacturing capacity in the US. Guidance Consolidated revenues of GE Aerospace’s commercial, defense, and propulsion divisions grew by 25 percent to $12.4 billion. Defense orders reached record levels. The net profit was down 2 percent to $2.2 billion, with a margin 4.9 percentage points lower at 17.7 percent. EPS was $1.86, up from $1.49 yoy. FY26 guidance now includes the macroeconomic effects of higher oil prices through at least Q3, reduced jet fuel availability, and lower global GDP estimates, although the OEM is not assuming a global recession. Departures are guided at flat-to-single-digit rates, as the Middle East conflict is expected to continue until mid-year. In Q1, the conflict affected GE departures by about 5%. Lower departures could impact services, but Larry Culp expects a strong Q2 and HY2. “If there is a sustained delay in departures, there will be a softness in services. But we have a strong outlook for the rest of the year.” This is supported by numerous CFM56 and GE90 engines that are still awaiting their first shop visits. Also, 95 percent of spare parts are already in inventory. Adjusted revenues are expected to grow by low double-digit margins, operating profit to $9.85 to $10.25 billion from $9.1 billion last year, and EPS to $7.10 to $7.40 from $6.37 last year. Free cash flow is guided at $8.0-$8.4 billion, up from $7.7 billion in 2025. Commercial Engines and Services will likely see mid-teen growth of adjusted revenues and an operating profit of $9.6 to $9.9 billion, up from $8.7 billion in 2025. Culp added that GE Aerospace is taking a more cautious approach to spending.

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