Pratt’s Demand Story Shines, the Footnotes Matter |

Yesterday, Pratt & Whitney's (P&W) President, Rick Duerloo, spoke at a Wings Club event in New York. As expected, his remarks focused on positive news. He noted the strong demand for new aircraft stretched deep into the future. He also noted that MRO resources were job #1 at P&W. New delivery delays were keeping older aircraft and engines in service longer. The upbeat assessment was no surprise. The market is strong, and single-aisle demand does indeed stretch off into the imagination. The duopoly is sitting on a decade-long backlog - long enough for the next generation to be designed and launched. And what does the data say? Does it comport with Duerloo's view? The following chart lists cumulative engine demand on single-aisle aircraft. Those curves are steep and look great. So, yes, the market is strong. [caption id="attachment_186893" align="aligncenter" width="580"] AirInsight[/caption] The softening in 2026 is due to showing a cumulative chart and 1 month of 2026 data. It will turn up as the year progresses. Let's go deeper into the numbers. P&W competes directly with CFM on the Airbus program. To date, we show GTF is slightly ahead of LEAP. On the A320neo, CFM is way ahead. On the high-demand A321NX, though, GTF is ahead. What is good news for P&W is that the GTF is doing better on the NEO program than the V2500 did on the CEO program. That's clear progress. P&W is doing particularly well on the A321neo models. [caption id="attachment_186894" align="aligncenter" width="401"] AirInsight[/caption] LEAP's overall lead is helped by MAX exclusivity. When you consider the LEAP's impressive curve in the chart above, it's the MAX doing half the lifting. In summary, Duerloo's outlook is on target. The future does look bright. The GTF Advantage should bolster P&W's prospects. The Other Stuff What did not come up was how P&W is dealing with the United Airlines 777 and PW4000 parts shortages. There was no talk about how much the GTF has cost to date - certainly far more than P&W expected. 835 aircraft in storage globally as of late December 2025 (up from 748 in mid-2025) At peak, over 600 GTF-powered aircraft were grounded (roughly one-third of the total fleet) Thousands of engines require inspections and part replacements Affects 2,400+ GTF-powered aircraft delivered to 85+ customers Looking into the future has a benefit: you don't look down at what's in front of you. P&W has a lot of "stuff" at its feet. Are they getting through it? Yes. Is it happening fast enough? Probably not. Will they keep paying compensation for AOGs? Yes. Despite the recall crisis, P&W secured nearly 1,100 GTF orders and commitments in 2025. Total GTF orders now exceed 12,000 engines from 90+ customers worldwide, with about 10% of that coming in the past six months. P&W's 6% delivery growth in 2025 represents a hard-fought victory amid the most severe product crisis in modern aerospace history. In a world where demand exceeds supply, lessors and operators take what they can get delivered. This is a most fortunate, forgiving environment for P&W.

US Flight Planner - US DoT On-Time Data	Airbus vs Boeing - Official OEM Data
US Airline Schedule Performance - US DoT Data	Daily OEM Production & Deliveries -

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