GE Aerospace joins the tracked set today with fourteen quarters, from the March 2023 quarter to the June 2026 quarter. The registrant is still General Electric Company — New York incorporation, Evendale, Ohio, commission file 001-00035 — but the 10-Q's own table of contents says "About GE Aerospace", and jet propulsion is all that is left.
The number is not the problem. Choosing which number is.
GE separated GE HealthCare on 3 January 2023 and GE Vernova on 2 April 2024. Under GAAP both are discontinued operations, and the comparative periods get recast. That means the same quarter carries two filed revenue figures, years apart, both correct:
| Quarter ending | Revenue as first reported | Revenue as recast, continuing ops |
|---|---|---|
| 31 Mar 2023 | $14,486M | $7,836M |
| 30 Jun 2023 | $16,699M | $8,755M |
| 30 Sep 2023 | $17,346M | $9,302M |
| 31 Dec 2023 | $19,423M | $9,456M |
| Full year 2023 | $67,954M | $35,348M |
Left column: GE's 10-Qs of 2023 and its Form 10-K for 2023, filed 2 February 2024. Right column: the same periods as restated in the Form 10-K for 2024, filed 3 February 2025, after GE Vernova had gone. Both are filed figures. Neither is a revision of an error.
Cost of sales makes the point without any interpretation. For the quarter ending 31 March 2023, GE's FY2023 Form 10-K tags cost of sales at $10,729 million. The FY2024 Form 10-K tags the same quarter at $4,998 million. Nothing was restated for error; the second figure simply excludes a business that is no longer there.
Splicing one basis onto the other would not read as a data error. It would read as a company that shrank by two thirds in a single quarter and then grew back. So every series on this page — revenue, EPS, free cash flow, gross margin, capex, P/E — is continuing operations, GE Aerospace standalone, GAAP, as recast in the most recent filing that covers the period. The series starts in the March 2023 quarter because that is the oldest quarter for which a recast continuing-operations figure has actually been filed. The 2022 quarters exist only on the old basis, so they are not here.
Two consequences worth naming. Continuing-operations diluted EPS for the March 2023
quarter is $5.98, and that is not an operating result: it is dominated by non-cash
marks on the retained GE HealthCare and AerCap stakes. And the balance sheet cannot be
recast — a spun business leaves at the spin date and prior balance sheets stand as
filed — so total_assets and total_debt here start at 30 June 2024, the first
balance-sheet date after Vernova left. Total assets go from $164 billion in early 2023 to
$123 billion by mid-2024 for that reason, and we decline to plot the step.
Free cash flow: ours, not theirs
GE publishes its own non-GAAP free cash flow. We do not use it. The figure on this site is the site standard for every ticker: cash from operating activities (continuing operations) less additions to property, plant and equipment and internal-use software, both differenced out of the year-to-date columns of the filed cash-flow statements.
The gap is real and worth stating. For the June 2026 quarter GE reports free cash flow of $3,027 million; our figure is $2,923 million. For full-year 2025 GE reports $7.7 billion; ours is $7,270 million. GE's version adjusts for separation costs and other items. Neither is wrong; only one of them is comparable with the other ninety-odd companies on this site, and comparability is the whole point of the score.
The Rule of 40, on one basis
| Quarter | Revenue | YoY | FCF | FCF margin | R40 |
|---|---|---|---|---|---|
| 2023 Q1 | $7.84B | — | -$0.14B | -1.8% | — |
| 2023 Q2 | $8.76B | — | $1.32B | 15.0% | — |
| 2023 Q3 | $9.30B | — | $1.57B | 16.9% | — |
| 2023 Q4 | $9.46B | — | $1.00B | 10.6% | — |
| 2024 Q1 | $8.96B | +14.3% | $1.43B | 15.9% | 30.2 |
| 2024 Q2 | $9.09B | +3.9% | $0.66B | 7.3% | 11.2 |
| 2024 Q3 | $9.84B | +5.8% | $1.65B | 16.7% | 22.5 |
| 2024 Q4 | $10.81B | +14.3% | $1.05B | 9.7% | 24.1 |
| 2025 Q1 | $9.94B | +10.9% | $1.33B | 13.4% | 24.4 |
| 2025 Q2 | $11.02B | +21.2% | $2.02B | 18.3% | 39.5 |
| 2025 Q3 | $12.18B | +23.8% | $2.25B | 18.5% | 42.2 |
| 2025 Q4 | $12.72B | +17.6% | $1.67B | 13.1% | 30.7 |
| 2026 Q1 | $12.39B | +24.7% | $1.54B | 12.4% | 37.1 |
| 2026 Q2 | $13.35B | +21.1% | $2.92B | 21.9% | 43.0 |
A 130-year-old industrial clearing 40 is not what the Rule of 40 was written for, and the score is doing something unusual here: both halves are moving at once. Revenue growth went from single digits through 2024 to low twenties, and the free-cash-flow margin roughly doubled over the same stretch. The June 2026 quarter is the best of the fourteen on both counts.
The weak quarters are informative too. The June 2024 quarter scores 11.2 on 3.9% growth, which is the first quarter after Vernova left, and the March 2023 quarter has negative free cash flow. The series is short on purpose and lumpy in a way a services-and-spares business with progress collections will always be.
What is actually driving it
Second-quarter 2026 revenue of $13.3 billion was up 21%, with orders of $16.5 billion and backlog above $210 billion. The mix is the story: Commercial Engines & Services revenue rose 27% in the quarter and its services revenue rose 32% across the first half, on record internal shop-visit output, while total engine deliveries rose 31% and LEAP deliveries 41%. Defense & Propulsion Technologies grew 16%.
Gross margin, computed here as total revenue less equipment and services cost of sales, sits at 35.0% for the June 2026 quarter and has run between 33.8% and 39.7% across the whole fourteen quarters — a tight band, and one that is only tight because it is measured on one basis.
Management raised full-year 2026 guidance across the board in July: operating profit of $10.55–$10.75 billion, adjusted EPS of $7.65–$7.85 and its own free cash flow of $8.9–$9.2 billion, up from $8.0–$8.4 billion three months earlier. Note that those are non-GAAP lines; the stored EPS series is GAAP continuing operations and runs lower — $2.30 against an adjusted $2.02 in the June quarter, one of the few places the GAAP figure is the higher of the two, because of insurance and other income.
The P/E is arithmetically right and briefly misleading
Trailing-four-quarter continuing-operations EPS is $8.49, and the stored P/E for the June 2026 quarter is 44.0x on a split- and dividend-adjusted month-end close of $373.26. The one point to read carefully is 2023 Q4 at 12.0x. That is not a value signal; it is the $5.98 March-2023 quarter sitting in the denominator. When that quarter rolls out, the ratio jumps to 34.9x with no move in the stock. The prices used are adjusted closes, which is the right choice here for a second reason beyond dividends: the adjustment also strips the Vernova distribution out of the pre-April-2024 prices, so the numerator and the continuing-operations denominator are describing the same share.
Next print
Third-quarter results are not yet on GE Aerospace's investor events page. The last three years put the release on the third or fourth Tuesday of October — 24 October 2023, 22 October 2024, 21 October 2025 — so the calendar carries 20 October 2026 as an estimate and will be corrected when the company announces.
Larry Culp's page collects what he has said in public over the last year: a Bernstein fireside chat in May, a CNBC appearance four days after the second-quarter print, and a long podcast on why he keeps talking about shop-visit throughput rather than orders.
