Question · Q3 2025
Scott Mikas questioned whether commercial aftermarket revenue growth, which has reaccelerated despite decelerating ASK growth, indicates a structural decoupling from flight activity or is primarily driven by factors like heavier work scopes, improved throughput, and FLIGHT DECK productivity.
Answer
Rahul Ghai, CFO, clarified that the disconnect between demand outlook and departures growth is primarily due to pent-up demand, with worldwide shop visits still below 2019 levels. He also cited increased work scopes on widebody engines (GE90, GEnx), the significant growth of the external LEAP channel (up 2x in Q3, projected 30% by 2030), and annual price increases as fundamental drivers for the sustained demand increase.