Total Revenue

–38% (from $16,053M to $9,935M)

Total revenue declined sharply in Q1 2025 due to a reduction in high-value sales, reflecting changes in the revenue mix versus Q1 2024; while specific drivers aren’t fully detailed, the overall drop suggests weaker performance in segments contributing the most to revenue in the prior period. " "

Aerospace Revenue

+15% (from $8,064M to $9,301M)

The Aerospace segment grew by 15%, driven by improvements in Commercial Engines & Services—benefiting from higher spare parts volume and better pricing—while the Defense component remained nearly flat, indicating that growth was concentrated in the commercial side compared to the previous period. " "

Commercial Engines & Services

+15% within Aerospace

Within Aerospace, Commercial Engines & Services increased in line with the overall sector improvements, supported by a robust recovery in spare parts and services revenue that built on past order flow and operational enhancements, as seen in previous strong performance. " "

Defense

~+1% (nearly flat)

The Defense segment remained almost unchanged (+1% YoY) in Q1 2025 compared to Q1 2024, which suggests that despite some underlying operational activities, the defense side encountered a balance between incremental service gains and persistent challenges from earlier periods, keeping its revenue largely static. " "

Corporate Revenue

–25% (from $850M to $634M)

Corporate revenue fell by 25%, continuing a trend seen earlier possibly due to higher intercompany eliminations and a reduction in non-operating revenue elements compared to the previous period’s figures. " "

Net Earnings

+44% (from $1,563M to $2,245M)

Net earnings surged by 44%, reflecting operational improvements such as higher segment profit and margin expansions overcoming previous period challenges like lower gains on certain ownership interests; cost containment and a more favorable revenue mix helped drive this strong turnaround compared to Q1 2024. " "

Operating Cash Flow

+55% (from $992M to $1,543M)

Operating cash flow increased by 55% due to higher net income and efficient working capital management, which contrasted with prior challenges that weighed on cash flow, demonstrating improved liquidity and operational efficiency relative to Q1 2024. " "

Revenue Growth

FY 2025

Low double-digit revenue growth including CES & DPT " "

Expected low double-digit growth " "

no change

Profit

FY 2025

$7.8B to $8.2B " "

$7.8B to $8.2B "

no change

EPS

FY 2025

$5.10 to $5.45, up 15% at the midpoint " "

$5.10 to $5.45 "

no change

Free Cash Flow

FY 2025

$6.3B to $6.8B " "

$6.3B to $6.8B "

no change

LEAP Deliveries Growth

FY 2025

15% to 20% growth "

15% to 20% growth "

no change

Segment Guidance

FY 2025

no prior guidance

Maintained across all segments "

no prior guidance

Spare Parts Growth

FY 2025

no prior guidance

Expected low double-digit growth for the full year " "

no prior guidance

Services Growth

FY 2025

no prior guidance

Anticipated low double-digit to mid-teens growth "

no prior guidance

Departures Growth

FY 2025

no prior guidance

Revised to low single-digit growth, down from mid-single digits " "

no prior guidance

CES Segment

FY 2025

Mid-teens revenue growth; Services up low double-digit to mid-teens; Equipment up high teens; Profit $7.6B–$7.9B "

no current guidance

no current guidance

DPT Segment

FY 2025

Mid- to high single-digit revenue growth; Profit $1.1B–$1.3B "

no current guidance

no current guidance

Corporate Costs

FY 2025

Expected to be less than $1B "

no current guidance

no current guidance

Share Repurchases

FY 2025

Increasing to $7B "

no current guidance

no current guidance

Dividend

FY 2025

Planned to raise by 30%, subject to board approval "

no current guidance

no current guidance

Aftermarket Growth & Spare Parts Demand

In Q2–Q4 2024 calls, GE Aerospace consistently emphasized robust spare parts revenue growth, strong order backlogs, and increased internal and external shop visits with significant percentage gains " " [15–18].

In Q1 2025, the call reiterated strong aftermarket growth with spare parts revenue up >20%, 90% backlog for Q2, and significant shop visit increases (e.g. LEAP external visits up over 60%). " " " "

Consistent optimism with strong backlog and steady growth in spare parts and shop visits; the sentiment remains robust with similar drivers observed across periods. " " "

Engine Performance and Delivery Challenges

Across Q2–Q4 2024 calls, discussions focused on LEAP performance improvements (durability upgrades, HPT blade enhancements), delivery shortfalls (e.g. LEAP deliveries down, supply chain issues affecting GE9X), and ongoing efforts to accelerate output " " [21–25].

Q1 2025 highlighted ongoing LEAP delivery challenges (13% fall in LEAP shipments) alongside improvement in supplier performance and ramp-up plans, with GE9X program progress noted through customer commitments. " " "

Steady challenges with a slightly optimistic tone — persistent delivery constraints acknowledged with incremental operational improvements and expectations for growth in future quarters. " "

Supply Chain Constraints and Mitigation Strategies

Q2–Q4 2024 calls consistently addressed material shortages and delays, with multiple references to FLIGHT DECK, joint Kaizen initiatives, increased supplier collaboration, and incremental improvements in material throughput " " [26–33].

In Q1 2025, despite ongoing constraints causing slower material inputs and a 6% decline in total engine units, GE highlighted sequential improvements (e.g. 8% increase at priority sites) and expanded supplier engagement (supplier symposium). " " "

Persistent constraints with enhanced mitigation measures; the focus on operational improvements using FLIGHT DECK and supplier initiatives continues, though challenges remain with some incremental gains. " " "

Financial Guidance Adjustments and Profitability Trends

In Q2–Q4 2024, upward revisions in profit and EPS guidance were noted along with margin expansion in key segments (CES, DPT), though delayed margin benefits were a theme due to equipment sales shifts and supply chain issues " " [36–40].

Q1 2025 reported robust Q1 profitability (profit up 38% YoY, margins expanded significantly) with maintained full‐year guidance, but with adjustments such as lower departure growth and delayed benefits from pricing measures. " " " "

Upward momentum with cautious optimism; strong Q1 profitability supports an improved outlook though margin benefits and departure growth remain modest, reflecting a balanced view between growth and operational headwinds. " "

Tariff Impacts and Mitigation Measures

Q2–Q4 2024 calls did not mention tariff issues.

Q1 2025 introduced discussion of a ~$500 million tariff impact, with strategies including SG&A cost controls, temporary surcharges, and planned mid- to high-single digit price hikes to offset the costs. " " " "

New emergence; tariff impacts became a prominent discussion point in Q1 2025, with clear mitigation strategies articulated compared to prior periods where they were not addressed. " "

Capital Investment in MRO Network Expansion

Q2–Q4 2024 calls featured significant investment plans, including a $1 billion commitment over five years, expansion of LEAP MRO capacity, and facility upgrades to improve turnaround times and lower costs. " " " "

Q1 2025 did not specifically detail new capital investments in MRO but referenced increased aftermarket capacity and upgraded HPT blades supporting MRO activities, implying ongoing commitment. "

Consistent focus; although less prominently detailed in Q1 2025, the underlying strategy to expand MRO capacity remains part of the long‐term growth plan. " "

Capital Allocation and Shareholder Returns

In Q3–Q4 2024, GE emphasized strong capital allocation strategies with share repurchase increases and plans for dividend hikes, alongside commitments to high free cash flow conversion and substantial shareholder returns. " " " "

Q1 2025 described a plan to deploy over $8 billion to shareholders (including $7 billion for share buybacks and dividend payouts), reinforcing a robust capital allocation strategy. " "

Sustained commitment and increase; the focus on returning cash to shareholders is consistent with earlier periods and shows an upward reinforcement with even larger planned allocations in Q1 2025. " "

Technology Innovation and Sustainability Initiatives

Q2–Q4 2024 consistently featured the RISE program and open fan engine technology, with detailed discussions on component testing, partnerships (with Boeing, NASA, ORNL), and progress toward improved efficiency and emissions reduction. " " " "

In Q1 2025, GE reiterated its commitment through the RISE program with advanced endurance testing of high-pressure turbine blades and ongoing development of open fan engine technology to enhance fuel efficiency and reduce emissions. " "

Consistent and proactive; technology and sustainability remain core, with continued R&D investments and testing across periods, affirming a steady focus on innovation and sustainability goals. " "

Market Demand Dynamics and Extended Engine Life Effects

Q2 2024 detailed rising aircraft departures, strong aftermarket parts demand, and discussions about extended lifecycles for CFM56 engines (with airlines extending leases and performing additional shop visits) [16–18]. Q3 2024 noted robust demand with increased aftermarket reliance.

Q1 2025 noted flat departure growth with low single-digit estimates and observations that airlines are extending engine lifecycles, mitigating impacts on services revenue while new unit shipments (e.g. LEAP engines) continue to face supply constraints. " " "

Cautiously mixed outlook; while demand remains robust, flat departure growth and extended engine lifecycles are moderating new unit sales, leading to a strategic focus on aftermarket revenue – the sentiment is wary but proactive. " " "