GE Aerospace orders jump 49% to $19.0B and guidance rises, yet the stock is down about 4%

GE Aerospace reported third-quarter orders of $19.0 billion, up 49%, and adjusted revenue of $13.3 billion, up 18%, and raised its full-year guidance. The shares were still lower: Nasdaq data showed GE at $298.27 at 1:23 PM ET, down $13.01, or 4.18%.

The numbers in the release

Per the company's earnings release filed with the SEC:

• Adjusted revenue: $13,285 million, up 18% from $11,305 million. GAAP revenue was $14.1 billion, up 16%.
• Adjusted EPS: $2.25, up 36% from $1.66. GAAP continuing EPS was $2.32, up 14%.
• Operating profit: $2,988 million, up 30%, at a 22.5% margin, up 220 basis points.
• Free cash flow: $2,042 million, down 14% from $2,362 million. Cash from operations was $2,203 million, also down 14%.

Where the orders came from

Commercial Engines and Services took in $15.3 billion of orders, up 58%. GE says services orders rose 23% and equipment orders more than tripled, which fits the large engine commitments it announced around the Farnborough airshow. The release also cites an agreement with Turkish Airlines for more than 300 LEAP-1B engines. Its commercial services backlog is above $170 billion.

Defense and Propulsion Technologies is the smaller story: revenue of $3.5 billion, up 7%, orders of $4.3 billion, up 18%, and a profit of $475 million.

What guidance changed

The midpoint of the EPS range moves from $7.75 to $8.05, a raise of 30 cents. At the $298.27 price above, the new midpoint puts the stock at roughly 37 times 2026 adjusted earnings. That is our arithmetic, not a company figure.

Why a good quarter can still be sold

We did not find a published explanation from GE for today's move, and we are not going to invent one. What the release does show are the places where the quarter was less perfect than the headline. Free cash flow fell in the quarter even as profit rose by 30%. Commercial Engines and Services margin was 27.9%, down 10 basis points from 28.0%, which GE attributes to mix and inflation. And the release notes that the impact of GE9X deliveries will be recognised only after certification.

With the shares valued at a high multiple, a quarter in line with a strong trend leaves little room for upside surprise. A Schwab Network segment this morning described the market as having already priced the stock for perfection; that is an opinion about expectations, not something the filing shows.

Who it matters to

For airlines and lessors, a 49% jump in orders and a $170 billion services backlog means engine slots and shop-visit capacity remain tight. For the suppliers feeding GE, the release says input from priority suppliers rose by double digits year over year. For defence-exposed peers, see our earlier F/A-XX coverage from September 29.

Sources: GE Aerospace third-quarter 2026 earnings release (SEC EDGAR); Nasdaq quote data at 1:23 PM ET, October 20, 2026; GE filings on SEC EDGAR. Adjusted figures are non-GAAP measures as defined by the company. This is market information, not investment advice.