Demand for commercial air travel grew with departures up 4%. The company is in frequent communication with airline, airframe, and maintenance, repair and overhaul (MRO) customers regarding the outlook for commercial air travel, new aircraft production, fleet retirements, and aftermarket services.

Results reflect domestic and international government defense departments' focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of the business is government funding.

ANA HOLDINGS, Malaysia Aviation Group, and Korean Air committed to more than 75 LEAP install and spare engines to power its Boeing 737 MAX and A321 NEO fleets, and also selected GEnx engines to power its order of 18 Boeing 787s. Malaysia Aviation Group ordered 60 LEAP install engines, plus additional spares, to power their new fleet of 30 Boeing 737 MAX aircrafts. Korean Air announced an agreement for GEnx and GE9X engines to power their recent order of up to 30 Boeing 787-10s and 20 Boeing 777-9s.

Through FLIGHT DECK, the Company's proprietary lean operating model, GE Aerospace is accelerating its lean progress, prioritizing safety, quality, delivery and cost, to drive focused execution and bridge strategy to results.

The company is investing in its manufacturing facilities, overhaul facilities, and supply chain to increase production and strengthen yield in order to improve delivery to its customers. It is also partnering with suppliers to improve material input and working with customers to calibrate future production rates.

The company is proactively managing the impact of inflationary pressure by driving cost productivity and adjusting the pricing of its products and services. It expects the impact of supply chain constraints and inflation will continue, and it is continuing to take action to mitigate the impacts.

Global material availability and supplier delivery performance continue to cause disruptions and have impacted the company's production and delivery of equipment and services to customers. This is a recurring theme throughout the document.

Operating in a highly dynamic tariff environment, the company acknowledges that tariffs will result in additional costs for it and its suppliers. It is optimizing operations and leveraging existing programs and strategies to reduce the impact from tariffs, and implementing pricing actions to primarily mitigate the remaining impact.

The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. In 2025, the company expects to incur $0.1 billion in connection with the incorporation of the Pillar 2 model rules.

As of March 31, 2025, RPO (Remaining Performance Obligation) increased $1.0 billion, or 1%, from December 31, 2024, at Defense & Propulsion Technologies and Commercial Engines and Services, primarily from equipment orders outpacing revenue recognized.

Internal shop visit revenue grew in the first quarter, while total engine deliveries and LEAP engine deliveries decreased primarily due to supply chain constraints. This suggests that the company is struggling to meet demand for its LEAP engine.

Results reflect domestic and international government defense departments' focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of the business is government funding.

Through FLIGHT DECK, the Company's proprietary lean operating model, GE Aerospace is accelerating its lean progress, prioritizing safety, quality, delivery and cost, to drive focused execution and bridge strategy to results.

The company is investing in its manufacturing facilities, overhaul facilities, and supply chain to increase production and strengthen yield in order to improve delivery to its customers. It is also partnering with suppliers to improve material input and working with customers to calibrate future production rates.

The company is proactively managing the impact of inflationary pressure by driving cost productivity and adjusting the pricing of its products and services. It expects the impact of supply chain constraints and inflation will continue, and it is continuing to take action to mitigate the impacts.

The company remains committed to investing in developing and maturing technologies that enable a more efficient future of flight. Notably, CFM International's RISE program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels.

The company recently completed a second test campaign on the high-pressure turbine blades which demonstrated improved durability and fuel efficiency. This is one of several initiatives underway to help invent the future of flight.

Total engineering investments, both company and partner-funded, increased compared to the prior year. The company is investing in its manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield.

The company repurchased 9.5 million shares for $1.9 billion in the first quarter of 2025 under its authorized $15 billion share repurchase program. This includes repurchases of 5.5 million shares for $1.1 billion using accelerated stock repurchases.

Cash used for additions to property, plant and equipment and internal-use software was $(0.2) billion for both the three months ended March 31, 2025 and 2024, respectively. This indicates a consistent level of investment in infrastructure and technology.

GE Aerospace is committed to maintaining strong investment grade ratings with a disciplined capital allocation strategy. The Company will continue to invest in future growth and innovation through research and development and capital expenditures.

The company has total reserves related to environmental remediation and worker exposure claims were $2,021 million and $2,003 million at March 31, 2025 and December 31, 2024 respectively, indicating a sustained focus on addressing these liabilities.

The company supports efforts to revitalize domestic manufacturing and are investing $1 billion in U.S manufacturing this year and hiring 5,000 U.S workers.

The company supports promoting free and fair trade that ensures the continued strength of the U.S aerospace industry.

Demand for commercial air travel grew with departures up 4%. The company is in frequent communication with airline, airframe, and maintenance, repair and overhaul (MRO) customers regarding the outlook for commercial air travel, new aircraft production, fleet retirements, and aftermarket services.

Results reflect domestic and international government defense departments' focus on modernizing and scaling their forces while continuing flight operations, driving services demand. A key underlying driver of the business is government funding.

The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. In 2025, the company expects to incur $0.1 billion in connection with the incorporation of the Pillar 2 model rules.