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Arphra AIPlain-English read on GE Aerospace’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $56.47B | $29.14B | $35.35B | $38.7B | $45.86B | $48.5B | $53.2B | $57.9B | $61.28B |
| Cost of revenue | $43.38B | $18.99B | $22.94B | $24.31B | $28.97B | $30.42B | $33.27B | $35.94B | $38.48B |
| Gross profit | $13.09B | $10.15B | $12.41B | $14.39B | $16.89B | $18.08B | $19.48B | $20.92B | $22.24B |
| Gross margin | +23.18% | +34.84% | +35.11% | +37.19% | +36.83% | +37.27% | +36.61% | +36.12% | +36.29% |
| Operating | |||||||||
| Research & development | $1.68B | $808M | $1.01B | $1.29B | $1.58B | $1.55B | $1.74B | $1.84B | $1.96B |
| Selling, general & administrative | $10.35B | $5.75B | $6.68B | $6.35B | $4.09B | $7.1B | $7.66B | $8.46B | $8.89B |
| Total operating expenses | $12.03B | $6.56B | $7.69B | $7.63B | $8.12B | $9.68B | $10.61B | $11.7B | $11.79B |
| Operating income | $1.06B | $3.6B | $4.72B | $6.76B | $8.77B | $7.85B | $8.77B | $9.46B | $10.12B |
| Operating margin | +1.87% | +12.34% | +13.34% | +17.47% | +19.13% | +16.18% | +16.48% | +16.33% | +16.52% |
| EBITDA | -$1.55B | $4.05B | $12.65B | $9.79B | $12.06B | $14.1B | $15.73B | $16.51B | $17.34B |
| EBIT | -$3.91B | $2.86B | $11.47B | $8.61B | $10.84B | $12.76B | $13.89B | $15.44B | $15.74B |
| Below the line | |||||||||
| Interest expense | $1.79B | $1.34B | $1.03B | $986M | $843M | $1.21B | $1.27B | $1.45B | $1.53B |
| Interest income | $585M | $466M | $637M | $813M | $0 | $621.67M | $690.32M | $761.14M | $799.52M |
| Other income / expense | -$6.75B | -$2.07B | $5.72B | $859M | $1.23B | — | — | — | — |
| Pre-tax income | -$5.7B | $1.52B | $10.44B | $7.62B | $10B | $11.42B | $12.9B | $13.44B | $14.37B |
| Income tax expense | -$757M | $169M | $994M | $962M | $1.41B | $1.43B | $1.55B | $1.61B | $1.71B |
| Earnings | |||||||||
| Net income | -$6.34B | $336M | $9.48B | $6.56B | $8.7B | $8.28B | $8.72B | $9.84B | $10.23B |
| Net income · continuing ops | -$4.94B | $1.35B | $9.45B | $6.66B | $8.6B | $10.29B | $11.14B | $11.76B | $12.79B |
| Net margin | -11.22% | +1.15% | +26.82% | +16.94% | +18.98% | +17.08% | +16.40% | +17.00% | +16.70% |
| EPS · basic | $-6.16 | $0.04 | $8.44 | $6.04 | $8.16 | $7.60 | $8.73 | $9.78 | $11.00 |
| EPS · diluted | $-6.16 | $0.04 | $8.36 | $5.99 | $8.16 | $7.56 | $8.60 | $9.82 | $10.83 |
| EPS · low estimate | — | — | — | — | — | $7.51 | $8.16 | $8.44 | $10.41 |
| EPS · high estimate | — | — | — | — | — | $7.64 | $9.18 | $11.20 | $11.43 |
| Shares · basic | 1.1B | 1.1B | 1.09B | 1.09B | 1.07B | 1.06B | 1.07B | 1.06B | 1.07B |
| Shares · diluted | 1.1B | 1.1B | 1.1B | 1.09B | 1.07B | 1.06B | 1.06B | 1.07B | 1.07B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 13 | 10 | 10 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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