GE Aerospace

GE Aerospace is stepping up shareholder returns, having repurchased $4.2 billion of stock and paid $873 million in dividends in the first half of 2026, with dividends up 26.9% year over year. The company raised its quarterly dividend by 30.6% to 36 cents per share in February 2026 and expects 2026 free cash flow of $8.9 billion to $9.2 billion, up from prior guidance of $8.0 billion to $8.4 billion. GE Aerospace plans to boost total shareholder returns by 20% to approximately $24 billion from 2024 to 2026 through dividends and buybacks, with repurchases now under a new $20 billion authorization approved in December 2025. The company ended the second quarter with $9.3 billion in cash, cash equivalents and restricted cash, well above $2 billion in short-term borrowings. Shares have gained 3% over the past six months, while the industry has declined 10%.

Kratos Defense & Security Solutions and GE Aerospace announced that their GEK800 engine has received the U.S. Military Engine Type Designation F143-ZZ-100 and been awarded an Engineering, Manufacturing and Development contract with the United States Air Force as a second-source propulsion system for the Joint Air-to-Surface Standoff Missile. The 800-pound thrust turbofan, now designated the F143, is designed to power long-range missiles and other uncrewed applications. The companies began working together in 2023 with support from the Air Force Research Laboratory, completing a Technology Maturation and Risk Reduction phase that included more than 50 engine starts in ground testing and successful altitude testing at Purdue University's Maurice J. Zucrow Laboratories in 2025. The designation and contract mark advancement of a program intended to provide small, low-cost, high-performance engines for cruise missiles, collaborative combat-type aircraft, and other uncrewed aerial vehicles.

The Fair Value Estimate for General Electric has been raised from US$350.45 to about US$404.90 per share following Q2 results and updated guidance. Research firms including Deutsche Bank, UBS, Jefferies and Citi have raised price targets on GE Aerospace, citing stronger execution, healthy demand and backlogs. Bernstein and JPMorgan noted Q2 results and guidance beat expectations, while Wells Fargo and BofA flagged concerns that aftermarket growth may slow. The revised model assumes revenue growth of about 7.67%, net profit margin of roughly 18.57%, a future P/E multiple of about 42.3x, and a discount rate of 8.07%.

GE Aerospace's Defense & Propulsion Technologies segment grew revenue 16% year over year in the second quarter of 2026, following 19% growth in the first quarter. The segment's operating profit rose 18% to $475 million, and orders increased 12% year over year. Growth was driven by propulsion and additive technologies, critical aircraft systems, and aftermarket services, supported by contracts from Turkish Aerospace Industries, Boeing Defence UK, and a multi-year partnership with Palantir Technologies. For 2026, GE expects the segment's revenue to increase in the low-double-digit range. GE Aerospace shares have gained 25.3% in the past three months, and the company carries a Zacks Rank #3 (Hold).

Global gas turbine orders reached a record high in the second quarter, driven by surging electricity demand from data centers and manufacturing onshoring, according to JP Morgan. New orders stood at 38 GW, a 29% increase from the first quarter and a 71% jump year-over-year. Among the three major manufacturers, Siemens Energy led with 12.5 GW in new orders, followed by General Electric with 11.3 GW and Mitsubishi Power with 5.3 GW. The United States accounted for half of these orders, and the surge has extended lead times for new combined-cycle gas power plants to five years in 2025 from three and a half years in 2023, with costs up 49%, per BloombergNEF. Wood Mackenzie earlier projected gas turbine prices could soar 195% by 2027 to $600 per kilowatt due to a supply squeeze, noting that global orders at end-2025 stood at 110 GW against manufacturing capacity of only 60 to 70 GW.

Starfighters Space CEO Tim Franta outlined the company's dual focus on hypersonic component testing and small-payload launch services in a recent Fighter Pilot Podcast interview. The company uses a fleet of seven F-104 aircraft as a 'wind tunnel in the sky' to provide sustained Mach 2 test conditions for hypersonic program components, offering longer test durations than ground wind tunnels. Its launch business aims to use the F-104 as an airborne first stage for the planned STARLAUNCH 1 suborbital rocket targeting 100 kilometers and a future STARLAUNCH 2 orbital system, targeting the small-satellite market. Franta emphasized a safety-first, high-cadence approach modeled on operators like SpaceX and Rocket Lab, while acknowledging regulatory and financing hurdles ahead. The interview also noted Starfighters' test support for GE Aerospace's ATLAS hypersonic igniter program.

GE Aerospace's Commercial Engines & Services segment saw revenue surge 27% year over year to $9.73 billion in the second quarter of 2026, driven by robust aftermarket demand and higher equipment deliveries. Services revenue grew 26%, with internal shop visit revenues up 25% and spare parts revenues increasing more than 25%, while equipment revenue advanced 30% on a 26% rise in unit volume, including a 24% increase in LEAP deliveries. Total orders in the segment rose 18% to $12.93 billion, and the company recently secured major engine orders and service agreements with Jet2, Copa Airlines, Ryanair, United Airlines, and Delta Air Lines. For full-year 2026, GE expects adjusted revenues in the segment to grow about 20%. Shares of GE Aerospace have gained 23.4% over the past three months, outperforming the industry's 8.6% growth, though the stock trades at a forward price-to-earnings ratio of 44.20X, above the industry average of 34.03X.

Philippine Airlines has agreed to equip 15 Boeing 787-10 Dreamliners, plus options for five more, with GEnx-1B engines from GE Aerospace, with deliveries expected between 2031 and 2034. The deal reinforces GE's widebody engine backlog and its role in fuel-efficient, lower-emission long-haul flying, though the distant delivery timeline means it does little to alter near-term catalysts around current production ramps or supply-chain risks. GE's second quarter 2026 results showed revenue of US$13,349 million and net income of US$2,370 million, keeping focus on how efficiently the company converts demand into profit. The company's narrative projects $59.2 billion in revenue and $10.8 billion in earnings by 2029, requiring 7.0% annual revenue growth and a $2.2 billion earnings increase from $8.6 billion today, while some analysts forecast revenue of about US$64.6 billion and earnings of US$12.3 billion by 2029.

Safran lifted its full-year financial guidance after reporting better-than-expected first-half results, driven by strong demand for commercial aircraft engine maintenance and spare parts. Recurring operating income climbed 29% to €3.24 billion, beating analyst expectations of €3.06 billion, while revenue rose 19% to €17.57 billion, also ahead of forecasts. The recurring operating margin reached a record 18.4%, and the company now expects recurring operating profit between €6.4 billion and €6.5 billion, up from prior guidance of €6.1 billion to €6.2 billion. Safran also raised its 2026 revenue growth forecast to the mid-teens percentage range and now sees LEAP engine deliveries increasing by a high-teens percentage this year. The improved outlook follows a similar move by GE Aerospace, which also raised its forecasts on strong aftermarket demand.

The 2026 Fortune Global 500 list shows that aerospace manufacturers generally posted higher profits than airlines. GE Aerospace topped all aviation companies on the list with a net profit of 8.704 billion US dollars, earning over 3 billion dollars more than the world’s most profitable airline, Emirates Group. Airbus recorded a net profit of 5.889 billion dollars, up 28.7 percent year on year. Boeing returned to profitability with a net profit of 2.235 billion dollars, and its revenue surpassed that of Airbus. Honeywell posted a net profit of 4.729 billion dollars. Supply chain strains have led to a shortage of aircraft and components, driving up manufacturers’ profits, while airlines have been weighed down by delivery delays and rising costs. Emirates Group reported a net profit of 5.354 billion dollars. Delta Air Lines had the highest revenue among global carriers and ranked second in net profit. China’s three state-owned major airlines remained absent from the Global 500. Two of them were still loss-making in 2025, and their combined losses in the first half of 2026 are expected to approach 10 billion yuan. Xiamen C&D Group ranked 112th with revenue of 97.028 billion dollars, but it swung from profit to loss in 2025, posting a loss of 509 million dollars.

GE Aerospace concluded the 2026 Farnborough International Airshow with commitments for approximately 1,800 engines, including the largest LEAP agreement ever, a memorandum of understanding with IndiGo for more than 1,000 LEAP-1A engines to power 510 Airbus A320neo Family aircraft. The company also announced additional GEnx wins, with Philippine Airlines selecting GEnx-1B engines for 15 Boeing 787-10 aircraft and AerCap selecting the same engine for 15 additional Boeing 787 Dreamliners, as the GEnx-1B surpassed 50 million flight hours in just over 14 years, the fastest rate ever for a GE Aerospace commercial widebody engine model. Durability advancements included FAA and EASA certification of the LEAP-1B high-pressure turbine durability kit, designed to double time on wing in hot and harsh environments, and initial engine-level certification of the LEAP-1B reverse bleed system. In future flight achievements, GE Aerospace, in collaboration with NASA, BETA Technologies, and Boeing, completed the first hybrid electric flight above 30,000 feet, while CFM's RISE technology demonstration program has now completed approximately 500 test campaigns and more than 3,000 endurance cycles, with Airbus and CFM revealing the livery design for the A380 flight test demonstration aircraft expected to support Open Fan flight testing later this decade. Defense highlights included a memorandum of understanding with Magellan Aerospace to explore F414 sustainment capabilities in Canada for the Saab Gripen, successful integration testing of the Axisymmetric Vectoring Exhaust Nozzle on the F110 engine for Shield AI's X-BAT aircraft, and an agreement with Turkish Technic to expand OEM-authorized MRO support for Data Link Control and Display Units in Türkiye.

StandardAero has been selected by GE Aerospace to build, maintain and overhaul the CT7-2E1 engines that will power the United Kingdom's New Medium Helicopter fleet. The agreement covers 46 engines plus spares, replacement parts and long-term support for 23 Leonardo AW149 helicopters ordered under the UK Ministry of Defence's New Medium Helicopter program, with deliveries scheduled between 2030 and 2033. Work will be performed at StandardAero's Gosport facility in southern England, which will also handle engines for future export aircraft. The contract expands StandardAero's military engine maintenance business and its long-standing relationship with GE Aerospace, while strengthening its position in the UK defense market. Financial terms were not disclosed.

National Airlines has committed to purchase one GE90-110B and six CF6-80C2 engines from GE Aerospace to power its Boeing 777F and 747F cargo airplanes. The airline already owns thirty CF6 engines and eight GE90 engines, and this new order follows a recent purchase of eight GE90 engines. GE Aerospace says the additional engines will help National meet growing cargo demand and reflect continued confidence in these aircraft-engine combinations. National Airlines Chairman Chris Alf stated that the CF6 and GE90 engines strengthen operational capability and long-term resilience for the carrier's freighter fleet.

GE Aerospace raised its full-year 2026 guidance across the board following second-quarter results that saw orders rise 17%, revenue increase 24%, and operating profit grow 18%. Chairman and CEO Larry Culp cited robust commercial services demand, with commercial services revenue up 32% in the first half and total engine deliveries up 31%, including a 41% increase in LEAP engines. The company now expects overall revenue to grow high teens, up from a prior outlook of low double digits, and raised its EPS guidance to a range of $7.65 to $7.85, up $0.35 at the midpoint. Free cash flow guidance was lifted to $8.9 billion to $9.2 billion, reflecting higher earnings and better working capital performance. CFO Rahul Ghai noted that the commercial services backlog stands at roughly $170 billion, providing ample visibility into demand for the remainder of the year.

IndiGo has signed a record-setting memorandum of understanding for more than 1,000 LEAP-1A engines with CFM International, a joint venture that includes General Electric's GE Aerospace unit. The agreement supports IndiGo's largest ever fleet expansion and includes a long-term partnership for maintenance, repair, overhaul and material services. This is the largest single engine order in CFM's history and further embeds GE Aerospace technology across India's fast growing commercial aviation market. For General Electric, the deal expands its installed base and ties the company into IndiGo's engine maintenance and material needs, highlighting the importance of future cash flows from aviation services.

GE Aerospace and Magellan Aerospace Corporation signed a strategic Memorandum of Understanding to establish maintenance, repair, and overhaul capabilities in Canada for the F414-GE-39E engine that powers the Saab JAS 39 Gripen E fighter. The agreement is contingent on the Government of Canada selecting the Gripen E for the Royal Canadian Air Force's future fighter fleet. Under the MOU, GE Aerospace would provide training and license Magellan as Canada's domestic center of excellence for F414 sustainment, with work performed at Magellan's Mississauga facility. The F414 engine has accumulated more than five million flight hours and over 1,600 units have been delivered to eight nations.

GE Aerospace announced that AerCap has selected the GEnx-1B engine to power an additional 15 Boeing 787 Dreamliners. AerCap, the world's largest owner of Boeing 787 aircraft, already has a portfolio of approximately 200 GEnx engines owned and on order. The GEnx engine boasts a 99.98% dispatch reliability rate and stays on-wing at a rate three times higher than competing engines, having surpassed 50 million flight hours in just over 14 years, the fastest rate ever for a GE Aerospace commercial widebody engine. GE Aerospace is investing more than €110 million across its European manufacturing facilities in 2026 and $1 billion across its U.S. manufacturing sites and supply chain, with over $100 million dedicated to enhancing supplier capabilities for programs like the GEnx engine.

AerCap Holdings N.V. has placed a direct order for 15 Boeing 787-9 Dreamliners, increasing its fleet of 787 aircraft to approximately 140. The order was announced at the 2026 Farnborough International Air Show, with deliveries scheduled through 2033. AerCap selected GE Aerospace's GEnx-1B engines to power the aircraft, and the agreement includes substitution rights to the Boeing 787-10 variant. CEO Aengus Kelly said the addition strengthens AerCap's position as the world's largest owner of 787 aircraft and enables the company to meet growing demand for modern, fuel-efficient widebody jets.

GE Aerospace shares climbed Monday after the company announced a breakthrough in hybrid-electric aviation, demonstrating the first flight of its kind above 30,000 feet in collaboration with NASA, BETA Technologies, and Boeing. The longest hybrid-electric segment during the campaign lasted more than two hours, using GE Aerospace's megawatt-class, multi-kilovolt propulsion system developed through NASA's Electrified Powertrain Flight Demonstration project. The system combined a conventional CT7 engine with electric motor-generators, power converters, batteries, and other flight components, with BETA Technologies serving as systems integrator, Boeing subsidiary Aurora Flight Sciences supplying the nacelle, and BAE Systems providing the batteries. GE Aerospace said the electric powertrain powered the propeller and recharged the battery in flight, improving climb performance and high-altitude capability. The stock traded at $354, about 2.7% below its 20-day simple moving average of $362.87 but above its 50-day SMA of $333.68, with a golden cross in June supporting a bullish longer-term trend. Analysts rate the stock a Buy with an average price target of $388.36, and recent actions include RBC Capital maintaining an Outperform rating with a $400 target and UBS raising its target to $435.

Global defense and aerospace production is accelerating, with engine supply chains, long-term service contracts, and airframe ramp targets shaping the near-term outlook for companies across the sector. Boeing has prioritized stabilizing 737 MAX output at 47 aircraft per month before pursuing further increases, citing propulsion systems as a key gating factor. RTX Corporation's Pratt & Whitney Canada secured a roughly $1 billion, nine-year overhaul contract for PT6A-68 engines supporting the JPATS T-6 trainer program. GE Aerospace raised its 2026 EPS guidance to $7.65–$7.85 and forecast free cash flow of $8.9 billion to $9.2 billion, while its CEO stated that GEnx engine availability will not be a bottleneck for Boeing's 787 production ramp. CFM International, the GE Aerospace and Safran joint venture, outlined plans to increase engine deliveries by approximately 15% to align with Boeing and Airbus production schedules.

GE Aerospace CEO Larry Culp announced that the company's SAAB A340 testbed completed the first high-altitude hybrid-electric transatlantic flight, calling it a strong proof point for next-generation commercial propulsion. The flight, conducted with Boeing, Beta Technologies, and NASA, was revealed alongside second-quarter results that beat estimates with adjusted earnings per share of $2.02 and a raised full-year EPS guidance of $7.65 to $7.85. Culp highlighted a $210 billion engine and services backlog, with Boeing's 737 program running at 42 per month and its $695 billion commercial backlog fueling demand for GE's LEAP and GEnx engines. LEAP engine deliveries rose 24% in the quarter, and a durability kit already retrofitted on 40% of the fleet is targeting a roughly twofold improvement in time on wing. GE Aerospace shares opened at $348.83 on Monday, up 13.55% year to date.

BAE Systems announced that its advanced battery system powered the first flight test of GE Aerospace's hybrid-electric propulsion demonstrator aircraft during the Farnborough International Airshow. The test aircraft, a modified Saab 340 B, showcased the potential for significant fuel savings and reduced emissions in commercial aviation. BAE Systems was responsible for the design, development and integration of a complete battery energy storage system, including a battery management system using cutting-edge lithium-ion batteries that provide more power without adding extra weight. The flight test marks a significant step toward commercializing hybrid-electric propulsion systems for narrow-body aircraft, and BAE Systems and GE Aerospace will continue to refine and test the system as they work toward achieving aviation certification.

GE Aerospace, in collaboration with NASA, BETA Technologies, and Boeing, has conducted the world's first hybrid electric flight above 30,000 feet, reaching altitudes typical of commercial passenger aircraft. The milestone was achieved using a fully integrated megawatt-class, multi-kilovolt hybrid electric propulsion system developed under NASA's Electrified Powertrain Flight Demonstration project, with the longest single flight in hybrid electric mode lasting more than two hours. The system was tested on a modified Saab 340B aircraft, with BETA Technologies serving as systems integrator and Boeing subsidiary Aurora Flight Sciences supplying the nacelle. The achievement was announced at the Farnborough International Airshow, where public demonstration flights are planned as part of the daily flying display.

BETA Technologies unveiled the MV250, an autonomous hybrid-electric vertical takeoff and landing aircraft, at the Farnborough International Airshow. The MV250 delivers a reposition range of 1,300 nautical miles and carries a 2,000-pound payload within a tactical range of 250 nautical miles, offering greater range, higher speed, and lower procurement and operating costs compared to similarly sized legacy military platforms. The aircraft features a series hybrid electric turbogenerator developed in collaboration with GE Aerospace under a Joint Technology Development Agreement, which extends operational range and provides ground-based power. Its open-architecture flight control system is agnostic to the autonomous mission system and has successfully demonstrated both Sikorsky MATRIX and BETA autonomy systems in flight tests. The MV250 airframe and systems are common to BETA's standard civil products, lowering development, production, and validation costs.

CFM International, the joint venture between General Electric and Safran, is targeting a 15% increase in engine deliveries this year to match rising aircraft production from Boeing and Airbus. CEO Gaël Méheust said the company is aligned with airframer ramp-up plans and feels good about the trajectory, speaking ahead of the Farnborough Air Show. CFM is also advancing durability improvements for engines operating in hot and dusty conditions, with upgraded versions already on the Airbus A320 and approved for the Boeing 737 Max. Méheust described the current commercial aviation ramp-up as unprecedented, driven by airlines seeking more fuel-efficient fleet configurations.

Honeywell Aerospace is positioned to benefit from rising air travel demand and a shift toward aftermarket services. The International Air Transport Association expects global air passenger demand to grow 2.1% year over year in 2026, supporting both original equipment and service activity. The company's large installed base across commercial, business, defense, and space platforms generates recurring revenue from spare parts, repairs, and long-term service agreements, which can be more stable than new aircraft sales. Honeywell is also expanding its digital aviation tools, such as Honeywell Forge, adding software-linked recurring revenue. The stock currently carries a Zacks Rank #3 (Hold), reflecting a measured near-term outlook despite credible long-term secular trends.

GE Aerospace raised its full-year 2026 guidance across all metrics, with revenue now expected to grow high teens and operating profit projected between $10.55 billion and $10.75 billion. Commercial services revenue growth was upgraded to low 20s, supported by a $170 billion services backlog and 95% visibility into third-quarter spare parts revenue. LEAP engine deliveries are now expected to grow high teens for the full year, up from the previous 15% growth target. Free cash flow guidance was raised to $8.9 billion to $9.2 billion, reflecting higher earnings and improved working capital performance. The company also highlighted a 32% increase in commercial services revenue in the first half, driven by record internal shop visit output and improved material availability.

GE Aerospace has raised its full-year 2026 guidance, now forecasting free cash flow of $8.9 billion to $9.2 billion and earnings per share of $7.65 to $7.85. The company reported second-quarter EPS of $2.02, beating the $1.86 estimate, while operating profit rose 18% to $2.7 billion and free cash flow surged 43% to $3 billion. Revenue is expected to grow in the high teens, up from a prior outlook of low double digits, driven by robust commercial services and a backlog exceeding $210 billion. Management noted that supply constraints remain a challenge, with spare parts delinquency growing 20% sequentially, but emphasized resilient demand and steady customer behavior.

GE Aerospace has returned 16.6% year-to-date, significantly outperforming the broader Aerospace sector's average gain of 2.4%. The company holds a Zacks Rank of 2, or Buy, with the consensus full-year earnings estimate rising 0.6% over the past three months. Within the Aerospace - Defense industry, which has lost 0.6% this year, GE's performance stands out. Another sector outperformer, Curtiss-Wright, has surged 36.9% year-to-date and also carries a Zacks Rank of 2, with its current-year EPS estimate up 1% over three months.

GE Aerospace was a significant contributor to the Mar Vista U.S. Quality Strategy in the second quarter of 2026, as investors gained confidence in its multi-year earnings trajectory despite geopolitical uncertainty and supply chain constraints. The strategy noted that strong execution, continued strength in the commercial aerospace aftermarket, and improving defense demand offset concerns from the brief U.S.-Iran conflict. Elevated fleet utilization drove increased demand for maintenance, repair, and overhaul services, spare parts, and engine shop visits, supporting GE Aerospace's highest-margin businesses. The quarter reinforced that commercial aerospace remains in the early-to-middle stages of a multi-year aftermarket upcycle, with production constraints keeping aircraft supply below demand and extending the lives of older fleets. GE Aerospace shares gained 39.05% over the past 52 weeks, closing at $359.04 on July 9, 2026, with a market capitalization of $375.13 billion.

The global aircraft turbofan engine market is projected to grow from USD 112.58 billion in 2025 to USD 186.19 billion by 2035, at a compound annual growth rate of 5.16%. Growth is driven by rising aircraft deliveries, fleet modernization, and demand for fuel-efficient, low-emission engines. North America led the market with a 36.54% share in 2025, while Asia Pacific is expected to be the fastest-growing region. Key players including GE Aerospace, Pratt & Whitney, Rolls-Royce, and Safran collectively hold around 90% of the market. High bypass turbofan engines dominated with a 78% share, and the commercial aviation segment accounted for 65.94% of revenue.

Zacks Equity Research identifies GE Aerospace, RTX Corp., and General Dynamics as notable stocks in the aerospace-defense industry, which benefits from rising global defense spending and long-term procurement programs. The U.S. Department of War proposed a record $1.5 trillion fiscal 2027 defense budget, approximately 42% higher than current levels, with over $756.8 billion allocated to new military capabilities. Global air passenger demand is expected to grow 2.1% in 2026 and more than double by 2050, though supply-chain disruptions continue to delay aircraft production and deliveries. The industry carries a Zacks Industry Rank of 105, placing it in the top 43% of over 246 industries, and trades at a trailing 12-month EV/Sales of 2.91X compared to the S&P 500's 5.87X. GE Aerospace, RTX, and General Dynamics each hold a Zacks Rank of 2, with consensus estimates projecting year-over-year sales growth of 15.2%, 6%, and 4.7%, respectively, for 2026.

GE Aerospace delivered its fourth consecutive earnings beat with adjusted EPS of $1.86 versus a $1.60 consensus and revenue of $12.39 billion, up 24.7% year-over-year, while total orders nearly doubled to $23.0 billion. The company’s $170 billion services backlog and wins from American, United, Delta, and a Ryanair materials pact covering roughly 2,000 CFM56 and LEAP engines extend its runway well into the next decade. SpaceX, which began trading June 13 at $135, spiked above $225 before retreating to $162 by July 2, with Polymarket assigning a 92% probability it holds above $120 by month-end but only 31% odds above $160. Defiance ETFs CIO Sylvia Jablonski called SpaceX a multi-platform infrastructure company with Starlink poised to exceed expectations, while The Atlantic’s James Surowiecki argued the IPO is really about funding the AI race. GE trades at 46 times trailing earnings above its $358.29 analyst target, leaving little room for a stumble, whereas SpaceX carries volatility that warrants smaller position sizing.

GE Aerospace's Defense & Propulsion Technologies segment saw orders surge 67% year-over-year in the first quarter of 2026, driven by strong demand for propulsion and additive technologies, critical aircraft systems, and aftermarket services. Segment revenues increased 19% year-over-year, while operating profit grew 17% to $379 million. Notable contracts include an extension of support services for T700-GE-T701D engines from Boeing Defence UK and a multi-year partnership with Palantir Technologies to improve fleet management for the U.S. Air Force. The company expects segment revenues to rise in the mid-to-high single-digit range for full-year 2026, supported by the fiscal year 2026 Defense Appropriations Act signed in February.

A SIAC tribunal has issued a partial final award dismissing both Prai Power's claim and the counterclaim by GE entities in a multi-year arbitration tied to past energy projects in Malaysia. The decision resolves Claim 1 without any cash payment ordered either way, and each party bears its own legal costs. The tribunal has reserved jurisdiction over a separate Claim 2, which could still lead to further proceedings if GE elects to pursue it. This outcome removes one defined legal overhang for General Electric, though residual uncertainty remains around the potential pursuit of Claim 2.