Sixty Per Cent of the Revenue Is Not AmericanNarrow moat

GE Aerospace (GE) — moat facet

Asia nearly doubled in two years and is now larger than Europe, and almost nobody remarked on it.

GE Aerospace is an American company whose revenue is increasingly not American, and the change has been fast.

2025 revenue by region: $45,855 millionUnited States $18,194m — 40%Asia $10,819m — 24%Europe $8,603m — 19%Middle East and Africa $4,575m — 10%Americas $3,664m — 8%Asia rose from $5,734m in 2023 — up 89% in two years — and is now larger than Europe.
Non-US revenue went from 52% to 60% in two years, and almost nobody remarked on it.

Non-United States revenue was fifty-two per cent of the total in 2023, fifty-five per cent in 2024 and sixty per cent in 20251. The absolute figures: United States $18,194 million, Europe $8,603 million, Asia $10,819 million, the Americas $3,664 million and the Middle East and Africa $4,575 million2.

Asia is the story. It went from $5,734 million in 2023 to $10,819 million in 2025 — an increase of eighty-nine per cent in two years, and it is now larger than Europe3. Air travel growth, fleet expansion and the LEAP ramp on narrowbody aircraft ordered by Asian carriers are all pointing the same way, and the 2025 order wins included ANA Holdings, Malaysia Aviation Group, Korean Air and Cathay Pacific4.

The operational footprint has followed. Manufacturing and service operations are carried out at 70 facilities in 23 American states, of which 24 are owned, and at 62 facilities in 23 other countries, of which 30 are owned5. Roughly 57,000 people are employed, about 30,000 of them in the United States6.

The exposure this creates is not currency — engines are priced and largely paid in dollars — but policy. Tariffs, export controls and trade retaliation reach a business that ships components across many borders before assembling them. A zero-for-zero aerospace tariff agreement was established with the EU, UK, Japan and Korea in 2025, and after the Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, GE Aerospace submitted refund requests and received a portion of previously paid IEEPA tariffs in the second quarter of 20267.

Follow the non-US share: sixty per cent and rising8. It is a growth statistic and a political exposure in the same number.

Moat trajectory: Widening

Non-US revenue went from fifty-two to sixty per cent of the total in two years, with Asia rising eighty-nine per cent to $10,819 million and overtaking Europe. It is a growth statistic. It is also a growing political exposure in a period of tariffs and export controls.

The number that tests this moat
Reported
Non-US share of revenue
60%, from 52% in 2023

Asia went from $5,734M to $10,819M in two years — up 89% — and is now larger than Europe. It is a growth statistic and a political exposure in the same number, in a period of tariffs and export controls.

Source: GE Aerospace Form 10-K, fiscal year 2025 ↗
References
  1. ReportedNon-United States revenue was fifty-two per cent of the total in 2023, fifty-five per cent in 2024 and sixty per cent in 2025.
    GE Aerospace Form 10-K, FY2025 - notes to the consolidated financial statements — the segment note including segment expenses, segment profit and other segment income; contract assets, contract liabilities and long-term service agreement balances; the remaining performance obligation note with its expected recognition schedule; goodwill and intangible assets; and the geographic revenue table. — FY2025 · publ. January 2026 · source ↗
  2. ReportedThe absolute figures: United States $18,194 million, Europe $8,603 million, Asia $10,819 million, the Americas $3,664 million and the Middle East and Africa $4,575 million.
    GE Aerospace Form 10-K, FY2025 - notes to the consolidated financial statements — the segment note including segment expenses, segment profit and other segment income; contract assets, contract liabilities and long-term service agreement balances; the remaining performance obligation note with its expected recognition schedule; goodwill and intangible assets; and the geographic revenue table. — FY2025 · publ. January 2026 · source ↗
  3. ReportedIt went from $5,734 million in 2023 to $10,819 million in 2025 — an increase of eighty-nine per cent in two years, and it is now larger than Europe.
    GE Aerospace Form 10-K, FY2025 - notes to the consolidated financial statements — the segment note including segment expenses, segment profit and other segment income; contract assets, contract liabilities and long-term service agreement balances; the remaining performance obligation note with its expected recognition schedule; goodwill and intangible assets; and the geographic revenue table. — FY2025 · publ. January 2026 · source ↗
  4. ReportedAir travel growth, fleet expansion and the LEAP ramp on narrowbody aircraft ordered by Asian carriers are all pointing the same way, and the 2025 order wins included ANA Holdings, Malaysia Aviation Group, Korean Air and Cathay Pacific.
    GE Aerospace Form 10-K, FY2025 - Segment Operations — Commercial Engines & Services: segment revenue, profit and margin, commercial engine and LEAP unit deliveries, internal shop visit revenue growth, the CES remaining performance obligation, the 2025 engine commitments from Qatar Airways, Emirates, International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus, and commercial departures growth. — FY2025 · publ. January 2026 · source ↗
  5. ReportedManufacturing and service operations are carried out at 70 facilities in 23 American states, of which 24 are owned, and at 62 facilities in 23 other countries, of which 30 are owned.
    GE Aerospace Form 10-K, FY2025 - Item 1 general and Item 2 Properties — the installed base of approximately 50,000 commercial and 30,000 military engines and the statement that it supports an aftermarket representing approximately 70% of revenue, the FLIGHT DECK operating model, customers in approximately 120 countries, the facility count, human capital and employee numbers, the intellectual property discussion, the research and development table splitting company-funded from customer- and partner-funded spending, and the engine testing milestones. — FY2025 · publ. January 2026 · source ↗
  6. ReportedRoughly 57,000 people are employed, about 30,000 of them in the United States.
    GE Aerospace Form 10-K, FY2025 - Item 1 general and Item 2 Properties — the installed base of approximately 50,000 commercial and 30,000 military engines and the statement that it supports an aftermarket representing approximately 70% of revenue, the FLIGHT DECK operating model, customers in approximately 120 countries, the facility count, human capital and employee numbers, the intellectual property discussion, the research and development table splitting company-funded from customer- and partner-funded spending, and the engine testing milestones. — FY2025 · publ. January 2026 · source ↗
  7. ReportedA zero-for-zero aerospace tariff agreement was established with the EU, UK, Japan and Korea in 2025, and after the Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, GE Aerospace submitted refund requests and received a portion of previously paid IEEPA tariffs in the second quarter of 2026.
    GE Aerospace Form 10-Q for the quarter ended June 30, 2026, Management's Discussion and Analysis — consolidated revenue, profit and earnings per share, the segment results for Commercial Engines & Services and Defense & Propulsion Technologies, commercial engine and LEAP unit deliveries, internal shop visit revenue growth, the remaining performance obligation and its equipment and services split, the supply chain, tariff and Middle East discussions, and the planned $1 billion US manufacturing investment and 5,000 US hires. — Q2 2026 · publ. July 2026 · source ↗
  8. ReportedFollow the non-US share: sixty per cent and rising.
    GE Aerospace Form 10-K, FY2025 - notes to the consolidated financial statements — the segment note including segment expenses, segment profit and other segment income; contract assets, contract liabilities and long-term service agreement balances; the remaining performance obligation note with its expected recognition schedule; goodwill and intangible assets; and the geographic revenue table. — FY2025 · publ. January 2026 · source ↗
Sources
Generated September 23, 2026