The Revenue LinesWide moat

GE Aerospace (GE) — moat facet

Commercial engines are three-quarters of the revenue and seven-eighths of the profit; defence is the ballast.

GE Aerospace reports two operating segments, and one of them is most of the company. In 2025 Commercial Engines & Services had revenue of $33,314 million and segment profit of $8,861 million; Defense & Propulsion Technologies had $10,554 million and $1,296 million.1 Commercial was about 73% of total revenue and earned about 87.2% of the $10,157 million of segment profit.23

Aviation revenue, both segments together ($m)$32,875m2019$22,042m2020$21,310m2021$26,802m2022$32,816m2023$36,359m2024$43,868m2025GE Form 10-K FY2021 Aviation segment (2019-21); CES plus DPT from the FY2024 and FY2025 10-Ks
The pandemic took a third off, and the two segments passed the 2019 total only in 2024.

The chart's third band is not an engine business. Corporate & Other carries the run-off long-term-care reinsurance book, whose revenue net of eliminations was $1,987 million in 2025, and it is argued under The Jet Engine Company That Reinsures Long-Term Care rather than given a page here.4

The two segments grew at very different speeds from the same starting point. Commercial revenue rose from $18,813 million in 2022 to $33,314 million in 2025, about 77%; defence from $7,989 million to $10,554 million, about 32%.567 The combined aviation business was smaller than that in the pandemic: GE's Aviation segment, which then held both, had revenue of $32,875 million in 2019 and $22,042 million in 2020, as reported then.8

The profit gap is wider than the revenue gap. Commercial earned 26.6% in 2025 and defence 12.3%.9 Why the same engines earn less for a government is argued under The Defence Half, and What It Does Not Earn; the pages here carry each segment's own series.

The latest half widened the gap again. Commercial revenue rose 30% to $18,650 million in the six months to 30 June 2026 and defence 17% to $6,657 million, both on the segment definitions adopted on 15 January 2026, when the Aeroderivative business moved from commercial to defence.1011 Management now expects commercial operating profit of $10.25-$10.35 billion for 2026 and defence $1.6-$1.7 billion.12

The figure that ties the two together is commercial's share of segment profit, about 87.2% in 2025.13 If it rises further, GE Aerospace is becoming more exposed to airline traffic and less to government budgets; if defence ever closes the margin gap, the share will fall for the right reason.

Moat trajectory: Widening

Commercial revenue grew 30% in the first half of 2026 against defence's 17%, so the profit is concentrating further in the stronger segment.

The number that tests this moat
Moat Explorer calc
Commercial share of segment profit
About 87.2% in 2025

Rising means more exposure to airline traffic and less to government budgets; defence closing its margin gap would lower it for the right reason.

How it's calculated: 8,861 / (8,861 + 1,296) = 8,861 / 10,157.
Source: GE Aerospace Form 10-K FY2025 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Commercial Engines & Services
Revenue down 42% in 2020 and up 77% since 2022, because three dollars in four come from engines already flying.
DIG DEEPER 02
Defense & Propulsion Technologies
The steadier half: it grew through the pandemic and has grown since without earning much more per dollar.
References
  1. ReportedIn 2025 Commercial Engines & Services had revenue of $33,314 million and segment profit of $8,861 million; Defense & Propulsion Technologies had $10,554 million and $1,296 million.
    GE Aerospace Form 10-K FY2025 - segment operations 2023-2025: Commercial Engines & Services equipment $6,169M/$7,106M/$8,304M, services $17,686M/$19,775M/$25,010M, revenue $23,855M/$26,881M/$33,314M, profit $5,643M/$7,055M/$8,861M, margin 23.7%/26.2%/26.6%, commercial engines 2,075/1,911/2,386, LEAP 1,570/1,407/1,802, internal shop visit revenue growth 27%/19%/24%, CES RPO $137,535M/$153,644M/$169,822M (services $156,068M in 2025); Defense & Propulsion Technologies D&S $5,927M/$6,109M/$6,574M, P&AT $3,034M/$3,370M/$3,980M, revenue $8,961M/$9,478M/$10,554M, equipment $5,128M and services $5,426M (2025), profit $908M/$1,061M/$1,296M, margin 10.1%/11.2%/12.3%, defence engines 556/490/635, DPT RPO $16,468M/$17,991M/$20,742M; CES approximately 73% of total revenue; segment descriptions and drivers — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedCommercial was about 73% of total revenue and earned about 87.2% of the $10,157 million of segment profit.
    GE Aerospace Form 10-K FY2025 - segment operations 2023-2025: Commercial Engines & Services equipment $6,169M/$7,106M/$8,304M, services $17,686M/$19,775M/$25,010M, revenue $23,855M/$26,881M/$33,314M, profit $5,643M/$7,055M/$8,861M, margin 23.7%/26.2%/26.6%, commercial engines 2,075/1,911/2,386, LEAP 1,570/1,407/1,802, internal shop visit revenue growth 27%/19%/24%, CES RPO $137,535M/$153,644M/$169,822M (services $156,068M in 2025); Defense & Propulsion Technologies D&S $5,927M/$6,109M/$6,574M, P&AT $3,034M/$3,370M/$3,980M, revenue $8,961M/$9,478M/$10,554M, equipment $5,128M and services $5,426M (2025), profit $908M/$1,061M/$1,296M, margin 10.1%/11.2%/12.3%, defence engines 556/490/635, DPT RPO $16,468M/$17,991M/$20,742M; CES approximately 73% of total revenue; segment descriptions and drivers — FY2023-FY2025 · publ. February 2026 · source ↗
  3. Moat Explorer calcCommercial was about 73% of total revenue and earned about 87.2% of the $10,157 million of segment profit.
    Moat Explorer calculation from GE Aerospace's Forms 10-K FY2021, FY2024 and FY2025: segment shares of revenue and profit, growth rates and compound growth, services share of segment revenue — FY2019 to FY2025 · publ. 2026-09-23 · source ↗
  4. ReportedCorporate & Other carries the run-off long-term-care reinsurance book, whose revenue net of eliminations was $1,987 million in 2025, and it is argued under The Jet Engine Company That Reinsures Long-Term Care rather than given a page here.
    GE Aerospace Form 10-K FY2025 - segment operations 2023-2025: Commercial Engines & Services equipment $6,169M/$7,106M/$8,304M, services $17,686M/$19,775M/$25,010M, revenue $23,855M/$26,881M/$33,314M, profit $5,643M/$7,055M/$8,861M, margin 23.7%/26.2%/26.6%, commercial engines 2,075/1,911/2,386, LEAP 1,570/1,407/1,802, internal shop visit revenue growth 27%/19%/24%, CES RPO $137,535M/$153,644M/$169,822M (services $156,068M in 2025); Defense & Propulsion Technologies D&S $5,927M/$6,109M/$6,574M, P&AT $3,034M/$3,370M/$3,980M, revenue $8,961M/$9,478M/$10,554M, equipment $5,128M and services $5,426M (2025), profit $908M/$1,061M/$1,296M, margin 10.1%/11.2%/12.3%, defence engines 556/490/635, DPT RPO $16,468M/$17,991M/$20,742M; CES approximately 73% of total revenue; segment descriptions and drivers — FY2023-FY2025 · publ. February 2026 · source ↗
  5. ReportedCommercial revenue rose from $18,813 million in 2022 to $33,314 million in 2025, about 77%; defence from $7,989 million to $10,554 million, about 32%.
    GE Aerospace Form 10-K FY2024 - segment operations 2022-2024: Commercial Engines & Services equipment $5,125M, services $13,688M, revenue $18,813M, profit $4,164M, margin 22.1% (2022); Defense & Propulsion Technologies D&S $5,426M, P&AT $2,563M, revenue $7,989M, equipment $3,405M, services $4,584M, profit $976M, margin 12.2% (2022); defence engines 632 (2022) — FY2022-FY2024 · publ. February 2025 · source ↗
  6. ReportedCommercial revenue rose from $18,813 million in 2022 to $33,314 million in 2025, about 77%; defence from $7,989 million to $10,554 million, about 32%.
    GE Aerospace Form 10-K FY2025 - segment operations 2023-2025: Commercial Engines & Services equipment $6,169M/$7,106M/$8,304M, services $17,686M/$19,775M/$25,010M, revenue $23,855M/$26,881M/$33,314M, profit $5,643M/$7,055M/$8,861M, margin 23.7%/26.2%/26.6%, commercial engines 2,075/1,911/2,386, LEAP 1,570/1,407/1,802, internal shop visit revenue growth 27%/19%/24%, CES RPO $137,535M/$153,644M/$169,822M (services $156,068M in 2025); Defense & Propulsion Technologies D&S $5,927M/$6,109M/$6,574M, P&AT $3,034M/$3,370M/$3,980M, revenue $8,961M/$9,478M/$10,554M, equipment $5,128M and services $5,426M (2025), profit $908M/$1,061M/$1,296M, margin 10.1%/11.2%/12.3%, defence engines 556/490/635, DPT RPO $16,468M/$17,991M/$20,742M; CES approximately 73% of total revenue; segment descriptions and drivers — FY2023-FY2025 · publ. February 2026 · source ↗
  7. Moat Explorer calcCommercial revenue rose from $18,813 million in 2022 to $33,314 million in 2025, about 77%; defence from $7,989 million to $10,554 million, about 32%.
    Moat Explorer calculation from GE Aerospace's Forms 10-K FY2021, FY2024 and FY2025: segment shares of revenue and profit, growth rates and compound growth, services share of segment revenue — FY2019 to FY2025 · publ. 2026-09-23 · source ↗
  8. ReportedThe combined aviation business was smaller than that in the pandemic: GE's Aviation segment, which then held both, had revenue of $32,875 million in 2019 and $22,042 million in 2020, as reported then.
    General Electric Company Form 10-K FY2021 - Aviation segment 2019-2021 as reported then: Commercial Engines & Services $24,769M/$14,479M/$14,360M, Military $4,389M/$4,572M/$4,136M, Systems & Other $3,718M/$2,991M/$2,814M, total Aviation revenue $32,875M/$22,042M/$21,310M, segment profit $6,812M/$1,229M/$2,882M, margin 20.7%/5.6%/13.5% — FY2019-FY2021 · publ. February 2022 · source ↗
  9. ReportedCommercial earned 26.6% in 2025 and defence 12.3%.
    GE Aerospace Form 10-K FY2025 - segment operations 2023-2025: Commercial Engines & Services equipment $6,169M/$7,106M/$8,304M, services $17,686M/$19,775M/$25,010M, revenue $23,855M/$26,881M/$33,314M, profit $5,643M/$7,055M/$8,861M, margin 23.7%/26.2%/26.6%, commercial engines 2,075/1,911/2,386, LEAP 1,570/1,407/1,802, internal shop visit revenue growth 27%/19%/24%, CES RPO $137,535M/$153,644M/$169,822M (services $156,068M in 2025); Defense & Propulsion Technologies D&S $5,927M/$6,109M/$6,574M, P&AT $3,034M/$3,370M/$3,980M, revenue $8,961M/$9,478M/$10,554M, equipment $5,128M and services $5,426M (2025), profit $908M/$1,061M/$1,296M, margin 10.1%/11.2%/12.3%, defence engines 556/490/635, DPT RPO $16,468M/$17,991M/$20,742M; CES approximately 73% of total revenue; segment descriptions and drivers — FY2023-FY2025 · publ. February 2026 · source ↗
  10. ReportedCommercial revenue rose 30% to $18,650 million in the six months to 30 June 2026 and defence 17% to $6,657 million, both on the segment definitions adopted on 15 January 2026, when the Aeroderivative business moved from commercial to defence.
    GE Aerospace second-quarter 2026 earnings release (Exhibit 99.1, Form 8-K of July 16, 2026) - CES orders $12,932M (+18%), revenue $9,731M (+27%), operating profit $2,657M (+20%), margin 27.3% against 28.9%; six months revenue $18,650M (+30%), profit $5,012M; services +26%, spare parts over 25%, equipment +30%; 2026 CES revenue growth ~20%, services low 20s, operating profit $10.25-$10.35B; DPT orders $4,138M (+12%), six months $10,312M (+40%), revenue $3,443M (+16%), six months $6,657M (+17%), profit $475M (+18%), margin 13.8% against 13.5%, P&AT +23% on Avio Aero; 2026 DPT revenue growth low double digits, operating profit $1.6-$1.7B — Q2 2026 · publ. July 2026 · source ↗
  11. ReportedCommercial revenue rose 30% to $18,650 million in the six months to 30 June 2026 and defence 17% to $6,657 million, both on the segment definitions adopted on 15 January 2026, when the Aeroderivative business moved from commercial to defence.
    GE Aerospace Form 10-Q for the quarter ended June 30, 2026 - on January 15, 2026 CES was expanded to the entire commercial engine lifecycle and the Aeroderivative business moved from CES to DPT; segment results for the three and six months — Q2 2026 · publ. July 2026 · source ↗
  12. ReportedManagement now expects commercial operating profit of $10.25-$10.35 billion for 2026 and defence $1.6-$1.7 billion.
    GE Aerospace second-quarter 2026 earnings release (Exhibit 99.1, Form 8-K of July 16, 2026) - CES orders $12,932M (+18%), revenue $9,731M (+27%), operating profit $2,657M (+20%), margin 27.3% against 28.9%; six months revenue $18,650M (+30%), profit $5,012M; services +26%, spare parts over 25%, equipment +30%; 2026 CES revenue growth ~20%, services low 20s, operating profit $10.25-$10.35B; DPT orders $4,138M (+12%), six months $10,312M (+40%), revenue $3,443M (+16%), six months $6,657M (+17%), profit $475M (+18%), margin 13.8% against 13.5%, P&AT +23% on Avio Aero; 2026 DPT revenue growth low double digits, operating profit $1.6-$1.7B — Q2 2026 · publ. July 2026 · source ↗
  13. Moat Explorer calcThe figure that ties the two together is commercial's share of segment profit, about 87.2% in 2025.
    Moat Explorer calculation from GE Aerospace's Forms 10-K FY2021, FY2024 and FY2025: segment shares of revenue and profit, growth rates and compound growth, services share of segment revenue — FY2019 to FY2025 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026