奇異 (GE) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the GE Aerospace fourth-quarter 2025 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加GE航空航太公司2025年第四季財報電話會議。（操作員說明）我叫莉茲，今天我將擔任你們的會議協調員。（操作說明）提醒各位，本次會議正在錄音。

I'd now like to turn the program over to your host for today's conference, Blaire Shoor from the GE Aerospace Investor Relations team. Please proceed.

現在，我將把主持權交給今天會議的主持人，來自通用電氣航空航太投資者關係團隊的布萊爾舒爾。請繼續。

Thanks, Liz. Welcome to GE Aerospace's fourth quarter and full year 2025 earnings call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Rahul Ghai.

謝謝你，莉茲。歡迎參加GE航空航太公司2025年第四季及全年業績電話會議。與我一同出席的還有董事長兼執行長拉里·庫爾普和財務長拉胡爾·蓋伊。

Many of the statements we're making are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings and website, those elements may change as the world changes. Additionally, Larry and Rahul, consistent with prior quarters, will speak to total company and corporate financial results and guidance on a non-GAAP basis. Now over to Larry.

我們發表的許多聲明都具有前瞻性，並且是基於我們對當今世界和我們業務的最佳看法。正如我們在提交給美國證券交易委員會的文件和網站上所描述的那樣，這些因素可能會隨著世界的變化而變化。此外，與前幾季一樣，Larry 和 Rahul 將以非公認會計準則 (non-GAAP) 為基礎，談論公司整體財務表現和指導意見。現在輪到拉里了。

Blaire, thanks, and good morning, everyone. I'd like to begin with our purpose. We invent the future of flight, lift people up and bring them home safely. Right now, nearly 1 million people are in flight with our technology underwing, connecting people and goods worldwide. We play a vital role in powering the war fighters, who defend freedom.

布萊爾，謝謝你，大家早安。我想先談談我們的目標。我們創造飛行的未來，將人們送上天空，並安全地送他們回家。目前，近 100 萬人乘坐搭載我們技術飛機的航班，連接著世界各地的人們和貨物。我們在為捍衛自由的戰士提供動力方面發揮著至關重要的作用。

And while we work to deliver for our customers today, we're also inventing technology that will propel the industry forward tomorrow. Our purpose is our call to action, and I couldn't be prouder of what our team achieved in 2025, but also how we got there with our culture of respect for people, being customer-driven and continuous improvement.

在努力為客戶提供服務的同時，我們也不斷發明能夠推動產業未來發展的技術。我們的宗旨就是我們的行動號召，我為我們的團隊在 2025 年取得的成就感到無比自豪，也為我們透過尊重他人、以客戶為中心和持續改進的文化實現這一目標而感到自豪。

Turning to our results on slide 4. 2025 was an outstanding year for GE Aerospace as we made operational progress, delivered on our financial commitments and continue to invest in our future. The fourth quarter was a strong finish to the year. Orders were up 74%, reflecting continued robust demand for our services and equipment. Revenue increased 20% with double-digit growth in both segments.

請參閱第 4 頁投影片中的業績。 2025 年對於 GE 航空航太公司來說是傑出的一年，我們在營運方面取得了進展，履行了財務承諾，並繼續投資於我們的未來。第四季為全年畫上了圓滿的句點。訂單量成長了 74%，反映出市場對我們服務和設備的需求持續強勁。營收成長20%，兩個業務板塊均實現了兩位數成長。

EPS was up 19% to $1.57 and free cash flow grew 15%. For the full year, we drove substantial improvement across all key metrics. Orders were up 32%, revenue increased 21%, operating profit grew $1.8 billion and free cash flow was up $1.5 billion. In CES, orders were up 35% and revenue grew 24%, including services orders up 27% and revenue up 26%.

每股盈餘成長 19% 至 1.57 美元，自由現金流成長 15%。全年來看，我們在所有關鍵指標上都取得了顯著進步。訂單量成長了 32%，營收成長了 21%，營業利潤成長了 18 億美元，自由現金流成長了 15 億美元。在 CES 展會上，訂單量增加了 35%，營收成長了 24%，其中服務訂單量增加了 27%，營收成長了 26%。

This supported our profit growing 26% to $8.9 billion. In DPT, orders increased 19% and revenue was up 11% with increased deliveries in Defense. Profit increased 22% to $1.3 billion. Our performance reflects the impact of FLIGHT DECK, driving incremental gains that compounded into meaningful improvements. This enables us to accelerate output to deliver on our roughly $190 billion backlog, which is up nearly $20 billion over the last year.

這使得我們的利潤成長了26%，達到89億美元。在DPT業務中，訂單成長了19%，收入成長了11%，國防領域的交付量增加。利潤成長22%，達到13億美元。我們的表現反映了 FLIGHT DECK 的影響，它帶來的逐步提升最終累積成顯著的改進。這使我們能夠加快生產速度，以交付我們約 1,900 億美元的積壓訂單，該訂單比去年增加了近 200 億美元。

We are also investing to improve time on wing and reduce cost of ownership to deliver value to our customers, supporting growth today, tomorrow and into the future. I want to thank the entire GE Aerospace team, our suppliers and our customers who put their trust in us.

我們也在加大投入，以提高飛機在翼時間並降低擁有成本，從而為客戶創造價值，支持現在、明天和未來的成長。我要感謝GE航空航太公司的全體員工、供應商以及信任我們的客戶。

Looking to 2026, we're poised for another year of substantial revenue, EPS and cash growth. Demand remains robust with 2025 orders up 32% and continued backlog growth. This supports our expectation for revenue to be up low double digits, including commercial services up mid-teens.

展望 2026 年，我們已做好準備，迎接另一個營收、每股盈餘和現金大幅成長的年份。需求依然強勁，2025 年訂單成長 32%，積壓訂單持續成長。這印證了我們對營收將達到兩位數低成長的預期，其中商業服務將實現兩位數中段成長。

We expect operating profit of $9.85 billion to $10.25 billion, up $1 billion at the midpoint. This translates to EPS of $7.10 to $7.40, up nearly 15% at the midpoint. And we expect to generate $8 billion to $8.4 billion of free cash flow with conversion remaining well above 100%. This outlook builds on the progress we made in '24 and '25.

我們預計營業利潤為 98.5 億美元至 102.5 億美元，中間值比預期高出 10 億美元。這意味著每股收益為 7.10 美元至 7.40 美元，中間值上漲近 15%。我們預計將產生 80 億至 84 億美元的自由現金流，轉換率將遠高於 100%。這項展望建立在我們 2024 年和 2025 年的進展之上。

We expect to deliver mid-teens revenue growth between '24 and '26 compounded and $10 billion of profit in '26 two years earlier than our outlook has been. We continue to convert this into cash, expecting to generate more than $20 billion of cash between '24 and '26 to reinvest in our future, including in US manufacturing to support both our commercial and defense customers.

我們預計 2024 年至 2026 年的複合營收將達到 15% 左右，並在 2026 年實現 100 億美元的利潤，比我們之前的預期提前兩年。我們將繼續將這些資金轉化為現金，預計在 2024 年至 2026 年間產生超過 200 億美元的現金，用於再投資於我們的未來，包括投資於美國製造業，以支持我們的商業和國防客戶。

GE Aerospace is an exceptional franchise, servicing and growing the industry's most extensive installed base of 80,000 engines. As we further embed FLIGHT DECK, we'll unlock greater value for our customers and shareholders.

GE Aerospace 是一家卓越的特許經營企業，擁有業界最龐大的引擎裝置量（80,000 台引擎），並為其提供維護和發展服務。隨著我們進一步整合 FLIGHT DECK，我們將為我們的客戶和股東釋放更大的價值。

Turning to slide 6. In their first year, our technology and operations or T&O team made a meaningful impact. We partnered more effectively with our suppliers, resulting in material input from our priority suppliers growing over 40% year-over-year in 2025 and up double digits sequentially in the fourth quarter, both translating to higher outlooks.

翻到第6張投影片。在第一年，我們的技術和營運（T&O）團隊就產生了顯著的影響。我們與供應商建立了更有效的合作關係，使得我們優先供應商的材料投入在 2025 年同比增長超過 40%，並在第四季度環比增長兩位數，這兩項指標都轉化為更高的預期。

While we're making progress, we know our customers need more from us. To further accelerate our progress in 2026, we're expanding CES to include T&O now led by Mohamed Ali. Integrating our front-line engineering and supply chain teams will improve our end-to-end engine life cycle management.

雖然我們正在取得進步，但我們知道我們的客戶需要我們提供更多。為了進一步加快我們在 2026 年的發展進程，我們將 CES 擴展到包括由 Mohamed Ali 領導的 T&O。整合我們的第一線工程團隊和供應鏈團隊將改善我們端到端的引擎生命週期管理。

We're also elevating our customer-facing teams, led by Jason Tonich, now reporting directly to me, aligned with our customer-driven approach. These changes will enable greater cross-functional problem-solving, agility and alignment to deliver for our customers. I also want to take a moment to thank Russell Stokes, who announced to retire from GE Aerospace in July after 29 years of service. His continuous improvement mindset and passion for developing leaders to help build this world-class business.

我們也在提升以 Jason Tonich 為首的面向客戶的團隊，他現在直接向我匯報工作，這與我們以客戶為中心的方針相一致。這些變化將增強跨職能問題解決能力、敏捷性和協調性，從而更好地為客戶服務。我還要藉此機會感謝 Russell Stokes，他在 7 月宣布從通用電氣航空航天公司退休，結束了他 29 年的職業生涯。他不斷追求進步，並熱衷於培養領導者，以幫助打造這家世界一流的企業。

Russell was one of the first leaders I met here at GE, and he's been a critical partner over the last seven years. We wish him nothing but success in his next chapter. These changes, along with FLIGHT DECK will further support growth in deliveries in '26. Across our MRO network, we are removing waste to improve shop visit output and turnaround times.

Russell 是我在通用電氣遇到的第一批領導者之一，在過去的七年裡，他一直是我的重要夥伴。我們祝福他在人生的下一個階段一切順利。這些變化，加上飛行甲板，將進一步支援 2026 年的交付量成長。在我們的MRO網路中，我們正在消除浪費，以提高車間存取效率和周轉時間。

For example, we're converting from batch to flow production, which supported LEAP CFM56 and GE90 turnaround times, improving over 10% year-over-year in the fourth quarter. Additionally, at our Wales facility, CFM56 turnaround time improved by 20%. And at [SOMA], we sustained turnaround times below 80 days.

例如，我們正在從大量生產轉向管線生產，這支援了 LEAP CFM56 和 GE90 的周轉時間，第四季年增超過 10%。此外，在我們位於威爾斯的工廠，CFM56 的周轉時間提高了 20%。在[SOMA]，我們保持了低於80天的周轉時間。

This enabled us to deliver our highest LEAP shop visit output of the year. With LEAP installed is expected to roughly triple between '24 and '30, we're expanding capacity across our global MRO network to support aftermarket demand.

這使我們能夠實現年度最高的 LEAP 門市訪問量。預計 LEAP 的安裝量在 2024 年至 2030 年間將成長近三倍，我們正在擴大全球 MRO 網路的產能，以滿足售後市場的需求。

In 2025, we added MTU Dallas is our sixth premier MRO partner, supporting third-party shop visit growth, now representing around 15% of total LEAP shop visits. We're dedicating approximately $500 million of our more than $1 billion of investment in MRO to LEAP. This includes exceeding several MRO sites, including Malaysia, Selma and Dallas and a new on-wing support facility in Dubai.

2025 年，我們新增了 MTU Dallas，它是我們的第六家頂級 MRO 合作夥伴，支援第三方維修站訪問量的成長，目前約佔 LEAP 總維修站訪問量的 15%。我們將把在MRO領域超過10億美元的投資中的約​​5億美元用於LEAP專案。這包括超過多個 MRO 站點，例如馬來西亞、塞爾瑪和達拉斯，以及杜拜新建的機上支援設施。

We expect these investments will roughly double LEAP internal capacity. Taken together, these actions drove meaningful progress in services and equipment output in 2025. CES services revenue increased 26% with internal shop visit revenue up 24% and including LEAP internal shop visit volume up 27%.

我們預計這些投資將使 LEAP 的內部產能大致翻倍。綜合來看，這些措施推動了2025年服務和設備產量取得實質進展。CES 服務收入成長了 26%，其中內部店家訪問收入成長了 24%，LEAP 內部店面造訪量成長了 27%。

Spare parts revenue grew more than 25%. Deliveries across commercial and defense increased 26% for the year, including a strong finish with 8% sequential growth in the fourth quarter. Commercial units increased 25%, including LEAP up 28%, exceeding 1,800 units, a record output for this program. And defense engine deliveries increased 30%. While 2025 marked a year of progress, we know there is more to do to meet customer demand. And I'm confident we will deliver.

備件收入成長超過 25%。全年商業和國防領域的交付量增長了 26%，其中第四季度環比增長 8%，表現強勁。商業單位成長了 25%，其中 LEAP 成長了 28%，超過 1800 台，創下該計畫的產量紀錄。國防發動機交付量增加了30%。雖然 2025 年標誌著取得了進步，但我們知道為了滿足客戶需求，還有更多工作要做。我相信我們一定能做到。

Turning to slide 7. One of the behaviors that guides us is to be customer-driven all that we do. We're leveraging over $2.3 billion flight hours and nearly $3 billion in annual R&D to drive meaningful improvements for our customers. Our focus remains on delivering mature levels of time on wing and lowering cost of ownership.

翻到第7張投影片。我們奉行的行為準則之一是：一切工作都以客戶為中心。我們利用超過 23 億飛行小時和近 30 億美元的年度研發投入，為我們的客戶帶來有意義的改進。我們仍然專注於提供成熟的飛行時間和降低擁有成本。

In November, the GEnx fleet leader equipped with the upgraded HPT blade, which has improved time on wing over 2.5 times in hot and harsh environments, achieved a new milestone, surpassing 4,000 cycles. Informed by our progress with the GEnx, the LEAP-1A durability kit will improve time on wing by more than 2 times, matching our industry-leading CFM56 performance. This is now incorporated in all LEAP-1A, new engine deliveries and shop visits with nearly 1,500 kits shipped since certification.

11 月，配備升級版 HPT 葉片的 GEnx 機隊領頭羊，在炎熱惡劣的環境下，其飛行時間提高了 2.5 倍以上，取得了新的里程碑，飛行循環次數超過 4,000 次。借鑒 GEnx 的研發進展，LEAP-1A 耐久性套件將使引擎在翼時間延長 2 倍以上，達到我們業界領先的 CFM56 性能水準。現在，所有 LEAP-1A 新引擎交付和維修車間都已包含此項內容，自認證以來已發貨近 1500 套套件。

In addition to improved durability, we're also expanding our pair catalog, which will lower cost of ownership and improve turnaround times. In '25, LEAP parts certified repair increased 20%, and we expect continued growth in '26. Combined with our progress on delivery, we're actively working to meet customer expectations on LEAP.

除了提高耐用性之外，我們還在擴大產品目錄，這將降低擁有成本並縮短週轉時間。2025 年，LEAP 零件認證維修業務成長了 20%，我們預計 2026 年將持續成長。結合我們在交付方面取得的進展，我們正在積極努力滿足客戶對 LEAP 的期望。

At the same time, utilization of our mature engines remains robust. CFM56 is the most widely owned and operated engine in commercial aviation with retirements in '25 consistent with '24 levels. The third-party MRO ecosystem provides customers with optionality for servicing their fleets, supporting higher asset values and lowering cost of ownership.

同時，我們成熟引擎的利用率依然很高。CFM56 是商用航空領域擁有和運作最廣泛的發動機，2025 年的退役數量與 2024 年的水準一致。第三方MRO生態系統為客戶提供了車隊服務的選擇，從而提高了資產價值並降低了擁有成本。

And we continue to strengthen MRO access to OEM materials to support further CFM56 longevity. Last quarter, for example, we reached a materials agreement with Aviation to support service of its growing fleet of CFM56 engines. We're also progressing the next generation of engines. We recently completed a ground test campaign demonstrating our first hybrid electric narrowbody engine architecture. This first-of-its-kind milestone demonstrates systems integration, advancing the technology from concept to practical scalable application.

我們將繼續加強MRO對OEM材料的獲取，以進一步延長CFM56的使用壽命。例如，上個季度我們與航空業達成了一項材料協議，以支援其不斷增長的 CFM56 發動機機隊的維護。我們也在推動下一代引擎的研發。我們最近完成了一項地面測試活動，展示了我們首個混合動力窄體引擎架構。這項史無前例的里程碑展示了系統集成，推動了該技術從概念向實際可擴展應用的發展。

As we deliver greater customer value and advanced breakthrough technologies, we're growing our backlog. At the Dubai Airshow, we've recorded over 500 engine wins across narrowbodies and widebodies, including Riyadh Air's commitment for 120 LEAP-1A engines and flydubai's selection of 60 GEnx engines.

隨著我們不斷為客戶創造更大的價值，並推出先進的突破性技術，我們的訂單積壓情況也不斷增加。在杜拜航展上，我們獲得了超過 500 台發動機訂單，涵蓋窄體機和寬體機，其中包括利雅德航空訂購的 120 台 LEAP-1A 發動機和迪拜航空選擇的 60 台 GEnx 發動機。

Additionally, Pegasus Airlines committed to up to 300 LEAP-1B engines to power its future Boeing 737-10 fleet. And we're honored that Delta, a new GEnx customer selected us to power and service their new fleet of 30 Boeing 787s. In Defense, Hindustan Aeronautics ordered 113 F404 engines for our Tejas fighter jets, demonstrating our position as a trusted partner for Allied Fighter programs.

此外，飛馬航空承諾為其未來的波音 737-10 機隊購買多達 300 台 LEAP-1B 發動機。我們很榮幸達美航空（GEnx 的新客戶）選擇我們為其 30 架波音 787 新機隊提供動力和維護服務。在國防領域，印度斯坦航空有限公司為我們的「光輝」戰鬥機訂購了 113 台 F404 發動機，這表明我們作為盟軍戰鬥機計畫值得信賴的合作夥伴的地位。

Overall, we're driving progress, improving field performance, turnaround times and advancing future propulsion technologies. We're well positioned to strengthen our leadership across both the commercial and defense sectors in 2026. Rahul, over to you.

總體而言，我們正在推動進步，提高現場效能，縮短週轉時間，並推動未來的推進技術。我們已做好充分準備，在 2026 年鞏固我們在商業和國防領域的領先地位。拉胡爾，該你了。

Larry. Thank you, and good morning, everyone. We closed out 2025 with another strong quarter. Fourth quarter orders were up 74% with CES up 76% and DPT up 61%. Revenue was up 20%, led by CES services up 31%. Operating profit was $2.3 billion, up 14%. Services volume, productivity and price were partially offset by the impact of lower spare engine ratio, OE growth, including 9X shipments and investments.

拉里。謝謝大家，大家早安。2025 年以又一個強勁的季度收官。第四季訂單成長74%，其中CES成長76%，DPT成長61%。營收成長 20%，其中 CES 服務成長 31%，帶動營收成長。營業利潤為23億美元，成長14%。服務量、生產率和價格受到的不利影響被較低的備用引擎比例、OE成長（包括9X出貨量）和投資的影響部分抵消。

Margins as per prior guidance were down 90 basis points to 19.2%. EPS was $1.57, up 19% from increased operating profit, a lower tax rate and a reduced share count. Free cash flow was $1.8 billion, up 15%, largely driven by higher earnings with over 100% conversion. For the year, our results exceeded the high end of our guidance on all key metrics.

利潤率按先前預期下降 90 個基點至 19.2%。每股收益為 1.57 美元，成長 19%，主要得益於營業利潤成長、稅率降低和股份數量減少。自由現金流為 18 億美元，成長 15%，主要得益於獲利增加，轉換率超過 100%。今年，我們的各項關鍵指標都超過了預期上限。

Orders were up 32%, with commercial services orders up 27% and total equipment up 48%. Revenue increased 21% from commercial services that was up 26% and higher deliveries of both commercial and defense units. Operating profit increased 25% to $9.1 billion, with margins expanding 70 basis points to 21.4% as commercial services volume and price offset OE growth and investments.

訂單量增加了 32%，其中商業服務訂單增加了 27%，設備總訂單增加了 48%。商業服務收入成長 21%，商業服務收入成長 26%，商業和國防部門的交付量均增加。營業利潤成長 25% 至 91 億美元，利潤率成長 70 個基點至 21.4%，商業服務量和價格抵消了 OE 成長和投資的影響。

EPS increased 38% to $6.37. Free cash flow grew 24% or $1.5 billion to $7.7 billion with conversion over 110%, driven by earnings growth and continued contract asset favorability, which was partially offset by inventory growth to support continued output increases in 2026. Overall, a very strong performance for GE Aerospace, positioning us well for 2026.

每股收益成長 38% 至 6.37 美元。自由現金流成長 24% 或 15 億美元至 77 億美元，轉換率超過 110%，這主要得益於獲利成長和持續的合約資產優勢，但部分被庫存成長所抵消，以支持 2026 年持續的產量成長。整體而言，GE航空航太公司表現非常強勁，為我們2026年的發展奠定了良好的基礎。

Turning to our segments, starting with CES. In the fourth quarter, orders were up 76% with services up 18% and equipment more than doubling. Revenue increased 24%. Services were up 31%, internal shop visit revenue grew 30% from higher volume and increased work scopes. Spare part sales were up over 25% as improved material availability supported increased output. Equipment revenue grew 7%, with engine deliveries up 40%, including LEAP, up 49%. This more than offset a decline in spare engine ratio due to timing of back-end loaded spare engine deliveries in 2024.

接下來我們來看看各個板塊，首先是CES。第四季度，訂單量增加了 76%，服務量增加了 18%，設備量增加了一倍以上。收入成長了24%。服務收入成長了 31%，由於業務量增加和工作範圍擴大，內部店鋪訪問收入增加了 30%。由於原材料供應改善，產量增加，備件銷售量成長超過 25%。設備收入成長 7%，其中引擎交付量成長 40%，LEAP 引擎交付量成長 49%。這完全抵消了由於 2024 年後期備用引擎交付時間表而導致的備用引擎比例下降。

For the year, spare engine ratio was lower than '24 as planned. Profit was $2.3 billion, up 5% from higher services volume with improved margins, price and favorable mix. This was partially offset by the impact of lower spare engine ratio, higher installed shipments, including 9X and an increase in R&D. As expected, margins were down 420 basis points to 24%.

當年的備用引擎比例低於 2024 年的計畫。利潤為 23 億美元，成長 5%，這得益於服務量增加、利潤率提高、價格上漲以及產品組合優化。備用引擎比例下降、安裝出貨量增加（包括 9X）以及研發投入增加，部分抵消了上述影響。正如預期的那樣，利潤率下降了 420 個基點，至 24%。

For the year, CES delivered outstanding results with orders growing 35% and services revenue and engine output, both up roughly 25%. This supported profit growing 26% to $8.9 billion and margins expanding 40 basis points to 26.6% from services growth, productivity and price.

今年，CES取得了優異的業績，訂單成長了35%，服務收入和引擎產量均成長了約25%。服務成長、生產力提高和價格上漲推動利潤成長 26% 至 89 億美元，利潤率成長 40 個基點至 26.6%。

Moving to DPT. Orders were up 61%, with defense book-to-bill above 2. Revenue grew 13%. Defense and Systems revenue was up 2%. Defense units were down 7% due to a difficult compare which was more than offset by price and customer mix.

轉攻物理治療博士（DPT）。訂單量增加了 61%，國防訂單出貨比超過 2。營收成長13%。國防和系統業務收入成長了2%。國防業務下降了 7%，這是由於去年同期基數較高，但價格和客戶結構的變化足以抵消這種影響。

Sequentially, this was the third consecutive quarter of strong defense engine shipments with full year deliveries up 30%. Propulsion and Additive Technologies grew 33%, led by higher commercial and military volume at Avio. Profit was up 5% from volume, favorable mix and price that was partially offset by investments and inflation. Margins were down 70 basis points to 8.9%.

從季度環比來看，這是國防發動機出貨量連續第三個季度強勁增長，全年出貨量增長了 30%。推進和增材技術業務成長了 33%，其中 Avio 的商業和軍事業務量成長最為顯著。利潤成長了 5%，這主要得益於銷售、有利的產品組合和價格，但部分被投資和通貨膨脹所抵消。利潤率下降70個基點至8.9%。

DPT also had a solid year with orders up 19% and defense book-to-bill 1.5, with backlog now at $21 billion, up nearly $3 billion. Improved output supported revenue growing 11%. Profit was $1.3 billion, with margins up 110 basis points to 12.3% from volume, mix and price. Going deeper into the drivers of our 38% EPS growth for the year.

DPT今年也表現穩健，訂單成長19%，國防訂單出貨比為1.5，積壓訂單目前為210億美元，增加了近30億美元。產量提高帶動收入成長11%。利潤為 13 億美元，利潤率因銷售、產品組合和價格上漲 110 個基點至 12.3%。深入分析我們今年每股收益成長 38% 的驅動因素。

Growth in operating profit drove $1.32 or 75% of the improvement in EPS. With the increased profit in CES and DPT, partially offset by higher corporate costs and eliminations. Corporate cost was roughly $570 million, up about $170 million due to lower interest income. Eliminations were about $530 million, up approximately $70 million.

營業利潤的成長推動每股收益成長了 1.32 美元，佔每股收益成長的 75%。CES 和 DPT 的利潤增加，但部分被更高的公司成本和裁員所抵消。公司成本約為 5.7 億美元，由於利息收入減少，增加了約 1.7 億美元。淘汰金額約為 5.3 億美元，比之前增加了約 7,000 萬美元。

Lower tax rate, a reduction in share count and interest expense accounted for an additional $0.46 of EPS growth. Tax rate was down 3 points for the year, primarily from the benefits of long-term tax planning projects and share count reduced by $26 million.

較低的稅率、減少的股份數量和利息支出使每股收益額外增加了 0.46 美元。本年度稅率下降了 3 個百分點，主要得益於長期稅務規劃項目和股份數量減少 2,600 萬美元帶來的收益。

Turning to slide 12. We are updating our segment reporting to reflect the organizational changes announced last week. Importantly, there is no change to total company metrics. Aero derivative engines, which were previously reported in CES will be included with DPT to drive better supply chain alignment with the Marine and Mobility business.

翻到第12張投影片。我們正在更新分部報告，以反映上周宣布的組織架構調整。重要的是，公司整體指標沒有改變。先前在 CES 上報告的航空衍生引擎將與 DPT 一起推出，以推動供應鏈與海洋和行動業務更好地協調一致。

As a result, roughly $1.4 billion of revenue and a couple of hundred million dollars of profit will move from CES to DPT. With the expansion of CES to include T&O, we are also transitioning the cost of remaining sites and external engineering revenue to their respective businesses. This results in a small change to corporate cost and eliminations.

因此，大約 14 億美元的收入和幾億美元的利潤將從 CES 轉移到 DPT。隨著 CES 擴展到包括 T&O，我們也正在將剩餘站點的成本和外部工程收入轉移到它們各自的業務中。這將導致公司成本略有變化並減少開支。

The resegmentation impact is reflected in the 2025 segment financials on the left side of the page. We've also included a preliminary bridge in the appendix and plan to provide recasted segment financials for first quarter earnings.

重新劃分業務板塊的影響反映在頁面左側的 2025 年業務板塊財務資料中。我們也已在附錄中加入了初步的過渡數據，並計劃提供第一季收益的重述分部財務數據。

Turning to guidance. Starting with CES. We expect mid-teens revenue growth, including services up mid-teens. This includes internal shop visit revenue and spare parts revenue both up mid-teens, from low double-digit engine removals combined with higher work scopes and price.

尋求指導。從CES開始。我們預計營收將實現兩位數中段的成長，其中服務收入也將實現兩位數中段的成長。這包括內部上門服務收入和備件收入，兩者均增長了兩位數以上，這得益於發動機拆卸量減少了兩位數，以及工作範圍和價格的提高。

LEAP internal shop visits are expected to grow 25%. We expect equipment up mid- to high teens, including LEAP deliveries up 15% with higher growth from widebody programs. We expect $9.6 billion to $9.9 billion of profit, up about $1.2 billion at the midpoint. This reflects the benefit of services growth and price which is partially offset by OE growth, including 9X, a lower spare engine ratio and continued investments.

LEAP內部店鋪參觀預計成長25%。我們預計設備交付量將成長 15% 至 15% 以上，其中 LEAP 交付量將成長 15%，寬體飛機專案將帶來更高的成長。我們預計利潤為 96 億美元至 99 億美元，中間值比預期高出約 12 億美元。這反映了服務成長和價格的好處，但部分被 OE 成長（包括 9X）、較低的備用引擎比例和持續投資所抵消。

In DPT, we expect mid- to high single-digit revenue growth and profit of $1.55 billion to $1.65 billion. Higher deliveries will be partially offset by inflation, mix and investments. Corporate costs and eliminations are up year-over-year to $1.2 billion to $1.3 billion from lower interest income, AI investments and higher eliminations from internal PAT growth.

在DPT業務中，我們預計營收將實現中高個位數成長，利潤將達到15.5億美元至16.5億美元。更高的交付量將被通貨膨脹、產品結構變化和投資部分抵消。由於利息收入減少、人工智慧投資增加以及內部淨利潤成長帶來的抵銷增加，公司成本和抵銷額較去年同期上升至 12 億至 13 億美元。

In total, we expect low double-digit revenue growth for the company with profit in the range of $9.85 billion to $10.25 billion, up $1 billion or more than 10% at the midpoint. Further unpacking the drivers of EPS and free cash flow growth. We expect EPS in the range of $7.10 to $7.40, up nearly 15% at the midpoint.

我們預計該公司總收入將實現兩位數的低成長，利潤將在 98.5 億美元至 102.5 億美元之間，中間值將成長 10 億美元或超過 10%。進一步分析每股盈餘和自由現金流成長的驅動因素。我們預計每股收益在 7.10 美元至 7.40 美元之間，中位數將上漲近 15%。

About 85% of the improvement will be from higher operating profit. The balance will be from a marginal improvement in the tax rate to below 17% and a reduction of 18 million shares from our previously completed and announced capital allocation actions.

約 85% 的改善將來自更高的營業利潤。平衡將來自稅率略微降低至 17% 以下，以及先前已完成並宣布的資本配置行動中減少的 1,800 萬股。

Interest expense is expected to be roughly $900 million. We expect to generate $8 billion to $8.4 billion of free cash flow, primarily from higher earnings. Working capital and AD&A combined will be a source year-over-year from slower inventory growth. We continue to expect CapEx at roughly 3% of sales.

預計利息支出約9億美元。我們預計將產生 80 億至 84 億美元的自由現金流，主要來自更高的利潤。營運資金和意外支出加起來，將導致庫存成長放緩，造成年減。我們預計資本支出仍將佔銷售額的3%左右。

Overall, we expect another year of conversion solidly above 100%. Taken together, GE Aerospace is poised for another year of solid growth ahead. With that, Larry, back to you.

總體而言，我們預計今年的轉換率將穩居 100% 以上。綜合來看，GE航空航太公司預計在未來一年繼續保持穩健成長。拉里，好了，該你上場了。

Rahul, thank you. 2025 was another outstanding year. Our sustained competitive advantages support our leadership positions across both commercial and defense. With the industry's largest fleet, 80,000 engines and growing, we've accumulated over 2.3 billion flight hours. This experience keeps us close to our customers through decade long life cycles, building enduring relationships and making us the partner of choice.

拉胡爾，謝謝你。 2025年又是精彩的一年。我們持續的競爭優勢鞏固了我們在商業和國防領域的領先地位。我們擁有業內最大的機隊，80,000 台發動機，並且還在不斷增長，累計飛行時間已超過 23 億小時。這種經驗使我們能夠在長達十年的生命週期中與客戶保持緊密聯繫，建立持久的關係，使我們成為客戶的首選合作夥伴。

This field experience combined with our nearly $3 billion in annual R&D investments allows us to drive continuous improvement across our services and products, enhancing time on wing and lower cost of ownership. As a result across our narrowbody, widebody regional and defense platforms, we offer the best performing products underway.

憑藉豐富的實地經驗以及每年近 30 億美元的研發投入，我們能夠不斷改進服務和產品，從而延長飛行時間並降低擁有成本。因此，無論是在我們的窄體客機、寬體客機或區域客機和國防平台上，我們都提供性能最佳的產品。

Our world-class engineering teams developed next-gen technology to improve durability, efficiency and turnaround times, along with advanced defense capabilities. Through FLIGHT DECK, we're turning strategy into results with a focus on safety, quality, delivery and cost always in that order. Stepping back, the GE Aerospace team is focused and ready for what's ahead in 2026. We're well positioned to deliver for our customers and shareholders, and I'm confident in our trajectory.

我們世界一流的工程團隊開發了下一代技術，以提高耐用性、效率和周轉時間，以及先進的防禦能力。透過 FLIGHT DECK，我們將策略轉化為成果，始終以安全、品質、交付和成本為重點，並按此順序執行。回顧過去，GE航空航太團隊已做好充分準備，迎接2026年的挑戰。我們已做好充分準備，為客戶和股東創造價值，我對我們的發展前景充滿信心。

With that, Blaire, let's go to questions.

那麼，布萊爾，我們進入問答環節吧。

Before we open the line, I'd ask everyone in the queue to consider your fellow analysts and ask one question so that we can get to as many as possible. Liz, can you please open the line?

在開放提問環節之前，我想請排隊的各位分析師考慮一下其他分析師的感受，並只提一個問題，以便我們能夠盡可能多地回答到他們提出的問題。莉茲，你能接通電話嗎？

(Operator Instructions)

（操作說明）

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

Hey, thanks for taking my question. I was hoping you could elaborate a bit on the commercial aftermarket backdrop. Obviously, it was a great services quarter with revenue growth accelerating versus last quarter. So I'm just curious to what extent this momentum has carried through to start the year?

嘿，謝謝你回答我的問題。我希望您能詳細介紹一下商業售後市場的背景。顯然，本季服務業表現出色，營收成長速度較上季有所加快。所以我很好奇，這種勢頭在新的一年延續到了什麼程度？

And if you could just unpack some of the assumptions underlying the mid-teens services growth guidance for 2026. Is there any room there to outperform if recent momentum continues? Thank you.

如果您能詳細解釋一下 2026 年服務業成長預期中 15% 左右的幾個假設就好了。如果近期的上漲動能持續下去，是否還有超越對手的空間？謝謝。

Well, John, thanks for getting us started. I would say we haven't seen anything here at the beginning of the year that gives us pause relative to the tailwinds, the momentum that you referenced continuing, right? We've all seen Delta and United out in the last week, for example, I think talking confidently about 2026.

約翰，謝謝你幫我們開了個好頭。我想說，今年年初我們還沒有看到任何讓我們對目前的順風和勢頭（你提到的那種勢頭）持續下去感到擔憂的因素，對吧？例如，在過去一周裡，我們都看到了達美航空和美聯航自信地談論2026年。

So when you couple their outlook, the fact that we come in the year with $190 billion of backlog. We know our share of cycles with LEAP in particular, the narrowbody segment being up and the opportunities to leverage that underlying unit volume in the aftermarket with both expanded work scopes in both narrow and widebody as well as price. We feel like we have another very strong commercial services year supporting the aftermarket.

所以，當你把他們的展望與今年1900億美元的積壓訂單這一事實結合起來考慮時，就會發現情況非常嚴峻。我們了解 LEAP 的周期性波動，尤其是窄體車市場，窄體車市場正在成長，我們有機會利用售後市場的潛在銷量，擴大窄體車和寬體車的作業範圍，並提高價格。我們感覺今年商業服務部門將繼續為售後市場提供強勁的支援。

Again, I think as we commented in the prepared remarks, at a rate that should be up mid-teens. Will we be able to do better than that? We're certainly going to aim to do that, but as we talked through the course of 2025, we're not -- I think, particularly concerned about the demand environment.

正如我們在準備好的發言稿中提到的，我認為增速應該在十幾個百分點點左右。我們能做得更好嗎？我們當然會努力實現這個目標，但正如我們在 2025 年的規劃中所討論的那樣，我認為我們並不特別擔心需求環境。

It's really all about our ability to move spare parts out to third parties to complete our own internal shop visits. And while we were pleased with the sequential and the year-over-year numbers that we cited in the fourth quarter, there's much more to do here in 2026.

關鍵在於我們能否將備件運送給第三方，以完成我們自己的內部維修工作。雖然我們對第四季公佈的環比和同比數據感到滿意，但2026年還有很多工作要做。

It's a bit of what undergirds the organizational move that we announced. And to the extent that we can continue to make progress, and we think we will perhaps not in line with the 40% bump we saw from our priority suppliers last year on a full year basis, I think we'll be able to satisfy that demand better than we did in 2025. Rahul, anything you'd add there?

這正是我們宣布的組織架構調整的根本原因之一。而且，只要我們能夠繼續取得進展，雖然我們認為我們可能無法達到去年優先供應商全年增長 40% 的水平，但我認為我們將能夠比 2025 年更好地滿足這一需求。拉胡爾，你還有什麼要補充的嗎？

Yes. Just a couple of things. John, welcome to our call here. Just as we said in our prepared remarks, we expect both shop visits and spare parts to be up kind of in the same range as mid-teens as the overall services growth. On spare parts first, our delinquency when we ended 2025 was up 50% over where we ended '24.

是的。就兩件事。約翰，歡迎參加我們的電話會議。正如我們在準備好的演講稿中所說，我們預計隨著整體服務業的成長，門市訪問量和備件需求量都將增加十幾個百分點。先說備件方面，到 2025 年底，我們的拖欠款項比 2024 年底增加了 50%。

So as Larry mentioned, strong demand environment. And as you think about the spare parts growth, the spare parts growth is going to be primarily driven by narrowbody. And that's coming as a LEAP external channel continues to grow and about more than 15% of the LEAP shop visits are now performed by a third-party channel partner.

正如拉里所提到的，市場需求強勁。而當你考慮到備件成長時，你會發現備件成長主要由窄體飛機驅動。同時，LEAP 的外部通路持續成長，目前超過 15% 的 LEAP 門市訪問是由第三方通路合作夥伴完成的。

And CFM56 continues to be strong as well. Larry mentioned in his prepared remarks about how we ended '25 retirements which were similar to '24. And as we think about 2026, we expect retirements to be in the 2% range. Our prior expectations were 2% to 3% range. So trending a little bit better and that puts CFM shop visits in the 2,300 to 2,400 range between '26 and '28.

CFM56 的表現也依然強勁。拉里在事先準備好的演講稿中提到，我們是如何結束 2025 年的退休計畫的，這與 2024 年的情況類似。展望 2026 年，我們預期退休人數將佔總人口的 2%。我們之前的預期範圍是2%到3%。所以趨勢略有好轉，這意味著 2026 年至 2028 年間 CFM 商店的訪問量在 2300 至 2400 次之間。

So external demand environment looks good. Shop visits, the same thing. We're expecting double-digit removals this year from engines that they've already flown, plus the work scope continues to increase a little bit of price. So all that adds to that 15% growth that we mentioned on shop visits. So overall, we feel good about the services outlook for '26.

因此，外部需求環境看起來不錯。到店購物也是一樣。我們預計今年將有兩位數數量的發動機被拆除，這些發動機此前已經飛行過，而且由於工作範圍不斷擴大，價格也會略有上漲。所以，所有這些因素都促成了我們之前提到的店鋪訪問量15%的成長。所以總的來說，我們對 2026 年的服務業前景感到樂觀。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Hey, good morning. I was wondering on the LEAP breakeven, LEAP profitability on the original equipment side. Are we crossing the root counted profit or breakeven in '26 still? And Larry, you must be feeling a lot better about the trajectory to get output on LEAP to 2,500 by 2028.

嘿，早安。我想知道LEAP的損益平衡點，以及LEAP在原始設備上的獲利能力。我們2026年還能達到獲利或損益平衡點嗎？拉里，你現在一定對 LEAP 專案到 2028 年實現 2500 台設備產量的目標感到更加樂觀了吧。

What, if anything, is required from an investment within the supply chain, not the MRO network, but more the OE side of the supply chain still to get to where the manufacturers want to production rates (inaudible)

如果要達到製造商期望的生產效率，供應鏈（不是MRO網絡，而是供應鏈的OE端）需要哪些投資？如果有的話，具體需要投資哪些面向？（聽不清楚）

Well, Myles, from a new make perspective, and as you know as well as anyone, the supply chain that supports the new make also supports the aftermarket. So no one can really isolate the new make demand and invest for that without being mindful of the aftermarket demand as well.

邁爾斯，從新車生產的角度來看，正如你比任何人都清楚的那樣，支持新車生產的供應鏈也支持售後市場。因此，如果不考慮售後市場需求，就沒有人能夠真正孤立地看待新車需求並進行投資。

I think we have improved over the course of 2025, our visibility further out and deeper into the supply chain, further out time wise, deeper in the supply chain with respect to readiness, to satisfy our needs to serve both the airlines and airframers. There will be capital investment in various places.

我認為，到 2025 年，我們在供應鏈的可見性方面有所提高，在時間上更遠，在準備方面更加深入，以滿足我們服務航空公司和飛機製造商的需求。將會有來自各地的資本投資。

I'll let different suppliers and different commodity categories speak to their own plans. But I think we're confident that as we move forward here through the rest of the decade, we'll be able to satisfy what the airlines need in the aftermarket and with the airframers looking to do for the airlines as well, right, from a new delivery from a modernization and expansion perspective.

我會讓不同的供應商和不同的商品類別來闡述他們自己的計畫。但我認為我們有信心，在接下來的十年裡，我們將能夠滿足航空公司在售後市場的需求，同時飛機製造商也希望從現代化和擴建的角度為航空公司提供新的交付服務。

But there's work to do. Again, I don't think we're going to be up 40% every year, not that we have to. But I feel very good that with the body work we put in 2025, we're poised to step up again with the supply base be it process improvement, be it capital expansion and the like to keep pace with these considerable tailwinds that we're all fortunately exposed to.

但還有很多工作要做。我再次強調，我不認為我們每年都能成長 40%，當然我們也沒有必要這麼做。但我感覺非常好，憑藉我們在 2025 年所做的車身結構調整，我們已經準備好再次提升供應鏈基礎，無論是流程改進、資本擴張等等，以跟上我們都幸運地面臨的這些巨大順風。

And Myles to answer your question on the LEAP profitability, yes, we expect LEAP OE to be profitable in 2026 as per our prior plans.

邁爾斯，回答你關於LEAP盈利能力的問題，是的，我們預計LEAP OE將在2026年實現盈利，這與我們之前的計劃一致。

Douglas Harned, Bernstein.

道格拉斯·哈內德，伯恩斯坦。

Good morning. Thank you.

早安.謝謝。

Good morning, Doug.

早安，道格。

You talked about the improvement in turnaround times across the board, like LEAP, CFM56, GE90 by about 10%. And we -- I can see that. But CFM56, GE90, very mature engines. Is this turnaround time improvement, is that both for internal and third-party shop visits? And what levers enable you to do that?

您提到，像 LEAP、CFM56、GE90 等所有產品的周轉時間都提高了約 10%。而且——我能看出這一點。但 CFM56、GE90 都是非常成熟的引擎。這種週轉時間的縮短是指內部巡店和第三方巡店的巡店都縮短了嗎？那麼，你可以透過哪些手段來實現這一點呢？

And if I can just add to that, how should we see that improvement reflected in financials since CFM56 is largely time and materials in GE90, you'd be on CSA, I would assume.

如果我能補充一點，既然 CFM56 在 GE90 中主要以時間和材料為主，我們應該如何在財務上看到這種改進？我想您應該在 CSA 上吧。

Doug, it is an internally oriented number, right? We've watched that turnaround time closely at every one of our shops across platforms across the network. The way I think about CAD improvement, it's really driven by two things: one, material availability and two, efficient execution of our standard work on the shop floor.

道格，這是一個內部數字，對吧？我們密切關注了我們整個網路中所有平台所有店舖的周轉時間。我認為 CAD 改進主要受兩件事驅動：一是材料可用性，二是車間標準作業的高效執行。

We've talked a lot about supply chain. You've written about it as well. To the extent that we are getting not only more from our suppliers, but getting what we get in a more predictable way, the teams on the shop floor are better able to execute to bring down turnaround times. We talked about 3% year-over-year improvement from our priority suppliers. We talked about those suppliers delivering at a 90%-plus level to their commitments, takes a lot of news out of the system.

我們已經討論了很多關於供應鏈的問題。你也寫過關於這方面的文章。如果我們不僅能從供應商那裡獲得更多，而且能以更可預測的方式獲得這些，那麼車間團隊就能更好地執行，從而縮短週轉時間。我們討論了重點供應商年增 3% 的情況。我們討論過，那些履行承諾率達到 90% 以上的供應商，會減少系統中的許多新聞。

That is an unlock for us, I think, to take full advantage of the process improvements by way of FLIGHT DECK we've laid into the various shops. It's not equally spread across every shop, but those turnaround times, I think that you see improved in the fourth quarter, for example, really is a combination of better input materials and better execution.

我認為，這為我們打開了一扇大門，讓我們能夠充分利用我們在各個車間實施的 FLIGHT DECK 流程改進措施。雖然這種改善並非遍及所有門市，但我認為，例如在第四季度，週轉時間的改善確實是更好的原材料和更好的執行相結合的結果。

How does that show up in the financials? Well, we should be getting more shop visits completed in terms of the top line, but also we believe it's a considerable productivity unlock. If a team on the floor has to stop a shop visit if they are idle, waiting for a hard delivery, that's obviously unproductive time. If they have everything they need from induction to certification we will see, and I think I have seen the early signs of real productivity bumps there as well.

這在財務報表中是如何反映出來的？從營收角度來看，我們應該能完成更多的門市拜訪，我們也相信這能顯著提高生產力。如果第一線團隊因為等待緊急送貨而不得不停止巡邏商店，那顯然是浪費時間。如果他們擁有從入職培訓到認證所需的一切，我們就會看到，而且我認為我已經看到了生產力真正提升的早期跡象。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning, Rahul, can you quantify what the GE9X headwind ended up being in 2025 and then what the incremental profit headwind is from 9X in 2026? And then if you could comment on the quarterly earnings cadence you're expecting at CES in '26 as well, that would be helpful. So the question is around 9X losses in the earnings cadence.

嘿，Rahul，早安。你能量化一下GE9X在2025年面臨的阻力有多大，以及9X在2026年帶來的增量利潤阻力有多大嗎？如果您還能在 2026 年 CES 展會上談談您對季度獲利節奏的預期，那就太好了。所以問題在於獲利節奏中大約 9 倍的虧損。

Yes. So Scott, on 9X, our losses ended. I mean, we set a couple of hundred million bucks of losses in 2025, and we've ended right about there. So right in line with our expectations. And for '26, as we previously said, we are going to ship more engines in '26 and the volume continues to grow up.

是的。所以史考特，在9X頻道，我們的虧損結束了。我的意思是，我們預計到 2025 年將虧損數億美元，而最終結果也差不多。完全符合我們的預期。至於 2026 年，正如我們之前所說，我們將交付更多發動機，而且銷量還會繼續增長。

And with that, our losses on the 9X programs will double year-over-year. So our current guidance for '26 incorporates those losses getting to that level. So all consistent with what we've said previously. On the first quarter, and let me just elevate the question a little bit, Scott, and just kind of speak to total company here, including CES.

這樣一來，我們在 9X 專案的虧損將比前一年翻倍。因此，我們目前對 2026 年的預期已經考慮到了這些損失會達到該水準。所以，這和我們之前所說的完全一致。關於第一季度，史考特，我想把問題提升到一個更高的層次，並就此談談整個公司，包括 CES。

I mean, first, we expect a solid start to the year. As you probably remember, our output started out slow last year in the first quarter. So we expect our engine and shop visit output to grow substantially here in the first quarter and that will drive our revenue growth. And we expect kind of if you put all that together, the total company level, we expect high teens revenue growth for the company with both CES and DPT above their respective full year guidance. So the stronger start is going to come from both the segments.

我的意思是，首先，我們期待今年能有一個好的開始。您可能還記得，去年第一季我們的產量開局緩慢。因此，我們預計第一季引擎和維修車間的出勤量將大幅成長，這將推動我們的收入成長。我們預計，綜合所有因素來看，公司整體營收將實現兩位數以上的成長，CES 和 DPT 的業績都將超過各自的全年預期。因此，這兩個板塊都會迎來更強勁的開局。

And now getting into the CES, services, we ended 25% 27% orders growth. So we're entering '26 with a strong backlog and about 85% of the parts that -- the spare parts that we need to ship in the first quarter are already in the backlog. And then we had a CMO charge in first quarter of last year that we're not expecting to repeat. So it will be a strong start for us business.

現在進入 CES 服務領域，我們最終實現了 25% 至 27% 的訂單成長。因此，我們進入 2026 年時擁有強大的積壓訂單，我們需要在第一季度發貨的備件中約有 85% 已經進入了積壓訂單。去年第一季我們收到了一筆首席行銷長費用，我們預計不會再發生這種情況。這將是我們業務的一個好開始。

And commercial equipment output will be strong, that will drive revenue growth. But if you -- first quarter last year was our strongest spare engine shipment quarter. So there'll be some impact from that here as we think about the year-over-year revenue growth, but still it will be a strong revenue performance despite that.

商用設備產量將強勁成長，這將推動營收成長。但是，如果您—去年第一季是我們備用引擎出貨量最高的季度。因此，在考慮同比營收成長時，這將產生一定影響，但即便如此，營收表現仍然會很強勁。

And then there will be 9X shipments here in the first quarter as well, which we did not have in '25. And then DPT, they're on a good run here on sequential performance. Expect that to continue and that should drive revenue growth for the DPT segment.

而且，今年第一季這裡也會有 9X 的出貨量，這是我們在 2025 年沒有的。還有DPT，他們在順序性能方面表現出色。預計這種情況將持續下去，這將推動DPT業務部門的營收成長。

Now as we switch to profit, expect that profit to be up year-over-year growth, up year-over-year, primarily from the services growth and the absence of the CMR charge that we took, which will offset the higher deliveries and the 9X shipments. But because of the lower spare engine ratio and 9X shipments, our total margins for the business will be kind of in line to slightly better, versus where we ended fourth quarter of 2025.

現在我們轉向盈利，預計利潤將同比增長，主要得益於服務增長和取消了我們之前收取的 CMR 費用，這將抵消更高的交付量和 9 倍的貨運量。但由於備用引擎比例較低以及 9X 出貨量，我們業務的總利潤率將與 2025 年第四季末的水平大致持平或略有提高。

And free cash flow we expect certain payments here in the first quarter. So free cash flow will be down year-over-year. But overall, as we think about revenue, we think about profit, we expect to get out of the gate here strong.

我們預計第一季會有一定的自由現金流支出。因此，自由現金流將年減。但總的來說，當我們考慮收​​入和利潤時，我們預計會有一個強勁的開局。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, Larry, Rahul. Great quarter. Maybe Rahul, since you were just speaking about CES product guidance for '26. If you could walk us through margins at the midpoint, it implies margins are flat. And you gave a few pieces, the GE9X headwinds. How are you thinking about shipments there?

早安，拉里，拉胡爾。很棒的季度。或許是 Rahul，因為你剛才還在談論 2026 年 CES 產品指南。如果你能給我們講解中間點的利潤率，那就代表利潤率是恆定的。你也提供了一些素材，像是GE9X逆風。你們對那裡的貨物運輸有什麼想法？

What are you seeing offset the goodness to help overcome some of the mix issues you're facing with equipped growth outpacing services? 9X headwind, as you mentioned, spares ratio and just LEAP growing double digits while CFM is flat, how do we think about that?

您認為有哪些因素可以抵消成長帶來的好處，從而幫助您克服目前面臨的一些業務組合問題，例如設備成長速度超過服務速度？正如您所提到的，9 倍的逆風，備件比率，以及 LEAP 兩位數的增長，而 CFM 卻持平，我們該如何看待這種情況？

Yes. I think, Sheila, you kind of outlined some of the key drivers here in the math. I think the margin story at the CES level is exactly the way you said it, strong services growth here, we expect $3.5 billion of services revenue growth in 2026, which drops through at a healthy clip despite LEAP being a bigger share of that growth, we still expect strong drop-through from our services revenue improvement year-over-year.

是的。希拉，我覺得你已經從數學的角度概括了一些關鍵的驅動因素。我認為CES層面的利潤率情況正如你所說，服務業務增長強勁，我們預計2026年服務收入將增長35億美元，儘管LEAP在該增長中所佔份額較大，但我們仍然預計服務收入同比增長將帶來強勁的利潤增長。

And then the OE shipments are increasing, the spare engine ratio gradually comes down as we expect it too as time passes on and then 9X shipments and with R&D coming in as well. So I think those are the big drivers for the CES margins here in 2026.

隨著原廠配套 (OE) 出貨量增加，備用引擎比例也如我們預期的那樣隨著時間的推移而逐漸下降，然後是 9X 出貨量，同時研發投入也在增加。所以我認為這些是2026年CES利潤率的主要驅動因素。

Now keep in mind that the margins ended up better than what we'd expected back when we gave the October guidance. We -- the margins were about 70 basis points better than where we thought we will be in October. So we have a higher jumping off point. And despite that, you see at the -- as you said, our margins are expected to be flattish here in 2026. So we feel good about the trajectory that we're on.

請記住，最終的利潤率比我們在10月發布業績指引時預期的要好。我們－利潤率比我們預期的10月份的水準高出約70個基點。因此，我們的起點更高了。儘管如此，正如你所說，我們預計到 2026 年利潤率將保持穩定。所以我們對目前的發展軌跡感到滿意。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hey, thanks very much and good morning, everyone, maybe just to continue along that line of questioning. As we think about the headwinds that we know are accumulating from a mix perspective in CES, and then we look out beyond 2026.

嘿，非常感謝，大家早安，或許我們可以繼續沿著這個提問方向繼續討論。當我們思考 CES 中各種因素正在累積的不利因素時，我們展望 2026 年以後的情況。

How should we think about the margin trajectory there with LEAP OE becoming profitable leave aftermarket continuing to become more profitable, but maybe OE aftermarket mix headwinds and more 9X, I guess the -- I'm getting to like a in CES for 2026. And so kind of where do we think about that going directionally in the years beyond?

我們該如何看待LEAP OE實現盈利，售後市場繼續變得更加盈利，但OE售後市場組合可能面臨不利因素，以及9倍以上的增長，我想——我越來越喜歡2026年CES展會上的這款產品了。那麼，我們認為未來幾年它的發展方向是什麼？

Well, I think you captured the some of the headwinds that we've talked about not only for '26, but much for '28. I think it's important to recognize that when we spun, we thought we would be at a $10 billion operating profit level two years from here, right? So we were able to hit that milestone.

我認為你捕捉了我們討論過的一些不利因素，不僅適用於 2026 年，也適用於 2028 年。我認為重要的是要認識到，當我們進行分拆時，我們認為兩年後我們將達到 100 億美元的營業利潤水平，對吧？所以我們實現了這個里程碑。

We think we'll hit it at the midpoint in 2026. So there's a lot of things that are clearly outweighed the headwinds as we continue to grow the installed base. And as we ramp with our suppliers, grow that installed base at a low to mid-single-digit level, and get the full benefit of utilization in terms volume work scopes and price, the commercial services business really will be expressing the LEAP engine that that drives the profit growth.

我們認為會在 2026 年年中達到這個目標。因此，在我們不斷擴大用戶群的過程中，有許多因素顯然超過了不利因素。隨著我們與供應商共同努力，以個位數低到中的速度成長裝置容量，並在工作量和價格方面充分發揮利用率的優勢，商業服務業務將真正展現出推動利潤成長的 LEAP 引擎。

You talked about how LEAP will be better for us as we go forward, we'll certainly -- we'll look to have the 9X do the same. And all the while, we don't want to forget about the progress that we made in Defense, right, where we were up 11% last year, top line operating profit up over 20%.

您談到 LEAP 對我們未來的發展會有多麼有利，我們當然——我們也會希望 9X 也能做到這一點。同時，我們也不能忘記我們在國防領域的進展，對吧？去年我們的國防業務成長了 11%，營業利潤成長超過 20%。

So I think we have plenty of opportunity to deliver on that $11.5 billion of operating profit that we've talked about for 2028, potentially do better. But that's really the plan. We continue to serve the airlines as best as we can in the aftermarket ramp the airframers as they look to deliver to help the modernization and expansion programs from those same airlines, all the while supporting war fighters to the fullest strength of our ability.

所以我認為我們有很多機會實現我們之前討論過的 2028 年 115 億美元的營業利潤目標，甚至有可能做得更好。但這確實是計劃。我們繼續盡最大努力為航空公司提供售後市場服務，幫助飛機製造商交付產品，以支援這些航空公司的現代化和擴張計劃，同時竭盡全力為作戰人員提供支援。

So Seth, just maybe add a couple of things here. If you go back to July when we gave our '28 guidance, we said we expect 21%-ish margins in 2028. Now we got there last year. So the jump-off point is substantially better than where we thought back in July. So we're jumping off that higher point. And as even '26, we are maintaining that margin profile. So I think we're getting to the margin outlook that we get laid out for '28.

所以塞思，或許你可以在這裡補充幾點。回顧我們 7 月給出的 2028 年業績指引，我們當時表示預計 2028 年的利潤率約為 21%。我們去年就到達那裡了。因此，目前的情況比我們7月預想的要好得多。所以我們要從更高的點跳下去。即使在 2026 年，我們也維持了這樣的利潤率水準。所以我認為我們正在接近2028年制定的利潤率展望。

Again, not just on profit, but also on the margins. So that's a good trajectory. And I think we spoke about the CFM56, goodness here. Retirements are still trending low, shop visits in the 2,300 to 2,400 range now, which is maybe slightly better than what we thought back in back July. And as you said, LEAP service profitability continues to get better with the external channel.

再次強調，不僅要關注利潤，也要關注利潤率。所以這算是不錯的發展軌跡。我想我們之前也談到了 CFM56，這東西真不錯。退休人數仍呈下降趨勢，目前商店訪問量在 2300 到 2400 人次之間，這可能比我們在 7 月預想的略好一些。正如您所說，LEAP 服務透過外部管道的獲利能力持續提高。

Larry mentioned, the repairs that we are driving inside the company. We expect the number of repairs that are certified to continue to grow this year over '25. So that's helping. And with the incremental shop visits, we'll drive productivity in the LEAP services as well. So all that points to the LEAP services tailwind kind of continuing here.

Larry提到了我們正在公司內部進行的維修工作。我們預計今年獲得認證的維修數量將比 2025 年持續增加。這樣確實有幫助。隨著門市訪問量的增加，我們也能提高 LEAP 服務的生產力。所以，所有這些都表明，LEAP 服務的發展動能將會持續下去。

So I think those would be the big levers along with continued strong performance on the widebody programs GE90, as we think about the retirements are pretty much non-existent there. So all of that lends well to how we think about 2028. And clearly, it's a big margin profile than what we thought back in July.

所以我認為，除了寬體飛機計畫GE90的持續強勁表現之外，這些也將是重要的槓桿因素，因為我們認為這些計畫的退役幾乎不存在。所以，所有這些都很好地解釋了我們如何看待 2028 年。顯然，利潤率比我們7月預想的要高得多。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Ron, are you there?

羅恩，你在嗎？

Hey, can you hear me? Sorry about that. Hey, good morning, guys. So yes, a lot has been asked already, but just coming back to your prepared remarks, you mentioned that you guys are spending about $3 billion a year on R&D. That's a big number.

嘿，你聽得到我說話嗎？抱歉。嘿，各位早安。是的，已經有很多問題被問過了，但回到你們準備好的發言稿，你們提到你們每年在研發上花費約 30 億美元。那可真是個大數字。

Can you maybe for a lack of better, double-click on that, maybe give us some feel for how you guys are spending that and what you're spending it on where those investments are being made?

或許，您能不能（姑且這麼說吧）雙擊一下，讓我們了解一下你們是如何花錢的，以及你們把錢花在了哪些方面，這些投資都投向了哪些領域？

Yes. Ron, I would say that in many respects, is where you would anticipate it being, right? Very much focused versus lost on improving the customer experience with the engines that we are ramping. And we've about LEAP in that regard. We want to make sure we continue to deliver improvements like the durability kit and the like to improve time on wing and to reduce the total cost of ownership.

是的。羅恩，我想說，在很多方面，這都符合你的預期，對吧？我們非常專注於提升客戶體驗，而不是迷失方向，我們正在逐步擴大引擎的生產規模。在這方面，我們與 LEAP 有不少合作。我們希望確保繼續推出諸如耐久性套件之類的改進措施，以延長飛行時間並降低總擁有成本。

We've got the 9X coming under wing with the 777X. So it's those newer programs that are either headed EIS or that are ramping that are really the first order. All the while, we're making sure that we are investing in the future of flight. We've talked a lot with you in particular about our RISE program. It's a technology development, not a product development program. Nevertheless, garners a big chunk of that annual spend.

我們已經讓 9X 與 777X 一起投入使用。因此，那些正在準備環境影響評估或正在加速的新項目才是真正的首要任務。同時，我們也在確保對航空業的未來進行投資。我們和您詳細討論過我們的 RISE 專案。這是一個技術開發項目，而不是產品開發項目。然而，它佔據了年度支出的很大一部分。

And then, of course, on the Defense side, there are a number of next-gen programs that represent another meaning portion of our R&D spend. So you put that all together, coupled with the field experience we have on that 2.3 billion flight hour experience base we think we're well positioned to shape the future of flight.

當然，在國防方面，還有許多下一代項目，這些項目占我們研發支出的另一個重要部分。綜上所述，再加上我們擁有 23 億飛行小時的實務經驗，我們認為我們有能力塑造航空業的未來。

And as we move forward, we've talked a lot about the puts and the takes on '26 on the road to '28, rest assured, we're going to work very hard to protect and expand the size of the R&D envelope because we know this business has led through product cycles really on the back of innovation and technology. And that won't -- we can't let that change into the 2030s --

展望未來，我們已經多次討論過 2026 年到 2028 年的發展前景，請放心，我們將努力保護和擴大研發預算的規模，因為我們知道，這項業務在產品週期中一直依靠創新和技術引領發展。而且這種情況不會改變——我們不能讓這種情況在2030年代發生改變——

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Thank you, good morning.

謝謝，早安。

Good morning.

早安.

You guys talked about CFM56 retirement is trending lower than you expected. I think at 2%, even though you're performing very well on LEAP deliveries. So I'm curious if you're still expecting that to pick up to 3% or 4%? What's changed there? And if you still expect that shop visit peak in '27?

你們之前討論過，CFM56的退休趨勢低於預期。我認為即使你們在 LEAP 交付方面表現非常出色，但 2% 的轉換率仍然不夠。所以我很好奇，你是否仍然預期這個數字會上升到3%或4%？那裡發生了什麼變化？如果你仍然預期商店客流量高峰會在 2027 年到來的話？

Well, I think it's really -- you have more than anything, a function of demand that the airlines are trying to satisfy, right, which has them keeping the CFM56-powered planes in the air. And I think as we look at retirements in 2025, we ended up at about 1.5% of the fleet relatively in line with what we saw in '24.

嗯，我認為這主要是——航空公司為了滿足需求而採取的措施，對吧，所以他們才讓 CFM56 發動機驅動的飛機繼續飛行。我認為，展望 2025 年的退役情況，我們最終的退役飛機數量約為機隊的 1.5%，與 2024 年的情況基本一致。

I think on balance '26, probably a little bit better for us, likely in the 2% range compared I think to a 2% to 3% range we offered up in July. So at this point, from a shop visit perspective, we think we're going to be in that 2,300 to 2,400 range through 2028.

我認為總的來說，2026 年的情況可能對我們來說稍微好一些，利率可能在 2% 左右，而我們在 7 月給出的利率範圍是 2% 到 3%。所以目前，從門市訪問量的角度來看，我們認為到 2028 年，我們的門市訪問量將保持在 2300 到 2400 之間。

And that's better than what we said in July where I think we were soft circling 2,300. So there'll be a gradual decline come 2030. But here in the next couple of years, given utilization, given demand, we think retirement is going to be a little bit more muted and the CFM56 is going to be stronger for longer. All good.

這比我們7月份的說法要好，當時我認為我們只是在2300左右徘徊。因此，到 2030 年將會出現逐漸下降的趨勢。但在接下來的幾年裡，考慮到利用率和需求，我們認為退休潮將會比較平緩，CFM56 將會維持強勁勢頭更久。一切都好。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Hey, good morning, everybody.

嘿，大家早安。

Good morning, Noah.

早上好，諾亞。

Could you elaborate on the agreement that's been announced with (inaudible), what that means? What are the implications? And then Rahul, on the free cash flow, you're now -- this year, you're going to part with what you had provided for 2028, anything abnormally high in '26 that has to fade? Or just how should we think about the bridge from '26 to '28 now?

您能否詳細說明一下與（聽不清楚）宣布的協議，該協議意味著什麼？這意味著什麼？Rahul，關於自由現金流，你現在——今年，你要把原本為 2028 年預留的資金拿出來，2026 年任何異常高的資金都必須逐步減少嗎？或者，我們現在該如何看待 1926 年到 1928 年這段過渡期呢？

No, I would say just on the agreement, as you all know, we have an open third-party aftermarket, we think that open network has really been a strength for us over time. We want to make sure that customers have as much optionality as possible in how they service their fleets that clearly in turn, supports asset values and lower cost of ownership. And that's really, I think, the foundation for what we've done.

不，就協議而言，正如你們所知，我們擁有開放的第三方售後市場，我們認為開放的網路隨著時間的推移一直是我們的優勢。我們希望確保客戶在車隊維護方面擁有盡可能多的選擇，這顯然反過來會提高資產價值並降低擁有成本。我認為，這才是我們所做的一切的基礎。

And I mean it's -- on cash flow, Noah, nothing abnormal here in '26. The -- our challenge last year was inventory growth, right? I mean we added about a couple of billion dollars of inventory last year. And part of that is we -- the supply chain is getting better, but it's not all there. So we get some pass, but not everything.

我的意思是——就現金流而言，諾亞，2026 年這裡沒有什麼不正常的。我們去年的挑戰是庫存成長，對吧？我的意思是，我們去年增加了大約二十億美元的庫存。部分原因是——供應鏈正在改善，但還沒有完全完善。所以有些事我們可以得到寬恕，但不是全部。

So that adds to inventory. And some of that is an investment that we are making to make sure that we get new increased output in 2026. As we think about '26, we're expecting less contract asset favorability and that is getting offset here with slower inventory growth.

這樣就增加了庫存。其中一部分是我們正在進行的投資，以確保我們在 2026 年獲得新的成長產量。展望 2026 年，我們預期合約資產的有利性會降低，而庫存成長放緩則抵消了這一影響。

So we added -- our total working capital in AD&A last year was about $0.5 billion of net headwind, and this year, we expect slightly less than that, which is not bad given low double-digit revenue growth that we are expecting this year. So really nothing abnormal coming through our cash number here and more opportunity on inventory as we get out and maybe slightly less on contract assets, which is all in line with what we previously communicated.

因此，我們增加了——去年我們在 AD&A 方面的總營運資本淨不利影響約為 5 億美元，而今年，我們預計會略少一些，考慮到我們預計今年收入將實現兩位數的低增長，這還算不錯。所以，我們的現金流數據並沒有什麼異常，隨著我們逐步退出市場，庫存方面的機會更多了，合約資產方面的機會可能會略有減少，這都與我們之前溝通的內容一致。

Liz, we have time for one last question.

莉茲，我們還有最後一個問題。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Hey, thank you. Good morning.

嘿，謝謝。早安.

Good morning.

早安.

And congrats to Mohamed and Russell. Just wanted to ask on customer behavior in the aftermarket. Have you seen any change? Do you anticipate seeing any change in terms of scope of overhauls either on widebodies or on CFM56?

恭喜穆罕默德和拉塞爾。想請教一下售後市場的客戶行為。你看到任何改變嗎？您預計寬體飛機或 CFM56 引擎的檢修範圍會有任何變化嗎？

Any indication, any pricing pushback? I'm just curious, are you seeing any sort of discontinuity relative to what we've seen over the last couple of years?

有任何跡象表明價格會受到阻力嗎？我只是好奇，您是否看到與過去幾年我們看到的情況相比，存在任何不連續性？

Nothing that really jumps out, frankly. Again, the demand environment post pandemic has been robust for the airlines. They need all they can possibly get from us. And that's why we've talked so much about FLIGHT DECK and the supply chain over the last several years, particularly as it pertains to supporting the fleet they have while making sure they're also able to expand and modernize.

坦白說，沒什麼特別突出的。再次強調，疫情後航空業的需求環境依然強勁。他們需要從我們身上得到一切。這就是為什麼在過去幾年裡，我們一直在談論飛行甲板和供應鏈，特別是關於支持他們現有的機隊，同時確保他們能夠擴展和現代化。

We talked a few minutes ago about the CFM56 and all likelihood being more stable over the next few years. That clearly will create then to work scopes in certain instances, work scopes that will expand as the engines get older. But I would say on balance, we were with a lot of customers just this past weekend. They want more and they want it faster without any compromise with respect to safety or quality. It's a fair ask and one the team is committed to delivering on in the new year here.

我們幾分鐘前談到了 CFM56，它很可能在未來幾年內會更加穩定。顯然，這將導致某些情況下出現工作範圍，隨著引擎老化，工作範圍將會擴大。但總的來說，上週末我們接待了許多顧客。他們想要更多，而且想要更快，同時又不願意在安全或品質上做出任何妥協。這是一個合理的要求，團隊也承諾在新的一年努力實現這一目標。

Larry, any final comments to wrap the call?

拉里，通話結束時還有什麼要補充的嗎？

Blaire, thank you. The hour there. Now I would just say to close, GE Aerospace remains a differentiated franchise defined by our enviable market position and flight deck supporting enhanced performance. As we look ahead, our outlook reflects confidence in our ability to deliver consistent value for our customers, shareholders and the millions of people, who rely on our services and products every day. We appreciate your time today and your interest in GE Aerospace.

布萊爾，謝謝你。在那裡待了一個小時。最後我想說的是，GE航空航太仍然是一個差異化的特許經營品牌，其特點是我們令人羨慕的市場地位和支持增強性能的飛行甲板。展望未來，我們有信心繼續為我們的客戶、股東以及每天依賴我們服務和產品的數百萬人創造持續的價值。感謝您今天抽出時間並關注GE航空航天公司。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位女士、先生。今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。