奇異 (GE) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the GE Aerospace third quarter 2026 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today. If you experience issues with the webcast slides refreshing or there appears to be delays in the slight advancement, please hit F5 on your keyboard to refresh.

各位女士、先生，大家好，歡迎參加 GE Aerospace 2026 年第三季財報電話會議。（接線員指示）我是 Liz，今天將擔任各位的會議協調員。若您在網路直播投影片更新時遇到問題，或看起來在些微前進時出現延遲，請按下鍵盤上的 F5 以重新整理。

As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Blaire Brown from the GE Aerospace Investor Relations team. Please proceed.

提醒各位，本次會議將被錄音。現在我想把會議交給今天的主持人——GE Aerospace 投資人關係團隊的 Blaire Brown。請開始。

Thanks, Liz. Welcome to GE Aerospace's third quarter 2026 earnings call. I'm joined by Chairman and CEO Larry Culp and CFO Rahul Ghai. Many of the statements we're making are forward-looking and based on our best view of the world and our business as we see them today.

謝謝你，Liz。歡迎參加 GE Aerospace 2026 年第三季財報電話會議。今天與我一同出席的有董事長暨執行長 Larry Culp，以及財務長 Rahul Ghai。我們所做的許多陳述均屬前瞻性陳述，並以我們對當前世界與業務狀況的最佳判斷為基礎。

As described in our SEC filings and website, those elements may change as the world changes. Additionally, Larry and Rahul will speak to total company and corporate financial results and guidance today on a non-GAAP basis. Now, over to Larry.

如同我們在 SEC 申報文件與網站中所述，這些因素可能會隨著世界變化而改變。此外，Larry 與 Rahul 今天將以非 GAAP 基礎說明全公司與公司層級的財務結果與財測指引。接下來交給 Larry。

Blaire, thank you, and good morning, everyone. At any moment, nearly 1 million people are flying on aircraft powered by our technology. That's the responsibility behind everything we do at GE Aerospace, and it underscores our purpose to invent the future of flight, lift people up, and bring them home safely.

Blaire，謝謝你，各位早安。在任何時刻，幾乎有 100 萬人正搭乘由我們技術所驅動的飛機在空中飛行。這正是 GE Aerospace 所做一切背後的責任，也凸顯了我們的使命：發明飛行的未來、讓人們振翅高飛，並安全地把他們帶回家。

In the third quarter, we delivered strong results. Demand continues to be solid across the business even in a dynamic environment. Third quarter orders were up 49% led by Commercial Engines and Services or CES, which was up 58%. We continue to see strength in Commercial Services with orders up 23% in the third quarter and 30% year-to-date.

第三季我們交出強勁的成果。即使在多變的環境中，整體業務需求仍持續穩健。第三季訂單成長 49%，主要由商用引擎與服務（Commercial Engines and Services，CES）帶動，CES 訂單成長 58%。我們持續看到商用服務的強勁動能，第三季訂單成長 23%，年初至今成長 30%。

Combined with our backlog of over $170 billion, we're well positioned to close out 2026 and now expect low double-digit services growth in 2027. We had a historic Farnborough Air Show announcing commitments for more than 1,800 engines, including an agreement with Indigo for the largest LEAP agreement ever for more than 1,000 LEAP-1A engines to power its A320neo aircraft.

結合超過 1,700 億美元的在手訂單（backlog），我們具備良好條件為 2026 年畫下句點，並且目前預期 2027 年服務業務將呈現低雙位數成長。我們在范堡羅航展（Farnborough Air Show）創下歷史性成果，宣布超過 1,800 具引擎的承諾訂單，其中包括與 Indigo 的協議——這是史上最大的 LEAP 協議，超過 1,000 具 LEAP-1A 引擎，將用於其 A320neo 機隊。

And just last week, we announced an agreement with Turkish Airlines for more than 300 LEAP-1B engines to power its 737 MAX fleet, along with a long-term service agreement for its entire LEAP-1B fleet of over 600 engines.

就在上週，我們宣布與土耳其航空（Turkish Airlines）達成協議，提供超過 300 具 LEAP-1B 引擎以驅動其 737 MAX 機隊，並同時簽署長期服務協議，涵蓋其整體 LEAP-1B 機隊、超過 600 具引擎。

In the quarter, total company revenue increased 18%, with CES up 21% and Defense and Propulsion Technologies, or DPT, up 7%. Operating profit grew 30% and margins of 22.5%, up 220 basis points year-over-year. EPS increased 36% and we generated more than $2 billion of free cash flow.

本季全公司營收成長 18%，其中 CES 成長 21%，國防與推進技術（Defense and Propulsion Technologies，DPT）成長 7%。營業利益成長 30%，營業利益率為 22.5%，年增 220 個基點。每股盈餘（EPS）成長 36%，我們產生超過 20 億美元的自由現金流。

These results reflect the impact of FLIGHT DECK fundamentals to drive continued output momentum with year-to-date commercial services revenue and total engine deliveries both up over 20%. And we remain focused on investing to meet customer needs with our recently announced agreement to acquire Consolidated Precision Products or CPP to expand capacity of mission-critical castings.

這些成果反映了我們運用 FLIGHT DECK 基本功所帶來的影響，推動產出動能持續提升；年初至今商用服務營收與引擎總交付量皆成長超過 20%。我們也持續聚焦投資以滿足客戶需求；近期我們宣布同意收購 Consolidated Precision Products（CPP），以擴充關鍵任務鑄件的產能。

At the same time, we're advancing current and future technologies with over $3 billion in annual R&D spend. This quarter's performance builds on progress from the first half, with year-to-date orders now up 49%, revenue up 23%, EPS growing 28%, and 105% free cash flow conversion. Given the strength of our results combined with our fourth quarter expectations, we're raising our 2026 guidance.

同時，我們以每年超過 30 億美元的研發支出推進現有與未來技術。本季表現延續上半年進展：年初至今訂單成長 49%、營收成長 23%、EPS 成長 28%，自由現金流轉換率達 105%。鑑於我們強勁的業績表現並結合第四季展望，我們上調 2026 年財測指引。

I want to take a moment here and thank the entire GE Aerospace team and our supplier partners for their commitment to delivering for our customers. Turning to slide 4, FLIGHT DECK is at the center of how we drive safety, quality, delivery and cost always in that order.

我想在此花點時間，感謝 GE Aerospace 全體團隊與供應商夥伴，致力於為客戶交付成果。請看投影片第 4 頁，FLIGHT DECK 是我們推動安全、品質、交付與成本的核心——且永遠依此順序。

We're making meaningful progress with year-to-date commercial services revenue up 26% and total engine deliveries up 21%. With the LEAP installed base expected to more than double between 2025 and 2030, our team focused on increasing capacity for the LEAP fan assembly.

我們正取得具體進展：年初至今商用服務營收成長 26%，引擎總交付量成長 21%。隨著 LEAP 裝機基數預期在 2025 至 2030 年間增加逾一倍，我們的團隊聚焦於提升 LEAP 風扇組件（fan assembly）的產能。

Using FLIGHT DECK, the team reoriented the layout of the production line and developed standard work at various workstations, resulting in greater capacity with output more than doubling. To improve F-18 readiness for the US Navy, we partnered with a key supplier to reduce repair times for a critical F414 component.

透過 FLIGHT DECK，團隊重新調整產線配置，並在各工作站建立標準作業，因而提升產能，產出增加至原來的兩倍以上。為提升美國海軍 F-18 的妥善率（readiness），我們與關鍵供應商合作，縮短一項關鍵 F414 零組件的維修時間。

Using FLIGHT DECK to improve the flow of parts, we doubled output, helping meet our customers' needs. These actions demonstrate the power of collaborative problem solving to unlock constraints, which contributed to priority supplier material input, increasing double-digits year over year again in the third quarter.

運用 FLIGHT DECK 改善零件流動，我們將產出提高一倍，協助滿足客戶需求。這些行動展現協作式問題解決的力量，能解除瓶頸；這也促成優先供應商的材料投入在第三季再次實現年增雙位數。

Thanks to the work of our team and the partnership with our suppliers, this quarter marks the tenth consecutive quarter of sequential material input growth, which contributed to lead engine deliveries growing 26% year to date.

得益於團隊的努力以及與供應商的合作，本季是材料投入連續第十季逐季成長，並帶動主力引擎（lead engine）交付量年初至今成長 26%。

The gains we're driving with FLIGHT DECK are further accelerated with AI. At Celma, our largest MRO site, the team developed an AI-enabled tool to automate collection of technical records required for each CFM56 shop visit.

我們透過 FLIGHT DECK 推動的改善，並在 AI 的加持下進一步加速。在 Celma——我們最大的 MRO 據點——團隊開發了 AI 賦能工具，用於自動蒐集每次 CFM56 進廠維修（shop visit）所需的技術紀錄。

This helped decrease record processing time by around 25%. Actions like this across our network resulted in another quarter of record internal shop visit output, with turnaround time down by over a week since the end of 2025, including LEAP now down two weeks.

這使紀錄處理時間降低約 25%。我們在整個網絡推動類似行動，使內部進廠維修產出再創單季新高；自 2025 年底以來，周轉時間（turnaround time）縮短超過一週，其中 LEAP 現在縮短兩週。

This progress, combined with other efforts, has reduced LEAP engine-driven grounded aircraft to nearly zero since the summer. All in, while there is always more to do to meet customer expectations, we're making meaningful progress.

這項進展結合其他努力，使得自今年夏季以來，由 LEAP 引擎因素導致的停飛飛機數量幾乎降至零。總體而言，雖然為滿足客戶期待仍有許多工作要做，但我們正取得實質進展。

Shifting to slide 5, given airframer order books are full through the end of the decade, along with strong growth in aftermarket and defense, we're continuing to invest to ensure timely delivery for our customers. Our agreement to acquire CPP, a long-term supplier, is a significant investment to build adequate capacity of mission-critical castings for the entire aerospace industry.

轉到投影片第 5 頁，鑑於機身製造商（airframer）的訂單能見度已滿至本十年末，再加上售後市場與國防業務的強勁成長，我們持續投資以確保能及時交付給客戶。我們同意收購長期供應商 CPP，這是一項重大投資，旨在為整個航太產業建立足夠的關鍵任務鑄件產能。

Beyond increasing delivery, acquiring CPP allows us to accelerate the introduction of new engine technologies that improve cooling and enhance durability and efficiency of our current fleet and future programs.

除了提升交付能力之外，收購 CPP 也讓我們能加速導入新引擎技術，以改善冷卻效能，並提升現有機隊與未來專案的耐久性與效率。

And we're making meaningful progress on next-generation programs while building additional capabilities through partnering with disruptors to move at pace. It was a moment of great pride for our team this summer, when alongside our partners at BETA Technologies, we completed the world's first high-altitude hybrid electric flight.

同時，我們在下一代專案上也取得實質進展，並透過與顛覆者（disruptors）合作、以更快速度推進，來建立額外能力。今年夏天，對我們團隊而言是一個非常自豪的時刻：我們與 BETA Technologies 的夥伴一同完成了全球首例高空混合動力電動飛行。

We're grateful for the collaborative partnership with BETA to demonstrate that hybrid electric technologies are viable for commercial aviation through NASA's Electrified Powertrain Flight Demonstration Program. Together with Kratos, our GEK800, now known officially as the F143, was designated as a second source propulsion for the Joint Air-to-Surface Standoff Missile, or JASSM, moving it from development to a funded US Air Force program. Our XA102 adaptive cycle engine was selected by the US Air Force for the next phase of the NGAP program, moving into hardware procurement and subcomponent testing.

我們感謝與 BETA 的協作夥伴關係，透過 NASA 的「電動化動力系統飛行示範計畫」（Electrified Powertrain Flight Demonstration Program）證明混合動力電動技術對商用航空是可行的。我們與 Kratos 合作的 GEK800（現正式命名為 F143）被指定為聯合空對地遠距防區外飛彈（Joint Air-to-Surface Standoff Missile，JASSM）的第二來源推進系統，使其從研發階段轉入獲得資金支持的美國空軍計畫。我們的 XA102 自適應循環引擎（adaptive cycle engine）獲美國空軍選定進入 NGAP 計畫的下一階段，並推進至硬體採購與次組件測試。

The US Navy's recent announcement of the F/A-XX is another example of the administration's leadership in moving forward important sixth-generation programs that ensure the US maintains air superiority, building off last year's F-47 News.

美國海軍近期宣布F/A-XX，是本屆政府在推動關鍵第六代計畫、確保美國維持空中優勢方面展現領導力的另一例證，並延續去年F-47相關消息的基礎。

We're excited about the progress our Edison Works team has made on advanced engines and how it positions us well to support the US administration's efforts in modernizing our military. Stepping back, we continue to position GE Aerospace for long-term growth by focusing on what matters most to our customers. Rahul, over to you.

我們對Edison Works團隊在先進引擎方面取得的進展感到振奮，這也讓我們能更有利地支持美國政府推動軍事現代化的努力。回到更宏觀的層面，我們持續聚焦客戶最重視的事項，讓GE Aerospace為長期成長做好布局。Rahul，交給你。

Larry, thank you, and good morning, everyone. GE Aerospace delivered another strong quarter with double-digit growth across orders, revenue, profit, and EPS. Orders were up 49%, with CES up 58% and DPT up 18%. Revenue increased 18%. CES was up 21%, marking our sixth consecutive quarter of at least 20% growth, and DPT grew 7%.

Larry，謝謝你，各位早安。GE Aerospace本季再度交出強勁成績，訂單、營收、獲利與每股盈餘（EPS）皆呈現雙位數成長。訂單成長49%，其中CES成長58%，DPT成長18%。營收成長18%。CES成長21%，為連續第六季達到至少20%的成長；DPT成長7%。

Operating profit was $3 billion, up 30%. And margins increased 220 basis points to 22.5%, driven by services volume, productivity, and price, partially offset by inflation. EPS was $2.25, up 36% from increased operating profit and a reduced share count. Free cash flow was $2 billion.

營業利益為30億美元，成長30%。在服務量增加、生產力提升與價格因素帶動下，利潤率提升220個基點至22.5%，部分被通膨抵銷。EPS為2.25美元，因營業利益增加及流通股數下降而年增36%。自由現金流為20億美元。

Working capital was a use as receivables grew from timing of services billings and an increase in balance due from airframers. Net contract assets and liabilities were a source in the quarter from strong utilization billings.

營運資金為資金使用，主因為服務開立帳單時點影響使應收帳款增加，以及對機身製造商的應收餘額上升。本季淨合約資產與負債因強勁的使用量計費而成為資金來源。

Our results build on the strength from the first half. With year-to-date orders up 49%, revenue up 23%, operating profit growth of $1.5 billion or 22%. Free cash flow is up 13% to $6.7 billion from higher earnings and a meaningful reduction in inventory growth. This reflects 105% conversion with continued favorability in net contract assets and liabilities.

我們的成果延續上半年強勁動能。年初至今訂單成長49%、營收成長23%、營業利益增加15億美元（或22%）。自由現金流成長13%至67億美元，來自更高獲利以及庫存成長顯著放緩。這反映出105%的轉換率，且淨合約資產與負債持續呈現有利走勢。

Going deeper on our 36% EPS growth this quarter. Higher operating profit drove $0.55 or over 90% of the improvement in EPS. Both segments grew profit and corporate cost was lower by about $160 million from timing of accruals and cost management initiatives, partially offset by a slight increase in eliminations. The remainder of the EPS growth in the quarter was driven by a reduction in share count from our previously announced capital allocation actions, while the tax rate was roughly flat at around 15%.

進一步說明本季EPS成長36%的原因。較高的營業利益貢獻了0.55美元，佔EPS改善的90%以上。兩大事業部獲利皆成長，且公司費用因提列時點與成本管理措施而降低約1.6億美元，部分被內部沖銷略增所抵銷。本季其餘的EPS成長來自先前宣布的資本配置行動所帶動的流通股數下降；稅率約持平，約為15%。

Turning to CES, in the third quarter, orders grew 58% with services orders up 23% year-over-year and nearly $300 million sequentially. Spare parts orders grew faster than total services, including continued strength in CFM56. Equipment orders more than tripled.

轉到CES，第三季訂單成長58%，其中服務訂單年增23%，且較前一季增加近3億美元。備品訂單成長快於整體服務，包含CFM56持續強勁。設備訂單成長超過三倍。

Revenue increased 21%, with services growing 17%. Internal shop visit revenue grew 12%. Higher volume and heavier wide-body work scopes were partially offset by customer and product mix. With LEAP volume up over 40%. Spare parts increased over 20% from improved material availability that helped fulfill strong customer demand growth in LEAP external channel and price.

營收成長21%，其中服務成長17%。內部維修進廠（shop visit）營收成長12%。較高的量與較重的廣體機工作範疇，部分被客戶與產品組合所抵銷。LEAP量成長超過40%。備品成長超過20%，受惠於材料供應改善，有助於滿足LEAP外部通路強勁的客戶需求成長，以及價格因素。

Work scopes remained stable for CFM56. Even with strong revenue growth, spare parts delinquency increased sequentially, reflecting strong underlying demand. Equipment revenue grew 38%, with engine deliveries up 8%, including LEAP up 5%. This reflects continued sequential improvement, marking our fifth consecutive quarter of at least 500 LEAP engine deliveries.

CFM56的工作範疇維持穩定。即便營收強勁成長，備品逾期（delinquency）較前一季上升，反映潛在需求依然強勁。設備營收成長38%，引擎交付量成長8%，其中LEAP成長5%。這反映持續的逐季改善，並創下連續第五季LEAP引擎交付量至少500具。

Widebody engine deliveries were up over 50%, and GEnx shipments nearly doubled. While we delivered GE9X engines this quarter, the impact from these shipments will be recognized post mid-seal certification. Profit was $2.9 billion, up 21% with margins of 27.9%, driven by higher services volume and price partially offset by mix and inflation.

廣體引擎交付量成長超過50%，GEnx出貨量幾乎翻倍。雖然本季交付GE9X引擎，但這些出貨的影響將在中封（mid-seal）認證後才會認列。獲利為29億美元，成長21%，利潤率為27.9%，主要由服務量與價格帶動，部分被組合與通膨抵銷。

Year-to-date, CES orders are up 54%, with services up 30%, which positions us well for 2027. Revenue is up 27%, including services up 26%, supporting operating profit growth of $1.4 billion while delivering 25% increase in engine deliveries.

年初至今，CES訂單成長54%，其中服務成長30%，使我們在2027年具備良好布局。營收成長27%，其中服務成長26%，支撐營業利益增加14億美元，同時引擎交付量提升25%。

Turning to DPT, orders increased 18%. In this quarter, we were awarded a five-year contract worth $2.9 billion to provide ongoing support for the F414 engines powering US Navy's F-18 and EA-18G fleets, focused on keeping the fleet mission-ready. Defense book-to-bill was 1.0 in the quarter and 1.5 year-to-date.

轉到DPT，訂單成長18%。本季我們獲得一份為期五年、價值29億美元的合約，將為驅動美國海軍F-18與EA-18G機隊的F414引擎提供持續支援，重點在於維持機隊任務就緒。本季國防訂單出貨比（book-to-bill）為1.0，年初至今為1.5。

Total DPT backlog was over $30 billion, up over $5 billion since the start of the year. Revenue grew 7%. Defense and Systems revenue was up 5%, driven by growth in both services and equipment, with engine deliveries up 4%. Propulsion and Additive Technologies grew 10%, with growth driven by Avio Aero and Unison.

DPT總積壓訂單（backlog）超過300億美元，較年初增加超過50億美元。營收成長7%。國防與系統營收成長5%，由服務與設備雙雙成長帶動，引擎交付量成長4%。推進與增材技術成長10%，成長主要由Avio Aero與Unison帶動。

Profit grew 8% and margins were up 20 basis points to 13.7% from increased volume and price, partially offset by mix and inflation. Year-to-date, DPT has delivered 33% orders growth, 13% revenue growth and $1.3 billion of profit, up 14%.

獲利成長8%，利潤率提升20個基點至13.7%，受惠於量增與價格因素，部分被組合與通膨抵銷。年初至今，DPT已實現訂單成長33%、營收成長13%，獲利13億美元，成長14%。

Moving to guidance on slide 10. Given the strong year-to-date performance and visibility entering the fourth quarter, we are raising our total company guidance across the board. We are now expecting revenue growth of 19% to 20% from high teens previously.

接著看第10頁的財測指引。鑑於年初至今表現強勁，且進入第四季的能見度提高，我們全面上調公司整體指引。我們目前預期營收成長19%至20%，高於先前預估的十幾個百分點後段（high teens）。

We expect CES growth of low 20s. Up from prior outlook of around 20%. Commercial services is at the higher end of the prior outlook, and we now expect approximately $5.5 billion of year-over-year revenue growth, up approximately $400 million at the midpoint from our prior expectation.

我們預期CES成長為20%出頭（low 20s）。高於先前約20%的展望。商用服務位於先前展望區間的高端，我們目前預期年增營收約55億美元，較先前預期在中位數上調約4億美元。

We now expect commercial equipment to grow low 20s, up from around 20% previously. And we continue to see DPT growth of low double-digits. Operating profit is now expected to be in the range of $10.9 billion to $11 billion, up $300 million from our prior outlook at the midpoint.

我們目前預期商用設備成長為20%出頭（low 20s），高於先前約20%。同時，我們仍預期DPT維持低雙位數成長。目前預期營業利益將落在109億至110億美元區間，較先前展望在中位數上調3億美元。

CES operating profit is now expected to be in the range of $10.5 billion to $10.6 billion, up $250 million at the midpoint from our prior outlook. Of the increase, around $100 million is from reduced impact from GE9X in the second half.

CES營業利益目前預期將落在105億至106億美元區間，較先前展望在中位數上調2.5億美元。其中約1億美元來自下半年GE9X影響降低。

We continue to deliver engines to Boeing with the upgraded mid-seal and are working to achieve FAA certification by the end of 2026. However, given the expected certification timing, we have resumed fewer units in the year.

我們持續向波音交付採用升級版中封（mid-seal）的引擎，並致力於在2026年底前取得FAA認證。然而，考量預期的認證時程，我們今年已恢復（resumed）較少的單位數量。

The remaining $150 million increase reflects the drop-through from higher services growth. We have over 100% of the engines' fourth quarter internal shop visits currently in the shop with additional engines waiting for induction. And we are entering the quarter with more than 95% of spare parts in backlog, similar to prior quarters.

其餘1.5億美元的上調，反映服務成長提高所帶來的利潤落差（drop-through）。目前已有超過第四季引擎內部進廠維修量（internal shop visits）的100%在廠內進行，另有更多引擎等待入廠（induction）。此外，我們在進入本季時，備品積壓訂單仍超過95%，與前幾季相近。

We continue to expect DPT profit of $1.6 billion to $1.7 billion. Corporate costs and eliminations are trending toward the lower end of the $1.2 billion to $1.3 billion range. Taken together, we are raising our EPS guidance to a range of $8 to $8.10, up $0.30 at the midpoint.

我們仍預期 DPT 利潤為 16 億至 17 億美元。公司成本與沖銷項目正朝向 12 億至 13 億美元區間的低端發展。綜合而言，我們將每股盈餘（EPS）指引上調至 8 至 8.10 美元區間，中點上調 0.30 美元。

This reflects higher profit combined with a lower tax rate of around 16% for the year, down from our prior outlook of below 16.5%. We are also raising our free cash flow guidance to $9.1 billion to $9.4 billion, up $200 million from our prior guide, reflecting higher earnings and above 100% conversion for the year.

這反映了更高的利潤，並結合全年約 16% 的較低稅率，低於我們先前低於 16.5% 的展望。

Overall, we are set to close out another excellent year in 2026 with around $1.9 billion of profit growth and $1.6 billion of free cash flow growth. And given our commercial installed base continues to grow low to mid-single digits annually, ongoing work scope favorability combined with price and elevated backlog, we are positioned for low double-digit commercial services growth in 2027. With that, Larry, back to you.

整體而言，我們預計在 2026 年以又一個非常出色的年度收官，利潤成長約 19 億美元，自由現金流成長約 16 億美元。此外，鑑於我們的商用裝機基數持續以每年低至中個位數成長，加上工作範疇有利因素、價格以及偏高的積壓訂單，我們已具備在 2027 年實現商用服務低雙位數成長的條件。說到這裡，Larry，交還給你。

Rahul, thank you. We're encouraged by the momentum we see across the company. It's a testament to the strength of our leadership team and the positions that we enjoy across commercial and defense, and we remain focused on what matters most, delivering for our customers.

Rahul，謝謝。我們對公司各方面所見到的動能感到鼓舞。這證明了我們領導團隊的實力，以及我們在商用與國防領域所享有的地位；我們仍專注於最重要的事——為客戶交付成果。

Our performance is underpinned by our sustained competitive advantages. With the industry's largest fleet, 80,000 engines and growing, and more than 2.3 billion flight hours, we operate at scale across decades-long life cycles, which keeps us close to our customers and supports continued services momentum.

我們的表現以持續的競爭優勢為基礎。憑藉業界最大的機隊——8 萬具引擎且持續成長——以及超過 23 億飛行小時，我們在跨越數十年的生命週期中以規模化運作，讓我們能貼近客戶並支撐服務動能持續提升。

Our field experience enables continuous improvement in time on wing and cost of ownership, results our customers value most. Across our narrow-body, wide-body, regional, and defense platforms, we offer the best performing products under wing, supported by deep technology expertise and a growing services network.

我們的現場經驗使我們能持續改善在翼時間（time on wing）與持有成本（cost of ownership），而這些正是客戶最重視的成果。在我們的窄體、寬體、區域與國防平台上，我們提供機翼下（under wing）表現最佳的產品，並由深厚的技術專長與持續擴張的服務網絡提供支援。

To build on our current leadership positions in both commercial and defense propulsion, we invest over $3 billion in annual R&D and over $1 billion in CapEx to develop next-gen technologies with improved durability and performance that will meet the evolving needs of both our commercial and defense customers.

為了鞏固我們在商用與國防推進系統的既有領先地位，我們每年投入超過 30 億美元研發（R&D），以及超過 10 億美元資本支出（CapEx），以開發具更佳耐久性與性能的下一代技術，滿足商用與國防客戶不斷演進的需求。

And with FLIGHT DECK, we're turning strategy into results with a focus on safety, quality, delivery, and cost always in that order. Taken together, we're confident in the path ahead and our ability to deliver exceptional value.

同時，透過 FLIGHT DECK，我們正把策略轉化為成果，並聚焦於安全、品質、交付與成本——永遠依此順序。綜合而言，我們對前方道路以及交付卓越價值的能力充滿信心。

Thank you to the GE Aerospace team for your continued commitment to deliver for our customers and our shareholders. With that, let's go to questions.

感謝 GE Aerospace 團隊持續致力於為客戶與股東交付成果。接下來，我們進入提問環節。

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

在開放電話線之前，我想請隊列中的各位考量其他分析師，每人提一個問題，讓我們能盡可能讓更多人發問。Liz，請你開線。

(Operator Instructions)

（接線員指示）

Doug Harned, Bernstein.

Doug Harned，Bernstein。

So this was certainly a strong quarter on services. You've got a big backlog across your platforms and CES. But we're looking -- Brent said $111 today. You can have, as we look at GE90 is totally backed up for shop visits, it's hard to get parts, hard to get an engine.

所以，服務業務這一季確實表現強勁。你們在各平台與 CES 都有龐大的積壓訂單。但我們看到——Brent 今天說是 111 美元。你們可以看到，像 GE90 的進廠維修（shop visit）完全塞滿了，很難取得零件，也很難拿到一具引擎。

CFM56 utilization is down a little bit, but how do you all look at the next couple of years in terms of with fuel up, looking at airline profitability and you're planning for growth and in that segment, it looks like we're in a very challenging environment, even though your results are really strong.

CFM56 的使用率略有下降，但你們如何看待未來幾年：在燃油價格上升的情況下，觀察航空公司獲利能力、你們規劃成長，而在那個區塊看起來我們處於非常具挑戰的環境，儘管你們的結果非常強勁？

Well, Doug, I think that as we look at the environment, there's no question that it is dynamic, right? We've seen that over the last six months, and there are a number of questions out there. But I think we're close to the airlines. We see what they're doing to navigate, and we're helping where we can, be that by making sure that the planes they have in their fleets are in the air.

嗯，Doug，我認為當我們看待這個環境時，毫無疑問它是動態的，對吧？過去六個月我們已經看到這點，外界也有不少疑問。但我認為我們與航空公司保持緊密聯繫。我們看到他們如何因應，我們也在力所能及之處提供協助，例如確保他們機隊中的飛機能夠在空中運行。

That's why we were so pleased to see the LEAP AOG number down to near zero since the summertime, working on durability, working on cost of ownership, and obviously not only improving deliveries but bringing those turnaround times that we talked about in our prepared remarks. There's a lot that we can do operationally to be supportive to our customers at a time when they're navigating some of these fuel pressures. We saw that last Friday with Delta.

這也是為什麼我們很高興看到自夏季以來 LEAP 的 AOG（停場待修）數量降至接近零；我們在提升耐久性、降低持有成本方面努力，並且顯然不僅改善交付，也把我們在事先發言中提到的周轉時間拉回來。在航空公司因應燃油壓力的時期，我們在營運面能做很多事來支持客戶。上週五我們在達美航空（Delta）就看到了這點。

We do see departures growth, right? Schedules perhaps are being trimmed, but we saw the third quarter up 1%, widebody is particularly strong. And we do anticipate that we'll see departures growth in 2027. From a services perspective, and Doug this as well as anybody, that really is what drives this business.

我們確實看到起降班次（departures）成長，對吧？航班時刻表或許有所縮減，但我們看到第三季成長 1%，其中寬體機特別強勁。我們也預期 2027 年起降班次將持續成長。從服務角度來看，Doug，你跟任何人一樣清楚，真正驅動這門生意的就是這些因素。

Again, in the third quarter, we saw very strong performance, orders up 23%, spare parts up even more. I think as a window on how the airlines are preparing not only for the next several months, but the other side of some of these current pressures are the parking lot that we see with respect to our shops is up 20% since the beginning of the year.

再說一次，在第三季我們看到非常強勁的表現，訂單成長 23%，備件成長更高。我認為，作為觀察航空公司不僅為未來幾個月、也為度過當前壓力後的情況做準備的一個窗口，是我們在維修廠（shops）方面看到的「停機坪/待修量」自年初以來上升了 20%。

Removal rates have stayed steady. And just over the last quarter, we've seen parked aircraft and retirements down quarter on quarter. So I think as we look at our business and our overall growth algorithm, we know that. We're well-positioned to deliver low to mid-single-digit growth in the installed base.

拆換率（removal rates）維持穩定。而僅在上一季，我們看到停放飛機與退役數量較前一季下降。因此，當我們檢視自身業務與整體成長算法時，我們很清楚這一點。我們具備良好條件，能在裝機基數上實現低至中個位數的成長。

We see both LEAP and the NX more or less doubling here over the next five years. That coupled with work scope expansion as the fleet ages, the opportunities we have with respect to price, and I think, again, the airline posture to make sure that they're ready for the other side of this positions us very well. That's what's behind the bump in the guide for 2026 and what we're saying with respect to 2027. Now, that doesn't mean that we're not mindful of some of these headline pressures that you've cited.

我們看到 LEAP 與 NX 在未來五年大致都將翻倍。再加上機隊老化帶來的工作範疇擴張、我們在價格方面的機會，以及我認為航空公司為了確保能為度過這段期間後的需求做好準備的態勢，這些都讓我們處於非常有利的位置。這正是 2026 年指引上調的原因，也是我們對 2027 年所做表述的基礎。當然，這並不代表我們不會留意你所提到的一些頭條壓力。

We may see some of that pressure down the road, but as we think about 2027 from a GE Aerospace perspective, we think that's primarily driven by the backlog and the cycles that have already been flown by the airlines and how we will support them in addition to what we're doing with our OEM customers, the airframers, with respect to new engine and new aircraft deliveries.

我們可能會在未來某個時點看到部分壓力，但當我們從 GE Aerospace 的角度思考 2027 年時，我們認為那主要由積壓訂單以及航空公司已經飛行的週期所驅動；我們將如何支援他們，此外還包括我們與 OEM 客戶——機體製造商（airframers）——在新引擎與新飛機交付方面所做的工作。

So net, a lot of positives at GE Aerospace, doing what we can to support the airlines as they work through this, and we'll all get to the other side. There's no doubt about that.

總的來說，GE Aerospace 有很多正面因素；我們會盡我們所能支持航空公司度過這段期間，而我們終將走出這一切。這點毫無疑問。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行（Deutsche Bank）。

Rahul, can you characterize the internal shop visit revenue growth you saw in the widebody portfolio this quarter and whether there was anything specific that prevented that widebody growth from being stronger than it was?

Rahul，你能否說明本季你們在寬體產品組合中看到的內部進廠維修（shop visit）營收成長情況，以及是否有任何特定因素使得寬體成長未能比實際更強？

The overall demand for widebody shop visits remains really strong. Larry mentioned the removal rates. Wide bodies. And if you see the GE90 and NX, I think we've seen like single-digit retirements all year. So really strong fleet performance. The departures were up strongly as well.

整體而言，寬體引擎進廠維修的需求仍然非常強勁。Larry提到了拆換率（removal rates）。寬體機型方面。如果你看GE90和NX，我想我們今年到目前為止看到的退役數量大概是個位數。所以機隊表現非常強。航班起降（departures）也大幅增加。

So that is translating to strong shop visit demand. And in addition to that, the work scopes for widebody shop visits continue to grow as well, especially on GE90 as they're transitioning from first to second shop visit, which is to be expected just given the fact that 70% of the GE90 fleet has not seen a second shop visit.

因此這正轉化為強勁的進廠維修需求。此外，寬體進廠維修的工作範圍（work scopes）也持續擴大，特別是在GE90上，因為它們正從第一次進廠轉向第二次進廠，這是符合預期的，畢竟GE90機隊中有70%尚未進行第二次進廠維修。

And NX is also now moving from kind of the quick turns to the first shop visit, so that is transitioning well as well. So the total volume is up just given the fleet dynamics around widebody, very few retirements, the parking lot is up and then the increase in work scopes.

而NX現在也正從較偏快速周轉（quick turns）轉向第一次進廠維修，因此這個轉換也進行得很順利。所以總量上升，主要是因為寬體機隊的動態：退役很少、停放（parking lot）增加，以及工作範圍擴大。

So the overall widebody did really well for us in the quarter. Now overall for shop visits, the widebody mix was kind of partially offset by our total customer mix skewed a little bit towards more long-term service agreements versus the time and material contract, and then LEAP was obviously up 40% year-over-year. And while the work scopes on LEAP are growing, they're still it's an early-stage fleet. So that impacts our overall shop visit revenue growth, but widebody specifically was very strong.

因此整體寬體在本季對我們而言表現非常好。不過就整體進廠維修而言，寬體占比在某種程度上被我們整體客戶組合所部分抵銷，因為客戶組合稍微偏向更多長期服務協議（long-term service agreements），而非按工時與材料計價（time and material）的合約；另外LEAP年增顯然達到40%。雖然LEAP的工作範圍也在擴大，但它仍屬於早期機隊。因此這會影響我們整體進廠維修營收成長，但就寬體而言確實非常強勁。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I think there was some expectation, at least in my part, that CES service orders might decline sequentially given delinquencies building and the macro backdrop, but obviously didn't play out here. Is that something we should normalize to expect that delinquencies will have a role?

我原本有些預期，至少就我這邊的看法，鑑於逾期（delinquencies）累積以及總體環境背景，CES服務訂單可能會季對季下滑，但顯然這次並未發生。這是否是我們應該常態化地預期：逾期會扮演一定角色？

And then just Rahul or Larry, within the context of your low double-digit expectation for '27, growth, do you see a burndown of delinquency or are you just assuming kind of holding this level?

另外，Rahul或Larry，在你們對'27年低雙位數成長的預期脈絡下，你們是否看到逾期的消化（burndown），還是你們只是假設大致維持在目前水準？

Yes, I can start, Myles, on services orders and Larry can jump in here as well. So as you pointed out, really strong quarter on CES orders up 23% year-over-year in the quarter, as Larry said earlier, up 30% year-to-date, with spare parts actually going faster than the overall strong growth in. Both CFM56 and LEAP.

好的，Myles，我可以先從服務訂單開始回答，Larry也可以補充。如你所指出，本季CES訂單非常強勁，年增23%；如Larry先前所說，年初至今成長30%，其中備品（spare parts）的成長速度實際上快於整體強勁的成長。涵蓋CFM56與LEAP兩者。

And the other thing we mentioned in our prepared remarks as well, that what was really good to see that the orders growth actually accelerated from 22% growth in the second quarter to now 23%, and then orders grew sequentially as well. So both from a year-over-year perspective and quarter-over-quarter perspective, the CES orders did well for us.

另外我們在事先準備的講稿中也提到，很高興看到訂單成長其實在加速，從第二季的22%成長到現在的23%，而且訂單也出現季對季成長。所以無論從年對年或季對季角度來看，CES訂單對我們而言都表現良好。

And we are entering the fourth quarter with about 95% of our revenue in our backlog, which has been consistent. It is up maybe 10 points from where it used to be, but I think it's consistently hovered in that range throughout the year. And that is what gave us the confidence to increase our total services revenue guide for the year, most of the increase that you see here for about $0.5 billion that we are doing in the full year is coming from incremental spare parts sales due to the strong orders that we are seeing.

而我們進入第四季時，大約有95%的營收已在我們的積壓訂單（backlog）中，這一直都很一致。這可能比過去高了約10個百分點，但我認為全年都大致維持在這個區間。這也是讓我們有信心上調全年整體服務營收指引的原因；你在這裡看到的全年約5億美元上調，多數來自於因我們看到的強勁訂單而帶動的額外備品銷售。

The internal shop visit revenue is kind of hanging in there in that mid-20s range as well, so no change on that front. But our total backlog is up on spare part sales, delinquency is up slightly even though material availability continues to get better and we are seeing good flow-through from that just given the strong demand, the backlog and the delinquency grew in the quarter. So, Larry, anything you want to add?

內部進廠維修營收也仍維持在約中20%（mid-20s）的區間，因此這方面沒有變化。但我們的整體積壓訂單在備品銷售上增加，逾期也略有上升，儘管材料可得性持續改善，而且在強勁需求下我們也看到良好的轉化效益（flow-through）；本季積壓訂單與逾期都增加。所以，Larry，你還想補充什麼嗎？

I think the only thing I would add is when we talk about the services backlog, obviously the bulk of that are the long-term service agreements. Spare parts is just that, a part of it. And it's the spare parts where we're going to see delinquency move with more frequency.

我想我唯一要補充的是，當我們談到服務積壓訂單時，顯然其中大部分是長期服務協議。備品只是其中的一部分。而逾期會更頻繁地變動，主要會出現在備品這一塊。

That said, Myles, to the last part of your question, operationally, I think we want to stay focused on bringing down that delinquency. We'd rather take the backlog up to make sure we're satisfying customers with respect to lead time.

也就是說，Myles，針對你問題的最後一部分，從營運角度來看，我認為我們仍希望專注於降低逾期。我們寧可把積壓訂單提高，以確保在交期（lead time）方面能滿足客戶。

That said, as Rahul highlighted there at the end a lot of progress from a supply chain perspective. That's the expectation going into '27. So I'm hopeful that we can continue to increase our backlog, but at the same time bring down delinquency because that will be more in line with customer expectations. But work to do.

不過，如Rahul在最後強調的，供應鏈面已取得很大進展。這就是我們對'27年的預期。因此我希望我們能在持續增加積壓訂單的同時，也能降低逾期，因為那會更符合客戶的期待。但仍有工作要做。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe I wanted to ask, switching gears a little bit on wide-body equipment sales in Q3. It reads like you benefited from the GE9X just timing shift on the mid-CL certification. And then if you could also talk about the GEnx, where you are in production ramps for that program as you think about 787 deliveries for your customer, and you've highlighted 50% year-over-year growth in the output there.

我想問一下，稍微換個話題，關於第三季寬體設備銷售。看起來你們受惠於GE9X在中段密封（mid-CL）認證上的時程移轉。另外也請談談GEnx，你們在該專案的產能爬坡（production ramps）進展如何，尤其考量你們客戶的787交付，你們也提到那邊的產出年增50%。

We'll talk 9X, then NX. Let me start just with respect to the 9X. Obviously, proud Sheila, as to be sole source on the 777X. We now are looking at an excess of 1,300 engines on order. And the voice of the customer from the airlines is that they love the aircraft, love to see it certified, and to see deliveries.

我們先談9X，再談NX。先就9X來說，Sheila，我們當然很自豪能作為777X的唯一供應來源（sole source）。我們目前看到的訂單引擎數量已超過1,300具。而航空公司端的客戶之聲（voice of the customer）是：他們喜歡這架飛機，也期待它完成認證並開始交付。

With respect specifically to the mid-seal, we've been delivering engines to Boeing with the upgraded mid-seal since August. I think that is just the ultimate proof point with respect to our confidence that we've begun not only production but also deliveries, working hard to achieve the certification of the upgraded mid-seal and we're aiming to do that by the end of the year, obviously that is subject to FAA approval.

就中段密封（mid-seal）而言，我們自8月起已開始向波音交付搭載升級版中段密封的引擎。我認為這是我們信心的最終證明：我們不僅已開始生產，也已開始交付；我們正努力推進升級版中段密封的認證，目標是在年底前完成，當然這仍需FAA核准。

And then on GEnx, Sheila, the deliveries were up, as we said in our prepared remarks, more than doubled year-over-year, up more than 60% kind of year-to-date. So we delivered more than 50 engines to Boeing in the quarter.

至於GEnx，Sheila，如我們在事先準備的講稿中所說，交付量上升，年對年超過翻倍，年初至今增加超過60%。因此本季我們向波音交付了超過50具引擎。

And that delivery to Boeing continued to increase throughout the quarter, so July, August, September, each month was better than the prior month. So clearly more work to do here to stabilize at the rates that we achieved in September along with the broader supply chain for what Boeing needs to do in the future, but good to see the growth that we saw in the third quarter and what we've seen year-to-date.

而且對波音的交付在整個季度持續增加，因此7月、8月、9月，每個月都比前一個月更好。所以顯然我們仍有更多工作要做，需在9月達到的產出速率上穩定下來，並配合更廣泛的供應鏈，以支援波音未來的需求；但很高興看到第三季以及年初至今的成長。

And as Boeing has indicated previously, we are facing deliveries, and in fact, Boeing has more than 30 ship sets on and off wing, and the number of engines in Boeing inventory has grown over the last few months as the engine deliveries have outpaced the aircraft deliveries. So we're confident we'll continue to grow this and help Boeing get to rate 10 along with the rest of the supply chain here.

而且如波音先前所指出，我們正面臨交付方面的挑戰；事實上，波音在機翼上與機翼外合計有超過30套機身配套（ship sets），而由於引擎交付速度已超過飛機交付速度，過去幾個月波音庫存中的引擎數量也有所增加。因此，我們有信心能持續擴大這項業務，並與供應鏈其他夥伴一起協助波音達到每月10架的產能速率。

Seth Seifman, JP Morgan.

JP Morgan 的 Seth Seifman。

I wanted to ask, when we think about the order growth that we're seeing this year and where we are year to date, and that's fairly significantly ahead of the outlook that you guys have for sales next year. Can maybe help to level set us in terms of thinking about how we should consider the relationship between orders and sales and including the relationship within that in terms of shop visits and how those drive orders, because you obviously have visibility to a lot more shop visits in the future than what's considered orders and, now that there's this increased focus on the order number, kind of how we should look at this to gauge the outlook.

我想請教，當我們思考今年看到的訂單成長，以及截至目前的年初至今表現時，這個水準明顯高於你們對明年銷售的展望。能否協助我們校準一下：我們應如何看待訂單與銷售之間的關係，以及其中與進廠維修（shop visits）的關聯、進廠維修如何帶動訂單？因為你們顯然對未來的進廠維修量有比「訂單」所反映的更高能見度；而現在市場對訂單數字的關注提高，我們應如何解讀這些資訊來判斷展望？

So, Seth, again, just going back to the orders, listen, it's been good to see the growth that we've been seeing from all the things that we've discussed here already on the call. If you look at the orders where we're getting the orders growth, a lot of orders growth in CFM56 in the quarter on this very far sales, CFM56 retirements are trending lower than what we thought at the beginning of the year. Remember, we said 3% to 4%, then at the beginning of the year, we said expecting CFM56 retirements to be 2% to 3%, and now we are expecting somewhere between a point and a half to two points of CFM56 retirements. So even though we are in the environment that we are in, CFM56 retirements have been lower than where we were at the beginning of the year.

Seth，再次回到訂單這件事。坦白說，很高興看到我們在本次電話會議前面已討論的各項因素帶來的成長。如果看訂單成長的來源，本季在 CFM56 上有大量訂單成長，主要來自售後市場（aftermarket）銷售；而 CFM56 的退役（retirements）趨勢低於我們年初的預期。記得我們原先說是3%到4%，之後在年初我們說預期 CFM56 退役為2%到3%，而現在我們預期 CFM56 退役大約落在1.5到2個百分點之間。因此，即便在目前這樣的環境下，CFM56 的退役仍低於我們年初的水準。

And the shop visits for next year, we continue to expect based on the number of cycles flown, as Larry said earlier, at that at the 2,400 closer to the 2,400 mark than the 2,300 mark, so trending higher than at the higher end of our range. And along with that, the LEAP spare parts revenue obviously continues to grow as the engine is seeing increased utilization. And then you spoke to the widebody earlier.

至於明年的進廠維修，我們仍預期會依據飛行循環（cycles）數而定；如 Larry 先前所說，會更接近2,400而不是2,300，因此趨勢高於我們區間的高端。同時，隨著引擎使用率提高，LEAP 的備件（spare parts）營收顯然也持續成長。另外你先前也提到廣體機（widebody）。

So the order trends have been very strong. And you would expect these orders to convert into revenue typically in the six to nine-month timeframe. It's been trending longer given the entire expectation from a supply chain, what's happening on the OE side.

因此訂單趨勢一直非常強勁。一般而言，你會預期這些訂單通常在6到9個月內轉換為營收。但由於整體供應鏈的預期，以及原廠（OE）端正在發生的情況，這個轉換時間正拉長。

And even though the material deliveries have been up now for 10 consecutive quarters with growth this quarter, the conversion time is longer. But if you look at our services growth and our revenue growth, they are trending closer to each other.

即便材料交付量已連續10個季度成長、且本季仍有成長，轉換時間仍然更長。不過若看我們的服務成長與營收成長，兩者的走勢正更趨一致。

Services orders up 30% year-to-date, revenue up 26% year-to-date. So the trends are converging. And as we think about next year, it's the battle that we enjoy right now of 170 billion plus with the most of the engines that we need to work in first half of next year already in our drop, plus removals expected for the first half to be up more than 10% year-over-year.

服務訂單年初至今成長30%，營收年初至今成長26%。因此趨勢正在收斂。而在思考明年時，我們目前面對的是一場我們樂於承受的「戰役」：超過1,700億（美元）的規模，其中多數我們需要在明年上半年處理的引擎已經在我們的待修庫（drop）中；此外，預期上半年拆發（removals）將較去年同期增加超過10%。

So that is what underwrote our confidence here to increase our 2027 outlook to what we were saying kind of double-digits previously to lower double-digits now. But strong backlog, we are anxious to convert that backlog into revenue, as Larry said earlier. But good to be in a position here where we can continue to drive services growth.

這些因素支撐了我們的信心，讓我們把2027年的展望從先前所說的「雙位數」上調到現在的「較低的雙位數」。我們的在手訂單（backlog）很強勁，我們也迫切希望把這些在手訂單轉換為營收，如 Larry 先前所說。但能處於一個可以持續推動服務成長的位置，確實是好事。

Kristine Liwag, Morgan Stanley.

Morgan Stanley 的 Kristine Liwag。

So I just wanted to follow-up more on, following up more on oil prices. I guess your 2027 outlook, you guys are clear that it's driven by what's already in backlog. But for incremental engines coming off wing with service lots beyond that period. Are you seeing any changes in customer behavior considering the high oil prices? Are they becoming more price sensitive?

我想再追問一下油價相關的問題。我想你們對2027年的展望已很清楚地說明是由既有在手訂單所驅動。但對於在那段期間之後、額外從機翼拆下（off wing）並進入維修服務的增量引擎而言，在高油價之下，你們是否看到客戶行為有任何改變？他們是否變得更在意價格？

Are they thinking about having lower work scopes? Or when you look at that incremental order, is their decision still factoring, maximizing time on weighing considering spare parts are still at a scarcity? So just understanding what their trade-off is for that incremental engine kind of beyond your existing backlog?

他們是否在考慮縮小維修工作範圍（work scopes）？或者當你看這些增量訂單時，他們的決策仍在考量如何最大化在翼時間（time on wing），尤其在備件仍然稀缺的情況下？所以想了解，對於超出你們既有在手訂單之外的那部分增量引擎，他們的取捨是什麼？

Well, Kristine, I think it's important to look not only at the backlog, but what we see in process that's not necessarily in our reported backlogs, but what is indicative of the airline behavior. And again, I think as we look at '27, to the comment that Rahul just made, a good bit of this is a function not only of the backlog, but the cycles that have already been flown.

Kristine，我認為重要的是，不僅要看在手訂單，還要看我們在流程中看到、但未必反映在已揭露在手訂單中的內容；那些更能指標性地反映航空公司的行為。同樣地，當我們看2027年時，呼應 Rahul 剛才的評論，其中相當一部分不僅是在手訂單的函數，也與已經飛行的循環數有關。

So when we were talking earlier not only about this very strong spare parts order book that we've seen, but the parking lots of engines that are to be inducted, let alone the engines that are coming off wing, that's been fairly steady. And even further back in kind of the operational work stream, when we look at parked aircraft and retirements, again, those are down sequentially here in the third quarter.

因此，當我們先前談到不僅是我們看到非常強勁的備件訂單簿（order book），也談到那些停放待進廠（inducted）的引擎「停車場」，更不用說那些從機翼拆下（off wing）的引擎；這些情況一直相當穩定。而在更往後的營運工作流中，當我們看停放的飛機（parked aircraft）與退役情況時，同樣地，第三季這些數字也呈現季比下降。

So we think that is in part a function of some of the supply chain. Constraints that we've touched on a couple of times already in this call, but also the airline posture to navigate through the short-term and to be ready for the other side. That just seems to be, in many of the conversations we have with airlines, the enduring lesson of COVID.

我們認為這部分是供應鏈因素所致。也就是我們在本次電話會議中已提到幾次的限制（constraints），但同時也反映航空公司為了度過短期、並為之後的環境做好準備所採取的姿態。在我們與許多航空公司的對話中，這似乎是 COVID 留下的長期教訓。

They want to be ready for the return to a more stable operating environment. And fortunately, given the combination of the backlog and cycles that have been flown, there's an important role that we're going to have to play in that regard as we work through 2027 on top of everything else that we're doing to limit AOGs, reduce turnaround times, improve new engine deliveries to support the airlines as best we possibly can.

他們希望為回到更穩定的營運環境做好準備。而幸運的是，結合在手訂單與已飛行的循環數，我們在這方面將扮演重要角色；在推進至2027年的過程中，除了我們正在做的所有其他工作之外，我們也會致力於降低 AOG（停場待修）、縮短周轉時間（turnaround times）、改善新引擎交付，以盡可能支持航空公司。

And Kristine, just to add one comment on work scopes, we spoke about the widebody earlier, just given that we've seen very few retirements, I think our customers expect to fly those fleets for a long period of time. So we're not seeing any impact on widebody work scopes and impact the widebody work scopes are increasing as we discussed earlier.

Kristine，另外補充一點關於維修工作範圍：我們先前談到廣體機，鑑於我們看到的退役非常少，我認為客戶預期會讓這些機隊飛行很長一段時間。因此我們沒有看到廣體機維修工作範圍受到任何影響；相反地，如我們先前討論，廣體機的工作範圍正在增加。

On the narrowbody side, a lot of what we are seeing for CFM56 as an example is driven by life limited parts, which need to get replaced at this point in their life cycle and given lack of used material in the market just given lower retirements, we're not seeing any change to CFM56 work scopes either and LEAP obviously will continue to grow just given as the fleet matures and we go from quick turns to first shop visits to second shop visits. In fact, LEAP shop visit revenue on $1 per shop visit is kind of half that of CFM56, just given how early it is in its life cycle. So I think on both narrowbody and widebody, overall, we expect the work scopes to increase next year.

在窄體機（narrowbody）方面，以 CFM56 為例，我們看到的許多需求是由壽命受限零件（life limited parts）所驅動；在其生命週期的這個階段，這些零件必須更換。再加上由於退役較少，市場上可用的二手材料不足，因此我們也沒有看到 CFM56 的維修工作範圍有任何改變；而 LEAP 顯然會持續成長，因為隨著機隊成熟，我們會從快速周轉（quick turns）進入第一次進廠維修，再到第二次進廠維修。事實上，LEAP 的進廠維修營收（以每次進廠維修計）大約只有 CFM56 的一半，主要是因為它仍處於生命週期的早期階段。因此我認為，無論窄體或廣體，整體而言我們預期明年的維修工作範圍都會增加。

John Godyn, Citi.

John Godyn，花旗。

I wanted to just follow-up on and maybe get as much color as possible on CFM56 retirement rates. Rahul, you mentioned that it wasn't that long ago that this year was supposed to be a 3% to 4% retirement rate year, and even a year ago, I think we were talking about 2% to 3%. It's obviously much lower.

我想就 CFM56 的退役率再追問一下，並且盡可能了解更多細節。Rahul，你提到不久之前大家還認為今年應該是 3% 到 4% 的退役率年份，而即便是一年前，我記得我們談的也大概是 2% 到 3%。但現在顯然低得多。

We also have things around the edges like aero derivatives coming up in the conversation. Best thinking today, how are you guys thinking about retirement rates from here? And is it realistic that they can even just snap up quickly from the levels that they're at, given everything that you're seeing? I just love your thoughts.

另外，我們也看到一些邊際因素，例如航空衍生型（aero derivatives）也開始被拿出來討論。以你們目前最佳的判斷，接下來你們如何看待退役率的走勢？在你們所看到的一切情況下，退役率是否有可能從目前水準快速跳升？很想聽聽你們的看法。

Well, Jon, we think about that a lot. For perhaps all the obvious reasons. But it's important to step back and just remember that CFM56 is fundamentally still a young fleet, right? We've got a lot of life left in those engines. Two-thirds of the fleet haven't seen their second shop visit.

Jon，我們確實經常在思考這件事。原因大概也都很明顯。但重要的是要先退一步，記得 CFM56 從根本上來說仍是一個相對年輕的機隊，對吧？這些引擎還有很長的使用壽命。機隊中有三分之二的引擎還沒有進行第二次進廠維修（shop visit）。

And we know from history that 85% thereabouts of our near-term volume is going to come from engines that are less than 20 years old, and that's important to remember because retirements tend to kick in for aircraft and engines that are older than 20 years.

而且我們從歷史經驗知道，短期內我們約 85% 左右的業務量會來自機齡不到 20 年的引擎；這點很重要，因為退役通常會在機齡超過 20 年的飛機與引擎上才會明顯發生。

I think you saw that again in this very strong third quarter services number that we talked about and the CFM56 demand as a component of that was strong. I talked earlier to Kristine's question about what we see from the airlines in terms of capacity management post-COVID and how that's playing out both in parked and retired aircraft.

我想你也在我們剛談到的、非常強勁的第三季服務數字中再次看到這點，其中 CFM56 的需求作為組成部分也很強。我先前在回應 Kristine 的問題時也提到，我們看到航空公司在 COVID 之後如何進行運能管理，以及這如何反映在停放與退役的飛機上。

We did expect retirements to be, call it 2% this year. Right now, we're trending below that level. And I think that's probably where we're going to end up. I think as we think about '27, maybe more importantly, we do think that we'll see a step up.

我們原本預期今年的退役率大概是 2%。但目前的趨勢低於這個水準。我想最後大概也會落在這附近（低於 2%）。而當我們展望 2027 年時，或許更重要的是，我們確實認為退役率會出現一個上台階的提升。

Can that happen operationally? We'll see. But I think it probably is just prudent modeling at a minimum from our perspective to assume that. But even with that assumption, we've raised our expectations for CFM56 shop visits to $2,400 in the summertime. So I think that, again, that speaks to just the strength of the backlog and the demand that we see. And that really is before we factor in some of these POWERGEN effects that you alluded to.

在營運上是否做得到？我們還要再看。但至少從我們的角度，採用這樣的假設作為模型基礎，我認為是審慎的。即便在這樣的假設下，我們仍在今年夏天把 CFM56 的進廠維修（shop visits）預期上調到 2,400。所以我認為，這再次反映出我們所看到的訂單積壓（backlog）與需求的強勁。而且這還沒有把你提到的一些 POWERGEN 影響納入。

And on the POWERGEN side, Jon, we approached it kind of two ways. One, we are looking at if there is a technical solution that we can offer to some of these customers who are trying to enter that market. So there's a technical side to it, but at a minimum, we are selling spare parts because they will need to as they refresh those engines, given the lack of used material that is creating another revenue stream for us and it obviously absorbs used material from the market.

至於 POWERGEN 方面，Jon，我們大致從兩個角度來看。第一，我們在評估是否能提供技術解決方案給一些想要進入該市場的客戶。所以有技術面的工作；但至少，我們也在銷售備品，因為在他們翻新這些引擎時會需要備品，而二手材料的短缺正在為我們創造另一條營收來源，同時也會吸收市場上的二手材料供給。

So net-net, the POWERGEN is going to be a plus up to our CFM56 revenue stream, which we had not previously factored in when we had given 2028 guidance in the summer of last year. So it should be a positive over and above everything Larry just said here on kind of the Aerospace side.

因此整體而言，POWERGEN 將會為我們的 CFM56 營收帶來增量（plus up）；而這在我們去年夏天提供 2028 年指引時，先前並未納入考量。所以在 Larry 剛才就航太（Aerospace）面所說的一切之外，這應該會帶來額外的正面貢獻。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

So you've talked about or you've guided to this low double-digit aftermarket growth number in '27, I think you've also previously talked about kind of high single-digit DPT growth. We've got this 9X piece now as we think about kind of the margins on CES in the '27. So I just threw out a couple of the different moving pieces. I was just wondering if you could kind of talk puts and takes as we start to think about where 2027 lands.

你們談到或指引 2027 年售後市場（aftermarket）成長為低雙位數，我想你們之前也談過 DPT 大概是高個位數成長。現在我們又加入 9X 這一塊，並思考 2027 年 CES 的利潤率。我剛丟出幾個不同的變動因素。想請你們談談，當我們開始思考 2027 年會落在哪裡時，這些因素各自的利多與利空（puts and takes）是什麼？

David, well, maybe if I start, I think we're mindful of the puts and takes. We will, as we always do come back and guide more fully the new year in January at earnings. In addition to some of the company level dynamics that you've referenced.

David，也許我先開始。我想我們很清楚這些利多與利空的拉扯。我們會一如往常在一月的財報電話會議上，對新年度提供更完整的指引。也會涵蓋你提到的一些公司層面的動態。

We're obviously mindful that we're going to exceed our 2028 cash outlook here in '26, and we're going to come close to achieving our '28, profit outlook this year as well. So the things on balance are clearly trending better despite some of the headlines that we've touched on during the course of this call. So that will all play out, and we'll update the guide for '27, when we're together first of the year.

我們也很清楚，2026 年我們將會超越先前對 2028 年的現金展望（cash outlook），而今年我們也將接近達成 2028 年的獲利展望（profit outlook）。因此整體來看，儘管本次電話會議中我們也提到了一些新聞標題式的議題，但趨勢顯然是更好的。這些都會逐步反映出來，我們也會在年初再聚時更新 2027 年的指引。

And then as we think about kind of on the revenue side, I think you've hit on the key things here, David, expecting we've hit that multiple times on the call, services are kind of low double-digits for the year and again to Seth's earlier question, the orders growth has been very strong year-to-date.

接著就營收面來看，David，我想你已經點到關鍵了；我們在電話會議中也多次提到，服務（services）今年大概是低雙位數成長；另外回到 Seth 先前的問題，今年截至目前為止，訂單成長非常強勁。

But obviously, early in the cycle, we'll update that here in Jan, but given where we are in the cycle and given the environment maintaining some level of conservatism in our low double-digit number for next year, DPT, as you said, should be high single digits for next year.

但當然，在景氣循環的早期階段，我們會在一月更新。不過考量我們目前所處的循環位置與環境，我們對明年的低雙位數成長目標仍會維持一定程度的保守性；而 DPT 如你所說，明年應該是高個位數成長。

So as we think about our profit dynamics here. The big thing is going to be the drop-through expectation from our low double-digit services growth number. And this is off the higher jumping-off point here in 2026. So at the low double-digit level, that's about $3.5 billion to $4 billion of revenue growth and expecting services margins to be flat, even though LEAP is growing and LEAP is not yet at the overall CES service margins levels, we do expect given the performance from the other product lines, we'll be able to more than hold the overall three-year service margins for next year.

至於我們的獲利動態。最大的關鍵會是：在服務營收低雙位數成長之下，我們對「落底貢獻率／增量利潤率」（drop-through）的預期。而這是建立在 2026 年較高的起跳基期之上。以低雙位數來看，約相當於 35 億到 40 億美元的營收成長；並且在預期服務利潤率持平的情況下——即便 LEAP 正在成長、而 LEAP 的利潤率尚未達到 CES 整體服務利潤率水準——我們仍預期在其他產品線表現的支撐下，明年我們不僅能守住，甚至能維持整體三年期的服務利潤率水準。

Now the other part is that OE is going to continue to grow and perhaps grow faster than services and 9X is going to ramp as well. And on 9X, there are kind of two things happening. One, our number of engines that we're going to ship to Boeing is going to grow from what we've done this year. The cost per unit is coming down meaningfully as we go from even '25, to '26, expecting another.

另一部分是，原廠設備（OE）將持續成長，而且可能比服務成長更快；同時 9X 也會逐步爬坡（ramp）。而在 9X 上，大致有兩件事同時發生。第一，我們交付給波音的引擎數量將會高於今年。隨著我們從 2025 年到 2026 年的推進，單位成本正在顯著下降，並且預期還會再下降。

Steps down here as we get into 2027. But the combination of volume growth and partially offset by cost, the 9X losses we think is going to be about $300 million of headwind on a year-over-year basis as we get into 2027 over 2026. And then on DPT, as you said, we expect high single-digit revenue growth and then a little bit of margin expansion on that.

當我們進入 2027 年時，還會再往下走幾個台階。但在出貨量成長、並被成本下降部分抵銷的綜合作用下，我們認為 2027 年相較 2026 年，9X 的虧損將形成約 3 億美元的年對年逆風（headwind）。至於 DPT，如你所說，我們預期營收高個位數成長，並且利潤率會有些微擴張。

So you put all that together. We expect strong profit growth driven by services contribution, DPT contribution and partially offset by OE, but we think that just as we are doing this year with the 9X ramping, we also expect the 2027 margin should stay in line with where we are in 2026.

所以把這些因素綜合起來。我們預期在服務業務貢獻、DPT 貢獻的帶動下，利潤將強勁成長，並部分被 OE 抵銷；但我們認為，就像今年 9X 產能爬坡一樣，我們也預期 2027 年的利潤率應會與 2026 年大致一致。

We said it all along that even though 9X is growing, we should be able to maintain our margins for the year, we've demonstrated that in 2026 with margins up maybe slightly now over 2025 and then expecting to hold margins in line with 2026 for '27, and then as we get into '28, and beyond, we should start seeing margin expansion as a 9X headwind starts to come down and LEAP services margins get to overall total services margins. So that is another offset that we should see as we get into '28, and beyond.

我們一直都說，儘管 9X 在成長，我們仍應能維持年度利潤率；我們已在 2026 年證明了這點，利潤率目前可能較 2025 年略有提升，並預期 2027 年的利潤率將與 2026 年持平。接著進入 2028 年及之後，隨著 9X 的逆風開始減弱、LEAP 服務利潤率提升至整體服務利潤率水準，我們應會開始看到利潤率擴張。因此，當我們進入 2028 年及之後，這也將成為我們應能看到的另一項抵銷因素。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

Rahul, there's been a decent amount of discussion on here on the aftermarket inputs. Just given you have 2026 and 2027 growth guidance now, can you quantify what you have in '26, growth and '27, growth for LEAP shop visit growth and CFM56 shop visit growth just as we continue to try to understand the shape of the narrow-body handoff within your aftermarket?

Rahul，這裡對售後市場投入因素已經有相當多的討論。鑑於你們現在已提供 2026 與 2027 年的成長指引，你能否量化一下：在你們售後市場中，LEAP 進廠維修（shop visit）成長與 CFM56 進廠維修成長，分別在 2026 年與 2027 年各是多少？我們想持續理解你們售後市場中窄體機交接的形狀。

So on CFM56, Noah, I would think that it's largely flat. I don't think we're seeing a lot of growth in CFM56 shop visits. It's in that, as you said previously, 2,300 to 2,400 range, kind of in that 2,700, maybe you see a little bit of growth towards the higher end that Larry said a minute ago on the CFM56 question.

Noah，就 CFM56 而言，我認為大致是持平。我不覺得我們看到 CFM56 進廠維修有很多成長。如你先前所說，大概在 2,300 到 2,400 的區間；大致在 2,700 左右，也許會有些微成長，往 Larry 剛才在 CFM56 問題上提到的較高端靠攏。

So we expect maybe a little bit of growth. And LEAP, we are -- we haven't quantified the number of shop visits, but we are experiencing strong growth this year, as we said, about 40% growth in the quarter, and then we had similar growth in the first half as well.

所以我們預期可能會有一點點成長。至於 LEAP，我們——我們尚未量化進廠維修的數量，但我們今年正經歷強勁成長；如我們所說，本季約成長 40%，上半年也有類似的成長。

So having the LEAP shop is sort of more than kind of in that 50% range even for first half. So strong growth on LEAP next shop visits this year. And then as we get into 2027, it gets to be what along with the long-term guidance that we've provided that the LEAP shop visit should be up kind of in that 25% CAGR from now to 2030.

所以 LEAP 的進廠維修在上半年甚至有點超過約 50% 的區間。因此，今年 LEAP 下一次進廠維修的成長非常強勁。而當我們進入 2027 年，則會更符合我們提供的長期指引：從現在到 2030 年，LEAP 進廠維修應以約 25% 的年複合成長率（CAGR）成長。

So a little bit of steadiness in the LEAP shop visit growth, maybe from that 40% growth that we're seeing in the third quarter to about maybe 25%, 26% growth in 2027.

因此，LEAP 進廠維修成長會稍微趨於穩定，可能從我們在第三季看到的 40% 成長，降到 2027 年約 25%、26% 的成長。

Liz, we have time for one last question.

Liz，我們還有時間再問最後一題。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Hey, thank you. Morning.

嗨，謝謝。早安。

Good morning.

早安。

I know it's still a little bit early, but I was hoping you could go into the CPP enhanced cooling in a little bit more detail given, for years it's all just been engines running hotter.

我知道現在還稍微早了一點，但我希望你們能更詳細談談 CPP 的強化冷卻（enhanced cooling），因為多年來一直都只是引擎運轉得更熱。

Well, it is early. I think what we wanted to make sure everybody understood was in effect the primary reason we're at CPP clearly is to have a platform to continue to invest in capacity for ourselves and for others. We think CPP is a wonderful business in that regard.

嗯，確實還早。我想我們希望確保大家理解的是：我們之所以在 CPP，主要原因很明確，是要有一個平台，讓我們能持續為自己以及其他客戶投資產能。我們認為 CPP 在這方面是一門很棒的業務。

We have no intention of being a captive provider. We'll support ourselves and others as we grow that business. But this idea of being able to partner up more closely with CPP to bring development and manufacturing closely together with respect to these next-gen airfoils is really an important part of the value proposition from a GE Aerospace perspective.

我們無意成為封閉式（captive）的供應商。隨著我們擴大這項業務，我們會同時支援自己與其他客戶。但從 GE Aerospace 的角度來看，能與 CPP 更緊密合作，把開發與製造在這些下一代翼型（airfoils）上更緊密地結合，確實是價值主張中非常重要的一部分。

It's important to remember that when we talk about this, it comes back to these customer requirements for durability and efficiency. What we're working on will be applicable to both the current fleet and next-generation programs. It's not just about technology that will be fielded in the next decade.

要記得，當我們談這件事時，核心仍回到客戶對耐久性與效率的需求。我們正在研發的成果，將同時適用於現有機隊與下一代計畫。這不僅僅是關於未來十年才會部署的技術。

There'll be more to come later, but what I'd say is I think we're about 3,000 endurance cycles along in the development process. So good learning, good progress in that regard. More to come with respect to just the levels of improvement in engine performance and the timing with respect to commercialization.

後續還會有更多資訊，但我想說的是，我們在開發流程中已經完成約 3,000 個耐久循環（endurance cycles）。因此在這方面有很好的學習與進展。至於引擎性能改善的幅度，以及商業化時程，後續還會有更多更新。

And everything we've talked about, at least with respect to '27, and even our longer-term outlook doesn't take any of the potential time ongoing benefits into account yet. So it's early. We've got to work through the regulatory process, obviously, continue to think that we're looking at next summer with respect to approvals. But the customer feedback has been good.

而且我們所談的一切，至少就 2027 年而言，甚至我們更長期的展望，都還沒有把任何潛在的時間推移（time ongoing）效益納入考量。所以現在還早。我們顯然還必須走完法規核准流程，並且仍認為核准時間點可能落在明年夏天。但客戶回饋一直不錯。

The response from the CPP team, the broader team, as they have learned about our partnership, has been very positive. And I'd say six, seven weeks in since the announcement, we're even more excited about the potential here than we were when we brought forward the formal news.

CPP 團隊以及更廣泛的團隊，在了解我們的合作夥伴關係後，反應都非常正面。我會說，自公告以來六、七週，我們對這裡的潛力比正式發布消息時更感到興奮。

Larry, any final comments to wrap the call?

Larry，最後有沒有什麼總結性的評論來結束本次電話會議？

Blaire, thank you. Now just to close, I'd say our focus remains clear, deliver for customers, improve time on wing and lower cost of ownership. With FLIGHT DECK, we are turning these focus areas into measurable results.

Blaire，謝謝。最後做個結語，我想說我們的重點仍然很清楚：為客戶交付成果、提升在翼時間（time on wing），並降低持有成本（cost of ownership）。透過 FLIGHT DECK，我們正把這些重點領域轉化為可衡量的成果。

We have more to do for sure. But we are confident in our path ahead and the long-term value creation for our customers and our shareholders. So I'll wrap by just thanking everybody for their time today and your continued interest in GE Aerospace.

我們當然還有很多工作要做。但我們對前進的路徑，以及為客戶與股東創造長期價值，充滿信心。因此我最後要感謝各位今天撥冗參與，以及持續關注 GE Aerospace。

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。感謝各位參與。您現在可以掛線。