Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
GE Aerospace, profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The financial trajectory indicates a comprehensive transition from a period of instability and negative returns to a phase of sustained, high-level profitability. A significant inflection point is observed starting in early 2024, where margins and capital efficiency ratios shifted from stagnant or volatile levels to a consistent upward trend, eventually reaching a plateau of operational maturity by late 2025 and 2026.
- Margin Analysis
- Gross profit margins remained relatively stable between 22% and 25% throughout 2022 and 2023, before experiencing a substantial expansion beginning in early 2024. This metric peaked at 32.16% in September 2025, suggesting improved cost management or pricing power. Operating profit margins exhibited an even more pronounced acceleration, rising from low single digits in 2022 to a peak of 26.24% in September 2025, indicating a significant increase in operational efficiency and the scaling of core business activities.
- Bottom-Line Performance
- Net profit margins were characterized by extreme volatility in the early period, with significant negative values throughout most of 2022. A recovery began in late 2022, followed by a sharp increase in 2023. Despite a temporary dip to 5.96% in March 2024, the net margin climbed steadily to peak at 20.57% in December 2025, reflecting a successful turnaround in overall profitability.
- Return on Investment and Capital Efficiency
- Return on Equity (ROE) demonstrated the most dramatic shift, moving from deep negatives in 2022 to an aggressive growth phase from mid-2024 onward. ROE accelerated from 11.77% in March 2024 to 51.95% by September 2026, highlighting a massive increase in shareholder value creation. Simultaneously, Return on Assets (ROA) showed a steadier, more gradual improvement, recovering from negative territory in 2022 to reach 7.16% by September 2026, confirming that the increase in profitability is supported by improved asset utilization.
Overall, the data reveals a strategic shift toward higher margin operations and superior capital efficiency. The correlation between the rising operating margins and the escalating ROE suggests that the organization successfully leveraged its operational improvements to generate exponential returns on equity.
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Gross Profit Margin
GE Aerospace, gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit from sales | 4,189) | 3,960) | 3,692) | 3,501) | 3,544) | 3,304) | 3,005) | 3,118) | 2,717) | 2,648) | 2,330) | 4,119) | 3,600) | 3,489) | 2,965) | 5,545) | 4,067) | 4,636) | 3,819) | ||||||
| Sales of equipment and services | 13,285) | 12,633) | 11,614) | 11,866) | 11,306) | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 31.06% | 30.99% | 31.25% | 31.55% | 32.16% | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 9.42% | 4.68% | 4.79% | 4.79% | 1.10% | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | ||||||
| Caterpillar Inc. | — | 30.87% | 29.79% | 30.05% | 31.65% | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | ||||||
| Eaton Corp. plc | 35.05% | 35.90% | 36.89% | 37.59% | 38.10% | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | ||||||
| Honeywell International Inc. | 37.72% | 36.51% | 36.93% | 36.93% | 37.14% | 38.21% | 38.11% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | ||||||
| Lockheed Martin Corp. | 11.73% | 11.80% | 9.82% | 10.15% | 8.16% | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | ||||||
| RTX Corp. | 21.10% | 20.35% | 20.21% | 20.08% | 20.13% | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profit from salesQ3 2026
+ Gross profit from salesQ2 2026
+ Gross profit from salesQ1 2026
+ Gross profit from salesQ4 2025)
÷ (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
= 100 × (4,189 + 3,960 + 3,692 + 3,501)
÷ (13,285 + 12,633 + 11,614 + 11,866)
= 31.06%
2 Click competitor name to see calculations.
An analysis of the gross profit margin reveals a distinct transition from a period of relative stability and mild contraction to a phase of significant expansion and subsequent stabilization. The trajectory indicates a fundamental shift in the profitability profile of sales and services beginning in early 2024.
- Initial Performance Period (March 2022 – December 2023)
- During this interval, the gross profit margin exhibited moderate volatility, generally fluctuating between 23.26% and 25.22%. A gradual downward trend emerged throughout 2023, with the margin reaching a period low of 21.95% by December 31, 2023.
- Structural Transition and Margin Expansion (March 2024 – June 2025)
- A significant inflection point occurred in the first quarter of 2024. Despite a sharp decrease in absolute sales of equipment and services, the gross profit margin began a consistent ascent. This upward trend accelerated through 2024 and early 2025, rising from 22.97% to a peak of 32.16%. The divergence between declining total revenue and increasing margins suggests a strategic optimization of the product mix or the removal of lower-margin business segments.
- Stabilization Phase (September 2025 – September 2026)
- Following the peak in mid-2025, the profitability ratio entered a plateau phase. The gross profit margin remained highly stable, consolidating within a narrow range between 30.99% and 31.55%. This indicates that the efficiency gains achieved during the previous expansion phase have been sustained over the long term.
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Operating Profit Margin
GE Aerospace, operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income | 3,447) | 3,050) | 2,891) | 2,858) | 2,756) | 2,750) | 2,653) | 2,424) | 1,881) | 2,220) | 1,654) | 1,633) | 1,573) | 1,297) | 979) | 1,569) | 932) | 1,778) | 175) | ||||||
| Sales of equipment and services | 13,285) | 12,633) | 11,614) | 11,866) | 11,306) | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 24.79% | 24.37% | 25.05% | 26.03% | 26.24% | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 10.26% | 4.89% | 4.63% | 4.79% | -10.24% | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | ||||||
| Caterpillar Inc. | — | 18.44% | 17.38% | 17.43% | 18.68% | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | ||||||
| Eaton Corp. plc | 17.31% | 17.71% | 18.16% | 18.98% | 18.95% | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | ||||||
| Honeywell International Inc. | 13.32% | 13.72% | 14.14% | 14.88% | 17.98% | 18.83% | 19.06% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | ||||||
| Lockheed Martin Corp. | 11.78% | 11.88% | 9.88% | 10.30% | 8.31% | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | ||||||
| RTX Corp. | 11.77% | 11.21% | 10.87% | 10.50% | 10.25% | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
= 100 × (3,447 + 3,050 + 2,891 + 2,858)
÷ (13,285 + 12,633 + 11,614 + 11,866)
= 24.79%
2 Click competitor name to see calculations.
The financial trajectory from 2022 through 2026 reflects a significant transition in operational efficiency and business structure, characterized by a shift from high-volume, lower-margin revenue to a leaner, high-margin profitability model.
- Operating Income Growth
- A consistent upward trajectory in operating income is evident, rising from 175 million USD in the first quarter of 2022 to 3,447 million USD by the third quarter of 2026. While 2022 was marked by volatility, the growth became more linear and sustained from 2023 onward, indicating a strengthening of the core operational performance.
- Revenue Realignment
- Sales of equipment and services exhibited a sharp contraction starting in the first quarter of 2024, dropping from 18,516 million USD in the final quarter of 2023 to 8,076 million USD. Following this baseline shift, sales entered a steady recovery phase, climbing to 13,285 million USD by the third quarter of 2026.
- Operating Profit Margin Expansion
- The operating profit margin remained relatively constrained between 6.05% and 8.49% from early 2022 through the end of 2023. A period of rapid expansion occurred throughout 2024, with margins increasing from 10.44% in March to 23.29% in December. This acceleration suggests a fundamental improvement in the cost structure or a strategic pivot toward higher-value revenue streams.
- Profitability Stabilization
- From 2025 through the third quarter of 2026, the operating profit margin entered a stabilization phase, fluctuating within a high-performance band between 24.37% and 26.24%. This indicates that the company achieved a new operational equilibrium, maintaining significantly higher efficiency levels compared to the 2022-2023 period.
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Net Profit Margin
GE Aerospace, net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to the Company | 2,288) | 2,370) | 1,904) | 2,541) | 2,157) | 2,028) | 1,978) | 1,899) | 1,852) | 1,266) | 1,539) | 1,592) | 348) | 35) | 7,506) | 2,222) | (165) | (790) | (1,042) | ||||||
| Sales of equipment and services | 13,285) | 12,633) | 11,614) | 11,866) | 11,306) | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 18.43% | 18.92% | 19.21% | 20.57% | 19.99% | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 8.07% | 2.59% | 2.46% | 2.50% | -12.20% | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | ||||||
| Caterpillar Inc. | — | 15.28% | 14.06% | 13.89% | 15.17% | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | ||||||
| Eaton Corp. plc | 12.18% | 12.75% | 13.99% | 14.89% | 14.74% | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | ||||||
| Honeywell International Inc. | 20.98% | 21.58% | 10.89% | 12.63% | 16.23% | 15.02% | 14.85% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | ||||||
| Lockheed Martin Corp. | 8.23% | 8.16% | 6.38% | 6.69% | 5.73% | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | ||||||
| RTX Corp. | 8.75% | 8.28% | 8.03% | 7.60% | 7.67% | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss) attributable to the CompanyQ3 2026
+ Net income (loss) attributable to the CompanyQ2 2026
+ Net income (loss) attributable to the CompanyQ1 2026
+ Net income (loss) attributable to the CompanyQ4 2025)
÷ (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
= 100 × (2,288 + 2,370 + 1,904 + 2,541)
÷ (13,285 + 12,633 + 11,614 + 11,866)
= 18.43%
2 Click competitor name to see calculations.
The financial performance exhibits a distinct transition from operational losses to sustained high profitability over the observed period, characterized by a significant expansion in net profit margins.
- Initial Loss Phase and Recovery
- Between March 2022 and September 2022, net profit margins remained negative, fluctuating between -6.18% and -8.10%. A pivot toward profitability occurred in December 2022, where the margin shifted to a positive 0.31%, effectively ending the period of net losses.
- Margin Acceleration and Volatility
- A sharp increase in profitability was recorded in March 2023, with the net profit margin rising to 12.35%. For the remainder of 2023, margins remained strong, peaking at 15.08% in September 2023 before settling at 14.68% by year-end.
- Structural Shift in Revenue and Efficiency
- Beginning in March 2024, a substantial reduction in quarterly sales was observed, with revenue dropping from the 13-18 billion range to approximately 8-10 billion. Despite this contraction in total sales volume, there was a marked improvement in operational efficiency. The net profit margin, after an initial dip to 5.96% in March 2024, climbed steadily to reach 18.67% by December 2024.
- Stabilization of High-Margin Performance
- From March 2025 through September 2026, profitability entered a period of stability at an elevated level, with margins consistently maintained between 18.43% and 20.57%. This phase of high margin stability occurred alongside a gradual recovery in sales, which grew from 9.00 billion in March 2025 to 13.28 billion by September 2026, indicating a sustainable increase in the proportion of net income relative to revenue.
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Return on Equity (ROE)
GE Aerospace, ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to the Company | 2,288) | 2,370) | 1,904) | 2,541) | 2,157) | 2,028) | 1,978) | 1,899) | 1,852) | 1,266) | 1,539) | 1,592) | 348) | 35) | 7,506) | 2,222) | (165) | (790) | (1,042) | ||||||
| Shareholders’ equity | 17,522) | 17,640) | 18,057) | 18,677) | 18,812) | 19,135) | 19,251) | 19,342) | 18,874) | 18,598) | 29,855) | 27,378) | 28,665) | 31,194) | 31,652) | 36,366) | 31,475) | 34,649) | 39,005) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 51.95% | 50.86% | 47.79% | 46.60% | 42.86% | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 116.94% | 39.92% | 37.88% | 40.98% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 55.91% | 50.53% | 41.67% | 44.89% | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | ||||||
| Eaton Corp. plc | 18.57% | 18.90% | 20.23% | 21.04% | 20.84% | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | ||||||
| Honeywell International Inc. | 31.46% | 44.31% | 30.18% | 34.01% | 36.52% | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | ||||||
| Lockheed Martin Corp. | 64.72% | 71.70% | 64.00% | 74.65% | 67.95% | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | ||||||
| RTX Corp. | 12.13% | 11.66% | 10.95% | 10.32% | 10.22% | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
ROE = 100
× (Net income (loss) attributable to the CompanyQ3 2026
+ Net income (loss) attributable to the CompanyQ2 2026
+ Net income (loss) attributable to the CompanyQ1 2026
+ Net income (loss) attributable to the CompanyQ4 2025)
÷ Shareholders’ equity
= 100 × (2,288 + 2,370 + 1,904 + 2,541)
÷ 17,522 = 51.95%
2 Click competitor name to see calculations.
The financial trajectory reveals a significant transition from initial operational losses to sustained profitability, resulting in a substantial expansion of the Return on Equity (ROE). The analysis identifies a shift from negative returns in early 2022 to a period of aggressive ROE acceleration, driven by the dual impact of increasing net income and a contracting equity base.
- Net Income Trends
- Operational performance shifted from losses between March and September 2022 to consistent profitability beginning in December 2022. After a period of volatility in early 2023, net income stabilized and entered a steady upward trajectory. Earnings grew from 1.539 billion USD in March 2024 to a projected 2.288 billion USD by September 2026, demonstrating a consistent improvement in the bottom line.
- Shareholders' Equity Evolution
- A sustained reduction in shareholders' equity is observed throughout the analyzed period. Equity decreased from 39.005 billion USD in March 2022 to 27.378 billion USD by December 2023. A notable contraction occurred between March 2024 and June 2024, where equity fell from 29.855 billion USD to 18.598 billion USD. This downward trend persists through the projection period, reaching 17.522 billion USD by September 2026.
- Return on Equity (ROE) Interpretation
- The ROE reflects a dramatic recovery and subsequent surge. Following negative returns in 2022, the ratio fluctuated during the 2023 recovery phase before entering a phase of consistent growth from March 2024 onward. The ROE increased from 11.77% in March 2024 to a projected 51.95% by September 2026. This acceleration is attributable to the mathematical effect of rising net income being generated from a significantly smaller equity base, indicating an increase in capital efficiency.
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Return on Assets (ROA)
GE Aerospace, ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to the Company | 2,288) | 2,370) | 1,904) | 2,541) | 2,157) | 2,028) | 1,978) | 1,899) | 1,852) | 1,266) | 1,539) | 1,592) | 348) | 35) | 7,506) | 2,222) | (165) | (790) | (1,042) | ||||||
| Total assets | 127,195) | 127,672) | 128,445) | 130,169) | 128,243) | 125,256) | 124,123) | 123,140) | 126,698) | 123,190) | 163,942) | 163,045) | 156,662) | 163,006) | 164,472) | 187,788) | 180,877) | 185,540) | 191,961) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 7.16% | 7.03% | 6.72% | 6.69% | 6.29% | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 4.48% | 1.47% | 1.38% | 1.33% | -6.57% | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | ||||||
| Caterpillar Inc. | — | 10.57% | 9.87% | 9.01% | 9.89% | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | ||||||
| Eaton Corp. plc | 6.78% | 6.81% | 7.24% | 9.91% | 9.66% | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | ||||||
| Honeywell International Inc. | 13.28% | 10.62% | 5.54% | 6.42% | 7.57% | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | ||||||
| Lockheed Martin Corp. | 10.10% | 10.07% | 8.09% | 8.38% | 6.97% | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | ||||||
| RTX Corp. | 4.76% | 4.45% | 4.26% | 3.94% | 3.91% | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
ROA = 100
× (Net income (loss) attributable to the CompanyQ3 2026
+ Net income (loss) attributable to the CompanyQ2 2026
+ Net income (loss) attributable to the CompanyQ1 2026
+ Net income (loss) attributable to the CompanyQ4 2025)
÷ Total assets
= 100 × (2,288 + 2,370 + 1,904 + 2,541)
÷ 127,195 = 7.16%
2 Click competitor name to see calculations.
An analysis of the financial data reveals a significant transition in operational efficiency and profitability, moving from a period of net losses and negative returns on assets to a trajectory of sustained growth and improved asset utilization.
- Net Income Trajectory
- A recovery phase is evident starting in late 2022, following three quarters of net losses that peaked at 1,042 million in March 2022. A substantial spike in net income occurred in March 2023, reaching 7,506 million. Following this volatility, net income stabilized and entered a period of consistent growth, rising from 1,539 million in March 2024 to a projected 2,288 million by September 2026.
- Asset Base Rationalization
- The total asset base underwent a marked contraction over the analyzed period. Assets decreased from 191,961 million in March 2022 to a projected 127,195 million by September 2026. A significant reduction is observed between March 2024 and June 2024, where total assets fell from 163,942 million to 123,190 million, indicating a strategic streamlining of the balance sheet.
- Return on Assets (ROA) Analysis
- The ROA demonstrates a shift from negative returns to increasing efficiency. After bottoming at -3.23% in September 2022, the ratio turned positive in December 2022. While the ratio experienced fluctuations through 2023, it established a steady upward trend beginning in March 2024. The ROA increased from 2.14% in March 2024 to a projected 7.16% by September 2026, reflecting a higher capacity to generate earnings relative to the total assets employed.
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