research report · GE

General Electric Co

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 1, 2026 from its quarterly report (10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

GE Aerospace's aftermarket-led business got stronger in the third quarter of 2026. Orders rose 49% to $19.0B, the contracted backlog (remaining performance obligation) reached $212.1B, and management raised every 2026 guide. The quality is less clean than the headline. Segment profit grew 19%, not the 30% of total operating profit, which leaned on lower corporate costs the CFO tied partly to accrual timing, and free cash flow fell 14%. The $11.75B purchase of castings maker CPP, about $7B of it in cash while buybacks already exceed free cash flow, is the main new claim on a balance sheet that remains strong.

what changed this quarter

  • Q3 results: GAAP revenue was $14.1B, +16%. Adjusted revenue, which excludes run-off insurance, was $13.3B, +18%. Operating profit was $3.0B, +30%. Adjusted EPS was $2.25, +36%, and GAAP continuing EPS $2.32, +14%.
  • Cash: cash from operations was $2.2B and free cash flow $2.0B, each down 14%.
  • 2026 guidance raised:
  • adjusted revenue growth from high-teens to ~19-20%;
  • operating profit from $10.55-10.75B to $10.9-11.0B;
  • adjusted EPS from $7.65-7.85 to $8.00-8.10;
  • free cash flow from $8.9-9.2B to $9.1-9.4B.
  • September 8: agreement to buy Consolidated Precision Products (CPP) for $11.75B in cash. Closing is expected in the second half of 2027, subject to regulatory approvals.
  • Insurance: the annual reserve review cost $328M pre-tax, swinging run-off insurance to a $(210)M quarterly loss from a $361M profit.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Demand is running ahead of output, and the guide implies slower fourth-quarter growth
  • Third-quarter profit growth overstates the segments
  • Cash conversion leans on rising customer allowances
  • CPP secures a bottleneck at a full price

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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