GE Aerospace Posts Record $212B Backlog and Raises Full-Year Guidance After Strong Q3

GE Aerospace delivered robust third-quarter 2026 results, with total orders of $19.0 billion, up 49% year over year, and a record backlog of $212 billion that signals sustained demand for jet engines and services. Adjusted revenue came in at $13.3 billion, up 18%, while operating profit rose 30% to $3.0 billion, driving an operating margin of 22.5%, up 220 basis points. Adjusted earnings per share climbed 36% to $2.25, and the company raised its full-year guidance for a third consecutive quarter. Free cash flow of $2.0 billion fell 14% compared with the prior-year period, the one notable soft spot in an otherwise strong print.

Despite the solid fundamentals, GE shares have lost roughly 9.4% over the prior four weeks, pushing the stock into technically oversold territory. Nasdaq analysis and Wall Street consensus point to a potential trend reversal, with analysts broadly revising earnings estimates higher. Argus reiterated its Buy rating and maintained a $395 price target, while Morningstar flagged GE as among 20 stocks that moved into undervalued territory this week. A Seeking Alpha analysis cautioned that the record backlog is being overshadowed by an extreme valuation, a tension investors are actively weighing.

On the broader aviation sector, GE Aerospace's results, alongside Safran's earnings, are being read as a warning sign for Rolls-Royce, whose shares dropped to 1,160p before stabilizing around 1,220p. GE ticked higher on the day Boeing reported a deeper commercial-jet loss, with Boeing shares falling 9% to $171 even as the planemaker posted positive free cash flow and a record order backlog of its own.