Aerospace Engines

Engine placement is decided when the airline orders the aircraft and cannot be changed afterwards, so each row is a 20 to 30 year annuity. Six of the nine programmes here are sole-source, which means no competing shop to price against.

The single hard ceiling on narrowbody output: LEAP is the only engine on the 737 MAX and the share leader on the A320neo family. Deliveries halved in 2020 and took five years to regain the 2019 peak, finally clearing it in 2025.

Full-year 2025 operating margin for each company's civil segment, as disclosed. The spread from Pratt & Whitney at 8.3 percent to GE's engines and services book at 26.6 percent is what a decade-long recall costs. Segment definitions differ by company, so read the ordering rather than the gaps.

Engines are sold near cost to win a place on the wing, then earn multiples of that price in spares and overhauls. No two companies disclose the aftermarket the same way, so these are each firm's own measure rather than a common ranking.

Services were 75 percent of Commercial Engines & Services revenue in 2025, $25.0B of a $33.3B segment, with margin at 26.6 percent. The 10-K later recut some activity into Defense & Propulsion Technologies. These bars are the as-reported CES lines.

The 10-K publishes the growth rate of internal shop-visit revenue, not the dollar stock. 2025 grew 24 percent, between 2023's 27 percent and 2024's 19 percent. Shop visits are where overhaul revenue is booked.

Contracted work not yet recognized as revenue. Services RPO ended 2025 at $156.1B against $13.8B of equipment RPO. That ratio is the aftermarket annuity before it hits the income statement.

Spare parts (+17.6 percent for 2025, in dollars) were a CFM56 shop-visit story. Services (+30.0 percent) were a LEAP rate-per-flight-hour story. Q4 services at +55.8 percent is the LEAP RPFH ramp, not a new spare-parts cycle.

Large-engine flying hours, the LTSA billing meter, reached 111 percent of 2019 in 2025. The mid-term plan is more hours and fewer shop visits: 130 to 140 percent of 2019 flying hours by 2028, with total shop visits falling to 1,300 to 1,400.

What RTX actually discloses about the powder-metal plan: shop-visit output, heavier-visit mix, aircraft-on-ground versus the 2025 peak, cash outflows, and GTF Advantage certification. The 10-K does not publish a quarterly AOG count.

GE's 50,000 commercial engines, Pratt Canada's 71,000, the GTF family's 2,600-plus aircraft, Rolls-Royce's 14,263 in-service engines, and HEICO's 20,000 PMA parts. The units are not additive. Each row is that firm's own annuity measure.