# Who are GE Aerospace's customers? Who does GE Aerospace earn revenue from?
Canonical: https://valuechain.wiki/ge-aerospace · Facet: customers · Updated: 2026-09-11T21:34:21.39222+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: GE Aerospace's confirmed revenue counterparties include 에어버스, 보잉, Baker Hughes Company plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 8 dated sources, 2 of them primary filings (as of 2026-09-11).

### 에어버스 (high)  → /airbus.md
- metric: engine share 75% · 2024 · share of A320neo orders selecting LEAP
- note: Supplies CFM LEAP engines for the A320neo family (50/50 CFM JV with Safran) — 75% of 2024 A320neo orders selected LEAP, showing its winning position in the narrow-body engine duopoly.
- [mentions] Wikipedia (EN, research, published 2026-02-01) https://en.wikipedia.org/wiki/CFM_International_LEAP: "By 2024, the LEAP was selected for 75% of the A320neo orders."
- [confirms] GE Aerospace (SEC EDGAR) (EN, filing, published 2026-01-29) https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm: "CES customers include both Boeing and Airbus; CFM International (GE-Safran 50-50 JV) powers the Airbus A320neo family via LEAP."

### 항공사 (카타르·에미레이트·ANA·대한항공 등 LEAP 선정) (high)
- metric: Revenue share 70% · FY2025 · aftermarket services share of total revenue
- note: Airlines selecting LEAP — decades of servicing (MRO, spare parts), not engine sales, are the body. Aftermarket services are ~70% of total revenue (CES services are 75% of CES, $25.0B), and an installed base of ~50,000 commercial and ~30,000 military engines generates the annuity; LTSA billings of $9.89B show the scale of that recurring revenue.
- [mentions] Morgan Stanley (via Investing.com) (EN, research, published 2026-06-01) https://www.investing.com/news/analyst-ratings/morgan-stanley-lowers-ge-aerospace-price-target-to-400-on-valuation-93CH-4629674: "Morgan Stanley Overweight, PT $400 (from $425) on valuation; Jefferies $455 — multi-decade growth via CFM LEAP/GEnx/GE9X and aftermarket pricing power."
- [confirms] GE Aerospace (SEC EDGAR) (EN, filing, published 2026-01-29) https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm: "Aftermarket services represent approximately 70% of revenue; CES services were 75% of CES revenue; LTSA billings $9,890M."

### 보잉 (high)  → /boeing.md
- note: Supplies LEAP and GEnx engines for Boeing commercial aircraft; the world's largest aero-engine maker.
- [confirms] GE Aerospace (SEC EDGAR) (EN, filing, published 2026-01-29) https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm: "As in the case of some Boeing models, our engines may be the sole source engine for a particular aircraft."
- [confirms] GE Aerospace (EN, ir, published 2025-01-01) https://www.geaerospace.com/commercial/aircraft-engines/cfm-leap: "CFM56 and LEAP engines are products of CFM International, a 50-50 joint company between GE Aerospace and Safran Aircraft Engines. ... the engine of choice to power Airbus A320neo family, Boeing 737 MAX, and COMAC C919 aircraft."
- [mentions] GE Aerospace (EN, news, published 2025-01-01) https://www.geaerospace.com/news/articles/product-technology/second-boeing-777x-makes-first-flight-powered-ge9x: "Powered by the GE9X engine, the new 777X is the world's largest and most efficient twin-engine jet."

### 베이커 휴즈 (high)  → /baker-hughes.md
- note: GE Aerospace maintains a long-term contractual framework to supply Baker Hughes with aeroderivative technology and related intellectual property, but payments were not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-05) https://www.sec.gov/Archives/edgar/data/1701605/000170160526000007/bkr-20251231.htm: "GE Aerospace ... as direct suppliers"

### Leonardo (mid)  → /leonardo.md
- note: Supplies engines for Leonardo helicopter and aircraft programs.
- [confirms] GE Aerospace (EN, news, published 2017-12-06) https://www.geaerospace.com/news/articles/technology/made-venice-how-avio-aero-and-leonardo-elicotteris-collaboration-have-boosted: "GE's Avio Aero supplies the T700/T6E1 turboshaft engines for Leonardo's NH90 helicopter, holding 60% responsibility for engines destined for the Italian government."

### 한국항공우주산업 (KAI) (mid)  → /kai.md
- note: KAI's FA-50/T-50 are powered by the GE F404-GE-102 turbofan (17,700 lbf thrust) — a defense-export link where Korea's homegrown jets depend on GE for the engine.
- [confirms] Airforce Technology (EN, news, published 2023-04-28) https://www.airforce-technology.com/projects/fa-50-light-combat-aircraft-south-korea/: "The FA-50 (and its parent T-50) is powered by the General Electric F404-GE-102 turbofan engine developing 17,700lbf of thrust."

Reverse side: https://valuechain.wiki/ge-aerospace/suppliers.md · Ripple: https://valuechain.wiki/ge-aerospace/ripple.md

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Full node: https://valuechain.wiki/ge-aerospace.md · JSON: https://valuechain.wiki/ge-aerospace.json