GE Aerospace

The balance sheet is investment grade (Moody’s A3, S&P A‑ as of the Q3 2025 filing) with solid liquidity. At September 30, 2025, total borrowings were ~$20.8 billion and cash, cash equivalents and restricted cash of continuing operations were ~$13.8 billion, implying modest net leverage relative to cash generation.

Credit agreements include a standard net debt‑to‑EBITDA covenant that the company satisfied. Free cash flow conversion has consistently run at or above 100% in recent quarters, and the company continues to access long‑term debt markets at attractive fixed coupons.

Capital return capacity remains strong alongside reinvestment in manufacturing and technology, with management guiding to sustained shareholder distributions while preserving investment‑grade metrics.