Walton's Weekly Flyby: A dive into A320 dels; Congress trying to add teeth on cap return rules

Research evidence excerpt

Walton's Weekly Flyby: A dive into A320 dels; Congress trying to add teeth on cap return rules

Aerospace & Defense

Aerospace - Market Overweight

Defense - Market Overweight

Space - Market Weight

Walton's Weekly Flyby: A dive into A320 dels; Congress June 21, 2026

trying to add teeth on cap return rules

The Wolfe Byte

In this weekly, we present a look at A320 delivery rates by engine type and a broad look at retirements (remains

low). In defense, it was a choppy week for stocks with NDAA policy amendments on contractor div/repo but think

everyone is in compliance.

Aerospace: A320 deliveries/1st flights by engine, look at retirements, schedules & June delivery update

GE and RTX seemingly find themselves in Airbus's cross-hairs every other 6-12mo as it relates to their engine deliveries.

We take a look inside at how LEAP and GTF based A320 deliveries have been trending. On the delivery front, GE based

deliveries were weak to start 2026 but have started to come around while GTF based deliveries have done better (driven

mainly by A321s). 1st flights by engine tells a bit of a different story as LEAP deliveries don't seem as weak while GTF

deliveries don't appear quite as strong. Aircraft retirements remain very low so far in 2026 with T4Q trends pointing

to ~1.5%. 1Q26 data points to lower y/y retirements and while 737NG/CFM56 lead the way on a % of fleet basis, the

numbers are very low still. Schedule capacity trims continue but have slowed from a month ago with current schedules

showing a re-acceleration of growth into July. With 2Q winding down, we expect to see OE deliveries really ramp over

the final half of June. Airbus is comping an easier 2Q25 and so their deliveries are already higher y/y while BA looks set