Comm’l Aero Dashboard Q1 Post-Earnings Update

研报英文原文证据摘录

Comm’l Aero Dashboard Q1 Post-Earnings Update

J P M O R G A N North America Equity Research

20 May 2026

Comm’l Aero Dashboard

Q1 Post-Earnings Update

With reporting wrapping up, we are sharing our commercial aero dashboard laying Aerospace & Defense

ACout growth rates and other key metrics across verticals. Aftermarket demand Seth M. Seifman, CFA

remained resilient in Q1, even amid some decline in capacity growth expectations. (1-212) 622-5597

On the OE side, airframe destocking is gradually abating and engine material is seth.m.seifman@jpmorgan.com

flowing more freely, which should support plans to increase production; with Alexander Ladd

several rate increases still ahead, however, the supply side of the ramp will remain (1-212) 622-0077

a watch item. Please see Tables 1-4 for info supporting the commentary below. alex.ladd@jpmorgan.com

Rocco J Barbero

• Aftermarket demand remains resilient amid higher fuel. With the war (1-212) 622-8140

underway for only one month of Q1, it’s not surprising that the jump in fuel rocco.j.barbero@jpmorgan.com

prices didn’t affect aftermarket results in the period. Perhaps more notable, J.P. Morgan Securities LLC

however, was the lack of alarm bells from mgmt teams and the fact that they

saw no real signs of slowing through April. We’ll listen for updates at

upcoming conferences, but we aren’t expecting companies to change course at

this time. We consider TDG to be among the more short-cycle aftermarket

names and mgmt raised AM growth guidance in May, albeit for a fiscal year

that ends Sept 30. In the engine aftermarket, the backlog of shop visits supports

near-term growth and incremental spares order activity looks solid too, though

investors will be watching this. GE’s reference to the GFC caused some