No Customer Above Ten Per Cent, and Two That Decide EverythingWide moat

GE Aerospace (GE) — moat facet

Perfect revenue diversification on 80,000 engines, and a concentration of gatekeepers rather than of payers.

GE Aerospace files no concentration disclosure because it has nothing to disclose. Revenue of $45,855 million1 is spread across approximately 120 countries2, hundreds of airlines, two airframers, many governments and a network of third-party shops.

Four kinds of counterparty, only one of them a customerThe airframer: chooses the engine, once per programmeThe airline: pays for it over 25 years, cannot switchThe government: most of Defense & Systems revenue, one budgetThe third-party shop: competitor for the overhaul, buyer of the partsNo concentration disclosure exists, on $45,855m of revenue.
The concentration here is of gatekeepers rather than of payers.

Set that against the extremes elsewhere in this collection. CoreWeave took about sixty-seven per cent of its revenue from a single customer3; Nvidia disclosed one direct customer at twenty-two per cent and another at fourteen4; Kioxia named Apple at 20.4 per cent5. GE Aerospace has nothing comparable, and the reason is the installed base: 50,000 commercial and 30,000 military engines6 flying for hundreds of operators, each generating its own maintenance stream.

The qualification is about decision rights rather than revenue. The company's equipment customers are primarily airframers and airlines, including both Boeing and Airbus7, and the airframers determine which engines are offered on which aircraft. That decision is made when an aircraft programme is launched, is not revisited, and fixes the aftermarket for the aircraft's entire service life. On some Boeing models GE Aerospace is the sole source engine8.

So the concentration that exists is a concentration of gatekeepers rather than of payers. GE Aerospace names Boeing and Airbus as its equipment customers, and their production rates set its delivery rate, their programme timing sets its ramp, and their engine selections set its next thirty years.

The defence half has a different shape again: most of Defense & Systems revenue derives from funding flowing through the United States Department of War budget or equivalent international budgets9, which is a single budget rather than a single customer.

The figure that matters is the one that is not printed. No customer above ten per cent, on $45,855 million of revenue10 — a genuinely strong position against counterparty risk, and no protection at all against an airframer changing its mind.

Moat trajectory: Holding steady

Revenue diversification on this scale is structural rather than earned and does not move. What could change is the airframer concentration, and it is moving the wrong way as LEAP becomes a larger share of deliveries.

The number that tests this moat
Reported
Revenue from customers in Asia
$10,819M in 2025, from $5,734M in 2023

The customer base is spreading geographically rather than concentrating; a reversal would put more of the revenue in fewer airlines' hands.

Source: GE Aerospace Form 10-K, FY2025, geographic information ↗
References
  1. ReportedRevenue of $45,855 million is spread across approximately 120 countries, hundreds of airlines, two airframers, many governments and a network of third-party shops.
    GE Aerospace Form 10-K, FY2025 - consolidated financial statements — statement of operations including sales of equipment, sales of services, insurance revenue and their respective costs; statement of financial position including insurance liabilities and annuity benefits, shareholders' equity, property plant and equipment and shares outstanding; and the statement of cash flows. — FY2025 · publ. January 2026 · source ↗
  2. ReportedRevenue of $45,855 million is spread across approximately 120 countries, hundreds of airlines, two airframers, many governments and a network of third-party shops.
    GE Aerospace Form 10-K, FY2025 - Item 1 general and Item 2 Properties — the installed base of approximately 50,000 commercial and 30,000 military engines and the statement that it supports an aftermarket representing approximately 70% of revenue, the FLIGHT DECK operating model, customers in approximately 120 countries, the facility count, human capital and employee numbers, the intellectual property discussion, the research and development table splitting company-funded from customer- and partner-funded spending, and the engine testing milestones. — FY2025 · publ. January 2026 · source ↗
  3. ReportedCoreWeave took about sixty-seven per cent of its revenue from a single customer; Nvidia disclosed one direct customer at twenty-two per cent and another at fourteen; Kioxia named Apple at 20.4 per cent.
    CoreWeave Form 10-K, fiscal 2025 — revenue $5.13B (+168%), net loss ~−$1.2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
  4. ReportedCoreWeave took about sixty-seven per cent of its revenue from a single customer; Nvidia disclosed one direct customer at twenty-two per cent and another at fourteen; Kioxia named Apple at 20.4 per cent.
    NVIDIA Form 10-K, FY2026 — "For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue"; FY2025: one at 12% and two at 11% each; FY2024: one at 13%. Direct customers include OEMs, ODMs, distributors and system integrators; indirect customers (CSPs, Neocloud builders, AI model makers, enterprises, public sector) buy through them, and NVIDIA "estimate[s] some individually representing 10% or more of our revenue". "Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue." — FY2026 (ended Jan 25, 2026) · publ. February 2026 · source ↗
  5. ReportedCoreWeave took about sixty-seven per cent of its revenue from a single customer; Nvidia disclosed one direct customer at twenty-two per cent and another at fourteen; Kioxia named Apple at 20.4 per cent.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  6. ReportedGE Aerospace has nothing comparable, and the reason is the installed base: 50,000 commercial and 30,000 military engines flying for hundreds of operators, each generating its own maintenance stream.
    GE Aerospace Form 10-K, FY2025 - Item 1 general and Item 2 Properties — the installed base of approximately 50,000 commercial and 30,000 military engines and the statement that it supports an aftermarket representing approximately 70% of revenue, the FLIGHT DECK operating model, customers in approximately 120 countries, the facility count, human capital and employee numbers, the intellectual property discussion, the research and development table splitting company-funded from customer- and partner-funded spending, and the engine testing milestones. — FY2025 · publ. January 2026 · source ↗
  7. ReportedThe company's equipment customers are primarily airframers and airlines, including both Boeing and Airbus, and the airframers determine which engines are offered on which aircraft.
    GE Aerospace Form 10-K, FY2025 - Item 1 Business — segment descriptions for Commercial Engines & Services and Defense & Propulsion Technologies, the CFM International 50-50 non-consolidated joint venture with Safran Aircraft Engines, the commercial engine platforms (LEAP, CFM56, GEnx, GE9X, CF6, GE90), the defence platforms (F110, F404, F414, T408, T700, T901, LM2500), the Propulsion & Additive Technologies brands, the CFM RISE programme, the customer description including airframers and sole-source positions, and the segment revenue and services shares. — FY2025 · publ. January 2026 · source ↗
  8. ReportedOn some Boeing models GE Aerospace is the sole source engine.
    GE Aerospace Form 10-K, FY2025 - Item 1 Business — segment descriptions for Commercial Engines & Services and Defense & Propulsion Technologies, the CFM International 50-50 non-consolidated joint venture with Safran Aircraft Engines, the commercial engine platforms (LEAP, CFM56, GEnx, GE9X, CF6, GE90), the defence platforms (F110, F404, F414, T408, T700, T901, LM2500), the Propulsion & Additive Technologies brands, the CFM RISE programme, the customer description including airframers and sole-source positions, and the segment revenue and services shares. — FY2025 · publ. January 2026 · source ↗
  9. ReportedThe defence half has a different shape again: most of Defense & Systems revenue derives from funding flowing through the United States Department of War budget or equivalent international budgets, which is a single budget rather than a single customer.
    GE Aerospace Form 10-K, FY2025 - Segment Operations — Defense & Propulsion Technologies: segment revenue split between Defense & Systems and Propulsion & Additive Technologies, equipment and services revenue, segment profit and margin, defence engine unit deliveries, the DPT remaining performance obligation, the US Air Force F110-GE-129 Indefinite Delivery/Indefinite Quantity contract valued up to $5 billion, the Hindustan Aeronautics F404-GE-IN20 order valued at $1.6 billion, and the government-funding discussion. — FY2025 · publ. January 2026 · source ↗
  10. ReportedNo customer above ten per cent, on $45,855 million of revenue — a genuinely strong position against counterparty risk, and no protection at all against an airframer changing its mind.
    GE Aerospace Form 10-K, FY2025 - consolidated financial statements — statement of operations including sales of equipment, sales of services, insurance revenue and their respective costs; statement of financial position including insurance liabilities and annuity benefits, shareholders' equity, property plant and equipment and shares outstanding; and the statement of cash flows. — FY2025 · publ. January 2026 · source ↗
Sources
Generated September 23, 2026