Fifty-Five Per Cent of the A320neoNarrow moat
GE Aerospace (GE) — moat facet
The one high-volume aircraft where an airline genuinely chooses — and more than half of them choose CFM.
The Airbus A320neo family is the highest-volume aircraft on which an airline picks between two engine makers, and it is therefore the cleanest test of whether GE Aerospace's product wins on merit rather than on exclusivity.
CFM holds more than fifty-five per cent of it1. The remainder belongs to Pratt & Whitney's geared turbofan. Both engines were certified around the same time, both were offered to the same customers at the same moment, and the customers chose.
That majority is worth more than it looks because the choice is made once per aircraft and is irreversible in practice. An airline that selected CFM in 2019 owns CFM engines for the life of those aircraft, and the aftermarket follows automatically. A share won in a competitive selection is converted into a non-competitive annuity the moment the aircraft is delivered.
It is also the position most exposed to a rival's recovery. Pratt's geared turbofan had a difficult entry into service, and a competitor that resolves its durability problems competes for the next selection with a credible product and a motivated customer base. GE Aerospace's answer has been the same one it applies everywhere: durability. The LEAP-1B durability kit, certified in 2026, is expected to deliver roughly two times the time-on-wing, with full cutover from the beginning of 20272.
The wider portfolio reduces the dependence. GE Aerospace's engines power aircraft in all commercial categories — narrowbody, widebody and regional3 — and the 2025 wins spanned the GE9X, GEnx and LEAP programmes with Qatar Airways, Emirates, International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus4.
What counts is share on the next competitive selection, not the installed share. More than fifty-five per cent5 is the score from the last round. The round that matters is the one being decided now.
CFM has held above fifty-five per cent of the A320neo family, and the competitor's difficulties that produced that margin are being addressed. GE Aerospace's own answer is the durability kit certified in 2026. Neither side has moved decisively and the next round of selections is being decided now.
The A320neo share shows up as LEAP deliveries; growth falling behind Airbus's production rate would mean the split is moving toward Pratt & Whitney.
Source: GE Aerospace second-quarter 2026 earnings release ↗- Third-party estimateCFM holds more than fifty-five per cent of it.Aviation and market coverage of GE Aerospace's narrowbody position and delivery ramp - the LEAP as the exclusive powerplant on the Boeing 737 MAX and holding more than 55% of the Airbus A320neo family through the CFM joint venture, the target of about 2,000 LEAP deliveries in 2026, first-half deliveries up 41%, and CFM RISE described as a technology demonstrator rather than a product for sale. — 2026 · publ. August 2026 · source ↗
- ReportedThe LEAP-1B durability kit, certified in 2026, is expected to deliver roughly two times the time-on-wing, with full cutover from the beginning of 2027.GE Aerospace second-quarter 2026 earnings release (Exhibit 99.1 to Form 8-K of July 16, 2026) — total company GAAP and non-GAAP results, segment revenue, orders and operating profit, free cash flow, the raised full-year 2026 guidance for adjusted revenue growth, operating profit, adjusted earnings per share and free cash flow, the LEAP-1B durability kit certification, the XA102 and GE426 defence programmes, the NASA hybrid-electric ground tests, and the chief executive's commentary. — Q2 2026 · publ. 16 July 2026 · source ↗
- ReportedGE Aerospace's engines power aircraft in all commercial categories — narrowbody, widebody and regional — and the 2025 wins spanned the GE9X, GEnx and LEAP programmes with Qatar Airways, Emirates, International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus.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 ↗
- ReportedGE Aerospace's engines power aircraft in all commercial categories — narrowbody, widebody and regional — and the 2025 wins spanned the GE9X, GEnx and LEAP programmes with Qatar Airways, Emirates, International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus.GE Aerospace Form 10-K, FY2025 - Segment Operations — Commercial Engines & Services: segment revenue, profit and margin, commercial engine and LEAP unit deliveries, internal shop visit revenue growth, the CES remaining performance obligation, the 2025 engine commitments from Qatar Airways, Emirates, International Airlines Group, ANA Holdings, Malaysia Aviation Group, Korean Air, Cathay Pacific and Pegasus, and commercial departures growth. — FY2025 · publ. January 2026 · source ↗
- Third-party estimateMore than fifty-five per cent is the score from the last round.Aviation and market coverage of GE Aerospace's narrowbody position and delivery ramp - the LEAP as the exclusive powerplant on the Boeing 737 MAX and holding more than 55% of the Airbus A320neo family through the CFM joint venture, the target of about 2,000 LEAP deliveries in 2026, first-half deliveries up 41%, and CFM RISE described as a technology demonstrator rather than a product for sale. — 2026 · publ. August 2026 · source ↗