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GE Aerospace, RTX, GM and United Airlines report Q3 results Tuesday, opening a 70-company earnings week that tests tariff and oil-price pressure on margins.
- GE Aerospace, RTX, GM and United Airlines report before the bell Tuesday, starting a week of about 70 S&P 500 reports.
- Brent crude near $108 and a 70% jump in jet fuel are squeezing airline margins; GM's gross tariff bill is guided at $2.5-3.5 billion.
- Consensus for GE and RTX already sits at or above full-year guidance, so a flat outlook could disappoint.
Lead
GE Aerospace (NYSE: GE), RTX (NYSE: RTX), General Motors (NYSE: GM) and United Airlines (NASDAQ: UAL) report third-quarter earnings on Tuesday, Oct. 20. Their reports open the heaviest stretch of the season so far, with roughly 70 S&P 500 companies reporting this week. Industrial, defense, auto and airline results will show how tariffs and oil near $108 a barrel are affecting profit margins. Meta (NASDAQ: META) and Tesla (NASDAQ: TSLA) follow Wednesday, and Netflix (NASDAQ: NFLX) reports Tuesday.
What Are GE Aerospace and RTX Expected to Report?
Consensus expects GE Aerospace to post adjusted earnings of about $2.00 a share on revenue of $12.84 billion, against $1.66 a share in the year-ago quarter. That implies earnings growth near 20% and revenue growth of 5.4%. Commercial services revenue rose 26% in the prior quarter, and the company has since closed its $12 billion purchase of Consolidated Precision Products. Management guides full-year adjusted EPS of $7.65 to $7.85, while consensus stands at $7.92, above the top of the range.
RTX is forecast to earn $1.78 a share on revenue of $24.11 billion, compared with $1.70 and $22.48 billion a year earlier. Its backlog has grown 22% year over year. The Raytheon segment rose 18% on missile production last quarter, and Pratt & Whitney aftermarket sales rose 25%. Full-year EPS guidance of $7.10 to $7.25 matches consensus at the top end. With expectations at the ceiling, an unchanged outlook would be read as a miss even if the quarter beats.How Are Tariffs and Oil Prices Hitting GM and United?
Both companies face cost pressure, but from different sources.
GM is expected to report adjusted earnings of roughly $3.63 to $3.69 a share on revenue near $48.8 billion. That is flat revenue and about 30% earnings growth from a year earlier. The company estimates 2026 gross tariff costs at $2.5 billion to $3.5 billion, partly offset by government relief and supply-chain changes. GM raised its full-year forecast twice this year. U.S. sales fell 6% to 670,974 vehicles in the third quarter, and softer electric-vehicle demand and higher commodity costs weigh on any third raise. United Airlines carries the sharper fuel exposure. Brent crude traded between $107 and $109 on Monday, and jet fuel prices are up about 70%. United guided Q3 adjusted earnings of $2.50 to $3.50 a share on jet fuel at $3.69 a gallon. It said fuel increases since early July added about $575 million to third-quarter costs, or $1.12 a share. Consensus is $2.58 to $2.61 a share on revenue of $17.88 billion. For the full year, United guides $9 to $11 a share despite nearly $6 billion in added fuel costs. It expects to recover 80% to 90% of the fuel increase through fares and capacity in Q3 and all of it by Q4.The International Air Transport Association has cut its 2026 industry net margin forecast to 2.0% from 3.9%. Fuel made up 36.6% of operating expenses in the first half.
Why Does This Earnings Week Matter for the Broader Market?
The week matters because results are strong in aggregate but narrow in source. Of the 46 S&P 500 companies that have reported, 85% beat expectations, and blended earnings are up 46.3% on 13.9% higher revenue. Energy and technology drive most of that growth. Excluding them, third-quarter earnings growth is expected to slow to 7% from 12% in the second quarter.
Markets enter the week after a sharp sell-off in AI-related shares. On Monday the S&P 500 gained 0.41% to 7,690.73. The Nasdaq Composite rose 1.11% to 26,430.89, and the Dow Jones Industrial Average slipped 0.07% to 51,966.03. RTX, a Dow component, and GE traded about 1% lower ahead of the reports. Over the past year RTX is up 20.7% and GE Aerospace 4.7%.
Market Reaction and Strategic Context
Aerospace and defense results are the first test of whether record backlogs convert into margin expansion once tariffs and supply constraints are counted. For automakers, the test is whether pricing and cost cuts can absorb tariffs while EV demand softens. For airlines, the question is how quickly fares can recover fuel costs, since a drop in crude would lift earnings above guidance. Results from these four companies will set the tone for cyclical and transport shares for the rest of the week.
Outlook
GE Aerospace and RTX face consensus estimates that already exceed or match guidance, so the outlook statements matter more than the headline beats. GM's tariff estimate and any change to its full-year forecast will show whether the cost burden is stabilizing. United's fuel recovery rate will show how much of the oil shock airlines can pass on. Netflix on Tuesday and Tesla and Meta on Wednesday extend the week into technology, where the recent sell-off has left sentiment fragile.
