“And the biggest driver of profit growth within CES is the drop through that we're getting from the services revenue that we expect to be up about $3 billion up year over year at the midpoint of the guide.”

In context

“ng in March of 2024 expecting to get to about $7.2 billion to $7.3 billion of profit by the end of 2025. And that was up quite a bit -- $1.5 billion to $1.6 billion from where we ended 2023. Now, as we sit here today, as Larry said in his prepared remarks, we're going to add about $2.5 billion of profit in the two-year period. So that's about a third better than what we thought just nine months ago. So, the business is performing extremely well. Now, as you think about the 2025 profit, call it $800 million year over year at midpoint of $750 million and $1 billion dollars at the high end, so first, we spoke about the corporate eliminations up about $100 million from higher PAT volume. So that's one thing, but put that aside. We expect CES profit to be up about $700 million at the midpoint. And the biggest driver of profit growth within CES is the drop through that we're getting from the services revenue that we expect to be up about $3 billion up year over year at the midpoint of the guide. And we expect services margins to be flat, despite with LEAP getting to be a greater share of that services revenue as other things -- productivity, pricing -- all that is offsetting the LEAP mix impact. And to offset the services within CES will be the impact from OE, about split 50-50 between the R&D step-up and the increase in GE9X shipments. We expect GE9X to be about a couple of hundred million dollars headwind in 2025 as we ramp the number of engines that we're shipping. And the spare engine ratio is expected to come down gradually as well here in '25. So that's the CES landscape. And in DPT, given the growth in backlog, $1.5 billion, so call it close to about 10% backlog growth in 2024, we expect mid to high single-digit revenue growth. That's going to translate into profit and wit”