Report published September 29, 2026

Aerospace in Pictures: Goldman Sachs Commercial Aerospace Sector Report

Goldman Sachs · September 29, 2026

Goldman Sachs' September 2026 Aerospace in Pictures report indicates that commercial aerospace fundamentals remain robust, supported by projected 1.6% yoy global air traffic growth in August and strong aftermarket pricing. Top Buy recommendations include Loar Holdings (Conviction List), Woodward, Boeing, TransDigm, and GE Aerospace.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Commercial aerospace end markets remain fundamentally solid, with global air traffic forecast to expand 1.6% yoy in August and airlines maintaining disciplined forward capacity additions of 2-3% through November.
2.Commercial OE order campaigning continues to be robust across Boeing and Airbus, with both manufacturers possessing multi-year backlogs and growth runways despite ongoing supply chain and product quality bottlenecks.
3.The aerospace aftermarket displays enduring strength, benefiting from an aging aircraft fleet, tight supply/demand balance, and pricing power exceeding inflation.

Overview: The aerospace end market is strong right now
Air Traffic: Commercial travel
Air Traffic: Freight
Air Traffic: Individual airports
Airline fundamentals
Large commercial OE
Business jet
Business jet and regional jet
Credit and aircraft financing
Economic leading indicators

Report data

Exhibit 2: We forecast 1.6% yoy air traffic growth for August

Metric	Estimate	Context
Global Air Traffic Growth Forecast	1.6 % yoy	Forecast for IATA reported passenger traffic based on airline reports and TSA data.
Global Airline Load Factor	86%	Estimated global airline load factor across carriers.
Boeing Gross Aircraft Orders	15 aircraft	Boeing new orders reported in August with 0 cancellations.
Airbus Gross Aircraft Orders	67 aircraft	Airbus new aircraft orders reported in August with 0 cancellations.
Parked Aircraft Share of Total Fleet	11.3%	Boeing and Airbus parked aircraft as a percent of total fleet.

Source: IATA, TSA, Goldman Sachs Global Investment Research; Company data, IATA; Company data, Cirium; Cirium. This is a dated model snapshot, not a live forecast.