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General Dynamics
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Latest analysis
Updated Oct 30, 2026
General Dynamics Q3 2026: Record $220B backlog, $99B single-quarter orders, and EPS guidance raised to $17.20-$17.30 as Marine throughput accelerates
General Dynamics delivered its strongest quarter in recent memory, with Q3 2026 revenue of $14.57 billion (up 12.9% year-over-year), operating earnings up 14.7%, and EPS of $4.49 beating consensus by $0.37. The defining event was a historically unprecedented $99 billion in new orders — anchored by $71.6 billion in Columbia- and Virginia-class submarine awards — that doubled the backlog to a record $220 billion. With year-to-date free cash flow of $4.8 billion at 137% net earnings conversion and full-year EPS guidance raised for the fourth consecutive time to $17.20-$17.30, General Dynamics enters Q4 with execution momentum across all four segments and a CEO transition underway as Phebe Novakovic hands off to Danny Deep.
Tone: bullishRevenue
$52.6B
GD 10-K · FY 2025
Employees
117,000
Revenue FY2024
$47.7B
Founded
1952
Profile
GD 10-K Item 1 · Jan 30, 2026General Dynamics is a global aerospace and defense company organized into four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The company designs, engineers, and manufactures business jets, nuclear-powered submarines, land combat vehicles, munitions, and defense technology products and services. Its customer base spans the U.S. government, allied militaries, and commercial business aviation clients worldwide.
Read filing description ↓ Collapse description ↑
General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders. Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. To ensure market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results. This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital. Our business units seek to deliver superior operating results by building industry-leading franchises. To achieve this goal, we invest in advanced technologies, focus on execution, pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets. The result is long-term value creation measured by delivering on our commitments to our customers coupled with strong earnings and cash flow and an attractive return on capital.
Primary products
- Gulfstream business jet aircraft (G300, G400, G500, G600, G700, G800)
- Aircraft repair, completion and customer support services
- Fixed-base operator (FBO) network services (Jet Aviation)
- Nuclear-powered submarines (Columbia-class, Virginia-class)
- Arleigh Burke-class (DDG-51) guided-missile destroyers
- Expeditionary Sea Base (ESB) ships
Business segments
End markets
Geographies
Named customers
Approximately 70% of our consolidated revenue was from the U.S. government.
“We believe that Gulfstream competes effectively in all of these areas.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenue increased $4,834 million, or 10.1%, in 2025 driven by growth across all segments.
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