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Companies · GD

GD Reported this cycle

General Dynamics

Reston, VA Founded 1952 Defense & Aerospace

AI-generated · informational only · not investment advice · verify before relying.

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: bullish

Revenue

$52.6B

GD 10-K · FY 2025

Employees

117,000

Revenue FY2024

$47.7B

Founded

1952

Profile

GD 10-K Item 1 · Jan 30, 2026

General 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 ↓

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

Aerospace Marine Systems Combat Systems Technologies

End markets

U.S. Department of War U.S. intelligence community federal civilian agencies state and local government non-U.S. government business aviation commercial

Geographies

United States Canada United Kingdom Spain Switzerland Austria Germany Romania Australia Mexico Singapore Europe Middle East North Africa Indo-Pacific

Named customers

U.S. Department of War (DoW) U.S. Navy U.S. Army U.S. Marine Corps U.S. Central Command (CENTCOM) Centers for Medicare and Medicaid Services (CMS) National Geospatial-Intelligence Agency (NGA) U.S. Space Development Agency (SDA)

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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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

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