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Double-digit growth lifts General Dynamics (NYSE: GD) in Q1 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

General Dynamics delivered a strong start to 2026, with first-quarter revenue of $13.5 billion, up 10.3% from the prior year. Operating earnings reached $1.4 billion and diluted EPS rose 12% to $4.10, while the total operating margin was 10.5%.

Cash generation was robust: net cash from operating activities was $2.2 billion, or 192% of net earnings, supporting free cash flow of $1.95 billion. The company ended the quarter with $3.7 billion in cash and equivalents and net debt of $4.36 billion.

Orders were very strong at $26.6 billion, producing a consolidated book-to-bill ratio of 2-to-1. Total estimated contract value increased to $188.4 billion, including backlog of $130.8 billion and $57.6 billion of estimated potential contract value across aerospace and defense segments.

Positive

  • Double-digit growth and margin stability: First-quarter 2026 revenue grew 10.3% to $13.5 billion, with operating earnings up 12% to $1.4 billion and total operating margin holding at 10.5%, showing profitable expansion across all four segments.
  • Exceptional cash generation and deleveraging capacity: Net cash from operating activities reached $2.2 billion (192% of net earnings), supporting free cash flow of $1.95 billion and reducing net debt to $4.36 billion from $5.68 billion at year-end 2025.
  • Very strong orders and growing contract base: Quarterly orders of $26.6 billion produced a 2-to-1 book-to-bill ratio, lifting total estimated contract value to $188.4 billion and backlog to $130.8 billion, reinforcing multi-year revenue visibility.

Negative

  • None.

Insights

General Dynamics posted broad-based double-digit growth with exceptional cash flow and a record contract pipeline.

General Dynamics grew first-quarter 2026 revenue to $13.5 billion, up 10.3%, with all four segments contributing. Operating earnings increased 12% to $1.4 billion, and diluted EPS rose to $4.10, also up 12%, while the consolidated operating margin edged up to 10.5%.

Cash performance was particularly strong. Net cash from operating activities was $2.2 billion, equal to 192% of net earnings, driving free cash flow of $1.95 billion. The balance sheet showed $3.65 billion in cash and equivalents and net debt of $4.36 billion, reflecting lower net debt than year-end 2025.

Demand indicators were very favorable. Companywide orders of $26.6 billion produced a 2-to-1 book-to-bill ratio, with 2.2-to-1 in defense segments and 1.2-to-1 in Aerospace. Total estimated contract value rose to $188.4 billion, including $130.8 billion of backlog, underscoring a sizable multi-year revenue pipeline across major programs and platforms.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $13.48B Three months ended April 5, 2026; up 10.3% year over year
Diluted EPS $4.10 per share Q1 2026; up 12.0% from $3.66 in Q1 2025
Operating earnings $1.42B Q1 2026; up 12.0% from $1.27B in prior-year quarter
Operating cash flow $2.16B Net cash from operating activities in Q1 2026, 192% of net earnings
Free cash flow $1.95B Q1 2026 non-GAAP free cash flow after $203M capital expenditures
Total estimated contract value $188.44B End of Q1 2026; includes $130.84B backlog and $57.60B potential value
Book-to-bill ratio 2.0x Companywide orders of $26.6B vs. $13.48B revenue in Q1 2026
Net debt $4.36B Total debt $8.01B less cash $3.65B as of April 5, 2026
book-to-bill ratio financial
"Consolidated book-to-bill ratio, defined as orders divided by revenue, was 2-to-1"
The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.
free cash flow financial
"Free cash flow (a) $ 1,952 $ (290)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net debt financial
"Net debt (b) $ 4,360 $ 5,680"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
indefinite delivery, indefinite quantity (IDIQ) contracts financial
"unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options"
non-GAAP metrics financial
"this press release contains some financial measures not prepared in accordance with U.S. GAAP"
Revenue $13.48B +10.3% YoY
Net earnings $1.13B +13.2% YoY
Diluted EPS $4.10 +12.0% YoY
Operating margin 10.5% +0.1 pts YoY
Understanding 8-K Material Events →
0000040533false00000405332026-04-292026-04-29

8K - Logo.gif
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 29, 2026 (April 29, 2026)
Commission File Number 1-3671
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
13-1673581
State or other jurisdiction of incorporation or organizationI.R.S. Employer Identification No.
11011 Sunset Hills RoadReston,Virginia20190
Address of principal executive officesZip code


(703) 876-3000
Registrant’s telephone number, including area code


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockGDNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 2.02    Results of Operations and Financial Condition

On April 29, 2026, General Dynamics announced its financial results for the quarter ended April 5, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.
Item 9.01    Financial Statements and Exhibits
(d)     Exhibits (furnished only)

99.1
General Dynamics press release dated April 29, 2026, with respect to the company’s financial results for the quarter ended April 5, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GENERAL DYNAMICS CORPORATION
by/s/ Dana O. Maisano
Dana O. Maisano
Vice President and Controller
(Authorized Officer and Chief Accounting Officer)
Dated: April 29, 2026




Exhibit 99.1 
 
bluegdlogo.jpg
11011 Sunset Hills Road 
Reston, Virginia 20190News
www.gd.com 

Contact: Jeff A. Davis
Tel: 703 876 3483
press@generaldynamics.com


General Dynamics Reports First-Quarter 2026 Financial Results

April 29, 2026

•Revenue of $13.5 billion, up 10.3% from year-ago quarter, with growth in all four segments
•Diluted EPS $4.10, up 12% from year-ago quarter
•$2.2 billion cash from operating activities, 192% of net earnings
•Strong order activity, with 2-to-1 book-to-bill

RESTON, Va. – General Dynamics (NYSE: GD) today reported first-quarter 2026 operating earnings of $1.4 billion, or $4.10 per diluted share (EPS), on revenue of $13.5 billion. Compared with the year-ago quarter, revenue increased 10.3%, operating earnings and diluted EPS both increased 12%. Operating margin was 10.5%.

“Our businesses had a very good start to the year, delivering strong operating results and excellent cash conversion,” said Phebe Novakovic, chairman and chief executive officer. “We are positioned well to drive additional performance throughout the year.”

Cash and Capital Deployment
Net cash provided by operating activities in the quarter totaled $2.2 billion, or 192% of net earnings. During the quarter, the company paid $405 million in dividends and invested $203 million in capital expenditures, ending the quarter with $3.7 billion in cash and equivalents on hand.

Orders and Backlog
Orders totaled $26.6 billion in the quarter on a companywide basis. Consolidated book-to-bill ratio, defined as orders divided by revenue, was 2-to-1 for the quarter. Book-to-bill was 2.2-to-1 for the defense segments and 1.2-to-1 for the Aerospace segment.

Total estimated contract value, the sum of all backlog components, was $188.4 billion at the end of the quarter. This includes backlog of $130.8 billion and estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, of $57.6 billion.






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About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2026 financial results conference call at 9 a.m. EDT on Wednesday, April 29, 2026. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through May 6, 2026, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its financial results are available at www.gd.com.

This press release contains forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
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EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
 Three Months EndedVariance
 April 5, 2026March 30, 2025$%
Revenue$13,481 $12,223 $1,258 10.3%
Operating costs and expenses(12,061)(10,955)(1,106)
Operating earnings1,420 1,268 152 12.0%
Other, net18 21 (3)
Interest, net(69)(89)20 
Earnings before income tax1,369 1,200 169 14.1%
Provision for income tax, net(244)(206)(38)
Net earnings$1,125 $994 $131 13.2%
Earnings per share—basic$4.16 $3.69 $0.47 12.7%
Basic weighted average shares outstanding270.2 269.0 
Earnings per share—diluted$4.10 $3.66 $0.44 12.0%
Diluted weighted average shares outstanding274.1 271.7 





































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EXHIBIT B
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
 Three Months EndedVariance
 April 5, 2026March 30, 2025$%
Revenue:
Aerospace$3,279 $3,026 $253 8.4 %
Marine Systems4,343 3,589 754 21.0 %
Combat Systems2,283 2,176 107 4.9 %
Technologies3,576 3,432 144 4.2 %
Total$13,481 $12,223 $1,258 10.3 %
Operating earnings:
Aerospace$493 $432 $61 14.1 %
Marine Systems316 250 66 26.4 %
Combat Systems310 291 19 6.5 %
Technologies339 328 11 3.4 %
Corporate(38)(33)(5)(15.2)%
Total$1,420 $1,268 $152 12.0 %
Operating margin:
Aerospace15.0%14.3%
Marine Systems7.3%7.0%
Combat Systems13.6%13.4%
Technologies9.5%9.6%
Total10.5%10.4%






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EXHIBIT C
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
 
(Unaudited)
April 5, 2026December 31, 2025
ASSETS
Current assets:
Cash and equivalents$3,654 $2,333 
Accounts receivable2,254 2,406 
Unbilled receivables9,051 8,380 
Inventories9,177 9,232 
Other current assets1,919 1,897 
Total current assets26,055 24,248 
Noncurrent assets:
Property, plant and equipment, net7,503 7,525 
Intangible assets, net1,328 1,375 
Goodwill20,956 21,009 
Other assets3,187 3,092 
Total noncurrent assets 32,974 33,001 
Total assets$59,029 $57,249 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt$1,755 $1,006 
Accounts payable2,843 2,678 
Customer advances and deposits10,847 9,824 
Other current liabilities3,380 3,288 
Total current liabilities18,825 16,796 
Noncurrent liabilities:
Long-term debt6,259 7,007 
Other liabilities7,866 7,824 
Total noncurrent liabilities14,125 14,831 
Shareholders’ equity:
Common stock482 482 
Surplus4,433 4,403 
Retained earnings44,774 44,080 
Treasury stock(23,053)(22,860)
Accumulated other comprehensive loss(557)(483)
Total shareholders’ equity26,079 25,622 
Total liabilities and shareholders’ equity$59,029 $57,249 



 
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EXHIBIT D
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 

Three Months Ended
 April 5, 2026March 30, 2025
Cash flows from operating activities—continuing operations:
Net earnings$1,125 $994 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment173 162 
Amortization of intangible and finance lease right-of-use assets59 61 
Equity-based compensation expense40 34 
Deferred income tax provision (benefit)286 (59)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable152 (317)
Unbilled receivables(656)(879)
Inventories55 (92)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable165 13 
Customer advances and deposits764 13 
Other, net(8)(78)
Net cash provided (used) by operating activities2,155 (148)
Cash flows from investing activities:
Capital expenditures(203)(142)
Other, net1 12 
Net cash used by investing activities(202)(130)
Cash flows from financing activities:
Dividends paid(405)(383)
Purchases of common stock(217)(600)
Proceeds from commercial paper, net— 1,590 
Repayment of fixed-rate notes— (750)
Other, net(7)(32)
Net cash used by financing activities(629)(175)
Net cash used by discontinued operations(3)(2)
Net increase (decrease) in cash and equivalents1,321 (455)
Cash and equivalents at beginning of period2,333 1,697 
Cash and equivalents at end of period$3,654 $1,242 

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EXHIBIT E
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
First Quarter
20262025
Free cash flow:
Net cash provided (used) by operating activities$2,155 $(148)
Capital expenditures(203)(142)
Free cash flow (a)$1,952 $(290)
 April 5, 2026December 31, 2025
Net debt:
Total debt$8,014 $8,013 
Less cash and equivalents3,654 2,333 
Net debt (b)
$4,360 $5,680 
Supplemental Aerospace Data:
First Quarter
20262025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft31 30 
Mid-cabin aircraft7 6 
Total38 36 
Aerospace Book-to-Bill:
Orders (c)$3,843 $2,361 
Revenue3,279 3,026 
Book-to-Bill Ratio1.2x0.8x
(a)We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.

(b)We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position.

(c)Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.


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EXHIBIT F
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
FundedUnfundedTotal
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
First Quarter 2026:
Aerospace$21,172 $1,095 $22,267 $1,040 $23,307 
Marine Systems40,598 23,373 63,971 12,519 76,490 
Combat Systems25,532 1,383 26,915 11,770 38,685 
Technologies10,818 6,869 17,687 32,272 49,959 
Total$98,120 $32,720 $130,840 $57,601 $188,441 
Fourth Quarter 2025:
Aerospace$20,804 $1,024 $21,828 $1,120 $22,948 
Marine Systems36,808 15,532 52,340 11,823 64,163 
Combat Systems26,064 1,154 27,218 14,670 41,888 
Technologies9,865 6,795 16,660 33,280 49,940 
Total$93,541 $24,505 $118,046 $60,893 $178,939 
First Quarter 2025:
Aerospace$18,171 $828 $18,999 $1,090 $20,089 
Marine Systems30,882 7,491 38,373 10,261 48,634 
Combat Systems16,129 799 16,928 8,649 25,577 
Technologies9,751 4,606 14,357 32,670 47,027 
Total$74,933 $13,724 $88,657 $52,670 $141,327 

*The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.






 



 





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EXHIBIT F-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS




chart-adbd557f8fe24432954.jpg
Funded BacklogUnfunded Backlog














# # #

Source: View Original Filing on SEC EDGAR

FAQ

How did General Dynamics (GD) perform financially in Q1 2026?

General Dynamics reported Q1 2026 revenue of $13.5 billion, up 10.3% year over year. Operating earnings rose to $1.4 billion, and diluted EPS increased 12% to $4.10, reflecting broad-based growth across all four operating segments.

What was General Dynamics' cash flow and free cash flow in Q1 2026?

In Q1 2026, General Dynamics generated $2.2 billion of net cash from operating activities, equal to 192% of net earnings. After $203 million of capital expenditures, free cash flow was $1.95 billion, highlighting strong cash conversion from earnings.

What are General Dynamics (GD) orders, book-to-bill, and backlog for Q1 2026?

General Dynamics recorded $26.6 billion in Q1 2026 orders, yielding a companywide book-to-bill ratio of 2-to-1. Total estimated contract value reached $188.4 billion, including $130.8 billion of backlog and $57.6 billion of estimated potential contract value.

How did General Dynamics’ segments perform in Q1 2026?

All four segments grew revenue in Q1 2026. Aerospace revenue was $3.28 billion, Marine Systems $4.34 billion, Combat Systems $2.28 billion, and Technologies $3.58 billion. Each segment also increased operating earnings compared with the year-ago quarter.

What was General Dynamics’ net income and EPS growth in Q1 2026?

Net earnings in Q1 2026 were $1.13 billion, up 13.2% from the prior-year quarter. Basic EPS rose from $3.69 to $4.16, and diluted EPS increased from $3.66 to $4.10, both reflecting 12% year-over-year growth.

What is General Dynamics’ balance sheet position after Q1 2026?

At April 5, 2026, General Dynamics held $3.65 billion in cash and equivalents and total debt of $8.01 billion. This resulted in net debt of $4.36 billion, improved from $5.68 billion at December 31, 2025.

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