General Dynamics reported Q2 2026 revenue of $14.1 billion, up 8.1% year over year, with net earnings of $1.16 billion and diluted EPS of $4.24. For the first six months, revenue was $27.6 billion and net earnings $2.29 billion, as operating margin reached 10.4%.
Growth was led by Aerospace, where revenue rose to $3.53 billion and margin to 14.5%, and Marine Systems, with $4.66 billion of revenue and 7.3% margin. Combat Systems and Technologies delivered modest revenue increases with margins around 13.8% and 9.4%, respectively.
Operating cash flow was $4.04 billion and free cash flow $3,598 in the first half, while cash rose to $4.33 billion and debt principal declined to $7.57 billion. Total backlog reached $136.5 billion, with about half expected to convert to revenue by year-end 2027. The quarterly dividend increased to $1.59 per share, marking 29 consecutive annual increases.
General Dynamics Corporation reported higher second-quarter 2026 results, with revenue of $14.1 billion and diluted EPS of $4.24. Revenue grew 8.1%, operating earnings rose 11.9% to $1.5 billion, and the company-wide operating margin expanded to 10.4%.
Net cash provided by operating activities in the quarter was $1.9 billion, equal to 162% of net earnings. The company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million, ending with total debt of $7.5 billion and cash of $4.3 billion.
Orders totaled $20 billion, producing a company-wide book-to-bill ratio of 1.4x and 1.5x in Aerospace. Backlog at quarter-end was $136.5 billion, with estimated potential contract value of $50.4 billion, for total estimated contract value of $186.9 billion.
BlackRock, Inc. reports beneficial ownership of common stock of General Dynamics Corporation. BlackRock and certain of its subsidiaries and affiliates collectively hold 17,250,237 General Dynamics shares, representing 6.4% of the outstanding common stock. This filing aggregates positions of designated reporting business units and excludes other disaggregated units.
BlackRock has sole voting power over 16,423,372 shares and sole dispositive power over the full 17,250,237 shares, with no shared voting or dispositive power. Various underlying clients and other persons have rights to dividends or sale proceeds, but no such person holds more than five percent of General Dynamics’ outstanding common shares.
GENERAL DYNAMICS CORP director Malcolm Mark exercised stock options and sold the resulting shares in the open market. He exercised options for 3,210 shares at $165.47 per share and 2,270 shares at $191.71 per share, then sold a total of 5,480 shares of common stock at $365.00 per share. Following these transactions, he directly holds 10,643 shares of General Dynamics common stock. The option grants had previously become exercisable in stages in 2019, 2020, 2022, and 2023 according to the vesting footnotes.
Stratton John G reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director John G. Stratton received 104 shares of common stock as a grant in lieu of cash director fees. The shares were valued at about $359.85 per share on the grant date. After this award, he directly holds 8,484 common shares of the company.
GENERAL DYNAMICS CORP director Laura J. Schumacher reported receiving a stock award of 104 shares of Common Stock. The shares were valued at $359.85 per share on June 16, 2026 and were granted in lieu of cash director fees under the outside directors' compensation program.
After this grant, Schumacher directly holds 13,687 shares of General Dynamics common stock. This is a routine compensation-related acquisition rather than an open-market purchase.
Reynolds Catherine B reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director Catherine B. Reynolds reported a routine stock grant. She received 104 shares of common stock on June 16, 2026 as a grant or award, valued at $359.85 per share, reflecting stock received in lieu of director fees under the outside directors' compensation program.
Following this grant, she holds 7,426 shares of common stock directly and 600 shares indirectly held by her spouse. These transactions reflect compensation and ownership reporting rather than open-market buying or selling.
Nye C Howard reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director C. Howard Nye received 52 shares of Common Stock as a grant in lieu of cash director fees. The shares were valued at $359.85 per share on the transaction date. After this award, Nye directly holds 6,736 shares of General Dynamics common stock.
Mattis James N reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director James N. Mattis received 58 shares of common stock as a grant in lieu of cash director fees. The shares were valued at $359.85 each on the grant date. After this compensation award, he directly holds 3,618 shares of General Dynamics common stock.
GENERAL DYNAMICS CORP director Charles W. Hooper received additional shares as part of his board compensation. On the reported date, he acquired 20 shares of Common Stock at an indicated value of $359.85 per share, reflecting stock taken in lieu of director fees. Following this award, he directly holds 1,349 Common Stock shares.