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.
LONGVIEW ASSET MANAGEMENT, LLC, identified as a Former 10% Owner of GENERAL DYNAMICS CORP (GD), submitted a Form 4 reporting its insider status. The filing shows no common stock or derivative transactions, indicating this is a routine ownership update rather than a new buy or sell event.
GENERAL DYNAMICS CORP vice president Dana Omahen Maisano filed an initial ownership report showing direct and indirect holdings of company equity. The filing lists 3,842 shares of Common Stock held directly and 141.668 shares held indirectly through a General Dynamics 401(k) plan.
Maisano also holds several stock option awards on Common Stock, including 3,200 underlying shares at an exercise price of $232.90 expiring on March 1, 2032, and 2,700 underlying shares at $227.58 expiring on March 7, 2033. Additional option grants cover 2,200 shares at $274.51 expiring on March 5, 2034, 2,420 shares at $257.55 expiring on March 4, 2035, and 1,860 shares at $363.02 expiring on March 3, 2036.
Footnotes explain that Maisano also has restricted stock units of 220 RSUs, 290 RSUs, and 245 RSUs, each subject to service-based vesting with shares releasing three years after the grant date and settling one-for-one in Common Stock.
General Dynamics is calling a virtual annual shareholder meeting on May 6, 2026, asking holders of common stock to elect 12 directors, approve KPMG as independent auditor on an advisory basis, and give an advisory say-on-pay vote on executive compensation.
The company highlights strong 2025 performance with $52.6 billion in revenue, $5.1 billion in net cash from operating activities, $4 billion in free cash flow, and a year-end backlog of $118 billion. It returned $2.2 billion to shareholders and posted 30.4% total shareholder return versus 17.9% for the S&P 500.
The Board stresses governance and sustainability: 11 of 12 nominees are independent, there is an independent Lead Director, stringent stock ownership rules, active risk oversight including cybersecurity and emerging technologies, and a fully independent Sustainability Committee. Executive pay blends market-competitive base salary, formula-based annual incentives tied to EPS, free cash flow and operating margin, plus long-term incentives split 50% performance stock units, 30% stock options and 20% restricted stock.
General Dynamics Corp ownership disclosure: The Vanguard Group filed an amended Schedule 13G/A reporting 0 shares beneficially owned and 0% of Common Stock as disclosed in the filing dated 03/13/2026. The amendment explains an internal realignment at The Vanguard Group, Inc., under SEC Release No. 34-39538, causing certain subsidiaries or business divisions to report separately and clarifies that those subsidiaries are no longer aggregated with The Vanguard Group, Inc.
Stratton John G reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director John G. Stratton received 105 shares of Common Stock as a grant, valued at $354.31 per share. These shares were issued in lieu of cash director fees under the outside directors' compensation program and increase his direct holdings to 8,380 shares.
This is a compensation-related stock award rather than an open-market purchase or sale, so it represents routine equity-based payment for board service instead of a discretionary trade based on the company’s share price.
Schumacher Laura J reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director Laura J. Schumacher received 105 shares of Common Stock as a stock award. The shares were granted on March 17, 2026 at a value of $354.31 per share and were issued in lieu of cash director fees under the outside directors' compensation program. Following this award, she directly holds 13,583 shares of General Dynamics common stock.
Reynolds Catherine B reported acquisition or exercise transactions in this Form 4 filing.
GENERAL DYNAMICS CORP director Catherine B. Reynolds received 105 shares of Common Stock as a grant in lieu of director fees, valued at $354.31 per share. This is a compensation-related stock award, not an open-market purchase or sale.
After this award, she directly holds 7,322 Common Shares, and an additional 600 shares are held indirectly through her spouse. The filing reflects routine equity-based compensation for outside directors and an updated picture of her direct and indirect ownership in the company.