Companies /Industrials

General Dynamics Corp

NYSE: GD Aerospace & Defense
$355.95
▼ $4.05 (−1.13%) today
Markets closed · 8:08am ET

Q3 2026 Earnings

Reported Jul 29, 2026, 8:01am ET · SEC source
$4.24
Beat +6.85%
EPS · est. $3.97
$14.1B
Beat +4.06%
Revenue · est. $13.5B
−5.9%
Trailing market
GD vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Jul 29Jul 30report 8:01am ETearnings−0.3%−3.9%
−4%−2%0Jul 29Jul 30earnings−0.3%−3.9%
GD −3.9%S&P 500 −0.3%
−4%−2%0Jul 29Jul 30report 8:01am ETearnings+0.8%−3.9%
−4%−2%0Jul 29Jul 30earnings+0.8%−3.9%
GD −3.9%NASDAQ +0.8%
−3%0+3%Jul 28Aug 6report 8:01am ETearnings+4.1%−2.0%
−3%0+3%Jul 28Aug 6earnings+4.1%−2.0%
GD −2.0%S&P 500 +4.1%
−4%0+4%+8%Jul 28Aug 6report 8:01am ETearnings+5.9%−2.0%
−4%0+4%+8%Jul 28Aug 6earnings+5.9%−2.0%
GD −2.0%NASDAQ +5.9%
−3.11%
Day of report
+0.33%
Next session
+0.82%
One week
−0.43%
30 days

S&P 500 over the same 30 days: +5.47%.

Did GD Beat Earnings? Q3 2026 Results

General Dynamics delivered a strong third quarter for fiscal 2026, posting earnings per share of $4.24 against a consensus estimate of $3.97, a beat of 6.85%, marking the fifth consecutive quarter the defense and aerospace giant has cleared analyst expectations. Revenue climbed to $14.09 billion, up 8.1% year over year and ahead of the $13.54 billion consensus by 4.06%, as contributions across all four business segments drove broad-based growth. The standout catalyst was the Aerospace division, where 41 Gulfstream deliveries and a 1.5x book-to-bill ratio on $5.28 billion in orders signaled resilient demand in business aviation and helped push segment margins to 14.5% from 13.2% a year ago. Marine Systems also contributed meaningfully, with double-digit revenue growth of 10.4% and improving execution efficiency. With a company-wide backlog reaching $136.50 billion and total estimated contract value of $186.90 billion, General Dynamics appears well positioned to sustain its momentum, and management's continued investments to expand production capacity reinforce confidence in the pipeline ahead. The stock recently hit a 52-week high, raising the question of whether the underlying fundamentals can support further appreciation.

Key Takeaways
  • Double-digit revenue growth and margin expansion in Aerospace and Marine Systems
  • Gulfstream delivered 41 aircraft (35 large-cabin, 6 mid-cabin), up from 38 a year ago
  • Operating margin expanded 40 basis points to 10.4% company-wide
  • Strong operating cash flow at 162% of net earnings
  • Net interest expense declined to $49 million from $88 million year-over-year
  • Aerospace operating margin improved to 14.5% from 13.2%
  • Marine Systems operating margin improved to 7.3% from 6.9%

“Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog.”

General Dynamics CEO, on the earnings call

Forward Guidance & Outlook

The company indicated it is well positioned to support customer needs and is making significant investments to increase output to meet strong and growing demand. The 1.4x company-wide book-to-bill ratio and total estimated contract value of $186.9 billion suggest a robust pipeline of future work.

GD YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$4.0B$8.0B$12.0B$13.0B$14.1BRevenue$1.3B$1.5BOperating Income$1.0B$1.2BNet Income
$0$4.0B$8.0B$12.0BRevenueOperating IncomeNet Income

GD Revenue by Segment

Marine Systems$4.7B+10.4%
Aerospace$3.5B+15.1%
Technologies$3.6B+4.1%
Combat Systems$2.3B+0.3%

Figures from SEC filings and company reports. Not investment advice.