Companies /Industrials

General Dynamics Corp

NYSE: GD Aerospace & Defense
$355.95
▼ $4.05 (−1.13%) today
Markets closed · 8:43am ET

Q1 2026 Earnings

Reported Apr 29, 2026, 7:58am ET · SEC source
$4.10
Beat +11.02%
EPS · est. $3.69
$13.5B
Beat +6.09%
Revenue · est. $12.7B
−6.5%
Trailing market
GD vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Apr 29Apr 30report 7:58am ETearnings+0.8%+1.4%
−6%−3%0+3%Apr 29Apr 30earnings+0.8%+1.4%
GD +1.4%S&P 500 +0.8%
−6%−3%0+3%Apr 29Apr 30report 7:58am ETearnings+1.2%+1.4%
−6%−3%0+3%Apr 29Apr 30earnings+1.2%+1.4%
GD +1.4%NASDAQ +1.2%
−8%−4%0+4%Apr 28May 6report 7:58am ETearnings+3.1%+3.3%
−8%−4%0+4%Apr 28May 6earnings+3.1%+3.3%
GD +3.3%S&P 500 +3.1%
−8%−4%0+4%Apr 28May 6report 7:58am ETearnings+5.4%+3.3%
−8%−4%0+4%Apr 28May 6earnings+5.4%+3.3%
GD +3.3%NASDAQ +5.4%
+7.99%
Day of report
+1.64%
Next session
+2.52%
One week
+0.14%
30 days

S&P 500 over the same 30 days: +6.60%.

Did GD Beat Earnings? Q1 2026 Results

General Dynamics kicked off 2026 with a strong first quarter, posting diluted EPS of $4.10 and revenue of $13.48 billion, both up 12% and 10.3% respectively from the year-ago period, extending the defense and aerospace giant's streak of beating consensus EPS estimates to four consecutive quarters. The single most compelling storyline was a dramatic swing in cash generation, with operating cash flow of $2.15 billion representing 192% of net earnings, compared to negative $148 million in Q1 2025, a shift that helped drive net debt down to $4.36 billion from $5.68 billion and pushed the company's cash balance to $3.65 billion. Marine Systems led segment performance with revenue up 21% and operating earnings up 26.4%, while robust order activity produced a consolidated 2-to-1 book-to-bill ratio and lifted total estimated contract value to $188.44 billion, providing substantial revenue visibility heading into the rest of the year. CEO Phebe Novakovic characterized the results as a "very good start," signaling confidence in sustaining that momentum through 2026.

Key Takeaways
  • Marine Systems revenue grew 21.0% YoY, the fastest-growing segment
  • Aerospace operating margin expanded to 15.0% from 14.3%
  • Marine Systems operating earnings grew 26.4% YoY
  • Operating cash flow of $2.2 billion represented 192% of net earnings
  • Strong order activity with 2-to-1 consolidated book-to-bill ratio
  • Gulfstream delivered 38 aircraft vs. 36 in the year-ago quarter
  • Aerospace book-to-bill improved to 1.2x from 0.8x in Q1 2025

“Our businesses had a very good start to the year, delivering strong operating results and excellent cash conversion.”

General Dynamics CEO, on the earnings call

Forward Guidance & Outlook

CEO Phebe Novakovic stated the company is 'positioned well to drive additional performance throughout the year,' signaling confidence in sustained growth across the business. Strong order activity with a 2-to-1 book-to-bill ratio and total estimated contract value of $188.4 billion provide significant revenue visibility.

GD YoY Financials

Revenue$13.5B
Operating Income$1.4B
Net Income$1.1B

GD Revenue by Segment

Marine Systems$4.3B+21.0%
Aerospace$3.3B+8.4%
Technologies$3.6B+4.2%
Combat Systems$2.3B+4.9%

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