Q3 26 EPS
$4.24
BEAT +6.85%
Est. $3.97
Q3 26 Revenue
$14.09B
BEAT +4.06%
Est. $13.54B
vs S&P Since Q3 26
-7.9%
TRAILING MARKET
GD -4.8% vs S&P +3.1%
Market Reaction
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 e… Read more 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%
GD 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, source: SEC Filings
GD Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Phebe Novakovic, Q3 2026 Earnings Press Release
GD Earnings Trends
GD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GD EPS Trend
Earnings per share: estimate vs actual
GD Revenue Trend
Quarterly revenue: estimate vs actual
GD Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $3.97 | $4.24 | +6.85% | $14.09B | +4.06% |
| Q1 26 BEAT | $3.69 | $4.10 | +11.02% | $13.48B | +6.09% |
| Q4 25 BEAT FY | $4.11 | $4.17 | +1.54% | $14.38B | +4.49% |
| FY Full Year | $15.41 | $15.45 | +0.28% | $52.55B | +1.16% |
| Q3 25 BEAT | $3.71 | $3.88 | +4.57% | $12.91B | +2.99% |
| Q2 25 BEAT | $3.44 | $3.74 | +8.79% | $13.04B | +7.05% |
| Q1 25 BEAT | $3.46 | $3.66 | +5.72% | $12.22B | +2.34% |