Jun 2026 (Q2 FY26) — Jul 29, 2026
General Dynamics Q2 FY26 — Superb Quarter Driven by Strong Aerospace and Marine Performance
Read the full callGeneral Dynamics (GD) earnings
- Apr 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
General Dynamics earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 13,481 | +10.3% YoY | Quarterly, as filed | Quarter to Apr 2026 | Revenue from operations as filed. |
| Operating margin | 10.5 | +0.2 pts YoY | Operating profit / revenue | Quarter to Apr 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,125 | +13.2% YoY | Quarterly, as filed | Quarter to Apr 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 20 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aerospace full-year operating margin | around 14% | Dec 2025 | We anticipate a 14.7% operating margin for the year. | Revised Up |
| Aerospace total aircraft deliveries | 160 with a little upside | Dec 2025 | Gulfstream will still deliver about 160 airplanes. | On Track |
5 of GENERAL DYNAMICS CORP's 50 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 48 more targets are in the full ledger.
Claimed
- Q2 FY26 diluted EPS of $4.24, up 13.4% YoY, beating consensus by $0.28.
- Record backlog of $136.5 billion, up 32% YoY, with all four segments achieving book-to-bill greater than 1.0x.
- Strong operating cash flow of $1.9 billion in Q2, leading to $4 billion in H1 FY26, and free cash flow conversion of 142%.
- Aerospace revenue increased 15.1% YoY to $3.5 billion, with operating margin improving 130 bps to 14.5%.
- Marine Systems revenue grew 10.4% YoY, with operating earnings up 17.5% and operating margin improving 40 bps.
Qualified
- Combat Systems operating earnings decreased $6 million YoY, with operating margin down 30 bps to 13.9% due to mix.
- Technologies operating margin decreased 20 bps YoY from 9.6% to 9.4%.
- Expected production gap for the G300 aircraft from end of 280 production in Q2 FY27 until late FY27/early FY28.
Price
$341.43 −0.81% · −$2.8
Performance +3.1% 1Y
1Y: $331.15 on 17 Oct 2025 → $341.43. High $395.97 (10 Aug 2026), low $312.53 (27 Apr 2026).
- Previous close
- $344.23
- 52-week range
- $312.53 – $395.97
- One year
- +1.26%
Overview
- Symbol
- GD
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 20 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aerospace full-year operating margin | around 14% | Dec 2025 | We anticipate a 14.7% operating margin for the year. | Revised Up |
| Aerospace total aircraft deliveries | 160 with a little upside | Dec 2025 | Gulfstream will still deliver about 160 airplanes. | On Track |
Claimed
- Q2 FY26 diluted EPS of $4.24, up 13.4% YoY, beating consensus by $0.28.
- Record backlog of $136.5 billion, up 32% YoY, with all four segments achieving book-to-bill greater than 1.0x.
- Strong operating cash flow of $1.9 billion in Q2, leading to $4 billion in H1 FY26, and free cash flow conversion of 142%.
- Aerospace revenue increased 15.1% YoY to $3.5 billion, with operating margin improving 130 bps to 14.5%.
- Marine Systems revenue grew 10.4% YoY, with operating earnings up 17.5% and operating margin improving 40 bps.
Qualified
- Combat Systems operating earnings decreased $6 million YoY, with operating margin down 30 bps to 13.9% due to mix.
- Technologies operating margin decreased 20 bps YoY from 9.6% to 9.4%.
- Expected production gap for the G300 aircraft from end of 280 production in Q2 FY27 until late FY27/early FY28.
The full ledger
Open GENERAL DYNAMICS CORP’s full ledger
A free account opens 5 company ledgers a month. All 50 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
General Dynamics Q1 FY26 — Record backlog and 2:1 book-to-bill lift EPS guide
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
General Dynamics Q4 FY25 — Record Backlog and Strong Demand Across Segments
Read the full callEvery analysed call
General Dynamics earnings calls (GD)
Financials
What the filings say
Net profit, year on year: +13% (quarter to apr 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 11,976 | 11,671 | 13,338 | 12,223 | 13,041 | 12,907 | 14,379 | 13,481 |
| Expenses | 10,820 | 10,490 | 11,915 | 10,955 | 11,736 | 11,576 | 12,927 | 12,061 |
| Operating profit | 1,156 | 1,181 | 1,423 | 1,268 | 1,305 | 1,331 | 1,452 | 1,420 |
| Operating margin | 9.7% | 10.1% | 10.7% | 10.4% | 10.0% | 10.3% | 10.1% | 10.5% |
| Profit before tax | 1,090 | 1,114 | 1,368 | 1,200 | 1,232 | 1,272 | 1,399 | 1,369 |
| Tax rate | 17.0% | 16.5% | 16.1% | 17.2% | 17.7% | 16.8% | 18.3% | 17.8% |
| Net profit | 905 | 930 | 1,148 | 994 | 1,014 | 1,059 | 1,143 | 1,125 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 482 | 482 | 482 | 482 | 482 | 482 | 482 | 482 |
| Reserves | 29,326 | 31,633 | 33,498 | 35,420 | 37,403 | 39,270 | 41,487 | 44,080 |
| Total liabilities | 33,777 | 35,371 | 35,647 | 32,432 | 33,017 | 33,511 | 33,817 | 31,627 |
| Fixed assets | 3,978 | 4,475 | 5,100 | 5,417 | 5,900 | 6,198 | 6,467 | 7,525 |
| Total assets | 45,887 | 49,349 | 51,308 | 50,073 | 51,585 | 54,810 | 55,880 | 57,249 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,148 | 2,981 | 3,858 | 4,271 | 4,579 | 4,710 | 4,112 | 5,120 |
| Cash from investing | -10,234 | -994 | -974 | -882 | -1,489 | -941 | -953 | -1,284 |
| Cash from financing | 5,086 | -1,997 | -903 | -4,590 | -3,471 | -3,094 | -3,369 | -3,190 |
| Net cash flow | -2,020 | -61 | 1,922 | -1,221 | -361 | 671 | -216 | 636 |
| Capital expenditure | -690 | -987 | -967 | -887 | -1,114 | -904 | -916 | -1,161 |
| Free cash flow | 2,458 | 1,994 | 2,891 | 3,384 | 3,465 | 3,806 | 3,196 | 3,959 |
GD revenue by segment
Aerospace grew from 21% to 25% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Marine Systems | 31% | 30% | 29% | 32% | 32% | 34% | 32% | 33% | +10.4% |
| Technologies | 29% | 24% | 28% | 27% | 26% | 23% | 27% | 26% | +4.1% |
| Aerospace | 21% | 28% | 25% | 23% | 25% | 26% | 24% | 25% | +15.1% |
| Combat Systems | 19% | 18% | 18% | 18% | 17% | 18% | 17% | 16% | +0.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
GD operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Orders | $10B+We had a solid quarter with over $10 billion of orders.Source: earnings call transcript | — | $26B+We received over $26 billion of orders achieving an overall book-to-bill ratio of 2:1 even as revenue grew by over 10% from the year ago quarter.Source: earnings call transcript | — | — |
| Book-to-bill ratio Technologies | 1.1 ratioOrder activity was particularly strong in the Technologies group with a book-to-bill ratio of 1.1:1.Source: earnings call transcript | 0.9 ratioTotal orders for the group reached $15.9 billion, resulting in a book-to-bill of 0.9:1 for the quarter and 1.2x for the year.Source: earnings call transcript | 1.3 ratioThe group's order activity was also encouraging with a book-to-bill of 1.3x for the quarter and 1.2x for the trailing 12 months.Source: earnings call transcript | — | +44.4% |
| Book-to-bill ratio | <1 ratioOur overall book-to-bill ratio for the company was less than 1x due in part to the 14% increase in revenue from last year.Source: earnings call transcript | — | 2 ratioWe received over $26 billion of orders achieving an overall book-to-bill ratio of 2:1 even as revenue grew by over 10% from the year ago quarter.Source: earnings call transcript | 1.4 ratioWe had another strong quarter with just shy of $20 billion of orders, yielding an overall book-to-bill ratio of 1.4:1 for the company.Source: earnings call transcript | -30% |
| Backlog | $89BThis resulted in total backlog being slightly down from year-end to $89 billion at quarter end.Source: earnings call transcript | $118BThe robust demand across our portfolio resulted in finishing the year with a record total backlog of $118 billion, an astonishing 30% increase over last year.Source: earnings call transcript | $131BThe robust demand across our portfolio resulted in total backlog of $131 billion, an impressive 48% increase over last year and 11% higher than just a quarter ago.Source: earnings call transcript | $136.5BWe ended the quarter with a record level of backlog of $136.5 billion, up 32% from a year ago.Source: earnings call transcript | +4.2% |
| Total estimated contract value | $141B+Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at a little over $141 billion.Source: earnings call transcript | $179BTotal estimated contract value, which includes options and IDIQ contracts, ended the year also at a record level of $179 billion, a 24% increase from last year.Source: earnings call transcript | $188BTotal estimated contract value, which includes options and IDIQ contracts, ended the quarter at another record level of $188 billion, a 33% increase from last year.Source: earnings call transcript | $186.9BOur total estimated contract value, which includes options and IDIQ contracts ended the quarter at $186.9 billion.Source: earnings call transcript | -0.6% |
| Aircraft deliveries Aerospace | 36The 36 deliveries in the quarter are about as planned.Source: earnings call transcript | — | 38The 38 deliveries in the quarter are exactly as planned.Source: earnings call transcript | 41The 41 deliveries in the quarter are somewhat more than planned.Source: earnings call transcript | +7.9% |
| Book-to-bill ratio Aerospace | 0.8 ratioWe had a 0.8x book-to-bill in the quarter even as aircraft deliveries increased by 50%.Source: earnings call transcript | 1.3 ratioAerospace had a book-to-bill of 1.3x in the quarter and Gulfstream alone had an aircraft book-to-bill of 1.4x, even as deliveries increased significantly in the quarter.Source: earnings call transcript | 1.2 ratioWe had a 1.2 book-to-bill in the quarter with 17 more airplane orders than the year ago quarter.Source: earnings call transcript | 1.5 ratioIn aerospace, our dollar-based book-to-bill was 1.5x.Source: earnings call transcript | +25% |
| Backlog Combat Systems | $16.9BOrders in the quarter drove backlog to $16.9 billion, up $1.3 billion from this time a year ago.Source: earnings call transcript | $27.2BThis all rolls up to a total backlog of $27.2 billion and total estimated contract value of almost $42 billion.Source: earnings call transcript | — | — | +60.9% |
| Pipeline of qualified opportunities Technologies | $120BTheir pipeline of qualified opportunities remain strong at $120 billion, and their win and capture rates in the 80% range reflect the compelling value they're providing their customers.Source: earnings call transcript | <$120BThis, combined with a robust order pipeline of close to $120 billion of qualified opportunities, certainly presents a healthy market picture as we look forward.Source: earnings call transcript | — | — | — |
| Book-to-bill ratio Combat Systems | — | 4.3 ratioCombat saw robust order intake for the fourth quarter, resulting in book-to-bill of 4.3:1.Source: earnings call transcript | 0.9 ratioWe also experienced good order performance at 0.9:1 book-to-bill given the third and fourth quarters of 2025 book-to-bill of 2x and 4.3x, respectively.Source: earnings call transcript | 2.1 ratioIn the Defense segment, book-to-bill was 1.4x led by the Combat Systems segment at 2.1x, which received several large contracts, including the production of new armored combat support vehicles ACS for the Canadian Armed Forces.Source: earnings call transcript | +133.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
171 filings between Oct 28, 2025 and Sep 23, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$95.19M
27 sales by 10 insiders
Compensation
not trading decisions- 69
- Award — granted as compensation
- 25
- Option exercise — converted options into shares
- 46
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| NOVAKOVIC PHEBE N | — | $31.38M | Aug 3, 2026 |
| Burns Mark Lagrand | — | $28.64M | May 12, 2026 |
| Gilliland Marguerite Amy | — | $17.67M | Jul 31, 2026 |
| Paddock David | — | $6.82M | Dec 17, 2025 |
| STEEL ROBERT K | — | $2.57M | Sep 23, 2026 |
| Brady Christopher J | — | $2.42M | Aug 5, 2026 |
| Malcolm Mark | — | $2.00M | Jun 17, 2026 |
| Rayha Mark | — | $1.56M | Feb 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | STEEL ROBERT K Director | Sale | 2,190 | $758.0K |
| Sep 23, 2026 | STEEL ROBERT K Director | Option exercise | 2,770 | $466.9K |
| Sep 23, 2026 | STEEL ROBERT K Director | Sale | 1,780 | $615.9K |
| Sep 23, 2026 | STEEL ROBERT K Director | Option exercise | 700 | $192.2K |
| Sep 23, 2026 | STEEL ROBERT K Director | Sale | 700 | $242.1K |
| Sep 23, 2026 | STEEL ROBERT K Director | Option exercise | 1,780 | $405.1K |
| Sep 23, 2026 | STEEL ROBERT K Director | Sale | 2,770 | $958.6K |
| Sep 23, 2026 | STEEL ROBERT K Director | Option exercise | 2,190 | $510.1K |
| Sep 16, 2026 | HANEY CECIL D Director | Award | 10 | $3.6K |
| Sep 16, 2026 | DE LEON RUDY F Director | Award | 52 | $18.5K |
| Sep 16, 2026 | Stratton John G Director | Award | 105 | $37.5K |
| Sep 16, 2026 | Reynolds Catherine B Director | Award | 105 | $37.5K |
| Sep 16, 2026 | Hooper Charles W Director | Award | 21 | $7.5K |
| Sep 16, 2026 | Schumacher Laura J Director | Award | 105 | $37.5K |
| Sep 16, 2026 | Nye C Howard Director | Award | 52 | $18.5K |
| Sep 8, 2026 | Rayha Mark Vice President | Tax withheld | 19 | $6.8K |
| Aug 14, 2026 | Deep Danny President | Option exercise | 25,070 | $4.15M |
| Aug 14, 2026 | Deep Danny President | Tax withheld | 5,833 | $2.30M |
| Aug 14, 2026 | Deep Danny President | Option exercise | 8,530 | $1.43M |
| Aug 14, 2026 | Deep Danny President | Tax withheld | 17,070 | $6.74M |
| Aug 13, 2026 | Smith Robert Edward Executive Vice President | Option exercise | 35,010 | $5.79M |
| Aug 13, 2026 | Smith Robert Edward Executive Vice President | Tax withheld | 6,755 | $2.64M |
| Aug 13, 2026 | Smith Robert Edward Executive Vice President | Option exercise | 9,430 | $1.78M |
| Aug 13, 2026 | Smith Robert Edward Executive Vice President | Tax withheld | 23,930 | $9.35M |
| Aug 11, 2026 | DE LEON RUDY F Director | Gift | 128 | $0 |
| Aug 10, 2026 | Kuryea Kimberly A Senior Vice President & CFO | Option exercise | 28,300 | $6.34M |
| Aug 10, 2026 | Wall Peter A Director | Option exercise | 1,990 | $445.6K |
| Aug 10, 2026 | Kuryea Kimberly A Senior Vice President & CFO | Tax withheld | 21,557 | $8.53M |
| Aug 10, 2026 | Wall Peter A Director | Sale | 1,990 | $788.9K |
| Aug 7, 2026 | Gallopoulos Gregory S Senior VP, Gen. Counsel, Sec. | Gift | 1,500 | $0 |
| Aug 5, 2026 | Brady Christopher J Vice President | Sale | 6,320 | $2.42M |
| Aug 5, 2026 | Brady Christopher J Vice President | Option exercise | 6,320 | $1.21M |
| Aug 4, 2026 | Deep Danny President | Tax withheld | 4,565 | $1.74M |
| Aug 4, 2026 | Deep Danny President | Tax withheld | 4,428 | $1.69M |
| Aug 4, 2026 | Deep Danny President | Option exercise | 5,900 | $1.32M |
| Aug 4, 2026 | Deep Danny President | Option exercise | 6,090 | $1.17M |
| Aug 3, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Sale | 15,917 | $6.10M |
| Aug 3, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Sale | 7,271 | $2.79M |
| Aug 3, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Sale | 22,707 | $8.68M |
| Aug 3, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Sale | 5,673 | $2.16M |
| Jul 31, 2026 | Gilliland Marguerite Amy Executive Vice President | Option exercise | 43,180 | $7.14M |
| Jul 31, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Option exercise | 166,660 | $27.58M |
| Jul 31, 2026 | Gilliland Marguerite Amy Executive Vice President | Sale | 16,970 | $6.41M |
| Jul 31, 2026 | Gilliland Marguerite Amy Executive Vice President | Sale | 26,210 | $9.92M |
| Jul 31, 2026 | NOVAKOVIC PHEBE N Chairman and CEO | Tax withheld | 115,092 | $43.64M |
| Jun 17, 2026 | Malcolm Mark Director | Sale | 2,270 | $828.5K |
| Jun 17, 2026 | Malcolm Mark Director | Option exercise | 2,270 | $435.2K |
| Jun 17, 2026 | Malcolm Mark Director | Sale | 3,210 | $1.17M |
| Jun 17, 2026 | Malcolm Mark Director | Option exercise | 3,210 | $531.2K |
| Jun 16, 2026 | DE LEON RUDY F Director | Award | 52 | $18.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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