General Dynamics Corporation earnings overview

GD FY2026 Q1 · Calendar Q2 2026

General Dynamics Corporation

General Dynamics delivered a strong first quarter of fiscal 2026, beating consensus on both revenue ($13.5B vs. $12.7B estimated) and EPS ($4.10 vs. $3.67 estimated). The quarter was defined by record order intake of $26 billion at a 2:1 book-to-bill ratio, pushing the backlog to an all-time high of $131 billion with total contract value at $188 billion. Free cash flow conversion reached 174%, well above the full-year target of 100%. Aerospace margins expanded to 15% on record Gulfstream G800 deliveries, while Marine Systems benefited from Columbia- and Virginia-class submarine demand. Management raised full-year EPS guidance to $16.45-$16.55. The market responded with an 8% abnormal move on 2.6x normal volume, and the stock has since drifted an additional 3% higher. With the shares at $393 against a consensus target of $415, the market is pricing in continued execution but not…