Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2057.1%
Neutral1440.0%
Bearish12.9%
General Dynamics Corporation · GD · FY2025 Q4 · Calendar Q1 2026
GD: Strong backlog and demand offset capex, tariff and supply-chain risks
The supplied analysis supports a constructive operating thesis: broad demand, a record backlog and strong order intake provide support for continued growth. The main qualification is execution—higher capex, tariff exposure, supply-chain constraints and government-budget timing could pressure margins, cash flow or delivery schedules.
Reported Before market openNYSEIndustrials
$91.10B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.17
Consensus $4.11
EPS surprise
+1.5%
Reported versus consensus
Reported revenue
$14.38B
Consensus $13.80B
Revenue surprise
+4.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.7%
Event window
SPY move
-0.0%
Same window
Abnormal move
-2.7%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-1.7%
Up to 20 sessions
GDSPY benchmark
Ask FN2 about GD FY2025 Q4
Transcript, numbers and history already loaded
Why did GD fall 2.7% after beating EPS estimates in FY2025 Q4?What changed in GD's guidance and outlook in FY2025 Q4?Give me the bull and bear case for GD after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the focus shifted from a raised EPS outlook and a $109.9 billion backlog to maintained 2026 targets, a $118 billion backlog, a 4.3-to-1 Q4 Combat Systems book-to-bill and quantified tariff and capex pressures.
Guidance delta
Management maintained its outlook, including a 2026 revenue target of $54.3-$54.8 billion and a 10.4% operating-margin target.
Key takeaways
- Demand remained broad, with Aerospace and Marine Systems leading growth.
- The $118 billion backlog and Q4 Combat Systems book-to-bill of 4.3-to-1 support visibility.
- Management plans higher Gulfstream deliveries and accelerated submarine and munitions production.
- Free-cash-flow conversion is targeted at 100% in 2026 despite a 79% capex increase.
- Tariffs, supply constraints and government-budget timing remain execution risks.
Management priorities
- Increase Gulfstream deliveries to approximately 160 aircraft.
- Accelerate submarine production and shipyard output.
- Expand combat-systems munitions capacity and European land-vehicle programs.
- Continue Mission Systems research and technology investment.
- Target 100% free-cash-flow conversion in 2026.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$334.16Current
$176Low
$358.71Average
$465High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Market Perform | Market Perform | Maintain | Sep 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 8, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 4, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 30, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 30, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Jul 30, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 9, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 6, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | Sep 29, 2025 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 24, 2025 |
| Baird | Neutral | Neutral | Maintain | Jul 24, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Jul 8, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Feb 21, 2025 |
| Goldman Sachs | Sell | Neutral | Downgrade | Dec 12, 2024 |
| Argus Research | Buy | Buy | Maintain | Apr 29, 2024 |
| Alembic Global | Neutral | Overweight | Downgrade | Jan 29, 2024 |
| Berenberg | Market Perform | Market Perform | Maintain | Sep 26, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 27, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Mar 29, 2021 |
| Stifel | Hold | Hold | Maintain | Jul 30, 2020 |
| CFRA | Buy | Hold | Upgrade | Feb 12, 2020 |
| Argus | Hold | Buy | Downgrade | Jan 31, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 26, 2018 |
| Bank of America | Buy | Buy | Maintain | Jan 25, 2018 |
| Vertical Research | Buy | Buy | Maintain | Oct 28, 2016 |
| Drexel Hamilton | Hold | Buy | Downgrade | Jul 30, 2015 |
| Buckingham Research | Buy | Neutral | Upgrade | Oct 13, 2014 |
| CRT Capital | Hold | Hold | Maintain | Apr 24, 2014 |
| Oppenheimer | Outperform | Market Perform | Upgrade | Jan 22, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $334.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $407 | $343.39 | +21.8% | Sep 23, 2026 |
| UBS | Gavin Parsons | $408 | $359.39 | +22.1% | Sep 8, 2026 |
| Bernstein | Douglas Harned | $421 | $397.12 | +26.0% | Aug 10, 2026 |
| UBS | Analyst unavailable | $395 | $384.52 | +18.2% | Aug 3, 2026 |
| Morgan Stanley | Kristine Liwag | $465 | $380.54 | +39.2% | Jul 30, 2026 |
| RBC Capital | Ken Herbert | $410 | $375.83 | +22.7% | Jul 30, 2026 |
| Deutsche Bank | Analyst unavailable | $384 | $376.61 | +14.9% | Jul 30, 2026 |
| Robert W. Baird | Analyst unavailable | $430 | $376 | +28.7% | Jul 30, 2026 |
| Jefferies | Analyst unavailable | $440 | $373.48 | +31.7% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $400 | $341.07 | +19.7% | Jun 11, 2026 |
| Morgan Stanley | Kristine Liwag | $435 | $341.05 | +30.2% | Apr 30, 2026 |
| UBS | Gavin Parsons | $371 | $338.73 | +11.0% | Apr 30, 2026 |
| Jefferies | Sheila Kahyaoglu | $385 | $351.09 | +15.2% | Feb 1, 2026 |
| UBS | Analyst unavailable | $393 | $356.68 | +17.6% | Jan 29, 2026 |
| Seaport Global | Richard Safran | $444 | $365.4 | +32.9% | Jan 22, 2026 |
| Susquehanna | Analyst unavailable | $420 | $364.17 | +25.7% | Jan 15, 2026 |
| UBS | Analyst unavailable | $388 | $363.06 | +16.1% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $398 | $356.92 | +19.1% | Jan 12, 2026 |
| Morgan Stanley | Analyst unavailable | $408 | $340.6 | +22.1% | Dec 16, 2025 |
| Bernstein | Analyst unavailable | $388 | $351.22 | +16.1% | Oct 28, 2025 |
| Morgan Stanley | Kristine Liwag | $385 | $347.48 | +15.2% | Oct 27, 2025 |
| Robert W. Baird | Peter Arment | $390 | $352.76 | +16.7% | Oct 27, 2025 |
| UBS | Gavin Parsons | $381 | $350.77 | +14.0% | Oct 27, 2025 |
| Susquehanna | Analyst unavailable | $406 | $350.77 | +21.5% | Oct 27, 2025 |
| Vertical Research | Analyst unavailable | $400 | $350.77 | +19.7% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $360 | $336.87 | +7.7% | Oct 15, 2025 |
| Deutsche Bank | Analyst unavailable | $400 | $343.43 | +19.7% | Oct 8, 2025 |
| Seaport Global | Analyst unavailable | $376 | $330.34 | +12.5% | Sep 29, 2025 |
| Bernstein | Douglas Harned | $314 | $304.85 | -6.0% | Jul 14, 2025 |
| Jefferies | Sheila Kahyaoglu | $325 | $299.94 | -2.7% | Jul 9, 2025 |
| Argus Research | John Eade | $295 | $270.61 | -11.7% | May 6, 2025 |
| Morgan Stanley | Kristine Liwag | $305 | $276.63 | -8.7% | Apr 16, 2025 |
| Susquehanna | Charles Minervino | $315 | $276.04 | -5.7% | Apr 2, 2025 |
| Wells Fargo | Analyst unavailable | $261 | $271.56 | -21.9% | Mar 7, 2025 |
| Barclays | David Strauss | $285 | $257.43 | -14.7% | Feb 4, 2025 |
| Jefferies | Sheila Kahyaoglu | $345 | $301.75 | +3.2% | Oct 30, 2024 |
| RBC Capital | Michael Eisen | $330 | $304.4 | -1.2% | Oct 24, 2024 |
| Deutsche Bank | Scott Deuschle | $314 | $301.11 | -6.0% | Oct 3, 2024 |
| Morgan Stanley | Kristine Liwag | $345 | $290.8 | +3.2% | Aug 9, 2024 |
| Barclays | David Strauss | $325 | $289.49 | -2.7% | Jul 30, 2024 |
| Deutsche Bank | Scott Deuschle | $320 | $289.88 | -4.2% | Jul 29, 2024 |
| Wells Fargo | Matthew Akers | $334 | $284.67 | -0.0% | Jul 25, 2024 |
| Robert W. Baird | Peter Arment | $345 | $294.46 | +3.2% | Jul 24, 2024 |
| CFRA | Stewart Glickman | $330 | $298.01 | -1.2% | May 22, 2024 |
| Argus Research | John Eade | $310 | $289.09 | -7.2% | Apr 29, 2024 |
| Jefferies | Sheila Kahyaoglu | $335 | $287.79 | +0.3% | Apr 29, 2024 |
| RBC Capital | Michael Eisen | $320 | $281.11 | -4.2% | Apr 25, 2024 |
| Barclays | David Strauss | $310 | $287.87 | -7.2% | Apr 15, 2024 |
| Deutsche Bank | Scott Deuschle | $324 | $293.33 | -3.0% | Apr 4, 2024 |
| RBC Capital | Michael Eisen | $325 | $291.55 | -2.7% | Apr 2, 2024 |
| Jefferies | Sheila Kahyaoglu | $305 | $289.56 | -8.7% | Apr 1, 2024 |
| Wolfe Research | Myles Walton | $325 | $282.49 | -2.7% | Apr 1, 2024 |
| Susquehanna | Charles Minervino | $270 | $233 | -19.2% | Oct 25, 2023 |
| Robert W. Baird | Peter Arment | $220 | $214.83 | -34.2% | Apr 27, 2023 |
| Citigroup | Analyst unavailable | $298 | $248 | -10.8% | Dec 8, 2022 |
| Wells Fargo | Analyst unavailable | $249 | $217.32 | -25.5% | Sep 28, 2022 |
| RBC Capital | Ken Herbert | $275 | $231.05 | -17.7% | Aug 30, 2022 |
| Wells Fargo | Analyst unavailable | $256 | $219.85 | -23.4% | Jul 28, 2022 |
| Susquehanna | Charles Minervino | $285 | $236.53 | -14.7% | Apr 30, 2022 |
| Wells Fargo | Matthew Akers | $282 | $233.83 | -15.6% | Mar 14, 2022 |
| Wells Fargo | Matthew Akers | $235 | $213.1 | -29.7% | Jan 15, 2022 |
| Susquehanna | Charles Minervino | $240 | $200.42 | -28.2% | Oct 28, 2021 |
| Goldman Sachs | Noah Poponak | $176 | $193.46 | -47.3% | Sep 23, 2021 |
| Credit Suisse | Robert Spingarn | $198 | $194.83 | -40.7% | Jul 29, 2021 |
| Argus Research | John Eade | $225 | $190.35 | -32.7% | May 7, 2021 |
Track every rating change on GD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGeneral Dynamics Corporation is a global leader in the aerospace and defense industry, with its operations structured across four key divisions: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment focuses on the design, production, and sale of business jets, alongside offering a full suite of aviation services including aircraft maintenance, repair, management, charter services, and ground support. Marine Systems specializes in shipbuilding for the U.S. Navy, constructing nuclear-powered submarines, surface warships, and auxiliary vessels. This division also builds various commercial ships, such as tankers and cargo carriers. Furthermore, it provides extensive maintenance, modernization, and lifecycle support, along with engineering and design services for both naval and commercial fleets.…
Historical context
All GD earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
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- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the GD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T00:30:58.434946+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T00:30:58.432204+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.