Analyst Consensus ?
ConsensusHold34 ratings
Bullish1853.0%
Neutral1544.1%
Bearish12.9%
General Dynamics Corporation · GD · FY2026 Q1 · Calendar Q2 2026
General Dynamics Beats Estimates as Record Backlog Hits $131B and Guidance Is Raised
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…
Reported Before market openNYSEIndustrials
$106.33B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.10
Consensus $4
EPS surprise
+11.7%
Reported versus consensus
Reported revenue
$13.48B
Consensus $12.70B
Revenue surprise
+6.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$393.19Current
$176Low
$341.18Average
$444High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 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 |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Jul 9, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 18, 2026 |
| UBS | Neutral | Neutral | Maintain | Apr 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Dec 16, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 28, 2025 |
| Susquehanna | Positive | Positive | Maintain | Oct 27, 2025 |
| 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 Cowen | Buy | Buy | Maintain | Jun 25, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 8, 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 $393.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $440 | $373.48 | +11.9% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $400 | $341.07 | +1.7% | Jun 11, 2026 |
| Morgan Stanley | Kristine Liwag | $435 | $341.05 | +10.6% | Apr 30, 2026 |
| UBS | Gavin Parsons | $371 | $338.73 | -5.6% | Apr 30, 2026 |
| Jefferies | Sheila Kahyaoglu | $385 | $351.09 | -2.1% | Feb 1, 2026 |
| UBS | Analyst unavailable | $393 | $356.68 | -0.0% | Jan 29, 2026 |
| Seaport Global | Richard Safran | $444 | $365.4 | +12.9% | Jan 22, 2026 |
| Susquehanna | Analyst unavailable | $420 | $364.17 | +6.8% | Jan 15, 2026 |
| UBS | Analyst unavailable | $388 | $363.06 | -1.3% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $398 | $356.92 | +1.2% | Jan 12, 2026 |
| Morgan Stanley | Analyst unavailable | $408 | $340.6 | +3.8% | Dec 16, 2025 |
| Bernstein | Analyst unavailable | $388 | $351.22 | -1.3% | Oct 28, 2025 |
| Morgan Stanley | Kristine Liwag | $385 | $347.48 | -2.1% | Oct 27, 2025 |
| Robert W. Baird | Peter Arment | $390 | $352.76 | -0.8% | Oct 27, 2025 |
| UBS | Gavin Parsons | $381 | $350.77 | -3.1% | Oct 27, 2025 |
| Susquehanna | Analyst unavailable | $406 | $350.77 | +3.3% | Oct 27, 2025 |
| Vertical Research | Analyst unavailable | $400 | $350.77 | +1.7% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $360 | $336.87 | -8.4% | Oct 15, 2025 |
| Deutsche Bank | Analyst unavailable | $400 | $343.43 | +1.7% | Oct 8, 2025 |
| Seaport Global | Analyst unavailable | $376 | $330.34 | -4.4% | Sep 29, 2025 |
| Bernstein | Douglas Harned | $314 | $304.85 | -20.1% | Jul 14, 2025 |
| Jefferies | Sheila Kahyaoglu | $325 | $299.94 | -17.3% | Jul 9, 2025 |
| Argus Research | John Eade | $295 | $270.61 | -25.0% | May 6, 2025 |
| Morgan Stanley | Kristine Liwag | $305 | $276.63 | -22.4% | Apr 16, 2025 |
| Susquehanna | Charles Minervino | $315 | $276.04 | -19.9% | Apr 2, 2025 |
| Wells Fargo | Analyst unavailable | $261 | $271.56 | -33.6% | Mar 7, 2025 |
| Barclays | David Strauss | $285 | $257.43 | -27.5% | Feb 4, 2025 |
| Jefferies | Sheila Kahyaoglu | $345 | $301.75 | -12.3% | Oct 30, 2024 |
| RBC Capital | Michael Eisen | $330 | $304.4 | -16.1% | Oct 24, 2024 |
| Deutsche Bank | Scott Deuschle | $314 | $301.11 | -20.1% | Oct 3, 2024 |
| Morgan Stanley | Kristine Liwag | $345 | $290.8 | -12.3% | Aug 9, 2024 |
| Barclays | David Strauss | $325 | $289.49 | -17.3% | Jul 30, 2024 |
| Deutsche Bank | Scott Deuschle | $320 | $289.88 | -18.6% | Jul 29, 2024 |
| Wells Fargo | Matthew Akers | $334 | $284.67 | -15.1% | Jul 25, 2024 |
| Robert W. Baird | Peter Arment | $345 | $294.46 | -12.3% | Jul 24, 2024 |
| CFRA | Stewart Glickman | $330 | $298.01 | -16.1% | May 22, 2024 |
| Argus Research | John Eade | $310 | $289.09 | -21.2% | Apr 29, 2024 |
| Jefferies | Sheila Kahyaoglu | $335 | $287.79 | -14.8% | Apr 29, 2024 |
| RBC Capital | Michael Eisen | $320 | $281.11 | -18.6% | Apr 25, 2024 |
| Barclays | David Strauss | $310 | $287.87 | -21.2% | Apr 15, 2024 |
| Deutsche Bank | Scott Deuschle | $324 | $293.33 | -17.6% | Apr 4, 2024 |
| RBC Capital | Michael Eisen | $325 | $291.55 | -17.3% | Apr 2, 2024 |
| Jefferies | Sheila Kahyaoglu | $305 | $289.56 | -22.4% | Apr 1, 2024 |
| Wolfe Research | Myles Walton | $325 | $282.49 | -17.3% | Apr 1, 2024 |
| Wells Fargo | Sarah Akers | $243 | $233 | -38.2% | Oct 25, 2023 |
| Robert W. Baird | Peter Arment | $220 | $214.83 | -44.0% | Apr 27, 2023 |
| Citigroup | Analyst unavailable | $298 | $248 | -24.2% | Dec 8, 2022 |
| Wells Fargo | Analyst unavailable | $249 | $217.32 | -36.7% | Sep 28, 2022 |
| RBC Capital | Ken Herbert | $275 | $231.05 | -30.1% | Aug 30, 2022 |
| Wells Fargo | Analyst unavailable | $256 | $219.85 | -34.9% | Jul 28, 2022 |
| Susquehanna | Charles Minervino | $285 | $236.53 | -27.5% | Apr 30, 2022 |
| Wells Fargo | Matthew Akers | $282 | $233.83 | -28.3% | Mar 14, 2022 |
| Wells Fargo | Matthew Akers | $235 | $213.1 | -40.2% | Jan 15, 2022 |
| Susquehanna | Charles Minervino | $240 | $200.42 | -39.0% | Oct 28, 2021 |
| Goldman Sachs | Noah Poponak | $176 | $193.46 | -55.2% | Sep 23, 2021 |
| Credit Suisse | Robert Spingarn | $198 | $194.83 | -49.6% | Jul 29, 2021 |
| Argus Research | John Eade | $225 | $190.35 | -42.8% | May 7, 2021 |
Track every rating change on GD the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+8.0%
Event window
SPY move
-0.0%
Same window
Abnormal move
+8.0%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
+3.0%
Up to 20 sessions
GDSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth accelerated to 10.3% YoY from 7.8% in Q4 FY2025. Backlog surged from $118B to a record $131B, with total contract value reaching $188B. Free cash flow conversion jumped from the 100% full-year target to 174% in Q1 alone. Aerospace margins expanded to 15% on record first-quarter G800 deliveries. Guidance sentiment shifted from maintained to raised, with full-year EPS guidance lifted to $16.45-$16.55. Management disclosed potential dual-sourcing of the Columbia-class steam turbine to improve supply-chain resilience.
Guidance delta
Management raised full-year FY2026 EPS guidance to $16.45-$16.55, marking a shift from the maintained stance in Q4 FY2025. The prior revenue target of $54.3-$54.8 billion and 10.4% operating margin outlook was not explicitly revised in the provided analysis. Capex continues to increase as the company invests in shipyard capacity and unmanned platforms.
Key takeaways
- Revenue rose 10.3% YoY to $13.5B and EPS climbed 12% to $4.10, beating consensus on both lines.
- Order intake of $26B at a 2:1 book-to-bill ratio drove backlog to a record $131B, up 48% YoY.
- Free cash flow conversion hit 174% in Q1, with $2.2B operating cash and $3.7B cash on hand.
- Aerospace margins expanded to 15% on record Gulfstream G800 deliveries.
- Marine Systems growth was driven by Columbia- and Virginia-class submarine programs and increased shipyard investment.
Management priorities
- Continue shipyard investments to accelerate Columbia and Virginia submarine production.
- Ramp up G800 deliveries, targeting the 25th unit this quarter and sustained cadence.
- Develop and field Bluefin unmanned undersea platforms.
- Expand AI and cyber capabilities through GDIT.
- Explore dual-sourcing of critical turbine components for the Columbia program.
Related earnings events
IndustrialsLMT · FY2026 Q2 · Calendar Q3 2026Lockheed Martin Q2 2026: Record $230B Backlog, Raised Guidance, Ultra Maritime AcquisitionUNP · FY2026 Q2 · Calendar Q3 2026UNP Q2 2026: Record EPS $3.41, Guidance Raised as Norfolk Southern Merger Clears Key HurdlesRTX · FY2026 Q2 · Calendar Q3 2026RTX Q2 2026: Record $289B Backlog, Raised Guidance as Defense and GTF Aftermarket Accelerate
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 · 2026-07-29T01:41:48.752617+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T01:41:48.749883+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 . For educational purposes only; not investment advice.