Q1 26 EPS
$4.10
Q1 26 Revenue
$13.48B
Did GD Beat Earnings? Q1 2026 Results
General Dynamics kicked off 2026 with a strong first quarter, posting diluted EPS of $4.10 and revenue of $13.48 billion, both up 12% and 10.3% respectively from the year-ago period, extending the defense and aerospace giant's streak of beating conse… Read more General Dynamics kicked off 2026 with a strong first quarter, posting diluted EPS of $4.10 and revenue of $13.48 billion, both up 12% and 10.3% respectively from the year-ago period, extending the defense and aerospace giant's streak of beating consensus EPS estimates to four consecutive quarters. The single most compelling storyline was a dramatic swing in cash generation, with operating cash flow of $2.15 billion representing 192% of net earnings, compared to negative $148 million in Q1 2025, a shift that helped drive net debt down to $4.36 billion from $5.68 billion and pushed the company's cash balance to $3.65 billion. Marine Systems led segment performance with revenue up 21% and operating earnings up 26.4%, while robust order activity produced a consolidated 2-to-1 book-to-bill ratio and lifted total estimated contract value to $188.44 billion, providing substantial revenue visibility heading into the rest of the year. CEO Phebe Novakovic characterized the results as a "very good start," signaling confidence in sustaining that momentum through 2026.
Key Takeaways
- • Marine Systems revenue grew 21.0% YoY, the fastest-growing segment
- • Aerospace operating margin expanded to 15.0% from 14.3%
- • Marine Systems operating earnings grew 26.4% YoY
- • Operating cash flow of $2.2 billion represented 192% of net earnings
- • Strong order activity with 2-to-1 consolidated book-to-bill ratio
- • Gulfstream delivered 38 aircraft vs. 36 in the year-ago quarter
- • Aerospace book-to-bill improved to 1.2x from 0.8x in Q1 2025
GD Forward Guidance & Outlook
CEO Phebe Novakovic stated the company is 'positioned well to drive additional performance throughout the year,' signaling confidence in sustained growth across the business. Strong order activity with a 2-to-1 book-to-bill ratio and total estimated contract value of $188.4 billion provide significant revenue visibility.
GD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
GD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our businesses had a very good start to the year, delivering strong operating results and excellent cash conversion.”
— Phebe Novakovic, Q1 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.10 | — | $13.48B | — |
| Q4 25 BEAT FY | $4.11 | $4.17 | +1.46% | $14.38B | +4.37% |
| 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% |