Q2 25 EPS
$3.74
BEAT +8.79%
Est. $3.44
Q2 25 Revenue
$13.04B
BEAT +7.05%
Est. $12.18B
vs S&P Since Q2 25
-3.4%
TRAILING MARKET
GD +10.2% vs S&P +13.6%
Market Reaction
Did GD Beat Earnings? Q2 2025 Results
General Dynamics delivered a standout second quarter, beating Wall Street on both top and bottom lines as the defense and aerospace giant posted diluted EPS of $3.74, an 8.79% beat against the $3.44 consensus estimate, while revenue climbed 8.9% year… Read more General Dynamics delivered a standout second quarter, beating Wall Street on both top and bottom lines as the defense and aerospace giant posted diluted EPS of $3.74, an 8.79% beat against the $3.44 consensus estimate, while revenue climbed 8.9% year-over-year to $13.04 billion, topping the $12.18 billion estimate by 7.05%. The quarter's most compelling driver was an extraordinary surge in order activity, with a consolidated book-to-bill ratio of 2.2x and total orders reaching $28.30 billion, pushing backlog to a record $103.68 billion and providing substantial revenue visibility heading into the second half. Marine Systems led segment growth, with revenue surging 22.2% to $4.22 billion on the strength of submarine and surface ship programs, while the Aerospace segment delivered meaningful margin expansion of 230 basis points to 13.2%, supported by strong Gulfstream demand and improved delivery execution. Cash generation was equally impressive, with $1.60 billion in operating cash flow representing 158% of net earnings. CEO Phebe Novakovic expressed confidence that healthy backlog levels and robust cash flow position the company well for continued growth through year-end.
Key Takeaways
- • Marine Systems revenue surged 22.2% YoY, the strongest growth among all segments
- • Aerospace operating margin expanded 230 basis points to 13.2% from 10.9% in the year-ago quarter
- • Consolidated book-to-bill ratio of 2.2x with defense segments at 2.4x
- • Total orders of $28.3 billion in the quarter
- • Operating cash flow of $1.6 billion representing 158% of net earnings
- • Gulfstream delivered 38 aircraft in Q2 2025 vs. 37 in Q2 2024
- • Aerospace orders of $4.0 billion vs. $2.7 billion in the year-ago quarter
GD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
GD Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the first half of the year, each of our four segments achieved growth in revenue and earnings, with margins on a companywide basis expanding 50 basis points over the same period last year. Our strong cash flow and healthy backlog position us well to have a good second half.”
— Phebe Novakovic, Q2 2025 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% |