Built by Codex Sol 5.6Reports Wednesday, October 28, 2026, on the current FMP calendar; General Dynamics has not confirmed the date or time. Prepared Friday, September 25, 2026. This previews Q3 2026, which has not been reported. The last reported quarter was Q2 2026 on July 29.
GD | Earnings Preview
| FMP Q3 revenue | $13.714 billion; +6.3% YoY | FY2026 company revenue | About $55.7 billion |
| FY2026 company EPS | $16.80–16.90, raised in July | FY2026 FMP EPS | $16.976, $0.126 above guide midpoint |
| Q2 total backlog | $136.5 billion |
FMP's September 24 Q3 estimate of $13.714 billion revenue and $4.14 diluted EPS implies +6.3% and +6.7% YoY against Q3 2025 actuals of $12.907 billion and $3.88. The company did not provide consolidated Q3 dollar ranges on its July 29 call. The annual view is explicit: about $55.7 billion revenue, 10.5% operating margin, and diluted EPS of $16.80–16.90. The Street's FY2026 averages of $55.937 billion and $16.976 sit modestly above that guidance. The guide has been raised twice, from $16.10–16.20 in January to $16.45–16.55 in April and the current range in July. Sources: Q2 company release, saved Q2 call transcript, and FMP snapshots in the September 24 workspace.
Q2 revenue rose 8.1% YoY to $14.094 billion, EPS rose 13.4% to $4.24, and consolidated operating margin expanded 40 bps to 10.4%. The Q3 Street bar therefore implies slower top-line and EPS growth, but it is compared with Q3 2025 rather than Q2 2026. Backlog reached $136.498 billion. It is a demand indicator; the value for this print depends on earned work, delivery mix, and margin.
| Metric | Prior-year actual | Q3 FMP | FY2026 company view |
|---|---|---|---|
| Revenue | $12.907bn | $13.714bn | About $55.7bn |
| Diluted EPS | $3.88 | $4.14 | $16.80–16.90 |
| Operating margin | — | No comparable estimate | About 10.5% |
The prior-year row is Q3 2025 and the FMP row is Q3 2026. Management gave annual segment expectations of about $13.8 billion Aerospace revenue and 14.7% operating margin, $18 billion Marine revenue and 7.4% margin, $9.8 billion Combat revenue and 13.8% margin, and $14.1 billion Technologies revenue and 9.4% margin. It kept the Gulfstream full-year delivery plan around 160 aircraft. FMP FY2027 estimates are $58.680 billion revenue and $18.587 EPS; the company has not guided that year. Sources: saved Q2 transcript and Q2 release.
| Q2 reported driver | Q2 2025 | Q2 2026 | Q3 test |
|---|---|---|---|
| Aerospace revenue / margin | $3.062bn / 13.2% | $3.525bn / 14.5% | Deliveries and mix toward 160 aircraft for FY |
| Marine revenue / margin | $4.220bn / 6.9% | $4.660bn / 7.3% | Productivity and earned hours toward 7.4% FY |
| Gulfstream deliveries | 38 | 41 | H2 schedule and large-cabin mix |
All Q2 values in the table come from the company's July release. Marine margin improved 40 bps and Aerospace margin 130 bps YoY. Management credited Marine productivity and better material deliveries. Aerospace book-to-bill was 1.5x in Q2; orders support backlog, while deliveries determine the quarter's sales. Full-year free-cash-flow conversion was lifted to around 105% of net income, though H2 cash is expected to be lighter because of planned CapEx, a roughly $500 million pension contribution, cash taxes, and use of customer advances. A cash shortfall needs that bridge before it is interpreted as lower earnings quality.
Electric Boat's July 29 submarine awards strengthen long-duration demand; the announced $76.6 billion Navy package is not Q3 revenue. Monitor Marine conversion and funded backlog rather than treating contract value as a quarterly sales proxy.
GD revenue rose from $38.5bn in 2021 to $39.407bn in 2022, $42.272bn in 2023, $47.716bn in 2024, and $52.550bn in 2025. Annual growth accelerated from +2.4% to +7.3%, +12.9%, then slowed to +10.1%. GAAP diluted EPS over those years was $11.55, $12.19, $12.02, $13.63, and $15.45. The FY2026 guide midpoint of $16.85 implies +9.1% EPS growth, slower than 2025's +13.4%.
The eight most recent reported quarters, Q3 2024 through Q2 2026, had FMP-recorded revenue of $11.671bn, $13.338bn, $12.223bn, $13.041bn, $12.907bn, $14.379bn, $13.481bn, and $14.094bn. Diluted EPS was $3.35, $4.15, $3.66, $3.74, $3.88, $4.17, $4.10, and $4.24. Against the matching prior-year quarters, the latest Q2 revenue grew 8.1% and EPS 13.4%. Q3 consensus implies +6.3% and +6.7%, respectively: a slower expected growth rate, although the delivery and Marine work schedule can change that outcome. Quarterly history is the saved September 24 FMP earnings file; Q2 values are corroborated by the company release.
The saved FMP earnings series shows EPS beats in 8/12 and revenue beats in 11/12 reported quarters from 2023Q4 through 2026Q2. Both lines beat 4/4 most recently. Q2 EPS beat was $0.28 (+7.1%), below Q1's $0.43 (+11.7%); Q2 revenue beat was about 4.2%. These are current FMP rows and may differ from point-in-time preprint consensus. Q3 2026 actuals are null. The latest quarter is corroborated by the Q2 release.