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General Dynamics (GD) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · General Dynamics (GD) Q3 2026 earnings results →

Q3 2026 Revenue up 13% year over year to $14.6B · 8¢ of every $1 of revenue kept as net profit · operating margin 10.5%

General Dynamics made $14.6B in Q3 2026 (+13% Y/Y): Marine Systems $5.0B, Technologies $3.7B, Aerospace $3.5B. Operating margin 10.5%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$14.6B
Year over year+13%
Operating margin10.5%
Net earnings$1.2B
Operating cash flow$1.7B

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General Dynamics Q3 2026 revenue breakdown: Sankey diagram of revenue (Marine Systems, Technologies, Aerospace, Combat Systems), costs, profit and cash flow
General Dynamics Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $14.6B in Q3 2026, up 13% year over year and up 3% from the previous quarter. Marine Systems was the largest line at 34% of revenue. Marine Systems added $0.86B year over year (up 21%), 52% of the total change.

Operating profit was $1.5B, a 10.5% margin (up 0.2 points year over year). Of the extra revenue versus Q3 2025, 12% reached operating profit, above the 10% margin then. Total costs grew 13% against revenue growth of 13%. The fastest-growing cost line was General & admin (+13%). Net earnings were $1.2B, up 16% year over year. The effective tax rate was 17.3%.

Operating cash flow was $1.7B (down 19% year over year), 139% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.18B. After capital expenditures ($0.48B), free cash flow as the company reports it was $1.2B.

Quarterly history

General Dynamics revenue by quarterGeneral Dynamics revenue by quarter$12.2BQ1 2025$13.0BQ2 2025$12.9BQ3 2025$14.4BQ4 2025$13.5BQ1 2026$14.1BQ2 2026$14.6BQ3 2026
General Dynamics net earnings by quarterGeneral Dynamics net earnings by quarter$994MQ1 2025$1.0BQ2 2025$1.1BQ3 2025$1.1BQ4 2025$1.1BQ1 2026$1.2BQ2 2026$1.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$14.6B+13%10.5%$1.2B$1.7B
Q2 202610-QJul 29, 2026$14.1B+8%10.4%$1.2B—
Q1 202610-QApr 29, 2026$13.5B+10%10.5%$1.1B$2.2B
Q4 202510-KJan 30, 2026$14.4B+8%10.1%$1.1B$1.6B
Q3 202510-QOct 24, 2025$12.9B+11%10.3%$1.1B$2.1B
Q2 202510-QJul 23, 2025$13.0B+9%10.0%$1.0B$1.6B
Q1 202510-QApr 23, 2025$12.2B+14%10.4%$994M−$148M

Charts

General Dynamics: revenue growth, year over year and quarter over quarterGeneral Dynamics: revenue growth, year over year and quarter over quarterY/YQ/Q+14%Q1 2025+9%+7%Q2 2025+11%-1%Q3 2025+8%+11%Q4 2025+10%-6%Q1 2026+8%+5%Q2 2026+13%+3%Q3 2026
Latest (Q3 2026): Y/Y +13%, Q/Q +3%.
General Dynamics: where the cash came from (+) and went (−), FY2025General Dynamics: where the cash came from (+) and went (−), FY2025Operating cash flow$5.1BDividends−$1.6BCapital spending−$1.2BNet borrowing (+) / repaid (−)−$753MBuybacks−$637MCash drawn (+) / kept (−)−$636MOther financing−$207MOther investing−$123MNot reconciled−$10.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
General Dynamics: profit against cash, quarter by quarterGeneral Dynamics: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1B$2.2BQ4 2024$994M−$148MQ1 2025$1.0B$1.6BQ2 2025$1.1B$2.1BQ3 2025$1.1B$1.6BQ4 2025$1.1B$2.2BQ1 2026$1.2BQ2 2026$1.2B$1.7BQ3 2026
Latest (Q3 2026): Net income $1.2B, Operating cash flow $1.7B.
General Dynamics: diluted shares by fiscal yearGeneral Dynamics: diluted shares by fiscal year288MFY2020282MFY2021278MFY2022276MFY2023277MFY2024272MFY2025
-5.4% since FY2020: buybacks shrank the count.
General Dynamics: long-term debt falling due (FY2025)General Dynamics: long-term debt falling due (FY2025)$1.0B2026$1.3B2027$1.0B2028$7.0M2029$1.0B2030$3.8BLater
Cash $2.3B, short-term investments —, long-term debt $8.1B at 2025-12-31.
General Dynamics in its industry: growth against margin (6 companies, SIC 3730)General Dynamics in its industry: growth against margin (6 companies, SIC 3730)revenue growth, year over year →↑ operating marginmedian +30%median 5%HIIMBUUMCFTNXBVEEEGD (+13%, 10%)
Ship & Boat Building & Repairing; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Primes

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About General Dynamics

General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders.

In its own words, from its 10-K, filed Jan 30, 2026.

General Dynamics against its Ship & Boat Building & Repairing peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +30%. Operating margin: 10.5% against the peers' median 5.2%.

CompanyQuarterRevenueY/YOp. margin
GD General DynamicsQ3 2026$14.6B+13%10.5%
HII Huntington Ingalls IndustriesQ3 2026$3.5B+11%7.0%
MBUU Malibu BoatsQ1 FY27$253M+30%5.2%
MCFT MasterCraft Boat HoldingsQ4 FY26$130M+63%-4.9%
NXB NextBoatQ2 2026$59.1M+88%-1.8%
VEEE Twin Vee PowerCatsQ3 2026$2.8M-19%-112.1%

Source: General Dynamics 10-Q on SEC EDGAR · CIK 40533 · Ship & Boat Building & Repairing

Guidance and outlook

General Dynamics: what its forward-looking statements are about (10-Q filed 2026-10-30)General Dynamics: what its forward-looking statements are about (10-Q filed 2026-10-30)Other6Demand5Backlog1
12 statements; tone +0.25 (−1 all cautious, +1 all confident); 0 hedged.
General Dynamics: outlook statements against the filing beforeGeneral Dynamics: outlook statements against the filing beforeNew3Dropped9Confident3

13F: who owns GD and who is buying

Largest holders of GD (13F)Largest holders of GD (13F)Longview Asset Management, LLC$9.6BVanguard Group$8.3BBlackRock$6.8BVanguard Capital Management LLC$5.9BNewport Trust Company, LLC$4.7BState Street$4.2BBank of America$2.6BVanguard Portfolio Management LLC$2.4BGeode Capital Management, LLC$2.2BMorgan Stanley$1.6B
Funds' net buying of GD by quarter (13F)Funds' net buying of GD by quarter (13F)$906M2024-09−$592M2024-12−$867M2025-03$505M2025-06−$648M2025-09$1.2B2025-12−$536M2026-03$306M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GD

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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