General Dynamics (GD) financials
NYSE · Industrials · Aerospace & Defense · 117,000 employees · CEO Phebe N. Novakovic
- Price
- $372.59 +0.48%
- Market cap
- $101B
- Enterprise value
- $105B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-01-27 EPS est. $4.51
Revenue (TTM)$56.5B+9.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)10.4%0.0 pp vs a year agoOperating income $5.86B
Net income (TTM)$4.66B+10.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.78B+20.1% vs a year agoCapex $1.53B
Diluted EPS (TTM)$17.01+10.2% vs a year agoSum of the last 4 quarters
Net cash-$4.64B+36.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $101B EV $105B
- Revenue
- $56.5B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 8.2% Net income / revenue, TTM
- P/E
- 21.6× Forward 21.8× (FY2026)
- P/S
- 1.8× Price / sales, TTM
- EV / EBITDA
- 15.3× TTM
- Free cash flow
- $5.78B Trailing 12 months
- Net income
- $4.66B Trailing 12 months
- Revenue estimate
- $56.2B FY2026 consensus
- Earnings
- 2027-01-27 Revenue est. $14.8B
- Dividend
- $6.27 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-30): revenue beat by 6.2%, EPS beat by 9.0%Revenue $14.6B vs $13.7B expected (+6.2%); EPS $4.49 vs $4.12 (+9.0%).
- Revenue growth accelerating: 12.9% year on yearQ3 '26 revenue $14.6B, against an average of 9.2% over the four quarters before.
- Operating margin 10.4% (TTM), 0.0 pp on a year agoOperating income grew 10.0% while revenue grew 9.7%.
- Capex 2.7% of revenue (a year ago 1.8%)$1.53B invested in the last 4 quarters (+68.4% on a year earlier). Free cash flow $5.78B = 124.1% of net income.
- Returned $2.91B to shareholders = 50.3% of free cash flowBuybacks $1.24B (a year earlier $1.92B), dividends $1.67B, stock-based pay $219M (TTM).
- Diluted share count up 0.7% in a year274M diluted shares in Q3 '26, 272M a year earlier.
- Net debt $4.64BCash + short-term investments $4.39B, debt incl. leases $9.03B; a year ago net debt $7.36B.
- Marine Systems: revenue +21.1%, margin 7.9% (was 7.1%)Fastest-growing reported segment in Q3 '26: operating income $391M on revenue $4.96B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-10-04. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $14.6B | $12.9B | +12.9% |
| Gross margin | 15.4% | 15.2% | +0.2 pp |
| Operating income | $1.53B | $1.33B | +14.7% |
| Operating margin | 10.5% | 10.3% | +0.2 pp |
| Net income | $1.23B | $1.06B | +16.1% |
| Diluted EPS | $4.49 | $3.89 | +15.4% |
| Operating cash flow | $1.71B | $2.11B | -18.9% |
| Capex | $481M | $212M | +126.9% |
| Free cash flow | $1.23B | $1.9B | -35.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $62M | $57M | +8.8% |
Reported vs consensus
2026-10-30| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $14.6B | $13.7B | +6.2% |
| EPS (as estimated) | $4.49 | $4.12 | +9.0% |
From the report of 2026-10-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Marine Systems | $4.96B | +21.1% | 34.1% | $18.8B | +18.4% | |
| Aerospace | $3.54B | +9.3% | 24.3% | $14.1B | +8.1% | |
| Technologies | $3.68B | +10.8% | 25.3% | $14.1B | +4.8% | |
| Combat Systems | $2.39B | +6.0% | 16.4% | $9.49B | +4.3% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Marine Systems | $4.96B | +21.1% | $391M | +34.4% | 7.9% | 7.1% | $1.39B |
| Technologies | $3.68B | +10.8% | $346M | +5.8% | 9.4% | 9.8% | $1.31B |
| Aerospace | $3.54B | +9.3% | $513M | +19.3% | 14.5% | 13.3% | $2B |
| Combat Systems | $2.39B | +6.0% | $330M | -1.5% | 13.8% | 14.9% | $1.34B |
| Corporate (unallocated) | – | – | -$53M | -1.9% | – | – | -$185M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $7.31B
- Capex
- -$1.53B
- Buybacks
- -$1.24B
- Dividends
- -$1.67B
- Acquisitions
- $0
- Net debt issued
- -$1B
- Stock-based compensation
- $219M
- Free cash flow
- $5.78B
- Returned to shareholders / FCF
- 50.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 21.6× | 20.0× | 18.0× – 21.5× |
| EV / EBITDA | 15.3× | 14.7× | 13.5× – 15.5× |
| EV / Sales | 1.9× | 1.9× | 1.7× – 2.0× |
| Price / FCF | 17.4× | 20.3× | 17.3× – 23.0× |
| Price / Book | 3.7× | 3.4× | 3.3× – 3.7× |
| FCF yield | 5.7% | 5.0% | 4.4% – 5.8% |
| Return on invested capital | 11.3% | 9.7% | 9.0% – 10.6% |
| Return on equity | 17.6% | 17.2% | 15.6% – 18.5% |
Analysts
Consensus target $407.43 (+9.4%)
range $360.00 – $465.00 · rating Buy
Strong buy0
Buy20
Hold14
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $56.2B | +6.9% | $17.09 | +10.5% | 21.8× | 6 |
| FY2027 | $59B | +5.1% | $18.69 | +9.4% | 19.9× | 14 |
| FY2028 | $61.8B | +4.7% | $20.24 | +8.3% | 18.4× | 13 |
| FY2029 | $63.5B | +2.8% | $21.61 | +6.8% | 17.2× | 10 |
| FY2030 | $65.8B | +3.6% | $22.45 | +3.9% | 16.6× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 271 figures General Dynamics Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $3.17B | $3.46B | -8.5% | $2.68B | $3.34B | -19.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.53B | $3.3B | -23.4% | $2.41B | $2.98B | -19.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.94B | $7.45B | +6.6% | $7.61B | $7.1B | +7.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$732M | -$860M | +14.9% | -$483M | -$1.52B | +68.2% |
| Additional Paid in Capital | $4.65B | $4.32B | +7.5% | $4.4B | $4.06B | +8.4% |
| Amortization of Intangible Assets | $43M | $44M | -2.3% | $174M | $180M | -3.3% |
| Assets | $60.2B | $57.2B | +5.2% | $57.2B | $55.9B | +2.4% |
| Assets, Current | $26.9B | $25.9B | +3.9% | $24.2B | $24.4B | -0.6% |
| Assets, Noncurrent | $33.3B | $31.7B | +5.0% | $33B | $31.5B | +4.8% |
| Buildings and Improvements, Gross | $5.76B2025-12-31 | $4.89B | +17.9% | $5.76B | $4.89B | +17.9% |
| Cash and Cash Equivalents, at Carrying Value | $4.39B | $2.52B | +74.1% | $2.33B | $1.7B | +37.5% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | -$4M | -$3M | -33.3% | -$2M2010-12-31 | -$15M | +86.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.65B2026-04-05 | $1.24B | +194.2% | $2.33B | $1.7B | +37.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.39B | $2.52B | +74.1% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $55M | $997M | -94.5% | $636M | -$216M | +394.4% |
| Common Stock, Dividends, Per Share, Declared | $1.59 | $1.50 | +6.0% | – | – | – |
| Common Stock, Par or Stated Value Per Share | $1.002025-12-31 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 500M2025-12-31 | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares Held in Employee Trust, Shares | 14M2025-12-31 | 15M | -6.7% | 14M | 15M | -6.7% |
| Common Stock, Shares, Issued | 482M2025-12-31 | 482M | 0.0% | 482M | 482M | 0.0% |
| Common Stock, Shares, Outstanding | 270M2025-12-31 | 270M | 0.0% | 270M | 270M | 0.0% |
| Common Stock, Value, Issued | $482M | $482M | 0.0% | $482M | $482M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.08B | $994M | +8.7% | $5.25B | $3.42B | +53.2% |
| Construction in Progress, Gross | $1.46B2025-12-31 | $1.17B | +24.6% | $1.46B | $1.17B | +24.6% |
| Contract with Customer, Liability, Current | $11.1B | $10.5B | +5.9% | $9.82B | $9.49B | +3.5% |
| Contract with Customer, Liability, Noncurrent | $2.62B | $2.06B | +27.3% | $2.65B | $3B | -11.6% |
| Contract with Customer, Liability, Revenue Recognized | $1.8B | $1.8B | 0.0% | $8B | $5.8B | +37.9% |
| Costs and Expenses | $13B | $11.6B | +12.6% | $47.2B | $42.9B | +10.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $357M | $622M | -42.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $277M | $190M | +45.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $637M | $844M | -24.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3M | $32M | -90.6% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $54M | $64M | -15.6% | $61M | $64M | -4.7% |
| Debt Securities, Trading, and Equity Securities, FV-NI | $02025-12-31 | $0 | – | $0 | $0 | – |
| Debt, Current | $756M | $1.01B | -24.9% | $1.01B | $1.5B | -33.0% |
| Debt, Long-term and Short-term, Combined Amount | $7.07B | $8.08B | -12.5% | $8.07B | $8.83B | -8.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $282M | -$90M | +413.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$42M | $8M | -625.0% |
| Deferred Income Tax Assets, Net | $24M | $19M | +26.3% | $19M | $19M | 0.0% |
| Deferred Income Tax Expense (Benefit) | -$30M | $249M | -112.0% | $256M | -$86M | +397.7% |
| Deferred Income Tax Liabilities, Net | $1.3B | $771M | +68.2% | $956M | $573M | +66.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $16M | -$4M | +500.0% |
| Deferred Tax Assets, Gross | $2.17B2025-12-31 | $2.6B | -16.6% | $2.17B | $2.6B | -16.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.01B2025-12-31 | $2.44B | -17.3% | $2.01B | $2.44B | -17.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $663M2025-12-31 | $630M | +5.2% | $663M | $630M | +5.2% |
| Deferred Tax Assets, Other | $385M2025-12-31 | $383M | +0.5% | $385M | $383M | +0.5% |
| Deferred Tax Assets, Other Comprehensive Loss | $359M2025-12-31 | $446M | -19.5% | $359M | $446M | -19.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $384M2025-12-31 | $185M | +107.6% | $384M | $185M | +107.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $115M2025-12-31 | $251M | -54.2% | $115M | $251M | -54.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $215M2025-12-31 | $223M | -3.6% | $215M | $223M | -3.6% |
| Deferred Tax Assets, Valuation Allowance | $158M2025-12-31 | $169M | -6.5% | $158M | $169M | -6.5% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $1.06B2025-12-31 | $1.06B | -0.6% | $1.06B | $1.06B | -0.6% |
| Deferred Tax Liabilities, Gross | $2.95B2025-12-31 | $2.99B | -1.3% | $2.95B | $2.99B | -1.3% |
| Deferred Tax Liabilities, Net | $1.27B | $752M | +69.3% | $937M | $554M | +69.1% |
| Deferred Tax Liabilities, Other | $315M2025-12-31 | $315M | 0.0% | $315M | $315M | 0.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $450M2025-12-31 | $447M | +0.7% | $450M | $447M | +0.7% |
| Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $11.5B2025-12-31 | $11.5B | +0.6% | $11.5B | $11.5B | +0.6% |
| Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $10.6B2025-12-31 | $9.66B | +9.8% | $10.6B | $9.66B | +9.8% |
| Defined Contribution Plan, Cost | – | – | – | $560M | $517M | +8.3% |
| Depreciation | $177M | $165M | +7.3% | $680M | $644M | +5.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-10-04, 10-Q 2026-07-05, 10-Q 2026-04-05, 10-K 2025-12-31, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-31, 10-Q 2024-09-29
Data as of 2026-11-01