General Dynamics earnings: third quarter 2026

General Dynamics, the maker of submarines, combat vehicles and Gulfstream business jets, had a fast-growing third quarter of 2026. Sales rose 12.9% to $14.6 billion, quicker than over the year so far. Profit grew faster still, and orders came to $98.8 billion, almost seven times the quarter's sales, mostly for submarines. The soft spot was cash: the cash left after running and investing in the business fell in the quarter as spending on plants doubled. ¹

Against what analysts expected

Earnings per share of $4.49 came in about 8% above the $4.14 that analysts expected on average (8 estimates, Nasdaq's earnings calendar). ¹²

The strong points

• Sales rose 12.9% from a year earlier to $14.6 billion, faster than the company's pace over the first nine months of the year. ¹
• Earnings per share rose 15.7% to $4.49, faster than sales. ¹
• Orders in the quarter came to $98.8 billion, about 6.8 times sales, driven by large contracts for Virginia- and Columbia-class submarines. ¹

The weak points

• The cash left after running the business and investing in it fell about 35% from a year earlier in the quarter, even though profit rose. ¹
• Over nine months that leftover cash rose about 60%, but much of the gain came from customers paying in advance, $1,232 million against $45 million a year earlier. ¹

What the company expects

• The release gives no figures for next quarter or the full year and says nothing of raising or cutting a forecast; the chief executive only says the company is 'poised' to keep performing. ¹
• Work already ordered but not yet delivered stood at $220.3 billion at the end of the quarter, about fifteen times the quarter's sales. ¹

Our verdict on the quarter

A strong report. Sales and profit grew faster than earlier in the year, earnings per share came in well above what analysts expected, and orders swelled with submarine contracts; the company gave no new forecast, and quarterly cash dipped as it invested more.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. General Dynamics's results release, 30 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 30 October 2026. ↩