General Dynamics delivers 12.9% revenue growth to $14.6 billion in Q3

General Dynamics (NYSE:GD) reported third-quarter 2026 revenue of $14.6 billion, up 12.9% year over year, while diluted earnings per share increased 15.7% to $4.49.

Operating earnings rose 14.7% to $1.527 billion, while operating margin expanded to 10.5% from 10.3% in the same quarter last year.

The company reported that submarine orders, including Virginia-class and Columbia-class programmes, contributed to its third-quarter order growth and higher backlog.

Orders totalled $98.8 billion, bringing General Dynamics' backlog to $220.3 billion, equivalent to approximately 6.8 times quarterly revenue, while Combat Systems operating earnings declined 1.5% and Technologies reported a lower operating margin.

Quarterly operating cash flow declined to $1.710 billion from $2.109 billion a year earlier, while capital expenditures increased to $481 million from $212 million.

The company also reduced debt by $500 million.

For the first nine months of 2026, revenue increased 10.4% to $42.141 billion, while diluted EPS rose 13.6% to $12.83.

General Dynamics operates across four main business segments: Aerospace, Marine Systems, Combat Systems and Technologies, supplying military equipment, submarines, business aircraft and information technology services to government and commercial customers.