General Dynamics (NYSE:GD) reported financial results for the first quarter of 2026 on Wednesday, April 29, showcasing significant top- and bottom-line growth fueled by an extraordinary surge in new orders.
The Reston, Virginia-based defense and aerospace giant posted total revenue of $13.5 billion, a 10.3% increase year-over-year, while diluted earnings per share (EPS) rose 12% to $4.10.
The quarter was highlighted by a massive influx of new business, with orders totaling $26.6 billion.
This resulted in a consolidated book-to-bill ratio of 2-to-1, meaning the company took in twice as much work as it delivered during the period.
This momentum drove the total estimated contract value to a staggering $188.4 billion, including a firm backlog of $130.8 billion and an estimated potential value of $57.6 billion.
Profitability remained steady as the company scaled its operations.
Operating earnings reached $1.4 billion, yielding a 10.5% operating margin.
Cash generation was particularly strong, with cash from operations totaling $2.2 billion—representing 192% of net earnings.
This robust liquidity allowed the company to end the quarter with $3.7 billion in cash on hand after paying $405 million in dividends and investing $203 million in capital expenditures.