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How General Dynamics (GD) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · quarter ended 07/05/2026
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. · Wikipedia
More about the company
It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government; it receives over 3% of total spending by the federal government of the United States on contractors.
Key growth driver: Aerospace (Gulfstream) — the fastest-growing revenue line: $3,525, +15% y/y. · by the Q2 2026 report
How does General Dynamics make money?
General Dynamics brought in $14.1 billion of revenue in Q2 2026, up 8.1% year over year. The largest source was Marine Systems: $4.66 billion, or 33% of the total, followed by Technologies (≈$3.62B, 26%) and Aerospace (Gulfstream) ($3.52B, 25%); other lines add the remaining 16%. Net income for the quarter was $1.16 billion, up 14.4% year over year.
Revenue by source, Q2 2026
- Marine Systems$4.66B · 33% · +10.4%
- Technologies≈$3.62B · 26% · +4.1%
- Aerospace (Gulfstream)$3.52B · 25% · +15.1%
- Combat Systems$2.29B · 16% · +0.3%
Shares of $14.1B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is GD’s next earnings date?
Friday, October 23, 2026estimated
General Dynamics (GD) has not confirmed the date yet; Oct 23, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $4.14 (8 analysts), vs $3.88 in the same quarter last year.
What time does GD report? Usually before market open: the last 4 results releases reached the SEC at 8:01 am, 7:58 am, 7:59 am, 7:50 am ET.
Last report: Jul 29, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$14,094
+8.1%
Net income
$1,160
+14.4%
$4.24/sh diluted · 8.2% margin
Verdict: a defense compounder doing exactly what its backlog promises — revenue +8% with all four segments growing, operating margin up 40bp to 10.4%, EPS +13% — and demand still outrunning output: $20B of orders against $14.1B of revenue (1.4x book-to-bill) took backlog to a record $136.5B.
Q2 operating cash flow $1.9B — 162% of net earnings. Dividends $429M; capex $234M; debt reduced by $498M to $7.5B; cash $4.3B. Total estimated contract value $186.9B (backlog $136.5B + $50.4B IDIQ/options).
Source and notation
* marks non-cash / ≈ estimated. Technologies segment revenue derived as the residual of total. Source: General Dynamics press release 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
General Dynamics: 5-year financials
| 2025 | 52,550 |
| 2024 | 47,716 |
| 2023 | 42,272 |
| 2022 | 39,407 |
| 2021 | 38,469 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K cover: a single class — Common Stock (NYSE: GD). sec.gov ↗
- Feb 2026Diluted share count −5.4% over 2020–2025; SBC of $196M = 0.4% of $52.6B revenue (XBRL). data.sec.gov ↗
- Mar 2025The quarterly dividend was raised from $1.42 to $1.50 — the 28th consecutive annual increase; $1.6B paid in dividends in 2025. sec.gov ↗
- Mar 20262026 proxy: related-party dealings are limited to Jet Aviation services on market terms and a senior executive's relative's salary of about $120K. sec.gov ↗
Scoring: 2.0 with no deductions = 2.0 (single share class, shares −5.4% over 5 years, 28th consecutive dividend increase, no shareholder suits or SEC cases)
- Share classes
- Single class of common stock (10-K cover: Common Stock, NYSE).
- Dilution
- Diluted shares −5.4% over 2020–2025, SBC 0.4% of revenue; buybacks of $1.5B (2024), $0.6B (2025).
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- In March 2025 the quarterly dividend was raised to $1.50 — the 28th consecutive annual increase.
- Lawsuits & regulators
- Item 3 refers to Note M: government contract and environmental disputes; no shareholder suits or SEC cases.
- Related parties
- 2026 proxy: Jet Aviation services to related parties on market terms and an executive's relative's salary of ≈$120K — immaterial.
How the score works · checked as of Sep 2026
General Dynamics (GD) earnings: FAQ
How does General Dynamics make money?
General Dynamics brought in $14.1 billion of revenue in Q2 2026, up 8.1% year over year. The largest source was Marine Systems: $4.66 billion, or 33% of the total, followed by Technologies (≈$3.62B, 26%) and Aerospace (Gulfstream) ($3.52B, 25%); other lines add the remaining 16%. Net income for the quarter was $1.16 billion, up 14.4% year over year.
When is GD's next earnings date?
General Dynamics (GD) has not confirmed the date yet; Oct 23, 2026 is an estimate based on its past reporting schedule.
What time does GD report earnings?
General Dynamics usually reports before market open: its latest results release was filed with the SEC at 8:01 am ET on Jul 29, 2026.
When did GD last report earnings?
General Dynamics reported Q2 2026 results on Jul 29, 2026.
What is the EPS estimate for GD's next earnings?
The consensus EPS forecast is $4.14 (8 analysts), vs $3.88 in the same quarter last year.
Where can I find General Dynamics's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to GD's filings; this page breaks the latest report down in a Sankey chart.
What was GD's net income in Q2 2026?
General Dynamics reported net income of $1,160M for Q2 2026 (+14.4% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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