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High materiality8/10

General Dynamics delivers strong Q3 results with record backlog and robust cash flow

Oct 30, 2026, 7:16 AM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Stronger-than-expected revenue/EPS, record backlog, high book-to-bill, and deleveraging support a positive earnings trajectory and potential multiple expansion near-term.

AI summary

What happened, with direct paths to the underlying reporting

General Dynamics reported a solid Q3, with revenue of $14.6B and EPS of $4.49, driven by broad segment strength and a backlog of $220.3B. The 8.5x defense book-to-bill and $50.4B estimated potential value support multi-year visibility, while free cash flow of $1.23B in Q3 and debt reduction underscore capital deployment. These fundamentals suggest earnings upside and potential multiple expansion in coming quarters.

Q3 revenue $14.6B, +12.9% YoY. EPS $4.49, +15.7% YoY.
Operating margin 10.5%; 20 bps expansion. Cash from operations $1.7B, 139% of net earnings.
Backlog $220.3B; quarterly orders $98.8B. Defense book-to-bill 8.5x; company-wide 6.8x.
Debt down $500M; cash $4.4B; end-of-quarter debt $7B; net debt $2.63B (Oct 4).
Dividend $429M; capex $481M; conference call Oct 30, 2026 at 9:00 a.m. ET.

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