General Dynamics (GD) Q1 FY2026 earnings: revenue $13.5 billion, up 10.3% on the year

General Dynamics Corp. (GD) reported revenue of $13.5 billion for Q1 FY2026, the quarter ended 5 April 2026, up 10.3% on the same quarter a year earlier. Net income was $1.1 billion, up 13.2% on the year, and diluted earnings per share $4.10. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$13.5 billion

+10.3% on the year · -6.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

10.5%

10.4% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.1 billion

+13.2% on the year · -1.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.10

+12.0% on the year · -1.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue up 10.3% in every segment: Revenue was $13,481 million, up 10.3% from $12,223 million a year earlier. The company reported growth in all four segments.
Diluted EPS up 12% to $4.10: Diluted EPS was $4.10 against $3.66, up $0.44 or 12.0%. Net earnings were $1,125 million, up 13.2% from $994 million.
Marine Systems revenue up 21.0%: Marine Systems revenue was $4,343 million, up 21.0%, and operating earnings were $316 million, up 26.4%. Operating margin was 7.3% against 7.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	13,481	14,379	12,223	-6.2%	+10.3%
Cost of revenue	11,338	12,238	10,330	-7.4%	+9.8%
Gross profit	2,143	2,141	1,893	+0.1%	+13.2%
Gross margin	15.9%	14.9%	15.5%
Operating income	1,420	1,452	1,268	-2.2%	+12.0%
Operating margin	10.5%	10.1%	10.4%
Pre-tax income	1,369	1,399	1,200	-2.1%	+14.1%
Income tax	244	256	206	-4.7%	+18.4%
Effective tax rate	17.8%	18.3%	17.2%
Net income	1,125	1,143	994	-1.6%	+13.2%
Net margin	8.3%	7.9%	8.1%
Diluted EPS	$4.10	$4.17	$3.66	-1.7%	+12.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,155	1,561	-148	+38.1%
Capital expenditure	203	609	142	-66.7%	+43.0%
Free cash flow	1,952	952	-290	+105.0%
Free cash flow margin	14.5%	6.6%	-2.4%
Cash from investing	-202	-862	-130
Cash from financing	-629	-884	-175
Depreciation and amortisation	232	252	223	-7.9%	+4.0%
Share-based compensation	40.0	50.0	34.0	-20.0%	+17.6%
Buybacks	217	37.0	600	+486.5%	-63.8%
Dividends paid	405	405	383	0.0%	+5.7%
Dividend per share	$1.59	n/a	$1.50		+6.0%
Diluted shares, weighted	274m	274m	272m	+0.1%	+0.9%
Shares outstanding at period end	270m	270m	268m	+0.0%	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	26,079	25,622	22,225	+1.8%	+17.3%
Debt	8,072	8,074	9,678	-0.0%	-16.6%
Operating lease liabilities	1,511	1,124	1,580	+34.4%	-4.4%
Finance lease liabilities	n/a	353	n/a
Other liabilities	23,367	22,076	23,097	+5.8%	+1.2%
Total liabilities and equity	59,029	57,249	56,580	+3.1%	+4.3%
Fixed assets	7,503	7,525	6,461	-0.3%	+16.1%
Goodwill	20,956	21,009	20,623	-0.3%	+1.6%
Intangible assets	1,328	1,375	1,462	-3.4%	-9.2%
Trading assets	n/a	0.0	n/a
Cash and equivalents	3,654	2,333	1,242	+56.6%	+194.2%
Receivables	2,254	2,406	3,294	-6.3%	-31.6%
Inventory	9,177	9,232	9,816	-0.6%	-6.5%
Other assets	14,157	13,369	13,682	+5.9%	+3.5%
Total assets	59,029	57,249	56,580	+3.1%	+4.3%

Questions

What was General Dynamics' revenue in Q1 FY2026?

General Dynamics (GD) reported revenue of $13.5 billion for Q1 FY2026, the quarter ended 5 April 2026, up 10.3% on the same quarter a year earlier.

How much did General Dynamics earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.1 billion, up 13.2% on the year, and diluted earnings per share $4.10.

When did General Dynamics report Q1 FY2026 results?

General Dynamics filed its 10-Q for the quarter ended 5 April 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	10,292	9,392	9,189	9,975	10,851	9,881	10,152	10,571	11,668	10,731	11,976	11,671	13,338	12,223	13,041	12,907	14,379	13,481	14,094	14,566
Cost of revenue	8,526	7,858	7,597	8,310	9,020	8,357	8,585	8,913	9,745	9,068	10,176	9,855	11,253	10,330	11,092	10,939	12,238	11,338	11,911	12,317
Gross profit	1,766	1,534	1,592	1,665	1,831	1,524	1,567	1,658	1,923	1,663	1,800	1,816	2,085	1,893	1,949	1,968	2,141	2,143	2,183	2,249
Gross margin	17%	16%	17%	17%	17%	15%	15%	16%	16%	15%	15%	16%	16%	15%	15%	15%	15%	16%	15%	15%
Operating income	1,186	908	978	1,098	1,227	938	962	1,057	1,288	1,036	1,156	1,181	1,423	1,268	1,305	1,331	1,452	1,420	1,460	1,527
Operating margin	12%	10%	11%	11%	11%	9%	9%	10%	11%	10%	10%	10%	11%	10%	10%	10%	10%	11%	10%	10%
Pre-tax income	1,132	849	923	1,053	1,211	880	886	991	1,227	968	1,090	1,114	1,368	1,200	1,232	1,272	1,399	1,369	1,407	1,486
Tax rate	16%	14%	17%	14%	18%	17%	16%	16%	18%	17%	17%	17%	16%	17%	18%	17%	18%	18%	18%	17%
Net income	952	730	766	902	992	730	744	836	1,005	799	905	930	1,148	994	1,014	1,059	1,143	1,125	1,160	1,229
Net margin	9%	8%	8%	9%	9%	7%	7%	8%	9%	7%	8%	8%	9%	8%	8%	8%	8%	8%	8%	8%
Diluted EPS	$3.39	$2.61	$2.75	$3.26	$3.58	$2.64	$2.70	$3.04	$3.64	$2.88	$3.26	$3.35	$4.15	$3.66	$3.74	$3.88	$4.17	$4.10	$4.24	$4.49
Operating cash flow	1,682	1,968	659	1,283	669	1,462	731	1,321	1,196	-278	814	1,416	2,160	-148	1,598	2,109	1,561	2,155	1,874	1,706
Capital expenditure	385	141	224	255	494	161	212	227	304	159	201	201	355	142	198	212	609	203	234	481
Free cash flow	1,297	1,827	435	1,028	175	1,301	519	1,094	892	-437	613	1,215	1,805	-290	1,400	1,897	952	1,952	1,640	1,225
Buybacks	337	294	800	25.0	110	90.0	288	56.0	0.0	105	34.0	44.0	1,318	600	0.0	0.0	37.0	217	102	285
Dividends paid	332	330	349	345	345	345	360	363	360	361	389	390	389	383	402	403	405	405	429	429
Shares outstanding	278m	278m	274m	275m	274m	274m	273m	273m	274m	274m	275m	275m	270m	268m	269m	270m	270m	270m	271m	270m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 5 April 2026, filed 29 April 2026: the filing.