EarningsQ2 2026 Earnings Report
DE:GDX Q2 2026 EPS Results
Actual EPS€3.78
Consensus EPS€3.54
Beat/MissBeat by +€0.25
One Year Ago EPS€3.34
DE:GDX Q2 2026 Revenue Results
Actual Revenue€12.58B
Expected Revenue€12.07B
Beat/MissBeat by +€510.46M
YoY Revenue Growth+8.07%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:GDX Upcoming Earnings
General Dynamics's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:GDX Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted broad-based strength: robust revenue and earnings growth, record backlog (+32% YoY), strong order intake (book-to-bill >1 in all segments), exceptional cash generation and an increased full-year EPS outlook. Challenges include margin pressure in some businesses, increased planned capex and a sizeable pension contribution that will temper second-half cash flow, lingering single-source supply risks, and external budget/procurement timing uncertainty. On balance the positives—especially the backlog, cash conversion and raised guidance—substantially outweigh the negatives.Company Guidance
Strong Quarterly Financial Results
Q2 revenue of $14.1B; operating earnings $1.460B; net earnings $1.160B; diluted EPS $4.24. Year-over-year revenue +8.1%, operating earnings +~12%, net earnings +14.4%, EPS +13.4% ($0.50). Company operating margin 10.4%, up 40 bps YoY.
Beating Street Expectations and Raised Full-Year EPS Guidance
Beat consensus by $0.28 in the quarter. Increased 2026 EPS guidance to $16.80–$16.90 (previously $16.45–$16.55) with company revenue guidance of ~$55.7B and operating margin expected at 10.5%.
Record Order Activity and Backlog Growth
Nearly $20B of orders in the quarter; company book-to-bill 1.4x; all four segments >1.0 book-to-bill. Aerospace book-to-bill 1.5x; Combat Systems 2.1x. Record backlog $136.5B, up 32% YoY; total estimated contract value $186.9B.
Outstanding Cash Generation and Conversion
Operating cash flow $1.9B in Q2 and >$4B in H1. Free cash flow $1.6B in Q2 with cash conversion 142%; H1 free cash flow $3.6B with conversion >150%. Now expect full-year free cash flow conversion ~105% of net income.
Improved Balance Sheet and Lower Net Debt
Ended the quarter with ~$4.3B cash and net debt $3.2B, down $1.2B from prior quarter. Paid dividends ~$430M and repurchased ~$100M of shares (to cover dilution); repaid $500M of notes in June.
Aerospace Operational and Order Momentum
Aerospace revenue $3.5B (+15.1% YoY, +$463M) and operating earnings $510M with 14.5% margin (130 bps improvement YoY). Delivered 41 aircraft (3 more YoY and sequential) and 1.5x book-to-bill with 16 more airplane orders YoY.
Marine Systems Productivity and Revenue Growth
Marine revenue growth 10.4% YoY led by Columbia and Virginia programs; operating earnings up 17.5% with a 40-bp margin improvement. Notable operational gains: Bath accelerated a DDG-51 delivery nearly 3 months; Electric Boat hours earned up 37% YTD and sequence-critical material deliveries +65% YoY.
Defense Combat Demand and Strong Order Intake
Combat Systems revenue $2.3B; book-to-bill 2.1x driven by international demand and large awards (e.g., ACSVs for Canada). Munitions (OTS) and wheeled/tracked vehicle demand remain strong.
Technologies Momentum and GDIT Wins
Technologies revenue $3.6B (+4.1% YoY) and operating earnings $339M (+2.1% YoY) with book-to-bill 1.1x (1.3x TTM). GDIT won more OTA awards in H1 2026 than all of 2025; international portfolio up >35% since 2024.
DE:GDX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed