{"success":true,"data":{"pressRelease":{"id":"12556","rtpr_id":"nPn83gswha","ticker":"GD","exchange":"NYSE","all_tickers":["GD"],"title":"General Dynamics Reports First-Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-04-29T11:00:03.434Z","article_body":"General Dynamics Reports First-Quarter 2026 Financial Results\n\nPR Newswire\n\nRESTON, Va., April 29, 2026\n\n * Revenue of $13.5 billion, up 10.3% from year-ago quarter, with growth in all\nfour segments\n * Diluted EPS $4.10, up 12% from year-ago quarter\n * $2.2 billion cash from operating activities, 192% of net earnings\n * Strong order activity, with 2-to-1 book-to-bill\nRESTON, Va., April 29, 2026 /PRNewswire/ -- General Dynamics (NYSE: GD) today\nreported first-quarter 2026 operating earnings of $1.4 billion, or $4.10 per\ndiluted share (EPS), on revenue of $13.5 billion. Compared with the year-ago\nquarter, revenue increased 10.3%, operating earnings and diluted EPS both\nincreased 12%. Operating margin was 10.5%.\n\n\"Our businesses had a very good start to the year, delivering strong operating\nresults and excellent cash conversion,\" said Phebe Novakovic, chairman and\nchief executive officer. \"We are positioned well to drive additional\nperformance throughout the year.\"\n\nCash and Capital Deployment\n\nNet cash provided by operating activities in the quarter totaled $2.2 billion,\nor 192% of net earnings. During the quarter, the company paid $405 million in\ndividends and invested $203 million in capital expenditures, ending the\nquarter with $3.7 billion in cash and equivalents on hand.\n\nOrders and Backlog\n\nOrders totaled $26.6 billion in the quarter on a companywide basis.\nConsolidated book-to-bill ratio, defined as orders divided by revenue, was\n2-to-1 for the quarter. Book-to-bill was 2.2-to-1 for the defense segments and\n1.2-to-1 for the Aerospace segment.\n\nTotal estimated contract value, the sum of all backlog components, was $188.4\nbillion at the end of the quarter. This includes backlog of $130.8 billion and\nestimated potential contract value, representing management's estimate of\nadditional value in unfunded indefinite delivery, indefinite quantity (IDIQ)\ncontracts and unexercised options, of $57.6 billion.\n\nAbout General Dynamics\n\nHeadquartered in Reston, Virginia, General Dynamics is a global aerospace and\ndefense company that offers a broad portfolio of products and services in\nbusiness aviation; ship construction and repair; land combat vehicles, weapons\nsystems and munitions; and technology products and services. General Dynamics\nemploys more than 110,000 people worldwide and generated $52.6 billion in\nrevenue in 2025. More information is available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n.\n\nWEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2026\nfinancial results conference call at 9 a.m. EDT on Wednesday, April 29, 2026.\nThe webcast will be a listen-only audio event available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n. An on-demand replay of the webcast will be available by telephone two hours\nafter the end of the call through May 6, 2026, at 800-770-2030 (international:\n+1 609-800-9909), conference ID 4299949. Charts furnished to investors and\nsecurities analysts in connection with General Dynamics' announcement of its\nfinancial results are available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n.\n\nThis press release contains forward-looking statements (FLS), including\nstatements about the company's future operational and financial performance,\nwhich are based on management's expectations, estimates, projections and\nassumptions. Words such as \"expects,\" \"anticipates,\" \"plans,\" \"believes,\"\n\"forecasts,\" \"scheduled,\" \"outlook,\" \"estimates,\" \"should\" and variations of\nthese words and similar expressions are intended to identify FLS. In making\nFLS, we rely on assumptions and analyses based on our experience and\nperception of historical trends; current conditions and expected future\ndevelopments; and other factors, estimates and judgments we consider\nreasonable and appropriate based on information available to us at the time.\nFLS are made pursuant to the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995, as amended. FLS are not guarantees of future\nperformance and involve factors, risks and uncertainties that are difficult to\npredict. Actual future results and trends may differ materially from what is\nforecast in the FLS. All FLS speak only as of the date they were made. We do\nnot undertake any obligation to update or publicly release revisions to FLS to\nreflect events, circumstances or changes in expectations after the date of\nthis press release. Additional information regarding these factors is\ncontained in the company's filings with the SEC, and these factors may be\nrevised or supplemented in future SEC filings. In addition, this press release\ncontains some financial measures not prepared in accordance with U.S.\ngenerally accepted accounting principles (GAAP). While we believe these\nnon-GAAP metrics provide useful information for investors, there are\nlimitations associated with their use, and our calculations of these metrics\nmay not be comparable to similarly titled measures of other companies.\nNon-GAAP metrics should not be considered in isolation from, or as a\nsubstitute for, GAAP measures. Reconciliations to comparable GAAP measures and\nother information relating to our non-GAAP measures are included in other\nfilings with the SEC, which are available at investorrelations.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=3554151508&u=https%3A%2F%2Finvestorrelations.gd.com%2Fir-home%2Fdefault.aspx&a=investorrelations.gd.com)\n.\n EXHIBIT A\n\nCONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)\n\nDOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS\n\n Three Months Ended Variance\n April 5, 2026 March 30, 2025 $ %\n Revenue $ 13,481 $ 12,223 $ 1,258 10.3 %\n Operating costs and expenses (12,061) (10,955) (1,106)\n Operating earnings 1,420 1,268 152 12.0 %\n Other, net 18 21 (3)\n Interest, net (69) (89) 20\n Earnings before income tax 1,369 1,200 169 14.1 %\n Provision for income tax, net (244) (206) (38)\n Net earnings $ 1,125 $ 994 $ 131 13.2 %\n Earnings per share—basic $ 4.16 $ 3.69 $ 0.47 12.7 %\n Basic weighted average shares outstanding 270.2 269.0\n Earnings per share—diluted $ 4.10 $ 3.66 $ 0.44 12.0 %\n Diluted weighted average shares outstanding 274.1 271.7\n\n \n EXHIBIT B\n\nREVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Three Months Ended Variance\n April 5, 2026 March 30, 2025 $ %\n Revenue:\n Aerospace $ 3,279 $ 3,026 $ 253 8.4 %\n Marine Systems 4,343 3,589 754 21.0 %\n Combat Systems 2,283 2,176 107 4.9 %\n Technologies 3,576 3,432 144 4.2 %\n Total $ 13,481 $ 12,223 $ 1,258 10.3 %\n Operating earnings:\n\n Aerospace $ 493 $ 432 $ 61 14.1 %\n Marine Systems 316 250 66 26.4 %\n Combat Systems 310 291 19 6.5 %\n Technologies 339 328 11 3.4 %\n Corporate (38) (33) (5) (15.2) %\n Total $ 1,420 $ 1,268 $ 152 12.0 %\n Operating margin:\n Aerospace 15.0 % 14.3 %\n Marine Systems 7.3 % 7.0 %\n Combat Systems 13.6 % 13.4 %\n Technologies 9.5 % 9.6 %\n Total 10.5 % 10.4 %\n\n \n EXHIBIT C\n\nCONSOLIDATED BALANCE SHEET\n\nDOLLARS IN MILLIONS\n\n (Unaudited)\n April 5, 2026 December 31, 2025\n ASSETS\n Current assets:\n Cash and equivalents $ 3,654 $ 2,333\n Accounts receivable 2,254 2,406\n Unbilled receivables 9,051 8,380\n Inventories 9,177 9,232\n Other current assets 1,919 1,897\n Total current assets 26,055 24,248\n Noncurrent assets:\n Property, plant and equipment, net 7,503 7,525\n Intangible assets, net 1,328 1,375\n Goodwill 20,956 21,009\n Other assets 3,187 3,092\n Total noncurrent assets 32,974 33,001\n Total assets $ 59,029 $ 57,249\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Current liabilities:\n Short-term debt and current portion of long-term debt $ 1,755 $ 1,006\n\n Accounts payable 2,843 2,678\n Customer advances and deposits 10,847 9,824\n Other current liabilities 3,380 3,288\n Total current liabilities 18,825 16,796\n Noncurrent liabilities:\n Long-term debt 6,259 7,007\n Other liabilities 7,866 7,824\n Total noncurrent liabilities 14,125 14,831\n Shareholders' equity:\n Common stock 482 482\n Surplus 4,433 4,403\n Retained earnings 44,774 44,080\n Treasury stock (23,053) (22,860)\n Accumulated other comprehensive loss (557) (483)\n Total shareholders' equity 26,079 25,622\n Total liabilities and shareholders' equity $ 59,029 $ 57,249\n\n \n EXHIBIT D\n\nCONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Three Months Ended\n April 5, 2026 March 30, 2025\n Cash flows from operating activities—continuing operations:\n Net earnings $ 1,125 $ 994\n Adjustments to reconcile net earnings to net cash from operating activities:\n\n Depreciation of property, plant and equipment 173 162\n Amortization of intangible and finance lease right-of-use assets 59 61\n Equity-based compensation expense 40 34\n Deferred income tax provision (benefit) 286 (59)\n (Increase) decrease in assets, net of effects of business acquisitions:\n Accounts receivable 152 (317)\n Unbilled receivables (656) (879)\n Inventories 55 (92)\n Increase (decrease) in liabilities, net of effects of business acquisitions:\n Accounts payable 165 13\n Customer advances and deposits 764 13\n Other, net (8) (78)\n Net cash provided (used) by operating activities 2,155 (148)\n Cash flows from investing activities:\n Capital expenditures (203) (142)\n Other, net 1 12\n Net cash used by investing activities (202) (130)\n Cash flows from financing activities:\n Dividends paid (405) (383)\n Purchases of common stock (217) (600)\n Proceeds from commercial paper, net — 1,590\n Repayment of fixed-rate notes — (750)\n Other, net (7) (32)\n Net cash used by financing activities (629) (175)\n Net cash used by discontinued operations (3) (2)\n Net increase (decrease) in cash and equivalents 1,321 (455)\n Cash and equivalents at beginning of period 2,333 1,697\n Cash and equivalents at end of period $ 3,654 $ 1,242\n\n \n EXHIBIT E\n\nADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)\n\nDOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS\n\n Non-GAAP Financial Measures:\n First Quarter\n 2026 2025\n Free cash flow:\n Net cash provided (used) by operating activities $ 2,155 $ (148)\n\n Capital expenditures (203) (142)\n Free cash flow (a) $ 1,952 $ (290)\n\n April 5, 2026 December 31, 2025\n Net debt:\n Total debt $ 8,014 $ 8,013\n Less cash and equivalents 3,654 2,333\n Net debt (b) $ 4,360 $ 5,680\n\n Supplemental Aerospace Data:\n First Quarter\n 2026 2025\n Gulfstream Aircraft Deliveries (units):\n Large-cabin aircraft 31 30\n Mid-cabin aircraft 7 6\n Total 38 36\n\n Aerospace Book-to-Bill:\n Orders (c) $ 3,843 $ 2,361\n Revenue 3,279 3,026\n Book-to-Bill Ratio 1.2x 0.8x\n\n (a) We define free cash flow as net cash from operating activities less capital\n expenditures. We believe free cash flow is a useful measure for\n\ninvestors because it portrays our ability to generate cash from our businesses\n for purposes such as repaying debt, funding business\n\nacquisitions, paying dividends and repurchasing our common stock to cover\n dilution. We use free cash flow to assess the quality of our\n\nearnings and as a key performance measure in evaluating management.\n\n (b) We define net debt as short- and long-term debt (total debt) less cash and\n equivalents. We believe net debt is a useful measure for investors\n\nbecause it reflects the borrowings that support our operations and capital\n deployment strategy. We use net debt as an important indicator of\n\nliquidity and financial position.\n\n (c) Does not include customer defaults, liquidated damages, cancellations, foreign\n exchange fluctuations and other backlog adjustments.\n\n \n EXHIBIT F\n\nBACKLOG - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Funded Unfunded Total Estimated Total\n\nBacklog\nPotential\nEstimated\n\nContract Value*\nContract Value\n First Quarter 2026:\n Aerospace $ 21,172 $ 1,095 $ 22,267 $ 1,040 $ 23,307\n Marine Systems 40,598 23,373 63,971 12,519 76,490\n Combat Systems 25,532 1,383 26,915 11,770 38,685\n Technologies 10,818 6,869 17,687 32,272 49,959\n Total $ 98,120 $ 32,720 $ 130,840 $ 57,601 $ 188,441\n Fourth Quarter 2025:\n Aerospace $ 20,804 $ 1,024 $ 21,828 $ 1,120 $ 22,948\n Marine Systems 36,808 15,532 52,340 11,823 64,163\n Combat Systems 26,064 1,154 27,218 14,670 41,888\n Technologies 9,865 6,795 16,660 33,280 49,940\n Total $ 93,541 $ 24,505 $ 118,046 $ 60,893 $ 178,939\n First Quarter 2025:\n Aerospace $ 18,171 $ 828 $ 18,999 $ 1,090 $ 20,089\n Marine Systems 30,882 7,491 38,373 10,261 48,634\n Combat Systems 16,129 799 16,928 8,649 25,577\n Technologies 9,751 4,606 14,357 32,670 47,027\n Total $ 74,933 $ 13,724 $ 88,657 $ 52,670 $ 141,327\n\n * The estimated potential contract value includes work awarded on unfunded\n indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised\n\noptions associated with existing firm contracts, including options and other\n agreements with existing customers to purchase new aircraft and aircraft\n\nservices. We recognize options in backlog when the customer exercises the\n option and establishes a firm order. For IDIQ contracts, we evaluate the\n\namount of funding we expect to receive and include this amount in our\n estimated potential contract value. The actual amount of funding received in\n\nthe future may be higher or lower than our estimate of potential contract\n value.\n\n \n EXHIBIT F-1\n BACKLOG - (UNAUDITED)\n DOLLARS IN MILLIONS\n\n(https://mma.prnewswire.com/media/2967833/exhibit_f_1.html)\n\nhttps://mma.prnewswire.com/media/2967833/exhibit_f_1.jpg (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2093071964&u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2967833%2Fexhibit_f_1.jpg&a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2967833%2Fexhibit_f_1.jpg)\n\n(https://mma.prnewswire.com/media/81320/general_dynamics_logo.html)\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2026-financial-results-302756118.html\n(https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2026-financial-results-302756118.html)\n\nSOURCE General Dynamics\n\n\n\nJeff A. Davis, Tel: 703 876 3483, press@generaldynamics.com\n\nPhoto: \nhttps://mma.prnewswire.com/media/2967833/exhibit_f_1.jpg\nhttps://mma.prnewswire.com/media/81320/general_dynamics_logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn83gswha","title":"General Dynamics Reports First-Quarter 2026 Financial Results","author":"PR Newswire","ticker":"GD","created":"2026-04-29T11:00:03.434Z","tickers":["GD"],"exchange":"NYSE","article_body":"General Dynamics Reports First-Quarter 2026 Financial Results\n\nPR Newswire\n\nRESTON, Va., April 29, 2026\n\n * Revenue of $13.5 billion, up 10.3% from year-ago quarter, with growth in all\nfour segments\n * Diluted EPS $4.10, up 12% from year-ago quarter\n * $2.2 billion cash from operating activities, 192% of net earnings\n * Strong order activity, with 2-to-1 book-to-bill\nRESTON, Va., April 29, 2026 /PRNewswire/ -- General Dynamics (NYSE: GD) today\nreported first-quarter 2026 operating earnings of $1.4 billion, or $4.10 per\ndiluted share (EPS), on revenue of $13.5 billion. Compared with the year-ago\nquarter, revenue increased 10.3%, operating earnings and diluted EPS both\nincreased 12%. Operating margin was 10.5%.\n\n\"Our businesses had a very good start to the year, delivering strong operating\nresults and excellent cash conversion,\" said Phebe Novakovic, chairman and\nchief executive officer. \"We are positioned well to drive additional\nperformance throughout the year.\"\n\nCash and Capital Deployment\n\nNet cash provided by operating activities in the quarter totaled $2.2 billion,\nor 192% of net earnings. During the quarter, the company paid $405 million in\ndividends and invested $203 million in capital expenditures, ending the\nquarter with $3.7 billion in cash and equivalents on hand.\n\nOrders and Backlog\n\nOrders totaled $26.6 billion in the quarter on a companywide basis.\nConsolidated book-to-bill ratio, defined as orders divided by revenue, was\n2-to-1 for the quarter. Book-to-bill was 2.2-to-1 for the defense segments and\n1.2-to-1 for the Aerospace segment.\n\nTotal estimated contract value, the sum of all backlog components, was $188.4\nbillion at the end of the quarter. This includes backlog of $130.8 billion and\nestimated potential contract value, representing management's estimate of\nadditional value in unfunded indefinite delivery, indefinite quantity (IDIQ)\ncontracts and unexercised options, of $57.6 billion.\n\nAbout General Dynamics\n\nHeadquartered in Reston, Virginia, General Dynamics is a global aerospace and\ndefense company that offers a broad portfolio of products and services in\nbusiness aviation; ship construction and repair; land combat vehicles, weapons\nsystems and munitions; and technology products and services. General Dynamics\nemploys more than 110,000 people worldwide and generated $52.6 billion in\nrevenue in 2025. More information is available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n.\n\nWEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2026\nfinancial results conference call at 9 a.m. EDT on Wednesday, April 29, 2026.\nThe webcast will be a listen-only audio event available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n. An on-demand replay of the webcast will be available by telephone two hours\nafter the end of the call through May 6, 2026, at 800-770-2030 (international:\n+1 609-800-9909), conference ID 4299949. Charts furnished to investors and\nsecurities analysts in connection with General Dynamics' announcement of its\nfinancial results are available at www.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2748638422&u=https%3A%2F%2Fwww.gd.com%2F&a=www.gd.com)\n.\n\nThis press release contains forward-looking statements (FLS), including\nstatements about the company's future operational and financial performance,\nwhich are based on management's expectations, estimates, projections and\nassumptions. Words such as \"expects,\" \"anticipates,\" \"plans,\" \"believes,\"\n\"forecasts,\" \"scheduled,\" \"outlook,\" \"estimates,\" \"should\" and variations of\nthese words and similar expressions are intended to identify FLS. In making\nFLS, we rely on assumptions and analyses based on our experience and\nperception of historical trends; current conditions and expected future\ndevelopments; and other factors, estimates and judgments we consider\nreasonable and appropriate based on information available to us at the time.\nFLS are made pursuant to the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995, as amended. FLS are not guarantees of future\nperformance and involve factors, risks and uncertainties that are difficult to\npredict. Actual future results and trends may differ materially from what is\nforecast in the FLS. All FLS speak only as of the date they were made. We do\nnot undertake any obligation to update or publicly release revisions to FLS to\nreflect events, circumstances or changes in expectations after the date of\nthis press release. Additional information regarding these factors is\ncontained in the company's filings with the SEC, and these factors may be\nrevised or supplemented in future SEC filings. In addition, this press release\ncontains some financial measures not prepared in accordance with U.S.\ngenerally accepted accounting principles (GAAP). While we believe these\nnon-GAAP metrics provide useful information for investors, there are\nlimitations associated with their use, and our calculations of these metrics\nmay not be comparable to similarly titled measures of other companies.\nNon-GAAP metrics should not be considered in isolation from, or as a\nsubstitute for, GAAP measures. Reconciliations to comparable GAAP measures and\nother information relating to our non-GAAP measures are included in other\nfilings with the SEC, which are available at investorrelations.gd.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=3554151508&u=https%3A%2F%2Finvestorrelations.gd.com%2Fir-home%2Fdefault.aspx&a=investorrelations.gd.com)\n.\n EXHIBIT A\n\nCONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)\n\nDOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS\n\n Three Months Ended Variance\n April 5, 2026 March 30, 2025 $ %\n Revenue $ 13,481 $ 12,223 $ 1,258 10.3 %\n Operating costs and expenses (12,061) (10,955) (1,106)\n Operating earnings 1,420 1,268 152 12.0 %\n Other, net 18 21 (3)\n Interest, net (69) (89) 20\n Earnings before income tax 1,369 1,200 169 14.1 %\n Provision for income tax, net (244) (206) (38)\n Net earnings $ 1,125 $ 994 $ 131 13.2 %\n Earnings per share—basic $ 4.16 $ 3.69 $ 0.47 12.7 %\n Basic weighted average shares outstanding 270.2 269.0\n Earnings per share—diluted $ 4.10 $ 3.66 $ 0.44 12.0 %\n Diluted weighted average shares outstanding 274.1 271.7\n\n \n EXHIBIT B\n\nREVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Three Months Ended Variance\n April 5, 2026 March 30, 2025 $ %\n Revenue:\n Aerospace $ 3,279 $ 3,026 $ 253 8.4 %\n Marine Systems 4,343 3,589 754 21.0 %\n Combat Systems 2,283 2,176 107 4.9 %\n Technologies 3,576 3,432 144 4.2 %\n Total $ 13,481 $ 12,223 $ 1,258 10.3 %\n Operating earnings:\n\n Aerospace $ 493 $ 432 $ 61 14.1 %\n Marine Systems 316 250 66 26.4 %\n Combat Systems 310 291 19 6.5 %\n Technologies 339 328 11 3.4 %\n Corporate (38) (33) (5) (15.2) %\n Total $ 1,420 $ 1,268 $ 152 12.0 %\n Operating margin:\n Aerospace 15.0 % 14.3 %\n Marine Systems 7.3 % 7.0 %\n Combat Systems 13.6 % 13.4 %\n Technologies 9.5 % 9.6 %\n Total 10.5 % 10.4 %\n\n \n EXHIBIT C\n\nCONSOLIDATED BALANCE SHEET\n\nDOLLARS IN MILLIONS\n\n (Unaudited)\n April 5, 2026 December 31, 2025\n ASSETS\n Current assets:\n Cash and equivalents $ 3,654 $ 2,333\n Accounts receivable 2,254 2,406\n Unbilled receivables 9,051 8,380\n Inventories 9,177 9,232\n Other current assets 1,919 1,897\n Total current assets 26,055 24,248\n Noncurrent assets:\n Property, plant and equipment, net 7,503 7,525\n Intangible assets, net 1,328 1,375\n Goodwill 20,956 21,009\n Other assets 3,187 3,092\n Total noncurrent assets 32,974 33,001\n Total assets $ 59,029 $ 57,249\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Current liabilities:\n Short-term debt and current portion of long-term debt $ 1,755 $ 1,006\n\n Accounts payable 2,843 2,678\n Customer advances and deposits 10,847 9,824\n Other current liabilities 3,380 3,288\n Total current liabilities 18,825 16,796\n Noncurrent liabilities:\n Long-term debt 6,259 7,007\n Other liabilities 7,866 7,824\n Total noncurrent liabilities 14,125 14,831\n Shareholders' equity:\n Common stock 482 482\n Surplus 4,433 4,403\n Retained earnings 44,774 44,080\n Treasury stock (23,053) (22,860)\n Accumulated other comprehensive loss (557) (483)\n Total shareholders' equity 26,079 25,622\n Total liabilities and shareholders' equity $ 59,029 $ 57,249\n\n \n EXHIBIT D\n\nCONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Three Months Ended\n April 5, 2026 March 30, 2025\n Cash flows from operating activities—continuing operations:\n Net earnings $ 1,125 $ 994\n Adjustments to reconcile net earnings to net cash from operating activities:\n\n Depreciation of property, plant and equipment 173 162\n Amortization of intangible and finance lease right-of-use assets 59 61\n Equity-based compensation expense 40 34\n Deferred income tax provision (benefit) 286 (59)\n (Increase) decrease in assets, net of effects of business acquisitions:\n Accounts receivable 152 (317)\n Unbilled receivables (656) (879)\n Inventories 55 (92)\n Increase (decrease) in liabilities, net of effects of business acquisitions:\n Accounts payable 165 13\n Customer advances and deposits 764 13\n Other, net (8) (78)\n Net cash provided (used) by operating activities 2,155 (148)\n Cash flows from investing activities:\n Capital expenditures (203) (142)\n Other, net 1 12\n Net cash used by investing activities (202) (130)\n Cash flows from financing activities:\n Dividends paid (405) (383)\n Purchases of common stock (217) (600)\n Proceeds from commercial paper, net — 1,590\n Repayment of fixed-rate notes — (750)\n Other, net (7) (32)\n Net cash used by financing activities (629) (175)\n Net cash used by discontinued operations (3) (2)\n Net increase (decrease) in cash and equivalents 1,321 (455)\n Cash and equivalents at beginning of period 2,333 1,697\n Cash and equivalents at end of period $ 3,654 $ 1,242\n\n \n EXHIBIT E\n\nADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)\n\nDOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS\n\n Non-GAAP Financial Measures:\n First Quarter\n 2026 2025\n Free cash flow:\n Net cash provided (used) by operating activities $ 2,155 $ (148)\n\n Capital expenditures (203) (142)\n Free cash flow (a) $ 1,952 $ (290)\n\n April 5, 2026 December 31, 2025\n Net debt:\n Total debt $ 8,014 $ 8,013\n Less cash and equivalents 3,654 2,333\n Net debt (b) $ 4,360 $ 5,680\n\n Supplemental Aerospace Data:\n First Quarter\n 2026 2025\n Gulfstream Aircraft Deliveries (units):\n Large-cabin aircraft 31 30\n Mid-cabin aircraft 7 6\n Total 38 36\n\n Aerospace Book-to-Bill:\n Orders (c) $ 3,843 $ 2,361\n Revenue 3,279 3,026\n Book-to-Bill Ratio 1.2x 0.8x\n\n (a) We define free cash flow as net cash from operating activities less capital\n expenditures. We believe free cash flow is a useful measure for\n\ninvestors because it portrays our ability to generate cash from our businesses\n for purposes such as repaying debt, funding business\n\nacquisitions, paying dividends and repurchasing our common stock to cover\n dilution. We use free cash flow to assess the quality of our\n\nearnings and as a key performance measure in evaluating management.\n\n (b) We define net debt as short- and long-term debt (total debt) less cash and\n equivalents. We believe net debt is a useful measure for investors\n\nbecause it reflects the borrowings that support our operations and capital\n deployment strategy. We use net debt as an important indicator of\n\nliquidity and financial position.\n\n (c) Does not include customer defaults, liquidated damages, cancellations, foreign\n exchange fluctuations and other backlog adjustments.\n\n \n EXHIBIT F\n\nBACKLOG - (UNAUDITED)\n\nDOLLARS IN MILLIONS\n\n Funded Unfunded Total Estimated Total\n\nBacklog\nPotential\nEstimated\n\nContract Value*\nContract Value\n First Quarter 2026:\n Aerospace $ 21,172 $ 1,095 $ 22,267 $ 1,040 $ 23,307\n Marine Systems 40,598 23,373 63,971 12,519 76,490\n Combat Systems 25,532 1,383 26,915 11,770 38,685\n Technologies 10,818 6,869 17,687 32,272 49,959\n Total $ 98,120 $ 32,720 $ 130,840 $ 57,601 $ 188,441\n Fourth Quarter 2025:\n Aerospace $ 20,804 $ 1,024 $ 21,828 $ 1,120 $ 22,948\n Marine Systems 36,808 15,532 52,340 11,823 64,163\n Combat Systems 26,064 1,154 27,218 14,670 41,888\n Technologies 9,865 6,795 16,660 33,280 49,940\n Total $ 93,541 $ 24,505 $ 118,046 $ 60,893 $ 178,939\n First Quarter 2025:\n Aerospace $ 18,171 $ 828 $ 18,999 $ 1,090 $ 20,089\n Marine Systems 30,882 7,491 38,373 10,261 48,634\n Combat Systems 16,129 799 16,928 8,649 25,577\n Technologies 9,751 4,606 14,357 32,670 47,027\n Total $ 74,933 $ 13,724 $ 88,657 $ 52,670 $ 141,327\n\n * The estimated potential contract value includes work awarded on unfunded\n indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised\n\noptions associated with existing firm contracts, including options and other\n agreements with existing customers to purchase new aircraft and aircraft\n\nservices. We recognize options in backlog when the customer exercises the\n option and establishes a firm order. For IDIQ contracts, we evaluate the\n\namount of funding we expect to receive and include this amount in our\n estimated potential contract value. The actual amount of funding received in\n\nthe future may be higher or lower than our estimate of potential contract\n value.\n\n \n EXHIBIT F-1\n BACKLOG - (UNAUDITED)\n DOLLARS IN MILLIONS\n\n(https://mma.prnewswire.com/media/2967833/exhibit_f_1.html)\n\nhttps://mma.prnewswire.com/media/2967833/exhibit_f_1.jpg (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4675090-1&h=2093071964&u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2967833%2Fexhibit_f_1.jpg&a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2967833%2Fexhibit_f_1.jpg)\n\n(https://mma.prnewswire.com/media/81320/general_dynamics_logo.html)\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2026-financial-results-302756118.html\n(https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2026-financial-results-302756118.html)\n\nSOURCE General Dynamics\n\n\n\nJeff A. Davis, Tel: 703 876 3483, press@generaldynamics.com\n\nPhoto: \nhttps://mma.prnewswire.com/media/2967833/exhibit_f_1.jpg\nhttps://mma.prnewswire.com/media/81320/general_dynamics_logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-04-29T11:00:03.660881412Z","server_sent_at_ms":1777460403660},"received_at":"2026-04-29T11:00:03.755Z","source_url":"https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2026-financial-results-302756118.html"},"analysis":{"id":"9746","press_release_id":"12556","analysis_json":{"industry":{"label":"Capital Goods","sector":"Industrials"},"redFlags":[],"eventType":"earnings","narrative":"General Dynamics delivered a strong start to 2026 with Q1 revenue of $13.5 billion, up 10.3% year-over-year, and diluted EPS rising 12% to $4.10.\n\nThe company demonstrated robust cash generation, producing $2.2 billion in cash from operations, which equates to 192% of net earnings.\n\nOperational momentum was underscored by a 2-to-1 book-to-bill ratio and total estimated contract value reaching $188.4 billion, reflecting high demand across all segments.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Double-digit earnings growth and a 2-to-1 book-to-bill ratio highlight强劲 demand in General Dynamics' defense and aerospace segments."},"keyFigures":{"eps":4.1,"revenue":"$13.5 billion","revenueYoy":"10.3%","customDimensions":{"book_to_bill":"2-to-1","backlog_total":"$188.4 billion","dividends_paid":"$405 million","capital_expenditures":"$203 million","cash_from_operations":"$2.2 billion"}},"quotedText":"Our businesses had a very good start to the year, delivering strong operating results and excellent cash conversion,","namedEntities":{"people":[{"name":"Phebe Novakovic","role":"Chairman and CEO"},{"name":"Jeff A. Davis","role":"Press Contact"}],"products":["Gulfstream aircraft"],"companies":[{"name":"General Dynamics","ticker":"GD"}],"dollarAmounts":[{"amount":"$13.5 billion","context":"Q1 2026 revenue"},{"amount":"$4.10","context":"Diluted EPS"},{"amount":"$2.2 billion","context":"Net cash provided by operating activities"},{"amount":"$405 million","context":"Dividends paid"},{"amount":"$203 million","context":"Capital expenditures"},{"amount":"$3.7 billion","context":"Cash and equivalents on hand"},{"amount":"$26.6 billion","context":"Total orders"},{"amount":"$188.4 billion","context":"Total estimated contract value (backlog)"}]},"materialImpact":{"score":4,"reasoning":"Reported strong double-digit top-line and bottom-line growth (10.3% and 12% respectively) alongside exceptional cash generation at 192% of net earnings. A 2-to-1 book-to-bill ratio indicates significant demand momentum, though the score is capped at 4 as explicit consensus beat percentages were not provided."},"tickerRelevance":{"others":[],"primary":"GD"},"globalImportance":55,"audienceRelevance":45,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"Large Cap S&P 500","eventGravity":"Solid double-digit growth beats with strong cash flow","sectorWeight":"Defense/Aerospace relevance"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"General Dynamics delivered a strong start to 2026 with Q1 revenue of $13.5 billion, up 10.3% year-over-year, and diluted EPS rising 12% to $4.10.\n\nThe company demonstrated robust cash generation, producing $2.2 billion in cash from operations, which equates to 192% of net earnings.\n\nOperational momentum was underscored by a 2-to-1 book-to-bill ratio and total estimated contract value reaching $188.4 billion, reflecting high demand across all segments.","key_figures":{"eps":4.1,"revenue":"$13.5 billion","revenueYoy":"10.3%","customDimensions":{"book_to_bill":"2-to-1","backlog_total":"$188.4 billion","dividends_paid":"$405 million","capital_expenditures":"$203 million","cash_from_operations":"$2.2 billion"}},"named_entities":{"people":[{"name":"Phebe Novakovic","role":"Chairman and CEO"},{"name":"Jeff A. Davis","role":"Press Contact"}],"products":["Gulfstream aircraft"],"companies":[{"name":"General Dynamics","ticker":"GD"}],"dollarAmounts":[{"amount":"$13.5 billion","context":"Q1 2026 revenue"},{"amount":"$4.10","context":"Diluted EPS"},{"amount":"$2.2 billion","context":"Net cash provided by operating activities"},{"amount":"$405 million","context":"Dividends paid"},{"amount":"$203 million","context":"Capital expenditures"},{"amount":"$3.7 billion","context":"Cash and equivalents on hand"},{"amount":"$26.6 billion","context":"Total orders"},{"amount":"$188.4 billion","context":"Total estimated contract value (backlog)"}]},"model_name":"glm-4.7","prompt_hash":"sha256:1fc968c3ac7f7ebb","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-04-29T12:12:49.993Z","global_importance":55,"audience_relevance":45,"importance_components":{"tickerTier":"Large Cap S&P 500","eventGravity":"Solid double-digit growth beats with strong cash flow","sectorWeight":"Defense/Aerospace relevance"}},"durationMs":162234,"modelName":"glm-4.7"}}