General Dynamics Q3 2026 Revenue Rises 12.9% to $14.6 Billion
General Dynamics posted strong third-quarter results with revenue up nearly 13% and a $220 billion backlog signaling sustained demand.
General Dynamics reported third-quarter 2026 revenue of $14.6 billion, a 12.9% increase over the same period a year earlier, the defense and aerospace contractor announced Wednesday from its Reston, Virginia headquarters.
Diluted earnings per share came in at $4.49, representing a 15.7% year-over-year gain and outpacing revenue growth — a signal of improving margins across the company's business segments. Cash from operating activities reached $1.7 billion, equal to 139% of net earnings, reflecting strong cash conversion.
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Perhaps most notable for long-term investors was the company's order momentum. General Dynamics recorded a book-to-bill ratio of 6.8-to-1, meaning it booked roughly $6.80 in new orders for every dollar of revenue recognized during the quarter. That demand surge pushed the total backlog to $220 billion, a figure that provides substantial revenue visibility well into the coming years.
The results arrive against a backdrop of elevated global defense spending, with NATO allies accelerating procurement commitments and the U.S. government continuing to prioritize shipbuilding, combat vehicles, and advanced technology systems — core General Dynamics markets. A backlog-to-revenue ratio of this magnitude suggests the company faces an execution challenge as much as a demand challenge in the quarters ahead.
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