# General Dynamics Reports Higher Earnings and $220.3 Billion Backlog

Submarine orders lifted bookings, while quarterly operating cash flow declined from a year earlier.

By Will Langan | 24X7 News
Published: 2026-10-30T11:12:23.558Z
Updated: 2026-10-30T11:12:23.558Z
Section: Business
Format: News
Canonical: https://24x7news.us/articles/general-dynamics-third-quarter-results-october-30-2026

General Dynamics reported October 30 that third-quarter revenue rose 12.9% to $14.566 billion, with growth across its aerospace, shipbuilding, combat-systems and technology businesses.

Net earnings increased to $1.229 billion from $1.059 billion a year earlier. Diluted earnings per share rose to $4.49 from $3.88.

Marine Systems led revenue growth, increasing 21.1% to $4.960 billion. The company said major Virginia- and Columbia-class submarine orders helped drive defense bookings.

Total quarterly orders reached approximately $98.8 billion, compared with revenue of $14.6 billion. The resulting book-to-bill ratio was 6.8 to one. Backlog reached $220.3 billion.

General Dynamics separately identified $50.4 billion in potential additional contract value, including unfunded contracts and unexercised options. That estimate is distinct from the reported backlog.

Operating cash flow totaled $1.710 billion, down from $2.109 billion in the comparable quarter. Capital expenditures increased to $481 million from $212 million, and company-defined free cash flow fell to $1.229 billion from $1.897 billion.

The company ended the quarter with approximately $7.0 billion in debt and $4.4 billion in cash.

Sources:
General Dynamics — October 30 Results Announcement: https://www.prnewswire.com/news-releases/general-dynamics-reports-third-quarter-2026-financial-results-302924010.html
Image Source — U.S. Navy/DVIDS Archive Video, Frame 00:01; Capture Date Unspecified: https://www.dvidshub.net/video/1018187/acting-secretary-navy-hung-cao-announces-virginia-class-submarine-contract

## Sources
- General Dynamics — October 30 Results Announcement: https://www.prnewswire.com/news-releases/general-dynamics-reports-third-quarter-2026-financial-results-302924010.html
- Image Source — U.S. Navy/DVIDS Archive Video, Frame 00:01; Capture Date Unspecified: https://www.dvidshub.net/video/1018187/acting-secretary-navy-hung-cao-announces-virginia-class-submarine-contract