General Dynamics Corp. (GD): 2Q26 First Take: Solid quarter

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Equity Research

29 July 2026 | 7:58AM EDT

General Dynamics Corp. (GD): 2Q26 First Take: Solid quarter

Bottom Line: GD 2Q26 results are ahead on key metrics. Revenue is above

consensus, with strong growth at Gulfstream and Marine. Margins are slightly ahead,

with a 130bp yoy improvement at Gulfstream. Total segment EBIT is 6% above

consensus. Company reported Aerospace book-to-bill is 1.5X. GD did not provide

guidance in the release, as they usually provide on the earnings call.

Details: 2Q26 EPS of $4.24 is above FactSet consensus at $3.96. Revenue of

$14.09bn is 4% above consensus. Segment EBIT is 6% above consensus. Free cash in

the quarter is $1.65bn, compared to consensus at $0.47bn. Gulfstream delivered 41

aircraft compared to 38 last year and 38 last quarter. Marine revenue is up 10% yoy,

and the Marine margin is 14bps ahead of consensus. Gulfstream margin is 14.5%,

above consensus of 13.9%. Company stated Aerospace book-to-bill is 1.5X, change

in backlog implied funded book-to-bill is 1.5X. Implied Aerospace TTM funded book

to bill is 1.3X. Aerospace funded backlog is up 9% sequentially, up 23% yoy. GD did

not provide an update on guidance in the release.

Noah Poponak, CFA

+1(212)357-0954 |

Goldman Sachs & Co. LLC

Connor Dessert

+1(212)357-6166 |

Goldman Sachs & Co. LLC

Nizar Mesani

+1(212)934-6965 |

Goldman Sachs India SPL

Amanda Fenenbock, CFA

+1(212)934-0385 |

Goldman Sachs & Co. LLC

Tomas Russo

+1(212)902-7439 |

Goldman Sachs & Co. LLC

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