General Dynamics Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 results with double-digit growth in revenue, operating earnings, and EPS, driven by strong performance across all segments and robust order activity. Backlog reached a record $136.5B, and full-year EPS guidance was raised to $16.80–$16.90.
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Q1 2026 saw double-digit growth in revenue, earnings, and backlog, with strong cash flow and robust order activity across all segments. EPS guidance was raised for the year, and record contract value and backlog were achieved, driven by demand in defense and aerospace.
Fiscal Year 2025
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Fourth quarter and full-year 2025 saw strong revenue and earnings growth, record backlog, and robust order activity across all segments, with Marine and Aerospace leading. 2026 guidance projects continued growth, margin expansion, and high free cash flow conversion, supported by ongoing investments in capacity and productivity.
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Q3 2025 saw double-digit revenue and earnings growth, record backlog, and strong free cash flow, with robust performance in aerospace and marine systems. Guidance was raised, but management remains cautious due to the government shutdown and supply chain risks.
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Q2 2025 saw strong revenue, earnings, and cash flow growth, with record backlog and robust order activity across segments. Guidance for 2025 was raised, reflecting higher revenue and EPS expectations, while management continues to focus on operating leverage and supply chain improvements.
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Q1 2025 saw double-digit revenue and earnings growth, led by Aerospace and solid performance across all defense segments. Free cash flow was negative but better than expected, with strong shareholder returns and continued backlog strength. Tariff and supply chain uncertainties remain.
Fiscal Year 2024
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Q4 and full-year 2024 saw double-digit revenue and earnings growth across all segments, led by Aerospace. 2025 guidance calls for continued revenue and margin expansion, with robust order backlog and strong cash returns to shareholders.
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Q3 saw double-digit revenue and earnings growth, led by Aerospace and Marine, but G700 delivery delays impacted EPS and full-year guidance. Backlog and order activity remain strong, with supply chain challenges persisting in Marine and Aerospace.
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Q2 2024 saw double-digit revenue and earnings growth across all segments, with aerospace and defense leading gains. Guidance for 2024 was raised, driven by strong order intake, robust backlogs, and improving margins, despite some supply chain and delivery challenges.