General Dynamics Q1 Revenue Up 10.3% to $13.5B, Backlog Rises 47.5%
General Dynamics posted Q1 2026 revenue of $13.5 billion, up 10.3% year-over-year, and diluted EPS of $4.10, a 12% increase. New orders hit $26.6 billion, boosting total backlog by 47.5% to over $130 billion, while Marine Systems revenue rose 21% to $4.3 billion and Gulfstream orders climbed 63% to $3.8 billion.
1. Q1 Financial Results
General Dynamics reported Q1 2026 revenue of $13.5 billion, up 10.3% year-over-year, and diluted EPS of $4.10, a 12% increase that surpassed consensus estimates.
2. Backlog and New Orders
The company received $26.6 billion in new orders during the quarter, growing total backlog by 47.5% to over $130 billion and solidifying its future revenue visibility.
3. Division Performance
Marine Systems revenue rose 21% to $4.3 billion driven by naval contract deliveries, while Gulfstream delivered 38 jets and saw order intake jump 63% to $3.8 billion on sustained demand for business aircraft.
4. Analyst Outlook
Morgan Stanley raised its price target from $410 to $435 and maintained an Overweight rating, citing strong backlog growth and robust first-quarter results as catalysts for further upside.