General Dynamics posts $14.6 billion third-quarter revenue as backlog reaches $220 billion
General Dynamics reported third-quarter revenue of $14.6 billion, up 12.9% year over year, with diluted EPS of $4.49 and a $220 billion backlog. The 6.8-to-1 book-to-bill ratio and cash generation frame a defense order pipeline that now matters alongside the quarterly earnings beat.
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General Dynamics said third-quarter 2026 revenue reached $14.6 billion, an increase of 12.9% from a year earlier, while diluted earnings per share rose 15.7% to $4.49. Cash from operating activities was $1.7 billion, equal to 139% of net earnings, and the quarter produced a 6.8-to-1 book-to-bill ratio.
The company ended the period with a $220 billion backlog. That order measure gives the quarterly result a longer-duration dimension: current sales growth is being accompanied by orders that exceed revenue recognized in the period.
For General Dynamics, the mechanism runs through contracted defense work converting into future revenue, while operating cash provides a measure of how earnings are translating into cash. The latest quarter is stronger than the older full-year 2025 company figures, which showed $52.5 billion of revenue, 10.1% year-over-year growth and diluted EPS of $15.45.
The reported figures establish the quarter's revenue, earnings, cash and order metrics, but they do not by themselves show how the backlog will convert across programs or how margins will develop as that work is delivered.
The next test is the company's fourth-quarter results, including whether book-to-bill remains above one, the backlog continues to grow and operating cash conversion holds near the latest quarter's level.
Our read · Fri, Oct 30
General Dynamics (GD) booked $14.6 billion of third-quarter revenue and a 6.8-to-1 book-to-bill ratio.
Why. The order flow and backlog provide visibility beyond the quarter, while $1.7 billion of operating cash equal to 139% of net earnings supports the quality of the reported earnings. General Dynamics’ older FY 2025 baseline was $52.5 billion of revenue and $15.45 diluted EPS, so the current quarter’s 12.9% revenue growth and 15.7% EPS growth represent a stronger recent operating pace; the absence of a dated next catalyst keeps this as a results-driven read rather than a forward call.
Both cases
What could change this view: The read breaks if subsequent results show the $220 billion backlog converting slowly, book-to-bill falling sharply or cash conversion deteriorating.
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Reported by PR Newswire as General Dynamics Reports Third-Quarter 2026 Financial Results
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