General Dynamics delivered strong Q4 2025 results with revenue of $14.379B (up 7.8% QoQ), and provided constructive 2026 guidance with revenue of $54.3-54.8B and EPS of $16.10-16.20. The call emphasized robust order activity (total backlog grew 30% to a record $118B) and continued operational improvements across marine and aerospace, while highlighting tariff headwinds and capex investments to support growth. Q4 2025 revenue grew 7.8% YoY to $14.379B with EPS of $4.17, driven by strong growth in Marine Systems (+21.7%) and Aerospace (+16.5% annual growth).
General Dynamics delivered strong Q4 2025 results with revenue of $14.379B (up 7.8% QoQ), and provided constructive 2026 guidance with revenue of $54.3-54.8B and EPS of $16.10-16.20. The call emphasized robust order activity (total backlog grew 30% to a record $118B) and continued operational improvements across marine and aerospace, while highlighting tariff headwinds and capex investments to support growth. Q4 2025 revenue grew 7.8% YoY to $14.379B with EPS of $4.17, driven by strong growth in Marine Systems (+21.7%) and Aerospace (+16.5% annual growth).
Management expressed confidence in strong demand, record backlog, and margin improvement opportunities, while reiterating a focus on execution and beating forecasts.
Record backlog of $118 billion, up 30% year-over-year. Management expressed confidence in strong demand, record backlog, and margin improvement opportunities, while reiterating a focus on execution and beating forecasts.
Management is raising capital expenditures significantly, with 2026 CapEx expected to increase over $900 million, or 79% from 2025, equal to between 3.5% and 4% of sales. The investment is focused on supporting growth, particularly in shipyards to accelerate production and meet…
2026 guidance of $54.3-54.8B revenue, EPS of $16.10-16.20, and operating margin of 10.4% (+20bps).
Record backlog of $118 billion, up 30% year-over-year. Management expressed confidence in strong demand, record backlog, and margin improvement opportunities, while reiterating a focus on execution and beating forecasts.
Management is raising capital expenditures significantly, with 2026 CapEx expected to increase over $900 million, or 79% from 2025, equal to between 3.5% and 4% of sales. The investment is focused on supporting growth, particularly in shipyards to accelerate production and meet future demand, with continued investment expected in subsequent years.
Management expressed confidence in strong demand, record backlog, and margin improvement opportunities, while reiterating a focus on execution and beating forecasts.
“In Germany, we received two awards for more than $4 billion for our Eagle tactical vehicles... Altogether, a nice order distribution both geographically and across our product portfolio.”
“The margin issue was the G600 product line, which had $75 million less in earnings. That was attributable to the delivery of three fewer aircraft in the quarter, a $21 million variance in liquidated damages and favorable settlements in the…”
“Operating earnings of $345 million are up 72.5% on a 210 basis point improvement in operating margin... This represents a meaningful improvement and real progress in submarine construction.”
“The impact of tariffs in 2025 was $41 million... tariffs that we are going to see in 2026 are largely based on cash that we expended in 2025. It will be higher than in 2025, so higher than the $41 million, but those tariffs are contemplate…”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Capex | FY2026 | $0B | $0B | GUIDED |
| EPS | FY2026 | $16.10–$16.20 | $16.15 | GUIDED |
| Free cash flow | FY2026 | $0B | $0B | GUIDED |
| Op margin | FY2026 | 10.4% | 10.4% | GUIDED |
| Revenue | FY2026 | $54.3B–$54.8B | $54.55B | MAINTAINED |