# General Dynamics (GD) — Recent Events, Fiscal 2026 Third Quarter ## Filings that contain financial statements General Dynamics furnishes its quarterly earnings release as Exhibit 99.1 to a Form 8-K (Item 2.02). Each release carries a results-of-operations table, segment revenue and operating earnings, a condensed balance sheet and a cash flow statement (the first-quarter 2026 release carries a quarterly income and segment table, balance sheet and cash flow statement). - Form 8-K filed October 30, 2026, accession 0000040533-26-000036: third quarter ended October 4, 2026 and the nine months then ended; income statement, segments, balance sheet, cash flow, backlog. - Form 8-K filed July 29, 2026, accession 0000040533-26-000029: second quarter ended July 5, 2026 and the six months then ended. - Form 8-K filed April 29, 2026, accession 0000040533-26-000010: first quarter ended April 5, 2026. - Form 8-K filed January 28, 2026, accession 0000040533-26-000003: fourth quarter and full year ended December 31, 2025. - Form 8-K filed October 24, 2025, accession 0000040533-25-000043: third quarter ended September 28, 2025 and nine months. - Form 8-K filed July 23, 2025, accession 0000040533-25-000033: second quarter ended June 29, 2025 and six months. ## Earnings and backlog - **October 30, 2026 (third quarter 2026), 0000040533-26-000036.** Revenue was $14.6 billion, up 12.9% year over year, with growth in all four segments. Operating earnings were $1.5 billion (up 14.7%), operating margin 10.5%, and diluted EPS $4.49 (up 15.7%). Operating cash flow was $1.7 billion, 139% of net earnings. In the quarter the company paid $429 million in dividends, invested $481 million in capital expenditures and reduced total debt by $500 million, ending with $7 billion of debt and $4.4 billion of cash. Orders were $98.8 billion ($93.8 billion in the defense segments, driven by large Marine Systems orders for Virginia- and Columbia-class submarines, and $5 billion in Aerospace), a 6.8-to-1 company-wide book-to-bill. Backlog rose to $220.3 billion from $136.5 billion at the end of the second quarter; adding $50.3 billion of estimated potential contract value gives $270.7 billion of total estimated contract value. The release gives no financial guidance. The Form 10-Q for the quarter ended October 4, 2026 (accession 0000040533-26-000038, filed October 30, 2026) updated the full-year 2026 outlook from the second-quarter 10-Q: revenue of $56.5-$56.8 billion with operating margin around 10.5%, net interest expense of about $215 million, and diluted EPS of $17.20-$17.30. - **July 29, 2026 (second quarter 2026), 0000040533-26-000029.** Revenue $14.1 billion (up 8.1%), operating margin 10.4%, diluted EPS $4.24 (up 13.4%), operating cash flow $1.9 billion (162% of net earnings). Orders were $20 billion (1.4-to-1 book-to-bill); backlog was $136.5 billion. Total debt was $7.5 billion after a $498 million reduction in the quarter. - **April 29, 2026 (first quarter 2026), 0000040533-26-000010.** Revenue $13.5 billion (up 10.3%), operating margin 10.5%, diluted EPS $4.10 (up 12%), operating cash flow $2.2 billion (192% of net earnings). Orders were $26.6 billion (2-to-1 book-to-bill); backlog was $130.8 billion and total estimated contract value $188.4 billion. - **January 28, 2026 (fourth quarter and full year 2025), 0000040533-26-000003.** Fourth-quarter revenue $14.4 billion and diluted EPS $4.17. Full-year revenue was $52.6 billion (up 10.1%), net earnings $4.2 billion and diluted EPS $15.45 (up 13.4%). Operating cash flow for the year was $5.1 billion; capital expenditures $1.2 billion; total debt was reduced by $749 million and dividends were $1.6 billion. Year-end backlog was $118 billion and total estimated contract value $179 billion. ## Leadership - **October 7, 2026 (Form 8-K filed October 8, 2026), 0001193125-26-417188.** The board elected Danny Deep, president since December 2025 and a director since August 5, 2026, as Chief Executive Officer effective January 1, 2027. Phebe N. Novakovic, CEO since 2013, becomes Executive Chairman at that time. - **August 5, 2026 (Form 8-K filed August 7, 2026), 0001193125-26-340490.** The board elected Mr. Deep a director, effective immediately, with no additional compensation for board service. - **December 3, 2025 (Form 8-K filed December 5, 2025), 0001193125-25-309762.** Mr. Deep was promoted from executive vice president, Global Operations, to president, effective December 3, 2025; base salary $1,300,000 and a 150% target annual incentive. - **December 5, 2025, 0001193125-25-309757.** Controller William A. Moss announced his retirement effective March 31, 2026; Dana O. Maisano succeeded him on April 1, 2026. - **June 4, 2025 (Form 8-Ks 0001193125-25-134976 and 0001193125-25-137830).** Mr. Deep was promoted from executive vice president, Combat Systems, to executive vice president, Global Operations. Jason Aiken took over Combat Systems while retaining Mission Systems, and Amy Gilliland (GDIT) and Mark Burns (Gulfstream) were promoted to executive vice president. ## Capital and securities - **August 4, 2026, 0001193125-26-332899.** The company filed a prospectus supplement (Rule 424(b)(5)) for an offer to rescind the acquisition of up to 1,010,925 shares of common stock, under its automatic shelf registration statement on Form S-3 (File No. 333-297821, filed July 30, 2026). The accompanying legal opinion describes the shares as those acquired through the General Dynamics Stock Fund in the General Dynamics 401(k) Plan 6.0 and the 401(k) Plan for Represented Employees between July 1, 2025 and June 30, 2026. The 8-K does not state the reason for the offer or the price. - **Share repurchases.** Per the Form 10-Q for the quarter ended October 4, 2026 (accession 0000040533-26-000038), the company repurchased 1.7 million shares for $604 million in the first nine months of 2026 to cover dilution; 5.1 million shares remained authorized. - **March 9, 2026:** the board declared a quarterly dividend of $1.59 per share, up from $1.50, the 29th consecutive annual increase (Form 10-Q for the quarter ended October 4, 2026, accession 0000040533-26-000038). - The quarterly cash dividend paid was $429 million in each of the second and third quarters of 2026 (earnings releases above). ## Legal and regulatory - **Electric Boat investigations.** The Form 10-Q for the quarter ended October 4, 2026 (accession 0000040533-26-000038) reports that in August 2026 the SEC and the Civil Division of the U.S. Department of Justice contacted General Dynamics about investigations into Electric Boat's accounting on its submarine contracts, followed by subpoenas from the Department of War Office of Inspector General and the SEC concerning Electric Boat's recording and billing of costs, accounting and related financial reporting and disclosures. The company is cooperating, cannot estimate a loss or range, and says an adverse outcome could be material. No Form 8-K in the period covers this matter; it appears in the 10-Q only. ## Shareholder votes - **May 6, 2026 annual meeting (Form 8-K filed May 11, 2026), 0000040533-26-000014.** All twelve nominees were elected, KPMG LLP was ratified as auditor for 2026, and executive compensation was approved on an advisory basis. ## Not found in the filings reviewed No acquisition, divestiture or debt issuance appears in the filings for the period; the company repaid $500 million of notes in each of June and August 2026 from cash on hand (10-Q 0000040533-26-000038, Note H). The earnings releases do not provide an outlook; the 2026 outlook update and the March 2026 dividend increase appear in the 10-Q (see above).