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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: General Dynamics (GD - Free Report) Headquartered in Falls Church, VA, General Dynamics Corporation engages in mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company was incorporated in February 1952.

GD is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. GD has a Growth Style Score of A, forecasting year-over-year earnings growth of 9.6% for the current fiscal year.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.36 to $16.95 per share. GD also boasts an average earnings surprise of +6.1%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, GD should be on investors' short list.

General Dynamics' $194.1M Navy contract strengthens its role in sea-launched cruise missile support and adds visibility into future strategic defense revenues.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: General Dynamics (GD - Free Report) Headquartered in Falls Church, VA, General Dynamics Corporation engages in mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company was incorporated in February 1952.

GD is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 21.95; value investors should take notice.

For fiscal 2026, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.33 to $16.92 per share. GD boasts an average earnings surprise of +6.1%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, GD should be on investors' short list.

Ausdal Financial Partners Inc. bought a new position in General Dynamics Corporation (NYSE:GD – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,182 shares of the aerospace company’s stock, valued at approximately $773,000.

Other institutional investors have also bought and sold shares of the company. Whipplewood Advisors LLC boosted its stake in shares of General Dynamics by 1,725.0% in the first quarter. Whipplewood Advisors LLC now owns 73 shares of the aerospace company’s stock worth $25,000 after acquiring an additional 69 shares during the period. Scarborough Advisors LLC bought a new stake in shares of General Dynamics during the first quarter valued at approximately $29,000. Wilkerson Advisory Group LLC raised its position in shares of General Dynamics by 79.6% during the first quarter. Wilkerson Advisory Group LLC now owns 88 shares of the aerospace company’s stock valued at $30,000 after buying an additional 39 shares during the last quarter. Paladin Partners LLC purchased a new position in shares of General Dynamics in the second quarter worth $30,000. Finally, Center for Financial Planning Inc. boosted its position in shares of General Dynamics by 220.7% during the fourth quarter. Center for Financial Planning Inc. now owns 93 shares of the aerospace company’s stock worth $31,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 86.14% of the company’s stock.

Wall Street Analysts Forecast Growth A number of brokerages have issued reports on GD. Sanford C. Bernstein reiterated a “market perform” rating and issued a $421.00 price target on shares of General Dynamics in a report on Monday, August 10th. BNP Paribas Exane increased their price objective on shares of General Dynamics from $390.00 to $430.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. DA Davidson cut their price objective on General Dynamics from $384.00 to $375.00 in a research report on Thursday, April 30th. JPMorgan Chase & Co. boosted their target price on General Dynamics from $385.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $384.00 price target on shares of General Dynamics in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, General Dynamics has a consensus rating of “Moderate Buy” and a consensus target price of $410.89.

Get Our Latest Report on General Dynamics Insider Activity at General Dynamics In related news, Director Mark Malcolm sold 5,480 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the sale, the director directly owned 10,643 shares in the company, valued at $3,884,695. This trade represents a 33.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Phebe N. Novakovic sold 51,568 shares of General Dynamics stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $382.58, for a total transaction of $19,728,885.44. Following the transaction, the chief executive officer directly owned 766,457 shares of the company’s stock, valued at $293,231,119.06. The trade was a 6.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 100,228 shares of company stock worth $38,052,853. Company insiders own 1.40% of the company’s stock.

General Dynamics Trading Up 1.5% GD opened at $382.08 on Thursday. The firm has a market cap of $103.38 billion, a P/E ratio of 23.31, a P/E/G ratio of 2.18 and a beta of 0.33. General Dynamics Corporation has a 12 month low of $306.77 and a 12 month high of $400.00. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $375.27 and a 200 day moving average of $356.46.

General Dynamics (NYSE:GD – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.28. General Dynamics had a return on equity of 17.43% and a net margin of 8.18%.The company had revenue of $14.09 billion for the quarter, compared to analysts’ expectations of $13.52 billion. During the same period in the previous year, the firm posted $3.74 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. As a group, research analysts forecast that General Dynamics Corporation will post 16.97 EPS for the current year.

General Dynamics Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 9th will be given a dividend of $1.59 per share. The ex-dividend date of this dividend is Friday, October 9th. This represents a $6.36 annualized dividend and a dividend yield of 1.7%. General Dynamics’s payout ratio is currently 38.80%.

General Dynamics Company Profile (Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

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Barrow Hanley Mewhinney & Strauss LLC decreased its holdings in General Dynamics Corporation (NYSE:GD – Free Report) by 4.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,857 shares of the aerospace company’s stock after selling 2,772 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC’s holdings in General Dynamics were worth $22,266,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Whipplewood Advisors LLC raised its position in General Dynamics by 1,725.0% during the 1st quarter. Whipplewood Advisors LLC now owns 73 shares of the aerospace company’s stock worth $25,000 after buying an additional 69 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in shares of General Dynamics in the 1st quarter valued at $29,000. Wilkerson Advisory Group LLC increased its stake in shares of General Dynamics by 79.6% in the first quarter. Wilkerson Advisory Group LLC now owns 88 shares of the aerospace company’s stock worth $30,000 after acquiring an additional 39 shares during the period. Paladin Partners LLC acquired a new stake in shares of General Dynamics in the second quarter worth $30,000. Finally, Center for Financial Planning Inc. raised its holdings in shares of General Dynamics by 220.7% during the fourth quarter. Center for Financial Planning Inc. now owns 93 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 64 shares during the last quarter. 86.14% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets In other news, EVP Marguerite Amy Gilliland sold 43,180 shares of General Dynamics stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $378.04, for a total value of $16,323,767.20. Following the sale, the executive vice president owned 44,767 shares of the company’s stock, valued at $16,923,716.68. The trade was a 49.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Phebe N. Novakovic sold 51,568 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $382.58, for a total value of $19,728,885.44. Following the completion of the transaction, the chief executive officer owned 766,457 shares of the company’s stock, valued at $293,231,119.06. The trade was a 6.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 100,228 shares of company stock worth $38,052,853. 1.40% of the stock is owned by insiders.

General Dynamics Price Performance Shares of GD opened at $384.50 on Monday. The firm has a 50-day simple moving average of $374.15 and a two-hundred day simple moving average of $355.88. The stock has a market cap of $104.03 billion, a PE ratio of 23.46, a P/E/G ratio of 2.22 and a beta of 0.32. General Dynamics Corporation has a 1-year low of $306.77 and a 1-year high of $400.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.44 and a quick ratio of 0.96. General Dynamics (NYSE:GD – Get Free Report) last announced its earnings results on Wednesday, July 29th. The aerospace company reported $4.24 EPS for the quarter, beating analysts’ consensus estimates of $3.96 by $0.28. General Dynamics had a return on equity of 17.43% and a net margin of 8.18%.The company had revenue of $14.09 billion during the quarter, compared to analysts’ expectations of $13.52 billion. During the same period last year, the business posted $3.74 EPS. General Dynamics’s revenue for the quarter was up 8.1% on a year-over-year basis. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. As a group, analysts forecast that General Dynamics Corporation will post 16.97 EPS for the current year.

General Dynamics Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 9th will be paid a $1.59 dividend. This represents a $6.36 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 9th. General Dynamics’s payout ratio is currently 38.80%.

Analyst Ratings Changes A number of analysts have recently commented on GD shares. Citigroup upped their target price on General Dynamics from $364.00 to $404.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Susquehanna raised their price objective on shares of General Dynamics from $420.00 to $455.00 and gave the stock a “positive” rating in a research note on Thursday, July 30th. Wall Street Zen cut shares of General Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. UBS Group increased their price target on shares of General Dynamics from $366.00 to $395.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Finally, BNP Paribas Exane raised their price target on shares of General Dynamics from $390.00 to $430.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, General Dynamics currently has an average rating of “Moderate Buy” and an average target price of $410.89.

View Our Latest Stock Report on GD

General Dynamics Profile (Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

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Argyle Capital Partners LLC acquired a new position in shares of General Dynamics Corporation (NYSE:GD – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,017 shares of the aerospace company’s stock, valued at approximately $714,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of General Dynamics in the second quarter valued at approximately $6,840,590,000. Bank of New York Mellon Corp bought a new position in General Dynamics in the 2nd quarter worth approximately $429,073,000. AQR Capital Management LLC grew its position in shares of General Dynamics by 118.3% in the third quarter. AQR Capital Management LLC now owns 1,663,847 shares of the aerospace company’s stock valued at $567,372,000 after purchasing an additional 901,679 shares in the last quarter. Northern Trust Corp increased its position in shares of General Dynamics by 35.0% during the third quarter. Northern Trust Corp now owns 3,332,917 shares of the aerospace company’s stock valued at $1,136,525,000 after buying an additional 863,392 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in General Dynamics by 831.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 737,259 shares of the aerospace company’s stock worth $251,405,000 after acquiring an additional 658,081 shares during the period. Hedge funds and other institutional investors own 86.14% of the company’s stock.

Insiders Place Their Bets In related news, CEO Phebe N. Novakovic sold 51,568 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $382.58, for a total value of $19,728,885.44. Following the completion of the sale, the chief executive officer directly owned 766,457 shares of the company’s stock, valued at approximately $293,231,119.06. This represents a 6.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marguerite Amy Gilliland sold 43,180 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $378.04, for a total transaction of $16,323,767.20. Following the completion of the transaction, the executive vice president directly owned 44,767 shares of the company’s stock, valued at $16,923,716.68. This represents a 49.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 100,228 shares of company stock worth $38,052,853. Company insiders own 1.40% of the company’s stock.

General Dynamics Stock Down 1.3% GD stock opened at $390.67 on Tuesday. The business has a fifty day moving average price of $371.16 and a 200-day moving average price of $354.81. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.44 and a quick ratio of 0.96. The stock has a market capitalization of $105.70 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.29 and a beta of 0.32. General Dynamics Corporation has a 1-year low of $306.77 and a 1-year high of $400.00. General Dynamics (NYSE:GD – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The aerospace company reported $4.24 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.28. General Dynamics had a net margin of 8.18% and a return on equity of 17.43%. The firm had revenue of $14.09 billion during the quarter, compared to analyst estimates of $13.52 billion. During the same period in the previous year, the business posted $3.74 earnings per share. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Equities analysts forecast that General Dynamics Corporation will post 16.97 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 9th will be paid a $1.59 dividend. This represents a $6.36 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, October 9th. General Dynamics’s dividend payout ratio is 38.80%.

Analyst Ratings Changes GD has been the topic of several research analyst reports. Jefferies Financial Group upped their price objective on shares of General Dynamics from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Citigroup upped their price target on shares of General Dynamics from $364.00 to $404.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Robert W. Baird set a $430.00 price objective on General Dynamics in a research report on Thursday, July 30th. The Goldman Sachs Group decreased their price target on shares of General Dynamics from $327.00 to $313.00 and set a “sell” rating for the company in a research note on Monday, May 4th. Finally, DA Davidson dropped their target price on shares of General Dynamics from $384.00 to $375.00 in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $410.89.

Get Our Latest Stock Analysis on GD

General Dynamics Profile (Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

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BlackRock Inc. acquired a new stake in shares of General Dynamics Corporation (NYSE:GD – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 19,310,609 shares of the aerospace company’s stock, valued at approximately $6,840,590,000. BlackRock Inc. owned 7.14% of General Dynamics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Occidental Asset Management LLC bought a new position in General Dynamics in the 2nd quarter worth about $463,000. Succession Financial Inc. bought a new stake in General Dynamics during the 2nd quarter valued at $279,000. Dunhill Financial LLC bought a new position in shares of General Dynamics during the 2nd quarter worth $114,000. Pallas Capital Advisors LLC bought a new stake in shares of General Dynamics in the second quarter valued at about $977,000. Finally, Performance Wealth Partners LLC bought a new position in General Dynamics during the 2nd quarter worth about $769,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Stock Performance GD opened at $390.67 on Tuesday. The stock has a market cap of $105.70 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.29 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.44 and a quick ratio of 0.96. The firm has a fifty day moving average price of $371.16 and a 200 day moving average price of $354.81. General Dynamics Corporation has a 1 year low of $306.77 and a 1 year high of $400.00.

General Dynamics (NYSE:GD – Get Free Report) last posted its earnings results on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.96 by $0.28. The business had revenue of $14.09 billion for the quarter, compared to analyst estimates of $13.52 billion. General Dynamics had a net margin of 8.18% and a return on equity of 17.43%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.74 EPS. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Equities research analysts anticipate that General Dynamics Corporation will post 16.97 earnings per share for the current year. General Dynamics Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 9th will be paid a $1.59 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $6.36 dividend on an annualized basis and a yield of 1.6%. General Dynamics’s dividend payout ratio (DPR) is currently 38.80%.

Analyst Upgrades and Downgrades A number of equities analysts have recently issued reports on GD shares. Citigroup increased their price objective on shares of General Dynamics from $364.00 to $404.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. UBS Group raised their price objective on General Dynamics from $366.00 to $395.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $384.00 price target on shares of General Dynamics in a research report on Thursday, July 30th. Weiss Ratings raised shares of General Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Finally, Bank of America raised their price objective on General Dynamics from $400.00 to $415.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $410.89.

Check Out Our Latest Analysis on GD

Insiders Place Their Bets In other news, Director Mark Malcolm sold 5,480 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the transaction, the director directly owned 10,643 shares of the company’s stock, valued at approximately $3,884,695. This trade represents a 33.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Phebe N. Novakovic sold 51,568 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $382.58, for a total transaction of $19,728,885.44. Following the sale, the chief executive officer directly owned 766,457 shares of the company’s stock, valued at approximately $293,231,119.06. This represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 100,228 shares of company stock worth $38,052,853. Corporate insiders own 1.40% of the company’s stock.

(Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

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Key Takeaways Lockheed Martin, RTX and other defense majors face a major missile production push from the Pentagon.Patriot stocks have fallen about 65%, while THAAD inventories have dropped at least 38%.ETFs like ITA offer diversified exposure to defense companies poised to benefit from higher orders. The Pentagon is currently pressing the U.S. defense contractors to accelerate weapon production dramatically. In a recent memo, deputy defense secretary Steve Feinberg gave major contractors just 21 days to submit plans for "significantly faster, more aggressive delivery schedules and/or increased production for critical capabilities" (as cited in CNBC).

This directive comes in the face of the U.S. military witnessing critical shortages in its munition stockpiles, with some key missile inventories depleted by over 65% following five months of war with Iran. 

For investors, this confluence of urgent demand and mandated production increases creates a potentially lucrative entry point into the defense sector, particularly through diversified defense exchange-traded funds (ETFs) that offer broad exposure to the military contractors poised to benefit most from this massive replenishment cycle.

But before we highlight those fund names, investors may first want to assess the severity of the munitions depletion challenge and the extent to which the Pentagon’s production push could benefit defense contractors and, by extension, the funds that hold them.

The Depletion Crisis & Pentagon’s StanceEmpirically, U.S. weapons stockpiles, particularly missiles, have been critically depleted by the combination of sustained combat operations and prior commitments. According to a comprehensive analysis by the Center for Strategic and International Studies (“CSIS”), the war with Iran has consumed a staggering quantity of America's most advanced missile interceptors. 

The pre-war inventory of Patriot interceptors, which stood at 2,330, has plummeted to an estimated 759-827 missiles, marking a reduction of approximately 65%. Similarly, THAAD interceptor stocks have fallen from 452 to just 234-278 units, a decline of at least 38%.

While the Iran conflict has become the primary source of pressure on U.S. missile inventories, current stockpile depletion has also been compounded by years of military aid to Ukraine, including the transfer of roughly 600 Patriot interceptors to help defend against Russian attacks.

To this end, the CSIS has warned that replenishing reserves for these critical weapons could take more than three years, creating a significant "window of vulnerability" if another major conflict were to erupt, particularly with China. Notably, CSIS estimates replenishment of stockpiles will take approximately 42 months for PAC-3 MSE interceptors and up to 53 months for THAAD systems. 

This growing gap between supply availability and operational demand must have forced the Pentagon to aggressively push for a strong ramp-up in weapon production.

Benefits for Defense Majors & ETFsThe Pentagon's recent push for accelerated production translates directly into massive revenue growth opportunities for defense companies like Lockheed Martin (LMT - Free Report) , RTX Corp (RTX - Free Report) , Boeing (BA - Free Report) and General Dynamics (GD - Free Report) , which are the primary contractors for the missiles that suffered a depleted stockpile.

Lockheed, for instance, recently received a contract worth up to $58.6 billion to produce Patriot Advanced Capability-3 (PAC-3) MSE interceptors through fiscal 2032, while the Pentagon is working to triple Patriot production capacity and quadruple that for THAAD systems. RTX, which manufactures the Patriot system, and Lockheed Martin, which produces the PAC-3 interceptor, the latest version of the Patriot missile, are positioned to benefit substantially from these increased orders.

The accelerated procurement targets also include advanced radar systems from both companies, such as RTX's naval AN/SPY-6 and

Lockheed's land-based AN/TPY-6, ensuring sustained demand across multiple product lines. 

The production surge extends to Boeing and General Dynamics, as the Pentagon seeks faster delivery of programs like the T-7A Red Hawk training aircraft and TAO-205 naval vessels. 

As these production push served via multi-year defense contracts, they translate into strong backlogs and revenue expansion for the aforementioned defense stocks and ETFs holding them.

Defense ETFs to BuyConsidering the aforementioned discussion, this might be an ideal time for prudent investors to add the following ETFs to their portfolios to capture the upcoming rally in the defense industry without getting exposed to individual stock risk.

iShares U.S. Aerospace & Defense ETF (ITA - Free Report)

This fund, with net assets worth $15.07 billion, offers exposure to 49 U.S. aerospace and defense companies, including manufacturers of commercial and military aircraft. GE Aerospace holds the first spot in this fund, with 21.44% weightage, while RTX holds the second spot with 16.92% weightage. BA holds the third spot in this fund, with 9.25% weightage, while GD holds the fourth spot with 4.68% weightage. LMT holds the fifth spot in this ETF, with 4.63% weightage. 

ITA has gained 17.3% year-to-date and charges 37 basis points (bps) in fees. It traded at a volume of 0.37 million shares in the last trading session and holds a Zacks ETF Rank #2 (Buy). 

Invesco Aerospace & Defense ETF (PPA - Free Report)

This fund, with a market value of $8.74 billion, offers exposure to 62 companies involved in the development, manufacturing, operations and support of U.S. defense, homeland security and aerospace operations. RTX holds the first spot in this fund, with 8.20% weightage, while BA holds the second spot with 7.01% weightage. LMT holds the fourth spot in this fund, with 6.52% weightage, while GD holds the fifth spot with 4.86% weightage. 

PPA has rallied 17.5% year-to-date and charges 58 bps in fees. It traded at a volume of 0.12 million shares in the last trading session and holds a Zacks ETF Rank #2. 

State Street SPDR S&P Aerospace & Defense ETF (XAR - Free Report)

This fund, with assets under management (AUM) worth $6.62 billion, offers exposure to 47 aerospace and defense companies. Karman Holdings holds the first spot in this fund, with 3.44% weightage, while RTX holds the fourth spot with 3.20% weightage. GD holds the seventh spot in this fund with 2.94% weightage, while LMT holds the eighth spot with 2.91% weightage. 

XAR has soared 21.2% year-to-date and charges 35 bps in fees. It traded at a volume of 0.11 million shares in the last trading session and holds a Zacks ETF Rank #2.   

Investors interested in Aerospace - Defense stocks are likely familiar with General Dynamics (GD - Free Report) and GE Aerospace (GE - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

General Dynamics and GE Aerospace are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that GD likely has seen a stronger improvement to its earnings outlook than GE has recently. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

GD currently has a forward P/E ratio of 23.47, while GE has a forward P/E of 46.64. We also note that GD has a PEG ratio of 2.30. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. GE currently has a PEG ratio of 2.69.

Another notable valuation metric for GD is its P/B ratio of 3.99. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, GE has a P/B of 21.3.

Based on these metrics and many more, GD holds a Value grade of B, while GE has a Value grade of D.

GD is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that GD is likely the superior value option right now.

The Aerospace group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is General Dynamics (GD - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

General Dynamics is a member of our Aerospace group, which includes 76 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. General Dynamics is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for GD's full-year earnings has moved 2.1% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, GD has gained about 16.5% so far this year. At the same time, Aerospace stocks have gained an average of 7.6%. This means that General Dynamics is performing better than its sector in terms of year-to-date returns.

One other Aerospace stock that has outperformed the sector so far this year is RTX (RTX - Free Report) . The stock is up 21.6% year-to-date.

The consensus estimate for RTX's current year EPS has increased 4.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, General Dynamics belongs to the Aerospace - Defense industry, a group that includes 39 individual stocks and currently sits at #70 in the Zacks Industry Rank. This group has gained an average of 6.8% so far this year, so GD is performing better in this area. RTX is also part of the same industry.

General Dynamics and RTX could continue their solid performance, so investors interested in Aerospace stocks should continue to pay close attention to these stocks.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- – General Dynamics (NYSE: GD) announced today that its board of directors has elected Danny Deep to be a director of the corporation.

Deep, age 56, has served as the president of General Dynamics since December 2025. He has been with the company for more than 20 years. Prior to his role as president, he held various operating roles within the company, including executive vice president for Global Operations, executive vice president for Combat Systems, and president of General Dynamics Land Systems.

General Dynamics President, Danny Deep "Danny's deep operational experience and superb judgment honed during a decades-long career at General Dynamics bring important skills to the company's board," said Phebe Novakovic, chairman and CEO. "We look forward to his valuable contributions."

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

SOURCE General Dynamics

Also from this source

Axiom Investment Management LLC acquired a new position in shares of General Dynamics Corporation (NYSE:GD – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,680 shares of the aerospace company’s stock, valued at approximately $1,263,000. General Dynamics makes up about 1.0% of Axiom Investment Management LLC’s investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors have also added to or reduced their stakes in GD. AQR Capital Management LLC boosted its stake in General Dynamics by 118.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,663,847 shares of the aerospace company’s stock valued at $567,372,000 after purchasing an additional 901,679 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of General Dynamics by 35.0% in the third quarter. Northern Trust Corp now owns 3,332,917 shares of the aerospace company’s stock valued at $1,136,525,000 after purchasing an additional 863,392 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of General Dynamics by 831.1% during the third quarter. Balyasny Asset Management L.P. now owns 737,259 shares of the aerospace company’s stock valued at $251,405,000 after buying an additional 658,081 shares during the last quarter. Vanguard Group Inc. grew its holdings in General Dynamics by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 24,767,330 shares of the aerospace company’s stock worth $8,338,169,000 after buying an additional 528,769 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of General Dynamics by 613.0% during the 4th quarter. Corient Private Wealth LLC now owns 613,732 shares of the aerospace company’s stock worth $206,619,000 after buying an additional 527,651 shares in the last quarter. 86.14% of the stock is owned by institutional investors and hedge funds.

More General Dynamics News Here are the key news stories impacting General Dynamics this week:

Positive Sentiment: Strong Q2 results: General Dynamics reported adjusted earnings of $4.24 per share and revenue of $14.09 billion, exceeding estimates of $3.96 and $13.52 billion, respectively. Revenue increased 8.1% year over year, while management highlighted broad-based strength, record backlog and solid cash generation. General Dynamics Corporation Q2 2026 Earnings Call Summary Positive Sentiment: Largest catalyst is the submarine award: General Dynamics Electric Boat received $29.5 billion for five Columbia-class submarines and $42.1 billion for nine Virginia-class submarines, plus infrastructure support. The $76.6 billion award strengthens long-term visibility and backlog, although the contract value will be recognized over many years. General Dynamics Electric Boat Submarine Award Positive Sentiment: Analyst targets moved higher: Morgan Stanley raised its target to $465 and maintained an overweight rating, Susquehanna lifted its target to $455 with a positive rating, and BNP Paribas Exane raised its target to $430 with an outperform rating. These revisions reflect confidence in GD’s backlog and defense demand. Positive Sentiment: Growth profile remains attractive: Zacks cited General Dynamics’ earnings growth, improving business momentum and favorable growth characteristics, while the company maintained fiscal 2026 earnings guidance of approximately $16.80–$16.90 per share. Why General Dynamics Is a Strong Growth Stock Neutral Sentiment: Valuation is increasingly debated: Some research indicates the shares could remain below estimated intrinsic value, while other analysts argue that the strong defense outlook is already reflected in the stock’s elevated valuation after its substantial multiyear gains. Negative Sentiment: Risks remain: Analysts have cited supply-chain and margin pressures, limited visibility into future U.S. defense spending and potential execution challenges associated with the large submarine program. Several reports maintain neutral or downgrade views despite the strong fundamentals. Insider Activity at General Dynamics In other General Dynamics news, EVP Mark Lagrand Burns sold 36,480 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total transaction of $12,596,179.20. Following the transaction, the executive vice president directly owned 38,975 shares of the company’s stock, valued at approximately $13,457,677.75. The trade was a 48.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark Malcolm sold 5,480 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the transaction, the director owned 10,643 shares of the company’s stock, valued at approximately $3,884,695. The trade was a 33.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 78,190 shares of company stock worth $27,041,022 over the last three months. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In Several brokerages have commented on GD. TD Cowen lifted their price objective on shares of General Dynamics from $390.00 to $420.00 and gave the stock a “buy” rating in a research report on Thursday. Susquehanna upped their price objective on General Dynamics from $420.00 to $455.00 and gave the company a “positive” rating in a research note on Thursday. Citigroup increased their price objective on General Dynamics from $364.00 to $404.00 and gave the company a “neutral” rating in a report on Thursday. Bank of America boosted their target price on General Dynamics from $400.00 to $415.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Finally, The Goldman Sachs Group dropped their price target on General Dynamics from $327.00 to $313.00 and set a “sell” rating on the stock in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, General Dynamics presently has an average rating of “Moderate Buy” and an average target price of $406.32.

Check Out Our Latest Stock Report on GD

General Dynamics Price Performance Shares of General Dynamics stock opened at $384.53 on Friday. The firm has a market capitalization of $104.04 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 2.26 and a beta of 0.34. The company has a current ratio of 1.44, a quick ratio of 0.90 and a debt-to-equity ratio of 0.23. General Dynamics Corporation has a 12 month low of $306.03 and a 12 month high of $400.00. The business’s 50-day moving average price is $360.75 and its 200-day moving average price is $352.93.

General Dynamics (NYSE:GD – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.28. General Dynamics had a net margin of 8.18% and a return on equity of 17.43%. The business had revenue of $14.09 billion during the quarter, compared to analyst estimates of $13.52 billion. During the same period in the prior year, the business posted $3.74 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Sell-side analysts forecast that General Dynamics Corporation will post 16.97 EPS for the current fiscal year.

General Dynamics Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $1.59 per share. This represents a $6.36 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, July 2nd. General Dynamics’s dividend payout ratio is 38.80%.

General Dynamics Profile (Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

See Also Five stocks we like better than General Dynamics Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Corporation (NYSE:GD – Free Report).

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

General Dynamics is rated a buy, supported by strong Q2 earnings, robust contract wins, and favorable demand tailwinds. GD benefits from a diversified business model, investment-grade credit, and positive analyst revisions, though its ROE lags top peers. Revenue growth spans all segments, with double-digit gains in aerospace and marine systems, and a sizable contract backlog underpins resilience.

, /PRNewswire/ -- As part of today's $76.6 billion Navy contract announcement, General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced it has been awarded $29.5 billion for five additional Columbia-class submarines, $42.1 billion for nine additional Virginia-Class submarines, and additional support for shipyard infrastructure.

Information about these contract modifications is detailed in the U.S. Department of War contract awards, which can be found here and here.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. "These important contract modifications provide Electric Boat and our suppliers with the demand certainty we need to continue investing in capacity and hiring the workforce necessary to ensure we deliver these important national security assets on schedule," said Mark Rayha, president of General Dynamics Electric Boat.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, it employs more than 27,000 people. More information about General Dynamics Electric Boat is available at www.gdeb.com.

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

SOURCE General Dynamics

For the quarter ended June 2026, General Dynamics (GD - Free Report) reported revenue of $14.09 billion, up 8.1% over the same period last year. EPS came in at $4.24, compared to $3.74 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $13.49 billion, representing a surprise of +4.48%. The company delivered an EPS surprise of +7.34%, with the consensus EPS estimate being $3.95.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how General Dynamics performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Technologies: $3.62 billion versus the four-analyst average estimate of $3.48 billion. The reported number represents a year-over-year change of +4.1%.Revenue- Marine Systems: $4.66 billion versus the four-analyst average estimate of $4.36 billion. The reported number represents a year-over-year change of +10.4%.Revenue- Combat Systems: $2.29 billion versus the four-analyst average estimate of $2.34 billion. The reported number represents a year-over-year change of +0.3%.Revenue- Aerospace: $3.53 billion versus $3.27 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +15.1% change.Operating earnings- Aerospace: $510 million versus $460.18 million estimated by three analysts on average.Operating earnings- Combat Systems: $318 million versus $328.47 million estimated by three analysts on average.Operating earnings- Technologies: $339 million versus the three-analyst average estimate of $319.84 million.Operating earnings- Marine Systems: $342 million compared to the $313.84 million average estimate based on three analysts.Operating earnings- Corporate: $-49 million compared to the $-42.88 million average estimate based on two analysts.View all Key Company Metrics for General Dynamics here>>>

Shares of General Dynamics have returned +11% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 800 points on Wednesday.

The Dow traded down 1.58% to 51,915.42 while the NASDAQ declined 1.19% to 24,580.72. The S&P 500 also fell, dropping, 0.89% to 7,362.68.

Leading and Lagging Sectors

Energy shares jumped by 2.6% on Wednesday.

In trading on Tuesday, industrials stocks fell by 1.9%.

Top Headline

General Dynamics Corp (NYSE:GD) posted better-than-expected second-quarter earnings.

The company posted earnings of $4.24 per share, beating market estimates of $3.96 per share. The company’s sales came in at $14.094 billion versus expectations of $13.535 billion.

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Equities Trading DOWN

Commodities

In commodity news, oil traded up 7.1% to $84.89 while gold traded down 0.8% at $4,006.60.

Silver traded down 0.7% to $57.105 on Wednesday, while copper fell 0.8% to $6.3070.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, while Spain’s IBEX 35 Index fell 1.3% London’s FTSE 100 rose 0.4%, Germany’s DAX gained 0.2%, while France’s CAC 40 fell 0.6%.

Asia Pacific Markets

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The volume of mortgage applications declined by 6.4% from the previous week in the week ending July 24. U.S. crude inventories dipped by 7.167 million barrels in the week ended July 24, versus market estimates of a 1.3 million-barrel draw. Photo via Shutterstock

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On July 29, 2026, General Dynamics Corp GD released its 8-K filing, revealing impressive second-quarter results that surpassed analyst expectations. The company reported a revenue of $14.1 billion and a diluted EPS of $4.24, showcasing a significant increase year-over-year in both metrics.

General Dynamics is a prominent defense contractor and business jet manufacturer, recognized for its diverse operations segmented into aerospace, marine, combat systems, and technologies. The aerospace segment notably produces Gulfstream business jets and oversees a global operations network for aircraft servicing. Meanwhile, the combat systems division is famous for land-based military vehicles and munitions. The marine segment focuses on the construction and servicing of nuclear-powered submarines and destroyers, and the technology arm delivers electronics that enhance military command, control, and intelligence capabilities.

Performance Review and ChallengesGeneral Dynamics Corp GD reported remarkable growth for the second quarter, with revenue climbing 8.1% to $14.1 billion compared to the previous year. Operating earnings increased by 11.9%, reaching $1.5 billion, while diluted EPS grew by 4.1%. However, the company continues to face challenges including tight labor markets and supply chain pressures that could impact operational efficiency. Phebe Novakovic, chairman and CEO, commented on the company’s performance:

Our businesses delivered solid results in the quarter, with revenue growth across all four segments…reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog.”The challenges faced may constrain future growth if not adequately addressed.

The performance recorded in Q2 2026 is of significance for the aerospace and defense sector as it reflects the company's resilience amid economic fluctuations. General Dynamics has demonstrated strong management in navigating market dynamics, and the current metrics display a robust backlog that points towards sustained demand for its products and services.

Financial HighlightsIn addition to revenue growth, General Dynamics Corp GD achieved an operating margin of 10.4%, representing a 40-basis-point improvement from the prior year. The operating segments contributed to this performance as follows:

SegmentRevenue (Q2 2026)Operating EarningsOperating MarginAerospace$3,525 million$510 million14.5%Marine Systems$4,660 million$342 million7.3%Combat Systems$2,290 million$318 million13.9%Technologies$3,619 million$339 million9.4%Notably, the company's cash from operating activities amounted to $1.9 billion, equating to 162% of net earnings, demonstrating strong liquidity and cash generation capabilities. As of July 5, 2026, the company reported total cash and equivalents of $4.3 billion on hand and a prudent reduction in total debt by $498 million, now standing at $7.5 billion.

Additionally, the backlog at the end of the quarter reached a substantial $136.5 billion, illustrating General Dynamics' strong market position and better visibility into future revenues. The estimated potential contract value further reinforces this outlook, totaling $50.4 billion.

GuruFocus Valuation CheckAccording to GuruFocus, General Dynamics Corp GD holds a GF Score of 92/100, indicating a strong overall performance among its peers. With a GF Value of $347.56 and a current price of $393.19, the stock appears to be 13.1% overvalued. Investors should consider this valuation carefully, given that the stock's premium valuation might limit potential upside.

The financial strength score of 7/10 and profitability rank of 9/10 further reflect a solid foundation, while the growth rank of 9/10 signifies an attractive growth profile. The predictability rating of 5 stars coupled with a moat score of 7/10 suggests that General Dynamics has a competitive edge in the defense industry. However, caution is warranted as insider activity indicates that insiders sold $27.0 million worth of stock in the last three months, which may signal potential concerns regarding future performance.

Ultimately, potential investors should weigh these factors comprehensively before making investment decisions. For a deeper dive, visit the General Dynamics Corp stock page on GuruFocus.

Explore the complete 8-K earnings release (here) from General Dynamics Corp for further details.

GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $347.56 (13.1% overvalued); its GF Score™ is 92/100; 15 gurus currently hold the stock, with 5 adding and 10 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full General Dynamics Corp GD research.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Revenue $14.1 billion, up 8.1% versus prior year Diluted EPS $4.24, up 13.4% versus prior year $1.9 billion cash from operating activities, 162% of net earnings 1.4-to-1 book-to-bill, with strong order activity in all segments , /PRNewswire/ -- General Dynamics (NYSE: GD) today reported second-quarter 2026 operating earnings of $1.5 billion, and $4.24 per diluted share (EPS), on revenue of $14.1 billion. Compared with the year-ago quarter, revenue increased 8.1%, operating earnings increased 11.9%, and diluted EPS increased 13.4%. Operating margin of 10.4% was a 40-basis-point expansion from the year-ago quarter.

EXHIBIT H-1 "Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog," said Phebe Novakovic, chairman and chief executive officer. "We are well positioned to support our customers' needs and are continuing to make significant investments to increase output to meet strong and growing demand."

Cash and Capital Deployment

Net cash provided by operating activities in the quarter totaled $1.9 billion, or 162% of net earnings. During the quarter, the company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million. The company ended the quarter with $7.5 billion in total debt and $4.3 billion in cash and equivalents on hand.

Orders and Backlog

Orders received in the quarter totaled $14.7 billion in the defense segments and $5.3 billion in the Aerospace segment, for a total of $20 billion. Book-to-bill ratio, defined as orders divided by revenue, was 1.4-to-1 for the quarter for the defense segments, 1.5-to-1 for the Aerospace segment, and 1.4-to-1 on a company-wide basis. 

Backlog at the end of the quarter was $136.5 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $186.9 billion.

About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.  

WEBCAST INFORMATION: General Dynamics' financial results conference call will be held on Wednesday, July 29, 2026, at 9:00 a.m. EDT.  A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.

This press release may contain forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Three Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue

$                     14,094

$                     13,041

$     1,053

8.1 %

Operating costs and expenses

(12,634)

(11,736)

(898)

Operating earnings

1,460

1,305

155

11.9 %

Other, net

(4)

15

(19)

Interest, net

(49)

(88)

39

Earnings before income tax

1,407

1,232

175

14.2 %

Provision for income tax, net

(247)

(218)

(29)

Net earnings

$                       1,160

$                       1,014

$        146

14.4 %

Earnings per share—basic

$                         4.29

$                         3.78

$       0.51

13.5 %

Basic weighted average shares outstanding

270.2

268.1

Earnings per share—diluted

$                         4.24

$                         3.74

$       0.50

13.4 %

Diluted weighted average shares outstanding

273.5

270.9

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue

$                     27,575

$                     25,264

$     2,311

9.1 %

Operating costs and expenses

(24,695)

(22,691)

(2,004)

Operating earnings

2,880

2,573

307

11.9 %

Other, net

14

36

(22)

Interest, net

(118)

(177)

59

Earnings before income tax

2,776

2,432

344

14.1 %

Provision for income tax, net

(491)

(424)

(67)

Net earnings

$                       2,285

$                       2,008

$        277

13.8 %

Earnings per share—basic

$                         8.46

$                         7.48

$       0.98

13.1 %

Basic weighted average shares outstanding

270.2

268.6

Earnings per share—diluted

$                         8.35

$                         7.40

$       0.95

12.8 %

Diluted weighted average shares outstanding

273.8

271.3

EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  3,525

$                   3,062

$            463

15.1 %

Marine Systems

4,660

4,220

440

10.4 %

Combat Systems

2,290

2,283

7

0.3 %

Technologies

3,619

3,476

143

4.1 %

Total

$                14,094

$                 13,041

$         1,053

8.1 %

Operating earnings:                                           

Aerospace

$                     510

$                      403

$            107

26.6 %

Marine Systems

342

291

51

17.5 %

Combat Systems

318

324

(6)

(1.9) %

Technologies

339

332

7

2.1 %

Corporate

(49)

(45)

(4)

(8.9) %

Total

$                  1,460

$                   1,305

$            155

11.9 %

Operating margin:

Aerospace

14.5 %

13.2 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.9 %

14.2 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.0 %

EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  6,804

$                   6,088

$            716

11.8 %

Marine Systems

9,003

7,809

1,194

15.3 %

Combat Systems

4,573

4,459

114

2.6 %

Technologies

7,195

6,908

287

4.2 %

Total

$                27,575

$                 25,264

$         2,311

9.1 %

Operating earnings:                                          

Aerospace

$                  1,003

$                      835

$            168

20.1 %

Marine Systems

658

541

117

21.6 %

Combat Systems

628

615

13

2.1 %

Technologies

678

660

18

2.7 %

Corporate

(87)

(78)

(9)

(11.5) %

Total

$                  2,880

$                   2,573

$            307

11.9 %

Operating margin:

Aerospace

14.7 %

13.7 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.7 %

13.8 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.2 %

EXHIBIT E

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

(Unaudited)

July 5, 2026

December 31, 2025

ASSETS

Current assets:

Cash and equivalents

$                        4,333

$                        2,333

Accounts receivable

2,398

2,406

Unbilled receivables

9,255

8,380

Inventories

9,097

9,232

Other current assets

1,955

1,897

Total current assets

27,038

24,248

Noncurrent assets:

Property, plant and equipment, net

7,575

7,525

Intangible assets, net

1,281

1,375

Goodwill

20,927

21,009

Other assets

3,342

3,092

Total noncurrent assets

33,125

33,001

Total assets

$                      60,163

$                      57,249

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term debt and current portion of long-term debt                                                  

$                        1,256

$                        1,006

Accounts payable

2,874

2,678

Customer advances and deposits

11,034

9,824

Other current liabilities

3,601

3,288

Total current liabilities

18,765

16,796

Noncurrent liabilities:

Long-term debt

6,260

7,007

Other liabilities

8,312

7,824

Total noncurrent liabilities

14,572

14,831

Shareholders' equity:

Common stock

482

482

Surplus

4,535

4,403

Retained earnings

45,502

44,080

Treasury stock

(23,110)

(22,860)

Accumulated other comprehensive loss

(583)

(483)

Total shareholders' equity

26,826

25,622

Total liabilities and shareholders' equity

$                      60,163

$                      57,249

EXHIBIT F

CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

July 5, 2026

June 29, 2025

Cash flows from operating activities—continuing operations:

Net earnings

$                      2,285

$                      2,008

Adjustments to reconcile net earnings to net cash from operating activities:              

Depreciation of property, plant and equipment

348

325

Amortization of intangible and finance lease right-of-use assets

115

121

Equity-based compensation expense

107

89

Deferred income tax provision (benefit)

365

(98)

(Increase) decrease in assets, net of effects of business acquisitions:

Accounts receivable

8

(612)

Unbilled receivables

(846)

(200)

Inventories

135

(207)

Increase (decrease) in liabilities, net of effects of business acquisitions:

Accounts payable

196

(261)

Customer advances and deposits

1,168

106

Other, net

154

179

Net cash provided by operating activities

4,035

1,450

Cash flows from investing activities:

Capital expenditures

(437)

(340)

Other, net

13

124

Net cash used by investing activities

(424)

(216)

Cash flows from financing activities:

Dividends paid

(834)

(785)

Repayment of fixed-rate notes

(500)

(1,500)

Purchases of common stock

(319)

(600)

Proceeds from commercial paper, net

—

696

Proceeds from fixed-rate notes

—

747

Other, net

48

39

Net cash used by financing activities

(1,605)

(1,403)

Net cash used by discontinued operations

(6)

(5)

Net increase (decrease) in cash and equivalents

2,000

(174)

Cash and equivalents at beginning of period

2,333

1,697

Cash and equivalents at end of period

$                      4,333

$                      1,523

EXHIBIT G

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Non-GAAP Financial Measures:

Second Quarter

Six Months

2026

2025

2026

2025

Free cash flow:

Net cash provided by operating activities 

$                       1,880

$                  1,598

$                    4,035

$                    1,450

Capital expenditures

(234)

(198)

(437)

(340)

Free cash flow (a)

$                       1,646

$                  1,400

$                    3,598

$                    1,110

July 5, 2026

December 31, 2025

Net debt:

Total debt

$                       7,516

$                  8,013

Less cash and equivalents

4,333

2,333

Net debt (b)

$                       3,183

$                  5,680

Supplemental Aerospace Data:

Second Quarter

Six Months

2026

2025

2026

2025

Gulfstream Aircraft Deliveries (units):

Large-cabin aircraft

35

32

66

62

Mid-cabin aircraft

6

6

13

12

Total

41

38

79

74

Aerospace Book-to-Bill:

Orders (c)

$                       5,278

$                  4,003

$                    9,121

$                    6,364

Revenue

3,525

3,062

6,804

6,088

Book-to-Bill Ratio

1.5x

1.3x

1.3x

1.0x

(a)  

We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure

for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business

acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our

earnings and as a key performance measure in evaluating management.

(b)

We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for

investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an

important indicator of liquidity and financial position.

(c)

Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

EXHIBIT H

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

Funded

Unfunded

Total

Backlog

Estimated

Potential

Contract Value*

Total

Estimated

Contract Value

Second Quarter 2026:                         

Aerospace

$            22,992

$                 985

$            23,977

$                     1,170

$               25,147

Marine Systems

42,356

22,826

65,182

7,442

72,624

Combat Systems

27,507

1,843

29,350

10,847

40,197

Technologies

11,256

6,733

17,989

30,945

48,934

Total

$          104,111

$            32,387

$          136,498

$                   50,404

$             186,902

First Quarter 2026:

Aerospace

$            21,172

$              1,095

$            22,267

$                     1,040

$               23,307

Marine Systems

40,598

23,373

63,971

12,519

76,490

Combat Systems

25,532

1,383

26,915

11,770

38,685

Technologies

10,818

6,869

17,687

32,272

49,959

Total

$            98,120

$            32,720

$          130,840

$                   57,601

$             188,441

Second Quarter 2025:      

Aerospace

$            18,676

$              1,227

$            19,903

$                     1,165

$               21,068

Marine Systems

39,298

13,674

52,972

14,708

67,680

Combat Systems

15,961

616

16,577

9,592

26,169

Technologies

9,945

4,285

14,230

32,011

46,241

Total

$            83,880

$            19,802

$          103,682

$                   57,476

$             161,158

*   

The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and

unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase

new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.

For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract

value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

EXHIBIT H-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

https://mmx.prnewswire.com/media/MS1959817/GD-Q2.jpg?id=OA2797589

SOURCE General Dynamics

The Zacks Aerospace sector’s second-quarter 2026 earnings are expected to have been supported by strong global defense demand, healthy commercial aerospace production, solid backlog execution and sustained investments in advanced military technologies.

Per the latest Earnings Preview, the Zacks Aerospace sector's second-quarter 2026 earnings are expected to increase 21.1% year over year on revenue growth of 11.8%. Strong global defense spending, rising commercial aircraft production and healthy demand for aerospace products are likely to have driven the sector's performance. However, supply-chain constraints, higher labor costs and tariff-related pressures are likely to have partially offset some of these gains.

Factors to ConsiderRising global security concerns continue to drive defense spending worldwide, with governments investing heavily in next-generation combat vehicles, naval platforms, mission systems, intelligence, surveillance and reconnaissance capabilities, as well as advanced communications technologies. These trends are expected to have supported revenue growth across much of the aerospace and defense industry during the quarter.

The commercial aerospace market also remained favorable in the second quarter, aided by increasing aircraft production, strong aftermarket demand and healthy airline fleet modernization activity. Suppliers with exposure to commercial aircraft programs are likely to have benefited from higher build rates and improved supply-chain stability.

Meanwhile, most aerospace and defense companies continue to invest in production capacity expansion, digital manufacturing, automation and operational efficiency initiatives. These investments are expected to have supported margin performance by improving productivity and reducing manufacturing costs over time.

However, the aerospace-defense industry continues to face certain challenges. Ongoing geopolitical tensions, tariffs and changing trade policies may disrupt supply chains and increase costs. Labor shortages and inflationary pressures could also affect production schedules and margins. Additionally, since many defense companies rely heavily on government contracts, changes in defense spending priorities or delays in budget approvals may impact contract awards, program execution and profitability.

What Our Model PredictsAccording to the Zacks model, a company needs the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better — to increase the odds of an earnings beat. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

General Dynamics’s (GD - Free Report) second-quarter results are likely to benefit from its record backlog, strong defense demand and healthy Gulfstream aircraft deliveries. Improved execution in the Marine Systems segment, supported by better labor productivity and supplier performance, is also expected to aid results. However, lingering supply-chain constraints for certain critical components are likely to have partially offset these positives. (Read more: What's in Store for General Dynamics in Q2 Earnings?)

Our proven model predicts an earnings beat for General Dynamics this time around. GD has an Earnings ESP of +1.61% and a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

L3Harris Technologies’ (LHX - Free Report) second-quarter results are likely to benefit from strong demand for resilient communication equipment, classified ISR and space programs, and international mission systems. Higher production in Integrated Vision Solutions, continued momentum in the Next Generation Jammer program, and growth in missile and space propulsion are also expected to have supported top-line growth. (Read more: L3Harris Technologies to Post Q2 Earnings: Here's What's in the Cards)

Our proven model predicts an earnings beat for L3Harris Technologies this time around. LHX has an Earnings ESP of +2.09% and a Zacks Rank of 3 at present.

Hexcel Corporation's (HXL - Free Report) second-quarter results are likely to benefit from improving commercial aerospace demand, higher aircraft production rates and steady defense sales. Higher production volumes, better capacity utilization and strong demand for lightweight composite materials are also expected to have supported performance. However, increased operating expenses, including higher R&D and restructuring costs, are likely to have partially offset these gains. (Read more: Hexcel Gears Up to Report Q2 Earnings: Here's What to Expect)

Our proven model predicts an earnings beat for Hexcel this time around. HXL has an Earnings ESP of +6.13% and a Zacks Rank of 3 at present.

The Zacks Aerospace sector’s second-quarter 2026 earnings are expected to outperform estimates, driven by rising defense spending, increasing geopolitical tensions, and continued military modernization focused on missile defense, autonomous systems, artificial intelligence, space, and cybersecurity. These trends, along with growing international defense demand and efforts to strengthen the defense industrial base, reinforce long-term growth prospects for major defense contractors. Per the latest Earnings Preview, the sector’s quarterly earnings are expected to rise 21.1% on 11.8% higher revenues.

With the assistance of the Zacks Stock Screener, we have identified four defense stocks, namely General Dynamics (GD - Free Report) , Curtiss-Wright (CW - Free Report) , Huntington Ingalls Industries (HII - Free Report) and L3Harris Technologies (LHX - Free Report) , which are poised to beat on earnings this reporting cycle.

These stocks have the ideal combination of two ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) — to surpass expectations. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Factors That are Likely to Influence Defense Stocks’ Q2 ResultsIn the second quarter of 2026, the U.S. defense sector is expected to have benefited from the government's commitment to higher military spending and accelerating military modernization amid rising geopolitical tensions. Increased investment in missile defense, advanced aircraft, autonomous systems, AI, cyber capabilities, and naval expansion, together with growing global defense budgets, strengthened long-term demand and export opportunities for major U.S. defense contractors.

Another key indicator supporting the U.S. defense sector is the industry's record order backlog. Major defense contractors continue to build substantial backlogs as governments place multi-year orders for aircraft, missile systems, naval platforms, satellites, and defense technologies. A large backlog provides strong revenue visibility, as these long-duration contracts are typically executed over several years, supporting stable cash flows and earnings. It also reflects sustained global demand driven by rising defense budgets, military modernization programs, and increased international orders, positioning the sector for continued growth even as individual contract awards fluctuate sequentially.

Defense companies with exposure to commercial aerospace are likely to have benefited from the steady recovery in global air travel, supporting demand for aircraft, engines, and related components alongside their core defense businesses.

However, these positives are likely to have been partially offset by persistent challenges, including skilled labor shortages and supply-chain disruptions. U.S. tariffs on key trading partners are expected to have increased costs and delayed production and deliveries, tempering overall second-quarter performance of some defense companies.

Potential Defense Outperformers General Dynamics engages in mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. Marine Systems likely remained a key growth driver, supported by improving shipyard productivity, stronger execution on Columbia- and Virginia-class submarine programs, and ongoing capacity expansion to meet rising U.S. naval demand. Meanwhile, Gulfstream is expected to report another solid quarter, benefiting from sustained manufacturing improvements and strong deliveries across the G700 and G800 aircraft programs.

The Zacks Consensus Estimate for second-quarter earnings is pegged at $3.95 per share, indicating an improvement of 5.6% from the year-ago quarter’s reported figure. GD currently has an Earnings ESP of +1.61% and a Zacks Rank of 2. You can see the complete list of today's Zacks #1 Rank stocks here.

Curtiss-Wright provides highly engineered products and services for high-performance platforms, and critical applications in key areas such as commercial aerospace and defense electronics, reactor coolant pumps for next-generation nuclear reactors as well as advanced surface treatment technologies. The company’s quarterly performance is expected to have gained from increased U.S. and allied defense spending, particularly in naval defense and ground defense programs. The company also expects continued momentum from robust order activity, providing strong revenue visibility.

The Zacks Consensus Estimate for second-quarter earnings is pegged at $3.62 per share, indicating an increase of 12.1% from the year-ago reported figure. CW currently has an Earnings ESP of +0.36% and a Zacks Rank of 3.

Huntington Ingalls Industries designs, builds, and maintains nuclear-powered ships, including aircraft carriers and submarines, as well as non-nuclear vessels such as surface combatants, expeditionary warfare/amphibious assault and coastal defense surface ships for the U.S. Navy and Coast Guard. The company also provides after-market services for military ships worldwide. Higher activity across several key defense programs likely drove broad-based growth during the second quarter. Strong shipbuilding demand supported Ingalls, increased submarine and aircraft carrier production benefited Newport News, while higher program activity across Warfare Systems, Global Security, and Unmanned Systems contributed to the growth of Mission Technologies.

The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.80 per share, indicating a decrease of 1.6% from the year-ago reported figure. HII currently has an Earnings ESP of +0.53% and a Zacks Rank of 3.

L3Harris Technologies is a technology-oriented aerospace and defense player that delivers advanced defense technologies across air, land, sea, space and cyber domains. Higher demand for resilient communications, classified ISR and space programs, international defense platforms, and increased production across missile, munitions, and electronic warfare programs likely supported broad-based revenue growth across the company's major defense segments in the to-be-reported quarter. Continued momentum in the Space Development Agency's Tracking Tranche 3 program and Aerojet Rocketdyne's propulsion businesses must have further strengthened growth prospects.

The Zacks Consensus Estimate for second-quarter earnings is pegged at $2.80 per share, indicating an improvement of 0.7% from the year-ago quarter’s reported figure. LHX currently has an Earnings ESP of +2.09% and a Zacks Rank of 3.

Wall Street analysts expect General Dynamics (GD - Free Report) to post quarterly earnings of $3.95 per share in its upcoming report, which indicates a year-over-year increase of 5.6%. Revenues are expected to be $13.49 billion, up 3.4% from the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

Bearing this in mind, let's now explore the average estimates of specific General Dynamics metrics that are commonly monitored and projected by Wall Street analysts.

The collective assessment of analysts points to an estimated 'Revenue- Technologies' of $3.48 billion. The estimate suggests a change of +0.2% year over year.

The combined assessment of analysts suggests that 'Revenue- Marine Systems' will likely reach $4.36 billion. The estimate suggests a change of +3.2% year over year.

The average prediction of analysts places 'Revenue- Combat Systems' at $2.34 billion. The estimate indicates a change of +2.6% from the prior-year quarter.

The consensus estimate for 'Revenue- Aerospace' stands at $3.27 billion. The estimate suggests a change of +6.9% year over year.

Based on the collective assessment of analysts, 'Operating earnings- Aerospace' should arrive at $460.18 million. The estimate compares to the year-ago value of $403.00 million.

According to the collective judgment of analysts, 'Operating earnings- Combat Systems' should come in at $328.47 million. The estimate compares to the year-ago value of $324.00 million.

The consensus among analysts is that 'Operating earnings- Technologies' will reach $319.84 million. The estimate is in contrast to the year-ago figure of $332.00 million.

Analysts' assessment points toward 'Operating earnings- Marine Systems' reaching $313.84 million. Compared to the present estimate, the company reported $291.00 million in the same quarter last year.

View all Key Company Metrics for General Dynamics here>>>

Over the past month, General Dynamics shares have recorded returns of +10.8% versus the Zacks S&P 500 composite's +0.6% change. Based on its Zacks Rank #2 (Buy), GD will likely outperform the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Key Takeaways General Dynamics entered Q2 with a record backlog supporting revenue visibility across its businesses.GD's Marine Systems may benefit from improving productivity and supplier performance on submarine programs.Gulfstream is expected to post solid aircraft deliveries after a record first-quarter delivery performance. General Dynamics (GD - Free Report) is scheduled to release second-quarter 2026 results on July 29, before market open. The company delivered an earnings surprise of 11.4% in the last reported quarter.

Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.

Key Factors Likely to Influence GD’s Q2 ResultsGeneral Dynamics heads into second-quarter earnings season with a record backlog and healthy book-to-bill ratios across its business segments, supporting strong revenue visibility despite macroeconomic uncertainty. The company's defense operations are expected to have remained the primary growth driver, benefiting from sustained demand for submarines, combat vehicles, munitions and mission systems amid rising global defense spending.

Marine Systems is likely to have been one of the biggest catalysts for the second quarter. Management highlighted improving labor productivity across its shipyards, stronger material availability and steadily improving supplier performance, all of which might have supported higher throughput on the Columbia- and Virginia-class submarine programs. The company continues to invest aggressively in expanding shipyard capacity to meet growing U.S. naval demand. If these operational improvements continued through the second quarter, Marine Systems could have been a major contributor to revenue and margin expansion.

Gulfstream entered the second quarter after recording the strongest first-quarter delivery performance in its history, while management emphasized durable manufacturing improvements across the G700 and G800 programs. Management expects second-quarter aircraft deliveries to remain similar to the first quarter before rising further in the second half of the year, indicating another solid quarter for the segment.

Although management said supply-chain conditions have improved, critical components sourced from single suppliers continue to constrain production. Any renewed disruptions could slow the pace of submarine construction and limit further throughput improvements despite robust customer demand.

GD’s Q2 ExpectationsThe Zacks Consensus Estimate for earnings is pegged at $3.95 per share, indicating a year-over-year increase of 5.6%.

The Zacks Consensus Estimate for revenues is pinned at $13.49 billion, implying a year-over-year improvement of 3.4%.

The Zacks Consensus Estimate for total Gulfstream aircraft deliveries is pinned at 42, compared with the company’s registered figure of 38 in the year-ago quarter.

What the Zacks Model UnveilsOur proven model predicts an earnings beat for General Dynamics this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
 

Other Stocks to ConsiderInvestors may also consider the following players from the same sector as these, too, have the right combination of elements to post an earnings beat this reporting cycle.

Hexcel (HXL - Free Report) is likely to come up with an earnings beat when it announces second-quarter results on July 29, before market open. It has an Earnings ESP of +6.13% and a Zacks Rank #3 at present.

The consensus estimate for HXL’s second-quarter sales suggests an improvement of 6.5% from the year-ago quarter’s reported numbers. The company delivered an average earnings surprise of 12.6% for the trailing four quarters.

L3Harris Technologies (LHX - Free Report) is expected to come up with an earnings beat when it reports second-quarter results on July 29, after market close. It has an Earnings ESP of +2.09% and a Zacks Rank #3 at present.

The consensus estimate for LHX’s second-quarter sales implies an improvement of 6.8% from the year-ago quarter’s level. The Zacks Consensus Estimate for earnings is pinned at $2.80 per share, indicating year-over-year growth of 0.7%.

Curtiss-Wright (CW - Free Report) is likely to come up with an earnings beat when it announces second-quarter results on Aug. 5, after market close. It has an Earnings ESP of +0.36% and a Zacks Rank #3 at present.

The consensus estimate for CW’s second-quarter sales suggests an improvement of 6.2% from the year-ago quarter’s reported numbers. The company delivered an average earnings surprise of 3.8% for the trailing four quarters.