Q3 FY26 · Ended Oct 4, 2026 · View SEC filing
Business jets out-earn the larger submarine business
Aerospace is 24.3% of revenue at a 14.5% margin, so jet deliveries and mix carry more profit than their sales share suggests.
For investorsWhat has to go right for the submarine backlog to become profit
For foundersChoosing who carries cost risk: the contract playbook
Total backlog reached $220.3B, more than four times last year's revenue, so building capacity rather than orders becomes the limit to watch.
Capital spending reached 3.3% of revenue, so free cash flow came down to match net earnings instead of running ahead.
Gulfstream books a jet once, then earns maintenance and ground handling on a growing fleet, and orders still run ahead of revenue.
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Business Lens describes General Dynamics from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
