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General Dynamics GD Combat Systems — Operating Earnings

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Other financials

Income statement

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Revenue$14.1B+8.1%
Operating income$1.5B+11.9%
Net income$1.2B+14.4%
EPS (diluted)$4.24+13.4%

Balance sheet

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Cash & equivalents$4.3B+185%
Total debt$10.8B+1.0%
Total equity$26.8B+13.8%
Total assets$60.2B+5.8%

Cash flow

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Operating cash flow$1.9B+17.6%
CapEx$234.0M+18.2%
Free cash flow$1.6B+17.6%

Valuation

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Market cap$103.41B+23.4%
Enterprise value$109.86B+18.2%
P/E23.1×+2.5×
P/S1.9×+0.2×

Profitability

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Gross margin17.9%
Operating margin10.3%0.0pp
Net margin8.2%+0.1pp
FCF margin11.8%+3.5pp

Returns & leverage

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Return on equity17.8%-0.1pp
Debt / equity0.4×-0.1×
Current ratio1.4×+0.1×

Where this comes from

Reported directly by General Dynamics in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The official record: General Dynamics’s 10-Q, filed July 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is General Dynamics's combat systems — operating earnings?
General Dynamics (GD) reported combat systems — operating earnings of $318M in Q2 2026.
How has General Dynamics's combat systems — operating earnings changed year-over-year?
General Dynamics's combat systems — operating earnings decreased by 1.9% year-over-year, from $324M to $318M.
What is the long-term trend for General Dynamics's combat systems — operating earnings?
Over 4 years (2021 to 2025), General Dynamics's combat systems — operating earnings has grown at a 5.7% compound annual growth rate (CAGR), from $1.07B to $1.33B.
What does combat systems — operating earnings mean?
This measures the profitability of the Combat Systems segment after deducting operating expenses from total revenue. It is the primary indicator of the segment's operational efficiency and core business health.