General Dynamics raises outlook as backlog hits $220.3 billion

General Dynamics raised its 2026 earnings and revenue forecasts after reporting higher third-quarter sales and profit, as large submarine awards helped lift its order backlog to a record $220.3 billion. The defense and aerospace company reported diluted earnings of $4.49 per share and revenue of $14.57 billion for the quarter ended October 4. Revenue increased 12.9% from a year earlier. Both figures exceeded analyst estimates cited in the company’s quarterly coverage. Net earnings rose to $1.23 billion from $1.06 billion a year earlier, while operating earnings increased 14.7% to $1.53 billion. General Dynamics now expects 2026 diluted earnings per share of $17.20 to $17.30, compared with its previous forecast of $16.80 to $16.90. It forecast full-year revenue of $56.5 billion to $56.8 billion, up from about $55.7 billion. The outlook is a company forecast, not a reported result. Orders reached about $98.8 billion during the quarter, bringing the backlog to $220.3 billion. The awards included contracts for five additional Columbia-class submarines and nine additional Virginia-class submarines. The company’s total estimated contract value, including options and...