GENERAL DYNAMICS CORP, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover
 3 Months Ended
Apr. 05, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Apr. 05, 2026
Document Transition Report false
Entity File Number 1-3671
Entity Registrant Name GENERAL DYNAMICS CORPORATION
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-1673581
Entity Address, Address Line One 11011 Sunset Hills Road
Entity Address, City or Town Reston,
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20190
City Area Code 703
Local Phone Number 876-3000
Title of 12(b) Security Common Stock
Trading Symbol GD
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 270,430,187
Entity Central Index Key 0000040533
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Amendment Flag false
v3.26.1
Consolidated Statement of Earnings (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Revenue:    
Total revenue $ 13,481 $ 12,223
Operating costs and expenses:    
General and administrative (G&A) (723) (625)
Operating costs and expenses, total (12,061) (10,955)
Operating earnings 1,420 1,268
Other, net 18 21
Interest, net (69) (89)
Earnings before income tax 1,369 1,200
Provision for income tax, net (244) (206)
Net earnings $ 1,125 $ 994
Earnings per share    
Basic (in dollars per share) $ 4.16 $ 3.69
Diluted (in dollars per share) $ 4.10 $ 3.66
Products    
Revenue:    
Total revenue $ 8,285 $ 7,334
Operating costs and expenses:    
Cost of sales (6,943) (6,141)
Services    
Revenue:    
Total revenue 5,196 4,889
Operating costs and expenses:    
Cost of sales $ (4,395) $ (4,189)
v3.26.1
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Statement of Comprehensive Income [Abstract]    
Net earnings $ 1,125 $ 994
Changes in unrealized cash flow hedges (2) 46
Foreign currency translation adjustments (109) 102
Changes in retirement plans’ funded status 44 18
Other comprehensive (loss) income, pretax (67) 166
Provision for income tax, net (7) (17)
Other comprehensive (loss) income, net of tax (74) 149
Comprehensive income $ 1,051 $ 1,143
v3.26.1
Consolidated Balance Sheet - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Current assets:    
Cash and equivalents $ 3,654 $ 2,333
Accounts receivable 2,254 2,406
Unbilled receivables 9,051 8,380
Inventories 9,177 9,232
Other current assets 1,919 1,897
Total current assets 26,055 24,248
Noncurrent assets:    
Property, plant and equipment, net 7,503 7,525
Intangible assets, net 1,328 1,375
Goodwill [1] 20,956 21,009
Other assets 3,187 3,092
Total noncurrent assets 32,974 33,001
Total assets 59,029 57,249
Current liabilities:    
Short-term debt and current portion of long-term debt 1,755 1,006
Accounts payable 2,843 2,678
Customer advances and deposits 10,847 9,824
Other current liabilities 3,380 3,288
Total current liabilities 18,825 16,796
Noncurrent liabilities:    
Long-term debt 6,259 7,007
Other liabilities 7,866 7,824
Commitments and contingencies (see Note J)
Total noncurrent liabilities 14,125 14,831
Shareholders’ equity:    
Common stock 482 482
Surplus 4,433 4,403
Retained earnings 44,774 44,080
Treasury stock (23,053) (22,860)
Accumulated other comprehensive loss (557) (483)
Total shareholders’ equity 26,079 25,622
Total liabilities and shareholders’ equity $ 59,029 $ 57,249
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Cash flows from operating activities – continuing operations:    
Net earnings $ 1,125 $ 994
Adjustments to reconcile net earnings to net cash from operating activities:    
Depreciation of property, plant and equipment 173 162
Amortization of intangible and finance lease right-of-use assets 59 61
Equity-based compensation expense 40 34
Deferred income tax provision (benefit) 286 (59)
(Increase) decrease in assets, net of effects of business acquisitions:    
Accounts receivable 152 (317)
Unbilled receivables (656) (879)
Inventories 55 (92)
Increase (decrease) in liabilities, net of effects of business acquisitions:    
Accounts payable 165 13
Customer advances and deposits 764 13
Other, net (8) (78)
Net cash provided (used) by operating activities 2,155 (148)
Cash flows from investing activities:    
Capital expenditures (203) (142)
Other, net 1 12
Net cash used by investing activities (202) (130)
Cash flows from financing activities:    
Dividends paid (405) (383)
Purchases of common stock (217) (600)
Proceeds from commercial paper, net 0 1,590
Repayment of fixed-rate notes 0 (750)
Other, net (7) (32)
Net cash used by financing activities (629) (175)
Net cash used by discontinued operations (3) (2)
Net increase (decrease) in cash and equivalents 1,321 (455)
Cash and equivalents at beginning of period 2,333 1,697
Cash and equivalents at end of period 3,654 1,242
Supplemental cash flow information:    
Income tax payments, net (18) (34)
Interest payments $ (93) $ (42)
v3.26.1
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock, Par
Common Stock, Surplus
Retained Earnings
Treasury Stock, Common
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2024 $ 22,063 $ 482 $ 4,062 $ 41,487 $ (22,450) $ (1,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 994     994    
Cash dividends declared (399)     (399)    
Equity-based awards 23   2   21  
Shares purchased (605)       (605)  
Other comprehensive income (loss) 149         149
Ending balance at Mar. 30, 2025 22,225 482 4,064 42,082 (23,034) (1,369)
Beginning balance at Dec. 31, 2025 25,622 482 4,403 44,080 (22,860) (483)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 1,125     1,125    
Cash dividends declared (431)     (431)    
Equity-based awards 54   30   24  
Shares purchased (217)       (217)  
Other comprehensive income (loss) (74)         (74)
Ending balance at Apr. 05, 2026 $ 26,079 $ 482 $ 4,433 $ 44,774 $ (23,053) $ (557)
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Apr. 05, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
The following is a discussion of certain significant accounting policies, and further discussion is contained in other notes to these financial statements.
Basis of Consolidation and Classification. The unaudited Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the unaudited Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Interim Financial Statements. The unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) to be condensed or omitted.
Our fiscal quarters are typically 13 weeks in length. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year.
The unaudited Consolidated Financial Statements contain all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations and financial condition for the three-month periods ended April 5, 2026, and March 30, 2025. Operating results for the three-month period ended April 5, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Property, Plant and Equipment, Net. Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E consisted of the following:
April 5, 2026December 31, 2025
PP&E$15,229 $15,130 
Accumulated depreciation(7,726)(7,605)
PP&E, net$7,503 $7,525 
Recent Accounting Pronouncements. For a discussion of accounting standards that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective, refer to the Recent Accounting Pronouncements section in our Annual Report on Form 10-K for the year ended
December 31, 2025. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.
v3.26.1
Revenue
 3 Months Ended
Apr. 05, 2026
Revenue Recognition [Abstract]  
Revenue REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 76% and 75% of our revenue for the three-month periods ended April 5, 2026 and March 30, 2025, respectively. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 24% and 25% of our revenue for the three-month periods ended April 5, 2026 and March 30, 2025, respectively. Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On April 5, 2026, we had $130.8 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 55% of our remaining performance obligations as revenue by year-end 2027, an additional 25% by year-end 2029 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the
difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates changed our revenue, operating earnings and diluted earnings per share as follows:
Three Months EndedApril 5, 2026March 30, 2025
Revenue$57 $78 
Operating earnings54 31 
Diluted earnings per share$0.16 $0.09 
No adjustment on any one contract was material to the unaudited Consolidated Financial Statements for the three-month periods ended April 5, 2026, or March 30, 2025.
We have a large, long-term contract with an international customer for tracked vehicles in which our estimates for contract revenue include variable consideration. It is reasonably possible that the actual amount of variable consideration realized could be less than our estimate, which could have a material unfavorable impact on our results of operations.
Revenue by Category. Our portfolio of products and services consists of more than 8,000 active contracts. The following series of tables presents our revenue disaggregated by several categories.
Revenue by major products and services was as follows:
Three Months EndedApril 5, 2026March 30, 2025
Aircraft manufacturing$2,311 $2,168 
Aircraft services968 858 
Total Aerospace3,279 3,026 
Nuclear-powered submarines3,272 2,620 
Surface ships770 710 
Repair and other services301 259 
Total Marine Systems4,343 3,589 
Military vehicles1,155 1,215 
Weapon systems and munitions781 701 
Engineering and other services347 260 
Total Combat Systems2,283 2,176 
Information technology (IT) services2,383 2,364 
C5ISR* solutions1,193 1,068 
Total Technologies3,576 3,432 
Total revenue$13,481 $12,223 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by contract type was as follows:
Three Months Ended April 5, 2026AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$2,975 $1,976 $1,946 $1,410 $8,307 
Cost-reimbursement— 2,366 311 1,516 4,193 
Time-and-materials304 1 26 650 981 
Total revenue$3,279 $4,343 $2,283 $3,576 $13,481 
Three Months Ended March 30, 2025
Fixed-price$2,753 $1,724 $1,848 $1,445 $7,770 
Cost-reimbursement— 1,865 310 1,469 3,644 
Time-and-materials273 — 18 518 809 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
Revenue by customer was as follows:
Three Months Ended April 5, 2026AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of War (DoW)$71 $4,310 $1,177 $2,068 $7,626 
Non-DoW6 — 2 1,275 1,283 
Foreign military sales (FMS)— 32 195 3 230 
Total U.S. government77 4,342 1,374 3,346 9,139 
U.S. commercial1,706 — 37 61 1,804 
Non-U.S. government235 1 858 159 1,253 
Non-U.S. commercial1,261 — 14 10 1,285 
Total revenue$3,279 $4,343 $2,283 $3,576 $13,481 
Three Months Ended March 30, 2025
U.S. government:
DoW$65 $3,558 $1,210 $2,012 $6,845 
Non-DoW— — 2 1,248 1,250 
FMS5 29 218 3 255 
Total U.S. government70 3,587 1,430 3,263 8,350 
U.S. commercial1,224 1 59 46 1,330 
Non-U.S. government171 1 658 115 945 
Non-U.S. commercial1,561 — 29 8 1,598 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized. Changes in the contract asset and liability balances during the three-month period ended April 5, 2026, were not materially impacted by any other factors.
Revenue recognized for the three-month periods ended April 5, 2026, and March 30, 2025, that was included in the contract liability balance at the beginning of each year was $2.8 billion and $2.6 billion, respectively. This revenue represented primarily the sale of business jet aircraft.
v3.26.1
Earnings Per Share
 3 Months Ended
Apr. 05, 2026
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Three Months EndedApril 5, 2026March 30, 2025
Basic weighted average shares outstanding270,173 269,038 
Dilutive effect of stock options and restricted stock/RSUs*3,956 2,711 
Diluted weighted average shares outstanding274,129 271,749 
*    Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the period and, therefore, the effect of including these options would be antidilutive. These options totaled 394 and 1,667 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively.
v3.26.1
Income Taxes
 3 Months Ended
Apr. 05, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Net Deferred Tax Liability. Our deferred tax assets and liabilities are included in other noncurrent assets and liabilities on the Consolidated Balance Sheet. Our net deferred tax liability consisted of the following:
April 5, 2026December 31, 2025
Deferred tax asset$18 $19 
Deferred tax liability(1,244)(956)
Net deferred tax liability$(1,226)$(937)
Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2024. We are currently in a CAP phase (Bridge Plus) in which the IRS considers certain tax return information in advance to expedite their risk assessment and review of our return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on April 5, 2026, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
v3.26.1
Unbilled Receivables
 3 Months Ended
Apr. 05, 2026
Contractors [Abstract]  
Unbilled Receivables UNBILLED RECEIVABLES
Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. Unbilled receivables consisted of the following:
April 5, 2026December 31, 2025
Unbilled revenue$45,529 $43,059 
Advances and progress billings(36,478)(34,679)
Net unbilled receivables$9,051 $8,380 
On April 5, 2026, and December 31, 2025, net unbilled receivables included $1.3 billion associated with a large international tracked vehicle contract in our Combat Systems segment. We currently expect a significant decline in this balance over the next two years as contract deliveries continue through early 2028.
v3.26.1
Inventories
 3 Months Ended
Apr. 05, 2026
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Inventories consisted of the following:
April 5, 2026December 31, 2025
Work in process$5,823 $5,938 
Raw materials3,189 3,248 
Finished goods118 18 
Pre-owned aircraft47 28 
Total inventories$9,177 $9,232 
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Apr. 05, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill. The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Goodwill
December 31, 2025 (a)
$3,364 $297 $2,825 $14,523 $21,009 
Acquisitions (b)— — — (4)(4)
Other (c)(26)— (19)(4)(49)
April 5, 2026 (a)
$3,338 $297 $2,806 $14,515 $20,956 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Intangible Assets. Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
April 5, 2026December 31, 2025
Contract and program intangible assets (b)$3,236 $(2,152)$1,084 $3,241 $(2,119)$1,122 
Trade names and trademarks569 (346)223 575 (345)230 
Technology and software77 (56)21 77 (54)23 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,942 $(2,614)$1,328 $3,953 $(2,578)$1,375 
(a)Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for acquired and divested intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $44 for the three-month periods ended April 5, 2026, and March 30, 2025.
v3.26.1
Debt
 3 Months Ended
Apr. 05, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
April 5, 2026December 31, 2025
Fixed-rate notes due:Interest rate:
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 750 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious72 74 
Total debt principal8,072 8,074 
Less unamortized debt issuance costs and discounts58 61 
Total debt8,014 8,013 
Less current portion1,755 1,006 
Long-term debt$6,259 $7,007 
On April 5, 2026, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. Separately, we have a $4 billion committed bank credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. This credit facility expires in March 2027. We may renew or replace this credit facility in whole or in part at or prior to the expiration date. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on April 5, 2026.
v3.26.1
Other Liabilities
 3 Months Ended
Apr. 05, 2026
Other Liabilities Disclosure [Abstract]  
Other Liabilities OTHER LIABILITIES
A summary of significant other liabilities by balance sheet caption follows:
April 5, 2026December 31, 2025
Salaries and wages$1,067 $1,125 
Dividends payable431 407 
Lease liabilities307 299 
Workers’ compensation240 236 
Other1,335 1,221 
Total other current liabilities$3,380 $3,288 
Customer deposits on commercial contracts$2,390 $2,649 
Lease liabilities1,511 1,477 
Retirement benefits1,093 1,134 
Other2,872 2,564 
Total other liabilities$7,866 $7,824 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Apr. 05, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Litigation
On October 6, 2023, a putative class action lawsuit was filed in the United States District Court for the Eastern District of Virginia against General Dynamics Corporation, certain of its subsidiaries and various other companies alleging that they conspired, in violation of the Sherman Act, not to solicit naval architects and marine engineers from each other. The named plaintiffs purport to represent a class of individuals consisting of all naval architects and marine engineers employed by the shipyard and consultancy defendants, their predecessors, their subsidiaries and/or their related entities in the United States at any time since January 1, 2000. The plaintiffs allege that the conspiracy suppressed compensation paid to the putative class members, and the plaintiffs seek trebled monetary damages, attorneys’ fees, injunctive and other equitable relief. On May 9, 2025, the U.S. Court of Appeals for the Fourth Circuit reversed an earlier decision of the District Court dismissing the plaintiffs’ complaint and remanded the case for further proceedings. On September 11, 2025, the defendants filed a petition for a writ of certiorari with the U.S. Supreme Court. Given the current status of this matter, we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount or range of reasonably possible loss. Depending on the outcome of this matter, there could be a material impact on our results of operations, financial condition and cash flows.
Additionally, various other claims and legal proceedings incidental to the normal course of business are pending or threatened against us. These other matters relate to such issues as government investigations and claims, the protection of the environment, asbestos-related claims and employee-related matters. The nature of litigation is such that we cannot predict the outcome of these other matters. However, based on information currently available, we believe any potential liabilities in these other proceedings, individually or in the aggregate, will not have a material impact on our results of operations, financial condition or cash flows.
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have
been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $2.1 billion on April 5, 2026. In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction. As of April 5, 2026, the estimated change in fair market values from the date of the commitments was not material.
Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of
warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
The changes in the carrying amount of warranty liabilities for the three-month periods ended April 5, 2026, and March 30, 2025, were as follows:
Three Months EndedApril 5, 2026March 30, 2025
Beginning balance$656 $642 
Warranty expense34 35 
Payments(23)(27)
Adjustments— (2)
Ending balance$667 $648 
v3.26.1
Shareholders' Equity
 3 Months Ended
Apr. 05, 2026
Equity [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
Share Repurchases. In the three-month period ended April 5, 2026, we repurchased 0.6 million of our outstanding shares for $217 to cover dilution. On April 5, 2026, 6.1 million shares remained authorized by our board of directors (Board) for repurchase, representing 2.3% of our total shares outstanding. We repurchased 2.4 million shares for $600 in the three-month period ended March 30, 2025.
Dividends per Share. Our Board declared dividends per share of $1.59 and $1.50 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively. We paid cash dividends of $405 and $383 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively.
Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following:
Changes in Unrealized Cash Flow HedgesForeign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2025$10 $873 $(1,366)$(483)
Other comprehensive loss, pretax(2)(109)44 (67)
Provision for income tax, net1 — (8)(7)
Other comprehensive loss, net of tax(1)(109)36 (74)
April 5, 2026$9 $764 $(1,330)$(557)
December 31, 2024$(76)$235 $(1,677)$(1,518)
Other comprehensive income, pretax46 102 18 166 
Provision for income tax, net(13)— (4)(17)
Other comprehensive income, net of tax33 102 14 149 
March 30, 2025$(43)$337 $(1,663)$(1,369)
Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See
Note O for these amounts, which are included in our net periodic pension and other post-retirement benefit cost (credit).
v3.26.1
Segment Information
 3 Months Ended
Apr. 05, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025April 5, 2026March 30, 2025
Aerospace$3,279 $3,026 $(2,786)$(2,594)$493 $432 
Marine Systems4,343 3,589 (4,027)(3,339)316 250 
Combat Systems2,283 2,176 (1,973)(1,885)310 291 
Technologies3,576 3,432 (3,237)(3,104)339 328 
Corporate (c)— — — — (38)(33)
Total$13,481 $12,223 $(12,023)$(10,922)$1,420 $1,268 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and G&A expenses.
(c)Corporate operating costs consisted of equity-based compensation expense and other miscellaneous expenses.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025April 5, 2026December 31, 2025
Aerospace$48 $25 $64 $58 $16,755 $16,815 
Marine Systems103 87 72 66 7,569 7,313 
Combat Systems24 16 28 28 10,371 10,111 
Technologies28 14 65 68 19,536 19,252 
Corporate— — 3 3 4,798 3,758 
Total$203 $142 $232 $223 $59,029 $57,249 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
v3.26.1
Fair Value
 3 Months Ended
Apr. 05, 2026
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants.
Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
We did not have any significant non-financial assets or liabilities measured at fair value on April 5, 2026, or December 31, 2025.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value. The following tables present the fair values of our other financial assets and liabilities on April 5, 2026, and December 31, 2025, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)April 5, 2026
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$1 $1 $— $1 $— 
Available-for-sale debt securities150 150 — 150 — 
Commingled equity funds50 50 50 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments51 51 30 — 21 
Cash flow hedge assets79 79 — 79 — 
Cash flow hedge liabilities(61)(61)— (61)— 
Measured at amortized cost:
Short- and long-term debt principal(8,072)(7,563)— (7,563)— 
December 31, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$19 $19 $17 $2 $— 
Available-for-sale debt securities140 140 — 140 — 
Commingled equity funds51 51 51 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments53 53 32 — 21 
Cash flow hedge assets75 75 — 75 — 
Cash flow hedge liabilities(49)(49)— (49)— 
Measured at amortized cost:
Short- and long-term debt principal(8,074)(7,610)— (7,610)— 
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
v3.26.1
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Apr. 05, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.
Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.
Investment Risk. Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years. On April 5, 2026, and December 31, 2025, we held $3.7 billion and $2.3 billion in cash and equivalents, respectively, but held no material marketable securities other than those held in trust to meet some of our obligations under workers’ compensation and non-qualified pension plans. On April 5, 2026, and December 31, 2025, we held marketable securities in trust of $207 and $216, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note M for additional details.
Hedging Activities. We had notional forward exchange contracts outstanding of $8.2 billion and $8.5 billion on April 5, 2026, and December 31, 2025, respectively. These derivative financial instruments are cash flow hedges, and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note M for additional details.
Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations for the three-month periods ended April 5, 2026, and March 30, 2025. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations for the three-month periods ended April 5, 2026, and March 30, 2025, and we do not expect the amount of these gains and losses that will be reclassified to earnings during the next 12 months to be material.
We had no material derivative financial instruments designated as fair value or net investment hedges on April 5, 2026, and December 31, 2025.
Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
The impact of translating our non-U.S. operations’ revenue and earnings into U.S. dollars was not material to our results of operations for the three-month periods ended April 5, 2026, and March 30, 2025. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material for the three-month periods ended April 5, 2026, and March 30, 2025.
v3.26.1
Retirement Plans
 3 Months Ended
Apr. 05, 2026
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
For our defined benefit plans, net periodic benefit cost (credit) for the three-month periods ended April 5, 2026, and March 30, 2025, consisted of the following:
Pension BenefitsOther Post-retirement Benefits
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025
Service cost$17 $18 $1 $1 
Interest cost137 149 6 7 
Expected return on plan assets(179)(184)(8)(9)
Net actuarial loss (gain)50 27 (7)(8)
Prior service (credit) cost(1)(1)1 — 
Net periodic benefit cost (credit) $24 $9 $(7)$(9)
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of
net periodic benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Pay vs Performance Disclosure    
Net earnings $ 1,125 $ 994
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Apr. 05, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Apr. 05, 2026
Accounting Policies [Abstract]  
Basis of Consolidation and Classification The unaudited Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the unaudited Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Interim Financial Statements The unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) to be condensed or omitted.
Our fiscal quarters are typically 13 weeks in length. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year.
The unaudited Consolidated Financial Statements contain all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations and financial condition for the three-month periods ended April 5, 2026, and March 30, 2025. Operating results for the three-month period ended April 5, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements For a discussion of accounting standards that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective, refer to the Recent Accounting Pronouncements section in our Annual Report on Form 10-K for the year ended December 31, 2025. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.
Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the
difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue.Our portfolio of products and services consists of more than 8,000 active contracts. The following series of tables presents our revenue disaggregated by several categories.
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized.
Earnings Per Share We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Tax Uncertainties We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2024. We are currently in a CAP phase (Bridge Plus) in which the IRS considers certain tax return information in advance to expedite their risk assessment and review of our return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on April 5, 2026, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
Unbilled Receivables Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms.
Inventories
The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Commitments and Contingencies
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have
been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $2.1 billion on April 5, 2026. In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction. As of April 5, 2026, the estimated change in fair market values from the date of the commitments was not material.
Product Warranties We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of
warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
Segment Information We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants.
Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value.
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
Derivative Financial Instruments and Hedging Activities
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years.Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Foreign Currency and Financial Statement Translation We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
Retirement Plans
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of
net periodic benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Apr. 05, 2026
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment, Net Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E consisted of the following:
April 5, 2026December 31, 2025
PP&E$15,229 $15,130 
Accumulated depreciation(7,726)(7,605)
PP&E, net$7,503 $7,525 
v3.26.1
Revenue (Tables)
 3 Months Ended
Apr. 05, 2026
Revenue Recognition [Abstract]  
Schedule of Impact of Adjustments in Contract Estimates The aggregate impact of adjustments in contract estimates changed our revenue, operating earnings and diluted earnings per share as follows:
Three Months EndedApril 5, 2026March 30, 2025
Revenue$57 $78 
Operating earnings54 31 
Diluted earnings per share$0.16 $0.09 
Revenue by Major Product Line
Revenue by major products and services was as follows:
Three Months EndedApril 5, 2026March 30, 2025
Aircraft manufacturing$2,311 $2,168 
Aircraft services968 858 
Total Aerospace3,279 3,026 
Nuclear-powered submarines3,272 2,620 
Surface ships770 710 
Repair and other services301 259 
Total Marine Systems4,343 3,589 
Military vehicles1,155 1,215 
Weapon systems and munitions781 701 
Engineering and other services347 260 
Total Combat Systems2,283 2,176 
Information technology (IT) services2,383 2,364 
C5ISR* solutions1,193 1,068 
Total Technologies3,576 3,432 
Total revenue$13,481 $12,223 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by Contract Type
Revenue by contract type was as follows:
Three Months Ended April 5, 2026AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$2,975 $1,976 $1,946 $1,410 $8,307 
Cost-reimbursement— 2,366 311 1,516 4,193 
Time-and-materials304 1 26 650 981 
Total revenue$3,279 $4,343 $2,283 $3,576 $13,481 
Three Months Ended March 30, 2025
Fixed-price$2,753 $1,724 $1,848 $1,445 $7,770 
Cost-reimbursement— 1,865 310 1,469 3,644 
Time-and-materials273 — 18 518 809 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Revenue by Customer
Revenue by customer was as follows:
Three Months Ended April 5, 2026AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of War (DoW)$71 $4,310 $1,177 $2,068 $7,626 
Non-DoW6 — 2 1,275 1,283 
Foreign military sales (FMS)— 32 195 3 230 
Total U.S. government77 4,342 1,374 3,346 9,139 
U.S. commercial1,706 — 37 61 1,804 
Non-U.S. government235 1 858 159 1,253 
Non-U.S. commercial1,261 — 14 10 1,285 
Total revenue$3,279 $4,343 $2,283 $3,576 $13,481 
Three Months Ended March 30, 2025
U.S. government:
DoW$65 $3,558 $1,210 $2,012 $6,845 
Non-DoW— — 2 1,248 1,250 
FMS5 29 218 3 255 
Total U.S. government70 3,587 1,430 3,263 8,350 
U.S. commercial1,224 1 59 46 1,330 
Non-U.S. government171 1 658 115 945 
Non-U.S. commercial1,561 — 29 8 1,598 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Apr. 05, 2026
Earnings Per Share [Abstract]  
Basic and Diluted Weighted Average Shares Outstanding
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Three Months EndedApril 5, 2026March 30, 2025
Basic weighted average shares outstanding270,173 269,038 
Dilutive effect of stock options and restricted stock/RSUs*3,956 2,711 
Diluted weighted average shares outstanding274,129 271,749 
*    Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the period and, therefore, the effect of including these options would be antidilutive. These options totaled 394 and 1,667 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively.
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Apr. 05, 2026
Income Tax Disclosure [Abstract]  
Net Deferred Tax Assets and Liabilities Our net deferred tax liability consisted of the following:
April 5, 2026December 31, 2025
Deferred tax asset$18 $19 
Deferred tax liability(1,244)(956)
Net deferred tax liability$(1,226)$(937)
v3.26.1
Unbilled Receivables (Tables)
 3 Months Ended
Apr. 05, 2026
Contractors [Abstract]  
Schedule of Unbilled Receivables Unbilled receivables consisted of the following:
April 5, 2026December 31, 2025
Unbilled revenue$45,529 $43,059 
Advances and progress billings(36,478)(34,679)
Net unbilled receivables$9,051 $8,380 
v3.26.1
Inventories (Tables)
 3 Months Ended
Apr. 05, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
April 5, 2026December 31, 2025
Work in process$5,823 $5,938 
Raw materials3,189 3,248 
Finished goods118 18 
Pre-owned aircraft47 28 
Total inventories$9,177 $9,232 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Apr. 05, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill By Reporting Unit The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Goodwill
December 31, 2025 (a)
$3,364 $297 $2,825 $14,523 $21,009 
Acquisitions (b)— — — (4)(4)
Other (c)(26)— (19)(4)(49)
April 5, 2026 (a)
$3,338 $297 $2,806 $14,515 $20,956 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Intangible Assets Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
April 5, 2026December 31, 2025
Contract and program intangible assets (b)$3,236 $(2,152)$1,084 $3,241 $(2,119)$1,122 
Trade names and trademarks569 (346)223 575 (345)230 
Technology and software77 (56)21 77 (54)23 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,942 $(2,614)$1,328 $3,953 $(2,578)$1,375 
(a)Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for acquired and divested intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.26.1
Debt (Tables)
 3 Months Ended
Apr. 05, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
April 5, 2026December 31, 2025
Fixed-rate notes due:Interest rate:
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 750 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious72 74 
Total debt principal8,072 8,074 
Less unamortized debt issuance costs and discounts58 61 
Total debt8,014 8,013 
Less current portion1,755 1,006 
Long-term debt$6,259 $7,007 
v3.26.1
Other Liabilities (Tables)
 3 Months Ended
Apr. 05, 2026
Other Liabilities Disclosure [Abstract]  
Summary of Significant Other Liabilities by Balance Sheet Caption
A summary of significant other liabilities by balance sheet caption follows:
April 5, 2026December 31, 2025
Salaries and wages$1,067 $1,125 
Dividends payable431 407 
Lease liabilities307 299 
Workers’ compensation240 236 
Other1,335 1,221 
Total other current liabilities$3,380 $3,288 
Customer deposits on commercial contracts$2,390 $2,649 
Lease liabilities1,511 1,477 
Retirement benefits1,093 1,134 
Other2,872 2,564 
Total other liabilities$7,866 $7,824 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Apr. 05, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Warranty Liabilities
The changes in the carrying amount of warranty liabilities for the three-month periods ended April 5, 2026, and March 30, 2025, were as follows:
Three Months EndedApril 5, 2026March 30, 2025
Beginning balance$656 $642 
Warranty expense34 35 
Payments(23)(27)
Adjustments— (2)
Ending balance$667 $648 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Apr. 05, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following:
Changes in Unrealized Cash Flow HedgesForeign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2025$10 $873 $(1,366)$(483)
Other comprehensive loss, pretax(2)(109)44 (67)
Provision for income tax, net1 — (8)(7)
Other comprehensive loss, net of tax(1)(109)36 (74)
April 5, 2026$9 $764 $(1,330)$(557)
December 31, 2024$(76)$235 $(1,677)$(1,518)
Other comprehensive income, pretax46 102 18 166 
Provision for income tax, net(13)— (4)(17)
Other comprehensive income, net of tax33 102 14 149 
March 30, 2025$(43)$337 $(1,663)$(1,369)
v3.26.1
Segment Information (Tables)
 3 Months Ended
Apr. 05, 2026
Segment Reporting [Abstract]  
Summary of Financial Information for Each of Our Segments
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025April 5, 2026March 30, 2025
Aerospace$3,279 $3,026 $(2,786)$(2,594)$493 $432 
Marine Systems4,343 3,589 (4,027)(3,339)316 250 
Combat Systems2,283 2,176 (1,973)(1,885)310 291 
Technologies3,576 3,432 (3,237)(3,104)339 328 
Corporate (c)— — — — (38)(33)
Total$13,481 $12,223 $(12,023)$(10,922)$1,420 $1,268 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and G&A expenses.
(c)Corporate operating costs consisted of equity-based compensation expense and other miscellaneous expenses.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025April 5, 2026December 31, 2025
Aerospace$48 $25 $64 $58 $16,755 $16,815 
Marine Systems103 87 72 66 7,569 7,313 
Combat Systems24 16 28 28 10,371 10,111 
Technologies28 14 65 68 19,536 19,252 
Corporate— — 3 3 4,798 3,758 
Total$203 $142 $232 $223 $59,029 $57,249 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
v3.26.1
Fair Value (Tables)
 3 Months Ended
Apr. 05, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Other Financial Assets and Liabilities The following tables present the fair values of our other financial assets and liabilities on April 5, 2026, and December 31, 2025, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)April 5, 2026
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$1 $1 $— $1 $— 
Available-for-sale debt securities150 150 — 150 — 
Commingled equity funds50 50 50 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments51 51 30 — 21 
Cash flow hedge assets79 79 — 79 — 
Cash flow hedge liabilities(61)(61)— (61)— 
Measured at amortized cost:
Short- and long-term debt principal(8,072)(7,563)— (7,563)— 
December 31, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$19 $19 $17 $2 $— 
Available-for-sale debt securities140 140 — 140 — 
Commingled equity funds51 51 51 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments53 53 32 — 21 
Cash flow hedge assets75 75 — 75 — 
Cash flow hedge liabilities(49)(49)— (49)— 
Measured at amortized cost:
Short- and long-term debt principal(8,074)(7,610)— (7,610)— 
v3.26.1
Retirement Plans (Tables)
 3 Months Ended
Apr. 05, 2026
Retirement Benefits [Abstract]  
Net Periodic Defined-Benefit Pension and Other Post-Retirement Benefit Cost
For our defined benefit plans, net periodic benefit cost (credit) for the three-month periods ended April 5, 2026, and March 30, 2025, consisted of the following:
Pension BenefitsOther Post-retirement Benefits
Three Months EndedApril 5, 2026March 30, 2025April 5, 2026March 30, 2025
Service cost$17 $18 $1 $1 
Interest cost137 149 6 7 
Expected return on plan assets(179)(184)(8)(9)
Net actuarial loss (gain)50 27 (7)(8)
Prior service (credit) cost(1)(1)1 — 
Net periodic benefit cost (credit) $24 $9 $(7)$(9)
v3.26.1
Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended
Apr. 05, 2026
Accounting Policies [Abstract]  
Length of fiscal quarters, weeks 91 days
v3.26.1
Summary of Significant Accounting Policies - Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
PP&E $ 15,229 $ 15,130
Accumulated depreciation (7,726) (7,605)
PP&E, net $ 7,503 $ 7,525
v3.26.1
Revenue - Additional Information (Details)
contract in Thousands, $ in Billions
 3 Months Ended
Apr. 05, 2026
USD ($)
contract
Mar. 30, 2025
USD ($)
Disaggregation of Revenue [Line Items]    
Number of active contracts | contract 8  
Revenue recognized in contract liability balance | $ $ 2.8 $ 2.6
Transferred over Time    
Disaggregation of Revenue [Line Items]    
Revenue, percentage from products and services transferred to customers 76.00% 75.00%
Transferred at Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue, percentage from products and services transferred to customers 24.00% 25.00%
v3.26.1
Revenue - Remaining Performance Obligations to be Recognized as Revenue (Details)
$ in Billions
Apr. 05, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-06  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligations $ 130.8
Revenue, remaining performance obligation percentage 55.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation percentage 25.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years
v3.26.1
Revenue - Impact of Adjustments in Contract Estimates (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Change in Accounting Estimate [Line Items]    
Total revenue $ 13,481 $ 12,223
Operating Earnings 1,420 1,268
Contracts Accounted for under Percentage of Completion    
Change in Accounting Estimate [Line Items]    
Total revenue 57 78
Operating Earnings $ 54 $ 31
Diluted earnings per share (in dollars per share) $ 0.16 $ 0.09
v3.26.1
Revenue - Revenue by Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Revenue [Line Items]    
Total revenue $ 13,481 $ 12,223
Aerospace    
Revenue [Line Items]    
Total revenue 3,279 3,026
Aerospace | Aircraft manufacturing    
Revenue [Line Items]    
Total revenue 2,311 2,168
Aerospace | Aircraft services    
Revenue [Line Items]    
Total revenue 968 858
Marine Systems    
Revenue [Line Items]    
Total revenue 4,343 3,589
Marine Systems | Nuclear-powered submarines    
Revenue [Line Items]    
Total revenue 3,272 2,620
Marine Systems | Surface ships    
Revenue [Line Items]    
Total revenue 770 710
Marine Systems | Repair and other services    
Revenue [Line Items]    
Total revenue 301 259
Combat Systems    
Revenue [Line Items]    
Total revenue 2,283 2,176
Combat Systems | Military vehicles    
Revenue [Line Items]    
Total revenue 1,155 1,215
Combat Systems | Weapon systems and munitions    
Revenue [Line Items]    
Total revenue 781 701
Combat Systems | Engineering and other services    
Revenue [Line Items]    
Total revenue 347 260
Technologies    
Revenue [Line Items]    
Total revenue 3,576 3,432
Technologies | Information technology (IT) services    
Revenue [Line Items]    
Total revenue 2,383 2,364
Technologies | C5ISR* solutions    
Revenue [Line Items]    
Total revenue [1] $ 1,193 $ 1,068
[1] Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
v3.26.1
Revenue - Revenue by Contract Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Revenue [Line Items]    
Total revenue $ 13,481 $ 12,223
Fixed-price    
Revenue [Line Items]    
Total revenue 8,307 7,770
Cost-reimbursement    
Revenue [Line Items]    
Total revenue 4,193 3,644
Time-and-materials    
Revenue [Line Items]    
Total revenue 981 809
Aerospace    
Revenue [Line Items]    
Total revenue 3,279 3,026
Aerospace | Fixed-price    
Revenue [Line Items]    
Total revenue 2,975 2,753
Aerospace | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 0 0
Aerospace | Time-and-materials    
Revenue [Line Items]    
Total revenue 304 273
Marine Systems    
Revenue [Line Items]    
Total revenue 4,343 3,589
Marine Systems | Fixed-price    
Revenue [Line Items]    
Total revenue 1,976 1,724
Marine Systems | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 2,366 1,865
Marine Systems | Time-and-materials    
Revenue [Line Items]    
Total revenue 1 0
Combat Systems    
Revenue [Line Items]    
Total revenue 2,283 2,176
Combat Systems | Fixed-price    
Revenue [Line Items]    
Total revenue 1,946 1,848
Combat Systems | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 311 310
Combat Systems | Time-and-materials    
Revenue [Line Items]    
Total revenue 26 18
Technologies    
Revenue [Line Items]    
Total revenue 3,576 3,432
Technologies | Fixed-price    
Revenue [Line Items]    
Total revenue 1,410 1,445
Technologies | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 1,516 1,469
Technologies | Time-and-materials    
Revenue [Line Items]    
Total revenue $ 650 $ 518
v3.26.1
Revenue - Revenue by Customer (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Revenue [Line Items]    
Total revenue $ 13,481 $ 12,223
Department of War (DoW)    
Revenue [Line Items]    
Total revenue 7,626 6,845
Non-DoW    
Revenue [Line Items]    
Total revenue 1,283 1,250
U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 230 255
Total U.S. government    
Revenue [Line Items]    
Total revenue 9,139 8,350
U.S. commercial    
Revenue [Line Items]    
Total revenue 1,804 1,330
Non-U.S. government    
Revenue [Line Items]    
Total revenue 1,253 945
Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 1,285 1,598
Aerospace    
Revenue [Line Items]    
Total revenue 3,279 3,026
Aerospace | Department of War (DoW)    
Revenue [Line Items]    
Total revenue 71 65
Aerospace | Non-DoW    
Revenue [Line Items]    
Total revenue 6 0
Aerospace | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 0 5
Aerospace | Total U.S. government    
Revenue [Line Items]    
Total revenue 77 70
Aerospace | U.S. commercial    
Revenue [Line Items]    
Total revenue 1,706 1,224
Aerospace | Non-U.S. government    
Revenue [Line Items]    
Total revenue 235 171
Aerospace | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 1,261 1,561
Marine Systems    
Revenue [Line Items]    
Total revenue 4,343 3,589
Marine Systems | Department of War (DoW)    
Revenue [Line Items]    
Total revenue 4,310 3,558
Marine Systems | Non-DoW    
Revenue [Line Items]    
Total revenue 0 0
Marine Systems | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 32 29
Marine Systems | Total U.S. government    
Revenue [Line Items]    
Total revenue 4,342 3,587
Marine Systems | U.S. commercial    
Revenue [Line Items]    
Total revenue 0 1
Marine Systems | Non-U.S. government    
Revenue [Line Items]    
Total revenue 1 1
Marine Systems | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 0 0
Combat Systems    
Revenue [Line Items]    
Total revenue 2,283 2,176
Combat Systems | Department of War (DoW)    
Revenue [Line Items]    
Total revenue 1,177 1,210
Combat Systems | Non-DoW    
Revenue [Line Items]    
Total revenue 2 2
Combat Systems | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 195 218
Combat Systems | Total U.S. government    
Revenue [Line Items]    
Total revenue 1,374 1,430
Combat Systems | U.S. commercial    
Revenue [Line Items]    
Total revenue 37 59
Combat Systems | Non-U.S. government    
Revenue [Line Items]    
Total revenue 858 658
Combat Systems | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 14 29
Technologies    
Revenue [Line Items]    
Total revenue 3,576 3,432
Technologies | Department of War (DoW)    
Revenue [Line Items]    
Total revenue 2,068 2,012
Technologies | Non-DoW    
Revenue [Line Items]    
Total revenue 1,275 1,248
Technologies | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 3 3
Technologies | Total U.S. government    
Revenue [Line Items]    
Total revenue 3,346 3,263
Technologies | U.S. commercial    
Revenue [Line Items]    
Total revenue 61 46
Technologies | Non-U.S. government    
Revenue [Line Items]    
Total revenue 159 115
Technologies | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue $ 10 $ 8
v3.26.1
Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Basic weighted average shares outstanding (shares) 270,173 269,038
Dilutive effect of stock options and restricted stock/RSUs (shares) [1] 3,956 2,711
Diluted weighted average shares outstanding (shares) 274,129 271,749
Stock/RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (shares) 394 1,667
[1] Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the period and, therefore, the effect of including these options would be antidilutive. These options totaled 394 and 1,667 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively.
v3.26.1
Income Taxes - Net Deferred Tax Liability (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Income Tax Disclosure [Abstract]    
Deferred tax asset $ 18 $ 19
Deferred tax liability (1,244) (956)
Net deferred tax liability $ (1,226) $ (937)
v3.26.1
Income Taxes - Additional Information (Details)
Apr. 05, 2026
USD ($)
Income Tax Disclosure [Abstract]  
Amount of unrecorded tax benefit that will vary significantly over the next 12 months $ 0
v3.26.1
Unbilled Receivables (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Contractors [Abstract]    
Unbilled revenue $ 45,529 $ 43,059
Advances and progress billings (36,478) (34,679)
Net unbilled receivables $ 9,051 $ 8,380
v3.26.1
Unbilled Receivables - Additional Information (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Contracts In Process [Line Items]    
Net unbilled receivables $ 9,051 $ 8,380
Combat Systems | Large International Contract    
Contracts In Process [Line Items]    
Net unbilled receivables $ 1,300 $ 1,300
v3.26.1
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Work in process $ 5,823 $ 5,938
Raw materials 3,189 3,248
Finished goods 118 18
Pre-owned aircraft 47 28
Total inventories $ 9,177 $ 9,232
v3.26.1
Goodwill and Intangible Assets - Changes In Carrying Amount of Goodwill by Reporting Unit (Details)
$ in Millions
 3 Months Ended
Apr. 05, 2026
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning of period $ 21,009 [1]
Acquisitions (4)
Other (49) [2]
Goodwill, end of period 20,956 [1]
Aerospace  
Goodwill [Roll Forward]  
Goodwill, beginning of period 3,364 [1]
Acquisitions 0
Other (26) [2]
Goodwill, end of period 3,338 [1]
Marine Systems  
Goodwill [Roll Forward]  
Goodwill, beginning of period 297 [1]
Acquisitions 0
Other 0 [2]
Goodwill, end of period 297 [1]
Combat Systems  
Goodwill [Roll Forward]  
Goodwill, beginning of period 2,825 [1]
Acquisitions 0
Other (19) [2]
Goodwill, end of period 2,806 [1]
Technologies  
Goodwill [Roll Forward]  
Goodwill, beginning of period 14,523 [1]
Acquisitions (4)
Other (4) [2]
Goodwill, end of period 14,515 [1]
Accumulated impairment losses $ 1,800
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
[2] Consisted primarily of adjustments for foreign currency translation.
v3.26.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Intangible Assets [Line Items]    
Gross Carrying Amount [1] $ 3,942 $ 3,953
Accumulated Amortization (2,614) (2,578)
Intangible assets, net 1,328 1,375
Contract and program intangible assets    
Intangible Assets [Line Items]    
Gross Carrying Amount [1],[2] 3,236 3,241
Accumulated Amortization [2] (2,152) (2,119)
Intangible assets, net 1,084 1,122
Trade names and trademarks    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 569 575
Accumulated Amortization (346) (345)
Intangible assets, net 223 230
Technology and software    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 77 77
Accumulated Amortization (56) (54)
Intangible assets, net 21 23
Other intangible assets    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 60 60
Accumulated Amortization (60) (60)
Intangible assets, net $ 0 $ 0
[1] Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for acquired and divested intangible assets.
[2] Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.26.1
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense of intangibles $ 44 $ 44
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt principal $ 8,072 $ 8,074
Less unamortized debt issuance costs and discounts 58 61
Total debt 8,014 8,013
Less current portion 1,755 1,006
Long-term debt $ 6,259 7,007
Fixed Rate Notes Due June 2026    
Debt Instrument [Line Items]    
Interest rate: 1.15%  
Long term debt $ 500 500
Fixed Rate Notes Due August 2026    
Debt Instrument [Line Items]    
Interest rate: 2.125%  
Long term debt $ 500 500
Fixed Rate Notes Due April 2027    
Debt Instrument [Line Items]    
Interest rate: 3.50%  
Long term debt $ 750 750
Fixed Rate Notes Due November 2027    
Debt Instrument [Line Items]    
Interest rate: 2.625%  
Long term debt $ 500 500
Fixed Rate Notes Due May 2028    
Debt Instrument [Line Items]    
Interest rate: 3.75%  
Long term debt $ 1,000 1,000
Fixed Rate Notes Due April 2030    
Debt Instrument [Line Items]    
Interest rate: 3.625%  
Long term debt $ 1,000 1,000
Fixed Rate Notes Due June 2031    
Debt Instrument [Line Items]    
Interest rate: 2.25%  
Long term debt $ 500 500
Fixed Rate Notes Due April 2040    
Debt Instrument [Line Items]    
Interest rate: 4.25%  
Long term debt $ 750 750
Fixed Rate Notes Due June 2041    
Debt Instrument [Line Items]    
Interest rate: 2.85%  
Long term debt $ 500 500
Fixed Rate Notes Due November 2042    
Debt Instrument [Line Items]    
Interest rate: 3.60%  
Long term debt $ 500 500
Fixed Rate Notes Due April 2050    
Debt Instrument [Line Items]    
Interest rate: 4.25%  
Long term debt $ 750 750
Other    
Debt Instrument [Line Items]    
Other Interest rate Various  
Long term debt $ 72 74
Fixed Rate Notes Due August Two Thousand Thirty Five    
Debt Instrument [Line Items]    
Interest rate: 4.95%  
Long term debt $ 750 $ 750
v3.26.1
Debt - Additional Information (Details)
Apr. 05, 2026
USD ($)
Commercial paper  
Debt Instrument [Line Items]  
Commercial paper outstanding $ 0
Commercial paper outstanding 0
Multi Year Facility Expiring March 2027 | Line of Credit  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 4,000,000,000
v3.26.1
Other Liabilities (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]    
Salaries and wages $ 1,067 $ 1,125
Dividends payable 431 407
Lease liabilities 307 299
Workers’ compensation 240 236
Other 1,335 1,221
Total other current liabilities 3,380 3,288
Customer deposits on commercial contracts 2,390 2,649
Lease liabilities 1,511 1,477
Retirement benefits 1,093 1,134
Other 2,872 2,564
Total other liabilities $ 7,866 $ 7,824
v3.26.1
Commitments and Contingencies - Additional Information (Details)
$ in Billions
 3 Months Ended
Apr. 05, 2026
USD ($)
Other Commitments [Line Items]  
Letters of credit and guarantees $ 2.1
Aerospace | Maximum  
Other Commitments [Line Items]  
Period preceding delivery of aircraft to customer fair market value of trade-in aircraft is established, days, maximum 45 days
v3.26.1
Commitments and Contingencies - Product Guarantee (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Beginning balance $ 656 $ 642
Warranty expense 34 35
Payments (23) (27)
Adjustments 0 (2)
Ending balance $ 667 $ 648
v3.26.1
Shareholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Equity [Abstract]    
Stock repurchased during the period (shares) 0.6 2.4
Stock repurchased during the period, value $ 217 $ 600
Remaining number of shares authorized to be repurchased (shares) 6.1  
Shares remaining to be repurchased as a percent of total shares outstanding 2.30%  
Dividends declared per share $ 1.59 $ 1.50
Dividends paid in cash $ 405 $ 383
v3.26.1
Shareholders' Equity - Changes in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance $ 25,622 $ 22,063
Ending balance 26,079 22,225
Changes in Unrealized Cash Flow Hedges    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance 10 (76)
Other comprehensive income (loss), pretax (2) 46
Provision for income tax, net 1 (13)
Other comprehensive income (loss), net of tax (1) 33
Ending balance 9 (43)
Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance 873 235
Other comprehensive income (loss), pretax (109) 102
Provision for income tax, net 0 0
Other comprehensive income (loss), net of tax (109) 102
Ending balance 764 337
Changes in Retirement Plans’ Funded Status    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (1,366) (1,677)
Other comprehensive income (loss), pretax 44 18
Provision for income tax, net (8) (4)
Other comprehensive income (loss), net of tax 36 14
Ending balance (1,330) (1,663)
AOCL    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (483) (1,518)
Other comprehensive income (loss), pretax (67) 166
Provision for income tax, net (7) (17)
Other comprehensive income (loss), net of tax (74) 149
Ending balance $ (557) $ (1,369)
v3.26.1
Segment Information - Additional Information (Details)
 3 Months Ended
Apr. 05, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 4
Number Of Reportable Segments Not Disclosed Flag false
v3.26.1
Segment Information - Summary of Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total revenue $ 13,481 $ 12,223  
Other Segment Items (12,023) (10,922)  
Operating Earnings 1,420 1,268  
Capital Expenditures 203 142  
Depreciation and Amortization 232 223  
Assets 59,029 57,249 $ 57,249
Aerospace      
Segment Reporting Information [Line Items]      
Total revenue 3,279 3,026  
Marine Systems      
Segment Reporting Information [Line Items]      
Total revenue 4,343 3,589  
Combat Systems      
Segment Reporting Information [Line Items]      
Total revenue 2,283 2,176  
Technologies      
Segment Reporting Information [Line Items]      
Total revenue 3,576 3,432  
Operating Segments | Aerospace      
Segment Reporting Information [Line Items]      
Total revenue 3,279 3,026  
Other Segment Items (2,786) (2,594)  
Operating Earnings 493 432  
Capital Expenditures 48 25  
Depreciation and Amortization 64 58  
Assets 16,755 16,815  
Operating Segments | Marine Systems      
Segment Reporting Information [Line Items]      
Total revenue 4,343 3,589  
Other Segment Items (4,027) (3,339)  
Operating Earnings 316 250  
Capital Expenditures 103 87  
Depreciation and Amortization 72 66  
Assets 7,569 7,313  
Operating Segments | Combat Systems      
Segment Reporting Information [Line Items]      
Total revenue 2,283 2,176  
Other Segment Items (1,973) (1,885)  
Operating Earnings 310 291  
Capital Expenditures 24 16  
Depreciation and Amortization 28 28  
Assets 10,371 10,111  
Operating Segments | Technologies      
Segment Reporting Information [Line Items]      
Total revenue 3,576 3,432  
Other Segment Items (3,237) (3,104)  
Operating Earnings 339 328  
Capital Expenditures 28 14  
Depreciation and Amortization 65 68  
Assets 19,536 19,252  
Corporate      
Segment Reporting Information [Line Items]      
Total revenue [1] 0 0  
Other Segment Items 0 0  
Operating Earnings [1] (38) (33)  
Capital Expenditures 0 0  
Depreciation and Amortization 3 3  
Assets $ 4,798 $ 3,758  
[1]
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and G&A expenses.
(c)Corporate operating costs consisted of equity-based compensation expense and other miscellaneous expenses.
v3.26.1
Fair Value (Details) - USD ($)
$ in Millions
Apr. 05, 2026
Dec. 31, 2025
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Marketable securities held in trust:    
Cash and equivalents $ 0 $ 17
Available-for-sale debt securities 0 0
Other investments 30 32
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Short- and long-term debt principal 0 0
Significant Other Observable Inputs (Level 2)    
Marketable securities held in trust:    
Cash and equivalents 1 2
Available-for-sale debt securities 150 140
Other investments 0 0
Cash flow hedge assets 79 75
Cash flow hedge liabilities (61) (49)
Short- and long-term debt principal (7,563) (7,610)
Significant Unobservable Inputs (Level 3)    
Marketable securities held in trust:    
Cash and equivalents 0 0
Available-for-sale debt securities 0 0
Other investments 21 21
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Short- and long-term debt principal 0 0
Carrying Value    
Marketable securities held in trust:    
Cash and equivalents 1 19
Available-for-sale debt securities 150 140
Commingled equity funds 50 51
Commingled fixed-income funds 6 6
Other investments 51 53
Cash flow hedge assets 79 75
Cash flow hedge liabilities (61) (49)
Short- and long-term debt principal (8,072) (8,074)
Fair Value    
Marketable securities held in trust:    
Cash and equivalents 1 19
Available-for-sale debt securities 150 140
Commingled equity funds 50 51
Commingled fixed-income funds 6 6
Other investments 51 53
Cash flow hedge assets 79 75
Cash flow hedge liabilities (61) (49)
Short- and long-term debt principal (7,563) (7,610)
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Marketable securities held in trust:    
Commingled equity funds 50 51
Commingled fixed-income funds 6 6
Fair Value | Significant Other Observable Inputs (Level 2)    
Marketable securities held in trust:    
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Fair Value | Significant Unobservable Inputs (Level 3)    
Marketable securities held in trust:    
Commingled equity funds 0 0
Commingled fixed-income funds $ 0 $ 0
v3.26.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Dec. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Average maturity of foreign currency forward contracts, in years 2 years  
Cash and equivalents $ 3,654 $ 2,333
Marketable securities held in trust 207 216
Notional forward foreign exchange contracts outstanding $ 8,200 $ 8,500
Maximum    
Derivative Instruments, Gain (Loss) [Line Items]    
Maturity of fixed-income securities, in years 5 years  
v3.26.1
Retirement Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2026
Mar. 30, 2025
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 17 $ 18
Interest cost 137 149
Expected return on plan assets (179) (184)
Net actuarial loss (gain) 50 27
Prior service (credit) cost (1) (1)
Net periodic benefit cost (credit) 24 9
Other Post-retirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 1 1
Interest cost 6 7
Expected return on plan assets (8) (9)
Net actuarial loss (gain) (7) (8)
Prior service (credit) cost 1 0
Net periodic benefit cost (credit) $ (7) $ (9)