Revenue for Q1 2026 rose 10.3% year-over-year to $13.5 billion, with growth across all segments and Marine Systems up over 20%.
Net earnings increased to $1.13 billion, and diluted EPS rose 12% to $4.10, both up double digits year-over-year.
Backlog reached $130.8 billion, up 47.6% year-over-year, with a 2:1 book-to-bill ratio and total estimated contract value at $188.4 billion, up 33%.
Free cash flow reached $1.95 billion, representing 174%–192% of net earnings, and cash from operations was $2.2 billion.
Performance exceeded expectations, with robust order intake and strong cash flow supporting record backlog and contract value.
Operating earnings grew 12% to $1.42 billion, with operating margin up 10 basis points to 10.5%.
Net earnings were $1.125 billion, up 13.2% year-over-year.
Ended the quarter with $3.7 billion in cash and net debt of $4.36 billion, down $1.3 billion sequentially.
Orders totaled $26.6 billion, driving backlog to $130.8 billion and total estimated contract value to $188.4 billion.
Paid $405 million in dividends and repurchased $200–$217 million in stock to cover dilution.
Raised 2026 EPS guidance to $16.45–$16.55, reflecting strong Q1 performance.
Management expects Q1 and Q4 to be the strongest quarters, with Q4 favored due to volume patterns.
Free cash flow conversion expected at 100% of net income for the year.
Capital expenditures projected at 3.5–4% of sales for the full year, with investments ramping up each quarter.
Continued investment in shipbuilding and combat vehicle development expected to support future growth.
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Search for any keyword across all transcripts simultaneously.
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
The easiest way to stay updated during earnings season.
All events from public companies. Live and recorded.
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
Explore our global coverage