Gulfstream Aerospace delivered 38 business jets in the first quarter of 2026 — the highest first-quarter delivery total in the Savannah-based manufacturer’s history. General Dynamics disclosed the milestone during its April 29 earnings call, sending the parent company’s stock surging nearly 11% to $347.72 by afternoon trading in New York.
Danny Deep, President of Gulfstream Aerospace, confirmed the figures on the morning call. Of the 38 aircraft handed over between January and March, 31 were large-cabin models — including G700s and G800s — and seven were mid-cabin aircraft. That compares with 30 large-cabin and six mid-cabin deliveries in Q1 2025.
“From an operational perspective, we are off to a strong start to the year and, as I mentioned, with 38 deliveries in the quarter, that happens to be the highest number of deliveries for any first quarter in Gulfstream history,” Deep said. “The 38 deliveries in the quarter are exactly as planned.”
G800 — The New Margin Standout
Much of the quarter’s performance traces back to the G800. Gulfstream’s flagship ultra-long-range jet received FAA and EASA certification in April 2025 and posted its first customer delivery in late August of that year. Powered by Rolls-Royce Pearl 700 engines, it carries a maximum range of 8,200 nautical miles at a top speed of Mach 0.935, cruising at up to 45,000 feet with a service ceiling of 51,000 feet.
Deep singled out the G800’s financial contribution as a particular bright spot. The aircraft is already generating gross margins that have surpassed those of the G650 models it replaced — a striking achievement for a type barely a year into service. The 25th G800 delivery is planned for Q2 2026.
“Performance on the G800 has been a particular standout. The G800 delivered with very good gross margins — in fact, better than the G650s that it replaced which delivered in the first quarter of 2025, quite remarkable given how recently G800s have entered into service,” Deep said.
The G700, the G800’s stablemate, flies 7,500 nautical miles at Mach 0.85 and recently received certification from India’s Directorate General of Civil Aviation. Transport Canada also approved both the G700 and G800 during the first half of 2026, opening additional registration markets for prospective owners.
Backlog Strength — Orders Outpacing Deliveries
Gulfstream recorded a book-to-bill ratio of 1.2x for the quarter, with $3.8 billion in new orders. The aerospace segment’s backlog climbed 17% year-over-year to $22.3 billion — up from $21.83 billion at year-end 2025 — and the trailing 12-month book-to-bill sits at 1.3x.
Deep described the quarter as “spectacular from an order standpoint” in both the US and the Middle East. Some softening in Middle East order intake did emerge as the Iran conflict developed following the February 28 US-Israel strikes.
One operational watch item: the G280 mid-cabin jet is assembled by Israel Aerospace Industries in Israel before being flown to Gulfstream’s completion facility in Texas. Deep acknowledged a potential minor production impact if the conflict persists — though Q1 deliveries were unaffected, as aircraft had been received and completed prior to the escalation.
Broader General Dynamics Numbers
The record Gulfstream quarter landed inside a strong companywide result. General Dynamics reported Q1 2026 revenue of $13.5 billion — a 10.3% year-over-year increase and a 5.9% beat against analyst estimates of $12.73 billion. Diluted EPS of $4.10 beat the $3.69 consensus by 11%. Free cash flow swung to positive $1.95 billion from negative $290 million in Q1 2025. Management raised full-year EPS guidance to $16.45–$16.55, up from the prior $16.10–$16.20 range.
With 38 deliveries already banked against full-year guidance of approximately 160 aircraft, Gulfstream has completed roughly 24% of its projected 2026 total in a single quarter. Deep projected delivery cadence would remain steady in Q2, with mix and margin stepping up materially in Q4 — the quarter traditionally weighted toward higher-value completions.
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