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Side-by-side financial comparison of General Dynamics (GD) and Merck & Co. (MRK). Click either name above to swap in a different company.
Merck & Co. is the larger business by last-quarter revenue ($16.4B vs $13.5B, roughly 1.2× General Dynamics). Merck & Co. runs the higher net margin — 18.1% vs 8.3%, a 9.7% gap on every dollar of revenue. On growth, General Dynamics posted the faster year-over-year revenue change (10.3% vs 5.0%). General Dynamics produced more free cash flow last quarter ($2.0B vs $1.8B). Over the past eight quarters, General Dynamics's revenue compounded faster (6.1% CAGR vs 2.0%).
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S.
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
GD vs MRK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.5B | $16.4B |
| Net Profit | $1.1B | $3.0B |
| Gross Margin | — | 66.2% |
| Operating Margin | 10.5% | 20.9% |
| Net Margin | 8.3% | 18.1% |
| Revenue YoY | 10.3% | 5.0% |
| Net Profit YoY | 13.2% | -20.8% |
| EPS (diluted) | $4.10 | $1.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $13.5B | — | ||
| Q4 25 | $14.4B | $16.4B | ||
| Q3 25 | $12.9B | $17.3B | ||
| Q2 25 | $13.0B | $15.8B | ||
| Q1 25 | $12.2B | $15.5B | ||
| Q4 24 | $13.3B | $15.6B | ||
| Q3 24 | $11.7B | $16.7B | ||
| Q2 24 | $12.0B | $16.1B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.1B | $5.8B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | $994.0M | $5.1B | ||
| Q4 24 | $1.1B | $3.7B | ||
| Q3 24 | $930.0M | $3.2B | ||
| Q2 24 | $905.0M | $5.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 10.1% | 20.9% | ||
| Q3 25 | 10.3% | 39.0% | ||
| Q2 25 | 10.0% | 31.6% | ||
| Q1 25 | 10.4% | 38.0% | ||
| Q4 24 | 10.7% | 26.7% | ||
| Q3 24 | 10.1% | 24.6% | ||
| Q2 24 | 9.7% | 37.3% |
| Q1 26 | 8.3% | — | ||
| Q4 25 | 7.9% | 18.1% | ||
| Q3 25 | 8.2% | 33.5% | ||
| Q2 25 | 7.8% | 28.0% | ||
| Q1 25 | 8.1% | 32.7% | ||
| Q4 24 | 8.6% | 24.0% | ||
| Q3 24 | 8.0% | 19.0% | ||
| Q2 24 | 7.6% | 33.9% |
| Q1 26 | $4.10 | — | ||
| Q4 25 | — | $1.19 | ||
| Q3 25 | — | $2.32 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | — | $2.01 | ||
| Q4 24 | — | $1.49 | ||
| Q3 24 | — | $1.24 | ||
| Q2 24 | — | $2.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.7B | $14.6B |
| Total DebtLower is stronger | $6.3B | — |
| Stockholders' EquityBook value | $26.1B | $52.6B |
| Total Assets | $59.0B | $136.9B |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.7B | — | ||
| Q4 25 | $2.3B | $14.6B | ||
| Q3 25 | $2.5B | $18.2B | ||
| Q2 25 | $1.5B | $8.6B | ||
| Q1 25 | $1.2B | $9.2B | ||
| Q4 24 | $1.7B | $13.7B | ||
| Q3 24 | $2.1B | $14.6B | ||
| Q2 24 | $1.4B | $11.4B |
| Q1 26 | $6.3B | — | ||
| Q4 25 | $8.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $26.1B | — | ||
| Q4 25 | $25.6B | $52.6B | ||
| Q3 25 | $24.4B | $51.9B | ||
| Q2 25 | $23.6B | $49.0B | ||
| Q1 25 | $22.2B | $48.3B | ||
| Q4 24 | $22.1B | $46.3B | ||
| Q3 24 | $23.0B | $44.5B | ||
| Q2 24 | $22.0B | $43.6B |
| Q1 26 | $59.0B | — | ||
| Q4 25 | $57.2B | $136.9B | ||
| Q3 25 | $57.6B | $129.5B | ||
| Q2 25 | $56.9B | $117.5B | ||
| Q1 25 | $56.6B | $115.1B | ||
| Q4 24 | $55.9B | $117.1B | ||
| Q3 24 | $57.3B | $117.5B | ||
| Q2 24 | $55.4B | $112.6B |
| Q1 26 | 0.24× | — | ||
| Q4 25 | 0.32× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.40× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $2.9B |
| Free Cash FlowOCF − Capex | $2.0B | $1.8B |
| FCF MarginFCF / Revenue | 14.5% | 11.1% |
| Capex IntensityCapex / Revenue | 1.5% | 6.3% |
| Cash ConversionOCF / Net Profit | — | 0.96× |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | $12.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $2.1B | $7.8B | ||
| Q2 25 | $1.6B | $3.3B | ||
| Q1 25 | $-148.0M | $2.5B | ||
| Q4 24 | $2.2B | $3.5B | ||
| Q3 24 | $1.4B | $9.3B | ||
| Q2 24 | $814.0M | $5.6B |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $952.0M | $1.8B | ||
| Q3 25 | $1.9B | $6.8B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $-290.0M | $1.2B | ||
| Q4 24 | $1.8B | $2.5B | ||
| Q3 24 | $1.2B | $8.5B | ||
| Q2 24 | $613.0M | $4.8B |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 6.6% | 11.1% | ||
| Q3 25 | 14.7% | 39.6% | ||
| Q2 25 | 10.7% | 16.0% | ||
| Q1 25 | -2.4% | 7.5% | ||
| Q4 24 | 13.5% | 16.1% | ||
| Q3 24 | 10.4% | 51.1% | ||
| Q2 24 | 5.1% | 30.1% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 4.2% | 6.3% | ||
| Q3 25 | 1.6% | 5.7% | ||
| Q2 25 | 1.5% | 4.8% | ||
| Q1 25 | 1.2% | 8.6% | ||
| Q4 24 | 2.7% | 6.0% | ||
| Q3 24 | 1.7% | 4.7% | ||
| Q2 24 | 1.7% | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.37× | 0.96× | ||
| Q3 25 | 1.99× | 1.35× | ||
| Q2 25 | 1.58× | 0.74× | ||
| Q1 25 | -0.15× | 0.49× | ||
| Q4 24 | 1.88× | 0.92× | ||
| Q3 24 | 1.52× | 2.94× | ||
| Q2 24 | 0.90× | 1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GD
Segment breakdown not available.
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
