Technology
Electric Vehicle Market to Reach US$2,169.5 Bn by 2033 Accelerates Amid Electrification and Policy Support – Persistence Market Research
Published
3 months agoon
By
LONDON, July 21, 2026 /PRNewswire/ — The global electric vehicle market is growing rapidly, expected to be valued at around US$ 833.2 billion in 2026 and projected to reach US$ 2,169.5 billion by 2033, with a CAGR of 14.7% in the coming years. This expansion comes from continuous battery technology improvements, declining battery costs, supportive government policies, and strong investments across the automotive value chain. Electric vehicles are becoming central to transportation decarbonization strategies, supporting national climate targets and reshaping the future of mobility. While charging infrastructure gaps and affordability challenges remain in certain regions, lower ownership costs and expanding model availability continue to strengthen consumer adoption.
Key Highlight: BYD’s Vertical Integration Strengthens Its Position in the Global Electric Vehicle Market in 2025
A standout development in 2025 was BYD’s continued growth, supported by its vertically integrated business model. According to the Financial Times, BYD controls much of its supply chain, including battery production and other key manufacturing capabilities, allowing the company to reduce reliance on external suppliers while strengthening production efficiency. The company has also expanded its control over logistics, including vehicle transportation, as part of its broader integration strategy.The company’s manufacturing scale continued to accelerate in 2025. BYD sold 1,000,804 new energy vehicles (NEVs) during the first quarter of 2025, representing a 59.8% year-over-year increase. Passenger vehicle sales reached 986,098 units, while commercial vehicle sales totaled 14,706 units. Battery electric vehicles accounted for 416,388 units, and plug-in hybrid vehicle sales reached 569,710 units. The company also reported plans to increase exports from 417,204 vehicles in 2024 to 800,000 vehicles in 2025, reflecting its growing international ambitions.BYD’s strong operational performance builds on its record 2024 sales of approximately 4.25 million new energy vehicles and revenue growth to 777 billion yuan, demonstrating how its integrated manufacturing approach supports rapid production growth and financial performance. The combination of in-house production capabilities and expanding global operations has strengthened BYD’s competitiveness as it continues to scale its presence in international electric vehicle markets.
𝐆𝐞𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐍𝐨𝐰: https://www.persistencemarketresearch.com/samples/2843
Government Policies and Emission Regulations Accelerate EV Adoption
Government incentives and tightening emission standards are significantly increasing the demand for electric vehicles worldwide. Policymakers are using subsidies, tax exemptions, purchase incentives, and zero-emission mandates to reduce dependence on fossil fuels and encourage cleaner transportation alternatives. Countries across Europe, North America, and Asia Pacific are implementing stricter fuel economy regulations, making electrification a critical strategy for automakers to meet compliance requirements.
More than 85% of global vehicle sales are now covered by increasingly stringent fuel economy and CO2 regulations. Markets such as China, the European Union, and several U.S. states have strengthened zero-emission vehicle targets, creating a favorable environment for EV manufacturers. These policies have accelerated investments in battery production, vehicle assembly plants, and charging infrastructure.
Public and private investments in charging networks are also expanding rapidly. Governments are introducing requirements for EV charging facilities in new residential and commercial buildings while supporting nationwide fast-charging corridors. Urban low-emission zones and preferential access policies are further encouraging EV ownership in densely populated cities.
China continues to demonstrate the impact of policy-driven growth. In 2024, the country sold more than 11 million electric vehicles, surpassing total global EV sales recorded only a few years earlier. Government-backed vehicle replacement programs and incentives continue to stimulate demand, while India’s target of achieving 30% EV penetration by 2030 is driving investment across the domestic EV ecosystem. These initiatives are creating sustained opportunities for automakers, battery manufacturers, and charging infrastructure providers.
Advances in Battery Technology and Lower Operating Costs Drive Consumer Demand
Battery technology improvements and lower lifetime ownership costs are another major driver of the electric vehicle market. Advances in lithium-ion batteries have increased vehicle range, improved energy density, reduced charging times, and lowered production costs. These developments are making EVs increasingly competitive with conventional internal combustion engine vehicles.
Electric vehicles can deliver up to 50% lower maintenance and operating costs over their lifetime compared to internal combustion engine vehicles. With fewer moving parts, lower servicing requirements, and reduced fuel expenses, EVs are becoming more attractive for private consumers, fleet operators, and commercial transportation providers.
Manufacturers are also introducing software-defined vehicles, advanced driver assistance systems, and connected features that enhance the ownership experience. Continuous innovation is helping improve performance while reducing costs, supporting broader adoption across both developed and emerging economies.
Segmentation Insights: Battery Electric Vehicles Lead the Transition While Fuel Cell EVs Build Future Growth Momentum
Battery Electric Vehicles (BEVs) are expected to remain the leading propulsion segment, accounting for approximately 45% of the global electric vehicle market, supported by declining battery costs, expanding charging infrastructure, and strong government incentives promoting zero-emission mobility. Meanwhile, Fuel Cell Electric Vehicles (FCEVs) are projected to emerge as the fastest-growing propulsion segment, driven by increasing adoption in long-haul freight, heavy commercial vehicles, and industrial transport where fast refueling and extended driving range offer significant advantages.
Plug-in Hybrid Electric Vehicles (PHEVs) continue to serve as a transitional technology in regions with limited charging infrastructure. A notable development reinforcing BEV leadership came in 2025, when major automakers including BYD and Tesla expanded next-generation battery-powered vehicle portfolios and production capacity, strengthening global EV supply and accelerating the industry’s transition toward fully electric mobility.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.persistencemarketresearch.com/request-customization/2843
Regional Insights: Asia Pacific Commands Global Leadership While India Emerges as the Fastest Growing EV Market
Asia Pacific holds the largest share of the electric vehicle market, accounting for more than 58% of global value, supported by large-scale manufacturing capabilities, strong policy support, and rapidly expanding consumer adoption. China dominates both production and consumption, benefiting from advanced battery supply chains, cost competitiveness, and sustained government incentives. The country’s EV sales surpassed 11 million units in 2024, while electric vehicles represented nearly half of all new vehicle purchases by the end of the year.
India is emerging as one of the fastest-growing EV markets, recording approximately 50% growth in 2023 with more than 1.5 million units sold. Government initiatives, domestic battery manufacturing investments, and the national target of achieving 30% EV penetration by 2030 continue to strengthen long-term growth prospects.
Europe remains the second-largest electric vehicle market with sustained demand driven by emission regulations and electrification targets. Battery electric vehicles continue gaining market share across major European economies, although policy changes and subsidy withdrawals have created uneven growth patterns in some countries. North America also remains a key market, supported by local manufacturing investments, tax incentives, and increasing competition among established automakers and emerging EV brands.
Key Players and Business Strategies
Leading players include Tesla, BYD, Hyundai Motor Group, Volkswagen Group, and SAIC Motor.
Tesla continues to leverage aggressive pricing strategies, software capabilities, and autonomous driving investments to maintain global competitiveness despite intensifying competition.BYD focuses on vertical integration, controlling major parts of its supply chain to reduce costs, secure battery availability, and accelerate product launches.Hyundai Motor Group is expanding local manufacturing capacity and capitalizing on government incentives to strengthen its market position across North America and global markets.Volkswagen Group continues investing heavily in dedicated EV platforms, battery partnerships, and large-scale electrification programs to expand its global electric vehicle portfolio.SAIC Motor benefits from China’s manufacturing ecosystem and strategic partnerships, allowing it to compete aggressively on pricing while expanding domestic and international market presence.
Summary:
The global electric vehicle market is projected to grow from US$ 833.2 billion in 2026 to US$ 2,169.5 billion by 2033, registering a CAGR of 14.7%.Government incentives, stringent emission regulations, and rapid advances in battery technology continue to accelerate global EV adoption.Battery Electric Vehicles (BEVs) are expected to lead the propulsion segment with a 45% market share, while Fuel Cell Electric Vehicles (FCEVs) are projected to be the fastest-growing propulsion technology.Asia Pacific is projected to account for over 58% of the global market, led by China’s manufacturing strength and large-scale EV adoption, while India is expected to be the fastest-growing regional market.
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Market Segmentation
By Vehicle Type
ScootersMotorcyclesPassenger VehicleLight Commercial VehicleHeavy Commercial Vehicle
By Propulsion Type
Battery Electric Vehicles (BEV)Hybrid Electric Vehicle (HEV)Plug-in Hybrid Electric Vehicle (PHEV)Fuel Cell Electric Vehicle (FCEV)
By Range
Up to 150 Km151 to 300 Km301 to 500 KmAbove 500 Km
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Technology
LEO Satellite Market worth $43.37 billion by 2031 – Exclusive Report by MarketsandMarkets™
Published
4 minutes agoon
October 30, 2026By
DELRAY BEACH, Fla., Oct. 30, 2026 /PRNewswire/ — According to MarketsandMarkets™, the LEO satellites market is estimated at USD 12.82 billion in 2026 and is projected to reach USD 43.37 billion by 2031 at a CAGR of 27.6% during the forecast period.
Browse 300 market data Tables and 100 Figures spread through 350 Pages and in-depth TOC on ‘LEO Satellite Market – Global Forecast to 2031’
LEO Satellite Market Size & Forecast:
Market Size Available for Years: 2021–20312026 Market Size: USD 12.82 billion2031 Projected Market Size: USD 43.37 billionCAGR (2026–2031): 27.6%
LEO Satellite Market Trends & Insights:
The LEO satellites market is growing as satellite networks expand for communication, Earth observation, navigation, and defense applications. Developments in small satellite platforms, software-defined payloads, optical communication, and onboard data processing are helping operators improve coverage, reduce latency, and support a wider range of missions in low Earth orbit.By satellite mass, Small satellites are the fastest-growing segment due to the increasing deployment of LEO constellations for broadband communication, Earth observation, and defense applications. Their lower development and launch costs, shorter manufacturing cycles, and ability to be deployed in large constellations are supporting adoption among commercial operators, government agencies, and defense organizations.By application, Navigation satellites are the fastest-growing segment due to the rising demand for more accurate positioning, navigation, and timing services across transportation, defense, aviation, maritime, and autonomous systems. Increasing deployment of LEO-based navigation and PNT augmentation systems, along with the need for lower latency, stronger signal availability, and greater resilience than traditional navigation architectures, is supporting segmental growth.By customer type, Defense is the fastest-growing segment due to the increasing use of LEO satellites for secure communications, ISR, navigation support, and persistent monitoring. Rising defense investment in resilient space architectures, proliferated LEO constellations, and low-latency satellite networks is supporting adoption across military forces and defense agencies.By region, the Middle East is the fastest-growing region in the LEO satellites market, driven by rising investment in satellite communications, Earth observation, defense surveillance, and national space programs. Growing demand for secure connectivity across remote areas, expanding defense and border-monitoring requirements, and new satellite initiatives in countries such as the UAE and Saudi Arabia are supporting regional market growth due to increasing investment in drone detection across military bases, airports, borders, and critical infrastructure. Growing concerns around unauthorized drone activity and continued deployment of radar, RF, EO/IR, and multi-sensor systems are supporting regional growth.
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LEO satellite operators are creating sustained demand through frequent replenishment and replacement of spacecraft. Satellites in low Earth orbit usually have shorter operating lives than larger satellites in higher orbits. Constellations therefore require regular launches to replace aging satellites, to maintain coverage and introduce upgraded payloads. Operators can also refresh technology faster as communication, processing and sensing requirements change. Planned deorbiting and debris mitigation requirements further increase the need for replacement satellites over time. This creates recurring demand for satellite platforms, propulsion systems, power systems, antennas and payloads. Large constellations also support repeat production, which allows manufacturers to maintain continuous assembly lines and improve production efficiency globally.
By customer type, the commercial segment is estimated to hold the second-largest market share in 2026.
The segment is supported by the growing deployment of LEO constellations for broadband, Earth observation, direct-to-device connectivity and data services. Commercial operators are benefiting from the scalable networks that allow capacity to be added as demand grows. Moreover, they also use standardized satellite buses and high-rate production to reduce costs and shorten deployment timelines. Large programs such as SpaceX Starlink and Amazon Project Kuiper are increasing satellite volumes and replacement demand. Earth observation companies are also deploying smaller satellites with shorter refresh cycles. These factors are supporting steady commercial demand across LEO satellite platforms, payloads, and related subsystems.
By frequency band, laser/optical band is expected to be the fastest-growing segment between 2026 and 2031.
The segment is expected to grow rapidly as LEO operators increase the use of optical inter-satellite links for high-capacity data transfer. Laser links allow satellites to exchange data directly in space without routing every transmission through ground stations. This reduces latency and improves network resilience. Optical links also avoid congestion in traditional RF spectrum and support higher data rates. Large constellations are increasingly adopting this architecture to move traffic across the network more efficiently. For instance, SpaceX Starlink is launching newer satellites using laser crosslinks for satellite-to-satellite communication.
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Europe is projected to be the largest LEO satellites industry during the forecast period.
Europe is expected to hold the largest market share due to strong government support, established satellite manufacturing capabilities, as well as growing sovereign connectivity programs. The region has a well-developed space ecosystem which is led by companies like Airbus, Thales Alenia Space, OHB, and Eutelsat OneWeb. Programs such as IRIS² are supporting the development of resilient satellite connectivity across the region. Europe also benefits from strong participation in ESA programs and a mature network of satellite subsystem suppliers. These factors are supporting sustained demand for LEO satellite platforms, payloads, and related subsystems.
Key Players in LEO satellites companies such as SpaceX (US), L3Harris Technologies (US), Lockheed Martin (US), Northrop Grumman (US), and Airbus Defence and Space (Netherlands).
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Technology
General Dynamics Reports Third-Quarter 2026 Financial Results
Published
4 minutes agoon
October 30, 2026By
Revenue $14.6 billion, up 12.9% versus prior yearDiluted EPS $4.49, up 15.7% versus prior year$1.7 billion cash from operating activities, 139% of net earnings6.8-to-1 book-to-bill, $220 billion backlog
RESTON, Va., Oct. 30, 2026 /PRNewswire/ — General Dynamics (NYSE: GD) today reported third-quarter 2026 operating earnings of $1.5 billion, and $4.49 per diluted share (EPS), on revenue of $14.6 billion. Compared with the year-ago quarter, revenue increased 12.9%, operating earnings increased 14.7%, and diluted EPS increased 15.7%. Operating margin of 10.5% was a 20-basis-point expansion from the year-ago quarter.
“Our business had exceptional third quarter results, with revenue growth across all four segments, robust bookings and solid operational performance,” said Phebe Novakovic, chairman and chief executive officer. “With the consistent growth in our backlog and our significant investment in our businesses over the last decade, we are poised to drive continued performance in the years to come.”
Cash and Capital Deployment
Cash provided by operating activities in the quarter totaled $1.7 billion, or 139% of net earnings. During the quarter, the company paid $429 million in dividends, invested $481 million in capital expenditures, and reduced total debt by $500 million. The company ended the quarter with $7 billion in total debt and $4.4 billion in cash and equivalents on hand.
Orders and Backlog
Orders received in the quarter totaled $93.8 billion in the defense segments, driven by large orders in the Marine Systems segment for Virginia- and Columbia-class submarines, and $5 billion in the Aerospace segment, for a total of $98.8 billion. Book-to-bill ratio, defined as orders divided by revenue, was 8.5-to-1 for the quarter for the defense segments, 1.4-to-1 for the Aerospace segment, and 6.8-to-1 on a company-wide basis.
Backlog at the end of the quarter was $220.3 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $270.7 billion.
About General Dynamics
Headquartered in Reston, Virginia, 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. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics’ financial results conference call will be held on Friday, October 30, 2026, at 9:00 a.m. EDT. A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.
This press release may contain forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating costs and expenses
(13,039)
(11,576)
(1,463)
Operating earnings
1,527
1,331
196
14.7 %
Other, net
4
15
(11)
Interest, net
(45)
(74)
29
Earnings before income tax
1,486
1,272
214
16.8 %
Provision for income tax, net
(257)
(213)
(44)
Net earnings
$ 1,229
$ 1,059
$ 170
16.1 %
Earnings per share—basic
$ 4.55
$ 3.93
$ 0.62
15.8 %
Basic weighted average shares outstanding
270.2
269.2
Earnings per share—diluted
$ 4.49
$ 3.88
$ 0.61
15.7 %
Diluted weighted average shares outstanding
273.8
272.6
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating costs and expenses
(37,734)
(34,267)
(3,467)
Operating earnings
4,407
3,904
503
12.9 %
Other, net
18
51
(33)
Interest, net
(163)
(251)
88
Earnings before income tax
4,262
3,704
558
15.1 %
Provision for income tax, net
(748)
(637)
(111)
Net earnings
$ 3,514
$ 3,067
$ 447
14.6 %
Earnings per share—basic
$ 13.01
$ 11.41
$ 1.60
14.0 %
Basic weighted average shares outstanding
270.2
268.8
Earnings per share—diluted
$ 12.83
$ 11.29
$ 1.54
13.6 %
Diluted weighted average shares outstanding
273.8
271.8
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 3,536
$ 3,234
$ 302
9.3 %
Marine Systems
4,960
4,096
864
21.1 %
Combat Systems
2,386
2,252
134
6.0 %
Technologies
3,684
3,325
359
10.8 %
Total
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating earnings:
Aerospace
$ 513
$ 430
$ 83
19.3 %
Marine Systems
391
291
100
34.4 %
Combat Systems
330
335
(5)
(1.5) %
Technologies
346
327
19
5.8 %
Corporate
(53)
(52)
(1)
(1.9) %
Total
$ 1,527
$ 1,331
$ 196
14.7 %
Operating margin:
Aerospace
14.5 %
13.3 %
Marine Systems
7.9 %
7.1 %
Combat Systems
13.8 %
14.9 %
Technologies
9.4 %
9.8 %
Total
10.5 %
10.3 %
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 10,340
$ 9,322
$ 1,018
10.9 %
Marine Systems
13,963
11,905
2,058
17.3 %
Combat Systems
6,959
6,711
248
3.7 %
Technologies
10,879
10,233
646
6.3 %
Total
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating earnings:
Aerospace
$ 1,516
$ 1,265
$ 251
19.8 %
Marine Systems
1,049
832
217
26.1 %
Combat Systems
958
950
8
0.8 %
Technologies
1,024
987
37
3.7 %
Corporate
(140)
(130)
(10)
(7.7) %
Total
$ 4,407
$ 3,904
$ 503
12.9 %
Operating margin:
Aerospace
14.7 %
13.6 %
Marine Systems
7.5 %
7.0 %
Combat Systems
13.8 %
14.2 %
Technologies
9.4 %
9.6 %
Total
10.5 %
10.2 %
EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
October 4, 2026
December 31, 2025
ASSETS
Current assets:
Cash and equivalents
$ 4,388
$ 2,333
Accounts receivable
2,529
2,406
Unbilled receivables
8,906
8,380
Inventories
9,124
9,232
Other current assets
1,926
1,897
Total current assets
26,873
24,248
Noncurrent assets:
Property, plant and equipment, net
7,853
7,525
Intangible assets, net
1,231
1,375
Goodwill
20,849
21,009
Other assets
3,399
3,092
Total noncurrent assets
33,332
33,001
Total assets
$ 60,205
$ 57,249
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt
$ 756
$ 1,006
Accounts payable
3,166
2,678
Customer advances and deposits
11,083
9,824
Other current liabilities
3,821
3,288
Total current liabilities
18,826
16,796
Noncurrent liabilities:
Long-term debt
6,260
7,007
Other liabilities
7,827
7,824
Total noncurrent liabilities
14,087
14,831
Shareholders’ equity:
Common stock
482
482
Surplus
4,646
4,403
Retained earnings
46,299
44,080
Treasury stock
(23,403)
(22,860)
Accumulated other comprehensive loss
(732)
(483)
Total shareholders’ equity
27,292
25,622
Total liabilities and shareholders’ equity
$ 60,205
$ 57,249
EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
October 4, 2026
September 28, 2025
Cash flows from operating activities—continuing operations:
Net earnings
$ 3,514
$ 3,067
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment
525
490
Amortization of intangible and finance lease right-of-use assets
173
182
Equity-based compensation expense
169
146
Deferred income tax provision
335
151
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable
(123)
(314)
Unbilled receivables
(480)
(415)
Inventories
108
(131)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable
488
119
Customer advances and deposits
1,232
45
Other, net
(196)
219
Net cash provided by operating activities
5,745
3,559
Cash flows from investing activities:
Capital expenditures
(918)
(552)
Other, net
18
130
Net cash used by investing activities
(900)
(422)
Cash flows from financing activities:
Dividends paid
(1,263)
(1,188)
Repayment of fixed-rate notes
(1,000)
(1,500)
Purchases of common stock
(604)
(600)
Proceeds from fixed-rate notes
—
747
Other, net
87
235
Net cash used by financing activities
(2,780)
(2,306)
Net cash used by discontinued operations
(10)
(8)
Net increase in cash and equivalents
2,055
823
Cash and equivalents at beginning of period
2,333
1,697
Cash and equivalents at end of period
$ 4,388
$ 2,520
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
Third Quarter
Nine Months
2026
2025
2026
2025
Free cash flow:
Net cash provided by operating activities
$ 1,710
$ 2,109
$ 5,745
$ 3,559
Capital expenditures
(481)
(212)
(918)
(552)
Free cash flow (a)
$ 1,229
$ 1,897
$ 4,827
$ 3,007
October 4, 2026
December 31, 2025
Net debt:
Total debt
$ 7,016
$ 8,013
Less cash and equivalents
4,388
2,333
Net debt (b)
$ 2,628
$ 5,680
Supplemental Aerospace Data:
Third Quarter
Nine Months
2026
2025
2026
2025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft
35
33
101
95
Mid-cabin aircraft
5
6
18
18
Total
40
39
119
113
Aerospace Book-to-Bill:
Orders (c)
$ 4,970
$ 4,053
$ 14,091
$ 10,417
Revenue
3,536
3,234
10,340
9,322
Book-to-Bill Ratio
1.4x
1.3x
1.4x
1.1x
(a)
We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure
for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business
acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our
earnings and as a key performance measure in evaluating management.
(b)
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for
investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an
important indicator of liquidity and financial position.
(c)
Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
EXHIBIT H
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
Funded
Unfunded
Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Third Quarter 2026:
Aerospace
$ 24,460
$ 925
$ 25,385
$ 1,374
$ 26,759
Marine Systems
47,289
99,576
146,865
7,644
154,509
Combat Systems
26,983
1,701
28,684
9,588
38,272
Technologies
13,064
6,341
19,405
31,724
51,129
Total
$ 111,796
$ 108,543
$ 220,339
$ 50,330
$ 270,669
Second Quarter 2026:
Aerospace
$ 22,992
$ 985
$ 23,977
$ 1,170
$ 25,147
Marine Systems
42,356
22,826
65,182
7,442
72,624
Combat Systems
27,507
1,843
29,350
10,847
40,197
Technologies
11,256
6,733
17,989
30,945
48,934
Total
$ 104,111
$ 32,387
$ 136,498
$ 50,404
$ 186,902
Third Quarter 2025:
Aerospace
$ 19,476
$ 1,131
$ 20,607
$ 1,147
$ 21,754
Marine Systems
38,757
14,854
53,611
14,839
68,450
Combat Systems
17,232
1,470
18,702
9,553
28,255
Technologies
10,269
6,668
16,937
32,341
49,278
Total
$ 85,734
$ 24,123
$ 109,857
$ 57,880
$ 167,737
*
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase
new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.
For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract
value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
EXHIBIT H-1
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
https://mmx.prnewswire.com/media/MS2023592/ExhibitH1.jpg?id=OA3047375
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SOURCE General Dynamics
Technology
Delta Electronics Hosts Inaugural Future Industry Summit in Singapore and Inks Collaboration with the College of Design and Engineering at NUS to Advance Sustainable Data Center Innovation
Published
4 minutes agoon
October 30, 2026By
SINGAPORE, Oct. 30, 2026 /PRNewswire/ — Today, Delta Electronics, a global leader in power management and smart green solutions, hosted the annual Delta SEAO Future Industry Summit 2026 for the first time in Singapore, after seven consecutive editions in Thailand. Held under the theme “Advancing Regional Infrastructure for AI and Energy Transformation Evolution”, the Summit brought together over 200 prominent government officials, industry executives, academics, and media stakeholders to discuss solutions that accelerate the adoption of sustainable digital and energy infrastructure. This is aimed at supporting AI-driven growth across the Southeast Asia and Oceania (SEAO) region. At the Summit, Delta also deepened its collaboration with National University of Singapore (NUS) College of Design and Engineering (CDE) by joining the Sustainable Tropical Data Center Testbed (STDCT) Phase 2.0 Consortium to foster sustainable AI data center innovation.
Shan-Shan Guo, Delta’s Chief Brand Officer, said, “The energy transition is essential to addressing climate change. The rise of electrification and AI infrastructure is making the need for resilient, energy-efficient power infrastructure increasingly urgent. Since its founding 55 years ago, Delta has been committed to driving sustainability through innovation and energy conservation. We are honored to share at the Delta SEAO Future Industry Summit some of Delta’s key sustainability endeavors, including the acceleration of the energy transition with our microgrid solutions, helping customers move toward net zero carbon emissions with our ESG consulting services, and our coral restoration journey in Singapore and other regions. Together with our customers and partners, we are building a smarter, greener tomorrow.”
“Southeast Asia’s infrastructure needs are evolving rapidly as AI and electrification reshape the region. With its long-term development in power and thermal management, Delta brings deep expertise across power, cooling, automation and energy management,” said Jason Yuan, President of Delta Electronics Southeast Asia & Oceania. “Our strength lies in bringing these capabilities together to help build future-ready infrastructure that is reliable, scalable, efficient and adaptable to the region’s needs. That is the conversation we want to advance by bringing our annual SEAO Summit to Singapore.”
The program included executive keynotes and two panel discussions focused on energy infrastructure readiness for the region’s data centers and the role of industrial and building automation in sustainable manufacturing. The Singapore edition builds on Delta’s growing engagement across Southeast Asia, following the opening of its new Johor Bahru office and the Solutions Day forum in Kuala Lumpur in July. Together, these initiatives reflect Delta’s continued investment in the region and its focus on supporting the infrastructure demands created by AI, electrification and industrial transformation.
The Summit arrives as Southeast Asia’s data center power demand grows faster than any other region in the world. According to an IDC study commissioned by Delta (*), surveyed Southeast Asian operators reported 26-50% year-on-year growth in power demand, against 11-20% in the United States and Europe. 60% here are also already deploying, planning, or evaluating direct liquid cooling, the highest adoption rate of the three regions surveyed. The same study found that 24-26% of Southeast Asian operators cite cluster around power, grid, cooling capacity and equipment lead-time risks as their single biggest constraint on scaling.
Singapore is also investing in the infrastructure and research capabilities needed to support the next generation of data centers. The country is developing new approaches to tropical data center design and testing, including through the STDCT, hosted at the NUS CDE.
Collaboration with NUS to Advance Sustainable Data Center Innovation
Against this backdrop, Delta formalized today, at the Delta SEAO Future Industry Summit 2026, its deepening collaboration with NUS CDE through its participation in the Sustainable Tropical Data Centre Testbed Phase 2.0 (STDCT 2.0) Consortium. As part of the collaboration, Delta will provide NUS CDE with an AI Containerized Data Center and related equipment, to support research and testing of data center technologies suited to tropical conditions. The collaboration brings together Delta’s expertise in power, cooling, and data center infrastructure with NUS CDE’s research capabilities in tropical data center design and testing.
“AI is fundamentally changing the design envelope for data centers, with much higher power densities and thermal loads placing new demands on power, cooling and infrastructure efficiency,” said Professor Lee Poh Seng, Programme Director of STDCT 2.0 and Head of the Department of Mechanical Engineering at NUS CDE. “STDCT 2.0 is designed to bridge the gap between innovation and real-world deployment by providing a live environment in which next-generation technologies can be integrated, tested and validated under tropical operating conditions. Delta brings deep capabilities across power electronics, thermal management and data center infrastructure, and this collaboration will enable us to explore these technologies at system level and demonstrate measurable improvements in energy efficiency, water efficiency, reliability and climate resilience. Our goal is to generate solutions and evidence that can accelerate the deployment of more sustainable AI infrastructure in Singapore and across the wider region.”
As AI and electrification reshape infrastructure needs across Southeast Asia, the Delta SEAO Future Industry Summit 2026, held at Pan Pacific Orchard, brings these stakeholders together to fulfil the region’s infrastructure needs.
ABOUT DELTA ELECTRONICS INT’L (Singapore)
The company is a wholly owned subsidiary of Delta Electronics, Inc.
ABOUT DELTA
Delta, founded in 1971, and listed on the Taiwan Stock Exchange (code:2308), is a global leader in switching power supplies and thermal management products with a thriving portfolio of IoT-based smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.
Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the Dow Jones Best-in-Class World Index (formerly the DJSI World Index of Dow Jones Sustainability™ Indices) for 15 consecutive years. Delta has also won CDP with double A List for 4 times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for 8 consecutive years.
For detailed information about Delta, please visit: www.deltaww.com
About the Sustainable Tropical Data Centre Testbed (STDCT 2.0)
The Sustainable Tropical Data Centre Testbed (STDCT) is a joint research initiative led by the National University of Singapore (NUS) and hosted by its College of Design and Engineering, in collaboration with leading industry partners.
STDCT 2.0 focuses on developing energy-efficient data centre designs that can operate reliably in tropical climates. The programme serves as a live testbed to evaluate, validate, and deploy sustainable innovations that reduce energy and water consumption while supporting dense, AI-driven operations.
For more information, visit https://cde.nus.edu.sg/stdct/
*IDC InfoBrief, sponsored by Delta, Powering AI Growth: From Grid Constraints to Rack Readiness, #AP242570-IB, September 2026
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SOURCE Delta Electronics
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Delta Electronics Hosts Inaugural Future Industry Summit in Singapore and Inks Collaboration with the College of Design and Engineering at NUS to Advance Sustainable Data Center Innovation
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