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General Dynamics Reports Second-Quarter 2026 Financial Results

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Revenue $14.1 billion, up 8.1% versus prior yearDiluted EPS $4.24, up 13.4% versus prior year$1.9 billion cash from operating activities, 162% of net earnings1.4-to-1 book-to-bill, with strong order activity in all segments

RESTON, Va., July 29, 2026 /PRNewswire/ — General Dynamics (NYSE: GD) today reported second-quarter 2026 operating earnings of $1.5 billion, and $4.24 per diluted share (EPS), on revenue of $14.1 billion. Compared with the year-ago quarter, revenue increased 8.1%, operating earnings increased 11.9%, and diluted EPS increased 13.4%. Operating margin of 10.4% was a 40-basis-point expansion from the year-ago quarter.

“Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog,” said Phebe Novakovic, chairman and chief executive officer. “We are well positioned to support our customers’ needs and are continuing to make significant investments to increase output to meet strong and growing demand.”

Cash and Capital Deployment

Net cash provided by operating activities in the quarter totaled $1.9 billion, or 162% of net earnings. During the quarter, the company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million. The company ended the quarter with $7.5 billion in total debt and $4.3 billion in cash and equivalents on hand.

Orders and Backlog

Orders received in the quarter totaled $14.7 billion in the defense segments and $5.3 billion in the Aerospace segment, for a total of $20 billion. Book-to-bill ratio, defined as orders divided by revenue, was 1.4-to-1 for the quarter for the defense segments, 1.5-to-1 for the Aerospace segment, and 1.4-to-1 on a company-wide basis. 

Backlog at the end of the quarter was $136.5 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 $186.9 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, weapons 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 Wednesday, July 29, 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

July 5, 2026

June 29, 2025

$

%

Revenue

$                     14,094

$                     13,041

$     1,053

8.1 %

Operating costs and expenses

(12,634)

(11,736)

(898)

Operating earnings

1,460

1,305

155

11.9 %

Other, net

(4)

15

(19)

Interest, net

(49)

(88)

39

Earnings before income tax

1,407

1,232

175

14.2 %

Provision for income tax, net

(247)

(218)

(29)

Net earnings

$                       1,160

$                       1,014

$        146

14.4 %

Earnings per share—basic

$                         4.29

$                         3.78

$       0.51

13.5 %

Basic weighted average shares outstanding

270.2

268.1

Earnings per share—diluted

$                         4.24

$                         3.74

$       0.50

13.4 %

Diluted weighted average shares outstanding

273.5

270.9

 

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue

$                     27,575

$                     25,264

$     2,311

9.1 %

Operating costs and expenses

(24,695)

(22,691)

(2,004)

Operating earnings

2,880

2,573

307

11.9 %

Other, net

14

36

(22)

Interest, net

(118)

(177)

59

Earnings before income tax

2,776

2,432

344

14.1 %

Provision for income tax, net

(491)

(424)

(67)

Net earnings

$                       2,285

$                       2,008

$        277

13.8 %

Earnings per share—basic

$                         8.46

$                         7.48

$       0.98

13.1 %

Basic weighted average shares outstanding

270.2

268.6

Earnings per share—diluted

$                         8.35

$                         7.40

$       0.95

12.8 %

Diluted weighted average shares outstanding

273.8

271.3

 

EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  3,525

$                   3,062

$            463

15.1 %

Marine Systems

4,660

4,220

440

10.4 %

Combat Systems

2,290

2,283

7

0.3 %

Technologies

3,619

3,476

143

4.1 %

Total

$                14,094

$                 13,041

$         1,053

8.1 %

Operating earnings:                                           

Aerospace

$                     510

$                      403

$            107

26.6 %

Marine Systems

342

291

51

17.5 %

Combat Systems

318

324

(6)

(1.9) %

Technologies

339

332

7

2.1 %

Corporate

(49)

(45)

(4)

(8.9) %

Total

$                  1,460

$                   1,305

$            155

11.9 %

Operating margin:

Aerospace

14.5 %

13.2 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.9 %

14.2 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.0 %

 

EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  6,804

$                   6,088

$            716

11.8 %

Marine Systems

9,003

7,809

1,194

15.3 %

Combat Systems

4,573

4,459

114

2.6 %

Technologies

7,195

6,908

287

4.2 %

Total

$                27,575

$                 25,264

$         2,311

9.1 %

Operating earnings:                                          

Aerospace

$                  1,003

$                      835

$            168

20.1 %

Marine Systems

658

541

117

21.6 %

Combat Systems

628

615

13

2.1 %

Technologies

678

660

18

2.7 %

Corporate

(87)

(78)

(9)

(11.5) %

Total

$                  2,880

$                   2,573

$            307

11.9 %

Operating margin:

Aerospace

14.7 %

13.7 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.7 %

13.8 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.2 %

 

EXHIBIT E

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

(Unaudited)

July 5, 2026

December 31, 2025

ASSETS

Current assets:

Cash and equivalents

$                        4,333

$                        2,333

Accounts receivable

2,398

2,406

Unbilled receivables

9,255

8,380

Inventories

9,097

9,232

Other current assets

1,955

1,897

Total current assets

27,038

24,248

Noncurrent assets:

Property, plant and equipment, net

7,575

7,525

Intangible assets, net

1,281

1,375

Goodwill

20,927

21,009

Other assets

3,342

3,092

Total noncurrent assets

33,125

33,001

Total assets

$                      60,163

$                      57,249

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt and current portion of long-term debt                                                  

$                        1,256

$                        1,006

Accounts payable

2,874

2,678

Customer advances and deposits

11,034

9,824

Other current liabilities

3,601

3,288

Total current liabilities

18,765

16,796

Noncurrent liabilities:

Long-term debt

6,260

7,007

Other liabilities

8,312

7,824

Total noncurrent liabilities

14,572

14,831

Shareholders’ equity:

Common stock

482

482

Surplus

4,535

4,403

Retained earnings

45,502

44,080

Treasury stock

(23,110)

(22,860)

Accumulated other comprehensive loss

(583)

(483)

Total shareholders’ equity

26,826

25,622

Total liabilities and shareholders’ equity

$                      60,163

$                      57,249

 

EXHIBIT F

CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

July 5, 2026

June 29, 2025

Cash flows from operating activities—continuing operations:

Net earnings

$                      2,285

$                      2,008

Adjustments to reconcile net earnings to net cash from operating activities:              

Depreciation of property, plant and equipment

348

325

Amortization of intangible and finance lease right-of-use assets

115

121

Equity-based compensation expense

107

89

Deferred income tax provision (benefit)

365

(98)

(Increase) decrease in assets, net of effects of business acquisitions:

Accounts receivable

8

(612)

Unbilled receivables

(846)

(200)

Inventories

135

(207)

Increase (decrease) in liabilities, net of effects of business acquisitions:

Accounts payable

196

(261)

Customer advances and deposits

1,168

106

Other, net

154

179

Net cash provided by operating activities

4,035

1,450

Cash flows from investing activities:

Capital expenditures

(437)

(340)

Other, net

13

124

Net cash used by investing activities

(424)

(216)

Cash flows from financing activities:

Dividends paid

(834)

(785)

Repayment of fixed-rate notes

(500)

(1,500)

Purchases of common stock

(319)

(600)

Proceeds from commercial paper, net

—

696

Proceeds from fixed-rate notes

—

747

Other, net

48

39

Net cash used by financing activities

(1,605)

(1,403)

Net cash used by discontinued operations

(6)

(5)

Net increase (decrease) in cash and equivalents

2,000

(174)

Cash and equivalents at beginning of period

2,333

1,697

Cash and equivalents at end of period

$                      4,333

$                      1,523

 

EXHIBIT G

ADDITIONAL FINANCIAL INFORMATION – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Non-GAAP Financial Measures:

Second Quarter

Six Months

2026

2025

2026

2025

Free cash flow:

Net cash provided by operating activities 

$                       1,880

$                  1,598

$                    4,035

$                    1,450

Capital expenditures

(234)

(198)

(437)

(340)

Free cash flow (a)

$                       1,646

$                  1,400

$                    3,598

$                    1,110

July 5, 2026

December 31, 2025

Net debt:

Total debt

$                       7,516

$                  8,013

Less cash and equivalents

4,333

2,333

Net debt (b)

$                       3,183

$                  5,680

Supplemental Aerospace Data:

Second Quarter

Six Months

2026

2025

2026

2025

Gulfstream Aircraft Deliveries (units):

Large-cabin aircraft

35

32

66

62

Mid-cabin aircraft

6

6

13

12

Total

41

38

79

74

Aerospace Book-to-Bill:

Orders (c)

$                       5,278

$                  4,003

$                    9,121

$                    6,364

Revenue

3,525

3,062

6,804

6,088

Book-to-Bill Ratio

1.5x

1.3x

1.3x

1.0x

(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

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

First Quarter 2026:

Aerospace

$            21,172

$              1,095

$            22,267

$                     1,040

$               23,307

Marine Systems

40,598

23,373

63,971

12,519

76,490

Combat Systems

25,532

1,383

26,915

11,770

38,685

Technologies

10,818

6,869

17,687

32,272

49,959

Total

$            98,120

$            32,720

$          130,840

$                   57,601

$             188,441

Second Quarter 2025:      

Aerospace

$            18,676

$              1,227

$            19,903

$                     1,165

$               21,068

Marine Systems

39,298

13,674

52,972

14,708

67,680

Combat Systems

15,961

616

16,577

9,592

26,169

Technologies

9,945

4,285

14,230

32,011

46,241

Total

$            83,880

$            19,802

$          103,682

$                   57,476

$             161,158

*   

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

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SOURCE General Dynamics

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Suunto Launches Race 3S: Next-Generation Performance Watch in a Compact Titanium Case

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Suunto’s next-generation performance watch brings up to 38 hours of dual-band GPS battery, a 2,000-nit AMOLED display, and free worldwide offline maps in a 56 g build, debuting alongside Suunto’s new AI Coach.

VANTAA, Finland, Oct. 21, 2026 /PRNewswire/ — Suunto launches Suunto Race 3S, a new-generation flagship performance watch. Built for smarter training, with features designed especially for trail running, Race 3S brings together up to 38 hours of dual-band GPS battery, a 2,000-nit AMOLED display, and a full set of intelligent trail tools at just 56 g. It is a watch built to go further and move lighter, so a long day in the mountains stays simple.

First launched in 2023, the Race series established Suunto’s position as the choice for athletes who train with intention and perform when it counts. Suunto Race 3S carries that standard into a compact 46 mm case sized to sit well on smaller wrists, and holds on to long-lasting battery life, a flagship display, and the complete trail toolkit alongside it.

“People have more performance data at their fingertips than ever, but turning all that information into something useful can be a challenge,” said Daniel Das Bhowmik, VP Product at Suunto. “We built Race 3S to carry long-lasting battery life in a case compact and light enough to forget, and we’re launching it alongside Suunto AI Coach to make things simple again: turning questions and personal data into clear, actionable answers.”

Battery for the Long Haul

No runner should plan a race around a battery bar. Suunto Race 3S gives them room to plan the race instead: up to 38 hours in dual-band GPS mode (up to 32 hours with the always-on display on), compared with up to 30 hours on Race S, with full positioning accuracy switched on the entire time. Additional battery modes reach further still, including a smartwatch mode with up to 12 days of battery life for everyday wear.

For runners used to planning a session around what the watch has left, that is up to eight more hours of pacing, navigation, and heart rate on the wrist than Race S. Training runs finish the way they were planned, races carry data all the way to the line, and the charger stays at home.

A Compact Build With Flagship Performance

The best watch on a long climb is the one a runner stops noticing. At 56 g with the silicone strap, 38 g for the watch head alone, Suunto’s Race 3S sits close to the wrist at roughly the weight of two energy gels, with a compact fit that works well for smaller wrists, too. A titanium bezel and sapphire crystal lens handle rock, scrub, and repeated impact.

Inside, the new-generation Apollo 510 processor drives faster response across maps and menus, and an upgraded optical heart rate module with six LEDs and four photodetectors behind 2.5D curved sensor glass holds accuracy through arm swing, sweat, and cold. Pair a Suunto heart rate belt to enable ZoneSense and it reads true intensity straight from the body’s response.

Suunto AI Coach Debuts With Race 3S

Race 3S marks the debut of Suunto AI Coach, an AI-powered conversational coaching experience in the Suunto app. It turns your Suunto data into insight, guidance and action, helping you understand your data, know where you stand and decide what to do next.

Ask Suunto AI Coach anything about your training, and it answers clearly and in context, with guidance and visuals such as charts, tables and maps, plus next steps whenever you want them. When you want to act, it creates structured workouts, training plans and routes; workouts and routes can then be saved in the Suunto app and synced to your watch. Customers who purchase and pair Suunto Race 3S can get three months of Suunto AI Coach free by activating their watch through the Suunto app by 31 December 2026.

Precision in Every Terrain, Free Maps Worldwide

When the trail disappears under canopy or into a canyon, the line on the wrist stays put. Positioning offers better overall performance, notable through forests, canyon walls, and switchbacks. Free worldwide offline maps now add contour lines and place names for an instant read on where you stand. They download straight to the watch and run entirely on board, subscription-free, so the terrain travels with the runner wherever the trail goes.

A Race Strategy Set Before the Gun

The hardest racing decisions arrive when a runner is least equipped to make them. Suunto Race 3S makes them early instead. Climb Guidance shows what the trail does next, climb or descent, updated in real time, so effort can be placed in advance: know a descent is coming, and save the legs for the climb after it.

Race Planner will build a personalized pacing plan from the route, the weather, and a runner’s race goal, with real-time guidance to hold pace on race day.*

A Display You Can Read in Full Sun

Mid-race data only counts if it can be read mid-stride. The 1.32-inch LTPS Hybrid AMOLED reaches 2,000 nits, more than three times the brightness of Race S, at 466 × 466 resolution. In midday glare above the treeline or on a 4 a.m. start in the dark, pace, distance, and the next turn stay readable at a glance.

Everything You Run With, on One Wrist

64 GB of onboard storage holds maps, routes, training data, and offline music.** It offers over 100 sport modes, including running, cycling, swimming, gym work, and multisport. Race 3S is available in three colorways: Orchid, Feather, and Black.

*Race Planner is planned for launch via a future Suunto app and firmware update. Features, availability, and timing are subject to change. Please refer to the latest official information from Suunto.

**Available via an over-the-air software update following product launch. Availability timing is subject to official announcement.

Read more about Suunto AI Coach at https://us.suunto.com/pages/suunto-ai-coach

Availability:
EMEA: October 15th
CHINA: October 15th
NAM: October 29th
APAC: October 29th

Race 3S will be sold through Suunto’s direct-to-consumer channels and authorized outdoor and running retail partners across North America, Europe, and key Asia-Pacific markets.

Pricing: EUR 499 / USD 599

Colors: Purple, Grey, Black

Images for media use: https://media.suunto.com/pub/collection/7d1b229aace5399e4c0c117efcaf1bdf?locale=en

About Suunto

Suunto is a Finnish brand, established in 1936. It was founded by Finnish inventor Tuomas Vohlonen, who pioneered a new standard for navigational precision. That same year, his innovation – a field compass – was stronger, steadier, and more accurate than any other handheld navigational tool of its time. It was the first of many Suunto products built to withstand the harsh conditions of our native Finland.

In the near century since, Tuomas’s spirit of innovation has continued to chart Suunto’s course. From some of history’s first dive computers and high-altitude wrist altimeters to today’s GPS watches, Suunto remains a trusted companion for outdoor adventurers across the globe.

Supporting explorers, athletes, and weekend warriors alike remains our core mission – providing the tools to dive deeper, climb higher, and push the limits of human potential.

www.suunto.com

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/R E P E A T — Media Advisory – Minister Hodgson to hold media callback following his visit to the United Kingdom/

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OTTAWA, ON, Oct. 20, 2026 /CNW/ — The Honourable Tim Hodgson, Minister of Energy and Natural Resources, will hold a callback with Canadian media to discuss the outcomes of his visit to London, U.K., for London Metals Exchange (LME) Week on October 19 and 20, 2026.

Date: Wednesday, October 21, 2026

Time: 1 p.m. EDT

All accredited media are asked to pre-register for the callback by emailing media@nrcan-rncan.gc.ca. Details on how to participate will be provided upon registration.

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S4 Capital’s Monks Accelerates Regional Growth Strategy in EMEA and APAC Expanding Nirvik Singh’s Remit to APAC, Names Ash Smith Executive Vice President, Asia Pacific and Fay Denis du Peage Managing Director, Australia and New Zealand

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LONDON, Oct. 21, 2026 /PRNewswire/ — Monks, the purely digital, unitary operating brand of S4 Capital plc, today announced an evolution of its regional leadership across EMEA and Asia-Pacific. As global brands demand more agile, connected and AI-enabled marketing models, Monks is expanding its integrated Marketing and Technology Services footprint to help multinational clients operate at speed and scale across both regions.

Positioned as a change agent for modern enterprise brands, Monks unifies three core capabilities—Intelligence, Creation and Orchestration—through its flagship Monks.Flow platform to build brands as living systems. Across Asia Pacific, this evolution allows Monks to deliver end-to-end marketing transformation, helps clients accelerate media performance, eliminate operational silos and orchestrate intelligent marketing that turns real-time data into measurable business impact.

To lead this next chapter, Monks has expanded the leadership remit of Nirvik Singh to lead both EMEA and Asia Pacific, reporting to Bruno Lambertini, CEO of Marketing Services. Working alongside Nirvik, Ash Smith joins Monks as Executive Vice President, Asia Pacific, effective 13 November 2026. Fay Denis du Peage has been appointed Managing Director, Australia and New Zealand, effective immediately.

Nirvik recently stepped down as a Non-Executive Director from the S4 Capital Board to join Monks as CEO of Marketing Services, EMEA. In the new expansion of his role to APAC, he will integrate oversight for Marketing Services across both regions, recognizing the connected growth opportunities and delivering greater value and scale for clients.

Nirvik brings more than 35 years of experience in the industry, most recently as Global Chief Operating Officer and President International at Grey Group. Nirvik has spent decades running multi-region businesses and partnering with enterprise brands including Procter & Gamble, The Coca-Cola Company, Volvo and Haleon to navigate complex market dynamics and deliver commercial impact.

Reporting to Nirvik, Ash Smith will focus on accelerating regional business growth, strengthening client partnerships and scaling Monks’ product and solutions capabilities across Asia Pacific. Ash brings more than 18 years of experience across Australia, Europe, China, Hong Kong and Southeast Asia, spanning product development, client solutions, innovation and business leadership. Throughout his career, he has focused on combining human intelligence, data and technology to create value for brands, translating local and regional market insights into innovative solutions and business growth.

Prior to joining Monks, Ash served as Chief Product and Solutions Officer for JAPAC at Tag, a Dentsu company, where he led the talent, products and technology needed to address complex client challenges, including driving Tag’s AI and innovation agenda. Previously, as Managing Director for Southeast Asia, he built strategic client partnerships and developed integrated, scalable solutions by bringing together expertise from across the network, delivering strong business growth.

Over his career, Ash has worked with leading global brands across technology, CPG, luxury and automotive, building long-term partnerships and delivering solutions that drive real-world impact. He has also shared his perspectives at industry forums, most recently NRF and ATS.

“We are excited to welcome Ash to our leadership team in Asia Pacific as we continue to scale our integrated offering and deepen our partnerships with clients across the region. His experience spanning client leadership, product, solutions and innovation will be valuable as we bring together creative, media, production, data and technology to deliver greater agility, efficiency and real-time relevance for brands. As we continue to advance our unitary model and the capabilities enabled by Monks.Flow, Ash will play an important role in translating our regional ambitions into meaningful outcomes for our clients and our business,” said Nirvik Singh, CEO, Monks EMEA and APAC.

Ash joins Monks as the company continues to evolve its integrated Marketing and Technology Services offering, bringing together creativity, media intelligence, production, data, and technology to help brands compete in an increasingly complex and fast-moving market. Through Monks.Flow, its flagship AI ecosystem for marketing orchestration, Monks is connecting insights, creativity, and execution to enable real-time relevance and turn marketing into a growth engine. Ash’s experience in product and solutions leadership, AI innovation and integrated client partnerships will support the continued development and deployment of these capabilities across Asia Pacific.

“The best agencies don’t just make work, they solve problems. When people and technology come together in the right systems, we can move faster, think bigger and unlock growth for brands in ways that weren’t possible before. That means bringing media, creative, production and data to the table as one team, not a set of silos. Our job is to put clients at the centre of everything we do and help them win through new ideas and experiences,” said Ash Smith, incoming EVP, Monks Asia Pacific.

Based in Sydney, Fay Denis du Peage will report to Ash Smith and lead Monks’ growth and market development across Australia and New Zealand. She will focus on strengthening the local offering, deepening client partnerships and bringing together Monks’ capabilities across creative, media, data and technology.

Fay brings experience across media, data, digital and operations from her career at Monks and MightyHive. She steps into the role after serving as Senior Vice President, Media, APAC, where she has helped strengthen Monks’ regional media proposition and drive greater integration across data, technology and media.

“AUNZ is a sophisticated and fast-moving market, and there is a significant opportunity for Monks to bring more of our capabilities together around the challenges our clients are facing, empowering them to become Real-Time Brands. The future of marketing isn’t about one discipline working in isolation—it’s about connecting media, creativity, data and technology with AI to create better outcomes in real time. My focus will be on making that capability even more relevant and accessible to clients, while building on the strength of our local teams and partnerships. I’m excited about what we are about to create together in the market,” said Fay Denis du Peage, Managing Director, Australia and New Zealand, Monks.

“Nirvik and Ash bring complementary leadership experience and a strong understanding of what clients need in an increasingly complex and fast-changing market. With Nirvik’s expanded regional leadership and Ash’s expertise in client solutions, product, and innovation, we are strengthening our ability to drive growth, connect capabilities, and deliver greater value for clients across our markets. Fay’s appointment is an important step in strengthening our presence across AUNZ, with Australia as our largest APAC market. I would also like to thank Kenny Griffiths for his leadership and the valuable contributions he has made to Monks,” said Bruno Lambertini, CEO, Marketing Services, Monks.

Media Inquiry

Evelyn Hsu
VP, Marketing and Communications, APAC
Evelyn.hsu@monks.com

About Monks

Monks is the global, digital-first, data-driven, unitary operating brand of S4 Capital plc. With a legacy of innovation and specialized expertise, Monks combines an extraordinary range of global Marketing and Technology Services to redefine how brands interact with the world. Through Monks.Flow, its flagship AI ecosystem for marketing orchestration, Monks transforms marketing into a growth engine, collapsing timelines and connecting brands to culture in real time. By deploying bespoke intelligent agents across disciplines and delivering culturally relevant, high-impact creative and digital solutions, Monks solves key critical business challenges across the entire brand enterprise to help brands sustain long-term impact.

Monks was named a Contender in The Forrester Wave™: Global Marketing Services and a leader in the 2026 Gartner® Magic Quadrant™ for Global Digital Marketing Agencies. It ranks among Cannes Lions’ Top 10 Creative Companies (2022-25) and remains the only partner featured in AdExchanger’s Programmatic Power Players list every year (2020-24). Named Adweek’s first AI Agency of the Year (2023) and The One Show’s inaugural AI Pioneer Organization (2025), Monks was also awarded Business Intelligence Group’s 2026 Excellence in Artificial Intelligence Award in the Human-Machine Interaction Team category. Additionally, Monks.Flow earned AI-based Marketing Solution of the Year at the 2026 AI Breakthrough Awards and a 2026 Global Generative AI Award in the Agentic Marketing Innovation category. Finally, Monks achieved a record-breaking number of FWAs and continues to hold the most of any partner.

About S4 Capital

S4 Capital is a purely digital advertising and marketing services business built for global, multinational, regional and local clients, as well as millennial-driven influencer brands. The business operates through two data- and digital-media-driven practices: Marketing Services and Technology Services, emphasising ‘faster, better and more efficient’ execution in an always-on, consumer-led environment. Its unitary structure positions the Company as a systems integration partner delivering real-time relevance in the post-agency era.

The Company has approximately 6,200 people in 34 countries, with approximately 82% of net revenue across the Americas, 12% across Europe, the Middle East and Africa, and 6% across Asia-Pacific. The longer-term objective is a geographic split of 60%:20%:20%. Marketing Services accounted for approximately 91% of net revenue and Technology Services 9%. The target allocation is a practice split of 75%:25%.

Sir Martin Sorrell was CEO of WPP for 33 years, building it from a £1 million ‘shell’ company in 1985 into the world’s largest advertising and marketing services company, with a market capitalisation of over £16 billion on the day he left. Prior to that, Sir Martin was Group Financial Director of Saatchi & Saatchi Company Plc for nine years.

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