General Dynamics
Q3 2022 Earnings Call
Oct 26, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and welcome to the General Dynamics third quarter 2022 earnings conference call. [Operator instructions] Please note, that this event is being recorded. I would now like to turn the conference call over to Howard Rubel, vice president of investor relations. Howard, please go ahead.
Howard Rubel -- Vice President, Investor Relations
Thank you operator and good morning everyone. Welcome to the General Dynamics third quarter 2022 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties.
Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast which are available on the Investor Relations page of our website, investorrelations.gd.com. With that completed, I turn the call over to our chairman and chief executive officer, Phebe Novakovic.
Phebe Novakovic -- Chairman and Chief Executive Officer
Thank you, Howard. Good morning, everyone, and thanks for being with us. Earlier this morning, we reported earnings of $3.26 per diluted share and revenue of $10 billion. Operating earnings of $1.1 billion and net earnings of $902 million.
Revenue is up, $407 million or 4.3% against the third quarter last year. Operating earnings are up $18 million or 1.7%. Net earnings are up 4.9% and earnings per share are up 6.2%. So the quarter-over-quarter results compare favorably.
The sequential results are even better. Here we beat last quarter's revenue by 8.6%, operating earnings by 12.3%, net earnings by 17.8%, and EPS by 18.5%. We beat consensus by $0.11 per share on somewhat higher revenue than anticipated by the sell side. Operating margin is about as anticipated.
Most of the beat came from various other items including a lower tax rate than anticipated by the sell side. On a year-to-date basis, net earnings are up $93 million or 4% and earnings per share are up $0.45 a strong 5.5%. We also had another very strong quarter from a cash perspective, net cash flow provided by operating activities is $1,280 billion. Free cash flow was $1.03 billion, a 114% of net income.