General Dynamics Corporation

GD · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$90,939	$72,451	$70,863	$68,118	$58,210	$41,554	$49,241	$43,897	$56,808	$48,211	$38,354	$46,130	$33,509	$24,437	$24,180	$27,050	$26,280	$22,817	$35,989	$29,995	$22,905	$20,874	$17,880	$15,984	$16,019	$15,588	$10,552	$11,770	$5,464	$4,464	$3,724	$2,745	$2,904	$2,364	$2,240	$1,053	$1,869	$2,126	$2,072	$2,869	$2,900
Enterprise value	$98,395	$81,430	$80,033	$78,990	$69,782	$53,462	$61,772	$55,351	$57,807	$49,765	$38,968	$45,653	$32,116	$25,050	$25,461	$27,640	$27,881	$25,220	$35,889	$31,172	$23,865	$23,195	$21,063	$17,106	$17,512	$15,913	$11,304	$11,952	$5,493	$4,104	$3,679	$2,559	$3,011	$2,034	$2,608	$2,076	$2,844	$2,522	$2,322	$3,106	$3,328
P/E (TTM) at period end	21.60×	19.16×	21.38×	20.09×	17.87×	13.12×	14.13×	13.12×	19.51×	18.74×	12.63×	18.21×	14.22×	–	9.57×	10.31×	10.98×	9.28×	17.37×	16.16×	15.68×	17.01×	17.81×	17.43×	16.99×	17.30×	11.99×	19.98×	9.77×	16.53×	11.60×	11.53×	3.28×	2.90×	4.44×	–	6.38×	5.61×	4.74×	–	7.47×
P/S (TTM) at period end	1.73×	1.52×	1.68×	1.73×	1.51×	1.10×	1.25×	1.21×	1.83×	1.58×	1.21×	1.50×	1.08×	0.79×	0.74×	0.83×	0.82×	0.78×	1.32×	1.25×	1.09×	1.09×	1.09×	1.16×	1.33×	1.51×	1.18×	1.59×	0.92×	1.25×	1.21×	0.90×	0.91×	0.68×	0.26×	0.10×	0.19×	0.22×	0.22×	0.32×	0.36×
P/B at period end	3.55×	3.28×	3.33×	3.67×	3.30×	2.65×	3.52×	3.62×	4.81×	4.68×	3.67×	3.90×	2.31×	2.15×	1.83×	2.03×	2.12×	2.27×	3.06×	3.05×	2.81×	2.90×	3.02×	3.07×	3.54×	4.08×	3.33×	5.30×	2.85×	2.60×	2.38×	2.09×	2.47×	1.26×	1.13×	0.70×	0.88×	1.11×	1.29×	2.27×	2.17×
EV / EBITDA (TTM)	16.30×	14.97×	16.49×	16.47×	14.75×	11.48×	12.27×	11.46×	12.57×	12.11×	8.36×	10.71×	7.89×	21.95×	6.09×	6.44×	6.94×	6.15×	10.58×	10.36×	9.52×	10.24×	12.23×	9.53×	9.97×	10.23×	8.06×	11.08×	6.87×	9.77×	10.42×	7.11×	8.25×	8.80×	3.75×	–	3.19×	–	–	–	–
EV / Sales (TTM)	1.87×	1.71×	1.89×	2.00×	1.81×	1.41×	1.57×	1.53×	1.87×	1.63×	1.23×	1.48×	1.04×	0.81×	0.78×	0.85×	0.87×	0.86×	1.32×	1.30×	1.14×	1.21×	1.29×	1.24×	1.45×	1.54×	1.26×	1.62×	0.92×	1.15×	1.20×	0.84×	0.94×	0.59×	0.30×	0.20×	0.28×	0.26×	0.25×	0.35×	0.41×
Returns
Return on equity	16.4%	17.1%	15.6%	18.3%	18.5%	20.2%	24.9%	27.6%	24.7%	25.0%	29.1%	21.4%	16.3%	(2.9%)	19.1%	19.7%	19.3%	24.5%	17.6%	18.9%	17.9%	17.1%	17.0%	17.6%	20.8%	23.6%	27.8%	26.5%	29.2%	15.8%	20.5%	18.1%	75.2%	43.5%	25.5%	(38.3%)	13.8%	19.7%	27.3%	(4.2%)	29.1%
Return on invested capital	13.4%	12.9%	11.6%	12.0%	12.0%	12.7%	14.3%	15.3%	23.6%	23.1%	28.0%	24.1%	19.4%	–	18.1%	19.7%	18.0%	20.2%	18.2%	16.1%	16.7%	13.8%	11.6%	16.6%	16.3%	22.9%	24.0%	24.9%	28.2%	17.2%	13.6%	18.5%	15.7%	11.3%	16.7%	(20.7%)	11.2%	18.8%	25.3%	–	21.6%
Dividend yield	1.8%	2.1%	2.0%	2.0%	2.3%	3.0%	2.3%	2.4%	1.7%	1.9%	2.3%	1.8%	1.8%	3.7%	2.8%	2.3%	2.2%	2.3%	1.2%	1.2%	1.4%	1.3%	1.4%	1.5%	1.4%	1.3%	1.3%	0.9%	1.9%	2.3%	2.5%	3.1%	1.9%	2.3%	1.9%	3.9%	2.2%	–	–	–	–
Financial health
Current ratio	1.44×	1.37×	1.44×	1.37×	1.43×	1.35×	1.21×	1.23×	1.40×	1.23×	1.17×	1.27×	1.48×	1.35×	1.38×	1.27×	1.28×	1.15×	1.34×	1.26×	1.33×	1.36×	1.14×	1.11×	1.07×	1.22×	1.01×	1.28×	1.31×	2.23×	2.34×	2.87×	2.13×	1.88×	1.39×	1.35×	1.92×	1.78×	1.44×	1.18×	1.17×
Debt / equity	0.31×	0.40×	0.43×	0.57×	0.65×	0.83×	0.85×	1.03×	0.34×	0.38×	0.33×	0.33×	0.27×	0.34×	0.30×	0.24×	0.31×	0.40×	0.24×	0.28×	0.40×	0.46×	0.68×	0.28×	0.43×	0.13×	0.32×	0.14×	0.19×	0.09×	0.11×	0.15×	0.17×	0.10×	0.44×	0.75×	0.47×	0.32×	0.27×	0.34×	0.33×
Effective tax rate	17.5%	16.7%	16.8%	16.0%	15.9%	15.3%	17.1%	17.8%	28.6%	26.7%	28.0%	29.7%	31.2%	180.5%	31.4%	30.7%	31.5%	31.2%	31.7%	32.3%	30.0%	32.6%	26.8%	33.6%	33.8%	28.6%	21.8%	34.8%	18.9%	34.0%	34.1%	35.0%	34.6%	(9.3%)	(13.0%)	35.3%	34.6%	16.7%	26.2%	131.7%	43.1%
Share count
Diluted shares outstanding	272	277	276	278	282	288	291	299	305	310	327	341	353	353	368	385	388	399	408	407	405	403	398	406	406	403	404	404	252	252	253	254	252	183	333	333	333	335	340	339	338

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$54,861	$52,550	$47,716	$42,272	$39,407	$38,469	$37,925	$39,350	$36,193	$30,973	$30,561	$31,781	$30,852	$30,930	$30,992	$32,677	$32,466	$31,981	$29,300	$27,240	$24,063	$20,975	$19,119	$16,369	$13,829	$12,054	$10,356	$8,959	$7,398	$5,966	$3,581	$3,067	$3,058	$3,187	$3,472	$8,751	$10,173	$10,043	$9,551	$9,344	$8,892	$8,164
Cost of revenue	($46,426)	($44,599)	($40,352)	($35,600)	($32,785)	($32,061)	($31,600)	($32,291)	($29,478)	($14,799)	($15,159)	($15,986)	($15,335)	($15,065)	($15,830)	($17,230)	($17,359)	($17,808)	($23,928)	($15,672)	($21,438)	($18,796)	($17,175)	($14,924)	($12,247)	($10,568)	($9,027)	($6,986)	($5,810)	($5,166)	($3,161)	($2,714)	($2,698)	($2,822)	($3,241)	($8,056)	($10,606)	($9,098)	($8,702)	($7,707)	($7,320)	($6,736)
Gross profit	$8,435	$7,951	$7,364	$6,672	$6,622	$6,408	$6,325	$7,059	$6,715	$16,174	$15,402	$15,795	$15,517	$15,865	$15,162	$15,447	$15,107	$14,173	$5,372	$11,568	$2,625	$2,179	$1,944	$1,445	$1,582	$1,486	$1,329	$1,973	$1,588	$800	$420	$353	$360	$365	$231	$695	($433)	$945	$848	$1,637	$1,572	$1,428
Operating expenses
Research and development	–	($486)	($565)	($510)	($480)	($415)	–	–	–	–	–	–	–	–	($1,607)	($1,539)	($1,204)	($925)	($686)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,772)	($2,595)	($2,568)	($2,427)	($2,411)	($2,245)	($2,192)	($2,417)	($2,263)	($2,006)	($1,921)	($1,937)	($1,984)	($2,039)	($2,221)	($2,030)	($1,964)	($1,954)	($1,719)	($1,643)	–	–	–	–	–	–	($647)	($570)	($509)	–	–	–	–	–	–	–	–	($52)	–	($682)	($652)	($537)
Total operating expenses	($2,772)	($2,595)	($2,568)	($2,427)	($2,411)	($2,245)	($2,192)	($2,489)	($2,321)	($11,938)	($11,658)	($11,500)	($11,628)	($12,176)	($14,397)	($11,621)	($11,162)	($10,498)	($1,719)	($8,455)	–	–	–	–	–	–	–	($770)	($670)	($124)	($67)	($38)	($39)	($56)	($56)	($303)	($378)	($413)	($326)	($1,002)	($922)	($760)
Total costs and expenses	($49,198)	($47,194)	($42,920)	($38,027)	($35,196)	($34,306)	($33,792)	($34,780)	($31,799)	($26,737)	($26,817)	($27,486)	($26,963)	($27,241)	($30,227)	($28,851)	($28,521)	($28,306)	($25,647)	($24,127)	($21,438)	($18,796)	($17,175)	($14,924)	($12,247)	($10,568)	($9,027)	($7,756)	($6,480)	($5,290)	($3,228)	($2,752)	($2,737)	($2,878)	($3,297)	($8,359)	($10,984)	($9,511)	($9,029)	($8,710)	($8,243)	($7,496)
Operating income	$5,663	$5,356	$4,796	$4,245	$4,211	$4,163	$4,133	$4,570	$4,394	$4,236	$3,744	$4,295	$3,889	$3,689	$765	$3,826	$3,945	$3,675	$3,653	$3,113	$2,625	$2,179	$1,944	$1,445	$1,582	$1,486	$1,329	$1,203	$918	$676	$353	$315	$321	$309	$175	$392	($811)	$532	$522	$634	$649	$668
Earnings
EBITDA	$6,366	$6,036	$5,440	$4,853	$4,797	$4,731	$4,656	$5,036	$4,830	$4,598	$4,109	$4,660	$4,264	$4,071	$1,141	$4,180	$4,290	$4,019	$4,100	$3,391	$3,009	$2,506	$2,266	$1,722	$1,795	$1,757	$1,555	$1,403	$1,079	$800	$420	$353	$360	$365	$231	$695	($433)	$893	–	–	–	–
Interest income	–	$88	$69	$56	$27	$7	$12	$12	$18	$14	$8	$15	$17	$17	$12	$14	$10	$11	$67	$61	$55	$36	$9	$10	$13	$12	$12	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($255)	($402)	($393)	($399)	($391)	($431)	($489)	($472)	($374)	($117)	($99)	($98)	($103)	($103)	($168)	($155)	($167)	($171)	($133)	($131)	($156)	($272)	($305)	($108)	($58)	($68)	($72)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,447	$5,103	$4,540	$3,984	$4,036	$3,873	$3,738	$4,202	$4,085	$4,077	$3,656	$4,219	$3,802	$3,611	$473	$3,718	$3,790	$3,513	$3,604	$3,047	$2,527	$2,069	$1,785	$1,372	$1,584	$1,424	$1,262	$1,126	$904	$689	$409	$375	$343	$413	$227	$331	($988)	$448	$455	$592	$198	$654
Income tax expense	($960)	($893)	($758)	($669)	($646)	($616)	($571)	($718)	($727)	($1,165)	($977)	($1,183)	($1,129)	($1,125)	($854)	($1,166)	($1,162)	($1,106)	($1,126)	($967)	($817)	($621)	($582)	($368)	($533)	($481)	($361)	($246)	($315)	($130)	($139)	($128)	($120)	($143)	$21	$43	$349	($155)	($76)	($155)	($260)	($282)
Net income	$4,487	$4,210	$3,782	$3,315	$3,390	$3,257	$3,167	$3,484	$3,345	$2,912	$2,572	$3,036	$2,533	$2,357	($332)	$2,526	$2,624	$2,394	$2,459	$2,072	$1,856	$1,461	$1,227	$1,004	$917	$943	$901	$880	$589	$559	$270	$321	$238	$885	$815	$505	($578)	$293	$379	$437	($52)	$388
Per share
Diluted EPS (GAAP)	$16.39	$15.45	$13.63	$12.02	$12.19	$11.55	$11.00	$11.98	$11.18	$9.56	$8.29	$9.29	$7.42	$6.67	($0.94)	$6.87	$6.81	$6.17	$6.17	$5.08	$4.56	$3.61	$3.05	$2.52	$2.26	$2.33	$2.24	$2.18	$1.46	$1.37	$1.07	$1.27	$0.94	$1.07	$4.47	$1.52	($1.74)	$0.88	$1.13	$1.29	($0.16)	$1.15
Basic EPS (GAAP)	$16.61	$15.65	$13.81	$12.14	$12.31	$11.61	$11.04	$12.09	$11.33	$9.73	$8.44	$9.45	$7.56	$6.72	($0.94)	$6.94	$6.88	$6.21	$6.21	$5.12	$4.60	$3.64	$3.08	$2.54	$2.28	$2.35	$2.26	$2.20	$1.48	$1.40	$1.07	$1.27	$0.94	$1.09	$4.47	$1.52	($1.74)	$0.88	$1.13	$1.29	($0.16)	$1.15
Basic shares outstanding	270	269	274	273	275	280	287	288	295	299	305	321	335	351	353	364	381	385	396	404	403	402	399	396	403	402	400	400	399	252	252	252	252	252	183	333	333	333	335	340	339	338
Margins
Gross margin	15.4%	15.1%	15.4%	15.8%	16.8%	16.7%	16.7%	17.9%	18.6%	52.2%	50.4%	49.7%	50.3%	51.3%	48.9%	47.3%	46.5%	44.3%	18.3%	42.5%	10.9%	10.4%	10.2%	8.8%	11.4%	12.3%	12.8%	22.0%	21.5%	13.4%	11.7%	11.5%	11.8%	11.5%	6.7%	7.9%	(4.3%)	9.4%	8.9%	17.5%	17.7%	17.5%
Operating margin	10.3%	10.2%	10.1%	10.0%	10.7%	10.8%	10.9%	11.6%	12.1%	13.7%	12.3%	13.5%	12.6%	11.9%	2.5%	11.7%	12.2%	11.5%	12.5%	11.4%	10.9%	10.4%	10.2%	8.8%	11.4%	12.3%	12.8%	13.4%	12.4%	11.3%	9.9%	10.3%	10.5%	9.7%	5.0%	4.5%	(8.0%)	5.3%	5.5%	6.8%	7.3%	8.2%
Net margin	8.2%	8.0%	7.9%	7.8%	8.6%	8.5%	8.4%	8.9%	9.2%	9.4%	8.4%	9.6%	8.2%	7.6%	(1.1%)	7.7%	8.1%	7.5%	8.4%	7.6%	7.7%	7.0%	6.4%	6.1%	6.6%	7.8%	8.7%	9.8%	8.0%	9.4%	7.5%	10.5%	7.8%	27.8%	23.5%	5.8%	(5.7%)	2.9%	4.0%	4.7%	(0.6%)	4.8%

Analyst consensus

Buy35 analysts

Bearish · 1 · Hold · 14 · Bullish · 20

Earnings history

	EPS	Estimate
Q3 2024	$3.35	$3.48	Miss
Q4 2024	$4.15	$4.07	Beat
Q1 2025	$3.66	$3.49	Beat
Q2 2025	$3.74	$3.55	Beat
Q3 2025	$3.88	$3.70	Beat
Q4 2025	$4.17	$4.11	Beat
Q1 2026	$4.10	$3.67	Beat
Q2 2026	$4.24	$3.96	Beat

Peers

Company overview

IPO dateJan 13, 1978

CEOPhebe N. Novakovic

Employees117,000

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNew York Stock Exchange

Websitewww.gd.com

General Dynamics Corporation is a global leader in the aerospace and defense industry, with its operations structured across four key divisions: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment focuses on the design, production, and sale of business jets, alongside offering a full suite of aviation services including aircraft maintenance, repair, management, charter services, and ground support. Marine Systems specializes in shipbuilding for the U.S. Navy, constructing nuclear-powered submarines, surface warships, and auxiliary vessels. This division also builds various commercial ships, such as tankers and cargo carriers. Furthermore, it provides extensive maintenance, modernization, and lifecycle support, along with engineering and design services for both naval and commercial fleets. Combat Systems is dedicated to creating land-based defense solutions, manufacturing a diverse range of products including wheeled and tracked combat vehicles (like the Stryker and Piranha), main battle tanks, armored vehicles, weapon systems, munitions, and mobile bridge systems. This segment also delivers modernization programs, engineering expertise, and ongoing sustainment services. The Technologies division offers sophisticated information technology and mission support services, catering primarily to military, intelligence, and federal civilian clients. Its offerings span mobile communication, computing, command-and-control systems, and intelligence, surveillance, and reconnaissance (ISR) capabilities. Additionally, this segment is deeply involved in cutting-edge areas such as cloud computing, artificial intelligence, machine learning, big data analytics, DevOps, software-defined networks, "everything-as-a-service" models, defense enterprise office systems, and the assembly of unmanned undersea vehicles. Established in 1899, General Dynamics Corporation is headquartered in Reston, Virginia.

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