GENERAL DYNAMICS CORP GD

Consumer discretionary SIC 3730 - Ship & Boat Building & Repairing NAICS Manufacturing › Transportation Equipment Manufacturing › Ship and Boat Building derived NYSE

General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer 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. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders.

Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments. To ensure market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results. This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital.

Last close 349.36 2026-10-23
Market cap $94.48B 2026-04-05 share count
52-week range 306.77 - 400.00

Valuation FY2025 figures against the last close

P/S1.8x
P/E22.6x
P/FCF23.9x
EV/EBITDA16.6x
Dividend yield1.7%
Diluted EPS15.45

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Marine Systems
  • Technologies
  • Aerospace
  • Combat Systems
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Marine Systems, FY2025: 16.7B (31.8%) 32% Marine Systems Technologies, FY2025: 13.5B (25.6%) 26% Technologies Aerospace, FY2025: 13.1B (24.9%) 25% Aerospace Combat Systems, FY2025: 9.2B (17.6%) 18% Combat Systems FY2024 Marine Systems, FY2024: 14.3B (30.1%) 30% Technologies, FY2024: 13.1B (27.5%) 28% Aerospace, FY2024: 11.2B (23.6%) 24% Combat Systems, FY2024: 9B (18.9%) 19% FY2023 Marine Systems, FY2023: 12.5B (29.5%) 29% Technologies, FY2023: 12.9B (30.6%) 31% Aerospace, FY2023: 8.6B (20.4%) 20% Combat Systems, FY2023: 8.3B (19.6%) 20%
Segment FY2025FY2024FY2023
Marine Systems $16.72B $14.34B $12.46B
Technologies $13.47B $13.13B $12.92B
Aerospace $13.11B $11.25B $8.62B
Combat Systems $9.25B $9.00B $8.27B

As the company reported it, from the “Segment Information (Segment Reporting Information) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $52.55B$47.72B$42.27B$39.41B$38.47B$37.92B$39.35B$36.19B$30.97B$30.56B
Cost of revenue ——————$32.29B$29.48B$24.73B$24.90B
Gross profit ——————$7.06B$6.71B$6.24B$5.67B
SG&A $2.60B$2.57B$2.43B$2.41B$2.25B$2.19B$2.42B$2.26B$2.01B$1.92B
Total operating expenses $47.19B$42.92B$38.03B$35.20B$34.31B$33.79B$34.78B$31.80B$26.74B$26.82B
Operating income $5.36B$4.80B$4.25B$4.21B$4.16B$4.13B$4.57B$4.39B$4.24B$3.74B
Interest expense $314.0M$324.0M$343.0M$364.0M$431.0M$489.0M$472.0M$374.0M$117.0M$99.0M
Pre-tax income $5.10B$4.54B$3.98B$4.04B$3.87B$3.74B$4.20B$4.08B$4.08B$3.66B
Income tax $893.0M$758.0M$669.0M$646.0M$616.0M$571.0M$718.0M$727.0M$1.17B$977.0M
Net income $4.21B$3.78B$3.31B$3.39B$3.26B$3.17B$3.48B$3.35B$2.91B$2.57B
EPS, basic 15.6513.8112.1412.3111.6111.0412.0911.339.738.44
EPS, diluted 15.4513.6312.0212.1911.5511.0011.9811.189.568.29
Shares, diluted (wtd. avg.) 272.4M277.5M275.7M278.2M282.0M287.9M290.8M299.2M304.6M310.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.33B$1.70B$1.91B$1.24B$1.60B$2.82B$902.0M$963.0M$2.98B$2.33B
Receivables $2.41B$2.98B$3.00B$3.01B$3.04B$3.16B$3.54B$3.76B$3.62B$3.40B
Inventory $9.23B$9.72B$8.58B$6.32B$5.34B$5.75B$6.31B$5.98B$5.30B$5.12B
Total current assets $24.25B$24.39B$23.61B$21.06B$19.99B$21.54B$20.29B$18.19B$18.33B$16.53B
Property, plant and equipment $7.53B$6.47B$6.20B$5.90B$5.42B$5.10B$4.47B$3.98B$3.52B$3.48B
Goodwill $21.01B$20.56B$20.59B$20.33B$20.10B$20.05B$19.68B$19.59B$11.91B$11.45B
Other intangibles $1.38B$1.52B$1.66B$1.82B$1.98B$2.12B$2.31B$2.58B$702.0M$678.0M
Total assets $57.25B$55.88B$54.81B$51.59B$50.07B$51.31B$49.35B$45.89B$35.05B$33.17B
Accounts payable $2.68B$3.34B$3.10B$3.40B$3.17B$2.95B$3.16B$3.18B$3.21B$2.54B
Short-term debt $1.01B$1.50B$507.0M$1.25B$1.00B$3.00B$2.92B$973.0M$2.0M$900.0M
Total current liabilities $16.80B$17.82B$16.43B$15.34B$13.98B$15.96B$16.80B$14.74B$13.10B$13.45B
Long-term debt $7.01B$7.26B$8.75B$9.24B$10.49B$9.99B$9.01B$11.44B$3.98B$2.99B
Retained earnings $44.08B$41.49B$39.27B$37.40B$35.42B$33.50B$31.63B$29.33B$26.44B$24.54B
Total equity $25.62B$22.06B$21.30B$18.57B$17.64B$15.66B$13.98B$12.11B$11.80B$10.30B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $5.12B$4.11B$4.71B$4.58B$4.27B$3.86B$2.98B$3.15B$3.88B$2.16B
Depreciation and amortisation $680.0M$644.0M$608.0M$586.0M$568.0M$523.0M$466.0M$436.0M$362.0M$365.0M
Stock-based compensation $196.0M$183.0M$181.0M$165.0M$126.0M$128.0M$133.0M$140.0M$123.0M$95.0M
Capital expenditure $1.16B$916.0M$904.0M$1.11B$887.0M$967.0M$987.0M$690.0M$428.0M$392.0M
Investing cash flow -$1.28B-$953.0M-$941.0M-$1.49B-$882.0M-$974.0M-$994.0M-$10.23B-$788.0M-$391.0M
Financing cash flow -$3.19B-$3.37B-$3.09B-$3.47B-$4.59B-$903.0M-$2.00B$5.09B-$2.40B-$2.17B
Dividends paid $1.59B$1.53B$1.43B$1.37B$1.31B$1.24B$1.15B$1.07B$986.0M$911.0M
Buybacks $637.0M$1.50B$434.0M$1.23B$1.83B$587.0M$231.0M$1.77B$1.56B$2.00B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000040533-26-000006.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B Revenue, FY2016: 30.6B Gross profit, FY2016: 5.7B Net income, FY2016: 2.6B Revenue, FY2017: 31B Gross profit, FY2017: 6.2B Net income, FY2017: 2.9B Revenue, FY2018: 36.2B Gross profit, FY2018: 6.7B Net income, FY2018: 3.3B Revenue, FY2019: 39.4B Gross profit, FY2019: 7.1B Net income, FY2019: 3.5B Revenue, FY2020: 37.9B Net income, FY2020: 3.2B Revenue, FY2021: 38.5B Net income, FY2021: 3.3B Revenue, FY2022: 39.4B Net income, FY2022: 3.4B Revenue, FY2023: 42.3B Net income, FY2023: 3.3B Revenue, FY2024: 47.7B Net income, FY2024: 3.8B Revenue, FY2025: 52.5B Net income, FY2025: 4.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $30.56B $30.97B $36.19B $39.35B $37.92B $38.47B $39.41B $42.27B $47.72B $52.55B
Gross profit $5.67B $6.24B $6.71B $7.06B — — — — — —
Net income $2.57B $2.91B $3.35B $3.48B $3.17B $3.26B $3.39B $3.31B $3.78B $4.21B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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