GENERAL DYNAMICS CORP

Listed Company

GDCIK 0000040533NYSELarge AcceleratedShip & Boat Building & RepairingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$52.55B

Net Income

$4.21B

Total Assets

$57.25B

Equity

$25.62B

Shares Out

270.43M

Op. Cash Flow

$5.12B

Business

GENERAL DYNAMICS CORP is a global aerospace and defense company that designs, engineers and manufactures advanced systems and provides integrated mission support to government and commercial customers. It offers business jet aircraft and related maintenance and FBO services; naval shipbuilding, repair and lifecycle support; land combat vehicles, weapons systems and munitions; and information technology, C5ISR and mission engineering solutions. The company operates through four reportable segments — Aerospace, Marine Systems, Combat Systems and Technologies — each organized into multiple business units. It sells principally to the U.S. government and to commercial and non‑U.S. customers through prime contracts, subcontracting arrangements, factory service centers, shipyards and a global support and FBO network.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	52,550	47,716	42,272	39,407	38,469
General and administrative (G&A)	−2,595	−2,568	−2,427	−2,411	−2,245
Operating costs and expenses, Total	−47,194	−42,920	−38,027	−35,196	−34,306
Operating earnings	5,356	4,796	4,245	4,211	4,163
Other, net	61	68	82	189	134
Interest, net	−314	−324	−343	−364	−424
Earnings before income tax	5,103	4,540	3,984	4,036	3,873
Provision for income tax, net	−893	−758	−669	−646	−616
Net earnings	4,210	3,782	3,315	3,390	3,257
Basic (in dollars per share)	15.65	13.81	12.14	12.31	11.61
Diluted (in dollars per share)	15.45	13.63	12.02	12.19	11.55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	2,300	1,700	1,900	1,200	1,600
Accounts receivable	2,406	2,977	3,004	3,008	3,041
Unbilled receivables	8,380	8,248	7,997	8,795	8,498
Inventories	9,232	9,724	8,578	6,322	5,340
Other current assets	1,897	1,740	2,123	1,696	1,505
Total current assets	24,248	24,386	23,615	21,063	19,987
Property, plant and equipment, net	7,525	6,467	6,198	5,900	5,417
Intangible assets, net	1,375	1,520	1,656	1,824	1,978
Goodwill	21,009	20,556	20,586	20,334	20,098
Other assets	3,092	2,951	2,755	2,464	2,593
Total noncurrent assets	33,001	31,494	31,195	30,522	30,086
Total assets	57,249	55,880	54,810	51,585	50,073
Short-term debt and current portion of long-term debt	1,006	1,502	507	1,253	1,005
Accounts payable	2,678	3,344	3,095	3,398	3,167
Customer advances and deposits	9,824	9,491	9,564	7,436	6,266
Other current liabilities	3,288	3,487	3,266	3,254	3,540
Total current liabilities	16,796	17,824	16,432	15,341	13,978
Long-term debt	7,007	7,260	8,754	9,243	10,490
Other liabilities	7,824	8,733	8,325	8,433	7,964
Commitments and contingencies (see Note M)	—	—	—	—	—
Total noncurrent liabilities	14,831	15,993	17,079	17,676	18,454
Common stock	482	482	482	482	482
Surplus	4,403	4,062	3,760	3,556	3,278
Retained earnings	44,080	41,487	39,270	37,403	35,420
Treasury stock	−22,860	−22,450	−21,054	−20,721	−19,619
Accumulated other comprehensive loss	−483	−1,518	−1,159	−2,152	−1,920
Total shareholders equity	25,622	22,063	21,299	18,568	17,641
Total liabilities and shareholders equity	57,249	55,880	54,810	51,585	50,073

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property, plant and equipment	680	644	608	586	568
Amortization of intangible and finance lease right-of-use assets	244	242	255	298	322
Equity-based compensation expense	196	183	181	165	126
Deferred income tax provision (benefit)	256	−86	−177	−178	−66
Accounts receivable	556	16	38	46	138
Unbilled receivables	−146	−261	913	−256	−410
Inventories	450	−1,195	−2,219	−980	405
Accounts payable	−664	247	−303	224	194
Customer advances and deposits	−4	343	2,415	2,082	354
Other, net	−658	197	−316	−362	−572
Net cash provided by operating activities	5,120	4,112	4,710	4,579	4,271
Capital expenditures	−1,161	−916	−904	−1,114	−887
Other, net	−123	−37	−37	−375	5
Net cash used by investing activities	−1,284	−953	−941	−1,489	−882
Dividends paid	−1,600	−1,500	−1,400	−1,400	−1,300
Repayment of fixed-rate notes	−1,500	−500	−1,250	−1,000	—
Proceeds from fixed-rate notes	747	0	0	0	1,497
Purchases of common stock	−637	−1,501	−434	−1,229	−1,828
Other, net	−207	161	18	127	56
Net cash used by financing activities	−3,190	−3,369	−3,094	−3,471	−4,590
Net cash used by discontinued operations	−10	−6	−4	20	−20
Net increase (decrease) in cash and equivalents	636	−216	671	−361	−1,221

Filings

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