NYSE : GD
General Dynamics Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 372.59 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 100.53B
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Financial statements
General Dynamics Corporation (GD) reported revenue of 56.52B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 56.52B | 52.55B | 47.72B | 42.27B | 39.41B | 38.47B |
| Cost of Revenue | 47.80B | 44.60B | 40.35B | 35.60B | 32.78B | 32.06B |
| Gross Profit | 8.72B | 7.95B | 7.36B | 6.67B | 6.62B | 6.41B |
| Selling, General & Admin | 2.85B | 2.53B | 2.60B | 2.96B | 2.02B | 2.03B |
| Operating Expenses | 2.85B | 2.53B | 2.60B | 2.96B | 2.02B | 2.03B |
| Operating Income | 5.87B | 5.42B | 4.77B | 3.71B | 4.60B | 4.38B |
| Interest Expense | -314.00M | -402.00M | -393.00M | -399.00M | -391.00M | -431.00M |
| Interest & Investment Income | 88.00M | 88.00M | 69.00M | 56.00M | 27.00M | 7.00M |
| Other Non Operating Income (Expenses) | 17.00M | -3.00M | 95.00M | 620.00M | -201.00M | -84.00M |
| Pretax Income | 5.66B | 5.10B | 4.54B | 3.98B | 4.04B | 3.87B |
| Income Tax Expense | 1.00B | 893.00M | 758.00M | 669.00M | 646.00M | 616.00M |
| Earnings From Continuing Operations | 4.66B | 4.21B | 3.78B | 3.31B | 3.39B | 3.26B |
| Net Income | 4.66B | 4.21B | 3.78B | 3.31B | 3.39B | 3.26B |
| Net Income to Common | 4.66B | 4.21B | 3.78B | 3.31B | 3.39B | 3.26B |
| Shares Outstanding (Basic) | 270.12M | 269.08M | 273.86M | 273.14M | 275.31M | 280.43M |
| Shares Outstanding (Diluted) | 273.97M | 272.43M | 277.49M | 275.73M | 278.17M | 282.02M |
| EPS (Basic) | 17.24 | 15.65 | 13.81 | 12.14 | 12.31 | 11.61 |
| EPS (Diluted) | 16.99 | 15.45 | 13.63 | 12.02 | 12.19 | 11.55 |
| Free Cash Flow | 5.77B | 3.95B | 3.19B | 3.80B | 3.48B | 3.36B |
| Free Cash Flow Per Share | 21.05 | 14.50 | 11.50 | 13.79 | 12.53 | 11.93 |
| Dividend Per Share | 6.27 | 6.00 | 5.68 | 5.28 | 5.04 | 4.76 |
| Gross Margin | 15.42% | 15.13% | 15.43% | 15.78% | 16.80% | 16.66% |
| Operating Margin | 10.39% | 10.31% | 9.99% | 8.77% | 11.68% | 11.39% |
| Profit Margin | 8.24% | 8.01% | 7.93% | 7.84% | 8.60% | 8.47% |
| Free Cash Flow Margin | 10.20% | 7.51% | 6.69% | 8.99% | 8.84% | 8.74% |
| EBITDA | 6.82B | 6.34B | 5.66B | 4.57B | 5.49B | 5.27B |
| EBITDA Margin | 12.07% | 12.07% | 11.85% | 10.81% | 13.92% | 13.70% |
| D&A For EBITDA | 950.00M | 924.00M | 886.00M | 863.00M | 884.00M | 890.00M |
| EBIT | 5.87B | 5.42B | 4.77B | 3.71B | 4.60B | 4.38B |
| EBIT Margin | 10.39% | 10.31% | 9.99% | 8.77% | 11.68% | 11.39% |
| Effective Tax Rate | 17.73% | 17.50% | 16.70% | 16.79% | 16.01% | 15.90% |
| Revenue as Reported | 56.52B | 52.55B | 47.72B | 42.27B | 39.41B | 38.47B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.39B | 2.33B | 1.70B | 1.91B | 1.24B | 1.60B |
| Cash & Short-Term Investments | 4.39B | 2.33B | 1.70B | 1.91B | 1.24B | 1.60B |
| Receivables | 11.44B | 10.79B | 11.22B | 11.00B | 11.80B | 11.54B |
| Inventory | 9.12B | 9.23B | 9.72B | 8.58B | 6.32B | 5.34B |
| Other Current Assets | 1.93B | 1.90B | 1.74B | 2.12B | 1.70B | 1.50B |
| Total Current Assets | 26.87B | 24.25B | 24.39B | 23.61B | 21.06B | 19.99B |
| Property, Plant & Equipment | 7.85B | 9.20B | 8.26B | 7.88B | 7.39B | 6.99B |
| Goodwill | 20.85B | 21.01B | 20.56B | 20.59B | 20.33B | 20.10B |
| Other Intangible Assets | 1.23B | 1.38B | 1.52B | 1.66B | 1.82B | 1.98B |
| Long-Term Deferred Tax Assets | 24.00M | 19.00M | 19.00M | 28.00M | 39.00M | 41.00M |
| Other Long-Term Assets | 3.38B | 1.40B | 1.14B | 1.04B | 935.00M | 976.00M |
| Total Assets | 60.20B | 57.25B | 55.88B | 54.81B | 51.59B | 50.07B |
| Accounts Payable | 3.17B | 2.68B | 3.34B | 3.10B | 3.40B | 3.17B |
| Accrued Expenses | 1.60B | 1.36B | 1.57B | 1.43B | 1.33B | 1.58B |
| Current Portion of Long-Term Debt | 756.00M | 1.01B | 1.50B | 507.00M | 1.25B | 1.00B |
| Current Portion of Leases | 334.00M | 299.00M | 319.00M | 325.00M | 288.00M | 337.00M |
| Current Unearned Revenue | 11.08B | 9.82B | 9.49B | 9.56B | 7.44B | 6.27B |
| Other Current Liabilities | 1.89B | 1.63B | 1.60B | 1.51B | 1.64B | 1.62B |
| Total Current Liabilities | 18.83B | 16.80B | 17.82B | 16.43B | 15.34B | 13.98B |
| Long-Term Debt | 6.26B | 7.01B | 7.26B | 8.75B | 9.24B | 10.49B |
| Long-Term Leases | 1.68B | 1.48B | 1.59B | 1.50B | 1.33B | 1.34B |
| Long-Term Unearned Revenue | 2.62B | 2.65B | 3.00B | 2.58B | 2.17B | 1.25B |
| Pension & Post-Retirement Benefits | 545.00M | 1.13B | 2.02B | 2.22B | 2.45B | 2.81B |
| Other Long-Term Liabilities | 2.98B | 2.56B | 2.12B | 2.03B | 2.48B | 2.56B |
| Total Liabilities | 32.91B | 31.63B | 33.82B | 33.51B | 33.02B | 32.43B |
| Common Stock | 482.00M | 482.00M | 482.00M | 482.00M | 482.00M | 482.00M |
| Additional Paid-In Capital | 4.65B | 4.40B | 4.06B | 3.76B | 3.56B | 3.28B |
| Retained Earnings | 46.30B | 44.08B | 41.49B | 39.27B | 37.40B | 35.42B |
| Treasury Stock | -23.40B | -22.86B | -22.45B | -21.05B | -20.72B | -19.62B |
| Comprehensive Income & Other | -732.00M | -483.00M | -1.52B | -1.16B | -2.15B | -1.92B |
| Shareholders' Equity | 27.29B | 25.62B | 22.06B | 21.30B | 18.57B | 17.64B |
| Total Liabilities & Equity | 60.20B | 57.25B | 55.88B | 54.81B | 51.59B | 50.07B |
| Total Debt | 9.03B | 9.79B | 10.68B | 11.08B | 12.11B | 13.18B |
| Net Cash (Debt) | -4.64B | -7.46B | -8.98B | -9.17B | -10.87B | -11.57B |
| Net Cash Per Share | -16.94 | -27.37 | -32.36 | -33.26 | -39.08 | -41.03 |
| Filing Date Shares Outstanding | 269.82M | 269.98M | 269.95M | 273.54M | 273.94M | 277.17M |
| Total Common Shares Outstanding | 269.82M | 269.98M | 269.94M | 273.16M | 273.92M | 277.09M |
| Working Capital | 8.05B | 7.45B | 6.56B | 7.18B | 5.72B | 6.01B |
| Book Value Per Share | 101.15 | 94.90 | 81.73 | 77.97 | 67.79 | 63.67 |
| Tangible Book Value | 5.21B | 3.24B | -13.00M | -943.00M | -3.59B | -4.43B |
| Tangible Book Value Per Share | 19.32 | 11.99 | -0.05 | -3.45 | -13.11 | -16.01 |
| Land | 522.00M | 438.00M | 454.00M | 414.00M | 414.00M | |
| Buildings | 5.76B | 4.89B | 4.65B | 4.24B | 3.71B | |
| Machinery | 7.38B | 7.07B | 6.81B | 6.62B | 6.28B | |
| Construction In Progress | 1.46B | 1.17B | 1.09B | 1.02B | 1.06B | |
| Order Backlog | 118.05B | 90.60B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.66B | 4.21B | 3.78B | 3.31B | 3.39B | 3.26B |
| Depreciation & Amortization | 950.00M | 924.00M | 886.00M | 863.00M | 884.00M | 890.00M |
| Stock-Based Compensation | 219.00M | 196.00M | 183.00M | 181.00M | 165.00M | 126.00M |
| Other Operating Activities | -633.00M | -402.00M | 111.00M | -493.00M | -540.00M | -638.00M |
| Change in Accounts Receivable | 536.00M | 410.00M | -245.00M | 951.00M | -210.00M | -272.00M |
| Change in Inventory | 689.00M | 450.00M | -1.20B | -2.22B | -980.00M | 405.00M |
| Change in Accounts Payable | -295.00M | -664.00M | 247.00M | -303.00M | 224.00M | 194.00M |
| Change in Unearned Revenue | 1.18B | -4.00M | 343.00M | 2.42B | 2.08B | 354.00M |
| Change in Income Taxes | -436.00M | -45.00M | ||||
| Operating Cash Flow | 7.29B | 5.11B | 4.11B | 4.71B | 4.60B | 4.25B |
| Capital Expenditures | -1.53B | -1.16B | -916.00M | -904.00M | -1.11B | -887.00M |
| Other Investing Activities | -235.00M | -123.00M | -37.00M | -37.00M | -375.00M | 5.00M |
| Investing Cash Flow | -1.76B | -1.28B | -953.00M | -941.00M | -1.49B | -882.00M |
| Short-Term Debt Issued | 2.00B | |||||
| Long-Term Debt Issued | 747.00M | 1.50B | ||||
| Total Debt Issued | 747.00M | 3.49B | ||||
| Short-Term Debt Repaid | -2.00B | |||||
| Long-Term Debt Repaid | -1.50B | -500.00M | -1.25B | -1.00B | -3.00B | |
| Total Debt Repaid | -1.00B | -1.50B | -500.00M | -1.25B | -1.00B | -5.00B |
| Net Debt Issued (Repaid) | -1.00B | -753.00M | -500.00M | -1.25B | -1.00B | -1.50B |
| Repurchase of Common Stock | -641.00M | -637.00M | -1.50B | -434.00M | -1.23B | -1.83B |
| Common Dividends Paid | -1.67B | -1.59B | -1.53B | -1.43B | -1.37B | -1.31B |
| Other Financing Activities | -355.00M | -207.00M | 161.00M | 18.00M | 127.00M | 56.00M |
| Financing Cash Flow | -3.66B | -3.19B | -3.37B | -3.09B | -3.47B | -4.59B |
| Net Cash Flow | 1.87B | 636.00M | -216.00M | 671.00M | -361.00M | -1.22B |
| Free Cash Flow | 5.77B | 3.95B | 3.19B | 3.80B | 3.48B | 3.36B |
| Free Cash Flow Margin | 10.20% | 7.51% | 6.69% | 8.99% | 8.84% | 8.74% |
| Free Cash Flow Per Share | 21.05 | 14.50 | 11.50 | 13.79 | 12.53 | 11.93 |
| Levered Free Cash Flow | 4.55B | 3.36B | 2.30B | 2.13B | 2.29B | 2.94B |
| Unlevered Free Cash Flow | 4.75B | 3.61B | 2.55B | 2.38B | 2.54B | 3.21B |
| Cash Interest Paid | 382.00M | 376.00M | 385.00M | 378.00M | 383.00M | 433.00M |
| Cash Income Tax Paid | 829.00M | 568.00M | 560.00M | 1.10B | 1.25B | 740.00M |
| Change in Working Capital | 2.11B | 192.00M | -850.00M | 844.00M | 680.00M | 636.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 100.53B | 90.80B | 72.34B | 70.74B | 67.99B | 58.11B |
| Enterprise Value | 105.17B | 98.16B | 81.40B | 80.38B | 78.61B | 70.28B |
| Last Close Price | 372.59 | 330.68 | 253.60 | 244.97 | 228.68 | 187.92 |
| PE Ratio | 21.93 | 21.57 | 19.13 | 21.34 | 20.05 | 17.84 |
| Forward PE | 20.47 | 20.50 | 16.88 | 17.70 | 18.58 | 17.07 |
| PS Ratio | 1.78 | 1.73 | 1.52 | 1.67 | 1.73 | 1.51 |
| PB Ratio | 3.68 | 3.54 | 3.28 | 3.32 | 3.66 | 3.29 |
| P/TBV Ratio | 19.29 | 28.04 | ||||
| P/FCF Ratio | 17.43 | 22.99 | 22.68 | 18.61 | 19.51 | 17.27 |
| P/OCF Ratio | 13.78 | 17.77 | 17.62 | 15.03 | 14.78 | 13.67 |
| PEG Ratio | 2.26 | 1.83 | 1.23 | 1.86 | 1.71 | 1.78 |
| EV/Sales Ratio | 1.86 | 1.87 | 1.71 | 1.90 | 2.00 | 1.83 |
| EV/EBITDA Ratio | 15.42 | 15.47 | 14.39 | 17.59 | 14.33 | 13.33 |
| EV/EBIT Ratio | 17.92 | 18.11 | 17.07 | 21.68 | 17.09 | 16.04 |
| EV/FCF Ratio | 18.24 | 24.86 | 25.52 | 21.14 | 22.56 | 20.89 |
| Debt / Equity Ratio | 0.33 | 0.38 | 0.48 | 0.52 | 0.65 | 0.75 |
| Debt / EBITDA Ratio | 1.25 | 1.45 | 1.76 | 2.22 | 2.06 | 2.33 |
| Debt / FCF Ratio | 1.57 | 2.48 | 3.35 | 2.92 | 3.48 | 3.92 |
| Net Debt / Equity Ratio | 0.17 | 0.29 | 0.41 | 0.43 | 0.59 | 0.66 |
| Net Debt / EBITDA Ratio | 0.68 | 1.18 | 1.59 | 2.01 | 1.98 | 2.19 |
| Net Debt / FCF Ratio | 0.81 | 1.89 | 2.81 | 2.41 | 3.12 | 3.44 |
| Asset Turnover | 0.96 | 0.93 | 0.86 | 0.80 | 0.78 | 0.76 |
| Inventory Turnover | 5.05 | 4.71 | 4.41 | 4.78 | 5.62 | 5.79 |
| Quick Ratio | 0.84 | 0.78 | 0.72 | 0.79 | 0.85 | 0.94 |
| Current Ratio | 1.43 | 1.44 | 1.37 | 1.44 | 1.37 | 1.43 |
| Return on Equity (ROE) | 18.01% | 17.66% | 17.44% | 16.63% | 18.73% | 19.56% |
| Return on Assets (ROA) | 6.23% | 5.99% | 5.39% | 4.35% | 5.66% | 5.40% |
| Return on Invested Capital (ROIC) | 15.11% | 13.95% | 12.92% | 10.30% | 13.18% | 12.98% |
| Return on Capital Employed (ROCE) | 14.20% | 13.40% | 12.50% | 9.70% | 12.70% | 12.10% |
| Earnings Yield | 4.56% | 4.64% | 5.23% | 4.69% | 4.99% | 5.61% |
| FCF Yield | 5.74% | 4.35% | 4.41% | 5.38% | 5.13% | 5.79% |
| Dividend Yield | 1.71% | 1.78% | 2.12% | 2.04% | 2.03% | 2.27% |
| Payout Ratio | 37.44% | 37.84% | 40.43% | 43.08% | 40.38% | 40.38% |
| Buyback Yield / Dilution | -0.30% | 1.82% | -0.64% | 0.88% | 1.36% | 2.05% |
| Total Shareholder Return | 1.41% | 3.61% | 1.48% | 2.92% | 3.40% | 4.32% |