General Dynamics (GD) FY2015 results: revenue $31.8 billion, up 3.0% on the year
General Dynamics Corp. (GD) reported revenue of $31.8 billion for fiscal 2015, the year ended 31 December 2015, up 3.0% on the year before. Net income was $3.0 billion, up 19.9%, and diluted earnings per share $9.08. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2016.
Revenue
$31.8 billion
+3.0% on the year
FY2008FY2015
Operating margin
13.5%
12.6% a year earlier
FY2008FY2015
Net income
$3.0 billion
+19.9% on the year
FY2008FY2015
Diluted EPS
$9.08
+22.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
31,781
30,852
30,930
+3.0%
Cost of revenue
25,549
24,979
25,454
+2.3%
Gross profit
6,232
5,873
n/a
+6.1%
Gross margin
19.6%
19.0%
n/a
Operating income
4,295
3,889
3,685
+10.4%
Operating margin
13.5%
12.6%
11.9%
Interest expense
98.0
103
103
-4.9%
Pre-tax income
4,219
3,802
3,607
+11.0%
Income tax
1,183
1,129
1,125
+4.8%
Effective tax rate
28.0%
29.7%
31.2%
Net income
3,036
2,533
2,357
+19.9%
Net margin
9.6%
8.2%
7.6%
Diluted EPS
$9.08
$7.42
$6.67
+22.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,499
3,728
3,106
-33.0%
Capital expenditure
569
521
436
+9.2%
Free cash flow
1,930
3,207
2,670
-39.8%
Free cash flow margin
6.1%
10.4%
8.6%
Cash from investing
200
-1,102
-363
Cash from financing
-4,259
-3,575
-725
Depreciation and amortisation
481
496
525
-3.0%
Share-based compensation
98.0
128
120
-23.4%
Buybacks
3,233
3,382
740
-4.4%
Dividends paid
873
822
591
+6.2%
Diluted shares, weighted
327m
341m
353m
-4.3%
Shares outstanding at period end
313m
332m
353m
-5.8%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
10,440
11,829
14,501
-11.7%
Debt
3,425
3,911
3,909
-12.4%
Other liabilities
18,673
19,615
17,038
-4.8%
Total liabilities and equity
32,538
35,355
35,448
-8.0%
Fixed assets
3,466
3,329
3,359
+4.1%
Goodwill
11,443
11,731
11,932
-2.5%
Intangible assets
763
912
1,044
-16.3%
Trading assets
0.0
0.0
n/a
Cash and equivalents
2,785
4,388
5,301
-36.5%
Receivables
3,446
4,050
4,370
-14.9%
Inventory
3,366
3,221
2,890
+4.5%
Other assets
7,269
7,724
6,552
-5.9%
Total assets
32,538
35,355
35,448
-8.0%
10-K for the year ended 31 December 2015, filed 8 February 2016: the filing.