General Dynamics (GD) FY2016 results: revenue $30.6 billion, down 3.8% on the year
General Dynamics Corp. (GD) reported revenue of $30.6 billion for fiscal 2016, the year ended 31 December 2016, down 3.8% on the year before. Net income was $2.6 billion, down 15.3%, and diluted earnings per share $9.52. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2017.
Revenue
$30.6 billion
-3.8% on the year
FY2009FY2016
Operating margin
12.3%
13.5% a year earlier
FY2009FY2016
Net income
$2.6 billion
-15.3% on the year
FY2009FY2016
Diluted EPS
$9.52
+4.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
30,561
31,781
30,852
-3.8%
Cost of revenue
24,896
25,549
24,979
-2.6%
Gross profit
5,665
6,232
5,873
-9.1%
Gross margin
18.5%
19.6%
19.0%
Operating income
3,744
4,295
3,889
-12.8%
Operating margin
12.3%
13.5%
12.6%
Interest expense
99.0
98.0
103
+1.0%
Pre-tax income
3,656
4,219
3,802
-13.3%
Income tax
977
1,183
1,129
-17.4%
Effective tax rate
26.7%
28.0%
29.7%
Net income
2,572
3,036
2,533
-15.3%
Net margin
8.4%
9.6%
8.2%
Diluted EPS
$9.52
$9.08
$7.42
+4.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,163
2,499
3,728
-13.4%
Capital expenditure
392
569
521
-31.1%
Free cash flow
1,771
1,930
3,207
-8.2%
Free cash flow margin
5.8%
6.1%
10.4%
Cash from investing
n/a
200
-1,102
Cash from financing
n/a
-4,259
-3,575
Depreciation and amortisation
453
481
496
-5.8%
Share-based compensation
95.0
98.0
128
-3.1%
Buybacks
1,996
3,233
3,382
-38.3%
Dividends paid
911
873
822
+4.4%
Diluted shares, weighted
310m
327m
341m
-5.0%
Shares outstanding at period end
302m
313m
332m
-3.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
10,301
10,440
11,829
-1.3%
Debt
3,924
3,425
3,911
+14.6%
Other liabilities
18,947
18,673
19,615
+1.5%
Total liabilities and equity
33,172
32,538
35,355
+1.9%
Fixed assets
3,477
3,466
3,329
+0.3%
Goodwill
11,445
11,443
11,731
+0.0%
Intangible assets
678
763
912
-11.1%
Trading assets
0.0
0.0
0.0
Cash and equivalents
2,334
2,785
4,388
-16.2%
Receivables
3,399
3,446
4,050
-1.4%
Inventory
5,118
3,366
3,221
+52.0%
Other assets
6,721
7,269
7,724
-7.5%
Total assets
33,172
32,538
35,355
+1.9%
10-K for the year ended 31 December 2016, filed 6 February 2017: the filing.