General Dynamics (GD) FY2017 results: revenue $31.0 billion, up 1.3% on the year
General Dynamics Corp. (GD) reported revenue of $31.0 billion for fiscal 2017, the year ended 31 December 2017, up 1.3% on the year before. Net income was $2.9 billion, up 13.2%, and diluted earnings per share $9.56. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2018.
Revenue
$31.0 billion
+1.3% on the year
FY2010FY2017
Operating margin
13.7%
12.3% a year earlier
FY2010FY2017
Net income
$2.9 billion
+13.2% on the year
FY2010FY2017
Diluted EPS
$9.56
+0.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
30,973
30,561
31,781
+1.3%
Cost of revenue
24,731
24,896
25,549
-0.7%
Gross profit
6,242
5,665
6,232
+10.2%
Gross margin
20.2%
18.5%
19.6%
Operating income
4,236
3,744
4,295
+13.1%
Operating margin
13.7%
12.3%
13.5%
Interest expense
117
99.0
98.0
+18.2%
Pre-tax income
4,077
3,656
4,219
+11.5%
Income tax
1,165
977
1,183
+19.2%
Effective tax rate
28.6%
26.7%
28.0%
Net income
2,912
2,572
3,036
+13.2%
Net margin
9.4%
8.4%
9.6%
Diluted EPS
$9.56
$9.52
$9.08
+0.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,876
2,163
2,499
+79.2%
Capital expenditure
428
392
569
+9.2%
Free cash flow
3,448
1,771
1,930
+94.7%
Free cash flow margin
11.1%
5.8%
6.1%
Cash from investing
-788
n/a
200
Cash from financing
-2,399
n/a
-4,259
Depreciation and amortisation
441
453
481
-2.6%
Share-based compensation
123
95.0
98.0
+29.5%
Buybacks
1,558
1,996
3,233
-21.9%
Dividends paid
986
911
873
+8.2%
Diluted shares, weighted
305m
310m
327m
-1.9%
Shares outstanding at period end
297m
302m
313m
-1.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,801
10,301
10,440
+14.6%
Debt
4,032
3,924
3,425
+2.8%
Other liabilities
19,213
18,947
18,673
+1.4%
Total liabilities and equity
35,046
33,172
32,538
+5.6%
Fixed assets
3,517
3,477
3,466
+1.2%
Goodwill
11,914
11,445
11,443
+4.1%
Intangible assets
702
678
763
+3.5%
Trading assets
0.0
0.0
0.0
Cash and equivalents
2,983
2,334
2,785
+27.8%
Receivables
3,617
3,399
3,446
+6.4%
Inventory
5,303
5,118
3,366
+3.6%
Other assets
7,010
6,721
7,269
+4.3%
Total assets
35,046
33,172
32,538
+5.6%
10-K for the year ended 31 December 2017, filed 12 February 2018: the filing.