General Dynamics (GD) FY2018 results: revenue $36.2 billion, up 16.9% on the year
General Dynamics Corp. (GD) reported revenue of $36.2 billion for fiscal 2018, the year ended 31 December 2018, up 16.9% on the year before. Net income was $3.3 billion, up 14.9%, and diluted earnings per share $11.18. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$36.2 billion
+16.9% on the year
FY2011FY2018
Operating margin
12.1%
13.7% a year earlier
FY2011FY2018
Net income
$3.3 billion
+14.9% on the year
FY2011FY2018
Diluted EPS
$11.18
+16.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
36,193
30,973
30,561
+16.9%
Cost of revenue
29,478
24,731
24,896
+19.2%
Gross profit
6,715
6,242
5,665
+7.6%
Gross margin
18.6%
20.2%
18.5%
Operating income
4,394
4,236
3,744
+3.7%
Operating margin
12.1%
13.7%
12.3%
Interest expense
374
117
99.0
+219.7%
Pre-tax income
4,085
4,077
3,656
+0.2%
Income tax
727
1,165
977
-37.6%
Effective tax rate
17.8%
28.6%
26.7%
Net income
3,345
2,912
2,572
+14.9%
Net margin
9.2%
9.4%
8.4%
Diluted EPS
$11.18
$9.56
$9.52
+16.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,148
3,876
2,163
-18.8%
Capital expenditure
690
428
392
+61.2%
Free cash flow
2,458
3,448
1,771
-28.7%
Free cash flow margin
6.8%
11.1%
5.8%
Cash from investing
-10,234
-788
n/a
Cash from financing
5,086
-2,399
n/a
Depreciation and amortisation
763
441
453
+73.0%
Share-based compensation
140
123
95.0
+13.8%
Buybacks
1,769
1,558
1,996
+13.5%
Dividends paid
1,075
986
911
+9.0%
Diluted shares, weighted
299m
305m
310m
-1.8%
Shares outstanding at period end
289m
297m
302m
-2.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
12,110
11,801
10,301
+2.6%
Debt
12,518
4,032
3,924
+210.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
21,259
19,213
18,947
+10.6%
Total liabilities and equity
45,887
35,046
33,172
+30.9%
Fixed assets
3,978
3,517
3,477
+13.1%
Goodwill
19,594
11,914
11,445
+64.5%
Intangible assets
2,585
702
678
+268.2%
Trading assets
0.0
0.0
0.0
Cash and equivalents
963
2,983
2,334
-67.7%
Receivables
3,759
3,617
3,399
+3.9%
Inventory
5,977
5,303
5,118
+12.7%
Other assets
9,031
7,010
6,721
+28.8%
Total assets
45,887
35,046
33,172
+30.9%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.