General Dynamics (GD) FY2019 results: revenue $39.4 billion, up 8.7% on the year
General Dynamics Corp. (GD) reported revenue of $39.4 billion for fiscal 2019, the year ended 31 December 2019, up 8.7% on the year before. Net income was $3.5 billion, up 4.2%, and diluted earnings per share $11.98. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2020.
Revenue
$39.4 billion
+8.7% on the year
FY2012FY2019
Operating margin
11.6%
12.1% a year earlier
FY2012FY2019
Net income
$3.5 billion
+4.2% on the year
FY2012FY2019
Diluted EPS
$11.98
+7.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
39,350
36,193
30,973
+8.7%
Cost of revenue
32,291
29,478
24,731
+9.5%
Gross profit
7,059
6,715
6,242
+5.1%
Gross margin
17.9%
18.6%
20.2%
Operating income
4,570
4,394
4,236
+4.0%
Operating margin
11.6%
12.1%
13.7%
Interest expense
472
374
117
+26.2%
Pre-tax income
4,202
4,085
4,077
+2.9%
Income tax
718
727
1,165
-1.2%
Effective tax rate
17.1%
17.8%
28.6%
Net income
3,484
3,345
2,912
+4.2%
Net margin
8.9%
9.2%
9.4%
Diluted EPS
$11.98
$11.18
$9.56
+7.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,981
3,148
3,876
-5.3%
Capital expenditure
987
690
428
+43.0%
Free cash flow
1,994
2,458
3,448
-18.9%
Free cash flow margin
5.1%
6.8%
11.1%
Cash from investing
-994
-10,234
-788
Cash from financing
-1,997
5,086
-2,399
Depreciation and amortisation
829
763
441
+8.7%
Share-based compensation
133
140
123
-5.0%
Buybacks
231
1,769
1,558
-86.9%
Dividends paid
1,152
1,075
986
+7.2%
Diluted shares, weighted
291m
299m
305m
-2.8%
Shares outstanding at period end
290m
289m
297m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
13,978
12,110
11,801
+15.4%
Debt
12,005
12,518
4,032
-4.1%
Operating lease liabilities
1,251
0.0
n/a
Finance lease liabilities
287
n/a
n/a
Other liabilities
21,828
21,259
19,213
+2.7%
Total liabilities and equity
49,349
45,887
35,046
+7.5%
Fixed assets
4,475
3,978
3,517
+12.5%
Goodwill
19,677
19,594
11,914
+0.4%
Intangible assets
2,315
2,585
702
-10.4%
Trading assets
0.0
0.0
0.0
Cash and equivalents
902
963
2,983
-6.3%
Receivables
3,544
3,759
3,617
-5.7%
Inventory
6,306
5,977
5,303
+5.5%
Other assets
12,130
9,031
7,010
+34.3%
Total assets
49,349
45,887
35,046
+7.5%
10-K for the year ended 31 December 2019, filed 10 February 2020: the filing.