General Dynamics (GD) FY2020 results: revenue $37.9 billion, down 3.6% on the year
General Dynamics Corp. (GD) reported revenue of $37.9 billion for fiscal 2020, the year ended 31 December 2020, down 3.6% on the year before. Net income was $3.2 billion, down 9.1%, and diluted earnings per share $11.00. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$37.9 billion
-3.6% on the year
FY2013FY2020
Operating margin
10.9%
11.6% a year earlier
FY2013FY2020
Net income
$3.2 billion
-9.1% on the year
FY2013FY2020
Diluted EPS
$11.00
-8.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
37,925
39,350
36,193
-3.6%
Cost of revenue
31,600
32,291
29,478
-2.1%
Gross profit
6,325
7,059
6,715
-10.4%
Gross margin
16.7%
17.9%
18.6%
Operating income
4,133
4,570
4,394
-9.6%
Operating margin
10.9%
11.6%
12.1%
Interest expense
489
472
374
+3.6%
Pre-tax income
3,738
4,202
4,085
-11.0%
Income tax
571
718
727
-20.5%
Effective tax rate
15.3%
17.1%
17.8%
Net income
3,167
3,484
3,345
-9.1%
Net margin
8.4%
8.9%
9.2%
Diluted EPS
$11.00
$11.98
$11.18
-8.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,858
2,981
3,148
+29.4%
Capital expenditure
967
987
690
-2.0%
Free cash flow
2,891
1,994
2,458
+45.0%
Free cash flow margin
7.6%
5.1%
6.8%
Cash from investing
-974
-994
-10,234
Cash from financing
-903
-1,997
5,086
Depreciation and amortisation
878
829
763
+5.9%
Share-based compensation
128
133
140
-3.8%
Buybacks
587
231
1,769
+154.1%
Dividends paid
1,240
1,152
1,075
+7.6%
Diluted shares, weighted
288m
291m
299m
-1.0%
Shares outstanding at period end
286m
290m
289m
-1.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
15,661
13,978
12,110
+12.0%
Debt
13,117
12,005
12,518
+9.3%
Operating lease liabilities
1,149
1,251
0.0
-8.2%
Finance lease liabilities
255
287
n/a
-11.1%
Other liabilities
21,126
21,828
21,259
-3.2%
Total liabilities and equity
51,308
49,349
45,887
+4.0%
Fixed assets
5,100
4,475
3,978
+14.0%
Goodwill
20,053
19,677
19,594
+1.9%
Intangible assets
2,117
2,315
2,585
-8.6%
Trading assets
0.0
0.0
0.0
Cash and equivalents
2,824
902
963
+213.1%
Receivables
3,161
3,544
3,759
-10.8%
Inventory
5,745
6,306
5,977
-8.9%
Other assets
12,308
12,130
9,031
+1.5%
Total assets
51,308
49,349
45,887
+4.0%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.