General Dynamics (GD) FY2023 results: revenue $42.3 billion, up 7.3% on the year
General Dynamics Corp. (GD) reported revenue of $42.3 billion for fiscal 2023, the year ended 31 December 2023, up 7.3% on the year before. Net income was $3.3 billion, down 2.2%, and diluted earnings per share $12.02. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.
Revenue
$42.3 billion
+7.3% on the year
FY2016FY2023
Operating margin
10.0%
10.7% a year earlier
FY2016FY2023
Net income
$3.3 billion
-2.2% on the year
FY2016FY2023
Diluted EPS
$12.02
-1.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
4,710
4,579
4,271
+2.9%
Capital expenditure
904
1,114
887
-18.9%
Free cash flow
3,806
3,465
3,384
+9.8%
Free cash flow margin
9.0%
8.8%
8.8%
Cash from investing
-941
-1,489
-882
Cash from financing
-3,094
-3,471
-4,590
Depreciation and amortisation
863
884
890
-2.4%
Share-based compensation
181
165
126
+9.7%
Buybacks
434
1,229
1,828
-64.7%
Dividends paid
1,428
1,369
1,315
+4.3%
Diluted shares, weighted
276m
278m
282m
-0.9%
Shares outstanding at period end
274m
274m
278m
-0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
21,299
18,568
17,641
+14.7%
Debt
9,340
10,590
11,606
-11.8%
Operating lease liabilities
1,115
1,106
1,085
+0.8%
Finance lease liabilities
382
224
258
+70.5%
Other liabilities
22,674
21,097
19,483
+7.5%
Total liabilities and equity
54,810
51,585
50,073
+6.3%
Fixed assets
6,198
5,900
5,417
+5.1%
Goodwill
20,586
20,334
20,098
+1.2%
Intangible assets
1,656
1,824
1,978
-9.2%
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,913
1,242
1,603
+54.0%
Receivables
3,004
3,008
3,041
-0.1%
Inventory
8,578
6,322
5,340
+35.7%
Other assets
12,875
12,955
12,596
-0.6%
Total assets
54,810
51,585
50,073
+6.3%
10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.