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General Dynamics (GD) FY2025 results: revenue $52.5 billion, up 10.1% on the year

General Dynamics Corp. (GD) reported revenue of $52.5 billion for fiscal 2025, the year ended 31 December 2025, up 10.1% on the year before. Net income was $4.2 billion, up 11.3%, and diluted earnings per share $15.45. The figures are the company's own, from the 10-K it filed with the SEC on 30 January 2026.

Revenue
$52.5 billion
+10.1% on the year
FY2018FY2025
Operating margin
10.2%
10.1% a year earlier
FY2018FY2025
Net income
$4.2 billion
+11.3% on the year
FY2018FY2025
Diluted EPS
$15.45
+13.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Fourth-quarter revenue rose, EPS edged up: Fourth-quarter revenue was $14.4 billion, up 7.8%. Diluted EPS was $4.17 against $4.15, and net earnings were $1.1 billion, down 0.4%.
  • Marine Systems revenue up 21.7%: Marine Systems revenue was $4.8 billion in the quarter, up 21.7%, and $16.7 billion for the year, up 16.6%, the largest segment by revenue for the year.
  • Aerospace profit and margin fell in quarter: Aerospace operating earnings were $481 million, down 17.8%, with margin of 12.7% against 15.6%. For the year, Aerospace operating earnings rose 19.3% to $1.7 billion.
  • Gulfstream deliveries up for the year: Gulfstream delivered 158 aircraft in 2025 against 136, including 136 large-cabin and 22 mid-cabin. In the fourth quarter, deliveries were 45 against 47.
  • Quarterly orders reached $22.4 billion: Orders were $22.4 billion in the quarter. Book-to-bill was 1.6-to-1 for the quarter and 1.5-to-1 for the year, above 1-to-1 in each of the four segments for the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

General Dynamics is a global aerospace and defence company. It designs, engineers and builds business jets, submarines and warships, land combat vehicles, weapon systems and munitions, and sells technology products and services. The company consists of 10 business units organised into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies, the last three of which it calls its defence segments. Each business unit runs its own strategy and results, leaving a small corporate function that sets overall strategy and allocates capital.

General Dynamics Corp., the 10-K for 2025

General Dynamics is a global aerospace and defence company. It designs, engineers and builds business jets, submarines and warships, land combat vehicles, weapon systems and munitions, and sells technology products and services. The company consists of 10 business units organised into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies, the last three of which it calls its defence segments. Each business unit runs its own strategy and results, leaving a small corporate function that sets overall strategy and allocates capital.

Aerospace

Gulfstream and Jet Aviation, covering business jet manufacture, aircraft repair, customer support and custom completions. The company acquired Gulfstream more than 25 years ago and has since invested in research and development, manufacturing facilities and a global maintenance and support network. Gulfstream aircraft in service hold more than 350 city-pair speed records, including the National Aeronautic Association's polar and westbound around-the-world records. The newest aircraft is the G800, an ultra-long-range, ultra-large-cabin model that entered service in 2025 after Federal Aviation Administration certification in April 2025, with a range of 8,200 nautical miles.

Marine Systems

Three business units: Electric Boat, Bath Iron Works and NASSCO. Electric Boat is the prime contractor and lead shipyard on all United States Navy nuclear-powered submarine programmes, responsible for design and engineering and heading construction of both Columbia-class ballistic-missile submarines and Virginia-class attack submarines. The Columbia class is a 12-boat programme carrying the highest rating under the government's Defense Priorities and Allocations System, with the first boat expected to deliver in 2028 to begin replacing the Ohio class. The segment also designs and builds surface combatants and auxiliary ships and provides maintenance, modernisation and lifecycle support for Navy ships, and it has built ocean-going Jones Act ships for commercial customers. Facilities, workforce and supply chain have all been expanded to meet the Navy's increased demand.

Combat Systems

Three business units: Land Systems, European Land Systems and Ordnance and Tactical Systems. The segment makes and integrates wheeled and tracked combat vehicles, weapon systems, energetics and munitions. Land Systems is the sole-source producer of the Abrams main battle tank and another product central to the United States Army. The approach described is modernising legacy platforms and adding new capability, partnering with commercial technology companies, building future platforms on digital open-architecture frameworks and upgrading manufacturing so systems can be changed quickly.

Technologies

Two business units, Information Technology and Mission Systems, selling to military, intelligence, federal civilian and state customers. The portfolio covers technology solutions and mission-support services, mobile communication, computers, command-and-control and cyber mission systems, and intelligence, surveillance and reconnaissance. The two share a customer base and go to market together where it suits. The segment's workforce is approximately 40,000 people, including technologists, engineers, mission experts and cleared personnel.

Who pays, and how

In 2025, 68% of consolidated revenue came from the United States government, 15% from United States commercial customers, 8% from non-U.S. government customers and 9% from non-U.S. commercial customers. The primary customer is the Department of War, with other business from the intelligence community and other departments and agencies, and sales to foreign governments also run through the Foreign Military Sales programme, where the United States government contracts and pays and carries the collection risk. Production contracts are mostly fixed-price, while research, engineering, repair, maintenance and other services are typically cost-reimbursement or time-and-materials. Of United States government revenue, fixed-price contracts were 51% in 2025, cost-reimbursement 44% and time-and-materials 5%. Most commercial sales are business jets and related services, and approximately 38% of the Aerospace segment's aircraft backlog at 31 December 2025 came from customers outside North America.

People

Approximately 84% of employees are based in the United States, with the remaining 16% in over 65 countries, concentrated in North America and Europe. Approximately 23% of the workforce is covered by collective bargaining agreements. Of United States employees, 20% are veterans of the U.S. Armed Forces. More than 18,700 people were hired during 2025.

From General Dynamics' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 30 January 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue52,55047,71642,272+10.1%
Cost of revenue44,59940,35235,600+10.5%
Gross profit7,9517,3646,672+8.0%
Gross margin15.1%15.4%15.8%
Operating income5,3564,7964,245+11.7%
Operating margin10.2%10.1%10.0%
Interest expensen/an/a399
Pre-tax income5,1034,5403,984+12.4%
Income tax893758669+17.8%
Effective tax rate17.5%16.7%16.8%
Net income4,2103,7823,315+11.3%
Net margin8.0%7.9%7.8%
Diluted EPS$15.45$13.63$12.02+13.4%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,1204,1124,710+24.5%
Capital expenditure1,161916904+26.7%
Free cash flow3,9593,1963,806+23.9%
Free cash flow margin7.5%6.7%9.0%
Cash from investing-1,284-953-941
Cash from financing-3,190-3,369-3,094
Depreciation and amortisation924886863+4.3%
Share-based compensation196183181+7.1%
Buybacks6371,501434-57.6%
Dividends paid1,5931,5291,428+4.2%
Diluted shares, weighted272m277m276m-1.8%
Shares outstanding at period end270m270m274m+0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity25,62222,06321,299+16.1%
Debt8,0748,8269,340-8.5%
Operating lease liabilities1,1241,1331,115-0.8%
Finance lease liabilities353462382-23.6%
Other liabilities22,07623,39622,674-5.6%
Total liabilities and equity57,24955,88054,810+2.4%
Fixed assets7,5256,4676,198+16.4%
Goodwill21,00920,55620,586+2.2%
Intangible assets1,3751,5201,656-9.5%
Trading assets0.00.00.0
Cash and equivalents2,3331,6971,913+37.5%
Receivables2,4062,9773,004-19.2%
Inventory9,2329,7248,578-5.1%
Other assets13,36912,93912,875+3.3%
Total assets57,24955,88054,810+2.4%

10-K for the year ended 31 December 2025, filed 30 January 2026: the filing.