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GD GENERAL DYNAMICS CORP

NYSEIndustrialsShip & Boat Building & RepairingReston, VAFY ends December 31

New 8-K: Filed an 8-K current report in the last 7 days.Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Jan 30, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$52.6BYoYup 10.13%ended Dec 31, 2025
Net income
$4.21B8.0% margin
Diluted EPS
$15.45YoYup 13.35%
Free cash flow
$3.96B7.5% margin
Cash
$2.33BNet debt $4.67B
Total debt
$7.01BD/E 0.27×
About GENERAL DYNAMICS CORP

Overview

GENERAL DYNAMICS CORP (GD) is listed on NYSE; the SEC classifies it under "Ship & Boat Building & Repairing".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $52.55B, up 10.1% from fiscal 2024.

Net income was $4.21B, a net margin of 8.0%.

At fiscal year end it had total assets of $57.25B and stockholders' equity of $25.62B (44.8% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Jan 30, 2026
Latest filing
10-QOct 30, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$31.4B$2.96B9.4%
FY2017$31B$2.91B9.4%
FY2018$36.2B$3.35B9.2%
FY2019$39.4B$3.48B8.9%
FY2020$37.9B$3.17B8.4%
FY2021$38.5B$3.26B8.5%
FY2022$39.4B$3.39B8.6%
FY2023$42.3B$3.32B7.8%
FY2024$47.7B$3.78B7.9%
FY2025$52.6B$4.21B8.0%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY2016—13.7%9.4%
FY2017—13.5%9.4%
FY201818.6%12.3%9.2%
FY201917.9%11.8%8.9%
FY2020—10.9%8.4%
FY2021—10.8%8.5%
FY2022—10.7%8.6%
FY2023—10.0%7.8%
FY2024—10.1%7.9%
FY2025—10.2%8.0%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$9.52
FY2017$9.56
FY2018$11.18
FY2019$11.98
FY2020$11.00
FY2021$11.55
FY2022$12.19
FY2023$12.02
FY2024$13.63
FY2025$15.45

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016—$2.96B
FY2017—$2.91B
FY2018—$3.35B
FY2019$1.99B$3.48B
FY2020$2.89B$3.17B
FY2021$3.38B$3.26B
FY2022$3.47B$3.39B
FY2023$3.81B$3.32B
FY2024$3.2B$3.78B
FY2025$3.96B$4.21B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016310M
FY2017305M
FY2018299M
FY2019291M
FY2020288M
FY2021282M
FY2022278M
FY2023276M
FY2024277M
FY2025272M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$2.33B$2.99B
FY2017$2.98B$3.98B
FY2018$963M$11.4B
FY2019$902M$9.01B
FY2020$2.82B$10B
FY2021$1.6B$10.5B
FY2022$1.24B$9.24B
FY2023$1.91B$8.75B
FY2024$1.7B$7.26B
FY2025$2.33B$7.01B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Operating margin
10.2%
Net margin
8.0%
FCF margin
7.5%
Return on equity
17.7%
Return on assets
7.4%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 10.13%up 10.07%up 6.74%up 5.91%
EPS (diluted)up 13.35%up 8.22%up 7.03%up 5.53%
Free cash flowup 23.87%up 4.54%up 6.49%—
Change in share count
-1.82%

Financial strength

Current ratio
1.44×
Debt / equity
0.27×
Net debt
$4.67B
Interest coverage
—
Equity / assets
44.8%

Shareholder returns

Dividends paid
$1.59B
Buybacks
$637M
Payout ratio
37.8%
Stock comp. / revenue
0.4%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

8 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • PassPositive return on assets7.5%
  • PassPositive operating cash flow$5.12B
  • PassReturn on assets improved7.5% vs 6.9%
  • PassOperating cash flow above net income9.2% vs 7.5%
  • PassLong-term debt / assets fell12.2% vs 13.0%
  • PassCurrent ratio improved1.44× vs 1.37×
  • PassNo increase in share count272M vs 277M
  • —Not computableGross margin improved—
  • PassAsset turnover improved0.94× vs 0.87×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue52,55047,71642,27239,40738,46937,92539,35036,19330,97331,353
YoY (Revenue)+10.13%+12.88%+7.27%+2.44%+1.43%-3.62%+8.72%+16.85%-1.21%—
Gross profit——————7,0596,715——
Operating income5,3564,7964,2454,2114,1634,1334,6484,4574,1774,309
Interest expense——39939143148947237411799
Pretax income5,1034,5403,9844,0363,8733,7384,2024,0854,0774,231
Income tax8937586696466165717187271,1651,169
Net income4,2103,7823,3153,3903,2573,1673,4843,3452,9122,955
YoY (Net income)+11.32%+14.09%-2.21%+4.08%+2.84%-9.10%+4.16%+14.87%-1.46%—
EPS (basic)15.6513.8112.1412.3111.6111.0412.0911.339.739.70
EPS (diluted)15.4513.6312.0212.1911.5511.0011.9811.189.569.52
YoY (EPS (diluted))+13.35%+13.39%-1.39%+5.54%+5.00%-8.18%+7.16%+16.95%+0.42%—
Diluted shares (weighted)272277276278282288291299305310

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents2,3331,6971,9131,2421,6032,8249029632,9832,334
Receivables2,4062,9773,0043,0083,0413,1613,5443,7593,6173,611
Inventory9,2329,7248,5786,3225,3405,7456,3065,9775,3033,523
Current assets24,24824,38623,61521,06319,98721,54319,78018,18918,32815,447
Goodwill21,00920,55620,58620,33420,09820,05319,67719,59411,91411,445
Total assets57,24955,88054,81051,58550,07351,30848,84145,40835,04632,872
Current liabilities16,79617,82416,43215,34113,97815,96416,80114,73913,09912,846
Short-term debt————————00
Long-term debt7,0077,2608,7549,24310,4909,9959,01011,4443,9802,988
Retained earnings44,08041,48739,27037,40335,42033,49831,63329,32626,44425,227
Stockholders' equity25,62222,06321,29918,56817,64115,66113,57711,73211,43510,976
Shares outstanding270270274274278286290289297302

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow5,1204,1124,7104,5794,2713,8582,981———
Capital expenditures1,1619169041,114887967987690428392
Free cash flow3,9593,1963,8063,4653,3842,8911,994———
YoY (Free cash flow)+23.87%-16.03%+9.84%+2.39%+17.05%+44.98%————
Depreciation & amortization924886863884890878829763441454
Stock-based compensation196183181165126128133140123100
Share repurchases6371,5014341,2291,8285872311,7691,5581,996
Dividends paid1,5931,5291,4281,3691,3151,2401,1521,075986911
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$15.45
Revenue per share
$192.90
FCF per share
$14.53
Book value per share
$94.05
Tangible book per share
$16.93
Cash per share
$8.56
Public floatas of Jun 29, 2025
$69.6B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-QNew
    Quarterly report· Oct 4, 2026(SEC EDGAR)
  2. 8-KNew
    Current report· Oct 30, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Oct 7, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Aug 5, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Jul 30, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  6. 10-Q
    Quarterly report· Jul 5, 2026(SEC EDGAR)
  7. 8-K
    Current report· Jul 29, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  8. 8-K
    Current report· May 11, 2026(SEC EDGAR)
    • 5.07Shareholder vote results
  9. 10-Q
    Quarterly report· Apr 5, 2026(SEC EDGAR)
  10. 8-K
    Current report· Apr 29, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR

Frequently asked questions

What does GENERAL DYNAMICS CORP do?

The SEC classifies GENERAL DYNAMICS CORP under Standard Industrial Classification (SIC) code 3730, "Ship & Boat Building & Repairing". It is headquartered in Reston, VA. It is incorporated in DE. In fiscal 2025 it reported revenue of $52.55B and net income of $4.21B in its annual 10-K report.

What was GENERAL DYNAMICS CORP's revenue in 2025?

GENERAL DYNAMICS CORP reported revenue of $52.55B for fiscal 2025, which ended Dec 31, 2025, up 10.1% from $47.72B in fiscal 2024, according to its annual 10-K report filed with the SEC on Jan 30, 2026.

What was GENERAL DYNAMICS CORP's net income in 2025?

GENERAL DYNAMICS CORP reported net income of $4.21B for fiscal 2025, a net margin of 8.0% of revenue.

Where is GENERAL DYNAMICS CORP listed?

According to the SEC, GENERAL DYNAMICS CORP's ticker GD is listed on NYSE.

When does GENERAL DYNAMICS CORP's fiscal year end?

According to the SEC, GENERAL DYNAMICS CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.