GDGeneral Dynamics

Industrials · Shipbuilding · NYSE

General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. 10-K, Item 1

Employees: 117,000
Headquarters: Reston, VA
CEO: Phebe N. Novakovic
Next results: around Jan 27, 2027

Compare with peers → Embed

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	15.45	Sales (ttm)	56.5B	Net income (ttm)	4.7B	Sales growth	+10.1%	EPS growth	+13.4%	Sales Q/Q	+12.9%
Free cash flow	5.8B	Gross margin	-	Oper. margin	10.4%	Net margin	8.2%	FCF margin	10.2%	ROE	17.1%
ROA	7.7%	R&D / sales	-	Dividend	-	Debt/Eq	0.26	Curr. ratio	1.43	Cash	4.4B
Op. cash flow (ttm)	7.3B	EBITDA	6.3B	EBITDA margin	12.0%	Net debt	2.6B	Quick ratio	0.94	ROIC	12.9%
Tax rate	17.5%	Stock pay / sales	0.4%	Shares out.	270.2M	Shares Y/Y	-1.8%	Book / share	101.00	Cash / share	16.24
Sales / share	209.16	Asset turnover	0.94	Days sales out.	17	Sales 3Y CAGR	+10.1%	Sales 5Y CAGR	+6.7%	EPS 3Y CAGR	+8.2%
EPS 5Y CAGR	+7.0%	Employees	117,000	Sales / employee	483K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

GD against Industrials peers

Ten years, side by side → · All 83 →

GDPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+10.1%16th of 82 · median +4.8%

Net margin

8.2%59th of 82 · median 13.0%

Return on equity

17.1%48th of 77 · median 24.9%

Free cash flow margin

10.2%55th of 79 · median 13.0%

Debt / equity (less is better)

0.267th of 72 · median 0.72

GD and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
GD General Dynamics	$56.5B	+10.1%	-	8.2%	17.1%	10.2%	0.26
UAL United Airlines Holdings	$65.6B	+3.5%	-	5.5%	20.1%	1.7%	1.49
UBER Uber	$56.5B	+18.3%	-	6.1%	12.5%	18.4%	0.57
GE GE Aerospace	$52.6B	+18.5%	-	17.3%	52.0%	15.3%	1.00
DE Deere & Company	$48.0B	-11.7%	-	10.2%	17.4%	12.5%	0.61
GEV GE Vernova	$44.0B	+9.0%	21.7%	23.5%	91.1%	38.9%	0.25

Profitability

2 of 3

!
Net margin below the peer median8.2% vs 13.0%
✓
Return on equity above 15%17.1%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 8.4% → 8.0%

Balance sheet

3 of 3

✓
Debt smaller than equityDebt / equity 0.26 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.43
✓
Net debt under 3 years of free cash flow$2.6B net debt, 0.5 years

Debt / equity at each year end, FY2016 to FY2025: 0.38 → 0.35

What the debt is made of ↓

Cash and shareholders

3 of 3

✓
Free cash flow positive in every one of 10 years$4.0B last year
✓
Share count down over 5 years−5.4%
✓
Cash from operations above net income$5.1B vs $4.2B

Free cash flow, FY2016 to FY2025: 1.8B → 4.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Oct 4, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Fixed rate $8.0BFloating $0 Not stated $74.0M

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Fixed Rate Notes Due April 2030	Notes and bonds	3.62%	fixed	$1.0B
Fixed Rate Notes Due May 2028	Notes and bonds	3.75%	fixed	$1.0B
Fixed Rate Notes Due April 2050	Notes and bonds	4.25%	fixed	$750.0M
Fixed Rate Notes Due April 2040	Notes and bonds	4.25%	fixed	$750.0M
Fixed Rate Notes Due April 2027	Notes and bonds	3.50%	fixed	$750.0M
Fixed Rate Notes Due August 2035	Notes and bonds	4.95%	fixed	$750.0M
Fixed Rate Notes Due August 2026	Notes and bonds	2.12%	fixed	$500.0M
Fixed Rate Notes Due June 2041	Notes and bonds	2.85%	fixed	$500.0M
Fixed Rate Notes Due June 2031	Notes and bonds	2.25%	fixed	$500.0M
Fixed Rate Notes Due June 2026	Notes and bonds	1.15%	fixed	$500.0M
Fixed Rate Notes Due November 2042	Notes and bonds	3.60%	fixed	$500.0M
Fixed Rate Notes Due November 2027	Notes and bonds	2.62%	fixed	$500.0M
Other	–	–	not stated	$74.0M

All 13 lines

From the debt note in the 10-K's XBRL (0000040533-26-000006), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 52.5B Net income 4.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $52.5B of revenue came from

by product, year to Dec 31, 2025

Products $33.0B · 63%
Services $19.5B · 37%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

GD's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue52.5B

Net income4.2B

Free cash flow4.0B

EPS (diluted)15.45

Diluted shares272.4M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Marine Systems	16.7B	31.8%	+16.6%
Technologies	13.5B	25.6%	+2.6%
Aerospace	13.1B	24.9%	+16.5%
Combat Systems	9.2B	17.6%	+2.8%

10-K 0000040533-26-000006, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Products	33.0B	62.8%	+15.3%
Services	19.5B	37.2%	+2.3%

10-K 0000040533-26-000006, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
North America:	44.6B	84.8%	+8.6%
United States	43.3B	82.4%	+8.9%
International Operations	5.4B	10.3%	+8.0%
Europe	3.5B	6.7%	+12.0%
Africa/Middle East	2.0B	3.8%	+19.9%
Asia/Pacific	2.0B	3.8%	+29.4%
Other	1.2B	2.4%	-2.3%
South America	432.0M	0.8%	+47.9%

10-K 0000040533-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30.6B	31.0B	36.2B	39.4B	37.9B	38.5B	39.4B	42.3B	47.7B	52.5B
Cost of revenue	24.9B	24.7B	29.5B	32.3B	-	-	-	-	-	-
SG&A	1.9B	2.0B	2.3B	2.4B	2.2B	2.2B	2.4B	2.4B	2.6B	2.6B
Operating income	3.7B	4.2B	4.4B	4.6B	4.1B	4.2B	4.2B	4.2B	4.8B	5.4B
Interest expense	99.0M	117.0M	374.0M	472.0M	489.0M	431.0M	391.0M	399.0M	-	-
Pretax income	3.7B	4.1B	4.1B	4.2B	3.7B	3.9B	4.0B	4.0B	4.5B	5.1B
Income tax	977.0M	1.2B	727.0M	718.0M	571.0M	616.0M	646.0M	669.0M	758.0M	893.0M
Net income	2.6B	2.9B	3.3B	3.5B	3.2B	3.3B	3.4B	3.3B	3.8B	4.2B
EPS (diluted)	8.29	9.56	11.18	11.98	11.00	11.55	12.19	12.02	13.63	15.45
Diluted shares	310.4M	304.6M	299.2M	290.8M	287.9M	282.0M	278.2M	275.7M	277.5M	272.4M
Depreciation & amortization	453.0M	441.0M	763.0M	829.0M	878.0M	890.0M	884.0M	863.0M	886.0M	924.0M
EBITDA	4.2B	4.7B	5.2B	5.4B	5.0B	5.1B	5.1B	5.1B	5.7B	6.3B
Operating margin	12.3%	13.7%	12.1%	11.6%	10.9%	10.8%	10.7%	10.0%	10.1%	10.2%
Net margin	8.4%	9.4%	9.2%	8.9%	8.4%	8.5%	8.6%	7.8%	7.9%	8.0%
Revenue growth	-	+1.3%	+16.9%	+8.7%	-3.6%	+1.4%	+2.4%	+7.3%	+12.9%	+10.1%
EPS growth	-	+15.3%	+16.9%	+7.2%	-8.2%	+5.0%	+5.5%	-1.4%	+13.4%	+13.4%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.3B	3.0B	963.0M	902.0M	2.8B	1.6B	1.2B	1.9B	1.7B	2.3B
Receivables	3.4B	3.6B	3.8B	3.5B	3.2B	3.0B	3.0B	3.0B	3.0B	2.4B
Inventory	5.1B	5.3B	6.0B	6.3B	5.7B	5.3B	6.3B	8.6B	9.7B	9.2B
Current assets	16.5B	18.3B	18.2B	20.3B	21.5B	20.0B	21.1B	23.6B	24.4B	24.2B
Property & equipment	3.5B	3.5B	4.0B	4.5B	5.1B	5.4B	5.9B	6.2B	6.5B	7.5B
Goodwill	11.4B	11.9B	19.6B	19.7B	20.1B	20.1B	20.3B	20.6B	20.6B	21.0B
Total assets	33.2B	35.0B	45.9B	49.3B	51.3B	50.1B	51.6B	54.8B	55.9B	57.2B
Accounts payable	2.5B	3.2B	3.2B	3.2B	3.0B	3.2B	3.4B	3.1B	3.3B	2.7B
Current liabilities	13.4B	13.1B	14.7B	16.8B	16.0B	14.0B	15.3B	16.4B	17.8B	16.8B
Total debt	3.9B	4.0B	13.5B	14.9B	16.1B	12.6B	11.8B	9.8B	10.3B	9.1B
Shareholders' equity	10.3B	11.8B	12.1B	14.0B	15.7B	17.6B	18.6B	21.3B	22.1B	25.6B
Retained earnings	24.5B	26.4B	29.3B	31.6B	33.5B	35.4B	37.4B	39.3B	41.5B	44.1B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.2B	3.9B	3.1B	3.0B	3.9B	4.3B	4.6B	4.7B	4.1B	5.1B
Capital spending	392.0M	428.0M	690.0M	987.0M	967.0M	887.0M	1.1B	904.0M	916.0M	1.2B
Free cash flow	1.8B	3.4B	2.5B	2.0B	2.9B	3.4B	3.5B	3.8B	3.2B	4.0B
Stock-based pay (added back)	95.0M	123.0M	140.0M	133.0M	128.0M	126.0M	165.0M	181.0M	183.0M	196.0M
Dividends paid	911.0M	986.0M	1.1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B	1.6B
Buybacks	2.0B	1.6B	1.8B	231.0M	587.0M	1.8B	1.2B	434.0M	1.5B	637.0M
Acquisitions	58.0M	399.0M	10.1B	19.0M	203.0M	-	-	-	-	-
Debt raised	992.0M	985.0M	6.5B	0	4.0B	1.5B	0	0	0	747.0M
Debt repaid	500.0M	900.0M	0	0	2.0B	-	1.0B	1.2B	500.0M	1.5B
Investing cash flow	-391.0M	-788.0M	-10.2B	-994.0M	-974.0M	-882.0M	-1.5B	-941.0M	-953.0M	-1.3B
Financing cash flow	-2.2B	-2.4B	5.1B	-2.0B	-903.0M	-4.6B	-3.5B	-3.1B	-3.4B	-3.2B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	95.0M	123.0M	140.0M	133.0M	128.0M	126.0M	165.0M	181.0M	183.0M	196.0M
Stock-based pay / revenue	0.3%	0.4%	0.4%	0.3%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%
Operating lease cost	-	-	-	332.0M	326.0M	323.0M	308.0M	320.0M	317.0M	331.0M
Operating lease cash paid	-	-	-	325.0M	323.0M	322.0M	307.0M	322.0M	319.0M	332.0M
Finance lease principal paid	-	-	-	57.0M	64.0M	66.0M	80.0M	55.0M	64.0M	556.0M
Right-of-use assets	-	-	-	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Operating lease liabilities	-	-	0	1.5B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B
Finance lease liabilities	-	-	-	354.0M	323.0M	337.0M	262.0M	447.0M	528.0M	392.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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