Added10-Q 2026-10-30 vs 10-K 2026-01-30
There have been no material changes with respect to this item from the disclosure included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Risk factors in the latest filings
9 new in the latest 10-Q
New in the 10-K
Paragraphs with nothing like them in last year's 10-K
No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.
New in the latest 10-Q
Paragraphs in the 10-Q filed Oct 30, 2026 that were not in the one before
9 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended (Dollars in millions) October 4, 2026 September 28, 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities – continuing operations: Net earnings $ 3,514 $ 3,067 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation of property, plant and equipment 525 490 Amortization of intangible and finance lease right-of-use assets 173 182 Equity-based compensation expense 169 146 Deferred income tax provision 335 151 (Increase) decrease in assets, net of effects of business acquisitions: Accounts receivable (123) (314) Unbilled receivables (480) (415) Inventories 108 (131) Increase (decrease) in liabilities, net of effects of business acquisitions: Accounts payable 488 119 Customer advances and deposits 1,232 45 Other, net (196) 219 Net cash provided by operating activities 5,745 3,559 Cash flows from investing activities: Capital expenditures (918) (552) Other, net 18 130 Net cash used by investing activities (900) (422) Cash flows from financing activities: Dividends paid (1,263) (1,188) Repayment of fixed-rate notes (1,000) (1,500) Purchases of common stock (604) (600) Proceeds from fixed-rate notes — 747 Other, net 87 235 Net cash used by financing activities (2,780) (2,306) Net cash used by discontinued operations (10) (8) Net increase in cash and equivalents 2,055 823 Cash and equivalents at beginning of period 2,333 1,697 Cash and equivalents at end of period $ 4,388 $ 2,520 Supplemental cash flow information: Income tax payments, net $ (524) $ (263) Interest payments $ (244) $ (238)
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Contracts with Customers. We identify a contract under the revenue model when the contract is legally enforceable and meets specified contract existence conditions. We account for multiple contracts with the same customer as a single contract when they meet certain criteria, including when they are negotiated at or near the same time and were negotiated with an overall commercial objective.
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Electric Boat Investigations. In August 2026, the SEC and the Civil Division of the U.S. Department of Justice (the “DOJ Civil Division”) contacted General Dynamics Corporation regarding investigations into Electric Boat’s accounting in connection with its submarine contracts. Subsequently, we received subpoenas issued by the DoW, Office of the Inspector General (in consultation with the DOJ Civil Division), and the SEC, in each case requesting documents and information relating to certain aspects of Electric Boat’s recording and billing of costs, accounting, and the related impact on financial reporting and disclosures, among other matters. We are cooperating with the investigations. The investigations are ongoing, and we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount or range of reasonably possible loss. Depending on the outcome of these matters, there could be a material impact on our results of operations, financial condition and cash flows.
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During the three-month period ended October 4, 2026, we contributed $500 to our qualified pension plans.
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MD&A
As a global aerospace and defense company, we compete in domestic and international markets, serving both government and commercial customers. Our financial performance is significantly influenced by U.S. government spending levels, administration priorities and the overall economy. The U.S. Congress has not yet passed defense appropriations bills for the government’s fiscal year 2027, which began on October 1, 2026. It is uncertain when the government will pass fiscal year 2027 appropriations and what levels of funding those appropriations will provide. On September 2, 2026, a continuing resolution (CR) was signed into law, providing funding for federal agencies through December 11, 2026. When the government operates under a CR, all programs of record are funded at the prior year’s appropriated levels and the DoW is prohibited from starting new programs or increasing funding on existing programs unless there is an exception for a program included in the CR. We do not anticipate the current CR having a material impact on our results of operations, financial condition or cash flows.
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Show the other 4
The following are updates to the previously-issued outlook from our second quarter 2026 Form 10-Q:
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• Revenue between $56.5 billion and $56.8 billion and operating margin around 10.5%,
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Controls and procedures
• the status or outcome of legal and/or regulatory changes and proceedings, including government investigations and litigation;
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Share sales and buybacks
We did not make any unregistered sales of equity securities in the third quarter of 2026.
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10-Q against the 10-K
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Jan 30, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.