Saturday 31 October 2026 Export GD’s income statement to Excel — free account

General Dynamics Corporation

General Dynamics Corporation’s revenue for fiscal 2025 (year ended December 2025) was $52.6 billion, up 10.1% from fiscal 2024. In the quarter to June 2026, revenue grew 8.07%, EPS grew 13.5%, free cash flow grew 17.6% and total debt fell 13.7%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for five.

371.83 1.01 +0.27%

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Market cap: $100.3B
P/E: 22.4×
Fwd P/E: 20.6×
Dividend yield: 1.69%
F-score: 8/9
Altman Z: 4.18
Beneish M: −2.52
Dividend safety: 96/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 95.19

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	1	—	1	4	—	1	1	1	3	1	—

Insider Ownership 0.50%

Capital & Financial Ratios $m

Market Cap 100,330.00

Revenue 54,861.00

Net Income 4,487.00

Free Cash Flow 6,447.00

Net Debt 3,183.00

Current Ratio 1.44

Debt/Equity 0.28

P/E ratio 22.39

Fwd P/E 20.60

P/S ratio 1.83

P/B ratio 3.74

Past 5Y EPS Growth 7.04%

This Y EPS Growth 10.18%

Next Y EPS Growth 9.36%

Next Y revenue growth 6.46%

Next 5Y EPS Growth 9.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 89.31%

10-year low 10-year high

P/S against its own 10 years 82.37%

10-year low 10-year high

P/B against its own 10 years 54.39%

10-year low 10-year high

EV/Sales against its own 10 years 67.02%

10-year low 10-year high

EV/FCF against its own 10 years 11.46%

10-year low 10-year high

Dividends

Payout Ratio 0.38

Annual Dividend Rate 6.27

Annual Dividend Yield 1.69%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.27	1.50 1.59 1.59 1.59
2025	5.92	1.42 1.50 1.50 1.50
2024	5.58	1.32 1.42 1.42 1.42
2023	5.22	1.26 1.32 1.32 1.32
2022	4.97	1.19 1.26 1.26 1.26
2021	4.67	1.10 1.19 1.19 1.19
2020	4.32	1.02 1.10 1.10 1.10
2019	3.99	0.93 1.02 1.02 1.02
2018	3.63	0.84 0.93 0.93 0.93
2017	3.28	0.76 0.84 0.84 0.84
2016	2.97	0.69 0.76 0.76 0.76

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,913	1,697	2,333	4,333
Receivables	11,001	11,225	10,786	11,653
Inventory	8,578	9,724	9,232	9,097
Other	2,123	1,740	1,897	1,955
	23,615	24,386	24,248	27,038

	2023	2024	2025	Q'26
Payables	3,095	3,344	2,678	2,874
ST’ Debt	507	1,502	1,006	1,256
Other	3,266	3,487	3,288	3,601
	16,432	17,824	16,796	18,765

Compound Annual Growth %

	10y	5y	3y
Sales	5.16%	6.74%	10.07%
Cash Flow	6.98%	5.82%	3.79%
Earnings	3.32%	5.86%	7.49%
Book Value	9.09%	10.35%	11.33%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 3.95 Actual 4.24

3.60 3.78 3.96 4.14 4.32

Q3 FY25 Beat +0.15

Q4 FY25 Beat +0.06

Q1 FY26 Beat +0.42

Q2 FY26 Beat +0.29

Q3 FY26 — Oct 30

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	3.73	3.88	Beat by 0.15
Q4 FY25	4.11	4.17	Beat by 0.06
Q1 FY26	3.68	4.10	Beat by 0.42
Q2 FY26	3.95	4.24	Beat by 0.29
Q3 FY26	4.14	—	Reports 30 October 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	4.10	4.24	—	—	—
’25	3.66	3.74	3.88	4.17	15.46
’24	2.88	3.26	3.35	4.15	13.63
’23	2.64	2.70	3.04	3.64	12.02
’22	2.61	2.75	3.26	3.58	12.19
’21	2.48	2.61	3.07	3.39	11.55
’20	2.43	2.18	2.90	3.49	11.00

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	13,481	14,094	—	—	—
’25	12,223	13,041	12,907	14,379	52,550
’24	10,731	11,976	11,671	13,338	47,716
’23	9,881	10,152	10,571	11,668	42,272
’22	9,392	9,189	9,975	10,851	39,407
’21	9,389	9,220	9,568	10,292	38,469
’20	8,749	9,264	9,431	10,481	37,925

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,155	1,880	—	—	—
’25	(148)	1,598	2,109	1,561	5,120
’24	(278)	814	1,416	2,160	4,112
’23	1,462	731	1,321	1,196	4,710
’22	1,968	659	1,283	669	4,579
’21	3	1,115	1,471	1,682	4,271
’20	(666)	843	1,119	2,562	3,858

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,952	1,646	—	—	—
’25	(290)	1,400	1,897	952	3,959
’24	(437)	613	1,215	1,805	3,196
’23	1,301	519	1,094	892	3,806
’22	1,827	435	1,028	175	3,465
’21	(131)	943	1,275	1,297	3,384
’20	(851)	622	903	2,217	2,891

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	121.61	172.43	143.87	152.44	100.55	144.50	200.65	202.35	247.36	239.20		+7.8%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	180.09	214.81	230.00	193.76	190.08	210.21	256.86	259.88	316.90	360.50		+8.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	98,800	98,600	105,600	102,900	100,700	103,100	106,500	111,600	117,000	117,000		+1.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.31	0.31	0.34	0.38	0.38	0.37	0.37	0.38	0.41	0.45		+4.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	30,561	30,973	36,193	39,350	37,925	38,469	39,407	42,272	47,716	52,550		+6.2%	55,946	58,611	61,312	+5.3%
	Gross margin, %	18.54	20.15	18.39	17.76	16.68	16.66	16.80	15.78	15.43	15.13		(3.4) pt	Powerpack General Dynamics Corporation’s next three years, line by line Analysts expect revenue to grow 5.3% a year to 2028 — slower than the 6.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	3,656	4,077	4,085	4,202	3,738	3,873	4,036	3,984	4,540	5,103		+3.8%
	EBT margin, %	11.96	13.16	11.29	10.68	9.86	10.07	10.24	9.42	9.51	9.71		(2.2) pt
	Net income	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782	4,210		+5.6%
	Depreciation	453	441	763	829	878	890	884	863	886	924		+8.2%
Per share, $
Per share, $	Revenue	100.30	103.53	122.58	136.50	132.18	137.18	143.14	154.76	174.24	195.30		+7.7%
	Earnings	8.44	9.73	11.33	12.09	11.04	11.61	12.31	12.14	13.81	15.65		+7.1%
	Cash flow	7.10	12.96	10.66	10.34	13.45	15.23	16.63	17.24	15.02	19.03		+11.6%
	Capex	(1.29)	(1.43)	(2.34)	(3.42)	(3.37)	(3.16)	(4.05)	(3.31)	(3.34)	(4.31)		+14.4%
	Free cash flow	5.81	11.53	8.32	6.92	10.08	12.07	12.59	13.93	11.67	14.71		+10.9%
	Book value	33.81	38.22	39.73	48.49	54.58	62.91	67.44	77.98	80.56	95.22		+12.2%
	Shares, m	305	299	295	288	287	280	275	273	274	269		(1.4%)
Valuation, ×
Valuation, ×	P/E	18.09	20.61	13.88	14.59	13.48	17.93	20.20	21.32	19.08	21.54		18.1
	P/S	1.75	1.94	1.28	1.29	1.13	1.52	1.74	1.67	1.51	1.72		1.6
	P/B	5.19	5.25	3.96	3.64	2.73	3.31	3.69	3.32	3.27	3.54		3.8
	EV/Sales	1.80	1.97	1.60	1.57	1.39	1.78	1.97	1.84	1.66	1.83		1.7
	EV/FCF	31.06	17.69	23.54	31.03	18.29	20.20	22.42	20.49	24.79	24.32		23.4
Cash, $m
Cash, $m	Operating cash flow	2,163	3,876	3,148	2,981	3,858	4,271	4,579	4,710	4,112	5,120		+10.0%
	Capex	(392)	(428)	(690)	(987)	(967)	(887)	(1,114)	(904)	(916)	(1,161)		+12.8%
	Free cash flow	1,771	3,448	2,458	1,994	2,891	3,384	3,465	3,806	3,196	3,959		+9.3%
Balance, $m
Balance, $m	Working capital	3,084	5,229	3,450	3,487	5,579	6,009	5,722	7,183	6,562	7,452		+10.3%
	Total debt	3,888	3,982	12,417	11,930	12,998	11,495	10,496	9,261	8,762	8,013		+8.4%
	Net debt	1,554	999	11,454	11,028	10,174	9,892	9,254	7,348	7,065	5,680		+15.5%
	Shareholders’ equity	10,301	11,435	11,732	13,978	15,661	17,641	18,568	21,299	22,063	25,622		+10.7%
Returns, %
Returns, %	ROA	7.89	8.54	8.32	7.35	6.29	6.43	6.67	6.23	6.83	7.44		(0.5) pt
	ROIC	19.74	21.29	11.84	11.42	10.00	9.45	9.46	9.26	10.29	10.69		(9.0) pt
	ROE	24.45	26.79	28.88	27.10	21.37	19.56	18.72	16.63	17.44	17.66		(6.8) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Marine Systems	16,723	31.82%
Technologies	13,471	25.63%
Aerospace	13,110	24.95%
Combat Systems	9,246	17.59%
Gross margin		15.13%
Operating margin		10.19%
Pre-tax margin		9.71%

Revenue by segment since 2008

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LMT Lockheed Martin Corporation	$148.7B	23.4×	19.7×	+10.51% (above 0%: growing)	+446.58% (above 0%: growing)	+2,044.67% (above 0%: growing)	12.19%	12.36%	Compare
BA The Boeing Company	$136.8B	64.2×	— (loss-making)	+7.96% (above 0%: growing)	n/m	+417.59% (above 0%: growing)	9.83%	0.64%	Compare
GD General Dynamics Corporation	$100.3B	22.4×	20.6×	+8.07% (above 0%: growing)	+13.49% (above 0%: growing)	+17.57% (above 0%: growing)	15.49%	10.36%
HWM Howmet Aerospace Inc.	$82.1B	42.8×	33.7×	+24.06% (above 0%: growing)	+31.68% (above 0%: growing)	+38.04% (above 0%: growing)	37.34%	27.92%	Compare
NOC Northrop Grumman Corporation	$79.9B	17.7×	18.5×	+5.07% (above 0%: growing)	−5.75% (below 0%: shrinking)	+53.53% (above 0%: growing)	19.50%	10.08%	Compare
TDG Transdigm Group Incorporated	$65.0B	34.9×	30.7×	+22.53% (above 0%: growing)	+10.86% (above 0%: growing)	+13.44% (above 0%: growing)	59.39%	44.76%	Compare
LHX L3Harris Technologies Inc	$51.9B	27.9×	21.3×	+8.39% (above 0%: growing)	+28.57% (above 0%: growing)	+37.43% (above 0%: growing)	25.54%	11.12%	Compare
HONA Honeywell Aerospace inc.	$50.7B	—	—	—	—	—	34.96%	14.95%	Compare
HEI Heico Corporation	$38.7B	52.7×	46.9×	+23.13% (above 0%: growing)	+33.07% (above 0%: growing)	+47.74% (above 0%: growing)	41.12%	25.14%	Compare
Median of peers	$72.4B	34.9×	26.0×	+10.51%	+30.13%	+47.74%	30.25%	13.66%

All 94 Aerospace & Defense stocks →

Business profile

Updated 30 October 2026

General Dynamics is an aerospace and defense company that designs, manufactures and supports business jets, military ships and submarines, combat vehicles, weapons and technology systems. Its customers include the U.S. government, allied governments, businesses and individual aircraft owners.

The company operates through four segments. Aerospace builds Gulfstream business jets and provides aircraft maintenance, management and other services through Gulfstream and Jet Aviation. Marine Systems designs and builds submarines and surface ships, principally for the U.S. Navy, and maintains and modernizes vessels after delivery.

Read the full business profile →

From the latest earnings call

Updated 30 October 2026

CEO Phebe Novakovic said aerospace demand extended across Gulfstream models, while President Danny Deep said supply chains had improved but some single-source components remained a constraint.
CFO Kim Kuryea said orders exceeded revenue across all four segments and raised her full-year free-cash-flow conversion expectation to around 105% of net income.

Read the Earnings & Analysis →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.58%

Held by the ten largest 46.32%

Holder	Shares	Stake	Change
LONGVIEW ASSET MANAGEMENT, LLC	27.06m	10.00%	0.00
Vanguard	26.12m	9.65%	+1.09m
BlackRock	19.31m	7.14%	+708.65k
Newport Trust Company, LLC	13.40m	4.95%	−172.34k
State Street	11.81m	4.37%	+374.68k
Bank of America	7.35m	2.72%	−780.06k
Geode Capital Management	6.22m	2.30%	−45.87k
JPMorgan Chase	5.28m	1.95%	−101.48k
Morgan Stanley	4.44m	1.64%	−735.51k
Wells Fargo	4.33m	1.60%	−183.88k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	25.92m	51.23m	253.00
2024	23.79m	25.95m	194.00
2023	22.58m	31.65m	187.00
2022	21.48m	48.65m	175.00
2021	23.55m	42.56m	144.00

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement