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

General Dynamics Corporation (GD) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Products	33,021 62.84%	28,635 60.01%	24,595 58.18%	23,022 58.42%	22,428 58.30%	22,188 58.50%	23,130 58.78%	20,149 55.67%	19,016 61.40%	19,010 62.20%
Services	19,529 37.16%	19,081 39.99%	17,677 41.82%	16,385 41.58%	16,041 41.70%	15,737 41.50%	16,220 41.22%	16,044 44.33%	11,957 38.60%	11,551 37.80%
Revenue	52,550	47,716	42,272	39,407	38,469	37,925	39,350	36,193	30,973	30,561

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Technologies	13,471 25.63%	13,127 27.51%	12,922 30.57%	12,492 31.70%	12,457 32.38%	12,648 33.35%	13,359 33.95%	12,995 35.90%	—	—	—	—	—	—	—	—	—	—
Mission Systems	—	—	—	—	—	—	—	—	4,481 14.47%	4,716 15.43%	—	—	—	—	—	—	—	—
Information Technology	—	—	—	—	—	—	—	—	4,410 14.24%	4,428 14.49%	—	—	—	—	—	—	—	—
Corporate	—	—	—	—	—	—	—	—	—	—	0 0.00%	0 0.00%	0 0.00%	0 0.00%	0 0.00%	0 0.00%	—	—
Guarantor Subsidiaries	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	25,765 80.56%	25,131 85.77%
Non-Guarantor Subsidiaries	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6,216 19.44%	4,169 14.23%
Also reported: a second breakdown of the same revenue
Marine Systems	16,723 31.82%	14,343 30.06%	12,461 29.48%	11,040 28.02%	10,526 27.36%	9,979 26.31%	9,183 23.34%	8,502 23.49%	8,004 25.84%	8,072 26.41%	8,032 25.27%	7,312 23.70%	6,712 21.70%	6,592 21.27%	6,631 20.29%	6,677 20.57%	6,363 19.90%	5,556 18.96%
Aerospace	13,110 24.95%	11,249 23.57%	8,621 20.39%	8,567 21.74%	8,135 21.15%	8,075 21.29%	9,801 24.91%	8,455 23.36%	8,129 26.25%	7,815 25.57%	9,177 28.88%	8,649 28.03%	8,118 26.25%	6,912 22.30%	5,998 18.36%	5,299 16.32%	5,171 16.17%	5,512 18.81%
Combat Systems	9,246 17.59%	8,997 18.86%	8,268 19.56%	7,308 18.54%	7,351 19.11%	7,223 19.05%	7,007 17.81%	6,241 17.24%	5,949 19.21%	5,530 18.09%	5,643 17.76%	5,732 18.58%	5,832 18.86%	7,471 24.11%	8,827 27.01%	8,878 27.35%	9,645 30.16%	8,194 27.97%
Information Systems And Technology	—	—	—	—	—	—	—	—	—	—	8,929 28.10%	9,159 29.69%	10,268 33.20%	10,017 32.32%	11,221 34.34%	11,612 35.77%	10,802 33.78%	10,038 34.26%
Revenue	52,550	47,716	42,272	39,407	38,469	37,925	39,350	36,193	30,973	30,561	31,781	30,852	30,930	30,992	32,677	32,466	31,981	29,300

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Aerospace	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combat Systems	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marine Systems	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mission Systems	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Information Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Information Systems And Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Guarantor Subsidiaries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Non-Guarantor Subsidiaries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Parent Company	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2024
United States	39,759 83.32%
Europe	3,161 6.62%
Africa/Middle East	1,680 3.52%
Asia/Pacific	1,546 3.24%
Other	1,278 2.68%
South America	292 0.61%
North America:	41,037
International Operations	5,000
Revenue	47,716

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Aerospace backlog	Q3 FY2026	$25.4B	$20.6B	+23.19%
Aerospace book-to-bill ratio	Q3 FY2026	1.4×	1.3×	+7.69%
Aerospace estimated potential contract value	Q3 FY2026	$1.4B	—	—
Aerospace funded backlog	Q3 FY2026	$24.5B	—	—
Aerospace total estimated contract value	Q3 FY2026	$26.8B	—	—
Aerospace unfunded backlog	Q3 FY2026	$925.0M	—	—
Company-wide backlog	Q2 FY2026	$136.5B	$103.7B	+31.63%
Consolidated book-to-bill ratio	Q3 FY2026	6.8×	1.5×	+353.33%
Defense segments book-to-bill ratio	Q3 FY2026	8.5×	1.6×	+431.25%
Estimated potential contract value	Q2 FY2026	$50.4B	$57.5B	−12.34%
Funded backlog	Q2 FY2026	$104.1B	$83.9B	+24.12%
Gulfstream large-cabin aircraft deliveries	Q3 FY2026	35.00	33.00	+6.06%
Gulfstream mid-cabin aircraft deliveries	Q3 FY2026	5.00	6.00	−16.67%
Marine Systems funded backlog	Q3 FY2026	$47.3B	—	—
Marine Systems total backlog	Q3 FY2026	$146.9B	—	—
Marine Systems unfunded backlog	Q3 FY2026	$99.6B	—	—
Orders	Q2 FY2026	$20.0B	$28.3B	−29.33%
Remaining performance obligations	Q4 FY2025	$118.0B	$90.6B	+30.24%
Total estimated contract value	Q2 FY2026	$186.9B	$161.2B	+15.94%
Total Gulfstream aircraft deliveries	Q3 FY2026	40.00	39.00	+2.56%
Unfunded backlog	Q2 FY2026	$32.4B	$19.8B	+63.55%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q3 FY2018	Q2 FY2018	Q1 FY2018	Q4 FY2017	Q3 FY2017	Q2 FY2017
Aerospace backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aerospace book-to-bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aerospace estimated potential contract value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aerospace funded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aerospace total estimated contract value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aerospace unfunded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-wide backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidated book-to-bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Defense segments book-to-bill ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Estimated potential contract value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Funded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gulfstream large-cabin aircraft deliveries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gulfstream mid-cabin aircraft deliveries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marine Systems funded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marine Systems total backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marine Systems unfunded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Orders	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total estimated contract value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Gulfstream aircraft deliveries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unfunded backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.