General Dynamics (GD) Financials

$319.36 +2.83 (+0.89%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$319.60 +0.24 (+0.08%)

As of 08/22/2025 07:36 PM Eastern

Annual Income Statements for General Dynamics

This table shows General Dynamics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,533	3,036	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782
Consolidated Net Income / (Loss)	2,533	3,036	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782
Net Income / (Loss) Continuing Operations	2,673	3,036	2,679	2,912	3,358	3,484	3,167	3,257	3,390	3,315	3,782
Total Pre-Tax Income	3,802	4,219	3,656	4,077	4,085	4,202	3,738	3,873	4,036	3,984	4,540
Total Operating Income	3,889	4,295	3,744	4,236	4,394	4,570	4,133	4,163	4,211	4,245	4,796
Total Gross Profit	5,873	6,232	5,665	6,242	6,657	6,987	6,325	6,408	6,622	6,672	7,364
Total Revenue	30,852	31,781	30,561	30,973	36,193	39,350	37,925	38,469	39,407	42,272	47,716
Operating Revenue	30,852	31,781	30,561	30,973	36,193	39,350	37,925	38,469	39,407	42,272	47,716
Total Cost of Revenue	24,979	25,549	24,896	24,731	29,536	32,363	31,600	32,061	32,785	35,600	40,352
Operating Cost of Revenue	24,979	25,549	24,896	24,731	29,536	32,363	31,600	32,061	32,785	35,600	40,352
Total Operating Expenses	1,984	1,937	1,921	2,006	2,263	2,417	2,192	2,245	2,411	2,427	2,568
Selling, General & Admin Expense	1,984	1,937	1,921	2,006	2,263	2,417	2,192	2,245	2,411	2,427	2,568
Total Other Income / (Expense), net	-87	-76	-88	-159	-309	-368	-395	-290	-175	-261	-256
Interest Expense	86	83	91	103	356	460	477	424	364	343	324
Other Income / (Expense), net	-1.00	7.00	3.00	-56	47	92	82	134	189	82	68
Income Tax Expense	1,129	1,183	977	1,165	727	718	571	616	646	669	758
Basic Earnings per Share	$7.97	$9.45	$8.79	$9.73	$11.33	$12.09	$11.04	$11.61	$12.31	$12.14	$13.81
Weighted Average Basic Shares Outstanding	335.19M	321.31M	265.20M	299.17M	295.26M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M
Diluted Earnings per Share	$7.83	$9.29	$8.64	$9.56	$11.18	$11.98	$11.00	$11.55	$12.19	$12.02	$13.63
Weighted Average Diluted Shares Outstanding	335.19M	321.31M	265.20M	299.17M	295.26M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M
Weighted Average Basic & Diluted Shares Outstanding	335.19M	321.31M	265.20M	299.17M	295.26M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M

This table shows General Dynamics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Net Income / (Loss) Attributable to Common Shareholders	992	730	744	836	1,005	799	905	930	1,148	994	1,014
Consolidated Net Income / (Loss)	992	730	744	836	1,005	799	905	930	1,148	994	1,014
Net Income / (Loss) Continuing Operations	992	730	744	836	1,005	799	905	930	1,148	994	1,014
Total Pre-Tax Income	1,211	880	886	991	1,227	968	1,090	1,114	1,368	1,200	1,232
Total Operating Income	1,227	938	962	1,057	1,288	1,036	1,156	1,181	1,423	1,268	1,305
Total Gross Profit	1,831	1,524	1,567	1,658	1,923	1,663	1,800	1,816	2,085	1,893	1,949
Total Revenue	10,851	9,881	10,152	10,571	11,668	10,731	11,976	11,671	13,338	12,223	13,041
Operating Revenue	10,851	9,881	10,152	10,571	11,668	10,731	11,976	11,671	13,338	12,223	13,041
Total Cost of Revenue	9,020	8,357	8,585	8,913	9,745	9,068	10,176	9,855	11,253	10,330	11,092
Operating Cost of Revenue	9,020	8,357	8,585	8,913	9,745	9,068	10,176	9,855	11,253	10,330	11,092
Total Operating Expenses	604	586	605	601	635	627	644	635	662	625	644
Selling, General & Admin Expense	604	586	605	601	635	627	644	635	662	625	644
Total Other Income / (Expense), net	-16	-58	-76	-66	-61	-68	-66	-67	-55	-68	-73
Interest Expense	85	91	89	85	78	82	84	82	76	89	88
Other Income / (Expense), net	69	33	13	19	17	14	18	15	21	21	15
Income Tax Expense	219	150	142	155	222	169	185	184	220	206	218
Basic Earnings per Share	$3.62	$2.66	$2.72	$3.07	$3.69	$2.92	$3.30	$3.39	$4.20	$3.69	$3.78
Weighted Average Basic Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Diluted Earnings per Share	$3.57	$2.64	$2.70	$3.04	$3.64	$2.88	$3.26	$3.35	$4.14	$3.66	$3.74
Weighted Average Diluted Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Weighted Average Basic & Diluted Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Cash Dividends to Common per Share	-	$1.32	$1.32	$1.32	-	$1.42	$1.42	$1.42	-	$1.50	$1.50

This table details how cash moves in and out of General Dynamics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-913	-1,603	-451	649	-2,020	-61	1,922	-1,221	-361	671	-216
Net Cash From Operating Activities	3,828	2,607	2,163	3,876	3,148	2,981	3,858	4,271	4,579	4,710	4,112
Net Cash From Continuing Operating Activities	3,828	2,607	2,163	3,876	3,148	2,981	3,858	4,271	4,579	4,710	4,112
Net Income / (Loss) Continuing Operations	2,673	3,036	2,679	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782
Consolidated Net Income / (Loss)	2,533	3,036	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782
Depreciation Expense	375	365	365	362	436	466	523	568	586	608	644
Amortization Expense	121	116	88	79	327	363	355	322	298	255	242
Non-Cash Adjustments To Reconcile Net Income	409	98	95	123	-647	133	128	-284	165	181	183
Changes in Operating Assets and Liabilities, net	250	-1,008	-1,064	400	-313	-1,465	-315	408	140	351	-739
Net Cash From Investing Activities	-1,102	200	-391	-788	-10,234	-994	-974	-882	-1,489	-941	-953
Net Cash From Continuing Investing Activities	-1,102	200	-391	-788	-10,234	-994	-974	-882	-1,489	-941	-953
Purchase of Property, Plant & Equipment	-521	-569	-392	-428	-690	-987	-967	-887	-1,114	-904	-916
Other Investing Activities, net	-183	-17	50	-11	-7.00	-7.00	-7.00	5.00	-375	-37	-37
Net Cash From Financing Activities	-3,675	-4,367	-2,169	-2,399	5,086	-1,997	-903	-4,590	-3,471	-3,094	-3,369
Net Cash From Continuing Financing Activities	-3,675	-4,367	-2,169	-2,399	5,086	-1,997	-903	-4,590	-3,471	-3,094	-3,369
Repayment of Debt	-18	-529	-546	-900	-503	-905	-3,015	-4,941	-873	-1,232	-339
Repurchase of Common Equity	-3,382	-3,233	-1,996	-1,558	-1,769	-231	-587	-1,828	-1,229	-434	-1,501
Payment of Dividends	-822	-873	-911	-986	-1,075	-1,152	-1,240	-1,315	-1,369	-1,428	-1,529
Other Net Changes in Cash	36	-43	-	-40	-20	-51	-59	-20	20	-4.00	-6.00

This table details how cash moves in and out of General Dynamics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Net Change in Cash & Equivalents	-1,254	796	-884	198	561	-877	326	739	-404	-455	281
Net Cash From Operating Activities	669	1,462	731	1,321	1,196	-278	814	1,416	2,160	-148	1,598
Net Cash From Continuing Operating Activities	669	1,462	731	1,321	1,196	-278	814	1,416	2,160	-148	1,598
Net Income / (Loss) Continuing Operations	992	730	744	836	1,005	799	905	930	1,148	994	1,014
Consolidated Net Income / (Loss)	992	730	744	836	1,005	799	905	930	1,148	994	1,014
Depreciation Expense	166	149	148	149	162	152	159	158	175	162	163
Amortization Expense	74	77	59	59	60	59	58	60	65	61	60
Non-Cash Adjustments To Reconcile Net Income	25	38	49	497	-403	34	53	50	46	-845	934
Changes in Operating Assets and Liabilities, net	-588	468	-269	-220	372	-1,322	-361	218	726	-520	-573
Net Cash From Investing Activities	-491	-190	-214	-204	-333	-182	-125	-281	-365	-130	-86
Net Cash From Continuing Investing Activities	-491	-190	-214	-204	-333	-182	-125	-281	-365	-130	-86
Purchase of Property, Plant & Equipment	-494	-161	-212	-227	-304	-159	-201	-201	-355	-142	-198
Other Investing Activities, net	3.00	-29	-2.00	23	-29	-23	76	-80	-10	12	112
Net Cash From Financing Activities	-1,431	-475	-1,400	-917	-302	-416	-362	-395	-2,196	-175	-1,228
Net Cash From Continuing Financing Activities	-1,431	-475	-1,400	-917	-302	-416	-362	-395	-2,196	-175	-1,228
Repayment of Debt	-976	-40	-752	-498	58	50	61	39	-489	-782	-679
Payment of Dividends	-345	-345	-360	-363	-360	-361	-389	-390	-389	-383	-402
Issuance of Debt	-	-	-	-	-	0.00	-	-	-	1,590	-147
Other Net Changes in Cash	-1.00	-1.00	-1.00	-2.00	-	-1.00	-1.00	-1.00	-3.00	-2.00	-3.00
Cash Interest Paid	-	18	177	29	-	26	168	19	-	42	161
Cash Income Taxes Paid	-	58	269	166	-	33	-81	173	-	34	202

This table presents General Dynamics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	35,337	31,997	33,172	35,046	45,408	49,349	51,308	50,073	51,585	54,810	55,880
Total Current Assets	17,407	14,571	16,534	18,328	18,189	20,288	21,543	19,987	21,063	23,615	24,386
Cash & Equivalents	4,388	2,785	2,334	2,983	963	902	2,824	1,603	1,242	1,913	1,697
Accounts Receivable	4,050	3,446	7,611	8,857	10,335	11,401	11,185	11,539	11,803	11,001	11,225
Inventories, net	3,221	3,366	5,118	5,303	5,977	6,306	5,745	5,340	6,322	8,578	9,724
Other Current Assets	5,748	4,974	1,471	1,185	914	1,679	1,789	1,505	1,696	2,123	1,740
Plant, Property, & Equipment, net	3,329	3,466	3,477	3,517	3,978	4,475	5,100	5,417	5,900	6,198	6,467
Total Noncurrent Assets	14,601	13,960	13,161	13,201	23,241	24,586	24,665	24,669	24,622	24,997	25,027
Goodwill	11,731	11,443	11,445	11,914	19,594	19,677	20,053	20,098	20,334	20,586	20,556
Intangible Assets	912	763	678	702	2,585	2,315	2,117	1,978	1,824	1,656	1,520
Other Noncurrent Operating Assets	1,958	1,754	1,038	585	1,062	2,594	2,495	2,593	2,464	2,755	2,951
Total Liabilities & Shareholders' Equity	35,337	31,997	33,172	35,046	45,408	49,349	51,308	50,073	51,585	54,810	55,880
Total Liabilities	23,508	21,259	22,871	23,611	33,676	35,371	35,647	32,432	33,017	33,511	33,817
Total Current Liabilities	13,751	12,445	13,450	13,099	14,739	16,801	15,964	13,978	15,341	16,432	17,824
Short-Term Debt	501	501	900	2.00	973	2,920	3,003	1,005	1,253	507	1,502
Accounts Payable	2,057	1,964	2,538	3,207	3,179	3,162	2,952	3,167	3,398	3,095	3,344
Current Deferred Revenue	7,335	5,674	6,827	6,992	7,270	7,148	6,276	6,266	7,436	9,564	9,491
Other Current Liabilities	3,858	4,306	3,185	2,898	3,317	3,571	3,733	3,540	3,254	3,266	3,487
Total Noncurrent Liabilities	9,757	8,814	9,421	10,512	18,937	18,570	19,683	18,454	17,676	17,079	15,993
Long-Term Debt	3,392	2,898	2,988	3,980	11,444	9,010	9,995	10,490	9,243	8,754	7,260
Other Noncurrent Operating Liabilities	6,365	5,916	6,433	6,532	7,493	9,560	9,688	7,964	8,433	8,325	8,733
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,829	10,738	10,301	11,435	11,732	13,978	15,661	17,641	18,568	21,299	22,063
Total Preferred & Common Equity	11,829	10,738	10,301	11,435	11,732	13,978	15,661	17,641	18,568	21,299	22,063
Total Common Equity	11,829	10,738	10,301	11,435	11,732	13,978	15,661	17,641	18,568	21,299	22,063
Common Stock	3,030	3,212	3,301	3,354	3,428	3,521	3,606	3,760	4,038	4,242	4,544
Retained Earnings	21,127	23,204	24,543	26,444	29,326	31,633	33,498	35,420	37,403	39,270	41,487
Treasury Stock	-9,396	-12,392	-14,156	-15,543	-17,244	-17,358	-17,893	-19,619	-20,721	-21,054	-22,450
Accumulated Other Comprehensive Income / (Loss)	-2,932	-3,286	-3,387	-2,820	-3,778	-3,818	-3,550	-1,920	-2,152	-1,159	-1,518

This table presents General Dynamics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Total Assets	51,585	52,096	52,556	53,525	54,810	55,246	55,442	57,312	55,880	56,580	56,888
Total Current Assets	21,063	21,588	21,825	22,779	23,615	24,196	24,312	25,743	24,386	25,117	25,066
Cash & Equivalents	1,242	2,038	1,154	1,352	1,913	1,036	1,362	2,101	1,697	1,242	1,523
Accounts Receivable	11,803	11,084	11,458	11,585	11,001	11,642	11,720	12,017	11,225	12,433	12,025
Inventories, net	6,322	7,006	7,642	8,282	8,578	9,589	9,686	10,141	9,724	9,816	9,889
Other Current Assets	1,696	1,460	1,571	1,560	2,123	1,929	1,544	1,484	1,740	1,626	1,629
Plant, Property, & Equipment, net	5,900	5,867	5,947	6,013	6,198	6,192	6,276	6,324	6,467	6,461	6,556
Total Noncurrent Assets	24,622	24,641	24,784	24,733	24,997	24,858	24,854	25,245	25,027	25,002	25,266
Goodwill	20,334	20,386	20,443	20,386	20,586	20,458	20,452	20,757	20,556	20,623	20,876
Intangible Assets	1,824	1,776	1,732	1,681	1,656	1,594	1,550	1,583	1,520	1,462	1,437
Other Noncurrent Operating Assets	2,464	2,479	2,609	2,666	2,755	2,806	2,852	2,905	2,951	2,917	2,953
Total Liabilities & Shareholders' Equity	51,585	52,096	52,556	53,525	54,810	55,246	55,442	57,312	55,880	56,580	56,888
Total Liabilities	33,017	33,009	33,078	33,568	33,511	33,836	33,406	34,339	33,817	34,355	33,308
Total Current Liabilities	15,341	15,484	15,686	15,962	16,432	16,790	18,257	19,557	17,824	18,760	18,379
Short-Term Debt	1,253	1,257	508	7.00	507	507	2,004	2,005	1,502	2,349	1,204
Accounts Payable	3,398	3,248	3,365	3,315	3,095	3,203	2,969	3,290	3,344	3,357	3,078
Current Deferred Revenue	7,436	7,717	8,628	9,351	9,564	9,969	10,089	10,925	9,491	9,770	10,678
Other Current Liabilities	3,254	3,262	3,185	3,289	3,266	3,111	3,195	3,337	3,487	3,284	3,419
Total Noncurrent Liabilities	17,676	17,525	17,392	17,606	17,079	17,046	15,149	14,782	15,993	15,595	14,929
Long-Term Debt	9,243	9,245	9,247	9,248	8,754	8,752	7,257	7,262	7,260	7,260	7,508
Other Noncurrent Operating Liabilities	8,433	8,280	8,145	8,358	8,325	8,294	7,892	7,520	8,733	8,335	7,421
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	18,568	19,087	19,478	19,957	21,299	21,410	22,036	22,973	22,063	22,225	23,580
Total Preferred & Common Equity	18,568	19,087	19,478	19,957	21,299	21,410	22,036	22,973	22,063	22,225	23,580
Total Common Equity	18,568	19,087	19,478	19,957	21,299	21,410	22,036	22,973	22,063	22,225	23,580
Common Stock	4,038	4,044	4,096	4,153	4,242	4,302	4,407	4,479	4,544	4,546	4,655
Retained Earnings	37,403	37,769	38,154	38,626	39,270	39,678	40,191	40,730	41,487	42,082	42,695
Treasury Stock	-20,721	-20,796	-21,077	-21,124	-21,054	-21,114	-21,128	-21,137	-22,450	-23,034	-22,975
Accumulated Other Comprehensive Income / (Loss)	-2,152	-1,930	-1,695	-1,698	-1,159	-1,456	-1,434	-1,099	-1,518	-1,369	-795

This table displays calculated financial ratios and metrics derived from General Dynamics' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.25%	3.01%	-3.84%	1.35%	16.85%	8.72%	-3.62%	1.43%	2.44%	7.27%	12.88%
EBITDA Growth	3.84%	9.10%	-12.19%	10.02%	12.62%	5.52%	-7.25%	1.85%	1.87%	-1.78%	10.79%
EBIT Growth	5.17%	10.65%	-12.90%	11.56%	6.24%	4.98%	-9.59%	1.95%	2.40%	-1.66%	12.41%
NOPAT Growth	7.66%	13.04%	-11.23%	10.28%	19.38%	4.90%	-7.59%	-0.02%	1.03%	-0.14%	13.11%
Net Income Growth	7.47%	19.86%	-15.28%	13.22%	14.87%	4.16%	-9.10%	2.84%	4.08%	-2.21%	14.09%
EPS Growth	11.38%	18.65%	-7.00%	10.65%	16.95%	7.16%	-8.18%	5.00%	5.54%	-1.39%	13.39%
Operating Cash Flow Growth	23.05%	-31.90%	-17.03%	79.20%	-18.78%	-5.31%	29.42%	10.71%	7.21%	2.86%	-12.70%
Free Cash Flow Firm Growth	214.73%	-31.86%	-27.08%	9.20%	-391.84%	127.58%	35.73%	-32.54%	80.16%	-16.65%	29.81%
Invested Capital Growth	-13.54%	0.16%	4.43%	4.88%	86.47%	7.85%	3.32%	6.57%	1.05%	2.97%	1.68%
Revenue Q/Q Growth	1.33%	-0.75%	-1.51%	2.05%	6.16%	1.01%	-0.76%	-0.49%	1.44%	1.97%	3.63%
EBITDA Q/Q Growth	2.98%	1.96%	-8.60%	6.18%	6.44%	1.16%	0.24%	-1.43%	1.36%	-0.17%	2.81%
EBIT Q/Q Growth	3.74%	2.16%	-9.36%	6.82%	4.94%	1.75%	-0.45%	-1.83%	1.64%	0.21%	2.94%
NOPAT Q/Q Growth	4.45%	3.17%	-8.13%	2.19%	8.08%	3.24%	1.26%	-2.67%	0.19%	1.45%	3.62%
Net Income Q/Q Growth	8.85%	4.62%	-9.34%	2.32%	8.89%	3.29%	-0.57%	-1.51%	1.19%	0.39%	3.93%
EPS Q/Q Growth	0.00%	40.54%	-7.20%	-17.94%	0.00%	0.00%	0.00%	0.00%	1.50%	0.59%	3.81%
Operating Cash Flow Q/Q Growth	-28.53%	13.35%	26.57%	45.01%	2.37%	12.32%	4.55%	-17.08%	-18.12%	12.60%	30.62%
Free Cash Flow Firm Q/Q Growth	38.75%	-23.88%	160.16%	14.49%	7.99%	-14.65%	-11.74%	-54.54%	3.63%	19.38%	122.88%
Invested Capital Q/Q Growth	-4.08%	5.36%	-8.10%	-9.40%	-6.61%	-4.52%	-2.95%	4.89%	4.41%	2.82%	-3.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.04%	19.61%	18.54%	20.15%	18.39%	17.76%	16.68%	16.66%	16.80%	15.78%	15.43%
EBITDA Margin	14.21%	15.05%	13.74%	14.92%	14.38%	13.95%	13.43%	13.48%	13.41%	12.28%	12.05%
Operating Margin	12.61%	13.51%	12.25%	13.68%	12.14%	11.61%	10.90%	10.82%	10.69%	10.04%	10.05%
EBIT Margin	12.60%	13.54%	12.26%	13.50%	12.27%	11.85%	11.11%	11.17%	11.17%	10.24%	10.19%
Profit (Net Income) Margin	8.21%	9.55%	8.42%	9.40%	9.24%	8.85%	8.35%	8.47%	8.60%	7.84%	7.93%
Tax Burden Percent	66.62%	71.96%	70.35%	71.43%	81.88%	82.91%	84.72%	84.10%	83.99%	83.21%	83.30%
Interest Burden Percent	97.79%	98.07%	97.57%	97.54%	91.98%	90.13%	88.68%	90.13%	91.73%	92.07%	93.34%
Effective Tax Rate	29.69%	28.04%	26.72%	28.57%	17.80%	17.09%	15.28%	15.91%	16.01%	16.79%	16.70%
Return on Invested Capital (ROIC)	22.37%	27.25%	23.64%	24.91%	20.28%	15.73%	13.78%	13.12%	12.78%	12.51%	13.83%
ROIC Less NNEP Spread (ROIC-NNEP)	43.69%	-64.67%	7.82%	16.02%	15.99%	13.01%	10.62%	10.69%	11.24%	9.89%	10.87%
Return on Net Nonoperating Assets (RNNOA)	-3.13%	-0.34%	0.81%	1.88%	8.60%	11.38%	7.60%	6.44%	5.95%	4.12%	3.61%
Return on Equity (ROE)	19.24%	26.91%	24.45%	26.79%	28.88%	27.10%	21.37%	19.56%	18.72%	16.63%	17.44%
Cash Return on Invested Capital (CROIC)	36.90%	27.09%	19.31%	20.15%	-40.09%	8.17%	10.51%	6.76%	11.74%	9.59%	12.17%
Operating Return on Assets (OROA)	10.98%	12.78%	11.50%	12.25%	11.04%	9.84%	8.38%	8.48%	8.66%	8.13%	8.79%
Return on Assets (ROA)	7.15%	9.02%	7.89%	8.54%	8.32%	7.35%	6.29%	6.43%	6.67%	6.23%	6.83%
Return on Common Equity (ROCE)	19.24%	26.91%	24.45%	26.79%	28.88%	27.10%	21.37%	19.56%	18.72%	16.63%	17.44%
Return on Equity Simple (ROE_SIMPLE)	21.41%	28.27%	24.97%	25.47%	28.51%	24.92%	20.22%	18.46%	18.26%	15.56%	17.14%
Net Operating Profit after Tax (NOPAT)	2,734	3,091	2,743	3,026	3,612	3,789	3,502	3,501	3,537	3,532	3,995
NOPAT Margin	8.86%	9.73%	8.98%	9.77%	9.98%	9.63%	9.23%	9.10%	8.98%	8.36%	8.37%
Net Nonoperating Expense Percent (NNEP)	-21.32%	91.92%	15.82%	8.90%	4.29%	2.71%	3.16%	2.43%	1.54%	2.62%	2.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	12.17%	11.56%	12.96%
Cost of Revenue to Revenue	80.96%	80.39%	81.46%	79.85%	81.61%	82.24%	83.32%	83.34%	83.20%	84.22%	84.57%
SG&A Expenses to Revenue	6.43%	6.09%	6.29%	6.48%	6.25%	6.14%	5.78%	5.84%	6.12%	5.74%	5.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.43%	6.09%	6.29%	6.48%	6.25%	6.14%	5.78%	5.84%	6.12%	5.74%	5.38%
Earnings before Interest and Taxes (EBIT)	3,888	4,302	3,747	4,180	4,441	4,662	4,215	4,297	4,400	4,327	4,864
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,384	4,783	4,200	4,621	5,204	5,491	5,093	5,187	5,284	5,190	5,750
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.14	3.36	4.33	4.59	3.49	3.28	2.53	3.14	3.49	3.24	3.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.20	1.14	1.46	1.69	1.13	1.17	1.04	1.44	1.65	1.63	1.51
Price to Earnings (P/E)	14.67	11.88	17.36	18.02	12.24	13.18	12.49	16.99	19.14	20.84	19.06
Dividend Yield	2.16%	2.36%	2.03%	1.87%	2.63%	2.51%	3.13%	2.36%	2.10%	2.06%	2.13%
Earnings Yield	6.82%	8.41%	5.76%	5.55%	8.17%	7.59%	8.01%	5.89%	5.22%	4.80%	5.25%
Enterprise Value to Invested Capital (EV/IC)	3.24	3.23	3.90	4.30	2.26	2.28	1.92	2.37	2.66	2.67	2.72
Enterprise Value to Revenue (EV/Rev)	1.19	1.15	1.51	1.73	1.45	1.45	1.31	1.70	1.88	1.81	1.66
Enterprise Value to EBITDA (EV/EBITDA)	8.36	7.67	11.00	11.57	10.07	10.37	9.76	12.57	14.03	14.73	13.76
Enterprise Value to EBIT (EV/EBIT)	9.43	8.53	12.33	12.79	11.80	12.21	11.80	15.18	16.85	17.67	16.27
Enterprise Value to NOPAT (EV/NOPAT)	13.41	11.87	16.84	17.67	14.50	15.02	14.20	18.63	20.96	21.64	19.81
Enterprise Value to Operating Cash Flow (EV/OCF)	9.58	14.07	21.36	13.79	16.64	19.10	12.89	15.27	16.19	16.23	19.24
Enterprise Value to Free Cash Flow (EV/FCFF)	8.13	11.94	20.62	21.85	0.00	28.91	18.60	36.17	22.83	28.24	22.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.33	0.32	0.38	0.35	1.06	0.85	0.83	0.65	0.57	0.43	0.40
Long-Term Debt to Equity	0.29	0.27	0.29	0.35	0.98	0.64	0.64	0.59	0.50	0.41	0.33
Financial Leverage	-0.07	0.01	0.10	0.12	0.54	0.87	0.72	0.60	0.53	0.42	0.33
Leverage Ratio	2.69	2.98	3.10	3.14	3.47	3.69	3.40	3.04	2.81	2.67	2.55
Compound Leverage Factor	2.63	2.93	3.02	3.06	3.19	3.32	3.01	2.74	2.58	2.46	2.38
Debt to Total Capital	24.76%	24.04%	27.40%	25.83%	51.42%	46.05%	45.35%	39.45%	36.11%	30.30%	28.43%
Short-Term Debt to Total Capital	3.19%	3.54%	6.34%	0.01%	4.03%	11.27%	10.48%	3.45%	4.31%	1.66%	4.87%
Long-Term Debt to Total Capital	21.57%	20.50%	21.06%	25.82%	47.39%	34.78%	34.88%	36.00%	31.80%	28.65%	23.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	75.24%	75.96%	72.60%	74.17%	48.58%	53.95%	54.65%	60.55%	63.89%	69.70%	71.58%
Debt to EBITDA	0.89	0.71	0.93	0.86	2.39	2.17	2.55	2.22	1.99	1.78	1.52
Net Debt to EBITDA	-0.11	0.13	0.37	0.22	2.20	2.01	2.00	1.91	1.75	1.42	1.23
Long-Term Debt to EBITDA	0.77	0.61	0.71	0.86	2.20	1.64	1.96	2.02	1.75	1.69	1.26
Debt to NOPAT	1.42	1.10	1.42	1.32	3.44	3.15	3.71	3.28	2.97	2.62	2.19
Net Debt to NOPAT	-0.18	0.20	0.57	0.33	3.17	2.91	2.91	2.83	2.62	2.08	1.77
Long-Term Debt to NOPAT	1.24	0.94	1.09	1.32	3.17	2.38	2.85	3.00	2.61	2.48	1.82
Altman Z-Score	3.15	3.55	3.61	3.85	2.84	2.87	2.72	3.21	3.37	3.43	3.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.17	1.23	1.40	1.23	1.21	1.35	1.43	1.37	1.44	1.37
Quick Ratio	0.61	0.50	0.74	0.90	0.77	0.73	0.88	0.94	0.85	0.79	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,509	3,073	2,240	2,447	-7,140	1,969	2,673	1,803	3,248	2,707	3,514
Operating Cash Flow to CapEx	734.74%	458.17%	551.79%	905.61%	456.23%	302.03%	398.97%	481.51%	411.04%	521.02%	448.91%
Free Cash Flow to Firm to Interest Expense	52.43	37.02	24.62	23.75	-20.06	4.28	5.60	4.25	8.92	7.89	10.85
Operating Cash Flow to Interest Expense	44.51	31.41	23.77	37.63	8.84	6.48	8.09	10.07	12.58	13.73	12.69
Operating Cash Flow Less CapEx to Interest Expense	38.45	24.55	19.46	33.48	6.90	4.33	6.06	7.98	9.52	11.10	9.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.94	0.94	0.91	0.90	0.83	0.75	0.76	0.78	0.79	0.86
Accounts Receivable Turnover	7.33	8.48	5.53	3.76	3.77	3.62	3.36	3.39	3.38	3.71	4.29
Inventory Turnover	8.18	7.76	5.87	4.75	5.24	5.27	5.24	5.78	5.62	4.78	4.41
Fixed Asset Turnover	9.23	9.35	8.80	8.86	9.66	9.31	7.92	7.32	6.96	6.99	7.54
Accounts Payable Turnover	11.69	12.71	11.06	8.61	9.25	10.21	10.34	10.48	9.99	10.97	12.53
Days Sales Outstanding (DSO)	49.81	43.05	66.03	97.03	96.77	100.81	108.69	107.80	108.10	98.45	85.01
Days Inventory Outstanding (DIO)	44.65	47.05	62.19	76.90	69.70	69.27	69.60	63.10	64.92	76.38	82.77
Days Payable Outstanding (DPO)	31.22	28.72	33.00	42.39	39.46	35.76	35.31	34.83	36.54	33.29	29.12
Cash Conversion Cycle (CCC)	63.24	61.37	95.22	131.54	127.01	134.32	142.97	136.07	136.47	141.55	138.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,334	11,352	11,855	12,434	23,186	25,006	25,835	27,533	27,822	28,647	29,128
Invested Capital Turnover	2.52	2.80	2.63	2.55	2.03	1.63	1.49	1.44	1.42	1.50	1.65
Increase / (Decrease) in Invested Capital	-1,775	18	503	579	10,752	1,820	829	1,698	289	825	481
Enterprise Value (EV)	36,669	36,693	46,198	53,464	52,386	56,930	49,723	65,218	74,141	76,441	79,134
Market Capitalization	37,164	36,079	44,644	52,465	40,932	45,902	39,549	55,326	64,887	69,093	72,069
Book Value per Share	$35.70	$33.97	$33.83	$38.30	$39.62	$48.32	$54.57	$63.18	$67.63	$78.05	$80.24
Tangible Book Value per Share	($2.46)	($4.64)	($5.98)	($3.96)	($35.28)	($27.70)	($22.68)	($15.88)	($13.08)	($3.46)	($0.05)
Total Capital	15,722	14,137	14,189	15,417	24,149	25,908	28,659	29,136	29,064	30,560	30,825
Total Debt	3,893	3,399	3,888	3,982	12,417	11,930	12,998	11,495	10,496	9,261	8,762
Total Long-Term Debt	3,392	2,898	2,988	3,980	11,444	9,010	9,995	10,490	9,243	8,754	7,260
Net Debt	-495	614	1,554	999	11,454	11,028	10,174	9,892	9,254	7,348	7,065
Capital Expenditures (CapEx)	521	569	392	428	690	987	967	887	1,114	904	916
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-231	-158	1,650	2,248	3,460	5,505	5,758	5,411	5,733	5,777	6,367
Debt-free Net Working Capital (DFNWC)	4,157	2,627	3,984	5,231	4,423	6,407	8,582	7,014	6,975	7,690	8,064
Net Working Capital (NWC)	3,656	2,126	3,084	5,229	3,450	3,487	5,579	6,009	5,722	7,183	6,562
Net Nonoperating Expense (NNE)	201	55	171	114	267	305	335	244	147	217	213
Net Nonoperating Obligations (NNO)	-495	614	1,554	999	11,454	11,028	10,174	9,892	9,254	7,348	7,065
Total Depreciation and Amortization (D&A)	496	481	453	441	763	829	878	890	884	863	886
Debt-free, Cash-free Net Working Capital to Revenue	-0.75%	-0.50%	5.40%	7.26%	9.56%	13.99%	15.18%	14.07%	14.55%	13.67%	13.34%
Debt-free Net Working Capital to Revenue	13.47%	8.27%	13.04%	16.89%	12.22%	16.28%	22.63%	18.23%	17.70%	18.19%	16.90%
Net Working Capital to Revenue	11.85%	6.69%	10.09%	16.88%	9.53%	8.86%	14.71%	15.62%	14.52%	16.99%	13.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.97	$9.23	$10.05	$9.73	$11.37	$12.09	$22.08	$11.61	$12.31	$12.14	$13.81
Adjusted Weighted Average Basic Shares Outstanding	331.70M	311.16M	302.74M	296.93M	288.24M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M
Adjusted Diluted Earnings per Share	$7.83	$9.08	$9.87	$9.56	$11.22	$11.98	$22.00	$11.55	$12.19	$12.02	$13.63
Adjusted Weighted Average Diluted Shares Outstanding	331.70M	311.16M	302.74M	296.93M	288.24M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$12.09	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	331.70M	311.16M	302.74M	296.93M	288.24M	289.63M	286.26M	277.70M	274.43M	273.98M	270.35M
Normalized Net Operating Profit after Tax (NOPAT)	2,734	3,091	2,743	3,026	3,612	3,789	3,502	3,501	3,537	3,532	3,995
Normalized NOPAT Margin	8.86%	9.73%	8.98%	9.77%	9.98%	9.63%	9.23%	9.10%	8.98%	8.36%	8.37%
Pre Tax Income Margin	12.32%	13.28%	11.96%	13.16%	11.29%	10.68%	9.86%	10.07%	10.24%	9.42%	9.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	45.21	51.83	41.18	40.58	12.47	10.13	8.84	10.13	12.09	12.62	15.01
NOPAT to Interest Expense	31.79	37.24	30.15	29.37	10.15	8.24	7.34	8.26	9.72	10.30	12.33
EBIT Less CapEx to Interest Expense	39.15	44.98	36.87	36.43	10.54	7.99	6.81	8.04	9.03	9.98	12.19
NOPAT Less CapEx to Interest Expense	25.73	30.38	25.84	25.22	8.21	6.09	5.31	6.16	6.66	7.66	9.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.45%	28.75%	35.42%	33.86%	32.14%	33.07%	39.15%	40.37%	40.38%	43.08%	40.43%
Augmented Payout Ratio	165.97%	135.24%	113.02%	87.36%	85.02%	39.70%	57.69%	96.50%	76.64%	56.17%	80.12%

This table displays calculated financial ratios and metrics derived from General Dynamics' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	4/2/2023	7/2/2023	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.43%	5.21%	10.48%	5.97%	7.53%	8.60%	17.97%	10.41%	14.31%	13.90%	8.89%
EBITDA Growth	4.85%	3.19%	-3.90%	-5.45%	-0.59%	5.35%	17.68%	10.12%	10.28%	19.90%	10.93%
EBIT Growth	5.80%	2.53%	-4.22%	-5.53%	0.69%	8.14%	20.41%	11.15%	10.65%	22.76%	12.44%
NOPAT Growth	0.77%	-0.34%	-0.47%	-5.20%	4.96%	9.90%	18.81%	10.57%	13.19%	22.83%	11.91%
Net Income Growth	4.20%	0.00%	-2.87%	-7.32%	1.31%	9.45%	21.64%	11.24%	14.23%	24.41%	12.04%
EPS Growth	5.31%	1.15%	-1.82%	-6.75%	1.96%	9.09%	20.74%	10.20%	13.74%	27.08%	14.72%
Operating Cash Flow Growth	-60.23%	-25.71%	10.93%	2.96%	78.77%	-119.02%	11.35%	7.19%	80.60%	46.76%	96.31%
Free Cash Flow Firm Growth	202.22%	-119.14%	-173.98%	-159.19%	-67.89%	-622.17%	-44.97%	-301.17%	210.12%	107.44%	126.79%
Invested Capital Growth	1.05%	3.56%	5.35%	4.56%	2.97%	7.56%	6.61%	8.18%	1.68%	3.24%	2.79%
Revenue Q/Q Growth	8.78%	-8.94%	2.74%	4.13%	10.38%	-8.03%	11.60%	-2.55%	14.28%	-8.36%	6.69%
EBITDA Q/Q Growth	13.11%	-22.07%	-1.25%	8.63%	18.93%	-17.42%	10.31%	1.65%	19.09%	-10.21%	2.05%
EBIT Q/Q Growth	13.78%	-25.08%	0.41%	10.36%	21.28%	-19.54%	11.81%	1.87%	20.74%	-10.73%	2.41%
NOPAT Q/Q Growth	6.86%	-22.58%	3.82%	10.38%	18.31%	-18.94%	12.24%	2.72%	21.12%	-12.04%	2.26%
Net Income Q/Q Growth	9.98%	-26.41%	1.92%	12.37%	20.22%	-20.50%	13.27%	2.76%	23.44%	-13.41%	2.01%
EPS Q/Q Growth	9.51%	-26.05%	2.27%	12.59%	19.74%	-20.88%	13.19%	2.76%	23.58%	-11.59%	2.19%
Operating Cash Flow Q/Q Growth	-47.86%	118.54%	-50.00%	80.71%	-9.46%	-123.24%	392.81%	73.96%	52.54%	-106.85%	1,179.73%
Free Cash Flow Firm Q/Q Growth	31.51%	-123.72%	-263.88%	47.86%	171.35%	-633.51%	26.95%	-44.28%	155.15%	-87.19%	162.88%
Invested Capital Q/Q Growth	4.41%	-0.97%	1.92%	-0.78%	2.82%	3.44%	1.02%	0.68%	-3.35%	5.03%	0.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.87%	15.42%	15.44%	15.68%	16.48%	15.50%	15.03%	15.56%	15.63%	15.49%	14.95%
EBITDA Margin	14.16%	12.11%	11.64%	12.15%	13.09%	11.75%	11.61%	12.12%	12.63%	12.37%	11.83%
Operating Margin	11.31%	9.49%	9.48%	10.00%	11.04%	9.65%	9.65%	10.12%	10.67%	10.37%	10.01%
EBIT Margin	11.94%	9.83%	9.60%	10.18%	11.18%	9.78%	9.80%	10.25%	10.83%	10.55%	10.12%
Profit (Net Income) Margin	9.14%	7.39%	7.33%	7.91%	8.61%	7.45%	7.56%	7.97%	8.61%	8.13%	7.78%
Tax Burden Percent	81.92%	82.95%	83.97%	84.36%	81.91%	82.54%	83.03%	83.48%	83.92%	82.83%	82.31%
Interest Burden Percent	93.44%	90.63%	90.87%	92.10%	94.02%	92.19%	92.85%	93.14%	94.74%	93.10%	93.33%
Effective Tax Rate	18.08%	17.05%	16.03%	15.64%	18.09%	17.46%	16.97%	16.52%	16.08%	17.17%	17.69%
Return on Invested Capital (ROIC)	13.19%	11.60%	11.88%	12.83%	13.54%	12.02%	12.42%	13.41%	14.79%	14.04%	13.64%
ROIC Less NNEP Spread (ROIC-NNEP)	13.05%	11.04%	11.17%	12.17%	12.93%	11.35%	11.75%	12.67%	14.15%	13.36%	12.85%
Return on Net Nonoperating Assets (RNNOA)	6.90%	5.07%	5.41%	5.47%	5.39%	4.68%	4.67%	4.45%	4.70%	5.08%	4.25%
Return on Equity (ROE)	20.09%	16.68%	17.30%	18.30%	18.92%	16.69%	17.09%	17.86%	19.49%	19.12%	17.89%
Cash Return on Invested Capital (CROIC)	11.74%	9.55%	7.69%	8.32%	9.59%	5.34%	6.57%	5.44%	12.17%	10.73%	11.43%
Operating Return on Assets (OROA)	9.26%	7.61%	7.62%	8.06%	8.89%	7.86%	8.16%	8.51%	9.33%	9.28%	9.06%
Return on Assets (ROA)	7.09%	5.72%	5.81%	6.27%	6.84%	5.98%	6.29%	6.62%	7.42%	7.16%	6.96%
Return on Common Equity (ROCE)	20.09%	16.68%	17.30%	18.30%	18.92%	16.69%	17.09%	17.86%	19.49%	19.12%	17.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.76%	17.29%	16.55%	0.00%	15.81%	16.09%	15.84%	0.00%	17.89%	17.33%
Net Operating Profit after Tax (NOPAT)	1,005	778	808	892	1,055	855	960	986	1,194	1,050	1,074
NOPAT Margin	9.26%	7.87%	7.96%	8.44%	9.04%	7.97%	8.01%	8.45%	8.95%	8.59%	8.24%
Net Nonoperating Expense Percent (NNEP)	0.14%	0.56%	0.71%	0.66%	0.60%	0.67%	0.66%	0.74%	0.64%	0.68%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	3.46%	-	-	-	3.45%	-	-	-	3.87%	3.30%	3.33%
Cost of Revenue to Revenue	83.13%	84.58%	84.56%	84.32%	83.52%	84.50%	84.97%	84.44%	84.37%	84.51%	85.05%
SG&A Expenses to Revenue	5.57%	5.93%	5.96%	5.69%	5.44%	5.84%	5.38%	5.44%	4.96%	5.11%	4.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.57%	5.93%	5.96%	5.69%	5.44%	5.84%	5.38%	5.44%	4.96%	5.11%	4.94%
Earnings before Interest and Taxes (EBIT)	1,296	971	975	1,076	1,305	1,050	1,174	1,196	1,444	1,289	1,320
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,536	1,197	1,182	1,284	1,527	1,261	1,391	1,414	1,684	1,512	1,543
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.49	3.19	2.95	2.95	3.24	3.58	3.59	3.57	3.27	3.26	3.29
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	2,329.62	129.66	0.00	516.75	61.27
Price to Revenue (P/Rev)	1.65	1.53	1.41	1.42	1.63	1.78	1.76	1.78	1.51	1.47	1.54
Price to Earnings (P/E)	19.14	17.96	17.05	17.80	20.84	22.67	22.34	22.55	19.06	18.19	19.00
Dividend Yield	2.10%	2.27%	2.44%	2.40%	2.06%	1.88%	1.86%	1.83%	2.13%	2.12%	1.99%
Earnings Yield	5.22%	5.57%	5.86%	5.62%	4.80%	4.41%	4.48%	4.43%	5.25%	5.50%	5.26%
Enterprise Value to Invested Capital (EV/IC)	2.66	2.52	2.35	2.39	2.67	2.87	2.91	2.96	2.72	2.64	2.76
Enterprise Value to Revenue (EV/Rev)	1.88	1.74	1.62	1.61	1.81	1.97	1.94	1.94	1.66	1.64	1.69
Enterprise Value to EBITDA (EV/EBITDA)	14.03	13.03	12.52	12.83	14.73	16.17	15.94	15.96	13.76	13.45	13.79
Enterprise Value to EBIT (EV/EBIT)	16.85	15.68	15.07	15.44	17.67	19.28	18.92	18.89	16.27	15.82	16.16
Enterprise Value to NOPAT (EV/NOPAT)	20.96	19.62	18.70	19.15	21.64	23.53	23.16	23.14	19.81	19.26	19.71
Enterprise Value to Operating Cash Flow (EV/OCF)	16.19	17.03	15.93	15.94	16.23	28.60	28.53	28.35	19.24	19.03	16.88
Enterprise Value to Free Cash Flow (EV/FCFF)	22.83	26.81	31.37	29.41	28.24	55.62	45.72	56.60	22.52	24.98	24.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.55	0.50	0.46	0.43	0.43	0.42	0.40	0.40	0.43	0.37
Long-Term Debt to Equity	0.50	0.48	0.47	0.46	0.41	0.41	0.33	0.32	0.33	0.33	0.32
Financial Leverage	0.53	0.46	0.48	0.45	0.42	0.41	0.40	0.35	0.33	0.38	0.33
Leverage Ratio	2.81	2.78	2.80	2.78	2.67	2.65	2.60	2.58	2.55	2.56	2.46
Compound Leverage Factor	2.62	2.52	2.54	2.56	2.51	2.44	2.42	2.40	2.42	2.39	2.30
Debt to Total Capital	36.11%	35.49%	33.37%	31.68%	30.30%	30.19%	29.59%	28.74%	28.43%	30.18%	26.98%
Short-Term Debt to Total Capital	4.31%	4.25%	1.74%	0.02%	1.66%	1.65%	6.40%	6.22%	4.87%	7.38%	3.73%
Long-Term Debt to Total Capital	31.80%	31.24%	31.63%	31.66%	28.65%	28.54%	23.19%	22.52%	23.55%	22.81%	23.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.89%	64.51%	66.63%	68.32%	69.70%	69.81%	70.41%	71.26%	71.58%	69.82%	73.02%
Debt to EBITDA	1.99	1.97	1.85	1.78	1.78	1.76	1.70	1.66	1.52	1.60	1.42
Net Debt to EBITDA	1.75	1.59	1.63	1.52	1.42	1.57	1.45	1.28	1.23	1.39	1.17
Long-Term Debt to EBITDA	1.75	1.74	1.75	1.78	1.69	1.67	1.33	1.30	1.26	1.21	1.22
Debt to NOPAT	2.97	2.97	2.76	2.66	2.62	2.57	2.46	2.40	2.19	2.29	2.02
Net Debt to NOPAT	2.62	2.39	2.44	2.27	2.08	2.28	2.10	1.86	1.77	2.00	1.67
Long-Term Debt to NOPAT	2.61	2.62	2.62	2.66	2.48	2.42	1.93	1.88	1.82	1.73	1.74
Altman Z-Score	3.17	3.09	3.04	3.05	3.25	3.37	3.45	3.43	3.40	3.38	3.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.39	1.39	1.43	1.44	1.44	1.33	1.32	1.37	1.34	1.36
Quick Ratio	0.85	0.85	0.80	0.81	0.79	0.76	0.72	0.72	0.73	0.73	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	716	-170	-618	-322	230	-1,227	-896	-1,293	713	91	240
Operating Cash Flow to CapEx	135.43%	908.07%	344.81%	581.94%	393.42%	-174.84%	404.98%	704.48%	608.45%	-104.23%	807.07%
Free Cash Flow to Firm to Interest Expense	8.42	-1.87	-6.95	-3.79	2.95	-14.96	-10.67	-15.77	9.38	1.03	2.73
Operating Cash Flow to Interest Expense	7.87	16.07	8.21	15.54	15.33	-3.39	9.69	17.27	28.42	-1.66	18.16
Operating Cash Flow Less CapEx to Interest Expense	2.06	14.30	5.83	12.87	11.44	-5.33	7.30	14.82	23.75	-3.26	15.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.77	0.79	0.79	0.79	0.80	0.83	0.83	0.86	0.88	0.90
Accounts Receivable Turnover	3.38	3.63	3.63	3.69	3.71	3.79	3.88	3.90	4.29	4.09	4.23
Inventory Turnover	5.62	5.30	4.97	4.80	4.78	4.38	4.37	4.22	4.41	4.29	4.35
Fixed Asset Turnover	6.96	7.05	7.15	7.16	6.99	7.15	7.35	7.46	7.54	7.78	7.84
Accounts Payable Turnover	9.99	10.34	10.54	10.86	10.97	11.26	11.97	11.76	12.53	12.69	14.07
Days Sales Outstanding (DSO)	108.10	100.58	100.45	99.01	98.45	96.18	94.11	93.54	85.01	89.29	86.20
Days Inventory Outstanding (DIO)	64.92	68.84	73.49	76.08	76.38	83.41	83.44	86.56	82.77	85.10	84.00
Days Payable Outstanding (DPO)	36.54	35.30	34.63	33.60	33.29	32.42	30.50	31.03	29.12	28.77	25.95
Cash Conversion Cycle (CCC)	136.47	134.11	139.31	141.49	141.55	147.16	147.05	149.07	138.66	145.62	144.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,822	27,551	28,079	27,860	28,647	29,633	29,935	30,139	29,128	30,592	30,769
Invested Capital Turnover	1.42	1.47	1.49	1.52	1.50	1.51	1.55	1.59	1.65	1.63	1.66
Increase / (Decrease) in Invested Capital	289	948	1,426	1,214	825	2,082	1,856	2,279	481	959	834
Enterprise Value (EV)	74,141	69,352	66,030	66,686	76,441	84,936	87,106	89,239	79,134	80,712	84,824
Market Capitalization	64,887	60,888	57,429	58,783	69,093	76,713	79,207	82,073	72,069	72,345	77,635
Book Value per Share	$67.63	$69.55	$71.00	$73.09	$78.05	$78.04	$80.32	$83.61	$80.24	$82.21	$87.86
Tangible Book Value per Share	($13.08)	($11.21)	($9.83)	($7.73)	($3.46)	($2.34)	$0.12	$2.30	($0.05)	$0.52	$4.72
Total Capital	29,064	29,589	29,233	29,212	30,560	30,669	31,297	32,240	30,825	31,834	32,292
Total Debt	10,496	10,502	9,755	9,255	9,261	9,259	9,261	9,267	8,762	9,609	8,712
Total Long-Term Debt	9,243	9,245	9,247	9,248	8,754	8,752	7,257	7,262	7,260	7,260	7,508
Net Debt	9,254	8,464	8,601	7,903	7,348	8,223	7,899	7,166	7,065	8,367	7,189
Capital Expenditures (CapEx)	494	161	212	227	304	159	201	201	355	142	198
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,733	5,323	5,493	5,472	5,777	6,877	6,697	6,090	6,367	7,464	6,368
Debt-free Net Working Capital (DFNWC)	6,975	7,361	6,647	6,824	7,690	7,913	8,059	8,191	8,064	8,706	7,891
Net Working Capital (NWC)	5,722	6,104	6,139	6,817	7,183	7,406	6,055	6,186	6,562	6,357	6,687
Net Nonoperating Expense (NNE)	13	48	64	56	50	56	55	56	46	56	60
Net Nonoperating Obligations (NNO)	9,254	8,464	8,601	7,903	7,348	8,223	7,899	7,166	7,065	8,367	7,189
Total Depreciation and Amortization (D&A)	240	226	207	208	222	211	217	218	240	223	223
Debt-free, Cash-free Net Working Capital to Revenue	14.55%	13.34%	13.44%	13.20%	13.67%	15.95%	14.90%	13.23%	13.34%	15.17%	12.67%
Debt-free Net Working Capital to Revenue	17.70%	18.45%	16.27%	16.46%	18.19%	18.35%	17.93%	17.79%	16.90%	17.69%	15.70%
Net Working Capital to Revenue	14.52%	15.30%	15.02%	16.44%	16.99%	17.17%	13.47%	13.43%	13.75%	12.92%	13.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.62	$2.66	$2.72	$3.07	$3.69	$2.92	$3.30	$3.39	$4.20	$3.69	$3.78
Adjusted Weighted Average Basic Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Adjusted Diluted Earnings per Share	$3.57	$2.64	$2.70	$3.04	$3.64	$2.88	$3.26	$3.35	$4.14	$3.66	$3.74
Adjusted Weighted Average Diluted Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	274.43M	274.34M	273.04M	272.90M	273.98M	274.36M	274.78M	274.97M	270.35M	268.40M	268.99M
Normalized Net Operating Profit after Tax (NOPAT)	1,005	778	808	892	1,055	855	960	986	1,194	1,050	1,074
Normalized NOPAT Margin	9.26%	7.87%	7.96%	8.44%	9.04%	7.97%	8.01%	8.45%	8.95%	8.59%	8.24%
Pre Tax Income Margin	11.16%	8.91%	8.73%	9.37%	10.52%	9.02%	9.10%	9.55%	10.26%	9.82%	9.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.25	10.67	10.96	12.66	16.73	12.80	13.98	14.59	19.00	14.48	15.00
NOPAT to Interest Expense	11.82	8.55	9.08	10.49	13.53	10.43	11.43	12.02	15.71	11.80	12.21
EBIT Less CapEx to Interest Expense	9.44	8.90	8.57	9.99	12.83	10.87	11.58	12.13	14.33	12.89	12.75
NOPAT Less CapEx to Interest Expense	6.01	6.78	6.69	7.82	9.63	8.49	9.03	9.57	11.04	10.21	9.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	40.38%	40.83%	41.42%	42.79%	43.08%	42.67%	41.55%	41.22%	40.43%	39.00%	38.28%
Augmented Payout Ratio	76.64%	71.06%	56.65%	59.27%	56.17%	55.94%	47.05%	46.25%	80.12%	89.19%	86.29%

Key Financial Trends

General Dynamics (NYSE: GD) has shown solid financial performance over the past four years, with consistent revenue growth, profitability, and healthy cash flow generation. Here are the key trends and notable points from the quarterly financial data spanning Q3 2022 through Q2 2025:

Revenue Growth: Operating revenue increased from approximately $9.88 billion in Q1 2023 to $13.04 billion in Q2 2025, demonstrating steady top-line growth over this period.
Profitability Improvement: Net income steadily rose from $730 million in Q1 2023 to $1.014 billion in Q2 2025. Correspondingly, diluted EPS increased from $2.64 to $3.74, reflecting earnings growth.
Strong Cash Flow from Operations: Net cash provided by operating activities showed improvement, with $814 million in Q2 2024 turning into $1.598 billion in Q2 2025, indicating efficient cash generation.
Consistent Dividend Payments with Growth Potential: Dividends per share have modestly increased from $1.26 in Q3 2022 to $1.50 in Q2 2025, showing commitment to shareholder returns with room for growth.
Capital Expenditures Increasing: Investments in property, plant, and equipment rose from about $159 million in early 2024 quarters to $198 million in Q2 2025, supporting future growth and operational capacity.
Gross Profit Margin Stability: Despite rising costs, gross profit margins have remained stable, with gross profit growing alongside revenue from approximately $1.52 billion in Q1 2023 to $1.95 billion in Q2 2025.

Debt Levels Remain Manageable: Total debt, including short and long-term, fluctuated but remained near $8–9 billion understated across recent quarters, with repayments partially offset by new issuances.
Working Capital Management: Accounts receivable and inventory have steadily increased, signalling business growth but also requiring effective management to avoid liquidity pressure.
Stable Operating Expenses: Selling, general & administrative expenses have grown moderately but remain in line proportionately with revenue increases.

Net Cash Outflows from Financing Activities: The company consistently reported significant cash used in financing activities, mainly due to repayments of debt, dividend payments, and common equity repurchases, affecting overall cash reserves.
Negative Changes in Operating Assets and Liabilities at Times: Certain quarters showed negative impacts from changes in operating assets and liabilities, temporarily reducing operating cash flow despite net income strength.

Summary: General Dynamics’ quarterly data from 2022 through mid-2025 highlights reliable revenue and net income growth, solid operating cash flows, and prudent capital investment. The company's disciplined capital management and shareholder-oriented dividend policy enhance its financial health. However, ongoing vigilance on financing cash outflows and working capital is necessary to maintain strong liquidity positions. Overall, GD demonstrates a stable financial foundation with positive momentum for investors.

08/23/25 11:22 PMAI Generated. May Contain Errors.

Frequently Asked Questions About General Dynamics' Financials

When does General Dynamics' fiscal year end?

According to the most recent income statement we have on file, General Dynamics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has General Dynamics' net income changed over the last 10 years?

General Dynamics' net income appears to be on an upward trend, with a most recent value of $3.78 billion in 2024, rising from $2.53 billion in 2014. The previous period was $3.32 billion in 2023. See General Dynamics' forecast for analyst expectations on what’s next for the company.

What is General Dynamics' operating income?

General Dynamics' total operating income in 2024 was $4.80 billion, based on the following breakdown:

Total Gross Profit: $7.36 billion
Total Operating Expenses: $2.57 billion

How has General Dynamics' revenue changed over the last 10 years?

Over the last 10 years, General Dynamics' total revenue changed from $30.85 billion in 2014 to $47.72 billion in 2024, a change of 54.7%.

How much debt does General Dynamics have?

General Dynamics' total liabilities were at $33.82 billion at the end of 2024, a 0.9% increase from 2023, and a 43.9% increase since 2014.

How much cash does General Dynamics have?

In the past 10 years, General Dynamics' cash and equivalents has ranged from $902 million in 2019 to $4.39 billion in 2014, and is currently $1.70 billion as of their latest financial filing in 2024.

How has General Dynamics' book value per share changed over the last 10 years?

Over the last 10 years, General Dynamics' book value per share changed from 35.70 in 2014 to 80.24 in 2024, a change of 124.8%.

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This page (NYSE:GD) was last updated on 8/23/2025 by MarketBeat.com Staff

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