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General Dynamics (GD) Financials

General Dynamics logo
$340.13 -2.98 (-0.87%)
Closing price 05/19/2026 03:59 PM Eastern
Extended Trading
$342.20 +2.08 (+0.61%)
As of 05/19/2026 06:24 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for General Dynamics

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 3,036 2,572 2,912 3,345 3,484 3,167 3,257 3,390 3,315 3,782 4,210
Consolidated Net Income / (Loss)		 3,036 2,572 2,912 3,345 3,484 3,167 3,257 3,390 3,315 3,782 4,210
Net Income / (Loss) Continuing Operations		 3,036 2,679 2,912 3,358 3,484 3,167 3,257 3,390 3,315 3,782 4,210
Total Pre-Tax Income 		4,219 3,656 4,077 4,085 4,202 3,738 3,873 4,036 3,984 4,540 5,103
Total Operating Income		 4,295 3,744 4,236 4,394 4,570 4,133 4,163 4,211 4,245 4,796 5,356
Total Gross Profit		 6,232 5,665 6,242 6,657 6,987 6,325 6,408 6,622 6,672 7,364 7,951
Total Revenue		 31,781 30,561 30,973 36,193 39,350 37,925 38,469 39,407 42,272 47,716 52,550
Operating Revenue		 31,781 30,561 30,973 36,193 39,350 37,925 38,469 39,407 42,272 47,716 52,550
Total Cost of Revenue		 25,549 24,896 24,731 29,536 32,363 31,600 32,061 32,785 35,600 40,352 44,599
Operating Cost of Revenue		 25,549 24,896 24,731 29,536 32,363 31,600 32,061 32,785 35,600 40,352 44,599
Total Operating Expenses		 1,937 1,921 2,006 2,263 2,417 2,192 2,245 2,411 2,427 2,568 2,595
Selling, General & Admin Expense		 1,937 1,921 2,006 2,263 2,417 2,192 2,245 2,411 2,427 2,568 2,595
Total Other Income / (Expense), net		 -76 -88 -159 -309 -368 -395 -290 -175 -261 -256 -253
Interest Expense		 83 91 103 356 460 477 424 364 343 324 314
Other Income / (Expense), net		 7.00 3.00 -56 47 92 82 134 189 82 68 61
Income Tax Expense		 1,183 977 1,165 727 718 571 616 646 669 758 893
Basic Earnings per Share		 $9.45 $8.79 $9.73 $11.33 $12.09 $11.04 $11.61 $12.31 $12.14 $13.81 $15.65
Weighted Average Basic Shares Outstanding		 321.31M 265.20M 299.17M 295.26M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M
Diluted Earnings per Share		 $9.29 $8.64 $9.56 $11.18 $11.98 $11.00 $11.55 $12.19 $12.02 $13.63 $15.45
Weighted Average Diluted Shares Outstanding		 321.31M 265.20M 299.17M 295.26M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M
Weighted Average Basic & Diluted Shares Outstanding		 321.31M 265.20M 299.17M 295.26M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M

Quarterly Income Statements for General Dynamics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 4/5/2026
Net Income / (Loss) Attributable to Common Shareholders		 836 1,005 799 905 930 1,148 994 1,014 1,059 1,143 1,125
Consolidated Net Income / (Loss)		 836 1,005 799 905 930 1,148 994 1,014 1,059 1,143 1,125
Net Income / (Loss) Continuing Operations		 836 1,005 799 905 930 1,148 994 1,014 1,059 1,143 1,125
Total Pre-Tax Income 		991 1,227 968 1,090 1,114 1,368 1,200 1,232 1,272 1,399 1,369
Total Operating Income		 1,057 1,288 1,036 1,156 1,181 1,423 1,268 1,305 1,331 1,452 1,420
Total Gross Profit		 1,658 1,923 1,663 1,800 1,816 2,085 1,893 1,949 1,968 2,141 2,143
Total Revenue		 10,571 11,668 10,731 11,976 11,671 13,338 12,223 13,041 12,907 14,379 13,481
Operating Revenue		 10,571 11,668 10,731 11,976 11,671 13,338 12,223 13,041 12,907 14,379 13,481
Total Cost of Revenue		 8,913 9,745 9,068 10,176 9,855 11,253 10,330 11,092 10,939 12,238 11,338
Operating Cost of Revenue		 8,913 9,745 9,068 10,176 9,855 11,253 10,330 11,092 10,939 12,238 11,338
Total Operating Expenses		 601 635 627 644 635 662 625 644 637 689 723
Selling, General & Admin Expense		 601 635 627 644 635 662 625 644 637 689 723
Total Other Income / (Expense), net		 -66 -61 -68 -66 -67 -55 -68 -73 -59 -53 -51
Interest Expense		 85 78 82 84 82 76 89 88 74 63 69
Other Income / (Expense), net		 19 17 14 18 15 21 21 15 15 10 18
Income Tax Expense		 155 222 169 185 184 220 206 218 213 256 244
Basic Earnings per Share		 $3.07 $3.69 $2.92 $3.30 $3.39 $4.20 $3.69 $3.78 $3.93 $4.25 $4.16
Weighted Average Basic Shares Outstanding		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
Diluted Earnings per Share		 $3.04 $3.64 $2.88 $3.26 $3.35 $4.14 $3.66 $3.74 $3.88 $4.17 $4.10
Weighted Average Diluted Shares Outstanding		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
Weighted Average Basic & Diluted Shares Outstanding		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
Cash Dividends to Common per Share		 $1.32 - $1.42 $1.42 - - $1.50 $1.50 - - $1.59

Annual Cash Flow Statements for General Dynamics

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -1,603 -451 649 -2,020 -61 1,922 -1,221 -361 671 -216 636
Net Cash From Operating Activities		 2,607 2,163 3,876 3,148 2,981 3,858 4,271 4,579 4,710 4,112 5,120
Net Cash From Continuing Operating Activities		 2,607 2,163 3,876 3,148 2,981 3,858 4,271 4,579 4,710 4,112 5,120
Net Income / (Loss) Continuing Operations		 3,036 2,679 2,912 3,345 3,484 3,167 3,257 3,390 3,315 3,782 4,210
Consolidated Net Income / (Loss)		 3,036 2,572 2,912 3,345 3,484 3,167 3,257 3,390 3,315 3,782 4,210
Depreciation Expense		 365 365 362 436 466 523 568 586 608 644 680
Amortization Expense		 116 88 79 327 363 355 322 298 255 242 244
Non-Cash Adjustments To Reconcile Net Income		 98 95 123 -647 133 128 -284 165 181 183 196
Changes in Operating Assets and Liabilities, net		 -1,008 -1,064 400 -313 -1,465 -315 408 140 351 -739 -210
Net Cash From Investing Activities		 200 -391 -788 -10,234 -994 -974 -882 -1,489 -941 -953 -1,284
Net Cash From Continuing Investing Activities		 200 -391 -788 -10,234 -994 -974 -882 -1,489 -941 -953 -1,284
Purchase of Property, Plant & Equipment		 -569 -392 -428 -690 -987 -967 -887 -1,114 -904 -916 -1,161
Other Investing Activities, net		 -17 50 -11 -7.00 -7.00 -7.00 5.00 -375 -37 -37 -123
Net Cash From Financing Activities		 -4,367 -2,169 -2,399 5,086 -1,997 -903 -4,590 -3,471 -3,094 -3,369 -3,190
Net Cash From Continuing Financing Activities		 -4,367 -2,169 -2,399 5,086 -1,997 -903 -4,590 -3,471 -3,094 -3,369 -3,190
Repayment of Debt		 -529 -546 -900 -503 -905 -3,015 -4,941 -873 -1,232 -339 -1,707
Repurchase of Common Equity		 -3,233 -1,996 -1,558 -1,769 -231 -587 -1,828 -1,229 -434 -1,501 -637
Payment of Dividends		 -873 -911 -986 -1,075 -1,152 -1,240 -1,315 -1,369 -1,428 -1,529 -1,593
Issuance of Debt		 0.00 992 1,045 8,433 291 3,939 3,494 - 0.00 0.00 747
Other Net Changes in Cash		 -43 - -40 -20 -51 -59 -20 20 -4.00 -6.00 -10

Quarterly Cash Flow Statements for General Dynamics

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 4/5/2026
Net Change in Cash & Equivalents		 198 561 -877 326 739 -404 -455 281 997 -187 1,321
Net Cash From Operating Activities		 1,321 1,196 -278 814 1,416 2,160 -148 1,598 2,109 1,561 2,155
Net Cash From Continuing Operating Activities		 1,321 1,196 -278 814 1,416 2,160 -148 1,598 2,109 1,561 2,155
Net Income / (Loss) Continuing Operations		 836 1,005 799 905 930 1,148 994 1,014 1,059 1,143 1,125
Consolidated Net Income / (Loss)		 836 1,005 799 905 930 1,148 994 1,014 1,059 1,143 1,125
Depreciation Expense		 149 162 152 159 158 175 162 163 165 190 173
Amortization Expense		 59 60 59 58 60 65 61 60 61 62 59
Non-Cash Adjustments To Reconcile Net Income		 497 -403 34 53 50 46 -845 934 57 50 40
Changes in Operating Assets and Liabilities, net		 -220 372 -1,322 -361 218 726 -520 -573 767 116 758
Net Cash From Investing Activities		 -204 -333 -182 -125 -281 -365 -130 -86 -206 -862 -202
Net Cash From Continuing Investing Activities		 -204 -333 -182 -125 -281 -365 -130 -86 -206 -862 -202
Purchase of Property, Plant & Equipment		 -227 -304 -159 -201 -201 -355 -142 -198 -212 -609 -203
Other Investing Activities, net		 23 -29 -23 76 -80 -10 12 112 6.00 -253 1.00
Net Cash From Financing Activities		 -917 -302 -416 -362 -395 -2,196 -175 -1,228 -903 -884 -629
Net Cash From Continuing Financing Activities		 -917 -302 -416 -362 -395 -2,196 -175 -1,228 -903 -884 -629
Repayment of Debt		 -498 58 50 61 39 -489 -782 -679 196 -442 -7.00
Repurchase of Common Equity		 -56 - -105 -34 -44 -1,318 -600 - - -37 -217
Payment of Dividends		 -363 -360 -361 -389 -390 -389 -383 -402 -403 -405 -405
Issuance of Debt		 - - 0.00 - - - 1,590 -147 -696 - 0.00
Other Net Changes in Cash		 -2.00 - -1.00 -1.00 -1.00 -3.00 -2.00 -3.00 -3.00 -2.00 -3.00
Cash Interest Paid		 29 - 26 168 19 - 42 161 35 - 93
Cash Income Taxes Paid		 166 - 33 -81 173 - 34 202 27 - 18

Annual Balance Sheets for General Dynamics

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 31,997 33,172 35,046 45,408 49,349 51,308 50,073 51,585 54,810 55,880 57,249
Total Current Assets		 14,571 16,534 18,328 18,189 20,288 21,543 19,987 21,063 23,615 24,386 24,248
Cash & Equivalents		 2,785 2,334 2,983 963 902 2,824 1,603 1,242 1,913 1,697 2,333
Accounts Receivable		 3,446 7,611 8,857 10,335 11,401 11,185 11,539 11,803 11,001 11,225 10,786
Inventories, net		 3,366 5,118 5,303 5,977 6,306 5,745 5,340 6,322 8,578 9,724 9,232
Other Current Assets		 4,974 1,471 1,185 914 1,679 1,789 1,505 1,696 2,123 1,740 1,897
Plant, Property, & Equipment, net		 3,466 3,477 3,517 3,978 4,475 5,100 5,417 5,900 6,198 6,467 7,525
Total Noncurrent Assets		 13,960 13,161 13,201 23,241 24,586 24,665 24,669 24,622 24,997 25,027 25,476
Goodwill		 11,443 11,445 11,914 19,594 19,677 20,053 20,098 20,334 20,586 20,556 21,009
Intangible Assets		 763 678 702 2,585 2,315 2,117 1,978 1,824 1,656 1,520 1,375
Other Noncurrent Operating Assets		 1,754 1,038 585 1,062 2,594 2,495 2,593 2,464 2,755 2,951 3,092
Total Liabilities & Shareholders' Equity		 31,997 33,172 35,046 45,408 49,349 51,308 50,073 51,585 54,810 55,880 57,249
Total Liabilities		 21,259 22,871 23,611 33,676 35,371 35,647 32,432 33,017 33,511 33,817 31,627
Total Current Liabilities		 12,445 13,450 13,099 14,739 16,801 15,964 13,978 15,341 16,432 17,824 16,796
Short-Term Debt		 501 900 2.00 973 2,920 3,003 1,005 1,253 507 1,502 1,006
Accounts Payable		 1,964 2,538 3,207 3,179 3,162 2,952 3,167 3,398 3,095 3,344 2,678
Current Deferred Revenue		 5,674 6,827 6,992 7,270 7,148 6,276 6,266 7,436 9,564 9,491 9,824
Other Current Liabilities		 4,306 3,185 2,898 3,317 3,571 3,733 3,540 3,254 3,266 3,487 3,288
Total Noncurrent Liabilities		 8,814 9,421 10,512 18,937 18,570 19,683 18,454 17,676 17,079 15,993 14,831
Long-Term Debt		 2,898 2,988 3,980 11,444 9,010 9,995 10,490 9,243 8,754 7,260 7,007
Other Noncurrent Operating Liabilities		 5,916 6,433 6,532 7,493 9,560 9,688 7,964 8,433 8,325 8,733 7,824
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 10,738 10,301 11,435 11,732 13,978 15,661 17,641 18,568 21,299 22,063 25,622
Total Preferred & Common Equity		 10,738 10,301 11,435 11,732 13,978 15,661 17,641 18,568 21,299 22,063 25,622
Total Common Equity		 10,738 10,301 11,435 11,732 13,978 15,661 17,641 18,568 21,299 22,063 25,622
Common Stock		 3,212 3,301 3,354 3,428 3,521 3,606 3,760 4,038 4,242 4,544 4,885
Retained Earnings		 23,204 24,543 26,444 29,326 31,633 33,498 35,420 37,403 39,270 41,487 44,080
Treasury Stock		 -12,392 -14,156 -15,543 -17,244 -17,358 -17,893 -19,619 -20,721 -21,054 -22,450 -22,860
Accumulated Other Comprehensive Income / (Loss)		 -3,286 -3,387 -2,820 -3,778 -3,818 -3,550 -1,920 -2,152 -1,159 -1,518 -483

Quarterly Balance Sheets for General Dynamics

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/28/2025 4/5/2026
Total Assets		 52,556 53,525 54,810 55,246 55,442 57,312 55,880 56,580 56,888 57,599 59,029
Total Current Assets		 21,825 22,779 23,615 24,196 24,312 25,743 24,386 25,117 25,066 25,852 26,055
Cash & Equivalents		 1,154 1,352 1,913 1,036 1,362 2,101 1,697 1,242 1,523 2,520 3,654
Accounts Receivable		 11,458 11,585 11,001 11,642 11,720 12,017 11,225 12,433 12,025 11,944 11,305
Inventories, net		 7,642 8,282 8,578 9,589 9,686 10,141 9,724 9,816 9,889 9,813 9,177
Other Current Assets		 1,571 1,560 2,123 1,929 1,544 1,484 1,740 1,626 1,629 1,575 1,919
Plant, Property, & Equipment, net		 5,947 6,013 6,198 6,192 6,276 6,324 6,467 6,461 6,556 6,602 7,503
Total Noncurrent Assets		 24,784 24,733 24,997 24,858 24,854 25,245 25,027 25,002 25,266 25,145 25,471
Goodwill		 20,443 20,386 20,586 20,458 20,452 20,757 20,556 20,623 20,876 20,871 20,956
Intangible Assets		 1,732 1,681 1,656 1,594 1,550 1,583 1,520 1,462 1,437 1,402 1,328
Other Noncurrent Operating Assets		 2,609 2,666 2,755 2,806 2,852 2,905 2,951 2,917 2,953 2,872 3,187
Total Liabilities & Shareholders' Equity		 52,556 53,525 54,810 55,246 55,442 57,312 55,880 56,580 56,888 57,599 59,029
Total Liabilities		 33,078 33,568 33,511 33,836 33,406 34,339 33,817 34,355 33,308 33,165 32,950
Total Current Liabilities		 15,686 15,962 16,432 16,790 18,257 19,557 17,824 18,760 18,379 18,464 18,825
Short-Term Debt		 508 7.00 507 507 2,004 2,005 1,502 2,349 1,204 1,006 1,755
Accounts Payable		 3,365 3,315 3,095 3,203 2,969 3,290 3,344 3,357 3,078 3,459 2,843
Current Deferred Revenue		 8,628 9,351 9,564 9,969 10,089 10,925 9,491 9,770 10,678 10,462 10,847
Other Current Liabilities		 3,185 3,289 3,266 3,111 3,195 3,337 3,487 3,284 3,419 3,537 3,380
Total Noncurrent Liabilities		 17,392 17,606 17,079 17,046 15,149 14,782 15,993 15,595 14,929 14,701 14,125
Long-Term Debt		 9,247 9,248 8,754 8,752 7,257 7,262 7,260 7,260 7,508 7,008 6,259
Other Noncurrent Operating Liabilities		 8,145 8,358 8,325 8,294 7,892 7,520 8,733 8,335 7,421 7,693 7,866
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 19,478 19,957 21,299 21,410 22,036 22,973 22,063 22,225 23,580 24,434 26,079
Total Preferred & Common Equity		 19,478 19,957 21,299 21,410 22,036 22,973 22,063 22,225 23,580 24,434 26,079
Total Common Equity		 19,478 19,957 21,299 21,410 22,036 22,973 22,063 22,225 23,580 24,434 26,079
Common Stock		 4,096 4,153 4,242 4,302 4,407 4,479 4,544 4,546 4,655 4,805 4,915
Retained Earnings		 38,154 38,626 39,270 39,678 40,191 40,730 41,487 42,082 42,695 43,345 44,774
Treasury Stock		 -21,077 -21,124 -21,054 -21,114 -21,128 -21,137 -22,450 -23,034 -22,975 -22,856 -23,053
Accumulated Other Comprehensive Income / (Loss)		 -1,695 -1,698 -1,159 -1,456 -1,434 -1,099 -1,518 -1,369 -795 -860 -557

Annual Metrics And Ratios for General Dynamics

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.01% -3.84% 1.35% 16.85% 8.72% -3.62% 1.43% 2.44% 7.27% 12.88% 10.13%
EBITDA Growth		 9.10% -12.19% 10.02% 12.62% 5.52% -7.25% 1.85% 1.87% -1.78% 10.79% 10.28%
EBIT Growth		 10.65% -12.90% 11.56% 6.24% 4.98% -9.59% 1.95% 2.40% -1.66% 12.41% 11.37%
NOPAT Growth		 13.04% -11.23% 10.28% 19.38% 4.90% -7.59% -0.02% 1.03% -0.14% 13.11% 10.60%
Net Income Growth		 19.86% -15.28% 13.22% 14.87% 4.16% -9.10% 2.84% 4.08% -2.21% 14.09% 11.32%
EPS Growth		 18.65% -7.00% 10.65% 16.95% 7.16% -8.18% 5.00% 5.54% -1.39% 13.39% 13.35%
Operating Cash Flow Growth		 -31.90% -17.03% 79.20% -18.78% -5.31% 29.42% 10.71% 7.21% 2.86% -12.70% 24.51%
Free Cash Flow Firm Growth		 -31.86% -27.08% 9.20% -391.84% 127.58% 35.73% -32.54% 80.16% -16.65% 29.81% -36.13%
Invested Capital Growth		 0.16% 4.43% 4.88% 86.47% 7.85% 3.32% 6.57% 1.05% 2.97% 1.68% 7.46%
Revenue Q/Q Growth		 -0.75% -1.51% 2.05% 6.16% 1.01% -0.76% -0.49% 1.44% 1.97% 3.63% 2.02%
EBITDA Q/Q Growth		 1.96% -8.60% 6.18% 6.44% 1.16% 0.24% -1.43% 1.36% -0.17% 2.81% 0.48%
EBIT Q/Q Growth		 2.16% -9.36% 6.82% 4.94% 1.75% -0.45% -1.83% 1.64% 0.21% 2.94% 0.33%
NOPAT Q/Q Growth		 3.17% -8.13% 2.19% 8.08% 3.24% 1.26% -2.67% 0.19% 1.45% 3.62% -0.18%
Net Income Q/Q Growth		 4.62% -9.34% 2.32% 8.89% 3.29% -0.57% -1.51% 1.19% 0.39% 3.93% -0.12%
EPS Q/Q Growth		 40.54% -7.20% -17.94% 0.00% 0.00% 0.00% 0.00% 1.50% 0.59% 3.81% 0.19%
Operating Cash Flow Q/Q Growth		 13.35% 26.57% 45.01% 2.37% 12.32% 4.55% -17.08% -18.12% 12.60% 30.62% -10.47%
Free Cash Flow Firm Q/Q Growth		 -23.88% 160.16% 14.49% 7.99% -14.65% -11.74% -54.54% 3.63% 19.38% 122.88% -51.60%
Invested Capital Q/Q Growth		 5.36% -8.10% -9.40% -6.61% -4.52% -2.95% 4.89% 4.41% 2.82% -3.35% 4.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.61% 18.54% 20.15% 18.39% 17.76% 16.68% 16.66% 16.80% 15.78% 15.43% 15.13%
EBITDA Margin		 15.05% 13.74% 14.92% 14.38% 13.95% 13.43% 13.48% 13.41% 12.28% 12.05% 12.07%
Operating Margin		 13.51% 12.25% 13.68% 12.14% 11.61% 10.90% 10.82% 10.69% 10.04% 10.05% 10.19%
EBIT Margin		 13.54% 12.26% 13.50% 12.27% 11.85% 11.11% 11.17% 11.17% 10.24% 10.19% 10.31%
Profit (Net Income) Margin		 9.55% 8.42% 9.40% 9.24% 8.85% 8.35% 8.47% 8.60% 7.84% 7.93% 8.01%
Tax Burden Percent		 71.96% 70.35% 71.43% 81.88% 82.91% 84.72% 84.10% 83.99% 83.21% 83.30% 82.50%
Interest Burden Percent		 98.07% 97.57% 97.54% 91.98% 90.13% 88.68% 90.13% 91.73% 92.07% 93.34% 94.20%
Effective Tax Rate		 28.04% 26.72% 28.57% 17.80% 17.09% 15.28% 15.91% 16.01% 16.79% 16.70% 17.50%
Return on Invested Capital (ROIC)		 27.25% 23.64% 24.91% 20.28% 15.73% 13.78% 13.12% 12.78% 12.51% 13.83% 14.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 -64.67% 7.82% 16.02% 15.99% 13.01% 10.62% 10.69% 11.24% 9.89% 10.87% 11.35%
Return on Net Nonoperating Assets (RNNOA)		 -0.34% 0.81% 1.88% 8.60% 11.38% 7.60% 6.44% 5.95% 4.12% 3.61% 3.03%
Return on Equity (ROE)		 26.91% 24.45% 26.79% 28.88% 27.10% 21.37% 19.56% 18.72% 16.63% 17.44% 17.66%
Cash Return on Invested Capital (CROIC)		 27.09% 19.31% 20.15% -40.09% 8.17% 10.51% 6.76% 11.74% 9.59% 12.17% 7.43%
Operating Return on Assets (OROA)		 12.78% 11.50% 12.25% 11.04% 9.84% 8.38% 8.48% 8.66% 8.13% 8.79% 9.58%
Return on Assets (ROA)		 9.02% 7.89% 8.54% 8.32% 7.35% 6.29% 6.43% 6.67% 6.23% 6.83% 7.44%
Return on Common Equity (ROCE)		 26.91% 24.45% 26.79% 28.88% 27.10% 21.37% 19.56% 18.72% 16.63% 17.44% 17.66%
Return on Equity Simple (ROE_SIMPLE)		 28.27% 24.97% 25.47% 28.51% 24.92% 20.22% 18.46% 18.26% 15.56% 17.14% 0.00%
Net Operating Profit after Tax (NOPAT)		 3,091 2,743 3,026 3,612 3,789 3,502 3,501 3,537 3,532 3,995 4,419
NOPAT Margin		 9.73% 8.98% 9.77% 9.98% 9.63% 9.23% 9.10% 8.98% 8.36% 8.37% 8.41%
Net Nonoperating Expense Percent (NNEP)		 91.92% 15.82% 8.90% 4.29% 2.71% 3.16% 2.43% 1.54% 2.62% 2.96% 3.28%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 12.17% 11.56% 12.96% 13.14%
Cost of Revenue to Revenue		 80.39% 81.46% 79.85% 81.61% 82.24% 83.32% 83.34% 83.20% 84.22% 84.57% 84.87%
SG&A Expenses to Revenue		 6.09% 6.29% 6.48% 6.25% 6.14% 5.78% 5.84% 6.12% 5.74% 5.38% 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		 6.09% 6.29% 6.48% 6.25% 6.14% 5.78% 5.84% 6.12% 5.74% 5.38% 4.94%
Earnings before Interest and Taxes (EBIT)		 4,302 3,747 4,180 4,441 4,662 4,215 4,297 4,400 4,327 4,864 5,417
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,783 4,200 4,621 5,204 5,491 5,093 5,187 5,284 5,190 5,750 6,341
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.36 4.33 4.59 3.49 3.28 2.53 3.14 3.49 3.24 3.27 3.53
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 27.97
Price to Revenue (P/Rev)		 1.14 1.46 1.69 1.13 1.17 1.04 1.44 1.65 1.63 1.51 1.72
Price to Earnings (P/E)		 11.88 17.36 18.02 12.24 13.18 12.49 16.99 19.14 20.84 19.06 21.51
Dividend Yield		 2.36% 2.03% 1.87% 2.63% 2.51% 3.13% 2.36% 2.10% 2.06% 2.13% 1.77%
Earnings Yield		 8.41% 5.76% 5.55% 8.17% 7.59% 8.01% 5.89% 5.22% 4.80% 5.25% 4.65%
Enterprise Value to Invested Capital (EV/IC)		 3.23 3.90 4.30 2.26 2.28 1.92 2.37 2.66 2.67 2.72 3.07
Enterprise Value to Revenue (EV/Rev)		 1.15 1.51 1.73 1.45 1.45 1.31 1.70 1.88 1.81 1.66 1.83
Enterprise Value to EBITDA (EV/EBITDA)		 7.67 11.00 11.57 10.07 10.37 9.76 12.57 14.03 14.73 13.76 15.18
Enterprise Value to EBIT (EV/EBIT)		 8.53 12.33 12.79 11.80 12.21 11.80 15.18 16.85 17.67 16.27 17.77
Enterprise Value to NOPAT (EV/NOPAT)		 11.87 16.84 17.67 14.50 15.02 14.20 18.63 20.96 21.64 19.81 21.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.07 21.36 13.79 16.64 19.10 12.89 15.27 16.19 16.23 19.24 18.80
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.94 20.62 21.85 0.00 28.91 18.60 36.17 22.83 28.24 22.52 42.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.32 0.38 0.35 1.06 0.85 0.83 0.65 0.57 0.43 0.40 0.31
Long-Term Debt to Equity		 0.27 0.29 0.35 0.98 0.64 0.64 0.59 0.50 0.41 0.33 0.27
Financial Leverage		 0.01 0.10 0.12 0.54 0.87 0.72 0.60 0.53 0.42 0.33 0.27
Leverage Ratio		 2.98 3.10 3.14 3.47 3.69 3.40 3.04 2.81 2.67 2.55 2.37
Compound Leverage Factor		 2.93 3.02 3.06 3.19 3.32 3.01 2.74 2.58 2.46 2.38 2.23
Debt to Total Capital		 24.04% 27.40% 25.83% 51.42% 46.05% 45.35% 39.45% 36.11% 30.30% 28.43% 23.82%
Short-Term Debt to Total Capital		 3.54% 6.34% 0.01% 4.03% 11.27% 10.48% 3.45% 4.31% 1.66% 4.87% 2.99%
Long-Term Debt to Total Capital		 20.50% 21.06% 25.82% 47.39% 34.78% 34.88% 36.00% 31.80% 28.65% 23.55% 20.83%
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		 75.96% 72.60% 74.17% 48.58% 53.95% 54.65% 60.55% 63.89% 69.70% 71.58% 76.18%
Debt to EBITDA		 0.71 0.93 0.86 2.39 2.17 2.55 2.22 1.99 1.78 1.52 1.26
Net Debt to EBITDA		 0.13 0.37 0.22 2.20 2.01 2.00 1.91 1.75 1.42 1.23 0.90
Long-Term Debt to EBITDA		 0.61 0.71 0.86 2.20 1.64 1.96 2.02 1.75 1.69 1.26 1.11
Debt to NOPAT		 1.10 1.42 1.32 3.44 3.15 3.71 3.28 2.97 2.62 2.19 1.81
Net Debt to NOPAT		 0.20 0.57 0.33 3.17 2.91 2.91 2.83 2.62 2.08 1.77 1.29
Long-Term Debt to NOPAT		 0.94 1.09 1.32 3.17 2.38 2.85 3.00 2.61 2.48 1.82 1.59
Altman Z-Score		 3.55 3.61 3.85 2.84 2.87 2.72 3.21 3.37 3.43 3.60 4.18
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		 1.17 1.23 1.40 1.23 1.21 1.35 1.43 1.37 1.44 1.37 1.44
Quick Ratio		 0.50 0.74 0.90 0.77 0.73 0.88 0.94 0.85 0.79 0.73 0.78
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,073 2,240 2,447 -7,140 1,969 2,673 1,803 3,248 2,707 3,514 2,245
Operating Cash Flow to CapEx		 458.17% 551.79% 905.61% 456.23% 302.03% 398.97% 481.51% 411.04% 521.02% 448.91% 441.00%
Free Cash Flow to Firm to Interest Expense		 37.02 24.62 23.75 -20.06 4.28 5.60 4.25 8.92 7.89 10.85 7.15
Operating Cash Flow to Interest Expense		 31.41 23.77 37.63 8.84 6.48 8.09 10.07 12.58 13.73 12.69 16.31
Operating Cash Flow Less CapEx to Interest Expense		 24.55 19.46 33.48 6.90 4.33 6.06 7.98 9.52 11.10 9.86 12.61
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.94 0.94 0.91 0.90 0.83 0.75 0.76 0.78 0.79 0.86 0.93
Accounts Receivable Turnover		 8.48 5.53 3.76 3.77 3.62 3.36 3.39 3.38 3.71 4.29 4.77
Inventory Turnover		 7.76 5.87 4.75 5.24 5.27 5.24 5.78 5.62 4.78 4.41 4.71
Fixed Asset Turnover		 9.35 8.80 8.86 9.66 9.31 7.92 7.32 6.96 6.99 7.54 7.51
Accounts Payable Turnover		 12.71 11.06 8.61 9.25 10.21 10.34 10.48 9.99 10.97 12.53 14.81
Days Sales Outstanding (DSO)		 43.05 66.03 97.03 96.77 100.81 108.69 107.80 108.10 98.45 85.01 76.44
Days Inventory Outstanding (DIO)		 47.05 62.19 76.90 69.70 69.27 69.60 63.10 64.92 76.38 82.77 77.57
Days Payable Outstanding (DPO)		 28.72 33.00 42.39 39.46 35.76 35.31 34.83 36.54 33.29 29.12 24.64
Cash Conversion Cycle (CCC)		 61.37 95.22 131.54 127.01 134.32 142.97 136.07 136.47 141.55 138.66 129.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,352 11,855 12,434 23,186 25,006 25,835 27,533 27,822 28,647 29,128 31,302
Invested Capital Turnover		 2.80 2.63 2.55 2.03 1.63 1.49 1.44 1.42 1.50 1.65 1.74
Increase / (Decrease) in Invested Capital		 18 503 579 10,752 1,820 829 1,698 289 825 481 2,174
Enterprise Value (EV)		 36,693 46,198 53,464 52,386 56,930 49,723 65,218 74,141 76,441 79,134 96,249
Market Capitalization		 36,079 44,644 52,465 40,932 45,902 39,549 55,326 64,887 69,093 72,069 90,569
Book Value per Share		 $33.97 $33.83 $38.30 $39.62 $48.32 $54.57 $63.18 $67.63 $78.05 $80.24 $94.85
Tangible Book Value per Share		 ($4.64) ($5.98) ($3.96) ($35.28) ($27.70) ($22.68) ($15.88) ($13.08) ($3.46) ($0.05) $11.99
Total Capital		 14,137 14,189 15,417 24,149 25,908 28,659 29,136 29,064 30,560 30,825 33,635
Total Debt		 3,399 3,888 3,982 12,417 11,930 12,998 11,495 10,496 9,261 8,762 8,013
Total Long-Term Debt		 2,898 2,988 3,980 11,444 9,010 9,995 10,490 9,243 8,754 7,260 7,007
Net Debt		 614 1,554 999 11,454 11,028 10,174 9,892 9,254 7,348 7,065 5,680
Capital Expenditures (CapEx)		 569 392 428 690 987 967 887 1,114 904 916 1,161
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -158 1,650 2,248 3,460 5,505 5,758 5,411 5,733 5,777 6,367 6,125
Debt-free Net Working Capital (DFNWC)		 2,627 3,984 5,231 4,423 6,407 8,582 7,014 6,975 7,690 8,064 8,458
Net Working Capital (NWC)		 2,126 3,084 5,229 3,450 3,487 5,579 6,009 5,722 7,183 6,562 7,452
Net Nonoperating Expense (NNE)		 55 171 114 267 305 335 244 147 217 213 209
Net Nonoperating Obligations (NNO)		 614 1,554 999 11,454 11,028 10,174 9,892 9,254 7,348 7,065 5,680
Total Depreciation and Amortization (D&A)		 481 453 441 763 829 878 890 884 863 886 924
Debt-free, Cash-free Net Working Capital to Revenue		 -0.50% 5.40% 7.26% 9.56% 13.99% 15.18% 14.07% 14.55% 13.67% 13.34% 11.66%
Debt-free Net Working Capital to Revenue		 8.27% 13.04% 16.89% 12.22% 16.28% 22.63% 18.23% 17.70% 18.19% 16.90% 16.10%
Net Working Capital to Revenue		 6.69% 10.09% 16.88% 9.53% 8.86% 14.71% 15.62% 14.52% 16.99% 13.75% 14.18%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $9.23 $10.05 $9.73 $11.37 $12.09 $22.08 $11.61 $12.31 $12.14 $13.81 $15.65
Adjusted Weighted Average Basic Shares Outstanding		 311.16M 302.74M 296.93M 288.24M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M
Adjusted Diluted Earnings per Share		 $9.08 $9.87 $9.56 $11.22 $11.98 $22.00 $11.55 $12.19 $12.02 $13.63 $15.45
Adjusted Weighted Average Diluted Shares Outstanding		 311.16M 302.74M 296.93M 288.24M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $12.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 311.16M 302.74M 296.93M 288.24M 289.63M 286.26M 277.70M 274.43M 273.98M 270.35M 270.39M
Normalized Net Operating Profit after Tax (NOPAT)		 3,091 2,743 3,026 3,612 3,789 3,502 3,501 3,537 3,532 3,995 4,419
Normalized NOPAT Margin		 9.73% 8.98% 9.77% 9.98% 9.63% 9.23% 9.10% 8.98% 8.36% 8.37% 8.41%
Pre Tax Income Margin		 13.28% 11.96% 13.16% 11.29% 10.68% 9.86% 10.07% 10.24% 9.42% 9.51% 9.71%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 51.83 41.18 40.58 12.47 10.13 8.84 10.13 12.09 12.62 15.01 17.25
NOPAT to Interest Expense		 37.24 30.15 29.37 10.15 8.24 7.34 8.26 9.72 10.30 12.33 14.07
EBIT Less CapEx to Interest Expense		 44.98 36.87 36.43 10.54 7.99 6.81 8.04 9.03 9.98 12.19 13.55
NOPAT Less CapEx to Interest Expense		 30.38 25.84 25.22 8.21 6.09 5.31 6.16 6.66 7.66 9.50 10.37
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 28.75% 35.42% 33.86% 32.14% 33.07% 39.15% 40.37% 40.38% 43.08% 40.43% 37.84%
Augmented Payout Ratio		 135.24% 113.02% 87.36% 85.02% 39.70% 57.69% 96.50% 76.64% 56.17% 80.12% 52.97%

Quarterly Metrics And Ratios for General Dynamics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 10/1/2023 12/31/2023 3/31/2024 6/30/2024 9/29/2024 12/31/2024 3/30/2025 6/29/2025 9/28/2025 12/31/2025 4/5/2026
DEI Shares Outstanding		 - - - - - - - - - - 270,430,187.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 270,430,187.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.97% 7.53% 8.60% 17.97% 10.41% 14.31% 13.90% 8.89% 10.59% 7.80% 10.29%
EBITDA Growth		 -5.45% -0.59% 5.35% 17.68% 10.12% 10.28% 19.90% 10.93% 11.17% 1.78% 10.45%
EBIT Growth		 -5.53% 0.69% 8.14% 20.41% 11.15% 10.65% 22.76% 12.44% 12.54% 1.25% 11.56%
NOPAT Growth		 -5.20% 4.96% 9.90% 18.81% 10.57% 13.19% 22.83% 11.91% 12.39% -0.66% 11.10%
Net Income Growth		 -7.32% 1.31% 9.45% 21.64% 11.24% 14.23% 24.41% 12.04% 13.87% -0.44% 13.18%
EPS Growth		 -6.75% 1.96% 9.09% 20.74% 10.20% 13.74% 27.08% 14.72% 15.82% 0.72% 12.02%
Operating Cash Flow Growth		 2.96% 78.77% -119.02% 11.35% 7.19% 80.60% 46.76% 96.31% 48.94% -27.73% 1,556.08%
Free Cash Flow Firm Growth		 -159.19% -67.89% -622.17% -44.97% -301.17% 210.12% 107.44% 126.79% 202.01% -238.50% 1,345.26%
Invested Capital Growth		 4.56% 2.97% 7.56% 6.61% 8.18% 1.68% 3.24% 2.79% -0.70% 7.46% -0.50%
Revenue Q/Q Growth		 4.13% 10.38% -8.03% 11.60% -2.55% 14.28% -8.36% 6.69% -1.03% 11.40% -6.25%
EBITDA Q/Q Growth		 8.63% 18.93% -17.42% 10.31% 1.65% 19.09% -10.21% 2.05% 1.88% 9.03% -2.57%
EBIT Q/Q Growth		 10.36% 21.28% -19.54% 11.81% 1.87% 20.74% -10.73% 2.41% 1.97% 8.62% -1.64%
NOPAT Q/Q Growth		 10.38% 18.31% -18.94% 12.24% 2.72% 21.12% -12.04% 2.26% 3.17% 7.06% -1.63%
Net Income Q/Q Growth		 12.37% 20.22% -20.50% 13.27% 2.76% 23.44% -13.41% 2.01% 4.44% 7.93% -1.57%
EPS Q/Q Growth		 12.59% 19.74% -20.88% 13.19% 2.76% 23.58% -11.59% 2.19% 3.74% 7.47% -1.68%
Operating Cash Flow Q/Q Growth		 80.71% -9.46% -123.24% 392.81% 73.96% 52.54% -106.85% 1,179.73% 31.98% -25.98% 38.05%
Free Cash Flow Firm Q/Q Growth		 47.86% 171.35% -633.51% 26.95% -44.28% 155.15% -87.19% 162.88% 449.44% -174.88% 233.63%
Invested Capital Q/Q Growth		 -0.78% 2.82% 3.44% 1.02% 0.68% -3.35% 5.03% 0.58% -2.73% 4.59% -2.76%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 15.68% 16.48% 15.50% 15.03% 15.56% 15.63% 15.49% 14.95% 15.25% 14.89% 15.90%
EBITDA Margin		 12.15% 13.09% 11.75% 11.61% 12.12% 12.63% 12.37% 11.83% 12.18% 11.92% 12.39%
Operating Margin		 10.00% 11.04% 9.65% 9.65% 10.12% 10.67% 10.37% 10.01% 10.31% 10.10% 10.53%
EBIT Margin		 10.18% 11.18% 9.78% 9.80% 10.25% 10.83% 10.55% 10.12% 10.43% 10.17% 10.67%
Profit (Net Income) Margin		 7.91% 8.61% 7.45% 7.56% 7.97% 8.61% 8.13% 7.78% 8.20% 7.95% 8.35%
Tax Burden Percent		 84.36% 81.91% 82.54% 83.03% 83.48% 83.92% 82.83% 82.31% 83.25% 81.70% 82.18%
Interest Burden Percent		 92.10% 94.02% 92.19% 92.85% 93.14% 94.74% 93.10% 93.33% 94.50% 95.69% 95.20%
Effective Tax Rate		 15.64% 18.09% 17.46% 16.97% 16.52% 16.08% 17.17% 17.69% 16.75% 18.30% 17.82%
Return on Invested Capital (ROIC)		 12.83% 13.54% 12.02% 12.42% 13.41% 14.79% 14.04% 13.64% 14.72% 14.35% 15.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.17% 12.93% 11.35% 11.75% 12.67% 14.15% 13.36% 12.85% 13.95% 13.67% 14.60%
Return on Net Nonoperating Assets (RNNOA)		 5.47% 5.39% 4.68% 4.67% 4.45% 4.70% 5.08% 4.25% 3.72% 3.65% 3.85%
Return on Equity (ROE)		 18.30% 18.92% 16.69% 17.09% 17.86% 19.49% 19.12% 17.89% 18.45% 18.00% 19.11%
Cash Return on Invested Capital (CROIC)		 8.32% 9.59% 5.34% 6.57% 5.44% 12.17% 10.73% 11.43% 15.44% 7.43% 15.36%
Operating Return on Assets (OROA)		 8.06% 8.89% 7.86% 8.16% 8.51% 9.33% 9.28% 9.06% 9.35% 9.45% 9.93%
Return on Assets (ROA)		 6.27% 6.84% 5.98% 6.29% 6.62% 7.42% 7.16% 6.96% 7.36% 7.38% 7.77%
Return on Common Equity (ROCE)		 18.30% 18.92% 16.69% 17.09% 17.86% 19.49% 19.12% 17.89% 18.45% 18.00% 19.11%
Return on Equity Simple (ROE_SIMPLE)		 16.55% 0.00% 15.81% 16.09% 15.84% 0.00% 17.89% 17.33% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 892 1,055 855 960 986 1,194 1,050 1,074 1,108 1,186 1,167
NOPAT Margin		 8.44% 9.04% 7.97% 8.01% 8.45% 8.95% 8.59% 8.24% 8.59% 8.25% 8.66%
Net Nonoperating Expense Percent (NNEP)		 0.66% 0.60% 0.67% 0.66% 0.74% 0.64% 0.68% 0.80% 0.78% 0.68% 0.66%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.45% - - - 3.87% 3.30% 3.33% 3.42% 3.53% 3.42%
Cost of Revenue to Revenue		 84.32% 83.52% 84.50% 84.97% 84.44% 84.37% 84.51% 85.05% 84.75% 85.11% 84.10%
SG&A Expenses to Revenue		 5.69% 5.44% 5.84% 5.38% 5.44% 4.96% 5.11% 4.94% 4.94% 4.79% 5.36%
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		 5.69% 5.44% 5.84% 5.38% 5.44% 4.96% 5.11% 4.94% 4.94% 4.79% 5.36%
Earnings before Interest and Taxes (EBIT)		 1,076 1,305 1,050 1,174 1,196 1,444 1,289 1,320 1,346 1,462 1,438
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,284 1,527 1,261 1,391 1,414 1,684 1,512 1,543 1,572 1,714 1,670
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.95 3.24 3.58 3.59 3.57 3.27 3.26 3.29 3.62 3.53 3.60
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 2,329.62 129.66 0.00 516.75 61.27 40.94 27.97 24.76
Price to Revenue (P/Rev)		 1.42 1.63 1.78 1.76 1.78 1.51 1.47 1.54 1.72 1.72 1.75
Price to Earnings (P/E)		 17.80 20.84 22.67 22.34 22.55 19.06 18.19 19.00 20.99 21.51 21.64
Dividend Yield		 2.40% 2.06% 1.88% 1.86% 1.83% 2.13% 2.12% 1.99% 1.78% 1.77% 1.73%
Earnings Yield		 5.62% 4.80% 4.41% 4.48% 4.43% 5.25% 5.50% 5.26% 4.76% 4.65% 4.62%
Enterprise Value to Invested Capital (EV/IC)		 2.39 2.67 2.87 2.91 2.96 2.72 2.64 2.76 3.14 3.07 3.23
Enterprise Value to Revenue (EV/Rev)		 1.61 1.81 1.97 1.94 1.94 1.66 1.64 1.69 1.82 1.83 1.83
Enterprise Value to EBITDA (EV/EBITDA)		 12.83 14.73 16.17 15.94 15.96 13.76 13.45 13.79 14.89 15.18 15.13
Enterprise Value to EBIT (EV/EBIT)		 15.44 17.67 19.28 18.92 18.89 16.27 15.82 16.16 17.40 17.77 17.66
Enterprise Value to NOPAT (EV/NOPAT)		 19.15 21.64 23.53 23.16 23.14 19.81 19.26 19.71 21.23 21.78 21.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.94 16.23 28.60 28.53 28.35 19.24 19.03 16.88 16.43 18.80 13.24
Enterprise Value to Free Cash Flow (EV/FCFF)		 29.41 28.24 55.62 45.72 56.60 22.52 24.98 24.44 20.26 42.88 20.97
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.46 0.43 0.43 0.42 0.40 0.40 0.43 0.37 0.33 0.31 0.31
Long-Term Debt to Equity		 0.46 0.41 0.41 0.33 0.32 0.33 0.33 0.32 0.29 0.27 0.24
Financial Leverage		 0.45 0.42 0.41 0.40 0.35 0.33 0.38 0.33 0.27 0.27 0.26
Leverage Ratio		 2.78 2.67 2.65 2.60 2.58 2.55 2.56 2.46 2.42 2.37 2.39
Compound Leverage Factor		 2.56 2.51 2.44 2.42 2.40 2.42 2.39 2.30 2.29 2.27 2.28
Debt to Total Capital		 31.68% 30.30% 30.19% 29.59% 28.74% 28.43% 30.18% 26.98% 24.70% 23.82% 23.51%
Short-Term Debt to Total Capital		 0.02% 1.66% 1.65% 6.40% 6.22% 4.87% 7.38% 3.73% 3.10% 2.99% 5.15%
Long-Term Debt to Total Capital		 31.66% 28.65% 28.54% 23.19% 22.52% 23.55% 22.81% 23.25% 21.60% 20.83% 18.36%
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		 68.32% 69.70% 69.81% 70.41% 71.26% 71.58% 69.82% 73.02% 75.30% 76.18% 76.49%
Debt to EBITDA		 1.78 1.78 1.76 1.70 1.66 1.52 1.60 1.42 1.27 1.26 1.23
Net Debt to EBITDA		 1.52 1.42 1.57 1.45 1.28 1.23 1.39 1.17 0.87 0.90 0.67
Long-Term Debt to EBITDA		 1.78 1.69 1.67 1.33 1.30 1.26 1.21 1.22 1.11 1.11 0.96
Debt to NOPAT		 2.66 2.62 2.57 2.46 2.40 2.19 2.29 2.02 1.81 1.81 1.77
Net Debt to NOPAT		 2.27 2.08 2.28 2.10 1.86 1.77 2.00 1.67 1.24 1.29 0.96
Long-Term Debt to NOPAT		 2.66 2.48 2.42 1.93 1.88 1.82 1.73 1.74 1.58 1.59 1.38
Altman Z-Score		 3.05 3.25 3.37 3.45 3.43 3.40 3.38 3.55 3.78 3.95 3.91
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		 1.43 1.44 1.44 1.33 1.32 1.37 1.34 1.36 1.40 1.44 1.38
Quick Ratio		 0.81 0.79 0.76 0.72 0.72 0.73 0.73 0.74 0.78 0.78 0.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -322 230 -1,227 -896 -1,293 713 91 240 1,319 -988 1,320
Operating Cash Flow to CapEx		 581.94% 393.42% -174.84% 404.98% 704.48% 608.45% -104.23% 807.07% 994.81% 256.32% 1,061.58%
Free Cash Flow to Firm to Interest Expense		 -3.79 2.95 -14.96 -10.67 -15.77 9.38 1.03 2.73 17.83 -15.68 19.13
Operating Cash Flow to Interest Expense		 15.54 15.33 -3.39 9.69 17.27 28.42 -1.66 18.16 28.50 24.78 31.23
Operating Cash Flow Less CapEx to Interest Expense		 12.87 11.44 -5.33 7.30 14.82 23.75 -3.26 15.91 25.64 15.11 28.29
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.79 0.80 0.83 0.83 0.86 0.88 0.90 0.90 0.93 0.93
Accounts Receivable Turnover		 3.69 3.71 3.79 3.88 3.90 4.29 4.09 4.23 4.30 4.77 4.53
Inventory Turnover		 4.80 4.78 4.38 4.37 4.22 4.41 4.29 4.35 4.37 4.71 4.80
Fixed Asset Turnover		 7.16 6.99 7.15 7.35 7.46 7.54 7.78 7.84 7.97 7.51 7.71
Accounts Payable Turnover		 10.86 10.97 11.26 11.97 11.76 12.53 12.69 14.07 12.92 14.81 14.71
Days Sales Outstanding (DSO)		 99.01 98.45 96.18 94.11 93.54 85.01 89.29 86.20 84.90 76.44 80.51
Days Inventory Outstanding (DIO)		 76.08 76.38 83.41 83.44 86.56 82.77 85.10 84.00 83.50 77.57 76.00
Days Payable Outstanding (DPO)		 33.60 33.29 32.42 30.50 31.03 29.12 28.77 25.95 28.24 24.64 24.81
Cash Conversion Cycle (CCC)		 141.49 141.55 147.16 147.05 149.07 138.66 145.62 144.25 140.15 129.37 131.70
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 27,860 28,647 29,633 29,935 30,139 29,128 30,592 30,769 29,928 31,302 30,439
Invested Capital Turnover		 1.52 1.50 1.51 1.55 1.59 1.65 1.63 1.66 1.72 1.74 1.76
Increase / (Decrease) in Invested Capital		 1,214 825 2,082 1,856 2,279 481 959 834 -211 2,174 -153
Enterprise Value (EV)		 66,686 76,441 84,936 87,106 89,239 79,134 80,712 84,824 93,964 96,249 98,314
Market Capitalization		 58,783 69,093 76,713 79,207 82,073 72,069 72,345 77,635 88,470 90,569 93,954
Book Value per Share		 $73.09 $78.05 $78.04 $80.32 $83.61 $80.24 $82.21 $87.86 $90.84 $94.85 $96.45
Tangible Book Value per Share		 ($7.73) ($3.46) ($2.34) $0.12 $2.30 ($0.05) $0.52 $4.72 $8.03 $11.99 $14.04
Total Capital		 29,212 30,560 30,669 31,297 32,240 30,825 31,834 32,292 32,448 33,635 34,093
Total Debt		 9,255 9,261 9,259 9,261 9,267 8,762 9,609 8,712 8,014 8,013 8,014
Total Long-Term Debt		 9,248 8,754 8,752 7,257 7,262 7,260 7,260 7,508 7,008 7,007 6,259
Net Debt		 7,903 7,348 8,223 7,899 7,166 7,065 8,367 7,189 5,494 5,680 4,360
Capital Expenditures (CapEx)		 227 304 159 201 201 355 142 198 212 609 203
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 5,472 5,777 6,877 6,697 6,090 6,367 7,464 6,368 5,874 6,125 5,331
Debt-free Net Working Capital (DFNWC)		 6,824 7,690 7,913 8,059 8,191 8,064 8,706 7,891 8,394 8,458 8,985
Net Working Capital (NWC)		 6,817 7,183 7,406 6,055 6,186 6,562 6,357 6,687 7,388 7,452 7,230
Net Nonoperating Expense (NNE)		 56 50 56 55 56 46 56 60 49 43 42
Net Nonoperating Obligations (NNO)		 7,903 7,348 8,223 7,899 7,166 7,065 8,367 7,189 5,494 5,680 4,360
Total Depreciation and Amortization (D&A)		 208 222 211 217 218 240 223 223 226 252 232
Debt-free, Cash-free Net Working Capital to Revenue		 13.20% 13.67% 15.95% 14.90% 13.23% 13.34% 15.17% 12.67% 11.40% 11.66% 9.91%
Debt-free Net Working Capital to Revenue		 16.46% 18.19% 18.35% 17.93% 17.79% 16.90% 17.69% 15.70% 16.30% 16.10% 16.70%
Net Working Capital to Revenue		 16.44% 16.99% 17.17% 13.47% 13.43% 13.75% 12.92% 13.30% 14.34% 14.18% 13.44%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.07 $3.69 $2.92 $3.30 $3.39 $4.20 $3.69 $3.78 $3.93 $4.25 $4.16
Adjusted Weighted Average Basic Shares Outstanding		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
Adjusted Diluted Earnings per Share		 $3.04 $3.64 $2.88 $3.26 $3.35 $4.14 $3.66 $3.74 $3.88 $4.17 $4.10
Adjusted Weighted Average Diluted Shares Outstanding		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
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		 272.90M 273.98M 274.36M 274.78M 274.97M 270.35M 268.40M 268.99M 270.12M 270.39M 270.43M
Normalized Net Operating Profit after Tax (NOPAT)		 892 1,055 855 960 986 1,194 1,050 1,074 1,108 1,186 1,167
Normalized NOPAT Margin		 8.44% 9.04% 7.97% 8.01% 8.45% 8.95% 8.59% 8.24% 8.59% 8.25% 8.66%
Pre Tax Income Margin		 9.37% 10.52% 9.02% 9.10% 9.55% 10.26% 9.82% 9.45% 9.86% 9.73% 10.16%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 12.66 16.73 12.80 13.98 14.59 19.00 14.48 15.00 18.19 23.21 20.84
NOPAT to Interest Expense		 10.49 13.53 10.43 11.43 12.02 15.71 11.80 12.21 14.97 18.83 16.91
EBIT Less CapEx to Interest Expense		 9.99 12.83 10.87 11.58 12.13 14.33 12.89 12.75 15.32 13.54 17.90
NOPAT Less CapEx to Interest Expense		 7.82 9.63 8.49 9.03 9.57 11.04 10.21 9.96 12.11 9.16 13.97
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 42.79% 43.08% 42.67% 41.55% 41.22% 40.43% 39.00% 38.28% 37.41% 37.84% 37.20%
Augmented Payout Ratio		 59.27% 56.17% 55.94% 47.05% 46.25% 80.12% 89.19% 86.29% 82.92% 52.97% 43.05%

Financials Breakdown Chart

Key Financial Trends

General Dynamics (GD) shows a pattern of solid profitability and cash generation with some quarterly fluctuations. Below are the top observations drawn from the last four years of quarterly statements (2022–2025), focusing on trends in revenue, margins, cash flow, and balance-sheet strength.

  • Revenue trend in 2025 rising into Q4: 2025 quarterly revenue progressed from approximately $12.22B in Q1 to $14.38B in Q4 (Operating Revenue), indicating improved top-line traction by year-end.
  • Gross margin remained stable around 15%: 2025 gross margin hovered near 15% (e.g., Q4 2025 gross profit of about $2.14B on $14.38B revenue, ~14.9%).
  • EPS strengthened by year-end: Q4 2025 Basic EPS was about $4.25 and Diluted EPS about $4.17, up modestly from Q4 2024 levels (roughly $4.20 and $4.14 respectively).
  • Robust operating cash flow in most 2025 quarters: Cash flow from continuing operating activities was strong in Q3 2025 (~$2.11B) and remained solid in Q4 2025 (~$1.56B), signaling healthy cash generation.
  • Dividend policy steady: Cash dividends per share were maintained around $1.50 across multiple 2025 quarters, supporting shareholder returns without obvious policy shifts.
  • Healthy 2025 liquidity indicators: In Q3 2025, total current assets were about $25.85B and total current liabilities about $18.46B, implying a current ratio near 1.4x, indicating solid short-term liquidity.
  • Balanced balance sheet scale: 2025 figures show total assets around $56–58B and total liabilities around $33B, with total equity roughly in the mid-$20s billions, suggesting a stable capital structure.
  • One quarter of negative operating cash flow in early 2025: Q1 2025 net cash from continuing operating activities was negative (about -$0.15B), signaling temporary working-capital headwinds.
  • Continued financing-cash outflows in 2025: Net cash from financing activities was negative across several 2025 quarters (e.g., Q2 ~-$1.23B, Q3 ~-$0.90B, Q4 ~-$0.88B), reflecting debt repayment and dividend funding pressures.
  • Moderate quarterly net cash decline in Q4 2025: Net change in cash and equivalents was negative (~-$0.187B) in Q4 2025 despite earnings, indicating a small quarterly cash outflow.
05/19/26 10:59 PM ETAI Generated. May Contain Errors.

General Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, General Dynamics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

General Dynamics' net income appears to be on an upward trend, with a most recent value of $4.21 billion in 2025, rising from $3.04 billion in 2015. The previous period was $3.78 billion in 2024. Find out what analysts predict for General Dynamics in the coming months.

General Dynamics' total operating income in 2025 was $5.36 billion, based on the following breakdown:
  • Total Gross Profit: $7.95 billion
  • Total Operating Expenses: $2.60 billion

Over the last 10 years, General Dynamics' total revenue changed from $31.78 billion in 2015 to $52.55 billion in 2025, a change of 65.4%.

General Dynamics' total liabilities were at $31.63 billion at the end of 2025, a 6.5% decrease from 2024, and a 48.8% increase since 2015.

In the past 10 years, General Dynamics' cash and equivalents has ranged from $902 million in 2019 to $2.98 billion in 2017, and is currently $2.33 billion as of their latest financial filing in 2025.

Over the last 10 years, General Dynamics' book value per share changed from 33.97 in 2015 to 94.85 in 2025, a change of 179.3%.


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Financial statements for NYSE:GD last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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