General Dynamics
GD · NYSEShip & Boat Building & Repairing · Fiscal year ends Dec 31
General Dynamics reported revenue of $52.6B in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was $5.4B, an operating margin of 10.2%, and net income was $4.2B. Operating cash flow of $5.1B less capital expenditure of $1.2B left free cash flow of $4B. Net debt was $5.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $38.5B | $39.4B | $42.3B | $47.7B | $52.6B |
| Operating income | $4.2B | $4.2B | $4.2B | $4.8B | $5.4B |
| Net interest incomeBanks | −$424M | −$364M | −$343M | −$324M | −$314M |
| Interest expense | $431M | $391M | $399M | – | – |
| Pre-tax income | $3.9B | $4B | $4B | $4.5B | $5.1B |
| Income tax | $616M | $646M | $669M | $758M | $893M |
| Net income | $3.3B | $3.4B | $3.3B | $3.8B | $4.2B |
| Diluted EPS | 11.55 | 12.19 | 12.02 | 13.63 | 15.45 |
| Diluted shares | 282M | 278M | 276M | 277M | 272M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.6B | $1.2B | $1.9B | $1.7B | $2.3B |
| Receivables | $3B | $3B | $3B | $3B | $2.4B |
| Inventory | $5.3B | $6.3B | $8.6B | $9.7B | $9.2B |
| Current assets | $20B | $21.1B | $23.6B | $24.4B | $24.2B |
| Net PP&E | $5.4B | $5.9B | $6.2B | $6.5B | $7.5B |
| Goodwill | $20.1B | $20.3B | $20.6B | $20.6B | $21B |
| Total assets | $50.1B | $51.6B | $54.8B | $55.9B | $57.2B |
| Payables | $3.2B | $3.4B | $3.1B | $3.3B | $2.7B |
| Deferred revenue | $6.3B | $7.4B | $9.6B | $9.5B | $9.8B |
| Current liabilities | $14B | $15.3B | $16.4B | $17.8B | $16.8B |
| Short-term debt | $1B | $1.3B | $507M | $1.5B | $1B |
| Long-term debt | $10.5B | $9.2B | $8.8B | $7.3B | $7B |
| Shareholders' equity | $17.6B | $18.6B | $21.3B | $22.1B | $25.6B |
| Backlog (remaining obligations) | – | – | $93.6B | $90.6B | $118B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.3B | $4.6B | $4.7B | $4.1B | $5.1B |
| Capital expenditure | $887M | $1.1B | $904M | $916M | $1.2B |
| Free cash flow | $3.4B | $3.5B | $3.8B | $3.2B | $4B |
| Depreciation & amortisation | $890M | $884M | $863M | $886M | $924M |
| Stock-based compensation | $126M | $165M | $181M | $183M | $196M |
| Share buybacks | $1.8B | $1.2B | $434M | $1.5B | $637M |
| Dividends paid | $1.3B | $1.4B | $1.4B | $1.5B | $1.6B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.4% | 7.3% | 12.9% | 10.1% |
| Operating income growth (YoY) | – | 1.2% | 0.8% | 13.0% | 11.7% |
| EPS growth (YoY) | – | 5.5% | −1.4% | 13.4% | 13.4% |
| Operating margin | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% |
| Net margin | 8.5% | 8.6% | 7.8% | 7.9% | 8.0% |
| Return on equityBlank when equity is negative | 18.5% | 18.3% | 15.6% | 17.1% | 16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 11.6% | 11.1% | 12.6% | 13.2% |
| Free cash flow margin | 8.8% | 8.8% | 9.0% | 6.7% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.35x | 1.42x | 1.09x | 1.22x |
| Receivable days | 29 | 28 | 26 | 23 | 17 |
| Interest cover | 9.66x | 10.8x | 10.6x | – | – |
| Debt ÷ equity | 0.65x | 0.57x | 0.43x | 0.40x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.9B | $9.3B | $7.3B | $7.1B | $5.7B |
| Current ratio | 1.43x | 1.37x | 1.44x | 1.37x | 1.44x |
Recent filings
More in Ship & Boat Building & Repairing
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.