General Dynamics (GD) financial statements
General Dynamics reported revenue of $52.5B in fiscal 2025, up 6.2% a year over 9 years.
Net income was $4.2B and the operating margin 10.2%, against 12.3% in 2016.
Free cash flow was $4.0B, and the company returned $1.6B in dividends and $637M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from General Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.6B | $31.0B | $36.2B | $39.4B | $37.9B | $38.5B | $39.4B | $42.3B | $47.7B | $52.5B |
| Cost of revenue | $24.9B | $24.7B | $29.5B | $32.3B | — | — | — | — | — | — |
| Gross profit | $5.7B | $6.2B | $6.7B | $7.1B | — | — | — | — | — | — |
| Selling, general and admin | $1.9B | $2.0B | $2.3B | $2.4B | $2.2B | $2.2B | $2.4B | $2.4B | $2.6B | $2.6B |
| Operating income | $3.7B | $4.2B | $4.4B | $4.6B | $4.1B | $4.2B | $4.2B | $4.2B | $4.8B | $5.4B |
| Interest expense | $99M | $117M | $374M | $472M | $489M | $431M | $391M | $399M | — | — |
| Pre-tax income | $3.7B | $4.1B | $4.1B | $4.2B | $3.7B | $3.9B | $4.0B | $4.0B | $4.5B | $5.1B |
| Income tax | $977M | $1.2B | $727M | $718M | $571M | $616M | $646M | $669M | $758M | $893M |
| Net income | $2.6B | $2.9B | $3.3B | $3.5B | $3.2B | $3.3B | $3.4B | $3.3B | $3.8B | $4.2B |
| EPS (diluted) | $8.29 | $9.56 | $11.18 | $11.98 | $11.00 | $11.55 | $12.19 | $12.02 | $13.63 | $15.45 |
| Diluted shares | 310M | 305M | 299M | 291M | 288M | 282M | 278M | 276M | 277M | 272M |
| Gross margin | 18.5% | 20.2% | 18.6% | 17.9% | — | — | — | — | — | — |
| Operating margin | 12.3% | 13.7% | 12.1% | 11.6% | 10.9% | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% |
| Net margin | 8.4% | 9.4% | 9.2% | 8.9% | 8.4% | 8.5% | 8.6% | 7.8% | 7.9% | 8.0% |
Balance sheet
Fiscal years, from General Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.3B | $3.0B | $963M | $902M | $2.8B | $1.6B | $1.2B | $1.9B | $1.7B | $2.3B |
| Receivables | $3.4B | $3.6B | $3.8B | $3.5B | $3.2B | $3.0B | $3.0B | $3.0B | $3.0B | $2.4B |
| Inventory | $5.1B | $5.3B | $6.0B | $6.3B | $5.7B | $5.3B | $6.3B | $8.6B | $9.7B | $9.2B |
| Total current assets | $16.5B | $18.3B | $18.2B | $20.3B | $21.5B | $20.0B | $21.1B | $23.6B | $24.4B | $24.2B |
| Property, plant and equipment | $3.5B | $3.5B | $4.0B | $4.5B | $5.1B | $5.4B | $5.9B | $6.2B | $6.5B | $7.5B |
| Goodwill | $11.4B | $11.9B | $19.6B | $19.7B | $20.1B | $20.1B | $20.3B | $20.6B | $20.6B | $21.0B |
| Total assets | $33.2B | $35.0B | $45.9B | $49.3B | $51.3B | $50.1B | $51.6B | $54.8B | $55.9B | $57.2B |
| Total current liabilities | $13.4B | $13.1B | $14.7B | $16.8B | $16.0B | $14.0B | $15.3B | $16.4B | $17.8B | $16.8B |
| Long-term debt | $3.0B | $4.0B | $11.4B | $9.0B | $10.0B | $10.5B | $9.2B | $8.8B | $7.3B | $7.0B |
| Total liabilities | $22.9B | $23.2B | $33.3B | $35.4B | $35.6B | $32.4B | $33.0B | $33.5B | $33.8B | $31.6B |
| Shareholders' equity | $10.3B | $11.8B | $12.1B | $14.0B | $15.7B | $17.6B | $18.6B | $21.3B | $22.1B | $25.6B |
| Net debt | $1.6B | $999M | $11.5B | $11.0B | $10.2B | $9.9B | $9.3B | $7.3B | $7.1B | $5.7B |
Cash flow
Fiscal years, from General Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $3.9B | $3.1B | $3.0B | $3.9B | $4.3B | $4.6B | $4.7B | $4.1B | $5.1B |
| Capital spending | $392M | $428M | $690M | $987M | $967M | $887M | $1.1B | $904M | $916M | $1.2B |
| Free cash flow | $1.8B | $3.4B | $2.5B | $2.0B | $2.9B | $3.4B | $3.5B | $3.8B | $3.2B | $4.0B |
| Stock-based compensation | $95M | $123M | $140M | $133M | $128M | $126M | $165M | $181M | $183M | $196M |
| Dividends paid | $911M | $986M | $1.1B | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B | $1.5B | $1.6B |
| Share buybacks (net) | -$2.0B | -$1.6B | -$1.8B | -$231M | -$587M | -$1.8B | -$1.2B | -$434M | -$1.5B | -$637M |
| Net borrowing | $492M | $85M | $7.3B | -$850M | $2.0B | $1.5B | -$1.0B | -$1.2B | -$500M | -$753M |
| Free cash flow margin | 5.8% | 11.1% | 6.8% | 5.1% | 7.6% | 8.8% | 8.8% | 9.0% | 6.7% | 7.5% |
| Dividends per share | $2.94 | $3.24 | $3.59 | $3.96 | $4.31 | $4.66 | $4.92 | $5.18 | $5.51 | $5.85 |
Questions
What was General Dynamics's revenue in 2025?
$52.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does General Dynamics generate?
$4.0B in fiscal 2025 (operating cash flow minus capital spending).
From General Dynamics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.