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GD

General Dynamics Corporation

GD

General Dynamics Corporation • NYSE
$341.63 ▲ 0.47% (+1.59)
Market Cap $92.14 B
52w High $360.50
52w Low $239.20
Dividend Yield 5.92%
P/E 22.13
Volume 319.34K
Outstanding Shares 269.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.907B ▼ $637M ▼ $1.059B ▲ 8.205% ▲ $3.94 ▲ $1.572B ▲
Q2-2025 $13.041B ▲ $644M ▲ $1.014B ▲ 7.775% ▼ $3.78 ▲ $1.543B ▲
Q1-2025 $12.223B ▼ $625M ▼ $994M ▼ 8.132% ▼ $3.69 ▼ $1.491B ▼
Q4-2024 $13.338B ▲ $662M ▲ $1.148B ▲ 8.607% ▲ $4.15 ▲ $1.8B ▲
Q3-2024 $11.671B $635M $930M 7.968% $3.39 $1.399B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.52B ▲ $57.599B ▲ $33.165B ▼ $24.434B ▲
Q2-2025 $1.523B ▲ $56.888B ▲ $33.308B ▼ $23.58B ▲
Q1-2025 $1.242B ▼ $56.58B ▲ $34.355B ▲ $22.225B ▲
Q4-2024 $1.697B ▼ $55.88B ▼ $33.817B ▼ $22.063B ▼
Q3-2024 $2.101B $57.312B $34.339B $22.973B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.059B ▲ $2.109B ▲ $-209M ▼ $-903M ▲ $997M ▲ $1.897B ▲
Q2-2025 $1.014B ▲ $1.598B ▲ $-89M ▲ $-1.228B ▼ $281M ▲ $1.4B ▲
Q1-2025 $994M ▼ $-148M ▼ $-130M ▲ $-175M ▲ $-455M ▼ $-290M ▼
Q4-2024 $1.148B ▲ $2.16B ▲ $-368M ▼ $-2.196B ▼ $-404M ▼ $1.805B ▲
Q3-2024 $930M $1.416B $-282M $-395M $739M $1.215B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aerospace
Aerospace
 $3.74Bn ▲$3.03Bn ▼$3.06Bn ▲$3.23Bn ▲
Combat Systems
Combat Systems
 $2.40Bn ▲$2.18Bn ▼$2.28Bn ▲$2.25Bn ▼
Marine Systems
Marine Systems
 $3.96Bn ▲$3.59Bn ▼$4.22Bn ▲$4.10Bn ▼
Technologies
Technologies
 $3.24Bn ▲$3.43Bn ▲$3.48Bn ▲$3.33Bn ▼

Five-Year Company Overview

Income Statement

Income Statement General Dynamics shows a pattern of steady growth in sales over the last five years, with a noticeable step-up in the most recent year. Profit levels have generally moved in the same direction, with operating and net income gradually improving rather than swinging widely. Margins look stable, suggesting the company has been able to grow without sacrificing pricing or cost discipline. There was a brief pause in profit growth a couple of years ago, but the latest results point to renewed momentum and solid underlying profitability.

Balance Sheet

Balance Sheet The balance sheet looks conservative and steadily stronger. Total assets have inched higher over time, while debt has been coming down, easing financial leverage. Shareholders’ equity has risen meaningfully, which signals accumulated profits and a thicker financial cushion. Cash on hand moves around from year to year but does not appear excessive; the company seems to run with a practical, working level of cash rather than hoarding it. Overall, the structure suggests a mature industrial business with manageable debt and growing book value.

Cash Flow

Cash Flow Cash generation from the core business has been consistently solid, though it peaked a couple of years ago and has eased somewhat since then. Free cash flow remains healthy, comfortably positive even after routine capital spending on facilities and equipment. Investment levels are steady rather than aggressive, indicating ongoing support for major programs without stretching the company’s finances. The slight softening in recent operating cash flow versus earnings is worth watching, as it can reflect timing of large contracts, inventory, and milestone payments in a project-heavy defense business.

Competitive Edge

Competitive Edge General Dynamics holds a deeply entrenched position in several critical defense and aerospace niches. It is one of only a handful of players globally that can design and build nuclear submarines, modern main battle tanks, and high-end business jets, all backed by decades-long relationships with the U.S. government and allied militaries. Large backlogs, complex approval processes, and high switching costs make it difficult for new competitors to displace its platforms once they are adopted. Its scale, specialized shipyards and factories, and long operating history create a high barrier to entry and support a durable competitive moat, though the company remains exposed to shifts in defense budgets and government priorities.

Innovation and R&D

Innovation and R&D Innovation is central to the company’s strategy. General Dynamics is upgrading legacy platforms like the Abrams tank into more modern, digitally enabled and more efficient versions, while leading next-generation submarine programs such as the Columbia class, which rely on advanced nuclear, stealth, and modular construction technologies. In aerospace, Gulfstream continues to push cabin comfort, flight-deck technology, and fuel efficiency at the very top of the business-jet market, including work on sustainable aviation fuel. On the technology side, GD is advancing secure communications, cyber, and open-architecture C5ISR systems that make it easier for defense customers to integrate new capabilities over time. These efforts require ongoing, sizable engineering and development spend, but they also reinforce the company’s role as a key technology partner rather than a simple hardware supplier.

Summary

General Dynamics appears to be a mature, steadily growing defense and aerospace contractor with a diversified portfolio across submarines, land combat systems, secure IT, and business jets. Its income statement reflects consistent growth and resilient profitability, while the balance sheet has strengthened through rising equity and gradually declining debt. Cash flows are solid, even if they have eased from recent highs, and continue to support investment in major programs. The company’s competitive position is anchored by long-term government relationships, high switching costs, and scarce industrial capabilities that few rivals can match. Its innovation pipeline—spanning next-generation submarines, tanks, jets, and secure networks—positions it well for future defense and business-aviation needs, though outcomes will depend on program execution, government spending trends, and broader geopolitical and economic conditions.

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