General Dynamics Corporation (GD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.97	$4.24	+6.8%	—	$14.1B	—
Q1 26	$3.69	$4.1	+11.1%	—	$13.5B	—
Q4 25	$4.12	$4.17	+1.2%	—	$14.4B	—
Q3 25	$3.71	$3.88	+4.6%	—	$12.9B	—
Q2 25	$3.54	$3.74	+5.6%	—	$13B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.7	—	—	$52.5B	—
FY24	—	$13.8	—	—	$47.7B	—
FY23	—	$12.1	—	—	$42.3B	—
FY22	—	$12.3	—	—	$39.4B	—
FY21	—	$11.6	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$37.9B	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B
YoY change	—	+1.43%	+2.44%	+7.27%	+12.9%	+10.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	37.9B	38.5B	39.4B	42.3B	47.7B	52.5B
Cost of revenue	31.6B	32.1B	32.8B	35.6B	40.4B	44.6B
Gross profit	6.3B	6.4B	6.6B	6.7B	7.4B	8B
Gross margin	16.7%	16.7%	16.8%	15.8%	15.4%	15.1%
Research & development	—	—	—	—	—	—
Selling, general & administrative	2.2B	2.2B	2.4B	2.4B	2.6B	2.6B
Operating expenses	2.2B	2.2B	2.4B	2.4B	2.6B	2.6B
Operating income	4.1B	4.2B	4.2B	4.2B	4.8B	5.4B
Operating margin	10.9%	10.8%	10.7%	10%	10.1%	10.2%
Non-operating income, net	82M	134M	189M	82M	68M	61M
Pretax income	3.7B	3.9B	4B	4B	4.5B	5.1B
Income tax	571M	616M	646M	669M	758M	893M
Net income	3.2B	3.3B	3.4B	3.3B	3.8B	4.2B
Net margin	8.35%	8.47%	8.6%	7.84%	7.93%	8.01%
EBITDA	5.1B	5.2B	5.3B	5.2B	5.8B	6.4B
EPS	11	11.6	12.3	12.1	13.8	15.7
Diluted EPS	11	11.6	12.2	12	13.6	15.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	13.3B	12.2B	13B	12.9B	14.4B	13.5B	14.1B
Cost of revenue	11.3B	10.3B	11.1B	10.9B	12.2B	11.3B	11.9B
Gross profit	2.1B	1.9B	1.9B	2B	2.1B	2.1B	2.2B
Gross margin	15.6%	15.5%	14.9%	15.2%	14.9%	15.9%	15.5%
Research & development	—	—	—	—	—	—	—
Selling, general & administrative	662M	625M	644M	637M	689M	723M	723M
Operating expenses	662M	625M	644M	637M	689M	723M	723M
Operating income	1.4B	1.3B	1.3B	1.3B	1.5B	1.4B	1.5B
Operating margin	10.7%	10.4%	10%	10.3%	10.1%	10.5%	10.4%
Non-operating income, net	21M	21M	15M	15M	10M	18M	-4M
Pretax income	1.4B	1.2B	1.2B	1.3B	1.4B	1.4B	1.4B
Income tax	220M	206M	218M	213M	256M	244M	247M
Net income	1.1B	994M	1B	1.1B	1.1B	1.1B	1.2B
Net margin	8.61%	8.13%	7.78%	8.2%	7.95%	8.35%	8.23%
EBITDA	1.8B	1.5B	1.5B	1.6B	1.8B	1.7B	1.7B
EPS	4.2	3.69	3.78	3.93	4.23	4.16	4.29
Diluted EPS	4.15	3.66	3.74	3.88	4.17	4.1	4.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	42.7B	58.5B	68.3B	70.9B	72.2B	90.6B	90.4B
Enterprise value	54.6B	70B	79.2B	80.1B	81.1B	98.1B	96.1B
Shares outstanding	286.9M	280.4M	275.3M	273.1M	273.9M	269.1M	269.1M

Valuation

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.5	17.9	20.1	21.4	19.1	21.5	20.5
P/S	1.13	1.52	1.73	1.68	1.51	1.72	1.66
P/B	2.73	3.31	3.68	3.33	3.27	3.54	3.39
EV/EBITDA	10.7	13.5	14.9	15.3	13.9	15.3	14.5
EV/Sales	1.44	1.82	2.01	1.89	1.7	1.87	1.75
Earnings yield	7.42%	5.57%	4.96%	4.67%	5.24%	4.65%	4.87%
FCF yield	6.77%	5.79%	5.07%	5.37%	4.43%	4.37%	4.87%
PEG	—	—	—	—	—	—	1.52

Profitability

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	16.7%	16.7%	16.8%	15.8%	15.4%	15.1%	15.5%
Operating margin	10.9%	10.8%	10.7%	10%	10.1%	10.2%	10.4%
Net margin	8.35%	8.47%	8.6%	7.84%	7.93%	8.01%	8.18%
ROE	20.2%	18.5%	18.3%	15.6%	17.1%	16.4%	17.8%
ROA	6.17%	6.5%	6.57%	6.05%	6.77%	7.35%	6.08%
ROIC	12.7%	12%	12%	11.6%	12.9%	13.4%	14.6%
Return on tangible assets	45.5%	55%	46.6%	32.1%	32.2%	33.7%	28.5%

Financial health

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.35	1.43	1.37	1.44	1.37	1.44	1.44
Quick ratio	0.99	1.05	0.96	0.92	0.82	0.89	0.96
Debt / equity	0.94	0.75	0.65	0.52	0.48	0.38	0.35
Debt / assets	0.29	0.26	0.23	0.2	0.19	0.17	0.16
Net debt / EBITDA	2.33	2.23	2.05	1.75	1.54	1.16	0.76
Interest coverage	8.64	9.99	11.3	11	12.6	13.7	16.9
Effective tax rate	15.3%	15.9%	16%	16.8%	16.7%	17.5%	17.6%

Per share

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	132.2	137.2	143.1	154.8	174.2	195.3	203.3
EPS (basic)	11	11.6	12.3	12.1	13.8	15.7	15.7
EPS (diluted)	11	11.6	12.2	12	13.6	15.4	16.4
Book value per share	54.6	62.9	67.4	78	80.6	95.2	99.3
FCF per share	10.1	12.1	12.6	13.9	11.7	14.7	23.6
Cash per share	9.84	5.72	4.51	7	6.2	8.67	16
Capex per share	—	—	—	—	—	4.31	4.6

Capital allocation

Metric	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	2.21%	2.29%
Capex / operating cash flow	—	—	—	—	—	22.7%	16.3%
Payout ratio	39.2%	40.4%	40.4%	43.1%	40.4%	37.8%	37.7%
Dividend yield	2.9%	2.25%	2%	2.01%	2.12%	1.76%	1.9%

Yield

1.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.59

ex-dividend Jul 2, 2026

Payout ratio

38%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 2, 2026	$1.59
Apr 10, 2026	$1.59
Jan 16, 2026	$1.50

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.8B	1.6B	1.2B	1.9B	1.7B	2.3B
Receivables	3.2B	3B	3B	3B	3B	2.4B
Inventory	5.7B	5.3B	6.3B	8.6B	9.7B	9.2B
Total current assets	21.5B	20B	21.1B	23.6B	24.4B	24.2B
Property, plant & equipment	1.5B	1.7B	1.7B	1.5B	1.6B	1.8B
Goodwill & intangibles	44.3B	44.2B	44.3B	44.5B	44.2B	44.8B
Total assets	51.3B	50.1B	51.6B	54.8B	55.9B	57.2B
Accounts payable	3B	3.2B	3.4B	3.1B	3.3B	2.7B
Short-term debt	3.3B	1.3B	1.5B	832M	1.8B	1.3B
Total current liabilities	16B	14B	15.3B	16.4B	17.8B	16.8B
Long-term debt	11.4B	11.8B	10.6B	10.3B	8.9B	8.5B
Total liabilities	35.6B	32.4B	33B	33.5B	33.8B	31.6B
Shareholders' equity	15.7B	17.6B	18.6B	21.3B	22.1B	25.6B
Total debt	14.7B	13.2B	12.1B	11.1B	10.7B	9.8B
Net debt	11.9B	11.6B	10.9B	9.2B	9B	7.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.2B	1.5B	2.5B	2.3B	3.7B	4.3B
Receivables	3.3B	3.6B	3.3B	2.4B	2.3B	2.4B
Inventory	9.8B	9.9B	9.8B	9.2B	9.2B	9.1B
Total current assets	25.1B	25.1B	25.9B	24.2B	26.1B	27B
Property, plant & equipment	-7.2B	-7.4B	-7.5B	1.8B	-7.7B	-7.8B
Goodwill & intangibles	44.2B	44.6B	44.5B	44.8B	44.6B	44.4B
Total assets	56.6B	56.9B	57.6B	57.2B	59B	60.2B
Accounts payable	3.4B	3.1B	3.5B	2.7B	2.8B	2.9B
Short-term debt	2.7B	1.5B	1.3B	1.3B	2.1B	1.6B
Total current liabilities	18.8B	18.4B	18.5B	16.8B	18.8B	18.8B
Long-term debt	8.8B	9.1B	8.6B	8.5B	7.8B	7.9B
Total liabilities	34.4B	33.3B	33.2B	31.6B	33B	33.3B
Shareholders' equity	22.2B	23.6B	24.4B	25.6B	26.1B	26.8B
Total debt	11.5B	10.6B	9.9B	9.8B	9.8B	9.5B
Net debt	10.3B	9.1B	7.4B	7.5B	6.2B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.2B	3.3B	3.4B	3.3B	3.8B	4.2B
Depreciation & amortization	878M	890M	884M	863M	886M	924M
Stock-based compensation	128M	126M	165M	181M	183M	196M
Change in working capital	43M	681M	1.1B	844M	-850M	192M
Operating cash flow	4.1B	4.3B	5B	4.9B	3.8B	5.1B
Capital expenditure	—	—	—	—	—	-1.2B
Investing cash flow	-210M	5M	-375M	-37M	-37M	-1.3B
Dividends paid	-1.2B	-1.3B	-1.4B	-1.4B	-1.5B	-1.6B
Share repurchases	-587M	-1.8B	-1.2B	-434M	-1.5B	-637M
Financing cash flow	-1.8B	-6.6B	-3.5B	-3.1B	-3.4B	-3.2B
Net change in cash	2.1B	-2.3B	1.2B	1.8B	440M	646M
Free cash flow	2.9B	3.4B	3.5B	3.8B	3.2B	4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.1B	994M	1B	1.1B	1.1B	1.1B	1.2B
Depreciation & amortization	240M	223M	223M	226M	252M	232M	231M
Stock-based compensation	46M	34M	55M	57M	50M	40M	67M
Change in working capital	987M	-1.3B	88M	478M	888M	480M	181M
Operating cash flow	1.9B	-148M	1.6B	2.1B	1.6B	2.2B	1.9B
Capital expenditure	—	—	—	-212M	-609M	-203M	-234M
Investing cash flow	-10M	12M	112M	-206M	-862M	-202M	-222M
Dividends paid	-389M	-383M	-402M	-403M	-405M	-405M	-429M
Share repurchases	-1.3B	-600M	0	0	-37M	-217M	-102M
Financing cash flow	-2.2B	-175M	-2B	-207M	-884M	-629M	-976M
Net change in cash	-312M	-311M	-265M	1.7B	-185M	1.3B	682M
Free cash flow	1.8B	-290M	1.4B	1.9B	952M	2B	1.6B

Date	Ratio
Mar 27, 2006	2:1
Apr 3, 1998	2:1
Apr 12, 1994	2:1
Apr 11, 1994	2:1
Jun 15, 1993	1:1
Mar 30, 1993	1:1
Nov 17, 1980	2:1
Feb 20, 1979	5:2

Revenue	$13.3B	$12.2B	$13B	$12.9B	$14.4B	$13.5B	$14.1B
YoY change	—	—	—	—	+7.8%	+10.3%	+8.07%

General Dynamics Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history