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General DynamicsGD

Legal name
General Dynamics Corporation
Sector
Other
Industry
Ship & Boat Building & Repairing
Exchange
NYSE

Stock Price $GD

Latest filings

You are here#15 of 116 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K98

GD filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’19Mar ’19
  2. FY2020 annual report10-K · Feb ’21Feb ’21
  3. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  20. $42.14B
YoY changeLargest recent move+16.9%in FY18Latest −19.8%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All GD Financial Metrics60 metrics

Income Statement16

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

General Dynamics Financial Overview 2021–2025

Updated Nov 2, 2026

General Dynamics closed FY2025 with a $118 billiona backlog, a 30% year-over-year surge that locks in immense revenue visibility for years to come. This massive order book expansion highlights the core investment thesis: concurrent upcycles in global defense procurement and private aviation are driving aggressive, sustained growth across the company's heavy industrial base.

The defense and aerospace contractor has steadily compounded its top line, as total revenue grew from $38.5 billion in FY2021 to $52.6 billionb in FY2025. This expansion was spearheaded by surging demand across two key manufacturing pillars. The Aerospace segment delivered a 16.5% revenue jump to $13.1 billion in FY2025, fueled by new Gulfstream G700 aircraft deliveries and robust service demand. Simultaneously, the Marine Systems division expanded 16.6% to $16.7 billion on accelerated U.S. Navy Columbia-class and Virginia-class submarine construction. General Dynamics efficiently converted this volume into a 10.2% operating margin and generated $5.1 billion in operating cash flow to end the year.

The market has materially rewarded this dual-engine momentum. At the close of FY2025, the $91.0 billionc enterprise traded at $336.66 per share, commanding a 21.8x price-to-earnings multiple against a record diluted EPS of $15.45.

Recent Developments (Q2 and Q3 2026)

General Dynamics' operational momentum accelerated into Q3 2026, highlighted by a historic backlog expansion to $220.3 billiond. A staggering 6.8-to-1 company-wide book-to-bill ratio, heavily driven by submarine awards, fueled this growth. Financial performance matched this commercial success, with Q3 2026 revenue jumping 12.9% year-over-year to $14.6 billion and diluted EPS rising 15.7% to $4.49. The company also announced a major governance transition, naming Danny Deep as CEO to succeed Phebe Novakovic effective January 1, 2027.

Bulls contend the unprecedented order book and upwardly revised full-year EPS guidance of $17.20 to $17.30e guarantee highly visible, multi-year cash flows. Conversely, bears argue that at 24.1x earnings as of the Q3 2026 release, the stock appears richly valued and vulnerable to margin compression from persistent supply chain pressures and shifting U.S. Army priorities within the Combat Systems segment.

What to watch: strategic direction under new executive leadership; execution pacing on the elevated Marine Systems backlog.

03—Filings

Recent SEC Filings

  1. 8-KGeneral Dynamics 8-K Report, Financial Results (Oct 30, 2026)General Dynamics Corporation (GD) reported strong third-quarter 2026 financial results, demonstrating robust growth across all segments. Revenue surged 12.9% year-over-year to $14.6 billion, driven by significant contributions from Marine Systems and Aerospace. Diluted Earnings Per Share (EPS) also saw a healthy increase of 15.7% to $4.49. The company's operational performance was excellent, leading to a 20-basis-point expansion in operating margin to 10.5%. The company highlighted substantial cash generation from operations, amounting to $1.7 billion, representing 139% of net earnings, and a company-wide book-to-bill ratio of 6.8-to-1. This strong performance has fueled an impressive backlog of $220.3 billion, with a total estimated contract value of $270.7 billion. GD also maintained a solid financial position, reducing total debt by $500 million during the quarter and ending with $7 billion in total debt and $4.4 billion in cash and equivalents.
  2. 8-KGeneral Dynamics 8-K Report, Executive Changes (Oct 8, 2026)General Dynamics (NYSE: GD) announced in an 8-K filed October 8, 2026 that its board has elected Danny Deep as Chief Executive Officer, effective January 1, 2027. Deep, 56, has been President of the Company since December 2025, joined the board on August 5, 2026, and has about 25 years with the company. He previously served as Executive Vice President of Global Operations (June 2025 to December 2025), Executive Vice President of Combat Systems (April 2024 to June 2025), and President of General Dynamics Land Systems (April 2020 to April 2024). The leadership change is a planned succession rather than a sign of operational stress. Phebe Novakovic, CEO since 2013, will become Executive Chairman, keeping her involved in strategy and the transition. The independent lead director, Laura Schumacher, praised Novakovic's leadership and said the board has confidence in Deep's ability to continue the company's direction. The filing does not disclose changes to compensation, financial guidance, or segment strategy, so investors should treat this primarily as a governance and continuity event. For investors, the key points are the effective date (January 1, 2027), the continuity signaled by Novakovic remaining as Executive Chairman, and Deep's long internal track record across operations, combat systems, and land systems. Near-term financial impact is likely limited, but investors will watch for any strategic or capital allocation changes once Deep takes over.
  3. 8-KGeneral Dynamics 8-K Report, Executive Changes (Aug 7, 2026)General Dynamics Corporation (GD) announced a significant change to its Board of Directors with the immediate election of Danny Deep. Mr. Deep is not only a new independent director but also currently holds the position of president of the Company. This dual role suggests a strategic move by the board to integrate operational leadership directly into its governance structure, potentially enhancing the alignment between management and strategic oversight. Investors should note that Mr. Deep's election does not involve any special compensation arrangements for his board service, as he will not receive additional pay beyond his existing compensation as president. Furthermore, there are no known conflicts of interest or undisclosed transactions, as Mr. Deep is not a party to any reportable arrangements under Item 404(a) of Regulation S-K, nor was his election based on any specific understanding with other parties. His appointment to the board represents an internal promotion to a governance role, reflecting his established position within the company.
  4. 8-KGeneral Dynamics 8-K Report, Corporate Update (Aug 4, 2026)General Dynamics Corporation (GD) has filed a significant update regarding a Rescission Offer for up to 1,010,925 shares of its common stock. This offer, detailed in a prospectus supplement filed on August 4, 2026, allows the company to potentially buy back these shares. This action is being undertaken in conjunction with an automatic shelf registration statement filed on July 30, 2026, indicating a proactive approach to managing its share structure and potential liabilities. The primary purpose of this 8-K filing is to provide crucial legal documentation supporting the Rescission Offer. Specifically, the Company has included a legal opinion from Gibson, Dunn & Crutcher LLP, confirming the validity of the shares subject to the offer. This opinion is a key component for regulatory compliance and investor confidence, ensuring transparency and adherence to securities laws in the rescission process.
  5. 8-KGeneral Dynamics 8-K Report, Financial Results (Jul 29, 2026)General Dynamics reported second-quarter 2026 results for the quarter ended July 5, 2026, with revenue of $14.1 billion, up 8.1% year over year, and diluted EPS of $4.24, up 13.4%. Operating earnings rose 11.9% to $1.46 billion, and operating margin expanded 40 basis points to 10.4%. Growth was broad-based across all four segments, with Aerospace (revenue up 15.1%, operating margin 14.5%) and Marine Systems (revenue up 10.4%, operating earnings up 17.5%) leading. Combat Systems was roughly flat on revenue and its operating earnings declined 1.9%. Order activity was strong, with a company-wide book-to-bill of 1.4-to-1 on $20 billion of orders. Backlog reached $136.5 billion, up from $130.8 billion at the end of the first quarter and $103.7 billion a year earlier. Total estimated contract value, including potential IDIQ and option value, was $186.9 billion. Cash generation was solid: operating cash flow of $1.9 billion equaled 162% of net earnings, and quarterly free cash flow was $1.6 billion. Management also reduced total debt by $498 million and ended the quarter with net debt of $3.2 billion, down from $5.7 billion at year-end 2025. From a capital allocation standpoint, the company paid $429 million in dividends in the quarter. Six-month free cash flow of $3.6 billion was well above the prior-year level of $1.1 billion, driven largely by customer advances. Investors should note that the filing is a results announcement and does not include formal guidance changes. The earnings release also states that the company is making significant investments to increase output to meet demand.
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04—See also

Related Companies

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