GENERAL DYNAMICS CORPGD
GENERAL DYNAMICS CORP Financial Overview 2021–2025
Updated Jul 10, 2026General Dynamics closed FY2025 with a $118 billion 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 billion 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 billion 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 (Q4 2025 and Q2 2026)
General Dynamics sustained its momentum into the quarter ending April 5, 2026, pushing total revenue up 10.3% year-over-year to $13.48 billion. This top-line expansion was led by a 21.0% jump in the Marine Systems segment. The company efficiently captured this growth, boosting operating margins to 10.5% and lifting diluted EPS to $4.10 from $3.66 in the prior-year period. Operational execution yielded $1.95 billion in quarterly free cash flow, while the total backlog further swelled to $130.8 billion. Management also reaffirmed its full-year EPS guidance of $16.45 to $16.55. Following these results, shareholders approved all director nominees and executive compensation packages at the May 6, 2026 annual meeting.
Bulls see the expanding $130.8 billion order book and strong defense book-to-bill ratios as a guarantee of sustained top-line acceleration. Conversely, bears could argue the stock is fully valued at 21.9x earnings as of April 29, 2026, leaving limited room for multiple expansion if supply chain bottlenecks delay shipbuilding schedules.
What to watch: progress toward the reaffirmed full-year EPS targets; continued revenue acceleration within the Marine Systems segment.
Rev
$52.55B
FY2025
NI
$4.21B
FY2025
EPS
$15.65
FY2025
OCF
$5.12B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
GENERAL DYNAMICS CORP 8-K Report, Shareholder Vote Results (May 11, 2026)
General Dynamics Corporation (GD) filed an 8-K report on May 11, 2026, detailing the results of its Annual Meeting of Shareholders held on May 6, 2026. The primary focus of this filing is the outcome of shareholder votes on three key proposals. All director nominees were overwhelmingly elected, indicating strong shareholder confidence in the current board's leadership and strategy. Additionally, shareholders approved, on an advisory basis, the appointment of KPMG LLP as the company's independent auditor for 2026, reaffirming trust in the company's financial oversight processes. The report also shows that shareholders, on an advisory basis, approved the compensation paid to the company's named executive officers. This suggests general satisfaction with the executive compensation structure as presented in the proxy statement, including the Compensation Discussion and Analysis. Overall, the results point to a stable governance environment and shareholder alignment with the company's direction.
GENERAL DYNAMICS CORP 8-K Report, Financial Results (Apr 29, 2026)
General Dynamics Corporation (GD) has filed an 8-K report on April 29, 2026, to announce its financial results for the fiscal quarter ended April 5, 2026. The core of this filing is the press release, furnished as Exhibit 99.1, which contains the detailed performance metrics and financial condition for the period. Investors should refer to this press release for comprehensive information regarding the company's operational and financial outcomes during the quarter.
GENERAL DYNAMICS CORP 8-K Report, Financial Results (Jan 28, 2026)
General Dynamics Corporation (GD) has filed an 8-K report on January 28, 2026, to announce its financial results for the fiscal quarter and full year ended December 31, 2025. The primary purpose of this filing is to provide investors with the company's performance metrics and financial condition as of year-end 2025. Investors should refer to the press release furnished as Exhibit 99.1 for detailed financial data, operational highlights, and management's commentary on the results. While the 8-K itself is brief, its accompanying press release (Exhibit 99.1) will contain the crucial information regarding revenue, earnings per share (EPS), segment performance, and any forward-looking guidance provided by the company. Investors are encouraged to review this exhibit thoroughly to understand the company's recent financial trajectory and its outlook for the upcoming fiscal periods. Key areas of focus would typically include growth in its core business segments and any significant developments affecting its operational and financial standing.
GENERAL DYNAMICS CORP 8-K Report, Executive Changes (Dec 5, 2025)
General Dynamics Corporation (GD) announced a significant leadership change, with Danny Deep being promoted to President of the company, effective December 3, 2025. Mr. Deep, a long-tenured executive with over 20 years at GD, has held key operational roles, including EVP of Global Operations and President of General Dynamics Land Systems. This promotion signals continuity and internal development within the company's senior management. In conjunction with his new role, Mr. Deep's compensation package has been updated. His base salary will be $1,300,000, with a target annual incentive opportunity set at 150% of his base salary. Long-term incentives will be equity-based and determined in accordance with the company's established proxy statement procedures. Investors should view this as a standard update following a promotion, with compensation aligning with executive roles and industry benchmarks.
GENERAL DYNAMICS CORP 8-K Report, Executive Changes (Dec 5, 2025)
General Dynamics Corporation (GD) announced a planned leadership transition in its finance department. Effective March 31, 2026, William A. Moss will retire from his role as vice president and controller. This transition marks the end of Mr. Moss's tenure, and the company has appointed Dana O. Maisano as his successor.
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