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
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Recent SEC Filings
GENERAL DYNAMICS CORP 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.
GENERAL DYNAMICS CORP 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.
GENERAL DYNAMICS CORP 8-K Report, Financial Results (Jul 29, 2026)
General Dynamics Corporation (GD) has filed an 8-K with the SEC on July 29, 2026, to report its financial results for the fiscal quarter ended July 5, 2026. The company's press release, furnished as Exhibit 99.1, contains the detailed financial performance for the period. Investors should refer to this press release for specific figures regarding revenue, earnings, and any segment-specific performance. This filing serves as the official notification of the company's quarterly financial outcomes.
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.
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