General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support, customer support and custom completion services, modifications, upgrades, and lifecycle sustainment support services. The Marine Systems segment designs and builds nuclear-powered submarines, surface combatants, and auxiliary ships for the United States Navy and Jones Act ships for commercial customers, as well as provides maintenance, modernization, and lifecycle support services for navy ships; offers and program management, planning, engineering, and design support services for submarine construction programs. The Combat Systems segment manufactures land combat solutions, such as wheeled and tracked combat vehicles, Stryker wheeled combat vehicles, piranha vehicles, weapons systems, energetics and munitions, mobile bridge systems with payloads, tactical vehicles, main battle tanks, and armored vehicles; and offers modernization programs, support and sustainment services, and development programs. The Technologies segment provides information technology solutions and mission support services; mobile communication, computers, and command-and-control mission systems; intelligence, surveillance, and reconnaissance solutions to military, intelligence, and federal civilian customers; cloud services, cybersecurity, network modernization, artificial intelligence; machine learning; application development, high-performance computing, and 5G and advanced communications services; and unmanned undersea vehicle manufacturing and assembly services. The company was founded in 1899 and is headquartered in Reston, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $52.5B | $6.4B | $4.2B | $4.0B | 16.4% | 10.1% | 11.3% |
| 2024 | $47.7B | $5.8B | $3.8B | $3.2B | 17.1% | 12.9% | 14.1% |
| 2023 | $42.3B | $5.2B | $3.3B | $3.8B | 15.6% | 7.3% | -2.2% |
| 2022 | $39.4B | $5.3B | $3.4B | $3.5B | 18.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 39,407 | 42,272 | 47,716 | 52,550 |
| Operating Revenue | - | 39,407 | 42,272 | 47,716 | 52,550 |
| Cost Of Revenue | - | 32,785 | 35,600 | 40,352 | 44,599 |
| Gross Profit | - | 6,622 | 6,672 | 7,364 | 7,951 |
| Operating Expense | - | 2,411 | 2,427 | 2,568 | 2,595 |
| Selling General And Administration | - | 2,411 | 2,427 | 2,568 | 2,595 |
| Total Expenses | - | 35,196 | 38,027 | 42,920 | 47,194 |
| Operating Income | - | 4,211 | 4,245 | 4,796 | 5,356 |
| Total Operating Income As Reported | - | 4,211 | 4,245 | 4,796 | 5,356 |
| EBITDA | - | 5,311 | 5,246 | 5,819 | 6,429 |
| Normalized EBITDA | - | 5,311 | 5,246 | 5,819 | 6,429 |
| EBIT | - | 4,427 | 4,383 | 4,933 | 5,505 |
| Interest Income | - | 27 | 56 | 69 | 88 |
| Interest Expense | - | 391 | 399 | 393 | 402 |
| Net Interest Income | - | -364 | -343 | -324 | -314 |
| Other Non Operating Income Expenses | - | 189 | 82 | 68 | 61 |
| Other Income Expense | - | 189 | 82 | 68 | 61 |
| Interest Income Non Operating | - | 27 | 56 | 69 | 88 |
| Interest Expense Non Operating | - | 391 | 399 | 393 | 402 |
| Net Non Operating Interest Income Expense | - | -364 | -343 | -324 | -314 |
| Pretax Income | - | 4,036 | 3,984 | 4,540 | 5,103 |
| Tax Provision | - | 646 | 669 | 758 | 893 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income From Continuing And Discontinued Operation | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income Common Stockholders | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income Including Noncontrolling Interests | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Normalized Income | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Diluted NI Availto Com Stockholders | - | 3,390 | 3,315 | 3,782 | 4,210 |
| Basic Average Shares | - | 275.30 | 273.10 | 273.90 | 269.10 |
| Diluted Average Shares | - | 278.20 | 275.70 | 277.50 | 272.40 |
| Reconciled Depreciation | - | 884 | 863 | 886 | 924 |
| Reconciled Cost Of Revenue | - | 32,785 | 35,600 | 40,352 | 44,599 |
| General And Administrative Expense | - | 2,411 | 2,427 | 2,568 | 2,595 |
| Other Gand A | - | 2,411 | 2,427 | 2,568 | 2,595 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| General Dynamics Corporationthis co. | GD | $92.4B | 21.94β discount | 3.60 | 16.4% | 15.52 |
| Trane Technologies plc | TT | $102.5B | 35.13 | 11.95 | 34.0% | 24.61 |
| Howmet Aerospace Inc. | HWM | $99.8B | 66.15 | 18.64 | 28.2% | 44.96 |
| United Parcel Service, Inc. | UPS | $93.7B | 16.81 | 5.77 | 34.3% | 9.76 |
| Cummins Inc. | CMI |
| - |
| - |
| - |
| - |
| - |
| - |
| $93.6B |
| 32.91 |
| 7.58 |
| 23.0% |
| 18.31 |
| Johnson Controls International plc | JCI | $89.9B | 27.33 | 6.96 | 25.5% | 32.48 |
| Waste Management, Inc. | WM | $87.9B | 32.48 | 8.80 | 27.1% | 15.37 |
| CSX Corporation | CSX | $85.9B | 29.73 | 6.53 | 22.0% | 16.62 |
| 3M Company | MMM | $79.7B | 24.52 | 16.95 | 69.1% | 13.46 |
| Peer Median | - | 31.11 | 8.19 | 27.6% | 17.47 | |