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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 4,211 | 4,245 | 4,796 | 5,356 |
| EBITDA | 5,311 | 5,246 | 5,819 | 6,429 |
| EBIT | 4,427 | 4,383 | 4,933 | 5,505 |
| Pretax Income | 4,036 | 3,984 | 4,540 | 5,103 |
| Tax Provision | 646 | 669 | 758 | 893 |
| Net Income | 3,390 | 3,315 | 3,782 | 4,210 |
| Net Income Common Stockholders | 3,390 | 3,315 | 3,782 | 4,210 |
| Total Expenses | 35,196 | 38,027 | 42,920 | 47,194 |
| Interest Expense | 391 | 399 | 393 | 402 |
| Interest Income | 27 | 56 | 69 | 88 |
| Selling General And Administration | 2,411 | 2,427 | 2,568 | 2,595 |
| Normalized EBITDA | 5,311 | 5,246 | 5,819 | 6,429 |
| Normalized Income | 3,390 | 3,315 | 3,782 | 4,210 |
| Market Cap | 84,831.63 | 84,831.63 | 84,831.63 | 84,831.63 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| General Dynamics Corporationthis co. | GD | $84.2B | 20.15β discount | 3.31 | 16.4% | 14.35 |
| Johnson Controls International plc | JCI | $92.7B | 26.39 | 6.72 | 25.5% | 31.48 |
| Waste Management, Inc. | WM | $92.5B | 34.19 | 9.27 | 27.1% | 16.01 |
| Cummins Inc. | CMI | $91.1B | 32.13 | 7.40 | 23.0% | 17.90 |
| United Parcel Service, Inc. | UPS |
| $90.9B |
| 16.32 |
| 5.60 |
| 34.3% |
| 9.53 |
| CSX Corporation | CSX | $84.4B | 29.21 | 6.41 | 22.0% | 16.38 |
| Emerson Electric Co. | EMR | $79.5B | 34.64 | 3.92 | 11.3% | 18.94 |
| Illinois Tool Works Inc. | ITW | $78.5B | 25.31 | 24.06 | 95.1% | 18.47 |
| 3M Company | MMM | $78.4B | 23.43 | 16.19 | 69.1% | 12.91 |
| Peer Median | - | 27.80 | 7.06 | 26.3% | 17.14 | |