FirmAtlas
Company handbook · GD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
GD · CIK 40533 · LATEST FILING: 10-Q JUL '26 · FILED JUL 29, 2026
GENERAL DYNAMICS CORPORATION
$344.23
+7.20 (+2.14%)
Close, Oct 16, 2026 · 52-week $307–400
Last fiscal year
GENERAL DYNAMICS CORPORATION reported revenue of $52.5B for the year ended Dec 31, 2025 (FY25), up 10.1% from FY24. Net income was $4.2B, operating cash flow $5.1B and free cash flow $4.0B. Source: 10-K filed Jan 30, 2026.
Market cap
$93.1B
P/E
21.4
EV/EBITDA
15.7x
P/B
3.6
Div yield
1.82%
ROIC
14.6%
Revenue 1Y
10.1%/yr
EPS 1Y
13.4%/yr
Shares 1Y
+0.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOPhebe N. Novakovic
HQReston, VA
AuditorKPMG LLP
Employees117,000
Year endsDecember
Revenue by segment · FY25
Marine Systems32%
Technologies26%
Aerospace25%
Combat Systems18%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.6%
10.6%
12.3%
4.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.3B deployed
Capex
$2.1B
28.3%
Dividends
$3.1B
42.6%
Buybacks
$2.1B
29.1%
Operating cash flow over the period: $9.2B. Total debt changed by −$779M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Apr '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
47,716
52,550+10.1%
53,808
YoY
+10.1%
Operating income
4,796
5,356+11.7%
5,508
Operating margin
10.1%
10.2%+0.1 pp
—
EBITDA
5,682
6,280+10.5%
—
EBITDA margin
11.9%
12.0%+0.0 pp
—
Net income
3,782
4,210+11.3%
4,341
YoY
+11.3%
Net margin
7.9%
8.0%+0.1 pp
—
EPS (diluted, $)
13.63
15.45+13.4%
—
YoY
+13.4%
Balance sheet
Total assets
55,880
57,249+2.4%
59,029
Cash & short-term investments
1,697
2,333+37.5%
—
Accounts receivable
2,977
2,406−19.2%
—
Inventory
9,724
9,232−5.1%
—
Net PP&E
6,467
7,525+16.4%
—
Other assets
35,015
35,753+2.1%
—
Total liabilities
33,817
31,627−6.5%
32,950
Accounts payable
3,344
2,678−19.9%
—
Total debt
8,892
8,113−8.8%
6,259
Other liabilities
21,581
20,836−3.5%
—
Shareholders’ equity
22,063
25,622+16.1%
26,079
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,112
5,120+24.5%
7,423
Net income
3,782
4,210+11.3%
—
Depreciation & amortization
886
924+4.3%
—
Stock-based compensation
183
196+7.1%
—
Working capital & other
(739)
(210)n/m
—
Cash from investing
(953)
(1,284)n/m
—
Capex
(916)
(1,161)n/m
—
Other investing
(37)
(123)n/m
—
Cash from financing
(3,369)
(3,190)n/m
—
Debt raised
0
747n/m
—
Debt repaid
(500)
(1,500)n/m
—
Dividends
(1,529)
(1,593)n/m
—
Buybacks
(1,501)
(637)n/m
—
Other financing
161
(207)−228.6%
—
Net change in cash
(216)
636n/m
—
Free cash flow (OCF − capex)
3,196
3,959+23.9%
6,201
Where the cash went
Operating cash flow
4,112
5,120+24.5%
7,423
Reinvested in the business
916
1,161+26.7%
—
% of operating cash flow
22.3%
22.7%
Capex
916
1,161+26.7%
1,222
Free cash flow
3,196
3,959+23.9%
6,201
YoY
+23.9%
Returned to shareholders
3,030
2,230−26.4%
—
% of free cash flow
94.8%
56.3%
Dividends
1,529
1,593+4.2%
—
Buybacks
1,501
637−57.6%
—
Change in total debt
—
(779)
—
Cash left over
—
950
—
FCF conversion (FCF ÷ net income)
84.5%
94.0%+9.5 pp
—
Owner earnings
—
4,370
—
Owner earnings margin
—
8.3%
—
Buyback yield
2.1%
0.7%−1.4 pp
—
Returns & ratios
ROIC (all capital)
13.7%
14.6%+0.9 pp
—
ROIC (operating)
25.2%
27.4%+2.1 pp
—
Net debt / EBITDA
1.27x
0.92x−0.35x
—
Debt / equity
0.40x
0.32x−0.09x
—
Cash conversion cycle (days)
72
62−9 d
—
ROE
17.1%
16.4%−0.7 pp
—
ROA
6.8%
7.4%+0.6 pp
—
ROCE
12.6%
13.2%+0.6 pp
—
NOPAT
3,995
4,419+10.6%
—
Invested capital (operating)
15,824
16,485+4.2%
—
Invested capital (all)
29,258
31,402+7.3%
—
Reinvestment rate
—
15.0%
—
Debtor days
23
17−6 d
—
Inventory days
74
64−10 d
—
Days payable
26
19−7 d
—
Income
Jun '25
Sep '25
Dec '25
Apr '26
Revenue
13,041
12,907
14,379
13,481
vs year-ago quarter
Operating income
1,305
1,331
1,452
1,420
Net income
1,014
1,059
1,143
1,125
vs year-ago quarter
Net margin
7.8%
8.2%
7.9%
8.3%
EPS (diluted, $)
—
—
4.23
—
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Apr '26
Total assets
56,888
57,599
57,249
59,029
Cash & equivalents
1,523
2,520
2,333
3,654
Total debt
7,508
7,008
8,113
6,259
Shareholders’ equity
23,580
24,434
25,622
26,079
Cash flow
Jun '25
Sep '25
Dec '25
Apr '26
Operating cash flow
1,598
2,109
1,561
2,155
Capex
198
212
609
203
Free cash flow
1,400
1,897
952
1,952
vs year-ago quarter