G 
General Dynamics GD · USD
Industrials · Aerospace & Defense · US listing · 🇺🇸 United States
S&P 500
362.07
+2.26%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$52.55bn
FY2016FY2025
Net income
$4.21bn
FY2016FY2025
Free cash flow
$3.96bn
FY2016FY2025
Shareholders' equity
$25.62bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.55bn | $47.72bn | $42.27bn | $39.41bn | $38.47bn | $37.92bn | $39.35bn | $36.19bn | $30.97bn | $30.56bn |
| Gross profit | $7.95bn | $7.36bn | $4.25bn | $6.62bn | $6.41bn | $6.33bn | $6.99bn | $6.66bn | $6.24bn | $5.67bn |
| Research and development | $486.0m | $565.0m | $510.0m | $480.0m | $415.0m | $374.0m | $466.0m | $502.0m | $521.0m | $418.0m |
| Operating income | $5.36bn | $4.80bn | $4.25bn | $4.21bn | $4.16bn | $4.13bn | $4.57bn | $4.39bn | $4.24bn | $3.74bn |
| Net income | $4.21bn | $3.78bn | $3.31bn | $3.39bn | $3.26bn | $3.17bn | $3.48bn | $3.35bn | $2.91bn | $2.57bn |
| Diluted earnings per share | 15.37 | 13.66 | 12.02 | 12.23 | 11.61 | 11.03 | 11.98 | 11.29 | 9.63 | 8.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $57.25bn | $55.88bn | $54.81bn | $51.59bn | $50.07bn | $51.31bn | $48.84bn | $45.41bn | $34.99bn | $32.87bn |
| Cash and short-term investments | $2.33bn | $1.70bn | $1.91bn | $1.24bn | $1.60bn | $2.82bn | $902.0m | $963.0m | $2.98bn | $2.33bn |
| Total liabilities | $31.63bn | $33.82bn | $33.51bn | $33.02bn | $32.43bn | $35.65bn | $35.26bn | $33.68bn | $23.56bn | $21.90bn |
| Debt | $8.40bn | $9.29bn | $9.71bn | $10.76bn | $11.83bn | $13.32bn | $12.28bn | $12.48bn | $3.98bn | $3.89bn |
| Shareholders' equity | $25.62bn | $22.06bn | $21.30bn | $18.57bn | $17.64bn | $15.66bn | $13.58bn | $11.73bn | $11.44bn | $10.98bn |
| Shares outstanding | 274m | 277m | 276m | 277m | 281m | 287m | 291m | 296m | 302m | 309m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $5.12bn | $4.11bn | $4.71bn | $4.58bn | $4.27bn | $3.86bn | $2.98bn | $3.15bn | $3.88bn | $2.20bn |
| Capital spending | −$1.16bn | −$916.0m | −$904.0m | −$1.11bn | −$887.0m | −$967.0m | −$987.0m | −$690.0m | −$428.0m | −$392.0m |
| Free cash flow | $3.96bn | $3.20bn | $3.81bn | $3.46bn | $3.38bn | $2.89bn | $1.99bn | $2.46bn | $3.45bn | $1.81bn |
| Dividends paid | −$1.59bn | −$1.53bn | −$1.43bn | −$1.37bn | −$1.31bn | −$1.24bn | −$1.15bn | −$1.07bn | −$986.0m | −$911.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.09bn | $13.48bn | $14.38bn | $12.91bn | $13.04bn | $12.22bn | $13.34bn | $11.67bn |
| Gross profit | $2.18bn | $2.14bn | $2.14bn | $1.97bn | $1.95bn | $1.89bn | $2.08bn | $1.82bn |
| Operating income | $1.46bn | $1.42bn | $1.45bn | $1.33bn | $1.30bn | $1.27bn | $1.42bn | $1.18bn |
| Net income | $1.16bn | $1.13bn | $1.14bn | $1.06bn | $1.01bn | $994.0m | $1.15bn | $930.0m |
| Diluted earnings per share | 4.24 | 4.11 | 4.17 | 3.88 | 3.74 | 3.66 | 4.15 | 3.35 |
| Cash from operations | $1.88bn | $2.15bn | $1.56bn | $2.11bn | $1.60bn | −$148.0m | $2.16bn | $1.42bn |
| Capital spending | −$234.0m | −$203.0m | −$609.0m | −$212.0m | −$198.0m | −$142.0m | −$355.0m | −$201.0m |
| Free cash flow | $1.65bn | $1.95bn | $952.0m | $1.90bn | $1.40bn | −$290.0m | $1.80bn | $1.22bn |
| Total assets | $60.16bn | $59.03bn | $57.25bn | $57.60bn | $56.89bn | $56.58bn | $55.88bn | $57.31bn |
| Cash and short-term investments | $4.33bn | $3.65bn | $2.33bn | $2.52bn | $1.52bn | $1.24bn | $1.70bn | $2.10bn |
| Debt | $7.85bn | $8.01bn | $8.31bn | $8.33bn | $9.03bn | $9.93bn | $9.54bn | $9.59bn |
| Shareholders' equity | $26.83bn | $26.08bn | $25.62bn | $24.43bn | $23.58bn | $22.23bn | $22.06bn | $22.97bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.1% | 15.4% | 10.0% | 16.8% | 16.7% | 16.7% |
| Operating margin | 10.2% | 10.1% | 10.0% | 10.7% | 10.8% | 10.9% |
| Net margin | 8.0% | 7.9% | 7.8% | 8.6% | 8.5% | 8.4% |
| Return on equity | 16.4% | 17.1% | 15.6% | 18.3% | 18.5% | 20.2% |
| Return on assets | 7.4% | 6.8% | 6.0% | 6.6% | 6.5% | 6.2% |
| Free cash flow yield | 6.5% | 5.1% | 5.8% | 5.8% | 5.2% | 4.8% |
| Revenue growth | 10.1% | 12.9% | 7.3% | 2.4% | 1.4% | -3.6% |
| Earnings growth | 11.3% | 14.1% | -2.2% | 4.1% | 2.8% | -9.1% |
| Current ratio | 1.44x | 1.37x | 1.44x | 1.37x | 1.43x | 1.35x |
| Debt to equity | 0.32x | 0.41x | 0.45x | 0.58x | 0.67x | 0.85x |
| Equity ratio | 44.8% | 39.5% | 38.9% | 36.0% | 35.2% | 30.5% |
| Interest coverage | 17.06x | 12.20x | 10.64x | 10.77x | 9.66x | 8.45x |
| R&D as a share of sales | 0.9% | 1.2% | 1.2% | 1.2% | 1.1% | 1.0% |
| Buybacks as a share of market value | 1.1% | -0.4% | 0.5% | 1.2% | 2.3% | 1.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.1% | 6.7% | 5.2% |
| Operating income | 8.3% | 5.3% | 2.2% |
| Net income | 7.5% | 5.9% | 3.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.3% | 14.4% | 15.1% | 16.5% |
| Operating margin | 10.1% | 10.2% | 10.4% | 11.3% |
| Net margin | 8.0% | 8.1% | 8.2% | 8.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.9 | 19.3 | 21.6 | 20.3 | 18.0 | 13.5 | 14.7 | 13.9 | 21.1 | 20.7 |
| Price to sales | 1.8 | 1.5 | 1.7 | 1.8 | 1.5 | 1.1 | 1.3 | 1.3 | 2.0 | 1.7 |
Market value over time
30 Sept 2016 to 9 Sept 2026, in USD
$48.10bn$96.56bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 29% | 3% | 4% | 23% | 33% | -16% | 15% | -23% | 15% | 29% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 9 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.77 | 6.00 | 5.68 | 5.28 | 5.04 | 5.95 | 4.40 | 4.08 |
- 2-for-1 split · 27 Mar 2006
- 2-for-1 split · 3 Apr 1998
- 2-for-1 split · 11 Apr 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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