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Company file · GD

General Dynamics

General Dynamics' revenue and net income grew in 2025, led by ships and jets

Revenue rose 10.1% to $52.5B. Net earnings rose 11.3% to $4.2B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 30, 2026) · Latest quarter: 10-Q for the quarter ended Jul 5, 2026 (filed Jul 29, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, General Dynamics (NYSE: GD) took in $52.5B of revenue (up 10.1% on fiscal 2024); net earnings were $4.2B (up 11.3%). The most recent quarter, ended Jul 5, 2026, brought revenue of $14.1B, up 8.1% year over year, with net income of $1.2B. Marine Systems was the biggest single line by segment: 32% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 30, 2026) and 10-Q for the quarter ended Jul 5, 2026 (filed Jul 29, 2026).

Revenue$52.5BFY2025 · +10.1% vs FY2024
Net earnings$4.2BFY2025 · +11.3% vs FY2024
Operating cash flow$5.1BFY2025 · +24.5% vs FY2024
Cash & equivalents$4.3Bat Jul 5, 2026 · +85.7% vs FY2025 end
Total debt$7.5Bat Jul 5, 2026 · −6.2% vs FY2025 end
Diluted shares272MFY2025 avg · −1.8% vs FY2024
Revenue and net earnings, three fiscal yearsBy fiscal year, $bn
RevenueNet earnings
Revenue and net earnings by fiscal yearRevenue FY2023: $42.3B42.3Net earnings FY2023: $3.3B3.3FY2023Revenue FY2024: $47.7B47.7Net earnings FY2024: $3.8B3.8FY2024Revenue FY2025: $52.5B52.5Net earnings FY2025: $4.2B4.2FY2025

Source: 10-K FY2025, filed Jan 30, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $12.2B12.2FY2026 Q1: $13.5B13.5Q1FY2025 Q2: $13.0B13.0FY2026 Q2: $14.1B14.1Q2

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026

How it makes money

FY2025 total by categoryMarine Systems: $16.7B (32%)Technologies: $13.5B (26%)Aerospace: $13.1B (25%)Combat Systems: $9.2B (18%)$52.5BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Marine Systems$16.7B32%+16.6%
  • Technologies$13.5B26%+2.6%
  • Aerospace$13.1B25%+16.5%
  • Combat Systems$9.2B18%+2.8%

Source: 10-K FY2025, XBRL breakdown

Marine Systems was 32% of 2025 revenue, Technologies 26%, Aerospace 25% and Combat Systems 18%.

By segment: three-year mixShare of the total each fiscal year
Marine SystemsTechnologiesAerospaceCombat Systems

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (Apr to Jun 2026) compared with Q2 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Revenue
$14.1B Q2 FY2026
$13.0B Q2 FY2025
8.1% increase
Net income
$1.2B Q2 FY2026
$1.0B Q2 FY2025
14.4% increase

Source: General Dynamics 10-Q for the quarter ended Jul 5, 2026, filed Jul 29, 2026

By segment

Marine Systems
$4.7B Q2 FY2026
$4.2B Q2 FY2025
10.4% increase
Technologies
$3.6B Q2 FY2026
$3.5B Q2 FY2025
4.1% increase
Aerospace
$3.5B Q2 FY2026
$3.1B Q2 FY2025
15.1% increase
Combat Systems
$2.3B Q2 FY2026
$2.3B Q2 FY2025
0.3% increase

Source: General Dynamics 10-Q for the quarter ended Jul 5, 2026, filed Jul 29, 2026

  • Cash & equivalents $4.3B at Jul 5, 2026, vs $2.3B at FY2025 end.
  • Total debt $7.5B at Jul 5, 2026, vs $8.0B at FY2025 end.

The bull case and the bear case

The bull case

  • Revenue rose 10.1% in 2025 to $52.5B, and net earnings rose 11.3% to $4.2B. 10-K, FY2025
  • Marine Systems revenue grew 16.6% in 2025 and Aerospace 16.5%. 10-K, FY2025
  • Operating cash flow rose 24.5% in 2025 to $5.1B, and total debt fell 8.5%. 10-K, FY2025
  • Revenue in the quarter ended Jul 5, 2026 was $14.1B, up 8.1% on a year earlier, and net income rose 14.4% to $1.2B. 10-Q, quarter ended Jul 5, 2026

The bear case

  • Technologies revenue grew only 2.6% in 2025 and Combat Systems 2.8%. 10-K, FY2025
  • Most revenue depends on US government budgets and contract awards. 10-K, FY2025
  • The 10-K lists government spending, contract terms, supply-chain and labor issues, the business-jet market and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

General Dynamics is a US defense and aerospace company. It builds Gulfstream business jets, Navy submarines and ships, and combat vehicles, and provides IT services to governments.

Marine Systems builds nuclear submarines and surface ships for the US Navy. Aerospace makes Gulfstream business jets and provides aircraft services. Combat Systems makes armored vehicles, weapons and munitions. Technologies provides IT and mission systems, mainly to the US government.

Most of its revenue comes from the US government. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in General Dynamics's latest 10-K. Read the original for the full list.

  1. Government spendingChanges in US defense budgets can reduce or delay orders.
  2. ContractsFixed-price contracts can turn into losses if costs run over.
  3. Supply chainShortages of parts and skilled workers can slow shipbuilding and production.
  4. Business jetsGulfstream demand depends on the economy and corporate spending.
  5. InternationalForeign sales bring currency and political risks.
  6. CybersecurityIt is a target for attacks on defense information.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$42.3B$47.7B$52.5B
Net earnings$3.3B$3.8B$4.2B
Operating cash flow$4.7B$4.1B$5.1B
Cash & equivalents (year end)$1.9B$1.7B$2.3B
Total debt (year end)$9.3B$8.8B$8.0B
Diluted shares276M277M272M
  • Revenue: Sales of business jets, submarines and ships, combat vehicles and munitions, and IT and mission systems.
  • Net earnings: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt and current maturities plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

    Recent filings

    FormFiledPeriod
    10-QJul 29, 2026Jul 5, 2026
    10-QApr 29, 2026Apr 5, 2026
    DEF 14AMar 27, 2026May 6, 2026
    10-KJan 30, 2026Dec 31, 2025

    Latest filings

    1. Oct 78:00 PM ET

      8-K

      General Dynamics files an 8-K on director or officer changes

      General Dynamics filed a Form 8-K on Oct 7, 2026 at 8:00 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).

    2. Oct 66:30 PM ET

      Schedule 13D/A

      Longview Asset Management, LLC files an amended Schedule 13D on General Dynamics, reporting 9%

      Longview Asset Management, LLC filed a Schedule 13D/A on Oct 6, 2026 at 6:30 PM ET reporting beneficial ownership of 24,388,917 shares of General Dynamics's Common Stock, or 9% of the class, as of 10/01/2026.

    3. Sep 253:12 PM ET

      Form 4

      General Dynamics director Robert K. Steel reports selling 7,440 shares

      The filing reports 7,440 shares in an open-market or private sale (code S) at prices from $345.82 to $346.12, about $2.6 million in total; and 7,440 shares in an exercise or conversion of a derivative security (code M).

    All General Dynamics filings notes →

    Common questions about General Dynamics

    How does General Dynamics make money?

    In fiscal 2025, revenue totaled $52.5B. Marine Systems was 32% of 2025 revenue, Technologies 26%, Aerospace 25% and Combat Systems 18%. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

    What was General Dynamics's revenue in fiscal 2025?

    Revenue came to $52.5B in the year ended Dec 31, 2025. Going back two years, it was $42.3B in fiscal 2023 and $47.7B in fiscal 2024, so the latest year was up 10.1%. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

    Is General Dynamics profitable?

    Yes, by US accounting rules (GAAP): net earnings was $4.2B in fiscal 2025, up 11.3% from $3.8B a year earlier. For the quarter ended Jul 5, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

    What did General Dynamics report in its latest quarterly filing?

    The 10-Q for the quarter ended Jul 5, 2026 shows revenue of $14.1B, against $13.0B in the same quarter a year before (up 8.1%), and net income of $1.2B, against $1.0B (up 14.4%). Source: 10-Q for the quarter ended Jul 5, 2026, filed Jul 29, 2026.

    How much cash and debt does General Dynamics have?

    On Jul 5, 2026, cash and cash equivalents stood at $4.3B and total debt at $7.5B. Total debt here is short-term debt and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.

    What are the main risks General Dynamics lists?

    Item 1A of the fiscal 2025 10-K (filed Jan 30, 2026) sets out the risks. Grouped, they fall into 6 areas: Government spending; contracts; supply chain; business jets; international; cybersecurity. To start with the first: Changes in US defense budgets can reduce or delay orders. Source: 10-K, Item 1A Risk Factors.

    Where do these General Dynamics numbers come from?

    Two filings General Dynamics made with the SEC: its fiscal 2025 10-K, filed Jan 30, 2026, and its 10-Q for the quarter ended Jul 5, 2026, filed Jul 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

    Disclosures

    Editor holdings in GD
    The editor holds no position in General Dynamics (GD). As of Oct 25, 2026.
    Trading rule
    The editor does not buy or sell GD from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Oct 25, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold GD, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    General DynamicsGDFY2025$52.5B+10.1%$4.2B
    Lockheed MartinLMTFY2025$75.0B+5.6%$5.0B
    RTXFY2025$88.6B+9.7%$6.7B
    BoeingBAFY2025$89.5B+34.5%$2.2B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.