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Stocks · Industrials · Ship & Boat Building & Repairing

General Dynamics

GD Clue Score49
United States Fiscal year ends December CIK 0000040533
$331.27 +0.42% Close, 9 Oct 2026
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Price $331.27 +63.28% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue30.56Operating income3.74Net income2.57EPS, diluted8.29Fiscal year 2017Revenue30.97 +1.3%Operating income4.24Net income2.91 +13.2%EPS, diluted9.56 +15.3%Fiscal year 2018Revenue36.19 +16.9%Operating income4.39Net income3.35 +14.9%EPS, diluted11.18 +16.9%Fiscal year 2019Revenue39.35 +8.7%Operating income4.57Net income3.48 +4.2%EPS, diluted11.98 +7.2%Fiscal year 2020Revenue37.93 −3.6%Operating income4.13Net income3.17 −9.1%EPS, diluted11.00 −8.2%Fiscal year 2021Revenue38.47 +1.4%Operating income4.16Net income3.26 +2.8%EPS, diluted11.55 +5.0%Fiscal year 2022Revenue39.41 +2.4%Operating income4.21Net income3.39 +4.1%EPS, diluted12.19 +5.5%Fiscal year 2023Revenue42.27 +7.3%Operating income4.25Net income3.32 −2.2%EPS, diluted12.02 −1.4%Fiscal year 2024Revenue47.72 +12.9%Operating income4.80Net income3.78 +14.1%EPS, diluted13.63 +13.4%Fiscal year 2025Revenue52.55 +10.1%Operating income5.36Net income4.21 +11.3%EPS, diluted15.45 +13.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 30.56 30.97 36.19 39.35 37.93 38.47 39.41 42.27 47.72 52.55
Growth +1.3% +16.9% +8.7% −3.6% +1.4% +2.4% +7.3% +12.9% +10.1%
Operating income 3.74 4.24 4.39 4.57 4.13 4.16 4.21 4.25 4.80 5.36
Net income 2.57 2.91 3.35 3.48 3.17 3.26 3.39 3.32 3.78 4.21
Growth +13.2% +14.9% +4.2% −9.1% +2.8% +4.1% −2.2% +14.1% +11.3%
EPS, diluted 8.29 9.56 11.18 11.98 11.00 11.55 12.19 12.02 13.63 15.45
Growth +15.3% +16.9% +7.2% −8.2% +5.0% +5.5% −1.4% +13.4% +13.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin12.3%Net margin8.4%Free cash flow margin5.8%Fiscal year 2017Operating margin13.7%Net margin9.4%Free cash flow margin11.1%Fiscal year 2018Operating margin12.1%Net margin9.2%Free cash flow margin6.8%Fiscal year 2019Operating margin11.6%Net margin8.9%Free cash flow margin5.1%Fiscal year 2020Operating margin10.9%Net margin8.4%Free cash flow margin7.6%Fiscal year 2021Operating margin10.8%Net margin8.5%Free cash flow margin8.8%Fiscal year 2022Operating margin10.7%Net margin8.6%Free cash flow margin8.8%Fiscal year 2023Operating margin10.0%Net margin7.8%Free cash flow margin9.0%Fiscal year 2024Operating margin10.1%Net margin7.9%Free cash flow margin6.7%Fiscal year 2025Operating margin10.2%Net margin8.0%Free cash flow margin7.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 12.3% 13.7% 12.1% 11.6% 10.9% 10.8% 10.7% 10.0% 10.1% 10.2%
Net margin 8.4% 9.4% 9.2% 8.9% 8.4% 8.5% 8.6% 7.8% 7.9% 8.0%
Free cash flow margin 5.8% 11.1% 6.8% 5.1% 7.6% 8.8% 8.8% 9.0% 6.7% 7.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.16Capital expenditure−0.39Free cash flow1.77Buybacks−2.00Dividends paid−0.91Fiscal year 2017Operating cash flow3.88Capital expenditure−0.43Free cash flow3.45 +94.7%Buybacks−1.56Dividends paid−0.99Fiscal year 2018Operating cash flow3.15Capital expenditure−0.69Free cash flow2.46 −28.7%Buybacks−1.77Dividends paid−1.08Fiscal year 2019Operating cash flow2.98Capital expenditure−0.99Free cash flow1.99 −18.9%Buybacks−0.23Dividends paid−1.15Fiscal year 2020Operating cash flow3.86Capital expenditure−0.97Free cash flow2.89 +45.0%Buybacks−0.59Dividends paid−1.24Fiscal year 2021Operating cash flow4.27Capital expenditure−0.89Free cash flow3.38 +17.1%Buybacks−1.83Dividends paid−1.32Fiscal year 2022Operating cash flow4.58Capital expenditure−1.11Free cash flow3.47 +2.4%Buybacks−1.23Dividends paid−1.37Fiscal year 2023Operating cash flow4.71Capital expenditure−0.90Free cash flow3.81 +9.8%Buybacks−0.43Dividends paid−1.43Fiscal year 2024Operating cash flow4.11Capital expenditure−0.92Free cash flow3.20 −16.0%Buybacks−1.50Dividends paid−1.53Fiscal year 2025Operating cash flow5.12Capital expenditure−1.16Free cash flow3.96 +23.9%Buybacks−0.64Dividends paid−1.59
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.16 3.88 3.15 2.98 3.86 4.27 4.58 4.71 4.11 5.12
Capital expenditure −0.39 −0.43 −0.69 −0.99 −0.97 −0.89 −1.11 −0.90 −0.92 −1.16
Free cash flow 1.77 3.45 2.46 1.99 2.89 3.38 3.47 3.81 3.20 3.96
Growth +94.7% −28.7% −18.9% +45.0% +17.1% +2.4% +9.8% −16.0% +23.9%
Buybacks −2.00 −1.56 −1.77 −0.23 −0.59 −1.83 −1.23 −0.43 −1.50 −0.64
Dividends paid −0.91 −0.99 −1.08 −1.15 −1.24 −1.32 −1.37 −1.43 −1.53 −1.59

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.33Total debt2.99Net cash (debt)−0.65Shareholders’ equity10.30Debt to equity0.29Fiscal year 2017Cash2.98Total debt3.98Net cash (debt)−1.00Shareholders’ equity11.80Debt to equity0.34Fiscal year 2018Cash0.96Total debt11.44Net cash (debt)−10.48Shareholders’ equity12.11Debt to equity0.95Fiscal year 2019Cash0.90Total debt9.01Net cash (debt)−8.11Shareholders’ equity13.98Debt to equity0.64Fiscal year 2020Cash2.82Total debt10.00Net cash (debt)−7.17Shareholders’ equity15.66Debt to equity0.64Fiscal year 2021Cash1.60Total debt10.49Net cash (debt)−8.89Shareholders’ equity17.64Debt to equity0.59Fiscal year 2022Cash1.24Total debt9.24Net cash (debt)−8.00Shareholders’ equity18.57Debt to equity0.50Fiscal year 2023Cash1.91Total debt8.75Net cash (debt)−6.84Shareholders’ equity21.30Debt to equity0.41Fiscal year 2024Cash1.70Total debt7.26Net cash (debt)−5.56Shareholders’ equity22.06Debt to equity0.33Fiscal year 2025Cash2.33Total debt7.01Net cash (debt)−4.67Shareholders’ equity25.62Debt to equity0.27
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.33 2.98 0.96 0.90 2.82 1.60 1.24 1.91 1.70 2.33
Total debt 2.99 3.98 11.44 9.01 10.00 10.49 9.24 8.75 7.26 7.01
Net cash (debt) −0.65 −1.00 −10.48 −8.11 −7.17 −8.89 −8.00 −6.84 −5.56 −4.67
Shareholders’ equity 10.30 11.80 12.11 13.98 15.66 17.64 18.57 21.30 22.06 25.62
Debt to equity 0.29 0.34 0.95 0.64 0.64 0.59 0.50 0.41 0.33 0.27

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
30.56 30.97 36.19 39.35 37.93 38.47 39.41 42.27 47.72 52.55
Growth +1.3% +16.9% +8.7% −3.6% +1.4% +2.4% +7.3% +12.9% +10.1%
24.90 24.73 29.48 32.29 n/a n/a n/a n/a n/a n/a
1.92 2.01 2.26 2.42 2.19 2.25 2.41 2.43 2.57 2.60
3.74 4.24 4.39 4.57 4.13 4.16 4.21 4.25 4.80 5.36
Growth +13.1% +3.7% +4.0% −9.6% +0.7% +1.2% +0.8% +13.0% +11.7%
3.66 4.08 4.09 4.20 3.74 3.87 4.04 3.98 4.54 5.10
0.98 1.17 0.73 0.72 0.57 0.62 0.65 0.67 0.76 0.89
2.57 2.91 3.35 3.48 3.17 3.26 3.39 3.32 3.78 4.21
Growth +13.2% +14.9% +4.2% −9.1% +2.8% +4.1% −2.2% +14.1% +11.3%
Per share
8.44 9.73 11.33 12.09 11.04 11.61 12.31 12.14 13.81 15.65
8.29 9.56 11.18 11.98 11.00 11.55 12.19 12.02 13.63 15.45
Growth +15.3% +16.9% +7.2% −8.2% +5.0% +5.5% −1.4% +13.4% +13.4%
304.7 299.2 295.3 288.3 286.9 280.4 275.3 273.1 273.9 269.1
310.4 304.6 299.2 290.8 287.9 282.0 278.2 275.7 277.5 272.4
Growth −1.9% −1.8% −2.8% −1.0% −2.0% −1.4% −0.9% +0.6% −1.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.7% a year over five years, and earnings per share grew 7.0% a year.
  • The diluted share count fell 5.4% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 10.2%.
  • Profitable in every one of the 10 years on file.