GENERAL DYNAMICS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GENERAL DYNAMICS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30,561	30,973	36,193	39,350	37,925	38,469	39,407	42,272	47,716	52,550
Cost of revenue	24,896	24,731	29,478	32,291
Gross profit	5,665	6,242	6,715	7,059
General and administrative	1,921	2,006	2,263	2,417	2,192	2,245	2,411	2,427	2,568	2,595
Operating income	3,744	4,236	4,394	4,570	4,133	4,163	4,211	4,245	4,796	5,356
Interest expense	99	117	374	472	489	431	391	399
Other non-operating income	3	-56	47	92	82	134	189	82	68	61
Pre-tax income	3,656	4,077	4,085	4,202	3,738	3,873	4,036	3,984	4,540	5,103
Income tax	977	1,165	727	718	571	616	646	669	758	893
Income from continuing operations	2,679	2,912	3,358	3,484	3,167
Net income	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782	4,210
EBITDA	4,197	4,677	5,157	5,399	5,011	5,053	5,095	5,108	5,682	6,280
EPS, basic	8.44	9.73	11.33	12.09	11.04	11.61	12.31	12.14	13.81	15.65
EPS, diluted	8.29	9.56	11.18	11.98	11.00	11.55	12.19	12.02	13.63	15.45
Shares, basic (weighted)	305	299	295	288	287	280	275	273	274	269
Shares, diluted (weighted)	310	305	299	291	288	282	278	276	277	272

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,334	2,983	963	902	2,824	1,603	1,242	1,913	1,697	2,333
Receivables	3,399	3,617	3,759	3,544	3,161	3,041	3,008	3,004	2,977	2,406
Inventory	5,118	5,303	5,977	6,306	5,745	5,340	6,322	8,578	9,724	9,232
Other current assets	1,471	1,185	914	1,679	1,789	1,505	1,696	2,123	1,740	1,897
Total current assets	16,534	18,328	18,189	20,288	21,543	19,987	21,063	23,615	24,386	24,248
Property, plant and equipment	3,477	3,517	3,978	4,475	5,100	5,417	5,900	6,198	6,467	7,525
Lease right-of-use assets				1,432	1,328	1,257	1,263	1,280	1,295	1,284
Goodwill	11,445	11,914	19,594	19,677	20,053	20,098	20,334	20,586	20,556	21,009
Intangible assets	678	702	2,585	2,315	2,117	1,978	1,824	1,656	1,520	1,375
Other non-current assets	1,038	585	1,062	2,594	2,495	2,593	2,464	2,755	2,951	3,092
Total assets	33,172	35,046	45,887	49,349	51,308	50,073	51,585	54,810	55,880	57,249
Accounts payable	2,538	3,207	3,179	3,162	2,952	3,167	3,398	3,095	3,344	2,678
Accrued liabilities	693	786	952	941	1,007	1,022	1,116	1,191	1,325	1,125
Deferred revenue				7,148	6,276	6,266	7,436	9,564	9,491	9,824
Short-term debt	900	2	973	2,920	3,003	1,005	1,253	507	1,502	1,006
Total current liabilities	13,450	13,099	14,739	16,801	15,964	13,978	15,341	16,432	17,824	16,796
Long-term debt	2,988	3,980	11,444	9,010	9,995	10,490	9,243	8,754	7,260	7,007
Lease liabilities			0	1,251	1,149	1,085	1,106	1,115	1,133	1,477
Other non-current liabilities	6,433	6,532	7,493	9,560	9,688	7,964	8,433	8,325	8,733	7,824
Total liabilities	22,871	23,245	33,298	35,371	35,647	32,432	33,017	33,511	33,817	31,627
Total debt	3,888	4,032	12,518	12,005	13,117	11,606	10,590	9,340	8,826	8,074
Paid-in capital	2,819	2,872	2,946	3,039	3,124	3,278	3,556	3,760	4,062	4,403
Retained earnings	24,543	26,444	29,326	31,633	33,498	35,420	37,403	39,270	41,487	44,080
Treasury stock	-14,156	-15,543	-17,244	-17,358	-17,893	-19,619	-20,721	-21,054	-22,450	-22,860
Other comprehensive income	-3,387	-2,820	-3,400	-3,818	-3,550	-1,920	-2,152	-1,159	-1,518	-483
Shareholders' equity	10,301	11,801	12,110	13,978	15,661	17,641	18,568	21,299	22,063	25,622
Total equity	10,301	11,801	12,110	13,978	15,661	17,641	18,568	21,299	22,063	25,622
Total liabilities and equity	33,172	35,046	45,408	49,349	51,308	50,073	51,585	54,810	55,880	57,249
Shares outstanding	302	297	289	290	286	278	274	274	270	270

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782	4,210
Depreciation and amortization	453	441	763	829	878	890	884	863	886	924
Stock-based compensation	95	123	140	133	128	126	165	181	183	196
Deferred income tax	184	401	-3	92	-127	-66	-178	-177	-86	256
Change in receivables	-122	-195	417	176	371	138	46	38	16	556
Change in inventory	-377	-182	-591	-376	502	405	-980	-2,219	-1,195	450
Change in payables	567	657	-197	6	-215	194	224	-303	247	-664
Cash from operations	2,163	3,876	3,148	2,981	3,858	4,271	4,579	4,710	4,112	5,120
Capital expenditures	-392	-428	-690	-987	-967	-887	-1,114	-904	-916	-1,161
Acquisitions	-58	-399	-10,099	-19	-203
Cash from investing	-391	-788	-10,234	-994	-974	-882	-1,489	-941	-953	-1,284
Debt issued	992	985	6,461	0	3,960	1,497	0	0	0	747
Debt repaid	-500	-900	0	0	-2,000		-1,000	-1,250	-500	-1,500
Stock issued	292	163	136
Share buybacks	-1,996	-1,558	-1,769	-231	-587	-1,828	-1,229	-434	-1,501	-637
Dividends paid	-911	-986	-1,075	-1,152	-1,240	-1,315	-1,369	-1,428	-1,529	-1,593
Cash from financing	-2,169	-2,399	5,086	-1,997	-903	-4,590	-3,471	-3,094	-3,369	-3,190
Net change in cash	-451	649	-2,020	-61	1,922	-1,221	-361	671	-216	636
Free cash flow	1,771	3,448	2,458	1,994	2,891	3,384	3,465	3,806	3,196	3,959
Interest paid	83	93	312	434	459	433	383	378	385	376
Income taxes paid	959	617	532	572	764	740	1,245	1,100	560	568

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 5, 2026; growth uses fiscal years. Valuation uses the share price of $336.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.2%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	8.1%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.8%	Cash from operations / revenue.
Effective tax rate	17.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.4%	Net income / average total assets.
Return on invested capital (ROIC)	15.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.6%	Total debt / total assets.
Liabilities / assets	55.8%	Total liabilities / total assets.
Net debt	$2.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$7.23B	Current assets - current liabilities.
Goodwill and intangibles / assets	37.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	7.17x	Revenue / average property, plant and equipment.
Receivables turnover	23.9x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
FCF conversion	142.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$196.29	Revenue / diluted weighted shares.
FCF per share	$22.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$27.08	Cash from operations / diluted weighted shares.
Book value per share	$95.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.84	Tangible book value / shares outstanding.
Cash per share	$13.33	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$91.10B	Share price x shares outstanding.
Enterprise value	$93.71B	Market cap + total debt - cash - short-term investments.
P/E	21.0x	Market cap / net income. Only when net income is positive.
P/S	1.69x	Market cap / revenue.
P/B	3.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	24.0x	Market cap / tangible book value, when positive.
P/FCF	14.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	1.74x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GENERAL DYNAMICS CORP's revenue in fiscal 2025?

GENERAL DYNAMICS CORP reported revenue of $52.55B for fiscal 2025, 10.1% higher than the year before.

Was GENERAL DYNAMICS CORP profitable in fiscal 2025?

Yes. Net income was $4.21B, a net margin of 8%.

How much free cash flow did GENERAL DYNAMICS CORP generate in fiscal 2025?

Cash from operations of $5.12B minus capital expenditures of $1.16B left free cash flow of $3.96B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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