GENERAL DYNAMICS CORP
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 8,074 | 24.0 |
| Stockholders' equity | 25,622 | 76.0 |
| Total capitalization | 33,696 | 100.0 |
270,430,187 shares outstanding at 5 April 2026 (cover page of the 10-Q filed 29 April 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 8,074 |
| Long-term debt, noncurrent | 7,007 |
| Current maturities | 1,006 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 500,000,000 |
| Common shares issued | 481,880,634 |
| Par or stated value per share ($) | 1 |
| Outstanding at 4/5/26 | 270,430,187 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware.
BUSINESS: Classified by the SEC under Standard Industrial Classification 3730, Ship & Boat Building & Repairing. Large accelerated filer. Principal executive office: 11011 Sunset Hills Rd, Reston, VA 20190. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 52,550 | 47,716 | 42,272 |
| Depreciation and amortization | 924 | 886 | 863 |
| Operating income | 5,356 | 4,796 | 4,245 |
| Interest expense | – | – | 399 |
| Income before income taxes | 5,103 | 4,540 | 3,984 |
| Income taxes | 893 | 758 | 669 |
| Net income | 4,210 | 3,782 | 3,315 |
| Earned per share, diluted ($) | 15.45 | 13.63 | 12.02 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 2,333 | 1,697 |
| Receivables, net | 2,406 | 2,977 |
| Inventories | 9,232 | 9,724 |
| Total current assets | 24,248 | 24,386 |
| Property, plant and equipment, net | 7,525 | 6,467 |
| Goodwill | 21,009 | 20,556 |
| Total assets | 57,249 | 55,880 |
| Total current liabilities | 16,796 | 17,824 |
| Long-term debt | 7,007 | 7,260 |
| Stockholders' equity | 25,622 | 22,063 |
| Total liabilities and equity | 57,249 | 55,880 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 52,550 | 5,356 | 4,210 | 8.0 | 15.45 | – | 5,120 | 1,161 | 3,959 | 57,249 | 31,627d | 8,074 | 25,622 | 16.4 | 0.32 |
| 12/31/24 | 47,716 | 4,796 | 3,782 | 7.9 | 13.63 | – | 4,112 | 916 | 3,196 | 55,880 | 33,817d | 8,826 | 22,063 | 17.1 | 0.40 |
| 12/31/23 | 42,272 | 4,245 | 3,315 | 7.8 | 12.02 | – | 4,710 | 904 | 3,806 | 54,810 | 33,511d | 9,340 | 21,299 | 15.6 | 0.44 |
| 12/31/22 | 39,407 | 4,211 | 3,390 | 8.6 | 12.19 | – | 4,579 | 1,114 | 3,465 | 51,585 | 33,017d | 10,590 | 18,568 | 18.3 | 0.57 |
| 12/31/21 | 38,469 | 4,163 | 3,257 | 8.5 | 11.55 | – | 4,271 | 887 | 3,384 | 50,073 | 32,432d | 11,606 | 17,641 | 18.5 | 0.66 |
| 12/31/20 | 37,925 | 4,133 | 3,167 | 8.4 | 11.00 | – | 3,858 | 967 | 2,891 | 51,308 | 35,647d | 13,117 | 15,661 | 20.2 | 0.84 |
| 12/31/19 | 39,350 | 4,570 | 3,484 | 8.9 | 11.98 | – | 2,981 | 987 | 1,994 | 49,349 | 35,371d | 12,005 | 13,978 | 24.9 | 0.86 |
| 12/31/18 | 36,193 | 4,394 | 3,345 | 9.2 | 11.18 | – | 3,148 | 690 | 2,458 | 45,887 | 33,777d | 12,518 | 12,110 | 27.6 | 1.03 |
| 12/31/17 | 30,973 | 4,236 | 2,912 | 9.4 | 9.56 | – | 3,876 | 428 | 3,448 | 35,046 | 23,245d | 4,032 | 11,801 | 24.7 | 0.34 |
| 12/31/16 | 30,561 | 3,744 | 2,572 | 8.4 | 8.29 | – | 2,163 | 392 | 1,771 | 33,172 | 22,871d | 3,924 | 10,301 | 25.0 | 0.38 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
GENERAL DYNAMICS CORP
CIK 40533 · EIN 13-1673581
PRINCIPAL OFFICE:
11011 Sunset Hills Rd, Reston, VA 20190
Tel.: 703-876-3000
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
3730 · Ship & Boat Building & Repairing
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 30 January 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 1/30/26) · 10-K FY2024 (filed 2/7/25) · 10-K FY2023 (filed 2/8/24) · 10-K FY2022 (filed 2/7/23) · 10-K FY2021 (filed 2/9/22) · 10-K FY2020 (filed 2/9/21) · 10-K FY2019 (filed 2/10/20) · 10-K FY2018 (filed 2/13/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.