GD

MKT CAP:$85B

General Dynamics Corporation

Market Cap

$85B

Industrials·Aerospace & Defense·🇺🇸 United States·NYSE

Industrials·Aerospace·🇺🇸·NYSE

Stock Price

$312.29-$31.11 (-9.06%)

Apr 24, 2026

Company Details

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment designs, manufactures, and sells busi...

CEO

Phebe N. Novakovic

IPO Date

Jan 13, 1978

Website

www.gd.com

Key Metrics TTM

Revenue

$52.5B

+10.1% YoY

Net Income

$4.2B

EPS (Diluted)

$15.46

Free Cash Flow

$4.0B

Revenue / Share

$191.86

Gross Margin

15.1%

Operating Margin

10.2%

Net Margin

8.0%

FCF Margin

7.5%

P/S

1.6x

P/E

20.1x

Earnings Reports

FY 2025

Jan 30, 2026

$52.5B+10.1%EPS $15.46

Q4 2025

Jan 30, 2026

$14.4B+7.8%EPS $4.17

Q3 2025

Oct 24, 2025

$12.9B+10.6%EPS $3.89

Q2 2025

Jul 23, 2025

$13.0B+8.9%EPS $3.74

Q1 2025

Apr 23, 2025

$12.2B+13.9%EPS $3.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9.4B	$1.5B	$908M
Q2 22	$9.2B	$1.6B	$978M
Q3 22	$10.0B	$1.7B	$1.1B
Q4 22	$10.9B	$1.8B	$1.2B
Q1 23	$9.9B	$1.5B	$938M
Q2 23	$10.2B	$1.6B	$962M
Q3 23	$10.6B	$1.7B	$1.1B
Q4 23	$11.7B	$1.9B	$1.3B
Q1 24	$10.7B	$1.7B	$1.0B
Q2 24	$12.0B	$1.8B	$1.2B
Q3 24	$11.7B	$1.8B	$1.2B
Q4 24	$13.3B	$2.1B	$1.4B
Q1 25	$12.2B	$1.9B	$1.3B
Q2 25	$13.0B	$1.9B	$1.3B
Q3 25	$12.9B	$2.0B	$1.3B
Q4 25	$14.4B	$2.1B	$1.5B

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	20.2x
Q2 22	1.6x	18.7x
Q3 22	1.6x	18.0x
Q4 22	1.7x	19.8x
Q1 23	1.6x	18.7x
Q2 23	1.4x	17.5x
Q3 23	1.5x	18.4x
Q4 23	1.6x	20.9x
Q1 24	1.9x	23.6x
Q2 24	1.8x	22.3x
Q3 24	1.8x	22.7x
Q4 24	1.5x	19.0x
Q1 25	1.5x	18.4x
Q2 25	1.6x	19.2x
Q3 25	1.7x	21.3x
Q4 25	1.7x	21.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2.0B	$1.8B
Q2 22	$659M	$435M
Q3 22	$1.3B	$1.0B
Q4 22	$669M	$175M
Q1 23	$1.5B	$1.3B
Q2 23	$731M	$519M
Q3 23	$1.3B	$1.1B
Q4 23	$1.2B	$892M
Q1 24	-$278M	-$437M
Q2 24	$814M	$613M
Q3 24	$1.4B	$1.2B
Q4 24	$2.2B	$1.8B
Q1 25	-$148M	-$290M
Q2 25	$1.6B	$1.4B
Q3 25	$2.1B	$1.9B
Q4 25	$1.6B	$952M

Capital Expenditures

Quarter	CapEx
Q1 22	$141M
Q2 22	$224M
Q3 22	$255M
Q4 22	$494M
Q1 23	$161M
Q2 23	$212M
Q3 23	$227M
Q4 23	$304M
Q1 24	$159M
Q2 24	$201M
Q3 24	$201M
Q4 24	$355M
Q1 25	$142M
Q2 25	$198M
Q3 25	$212M
Q4 25	$609M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+0.0%	+0.4%
Q2 22	-0.3%	-0.6%
Q3 22	+4.3%	+4.6%
Q4 22	+5.4%	+5.7%
Q1 23	+5.2%	+5.4%
Q2 23	+10.5%	+11.9%
Q3 23	+6.0%	+7.2%
Q4 23	+7.5%	+7.9%
Q1 24	+8.6%	+8.4%
Q2 24	+18.0%	+17.7%
Q3 24	+10.4%	+10.3%
Q4 24	+14.3%	+14.8%
Q1 25	+13.9%	+13.0%
Q2 25	+8.9%	+8.5%
Q3 25	+10.6%	+10.4%
Q4 25	+7.8%	+8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$96M	1.0%
Q2 22	$24M	0.3%
Q3 22	$20M	0.2%
Q4 22	$25M	0.2%
Q1 23	$38M	0.4%
Q2 23	$49M	0.5%
Q3 23	$49M	0.5%
Q4 23	$45M	0.4%
Q1 24	$34M	0.3%
Q2 24	$53M	0.4%
Q3 24	$50M	0.4%
Q4 24	$46M	0.3%
Q1 25	$34M	0.3%
Q2 25	$55M	0.4%
Q3 25	$57M	0.4%
Q4 25	$50M	0.3%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	—	$626M
Q2 22	—	$614M
Q3 22	—	$567M
Q4 22	—	$604M
Q1 23	—	$586M
Q2 23	—	$605M
Q3 23	—	$601M
Q4 23	—	$635M
Q1 24	—	$627M
Q2 24	—	$644M
Q3 24	—	$635M
Q4 24	$565M	$662M
Q1 25	—	$625M
Q2 25	—	$644M
Q3 25	—	$637M
Q4 25	$486M	$689M

Revenue Segments

Quarter	Aerospace	Combat Systems	Marine Systems	Technologies
Q1 22	$1.9B	$1.7B	$2.7B	$3.2B
Q2 22	$1.9B	$1.7B	$2.7B	$3.0B
Q3 22	$2.3B	$1.8B	$2.8B	$3.1B
Q4 22	$2.5B	$2.2B	$3.0B	$3.3B
Q1 23	$1.9B	$1.8B	$3.0B	$3.2B
Q2 23	$2.0B	$1.9B	$3.1B	$3.2B
Q3 23	$2.0B	$2.2B	$3.0B	$3.3B
Q4 23	$2.7B	$2.4B	$3.4B	$3.2B
Q1 24	$2.1B	$2.1B	$3.3B	$3.2B
Q2 24	$2.9B	$2.3B	$3.5B	$3.3B
Q3 24	$2.5B	$2.2B	$3.6B	$3.4B
Q4 24	$3.7B	$2.4B	$4.0B	$3.2B
Q1 25	$3.0B	$2.2B	$3.6B	$3.4B
Q2 25	$3.1B	$2.3B	$4.2B	$3.5B
Q3 25	$3.2B	$2.3B	$4.1B	$3.3B
Q4 25	$3.8B	$2.5B	$4.8B	$3.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.9B	$0	$2.9B
Q2 22	$2.2B	$0	$2.2B
Q3 22	$2.5B	$0	$2.5B
Q4 22	$1.2B	$0	$1.2B
Q1 23	$2.0B	$0	$2.0B
Q2 23	$1.2B	$0	$1.2B
Q3 23	$1.4B	$0	$1.4B
Q4 23	$1.9B	$0	$1.9B
Q1 24	$1.0B	$0	$1.0B
Q2 24	$1.4B	$0	$1.4B
Q3 24	$2.1B	$0	$2.1B
Q4 24	$1.7B	$0	$1.7B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.5B	$0	$1.5B
Q3 25	$2.5B	$0	$2.5B
Q4 25	$2.3B	$0	$2.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	280M	-0.2%	-1.8%
Q2 22	279M	-0.4%	-1.2%
Q3 22	276M	-0.9%	-1.4%
Q4 22	277M	+0.3%	-1.2%
Q1 23	277M	-0.2%	-1.2%
Q2 23	275M	-0.6%	-1.4%
Q3 23	275M	-0.1%	-0.6%
Q4 23	276M	+0.4%	-0.5%
Q1 24	277M	+0.4%	+0.1%
Q2 24	278M	+0.3%	+1.0%
Q3 24	278M	+0.1%	+1.1%
Q4 24	277M	-0.4%	+0.4%
Q1 25	272M	-1.9%	-1.9%
Q2 25	271M	-0.3%	-2.4%
Q3 25	272M	+0.3%	-2.2%
Q4 25	274M	+0.8%	-1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$91.1K	103K
Q2 22	$89.1K	103K
Q3 22	$96.8K	103K
Q4 22	$101.9K	107K
Q1 23	$92.8K	107K
Q2 23	$95.3K	107K
Q3 23	$99.3K	107K
Q4 23	$104.6K	112K
Q1 24	$96.2K	112K
Q2 24	$107.3K	112K
Q3 24	$104.6K	112K
Q4 24	$114.0K	117K
Q1 25	$104.5K	117K
Q2 25	$111.5K	117K
Q3 25	$110.3K	117K
Q4 25	$122.9K	117K

Revenue / Employee