General Dynamics Reports Fourth-Quarter and Full-Year 2025 Financial Results

Rhea-AI Summary

General Dynamics (NYSE: GD) reported Q4 2025 net earnings $1.1B and diluted EPS of $4.17 on revenue of $14.4B. Full-year 2025 net earnings were $4.2B (up 11.3%) on revenue of $52.6B (up 10.1%), with diluted EPS of $15.45 (up 13.4%).

Cash from operations was $1.6B in the quarter (137% of net earnings) and $5.1B for the year (122% of net earnings). Capital expenditures were $1.2B in 2025 (up 27% YoY). Orders were $22.4B in Q4 with book-to-bill of 1.6x (quarter) and 1.5x (full year); backlog ended at $118B with total estimated contract value of $179B (up 24%).

Positive

• Net earnings +11.3% YoY to $4.2B
• Revenue +10.1% YoY to $52.6B
• Diluted EPS +13.4% YoY to $15.45
• Backlog/contract value up 24% to $179B total estimated contract value
• Q4 book-to-bill strong at 1.6x, supporting near-term demand

Negative

• Capital expenditures rose 27% YoY to $1.2B, increasing near-term cash outflow
• Year-end cash of $2.3B after $1.6B dividends and $1.2B capex

Key Figures

Q4 2025 net earnings: $1.1 billion Q4 2025 revenue: $14.4 billion FY 2025 net earnings: $4.2 billion +5 more

8 metrics

Q4 2025 net earnings $1.1 billion Fourth-quarter 2025 net earnings

Q4 2025 revenue $14.4 billion Fourth-quarter 2025 revenue

FY 2025 net earnings $4.2 billion Full-year 2025, up 11.3% from 2024

FY 2025 revenue $52.6 billion Full-year 2025, up 10.1% from 2024

FY 2025 diluted EPS $15.45 Full-year 2025 diluted EPS, up 13.4% from 2024

FY 2025 operating cash flow $5.1 billion Full-year 2025 cash from operations, 122% of net earnings

Year-end 2025 backlog $118 billion Backlog at end of 2025

Total estimated contract value $179 billion Year-end 2025 total estimated contract value, up 24% YoY

Market Reality Check

Price: $366.62 Vol: Volume 1,333,937 is sligh...

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Volume Volume 1,333,937 is slightly below the 1,413,358 20-day average (relative volume 0.94). normal

Technical Price $366.62 is trading above the $316.69 200-day MA and 0.83% below the 52-week high of $369.70.

Peers on Argus

GD gained 0.85% with mixed peer moves: NOC up 4.48%, LMT up 2.58%, BA up 0.85%, ...

GD gained 0.85% with mixed peer moves: NOC up 4.48%, LMT up 2.58%, BA up 0.85%, while TDG and HWM were down. This points to company-specific drivers more than a uniform sector move.

Previous Earnings Reports

5 past events · Latest: Oct 24 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 24	Q3 2025 earnings	Positive	+2.7%	Strong Q3 revenue and EPS growth with margin expansion and robust orders.
Jul 23	Q2 2025 earnings	Positive	+6.5%	Q2 revenue and EPS growth with improved margins and strong cash flow.
Apr 23	Q1 2025 earnings	Positive	-3.3%	Q1 revenue, EPS and margin expansion led by Aerospace strength.
Jan 29	FY 2024 earnings	Positive	-4.2%	Strong Q4 and 2024 growth with high cash flow and rising backlog.
Oct 23	Q3 2024 earnings	Positive	-0.5%	Q3 2024 revenue and EPS growth with higher margins and backlog.

Pattern Detected

Earnings releases have generally been positive, with 3 of the last 5 tagged earnings events followed by negative price reactions despite growth metrics, indicating occasional sell-the-news behavior.

Recent Company History

Over the past year, General Dynamics has reported consistently growing results across quarters. Q1–Q3 2025 showed revenue rising from $12.2 billion to $13 billion and then $12.9 billion, with diluted EPS climbing from $3.66 to $3.74 and $3.88. Backlog and total estimated contract value expanded steadily, from $88.7 billion backlog and $141.3 billion total contract value in Q1 to $103.7 billion backlog and $167.7 billion by Q2. The new full-year 2025 results continue this trajectory with higher revenue, earnings, and backlog.

Historical Comparison

earnings

+3.5 %

Average Historical Move

Historical Analysis

In the past year, GD’s 5 earnings releases saw an average move of 3.45%, with several instances of strong fundamentals paired with mixed price reactions.

Typical Pattern

Earnings updates show a progression of revenue and EPS growth from Q1 to Q3 <b>2025</b>, alongside expansion in backlog and total estimated contract value, culminating in full-year <b>2025</b> figures and a backlog of <b>$118 billion</b> and total estimated contract value of <b>$179 billion</b>.

Market Pulse Summary

This announcement delivers higher full-year 2025 revenue of $52.6 billion, net earnings of $4.2 bill...

Analysis

This announcement delivers higher full-year 2025 revenue of $52.6 billion, net earnings of $4.2 billion, and diluted EPS of $15.45, alongside a backlog of $118 billion and total estimated contract value of $179 billion. Orders and book-to-bill above 1-to-1 across segments reinforce demand. In context of prior quarters’ growth and expanding backlog, investors may watch future order trends, capital spending levels, and cash generation sustainability as key follow-up metrics.

Key Terms

diluted EPS, book-to-bill ratio, indefinite delivery, indefinite quantity (IDIQ)

3 terms

diluted EPS financial

"Fourth-quarter net earnings of $1.1 billion, diluted EPS of $4.17, on $14.4 billion"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

book-to-bill ratio financial

"Consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.6-to-1"

The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.

indefinite delivery, indefinite quantity (IDIQ) regulatory

"unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options"

Indefinite delivery, indefinite quantity (IDIQ) is a flexible contract method that allows a buyer to order an unspecified amount of goods or services over a period of time. It functions like a restaurant that agrees to provide meals whenever needed, up to a maximum amount, rather than committing to a fixed quantity upfront. For investors, IDIQ contracts offer ongoing opportunities and potential stability in revenue streams, though they also involve uncertainty about exact future orders.

AI-generated analysis. Not financial advice.

• Fourth-quarter net earnings of $1.1 billion, diluted EPS of $4.17, on $14.4 billion in revenue
• Full-year net earnings of $4.2 billion, diluted EPS of $15.45, on $52.6 billion in revenue
• $1.6 billion cash provided by operating activities in the quarter, 137% of net earnings
• $1.2 billion in capital expenditures for the year, up 27% from 2024
• Book-to-bill of 1.6x in the quarter and 1.5x for the full year, ending the year with $118 billion in backlog

RESTON, Va., Jan. 28, 2026 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported quarterly net earnings of $1.1 billion on revenue of $14.4 billion. Diluted earnings per share (EPS) was $4.17.

For the full year, net earnings were $4.2 billion, up 11.3% from 2024, on revenue of $52.6 billion, up 10.1% from 2024. Diluted EPS for the full year was $15.45, up 13.4% from 2024.

"We had a solid fourth quarter, capping off a year that saw growth in revenue and earnings in all four segments coupled with an impressive 30% growth in company-wide backlog," said Phebe N. Novakovic, chairman and chief executive officer. "As we focus on execution of programs for our customers, we are also preparing aggressively for future growth, investing nearly $1.2 billion in capital expenditures in 2025 – with even more investments planned in the year ahead."

Cash
Cash provided by operating activities in the quarter totaled $1.6 billion, or 137% of net earnings. For the year, cash provided by operating activities increased by $1 billion over 2024 to $5.1 billion, or 122% of net earnings.

During the year, the company invested $1.2 billion in capital expenditures, made tax payments of $568 million, reduced total debt by $749 million and paid dividends of $1.6 billion, ending 2025 with $2.3 billion in cash and equivalents on hand.

Orders and Backlog
Demand remained strong across the company, with orders of $22.4 billion during the quarter. Consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.6-to-1 for the quarter and 1.5-to-1 for the year, with full-year book-to-bill exceeding 1-to-1 in each of the four segments. The company ended the year with backlog of $118 billion and estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, of $60.9 billion. Total estimated contract value, the sum of all backlog components, was $179 billion at year end, up 24% from a year earlier.

About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2025 financial results conference call today at 9 a.m. EST. The webcast will be a listen-only audio event available at GD.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through February 4, 2026, at 800-770-2030 (international +1 647-362-9199), conference ID 4299949. Charts furnished to investors and securities analysts in connection with the announcement of financial results are available at GD.com. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2026 guidance presented during the call.

This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com. 

EXHIBIT A CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
	Three Months Ended December 31				Variance
	2025		2024		$		%
Revenue	$          14,379		$          13,338		$     1,041			7.8 %
Operating costs and expenses	(12,927)		(11,915)		(1,012)
Operating earnings	1,452		1,423		29			2.0 %
Other, net	10		21		(11)
Interest, net	(63)		(76)		13
Earnings before income tax	1,399		1,368		31			2.3 %
Provision for income tax, net	(256)		(220)		(36)
Net earnings	$            1,143		$            1,148		$           (5)			(0.4) %
Earnings per share—basic	$4.23		$4.20		$       0.03			0.7 %
Basic weighted average shares outstanding	269.9		273.4
Earnings per share—diluted	$4.17		$4.15		$       0.02			0.5 %
Diluted weighted average shares outstanding	273.9		276.9

 

EXHIBIT B CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
	Year Ended December 31				Variance
	2025		2024		$		%
Revenue	$          52,550		$          47,716		$     4,834			10.1 %
Operating costs and expenses	(47,194)		(42,920)		(4,274)
Operating earnings	5,356		4,796		560			11.7 %
Other, net	61		68		(7)
Interest, net	(314)		(324)		10
Earnings before income tax	5,103		4,540		563			12.4 %
Provision for income tax, net	(893)		(758)		(135)
Net earnings	$            4,210		$           3,782		$       428			11.3 %
Earnings per share—basic	$            15.65		$           13.81		$      1.84			13.3 %
Basic weighted average shares outstanding	269.1		273.9
Earnings per share—diluted	$            15.45		$           13.63		$      1.82			13.4 %
Diluted weighted average shares outstanding	272.4		277.5

 

EXHIBIT C REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) DOLLARS IN MILLIONS
	Three Months Ended December 31				Variance
	2025		2024		$		%
Revenue:
Aerospace	$               3,788		$            3,743		$          45			1.2 %
Marine Systems	4,818		3,960		858			21.7 %
Combat Systems	2,535		2,395		140			5.8 %
Technologies	3,238		3,240		(2)			(0.1) %
Total	$             14,379		$          13,338		$     1,041			7.8 %
Operating earnings:
Aerospace	$                  481		$               585		$       (104)			(17.8) %
Marine Systems	345		200		145			72.5 %
Combat Systems	381		356		25			7.0 %
Technologies	290		319		(29)			(9.1) %
Corporate	(45)		(37)		(8)			(21.6) %
Total	$              1,452		$            1,423		$          29			2.0 %
Operating margin:
Aerospace	12.7 %		15.6 %
Marine Systems	7.2 %		5.1 %
Combat Systems	15.0 %		14.9 %
Technologies	9.0 %		9.8 %
Total	10.1 %		10.7 %

 

EXHIBIT D REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) DOLLARS IN MILLIONS
	Year Ended December 31				Variance
	2025		2024		$		%
Revenue:
Aerospace	$          13,110		$          11,249		$      1,861			16.5 %
Marine Systems	16,723		14,343		2,380			16.6 %
Combat Systems	9,246		8,997		249			2.8 %
Technologies	13,471		13,127		344			2.6 %
Total	$          52,550		$          47,716		$      4,834			10.1 %
Operating earnings:
Aerospace	$            1,746		$            1,464		$         282			19.3 %
Marine Systems	1,177		935		242			25.9 %
Combat Systems	1,331		1,276		55			4.3 %
Technologies	1,277		1,260		17			1.3 %
Corporate	(175)		(139)		(36)			(25.9) %
Total	$            5,356		$            4,796		$         560			11.7 %
Operating margin:
Aerospace	13.3 %		13.0 %
Marine Systems	7.0 %		6.5 %
Combat Systems	14.4 %		14.2 %
Technologies	9.5 %		9.6 %
Total	10.2 %		10.1 %

 

EXHIBIT E CONSOLIDATED BALANCE SHEET DOLLARS IN MILLIONS
	(Unaudited)
	December 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and equivalents	$                    2,333		$                    1,697
Accounts receivable	2,406		2,977
Unbilled receivables	8,380		8,248
Inventories	9,232		9,724
Other current assets	1,897		1,740
Total current assets	24,248		24,386
Noncurrent assets:
Property, plant and equipment, net	7,525		6,467
Intangible assets, net	1,375		1,520
Goodwill	21,009		20,556
Other assets	3,092		2,951
Total noncurrent assets	33,001		31,494
Total assets	$                    57,249		$                    55,880
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$                      1,006		$                      1,502
Accounts payable	2,678		3,344
Customer advances and deposits	9,824		9,491
Other current liabilities	3,288		3,487
Total current liabilities	16,796		17,824
Noncurrent liabilities:
Long-term debt	7,007		7,260
Other liabilities	7,824		8,733
Total noncurrent liabilities	14,831		15,993
Shareholders' equity:
Common stock	482		482
Surplus	4,403		4,062
Retained earnings	44,080		41,487
Treasury stock	(22,860)		(22,450)
Accumulated other comprehensive loss	(483)		(1,518)
Total shareholders' equity	25,622		22,063
Total liabilities and shareholders' equity	$                    57,249		$                    55,880

 

EXHIBIT F CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED) DOLLARS IN MILLIONS
	Year Ended December 31
	2025		2024
Cash flows from operating activities—continuing operations:
Net earnings	$                    4,210		$                    3,782
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	680		644
Amortization of intangible and finance lease right-of-use assets	244		242
Equity-based compensation expense	196		183
Deferred income tax provision (benefit)	256		(86)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	556		16
Unbilled receivables	(146)		(261)
Inventories	450		(1,195)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(664)		247
Customer advances and deposits	(4)		343
Other, net	(658)		197
Net cash provided by operating activities	5,120		4,112
Cash flows from investing activities:
Capital expenditures	(1,161)		(916)
Other, net	(123)		(37)
Net cash used by investing activities	(1,284)		(953)
Cash flows from financing activities:
Dividends paid	(1,593)		(1,529)
Repayment of fixed-rate notes	(1,500)		(500)
Proceeds from fixed-rate notes	747		—
Purchases of common stock	(637)		(1,501)
Other, net	(207)		161
Net cash used by financing activities	(3,190)		(3,369)
Net cash used by discontinued operations	(10)		(6)
Net increase (decrease) in cash and equivalents	636		(216)
Cash and equivalents at beginning of year	1,697		1,913
Cash and equivalents at end of year	$                    2,333		$                    1,697

 

EXHIBIT G ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
	December 31, 2025		December 31, 2024
Debt-to-equity (a)	31.3 %		39.7 %
Book value per share (b)	$                    94.76		$                    81.61
Shares outstanding	270,389,759		270,340,502
	Fourth Quarter				Twelve Months
	2025		2024		2025		2024
Income tax payments, net	$                      305		$                       435		$                  568		$                  560
Company-sponsored research and development (c)	$                      147		$                       144		$                  486		$                  565
Return on sales (d)	7.9 %		8.6 %		8.0 %		7.9 %
Return on equity (e)					17.9 %		17.2 %
Non-GAAP Financial Measures:
	Fourth Quarter				Twelve Months
	2025		2024		2025		2024
Free cash flow:
Net cash provided by operating activities	$                    1,561		$                    2,160		$               5,120		$               4,112
Capital expenditures	(609)		(355)		(1,161)		(916)
Free cash flow (f)	$                       952		$                    1,805		$               3,959		$               3,196
Return on invested capital:
Net earnings					$               4,210		$               3,782
After-tax interest expense					318		310
After-tax amortization expense					193		191
Net operating profit after taxes					4,721		4,283
Average invested capital					33,212		32,451
Return on invested capital (g)					14.2 %		13.2 %
	December 31, 2025		December 31, 2024
Net debt:
Total debt	$                    8,013		$                    8,762
Less cash and equivalents	2,333		1,697
Net debt (h)	$                    5,680		$                    7,065
Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page.

 

EXHIBIT G (Cont.) ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
(a)	Debt-to-equity ratio is calculated as total debt divided by total equity as of year end.
(b)	Book value per share is calculated as total equity divided by total outstanding shares as of year end.
(c)	Includes independent research and development and Aerospace product-development costs.
(d)	Return on sales is calculated as net earnings divided by revenue.
(e)	Return on equity is calculated by dividing net earnings by our average total equity during the year. Average total equity is calculated using the total equity balance at the end of the preceding year and the total equity balances at the end of each of the four quarters of the year presented.
(f)	We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.
(g)	We believe return on invested capital (ROIC) is a useful measure for investors because it reflects our ability to generate returns from the capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance measure in evaluating management. We define ROIC as net operating profit after taxes divided by average invested capital. Net operating profit after taxes is defined as net earnings plus after-tax interest and amortization expense, calculated using the statutory federal income tax rate. Average invested capital is defined as the sum of the average debt and average shareholders' equity excluding accumulated other comprehensive loss. Average debt and average shareholders' equity excluding accumulated other comprehensive loss are calculated using the respective balances at the end of the preceding year and the respective balances at the end of each of the four quarters of the year presented. ROIC excludes goodwill impairments and non-economic accounting changes as they are not reflective of company performance.
(h)	We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position.

 

EXHIBIT H BACKLOG - (UNAUDITED) DOLLARS IN MILLIONS
		Funded		Unfunded		Total Backlog		Estimated Potential Contract Value*		Total  Estimated Contract Value
Fourth Quarter 2025:
Aerospace		$               20,804		$            1,024		$            21,828		$                1,120		$                 22,948
Marine Systems		36,808		15,532		52,340		11,823		64,163
Combat Systems		26,064		1,154		27,218		14,670		41,888
Technologies		9,865		6,795		16,660		33,280		49,940
Total		$               93,541		$          24,505		$          118,046		$              60,893		$               178,939
Third Quarter 2025:
Aerospace		$               19,476		$            1,131		$            20,607		$                1,147		$                 21,754
Marine Systems		38,757		14,854		53,611		14,839		68,450
Combat Systems		17,232		1,470		18,702		9,553		28,255
Technologies		10,269		6,668		16,937		32,341		49,278
Total		$               85,734		$          24,123		$          109,857		$              57,880		$               167,737
Fourth Quarter 2024:
Aerospace		$               18,895		$               798		$            19,693		$                1,132		$                 20,825
Marine Systems		30,530		9,288		39,818		9,560		49,378
Combat Systems		16,142		838		16,980		8,647		25,627
Technologies		9,577		4,529		14,106		34,029		48,135
Total		$               75,144		$          15,453		$            90,597		$              53,368		$               143,965
*      The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts        and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to        purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes        a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated        potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential        contract value.

 

EXHIBIT H-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

https://mma.prnewswire.com/media/2870570/Exhibit_H1.jpg

EXHIBIT H-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

https://mma.prnewswire.com/media/2870571/Exhibit_H2.jpg

EXHIBIT I AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED) DOLLARS IN MILLIONS
		Fourth Quarter				Twelve Months
		2025		2024		2025		2024
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft		41		42		136		118
Mid-cabin aircraft		4		5		22		18
Total		45		47		158		136
Aerospace Book-to-Bill:
Orders*		$        5,075		$        3,814		$        15,492		$       11,278
Revenue		3,788		3,743		13,110		11,249
Book-to-Bill Ratio		1.3x		1.0x		1.2x		1.0x
*      Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and          other backlog adjustments.

 

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SOURCE General Dynamics

FAQ

What did General Dynamics (GD) report for Q4 2025 earnings and revenue?

General Dynamics reported Q4 2025 net earnings of $1.1B and revenue of $14.4B. According to the company, diluted EPS was $4.17 for the quarter, reflecting segment growth across the business.

How did General Dynamics (GD) perform for full-year 2025 compared with 2024?

Full-year 2025 net earnings rose 11.3% to $4.2B and revenue rose 10.1% to $52.6B. According to the company, diluted EPS increased 13.4% to $15.45 year-over-year.

What were General Dynamics (GD) cash flow and capital spending figures for 2025?

Cash from operations totaled $5.1B for 2025 and $1.6B in Q4. According to the company, capital expenditures were $1.2B in 2025, up 27% from 2024.

What is General Dynamics' (GD) backlog and book-to-bill at year end 2025?

The company ended 2025 with a backlog of $118B and total estimated contract value of $179B. According to the company, Q4 book-to-bill was 1.6x and full-year was 1.5x.

How did orders in Q4 2025 affect General Dynamics' (GD) demand outlook?

Orders in Q4 were $22.4B, contributing to a strong book-to-bill and backlog growth. According to the company, demand remained strong across all four segments, supporting near-term program execution.