General Dynamics Corp (GD) financial statements: income statement, balance sheet and cash flow

General Dynamics Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), General Dynamics Corp reported revenue of $52.5B (+10.1% year on year) and net income of $4.2B (+11.3% year on year).

Income statement

General Dynamics Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue	$52.5B	$47.7B	$42.3B	$39.4B
Cost of sales	($44.6B)	($40.4B)	($35.6B)	($32.8B)
General and administrative (G&A)	($2.6B)	($2.6B)	($2.4B)	($2.4B)
Operating costs and expenses, Total	($47.2B)	($42.9B)	($38.0B)	($35.2B)
Operating earnings	$5.4B	$4.8B	$4.2B	$4.2B
Other, net	$61.0M	$68.0M	$82.0M	$189.0M
Interest, net	($314.0M)	($324.0M)	($343.0M)	($364.0M)
Earnings before income tax	$5.1B	$4.5B	$4.0B	$4.0B
Provision for income tax, net	($893.0M)	($758.0M)	($669.0M)	($646.0M)
Net earnings	$4.2B	$3.8B	$3.3B	$3.4B
Basic (in dollars per share)	$15.65	$13.81	$12.14	$12.31
Diluted (in dollars per share)	$15.45	$13.63	$12.02	$12.19

General Dynamics Corp income statement, quarters

Line item	Jul 5, 2026 · Q3	Apr 5, 2026 · Q2	Sep 28, 2025 · Q3	Jun 29, 2025 · Q2
Total revenue	$14.1B	$13.5B	$12.9B	$13.0B
Cost of sales	($11.9B)	($11.3B)	($10.9B)	($11.1B)
General and administrative (G&A)	($723.0M)	($723.0M)	($637.0M)	($644.0M)
Operating costs and expenses, total	($12.6B)	($12.1B)	($11.6B)	($11.7B)
Operating earnings	$1.5B	$1.4B	$1.3B	$1.3B
Other, net	($4.0M)	$18.0M	$15.0M	$15.0M
Interest, net	($49.0M)	($69.0M)	($74.0M)	($88.0M)
Earnings before income tax	$1.4B	$1.4B	$1.3B	$1.2B
Provision for income tax, net	($247.0M)	($244.0M)	($213.0M)	($218.0M)
Net earnings	$1.2B	$1.1B	$1.1B	$1.0B
Basic (in dollars per share)	$4.29	$4.16	$3.93	$3.78
Diluted (in dollars per share)	$4.24	$4.10	$3.88	$3.74

Balance sheet

General Dynamics Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and equivalents	$2.3B	$1.7B	$1.9B	$1.2B
Accounts receivable	$2.4B	$3.0B	$3.0B	$3.0B
Unbilled receivables	$8.4B	$8.2B	$8.0B	$8.8B
Inventories	$9.2B	$9.7B	$8.6B	$6.3B
Other current assets	$1.9B	$1.7B	$2.1B	$1.7B
Total current assets	$24.2B	$24.4B	$23.6B	$21.1B
Property, plant and equipment, net	$7.5B	$6.5B	$6.2B	$5.9B
Intangible assets, net	$1.4B	$1.5B	$1.7B	$1.8B
Goodwill	$21.0B	$20.6B	$20.6B	$20.3B
Other assets	$3.1B	$3.0B	$2.8B	$2.5B
Total noncurrent assets	$33.0B	$31.5B	$31.2B	$30.5B
Total assets	$57.2B	$55.9B	$54.8B	$51.6B
Short-term debt and current portion of long-term debt	$1.0B	$1.5B	$507.0M	$1.3B
Accounts payable	$2.7B	$3.3B	$3.1B	$3.4B
Customer advances and deposits	$9.8B	$9.5B	$9.6B	$7.4B
Other current liabilities	$3.3B	$3.5B	$3.3B	$3.3B
Total current liabilities	$16.8B	$17.8B	$16.4B	$15.3B
Long-term debt	$7.0B	$7.3B	$8.8B	$9.2B
Other liabilities	$7.8B	$8.7B	$8.3B	$8.4B
Total noncurrent liabilities	$14.8B	$16.0B	$17.1B	$17.7B
Common stock	$482.0M	$482.0M	$482.0M	$482.0M
Surplus	$4.4B	$4.1B	$3.8B	$3.6B
Retained earnings	$44.1B	$41.5B	$39.3B	$37.4B
Treasury stock	($22.9B)	($22.4B)	($21.1B)	($20.7B)
Accumulated other comprehensive loss	($483.0M)	($1.5B)	($1.2B)	($2.2B)
Total shareholders’ equity	$25.6B	$22.1B	$21.3B	$18.6B
Total liabilities and shareholders’ equity	$57.2B	$55.9B	$54.8B	$51.6B

General Dynamics Corp balance sheet, quarters

Line item	Jul 5, 2026	Apr 5, 2026	Sep 28, 2025	Jun 29, 2025
Cash and equivalents	$4.3B	$3.7B	$2.5B	$1.5B
Accounts receivable	$2.4B	$2.3B	$3.3B	$3.6B
Unbilled receivables	$9.3B	$9.1B	$8.6B	$8.4B
Inventories	$9.1B	$9.2B	$9.8B	$9.9B
Other current assets	$2.0B	$1.9B	$1.6B	$1.6B
Total current assets	$27.0B	$26.1B	$25.9B	$25.1B
Property, plant and equipment, net	$7.6B	$7.5B	$6.6B	$6.6B
Intangible assets, net	$1.3B	$1.3B	$1.4B	$1.4B
Goodwill	$20.9B	$21.0B	$20.9B	$20.9B
Other assets	$3.3B	$3.2B	$2.9B	$3.0B
Total noncurrent assets	$33.1B	$33.0B	$31.7B	$31.8B
Total assets	$60.2B	$59.0B	$57.6B	$56.9B
Short-term debt and current portion of long-term debt	$1.3B	$1.8B	$1.0B	$1.2B
Accounts payable	$2.9B	$2.8B	$3.5B	$3.1B
Customer advances and deposits	$11.0B	$10.8B	$10.5B	$10.7B
Other current liabilities	$3.6B	$3.4B	$3.5B	$3.4B
Total current liabilities	$18.8B	$18.8B	$18.5B	$18.4B
Long-term debt	$6.3B	$6.3B	$7.0B	$7.5B
Other liabilities	$8.3B	$7.9B	$7.7B	$7.4B
Total noncurrent liabilities	$14.6B	$14.1B	$14.7B	$14.9B
Common stock	$482.0M	$482.0M	$482.0M	$482.0M
Surplus	$4.5B	$4.4B	$4.3B	$4.2B
Retained earnings	$45.5B	$44.8B	$43.3B	$42.7B
Treasury stock	($23.1B)	($23.1B)	($22.9B)	($23.0B)
Accumulated other comprehensive loss	($583.0M)	($557.0M)	($860.0M)	($795.0M)
Total shareholders’ equity	$26.8B	$26.1B	$24.4B	$23.6B
Total liabilities and shareholders’ equity	$60.2B	$59.0B	$57.6B	$56.9B

Cash flow statement

General Dynamics Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$4.2B	$3.8B	$3.3B	$3.4B
Depreciation of property, plant and equipment	$680.0M	$644.0M	$608.0M	$586.0M
Amortization of intangible and finance lease right-of-use assets	$244.0M	$242.0M	$255.0M	$298.0M
Equity-based compensation expense	$196.0M	$183.0M	$181.0M	$165.0M
Deferred income tax provision (benefit)	$256.0M	($86.0M)	($177.0M)	($178.0M)
Accounts receivable	$556.0M	$16.0M	$38.0M	$46.0M
Unbilled receivables	($146.0M)	($261.0M)	$913.0M	($256.0M)
Inventories	$450.0M	($1.2B)	($2.2B)	($980.0M)
Accounts payable	($664.0M)	$247.0M	($303.0M)	$224.0M
Customer advances and deposits	($4.0M)	$343.0M	$2.4B	$2.1B
Other, net	($658.0M)	($69.0M)	($107.0M)	($362.0M)
Net cash provided by operating activities	$5.1B	$4.1B	$4.7B	$4.6B
Capital expenditures	($1.2B)	($916.0M)	($904.0M)	($1.1B)
Other, net	($123.0M)	($37.0M)	($37.0M)	($375.0M)
Net cash used by investing activities	($1.3B)	($953.0M)	($941.0M)	($1.5B)
Dividends paid	($1.6B)	($1.5B)	($1.4B)	($1.4B)
Repayment of fixed-rate notes	($1.5B)	($500.0M)	($1.3B)	($1.0B)
Proceeds from fixed-rate notes	$747.0M	—	$0	$0
Purchases of common stock	($637.0M)	($1.5B)	($434.0M)	($1.2B)
Other, net	($207.0M)	$161.0M	$18.0M	$127.0M
Net cash used by financing activities	($3.2B)	($3.4B)	($3.1B)	($3.5B)
Net cash used by discontinued operations	($10.0M)	($6.0M)	($4.0M)	$20.0M
Net increase (decrease) in cash and equivalents	$636.0M	($216.0M)	$671.0M	($361.0M)
Cash and equivalents at beginning of year	$1.7B	$1.9B	$1.2B	$1.6B
Cash and equivalents at end of year	$2.3B	$1.7B	$1.9B	$1.2B

General Dynamics Corp cash flow statement, quarters

Line item	Jul 5, 2026 · YTD	Apr 5, 2026 · Q2	Sep 28, 2025 · YTD	Jun 29, 2025 · YTD
Net earnings	$2.3B	$1.1B	$3.1B	$2.0B
Depreciation of property, plant and equipment	$348.0M	$173.0M	$490.0M	$325.0M
Amortization of intangible and finance lease right-of-use assets	$115.0M	$59.0M	$182.0M	$121.0M
Equity-based compensation expense	$107.0M	$40.0M	$146.0M	$89.0M
Deferred income tax provision (benefit)	$365.0M	$286.0M	$151.0M	($98.0M)
Accounts receivable	$8.0M	$152.0M	($314.0M)	($612.0M)
Unbilled receivables	($846.0M)	($656.0M)	($415.0M)	($200.0M)
Inventories	$135.0M	$55.0M	($131.0M)	($207.0M)
Accounts payable	$196.0M	$165.0M	$119.0M	($261.0M)
Customer advances and deposits	$1.2B	$764.0M	$45.0M	$106.0M
Other, net	$154.0M	($8.0M)	$219.0M	$179.0M
Net cash provided by operating activities	$4.0B	—	$3.6B	$1.4B
Capital expenditures	($437.0M)	($203.0M)	($552.0M)	($340.0M)
Other, net	$13.0M	$1.0M	$130.0M	$124.0M
Net cash used by investing activities	($424.0M)	($202.0M)	($422.0M)	($216.0M)
Dividends paid	($834.0M)	($405.0M)	($1.2B)	($785.0M)
Repayment of fixed-rate notes	($500.0M)	$0	($1.5B)	($1.5B)
Purchases of common stock	($319.0M)	($217.0M)	($600.0M)	($600.0M)
Proceeds from commercial paper, net	$0	$0	—	$696.0M
Proceeds from fixed-rate notes	$0	—	$747.0M	$747.0M
Other, net	$48.0M	($7.0M)	$235.0M	$39.0M
Net cash used by financing activities	($1.6B)	($629.0M)	($2.3B)	($1.4B)
Net cash used by discontinued operations	($6.0M)	($3.0M)	($8.0M)	($5.0M)
Net increase (decrease) in cash and equivalents	$2.0B	$1.3B	$823.0M	($174.0M)
Cash and equivalents at beginning of period	$2.3B	$2.3B	$1.7B	$1.7B
Cash and equivalents at end of period	$4.3B	$3.7B	$2.5B	$1.5B
Income tax payments, net	($273.0M)	($18.0M)	($263.0M)	($236.0M)
Interest payments	($149.0M)	($93.0M)	($238.0M)	($203.0M)

General Dynamics Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.