General Dynamics Corp
gd.comWhat Do They Do?
Builds business jets and military systems, and provides technology products and services for government and commercial customers.
10-K for FY2025, filed Jan 30, 2026General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver…View ↗
Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and…View ↗
Our Combat Systems segment is a premier manufacturer and integrator of land combat solutions worldwide, including wheeled and tracked…View ↗
As a global aerospace and defense company, we compete in domestic and international markets, serving both government and commercial…View ↗
How Do They Make Money?
For products, government customers pay for defense contract work as it progresses, while business-jet buyers pay when fully outfitted aircraft are delivered and accepted. Service customers pay as work progresses or when services are delivered.
10-K for FY2025, filed Jan 30, 2026In the Aerospace segment, we record revenue on contracts for new aircraft when the customer obtains control of the asset, which is…View ↗
In the defense segments, revenue on long-term government contracts is recognized generally over time as the work progresses, either as…View ↗
Revenue from goods and services transferred to customers at a point in time accounted for 25% of our revenue in 2025, 24% in 2024 and 21%…View ↗
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10-K for FY2025, filed Jan 30, 2026
FY2025 revenue by product or service ↗
$52.6B
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10-K for FY2025, filed Jan 30, 2026
$52.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Products
|
63%
FY2022: 58%
|
Products, FY2025
$33B Sources
|
|
Services
|
37%
FY2022: 42%
|
Services, FY2025
$19.5B Sources
|
Who Are Their Customers?
Serves the U.S. government, non-U.S. governments, and commercial customers in the United States and abroad.
10-K for FY2025, filed Jan 30, 2026In 2025, 68% of our consolidated revenue was from the U.S. government, 15% was from U.S. commercial customers, 8% was from non-U.S.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.
10-K for FY2025, filed Jan 30, 2026
$5.4BView ↗
10-K for FY2025, filed Jan 30, 2026
$4.2BView ↗
10-K for FY2025, filed Jan 30, 2026
$4BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
Growing. Revenue grew 37% in 4 years, from $38.5B in FY2021 to $52.6B in FY2025, about 8% a year.
Aircraft models enter service
The earlier report described models as awaiting certification or planned; the latest report says new models have entered service and another remains in development.
10-K for FY2022, filed Feb 7, 2023 10-K for FY2025, filed Jan 30, 2026The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin G800, which entered service in 2025…View ↗
The ultra-long-range, ultra-large-cabin G700 entered service in 2024. It combines Gulfstream’s most spacious cabin with the advanced…View ↗
Gulfstream is currently developing the large-cabin G400 from a clean-sheet design developed in concert with the G500 and G600, expanding…View ↗
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