financial statements

The full income statement, balance sheet, and cash-flow statement for General Dynamics Corporation (GD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	52.5B YoY+10.1%	47.7B YoY+12.9%	42.3B YoY+7.3%	39.4B YoY+2.4%	38.5B YoY+1.4%
Selling, general & administrative	2.60B YoY+1.1%	2.57B YoY+5.8%	2.43B YoY+0.7%	2.41B YoY+7.4%	2.25B YoY+2.4%
General & administrative	2.60B YoY+1.1%	2.57B YoY+5.8%	2.43B YoY+0.7%	2.41B YoY+7.4%	2.25B YoY+2.4%
Amortization of intangibles	174M YoY-3.3%	180M YoY-7.2%	194M YoY-4.0%	202M YoY-10.6%	226M YoY-13.4%
Operating income	5.36B YoY+11.7%	4.80B YoY+13.0%	4.25B YoY+0.8%	4.21B YoY+1.2%	4.16B YoY+0.7%
Interest expense	—	—	399M YoY+2.0%	391M YoY-9.3%	431M YoY-11.9%
Interest & investment income	88.0M YoY+27.5%	69.0M YoY+23.2%	56.0M YoY+107.4%	27.0M	—
Net interest income	-314M YoY+3.1%	-324M YoY+5.5%	-343M YoY+5.8%	-364M YoY+14.2%	-424M YoY+11.1%
Other non-operating income	61.0M YoY-10.3%	68.0M YoY-17.1%	82.0M YoY-56.6%	189M YoY+41.0%	134M YoY+63.4%
Pre-tax income	5.10B YoY+12.4%	4.54B YoY+14.0%	3.98B YoY-1.3%	4.04B YoY+4.2%	3.87B YoY+3.6%
Income tax	893M YoY+17.8%	758M YoY+13.3%	669M YoY+3.6%	646M YoY+4.9%	616M YoY+7.9%
Net income	4.21B YoY+11.3%	3.78B YoY+14.1%	3.31B YoY-2.2%	3.39B YoY+4.1%	3.26B YoY+2.8%
	$15.45 YoY+13.4%	$13.63 YoY+13.4%	$12.02 YoY-1.4%	$12.19 YoY+5.5%	$11.55 YoY+5.0%
EPS (basic)	$15.65 YoY+13.3%	$13.81 YoY+13.8%	$12.14 YoY-1.4%	$12.31 YoY+6.0%	$11.61 YoY+5.2%
Weighted-avg shares (basic)	269M YoY-1.7%	274M YoY+0.3%	273M YoY-0.8%	275M YoY-1.8%	280M YoY-2.3%
Weighted-avg shares (diluted)	272M YoY-1.8%	277M YoY+0.6%	276M YoY-0.9%	278M YoY-1.4%	282M YoY-2.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	24.2B YoY-0.6%	24.4B YoY+3.3%	23.6B YoY+12.1%	21.1B YoY+5.4%	20.0B YoY-7.2%
Cash & equivalents	2.33B YoY+37.5%	1.70B YoY-11.3%	1.91B YoY+54.0%	1.24B YoY-22.5%	1.60B YoY-43.2%
Cash & short-term investments	2.30B YoY+0.0%	2.30B YoY+0.0%	2.30B YoY+0.0%	2.30B YoY+0.0%	2.30B YoY+0.0%
Accounts receivable	2.41B YoY-19.2%	2.98B YoY-0.9%	3.00B YoY-0.1%	3.01B YoY-1.1%	3.04B YoY-3.8%
Inventory	9.23B YoY-5.1%	9.72B YoY+13.4%	8.58B YoY+35.7%	6.32B YoY+18.4%	5.34B YoY-7.0%
Other current assets	1.90B YoY+9.0%	1.74B YoY-18.0%	2.12B YoY+25.2%	1.70B YoY+12.7%	1.50B YoY-15.9%
	57.2B YoY+2.4%	55.9B YoY+2.0%	54.8B YoY+6.3%	51.6B YoY+3.0%	50.1B YoY-2.4%
Property, plant & equipment	7.53B YoY+16.4%	6.47B YoY+4.3%	6.20B YoY+5.1%	5.90B YoY+8.9%	5.42B YoY+6.2%
Operating lease right-of-use	1.28B YoY-0.8%	1.29B YoY+1.2%	1.28B YoY+1.3%	1.26B YoY+0.5%	1.26B YoY-5.3%
Goodwill	21.0B YoY+2.2%	20.6B YoY-0.1%	20.6B YoY+1.2%	20.3B YoY+1.2%	20.1B YoY+0.2%
Intangible assets	1.38B YoY-9.5%	1.52B YoY-8.2%	1.66B YoY-9.2%	1.82B YoY-7.8%	1.98B YoY-6.6%
Deferred tax assets	19.0M YoY+0.0%	19.0M YoY-32.1%	28.0M YoY-28.2%	39.0M YoY-4.9%	41.0M YoY+10.8%
Other non-current assets	3.09B YoY+4.8%	2.95B YoY+7.1%	2.75B YoY+11.8%	2.46B YoY-5.0%	2.59B YoY+3.9%
Total non-current assets	33.0B YoY+4.8%	31.5B YoY+1.0%	31.2B YoY+2.2%	30.5B YoY+1.4%	30.1B YoY+1.1%
	16.8B YoY-5.8%	17.8B YoY+8.5%	16.4B YoY+7.1%	15.3B YoY+9.8%	14.0B YoY-12.4%
Accounts payable	2.68B YoY-19.9%	3.34B YoY+8.0%	3.10B YoY-8.9%	3.40B YoY+7.3%	3.17B YoY+7.3%
Deferred revenue	9.82B YoY+3.5%	9.49B YoY-0.8%	9.56B YoY+28.6%	7.44B YoY+18.7%	6.27B YoY-0.2%
Short-term & current debt	1.01B YoY-33.0%	1.50B YoY+196.3%	507M YoY-59.5%	1.25B YoY+24.7%	1.00B YoY-66.5%
Current lease liability	299M YoY+18.2%	253M YoY-2.7%	260M YoY+4.0%	250M YoY-3.1%	258M YoY-1.5%
Other current liabilities	3.29B YoY-5.7%	3.49B YoY+6.8%	3.27B YoY+0.4%	3.25B YoY-8.1%	3.54B YoY-5.2%
Long-term debt	7.01B YoY-3.5%	7.26B YoY-17.1%	8.75B YoY-5.3%	9.24B YoY-11.9%	10.5B YoY+5.0%
Deferred revenue (non-current)	2.65B YoY-11.6%	3.00B YoY+16.3%	2.58B YoY+18.4%	2.17B YoY+74.0%	1.25B YoY+43.3%
Non-current lease liability	1.48B YoY+30.4%	1.13B YoY+1.6%	1.11B YoY+0.8%	1.11B YoY+1.9%	1.08B YoY-5.6%
Deferred tax liabilities	956M YoY+66.8%	573M YoY-12.5%	655M YoY-4.4%	685M YoY-21.1%	868M YoY+88.3%
Other non-current liabilities	7.82B YoY-10.4%	8.73B YoY+4.9%	8.32B YoY-1.3%	8.43B YoY+5.9%	7.96B YoY-17.8%
Total non-current liabilities	14.8B YoY-7.3%	16.0B YoY-6.4%	17.1B YoY-3.4%	17.7B YoY-4.2%	18.5B YoY-6.2%
	25.6B YoY+16.1%	22.1B YoY+3.6%	21.3B YoY+14.7%	18.6B YoY+5.3%	17.6B YoY+12.6%
Common stock	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%
Additional paid-in capital	4.40B YoY+8.4%	4.06B YoY+8.0%	3.76B YoY+5.7%	3.56B YoY+8.5%	3.28B YoY+4.9%
Retained earnings	44.1B YoY+6.3%	41.5B YoY+5.6%	39.3B YoY+5.0%	37.4B YoY+5.6%	35.4B YoY+5.7%
Treasury stock	22.9B YoY+1.8%	22.4B YoY+6.6%	21.1B YoY+1.6%	20.7B YoY+5.6%	19.6B YoY+9.6%
Accumulated other comprehensive income	-483M YoY+68.2%	-1.52B YoY-31.0%	-1.16B YoY+46.1%	-2.15B YoY-12.1%	-1.92B YoY+45.9%
Total liabilities & equity	57.2B YoY+2.4%	55.9B YoY+2.0%	54.8B YoY+6.3%	51.6B YoY+3.0%	50.1B YoY-2.4%
Common shares issued	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%	482M YoY+0.0%
Common shares outstanding	270M YoY+0.0%	270M YoY-1.2%	274M YoY-0.3%	274M YoY-1.2%	278M YoY-3.1%
Shares outstanding (cover)	270M YoY-1.7%	275M YoY+0.8%	273M YoY-0.6%	275M YoY-1.7%	279M YoY-2.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.12B YoY+24.5%	4.11B YoY-12.7%	4.71B YoY+2.9%	4.58B YoY+7.2%	4.27B YoY+10.7%
Depreciation & amortization	924M YoY+4.3%	886M YoY+2.7%	863M YoY-2.4%	884M YoY-0.7%	890M YoY+1.4%
Share-based compensation	196M YoY+7.1%	183M YoY+1.1%	181M YoY+9.7%	165M YoY+31.0%	126M YoY-1.6%
Deferred income taxes	256M YoY+397.7%	-86.0M YoY+51.4%	-177M YoY+0.6%	-178M YoY-169.7%	-66.0M YoY+48.0%
Change in receivables	-556M YoY-3375.0%	-16.0M YoY+57.9%	-38.0M YoY+17.4%	-46.0M YoY+66.7%	-138M YoY+62.8%
Change in inventory	-450M YoY-137.7%	1.20B YoY-46.1%	2.22B YoY+126.4%	980M YoY+342.0%	-405M YoY+19.3%
Change in payables	-664M YoY-368.8%	247M YoY+181.5%	-303M YoY-235.3%	224M YoY+15.5%	194M YoY+190.2%
	-1.28B YoY-34.7%	-953M YoY-1.3%	-941M YoY+36.8%	-1.49B YoY-68.8%	-882M YoY+9.4%
Capital expenditure	1.16B YoY+26.7%	916M YoY+1.3%	904M YoY-18.9%	1.11B YoY+25.6%	887M YoY-8.3%
Other investing activities	123M YoY+232.4%	37.0M YoY+0.0%	37.0M YoY-90.1%	375M YoY+7600.0%	-5.00M YoY-171.4%
	-3.19B YoY+5.3%	-3.37B YoY-8.9%	-3.09B YoY+10.9%	-3.47B YoY+24.4%	-4.59B YoY-408.3%
Long-term debt repaid	1.50B YoY+200.0%	500M YoY-60.0%	1.25B YoY+25.0%	1.00B	—
Common stock repurchased	637M YoY-57.6%	1.50B YoY+245.9%	434M YoY-64.7%	1.23B YoY-32.8%	1.83B YoY+211.4%
Dividends paid	1.59B YoY+4.2%	1.53B YoY+7.1%	1.43B YoY+4.3%	1.37B YoY+4.1%	1.31B YoY+6.0%
Other financing activities	-207M YoY-228.6%	161M YoY+794.4%	18.0M YoY-85.8%	127M YoY+126.8%	56.0M YoY+158.9%
Net change in cash	636M YoY+394.4%	-216M YoY-132.2%	671M YoY+285.9%	-361M YoY+70.4%	-1.22B YoY-163.5%
Interest paid	376M YoY-2.3%	385M YoY+1.9%	378M YoY-1.3%	383M YoY-11.5%	433M YoY-5.7%
Income taxes paid	568M YoY+1.4%	560M YoY-49.1%	1.10B YoY-11.6%	1.25B YoY+68.2%	740M YoY-3.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	91.0B YoY+25.6%	72.5B YoY+2.2%	70.9B YoY+4.0%	68.1B YoY+17.0%	58.2B YoY+36.3%
P/E	21.6× YoY+12.9%	19.2× YoY-10.7%	21.5× YoY+5.5%	20.3× YoY+13.8%	17.9× YoY+32.5%
P/S	1.7× YoY+14.1%	1.5× YoY-11.2%	1.7× YoY-2.5%	1.8× YoY+15.9%	1.5× YoY+34.4%
P/B	3.6× YoY+8.2%	3.3× YoY-7.5%	3.6× YoY-8.0%	3.9× YoY+17.0%	3.3× YoY+21.0%
P/FCF	23.0× YoY+1.4%	22.7× YoY-1.2%	22.9× YoY+54.5%	14.9× YoY-13.7%	17.2× YoY+16.4%
Earnings yield	4.6% YoY-11.4%	5.2% YoY+12.0%	4.7% YoY-5.3%	4.9% YoY-12.1%	5.6% YoY-24.5%
FCF yield	4.3% YoY-1.4%	4.4% YoY+1.2%	4.4% YoY-35.3%	6.7% YoY+15.8%	5.8% YoY-14.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: GD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all GD filings on SEC EDGAR → Not investment advice.

GD▼ financial statements

About this data

financial statements