# General Dynamics Corporation (GD) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GD/thesis · /stocks/GD/memo

## Financial Snapshot

---
ticker: GD
step: 04
generated: 2026-05-12
source: quick-research
---

### General Dynamics Corporation (GD) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $39.4B | $42.3B | $47.7B | $52.5B | +10.1% |
| Aerospace Revenue | $8.7B | $9.2B | $11.2B | $13.1B | +16.5% |
| Operating Margin | 11.0% | 9.7% | 9.6% | 10.1% | |
| Operating Income | $4.34B | $4.10B | $4.59B | $5.13B | +11.7% |
| Net Income | $3.39B | $3.32B | $3.78B | $4.21B | +11.3% |
| Diluted EPS | $12.19 | $12.02 | $13.63 | $15.45 | +13.4% |
| Backlog | $91B | $93.6B | $90.6B | $118B | +30% |
| Book-to-Bill | 1.0x | 1.1x | 1.0x | 1.5x | |

Record $118B backlog (up 30% YoY) with company-wide book-to-bill 1.5x = multi-year revenue visibility. 158 Gulfstream deliveries 2025 vs 136 in 2024.

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$4.1B |
| Free Cash Flow | ~$3.2B |
| FCF Conversion | ~85% |
| Cash & Equivalents | ~$1.7B |
| Total Debt | ~$8.8B |
| Net Debt/EBITDA | ~1.0x |

#### Key Ratios (approximate)
- P/E: ~18x | EV/EBITDA: ~14x | FCF Yield: ~4%
- Revenue Growth (TTM): ~10% | Op Margin: ~10%
- Dividend Yield: ~2.0% | Dividend: $5.84/share
- 33-year consecutive dividend growth

#### Growth Profile
Defense Super-Cycle: $1.5T defense budget proposal + Columbia-class ramp + Virginia-class blocks + armored vehicle modernization driving multi-year visibility. Gulfstream G700/G800 ramp + record 158 aircraft deliveries 2025 + $21.8B aerospace backlog = aerospace cycle inflection. EPS compounding mid-double-digits 2025-2027.

#### Forward Estimates
- **FY 2026**: Consensus revenue ~$56-58B; adj EPS $17.50-18.50; op margin 10.5%+
- **FY 2027**: Columbia delivery + G800 ramp full; adj EPS $19.50-20.50
- $118B backlog provides 2.2 years of revenue coverage

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GD/fundamental

## Navigation

- Overview: /stocks/GD
- Financials (this page): /stocks/GD/financials
- Thesis: /stocks/GD/thesis
- Investment Memo: /stocks/GD/memo
- Coverage universe: /stocks