Fourth quarter 2025 delivered $4.17 EPS, $14.4B revenue, $1.1B net earnings; full-year 2025 saw revenue up 10.1% to $52.6B, net earnings up 11.3% to $4.21B, and EPS up 13.4% to $15.45.
All segments posted revenue and operating earnings growth, led by Marine Systems and Aerospace.
Company-wide backlog grew 30% year-over-year, ending 2025 at $118B, with a book-to-bill ratio of 1.5x for the year.
Analyst consensus was exceeded for both the quarter and the year.
Q4 revenue: $14.4B (+7.8% YoY); full-year revenue: $52.6B (+10.1% YoY); net earnings: $1.14B in Q4, $4.21B for the year.
Operating earnings for 2025 increased 11.7% to $5.36B; operating margin improved to 10.2%.
Free cash flow for 2025 was $3.96B, 94% of net earnings.
Year-end cash balance: $2.3B; net debt: $5.68B, down from $7.07B in 2024.
Record backlog of $118B (+30% YoY); total estimated contract value at $179B (+24% YoY).
2026 revenue expected at $54.3B–$54.8B, operating margin at 10.4%, and EPS between $16.10–$16.20.
Aerospace revenue forecasted at $13.6B with 14% margin; Combat Systems at $9.6B–$9.7B revenue, 14.1% margin; Marine at $17.3B–$17.7B revenue, margin up 30 bps; Technologies at $13.8B revenue, 9.2% margin.
Free cash flow conversion targeted at 100% of net income for 2026, despite higher CapEx.
Management expects continued strong demand and robust order activity, supported by record backlogs and new contract awards.
Management highlighted continued investment in capital expenditures, with $1.2B spent in 2025 and plans for increased investment in 2026.
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General Dynamics is a major American aerospace and defense contractor. The company operates through several business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. General Dynamics primarily does business with branches of the U.S. government and its armed forces, as well as its allies across the world. The company is headquartered in Reston, Virginia, and its shares are listed on the NYSE.
General Dynamics' roots go back to the formation of the Electric Boat Company in 1899 which played a significant role in developing the first modern submarines for the U.S. Navy. During World War II, the company expanded its production to meet wartime demands, focusing on submarines and surface warships. After the war, the company diversified and expanded, involving itself in various sectors, primarily through acquisitions and mergers. The F-16, which is arguably what the company is most known for, first saw the light of day in the mid-1970s. Today, it is a massive player in the defense sector, together with names such as Northrop Grumman and Lockheed Martin.
General Dynamics is a diversified aerospace and defense company, engaging in the design, development, and production of a wide range of complex systems and products for government and commercial customers. Its operations span several key sectors, each with its specialized focus.
Aerospace: Through its subsidiary, Gulfstream Aerospace, General Dynamics is a prominent player in the business jet market. Gulfstream designs, manufactures, and services advanced business jets known for their luxury, technology, and performance. The company also designs and builds various systems and aircraft for military applications.
Combat Systems: This segment of General Dynamics is focused on land-based military hardware. It produces a variety of armored vehicles, tanks (like the famous M1 Abrams), and artillery systems. Additionally, it manufactures munitions and is involved in modernizing existing military hardware.
Marine Systems: General Dynamics is a leader in marine defense technology, primarily through its Electric Boat and NASSCO subsidiaries. It designs and builds nuclear-powered submarines, such as the Virginia and Columbia class, for the U.S. Navy. Besides submarines, it is also involved in the construction and maintenance of surface ships, including destroyers and auxiliary ships.
Technologies: This sector includes General Dynamics Information Technology and General Dynamics Mission Systems. It offers a range of services and products in information technology, mission support, and cybersecurity. This includes providing secure communication systems, and information management solutions, and developing advanced technology for defense, intelligence, and civilian government applications.
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