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    General Dynamics Reports First-Quarter 2025 Financial Results

    4/23/25 7:00:00 AM ET
    $GD
    Marine Transportation
    Industrials
    Get the next $GD alert in real time by email
    • Revenue of $12.2 billion, up 13.9% from year-ago quarter
    • Diluted EPS of $3.66, up 27.1% from year-ago quarter
    • 70 basis-point margin expansion from year-ago quarter
    • Aerospace earnings up 69.4% with 210-basis-point margin expansion over year-ago quarter

    RESTON, Va., April 23, 2025 /PRNewswire/ -- General Dynamics (NYSE:GD) today reported first-quarter 2025 operating earnings of $1.3 billion, or $3.66 per diluted share (EPS), on revenue of $12.2 billion. Compared with the year-ago quarter, operating earnings increased 22.4%, diluted EPS increased 27.1%, and revenue increased 13.9%. Operating margin of 10.4% was a 70-basis-point expansion from the year-ago quarter.

    Each of the four segments saw increases in revenue and operating earnings over the year-ago quarter, with notable increases in Aerospace, where revenue was up 45.2%, operating earnings up 69.4%, and margins expanded 210 basis points to 14.3%.

    "We continue to see steady growth and improvement in operating performance across the defense portfolio," said Phebe Novakovic, chairman and chief executive officer "The Aerospace segment saw a significant increase in profitability, reflecting the manufacturing efficiencies associated with reaching higher levels of production on our new aircraft models."

    Cash and Capital Deployment

    Net cash used by operating activities in the quarter was $148 million due to growth of working capital. During the quarter, the company paid $383 million in dividends, invested $142 million in capital expenditures, and used $600 million to repurchase shares. The company ended the quarter with $9.6 billion in total debt and $1.2 billion in cash and equivalents on hand.

    On March 5, the General Dynamics board declared a regular quarterly dividend of $1.50 per share, a 5.6% increase over last year's dividend and the 28th consecutive annual increase.

    Orders and Backlog

    On a company-wide basis, orders in the quarter totaled $10.2 billion, and backlog at the end of the quarter was $88.7 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $52.7 billion. Total estimated contract value, the sum of all backlog components, was $141.3 billion.

    About General Dynamics

    Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.  

    WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2025 financial results conference call at 9 a.m. EDT on Wednesday, April 23, 2025. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through April 30, 2025, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at www.gd.com.

    This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

     

    EXHIBIT A

    CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

    DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS







    Three Months Ended



    Variance







    March 30, 2025



    March 31, 2024



    $





    %



    Revenue



    $                       12,223



    $                       10,731



    $     1,492





    13.9 %

    Operating costs and expenses



    (10,955)



    (9,695)



    (1,260)









    Operating earnings



    1,268



    1,036



    232





    22.4 %

    Other, net



    21



    14



    7









    Interest, net



    (89)



    (82)



    (7)









    Earnings before income tax



    1,200



    968



    232





    24.0 %

    Provision for income tax, net



    (206)



    (169)



    (37)









    Net earnings



    $                             994



    $                             799



    $        195





    24.4 %

    Earnings per share—basic



    $                            3.69



    $                            2.92



    $       0.77





    26.4 %

    Basic weighted average shares outstanding



    269.0



    273.5













    Earnings per share—diluted



    $                            3.66



    $                            2.88



    $       0.78





    27.1 %

    Diluted weighted average shares outstanding



    271.7



    277.0













     

    EXHIBIT B

    REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

    DOLLARS IN MILLIONS























    Three Months Ended



    Variance























    March 30, 2025



    March 31, 2024



    $





    %



    Revenue:





































    Aerospace



















    $                    3,026



    $                     2,084



    $             942





    45.2 %

    Marine Systems



















    3,589



    3,331



    258





    7.7 %

    Combat Systems



















    2,176



    2,102



    74





    3.5 %

    Technologies



















    3,432



    3,214



    218





    6.8 %

    Total



















    $                  12,223



    $                   10,731



    $          1,492





    13.9 %

    Operating earnings:





































    Aerospace



















    $                        432



    $                        255



    $             177





    69.4 %

    Marine Systems



















    250



    232



    18





    7.8 %

    Combat Systems



















    291



    282



    9





    3.2 %

    Technologies



















    328



    295



    33





    11.2 %

    Corporate



















    (33)



    (28)



    (5)





    (17.9) %

    Total



















    $                    1,268



    $                     1,036



    $             232





    22.4 %

    Operating margin:





































    Aerospace



















    14.3 %



    12.2 %













    Marine Systems



















    7.0 %



    7.0 %













    Combat Systems



















    13.4 %



    13.4 %













    Technologies



















    9.6 %



    9.2 %













    Total



















    10.4 %



    9.7 %













     

    EXHIBIT C

    CONSOLIDATED BALANCE SHEET

    DOLLARS IN MILLIONS





































    (Unaudited)







































    March 30, 2025



    December 31, 2024

    ASSETS







































    Current assets:







































    Cash and equivalents

































    $                           1,242



    $                           1,697

    Accounts receivable

































    3,294



    2,977

    Unbilled receivables

































    9,139



    8,248

    Inventories

































    9,816



    9,724

    Other current assets

































    1,626



    1,740

    Total current assets

































    25,117



    24,386

    Noncurrent assets:







































    Property, plant and equipment, net

































    6,461



    6,467

    Intangible assets, net

































    1,462



    1,520

    Goodwill

































    20,623



    20,556

    Other assets

































    2,917



    2,951

    Total noncurrent assets

































    31,463



    31,494

    Total assets

































    $                         56,580



    $                         55,880

    LIABILITIES AND SHAREHOLDERS' EQUITY







































    Current liabilities:







































    Short-term debt and current portion of long-term debt

































    $                           2,349



    $                           1,502

    Accounts payable

































    3,357



    3,344

    Customer advances and deposits

































    9,770



    9,491

    Other current liabilities

































    3,284



    3,487

    Total current liabilities

































    18,760



    17,824

    Noncurrent liabilities:







































    Long-term debt

































    7,260



    7,260

    Other liabilities

































    8,335



    8,733

    Total noncurrent liabilities

































    15,595



    15,993

    Shareholders' equity:







































    Common stock

































    482



    482

    Surplus

































    4,064



    4,062

    Retained earnings

































    42,082



    41,487

    Treasury stock

































    (23,034)



    (22,450)

    Accumulated other comprehensive loss

































    (1,369)



    (1,518)

    Total shareholders' equity

































    22,225



    22,063

    Total liabilities and shareholders' equity

































    $                         56,580



    $                         55,880

     

    EXHIBIT D

    CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

    DOLLARS IN MILLIONS







    Three Months Ended





    March 30, 2025



    March 31, 2024

    Cash flows from operating activities—continuing operations:









    Net earnings



    $                            994



    $                           799

    Adjustments to reconcile net earnings to net cash from operating activities:









    Depreciation of property, plant and equipment



    162



    152

    Amortization of intangible and finance lease right-of-use assets



    61



    59

    Equity-based compensation expense



    34



    34

    Deferred income tax benefit



    (59)



    (39)

    (Increase) decrease in assets, net of effects of business acquisitions:









    Accounts receivable



    (317)



    (115)

    Unbilled receivables



    (879)



    (519)

    Inventories



    (92)



    (1,011)

    Increase (decrease) in liabilities, net of effects of business acquisitions:









    Accounts payable



    13



    100

    Customer advances and deposits



    13



    384

    Other, net



    (78)



    (122)

    Net cash used by operating activities



    (148)



    (278)

    Cash flows from investing activities:









    Capital expenditures



    (142)



    (159)

    Other, net



    12



    (23)

    Net cash used by investing activities



    (130)



    (182)

    Cash flows from financing activities:









    Proceeds from commercial paper, net



    1,590



    —

    Repayment of fixed-rate notes



    (750)



    —

    Dividends paid



    (383)



    (361)

    Purchases of common stock



    (600)



    (105)

    Other, net



    (32)



    50

    Net cash used by financing activities



    (175)



    (416)

    Net cash used by discontinued operations



    (2)



    (1)

    Net decrease in cash and equivalents



    (455)



    (877)

    Cash and equivalents at beginning of period



    1,697



    1,913

    Cash and equivalents at end of period



    $                        1,242



    $                        1,036

     

    EXHIBIT E

    ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

    DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

     



    Other Financial Information:





















































    March 30, 2025



    December 31, 2024

    Debt-to-equity (a)























    43.2 %



    39.7 %

    Book value per share (b)























    $                  82.81



    $                   81.61

    Shares outstanding























    268,396,163



    270,340,502























































    First Quarter

























    2025



    2024

    Income tax payments, net























    $                       34



    $                        33

    Company-sponsored research and development (c)























    $                     101



    $                      137

    Return on sales (d)























    8.1 %



    7.4 %































    Non-GAAP Financial Measures:





















































    First Quarter

























    2025



    2024

    Free cash flow:





























    Net cash used by operating activities























    $                   (148)



    $                    (278)

    Capital expenditures























    (142)



    (159)

    Free cash flow (e)























    $                   (290)



    $                    (437)























































    March 30, 2025



    December 31, 2024

    Net debt:





























    Total debt























    $                  9,609



    $                   8,762

    Less cash and equivalents























    1,242



    1,697

    Net debt (f)























    $                  8,367



    $                   7,065



    (a) 

    Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.





    (b) 

    Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.





    (c) 

    Includes independent research and development and Aerospace product-development costs.





    (d) 

    Return on sales is calculated as net earnings divided by revenue.





    (e) 

    We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful

    measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt,

    funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the

    quality of our earnings and as a key performance measure in evaluating management.





    (f) 

    We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure

    for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as

    an important indicator of liquidity and financial position.

     

    EXHIBIT F

    BACKLOG - (UNAUDITED)

    DOLLARS IN MILLIONS































    Funded



    Unfunded



    Total

    Backlog



    Estimated

    Potential

    Contract Value*



    Total

    Estimated

    Contract Value

    First Quarter 2025:













































    Aerospace



























    $             18,171



    $                  828



    $             18,999



    $                       1,090



    $                 20,089

    Marine Systems



























    30,882



    7,491



    38,373



    10,261



    48,634

    Combat Systems



























    16,129



    799



    16,928



    8,649



    25,577

    Technologies



























    9,751



    4,606



    14,357



    32,670



    47,027

    Total



























    $             74,933



    $             13,724



    $             88,657



    $                    52,670



    $               141,327

    Fourth Quarter 2024:













































    Aerospace



























    $             18,895



    $                  798



    $             19,693



    $                       1,132



    $                 20,825

    Marine Systems



























    30,530



    9,288



    39,818



    9,560



    49,378

    Combat Systems



























    16,142



    838



    16,980



    8,647



    25,627

    Technologies



























    9,577



    4,529



    14,106



    34,029



    48,135

    Total



























    $             75,144



    $             15,453



    $             90,597



    $                    53,368



    $               143,965

    First Quarter 2024:













































    Aerospace



























    $             19,564



    $                  981



    $             20,545



    $                          305



    $                 20,850

    Marine Systems



























    29,711



    14,415



    44,126



    3,749



    47,875

    Combat Systems



























    14,923



    686



    15,609



    7,002



    22,611

    Technologies



























    8,976



    4,478



    13,454



    29,206



    42,660

    Total



























    $             73,174



    $             20,560



    $             93,734



    $                    40,262



    $               133,996

    *   

    The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and

    unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase

    new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.

    For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract

    value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

     

    EXHIBIT F-1

    BACKLOG - (UNAUDITED)

    DOLLARS IN MILLIONS

    EXHIBIT F-1

    https://mma.prnewswire.com/media/2669980/Exhibit_F1.jpg

    EXHIBIT F-2

    BACKLOG BY SEGMENT - (UNAUDITED)

    DOLLARS IN MILLIONS

    EXHIBIT F-2

    https://mma.prnewswire.com/media/2669981/Exhibit_F2.jpg



    EXHIBIT G

    AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)

    DOLLARS IN MILLIONS



















































































    First Quarter

















































































    2025



    2024

    Gulfstream Aircraft Deliveries (units):





















































































    Large-cabin aircraft















































































    30



    21

    Mid-cabin aircraft















































































    6



    3

    Total















































































    36



    24























































































    Aerospace Book-to-Bill:





















































































    Orders*















































































    $               2,361



    $               2,426

    Revenue















































































    3,026



    2,084

    Book-to-Bill Ratio















































































    0.8x



    1.2x

    *  Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

     

    General Dynamics (PRNewsFoto/General Dynamics) (PRNewsFoto/General Dynamics)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2025-financial-results-302434914.html

    SOURCE General Dynamics

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