15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.7% per year over the past 5 years.
Net income has grown slower than revenue (5.9% vs 6.7% per year).
Operating margin has been roughly flat, at 10.2% in the latest year.
Free cash flow has grown 6.5% per year over the past 5 years.
Financial health
Total debt ($8.1B) exceeds cash ($2.3B); net debt is $5.7B.
Total debt has grown slower than revenue (-9.2% vs 6.7% per year).
Total debt is 1.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 37.8% of earnings and 40.2% of free cash flow.
The dividend has grown 5.1% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$52.5B
$4.2B
0.0%
10.2%
$4.0B
$8.1B
$2.3B
2024
$47.7B
$3.8B
0.0%
10.1%
$3.2B
$8.8B
$1.7B
2023
$42.3B
$3.3B
0.0%
10.0%
$3.8B
$9.3B
$1.9B
2022
$39.4B
$3.4B
0.0%
10.7%
$3.5B
$10.6B
$1.2B
2021
$38.5B
$3.3B
0.0%
10.8%
$3.4B
$11.6B
$1.6B
2020
$37.9B
$3.2B
0.0%
10.9%
$2.9B
$13.1B
$2.8B
2019
$39.4B
$3.5B
17.9%
11.6%
$2.0B
$12.0B
$902M
2018
$36.2B
$3.3B
18.6%
12.1%
$2.5B
$12.5B
$963M
2017
$31.0B
$2.9B
20.2%
13.7%
$3.4B
$4.0B
$3.0B
2016
$30.6B
$2.6B
18.5%
12.3%
—
$3.9B
$2.3B
2015
—
$3.0B
—
—
$1.9B
$3.4B
$2.8B
2014
—
$2.5B
—
—
$3.2B
$3.9B
$4.4B
2013
—
$2.4B
—
—
$2.7B
$3.9B
$5.3B
2012
—
-$332M
—
—
$2.2B
$3.9B
$3.3B
2011
—
$2.5B
—
—
$2.8B
$3.9B
$2.6B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Apr '26
$13.5B
$1.1B
0.0%
10.5%
$2.0B
$8.1B
$3.7B
Dec '25
$14.4B
$1.1B
0.0%
10.1%
$952M
$8.1B
$2.3B
Sep '25
$12.9B
$1.1B
0.0%
10.3%
$1.9B
$8.1B
$2.5B
Jun '25
$13.0B
$1.0B
0.0%
10.0%
$1.4B
$8.8B
$1.5B
Mar '25
$12.2B
$994M
0.0%
10.4%
-$290M
$9.7B
$1.2B
Dec '24
$13.3B
$1.1B
0.0%
10.7%
$1.8B
$8.8B
$1.7B
Sep '24
$11.7B
$930M
0.0%
10.1%
$1.2B
$9.3B
$2.1B
Jun '24
$12.0B
$905M
0.0%
9.7%
$613M
$9.3B
$1.4B
Mar '24
$10.7B
$799M
0.0%
9.7%
-$437M
$9.3B
$1.0B
Dec '23
$11.7B
$1.0B
0.0%
11.0%
$892M
$9.3B
$1.9B
Oct '23
$10.6B
$836M
0.0%
10.0%
$1.1B
$9.3B
$1.4B
Jul '23
$10.2B
$744M
0.0%
9.5%
$519M
$9.8B
$1.2B
Apr '23
$9.9B
$730M
0.0%
9.5%
$1.3B
$10.6B
$2.0B
Dec '22
$10.9B
$992M
0.0%
11.3%
$175M
$10.6B
$1.2B
Oct '22
$10.0B
$902M
0.0%
11.0%
$1.0B
$11.6B
$2.5B
Jul '22
$9.2B
$766M
0.0%
10.6%
$435M
$11.6B
$2.2B
Apr '22
$9.4B
$730M
0.0%
9.7%
$1.8B
$11.6B
$2.9B
Dec '21
$10.3B
$952M
0.0%
11.5%
$1.3B
$11.6B
$1.6B
Oct '21
$9.6B
$860M
0.0%
11.3%
$1.3B
$13.8B
$3.1B
Jul '21
$9.2B
$737M
0.0%
10.4%
$943M
$14.4B
$3.0B
Valuation over time
How the market has priced GD against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 18.2× (Mar '23) to 22.1× (Jun '26).
The price-to-sales ratio has risen from 1.6× (Mar '23) to 1.8× (Jun '26).
The dividend yield has fallen from 2.2% (Mar '23) to 1.7% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is GD growing its revenue and profit?
Over the past 5 years, General Dynamics's revenue has grown 6.7% per year, and net income grown 5.9% per year. These are computed facts, not advice.
How much debt does GD have?
As of FY2025, General Dynamics reported $8.1B of total debt against $2.3B of cash.
What is GD's profit margin?
In FY2025, gross margin was —, operating margin 10.2%, and net margin 8.0%.
What is GD's P/E ratio?
As of Jun '26, General Dynamics traded at a price-to-earnings ratio of about 22.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.