General Dynamics Corporation (GD) Income Statement
GD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGD revenue and net income
Where GD's revenue goes
2025Each bar shows an amount and its share of revenue. GD kept 8.0% of revenue as net income.
GD profit margins
GD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.1% | +10.1% | +6.7% | +5.2% |
| Gross profit | +8.0% | +6.3% | +4.7% | +2.5% |
| Operating income | +11.7% | +8.3% | +5.3% | +2.2% |
| Net income | +11.3% | +7.5% | +5.9% | +3.3% |
| EPS (diluted) | +13.3% | +8.2% | +7.0% | +5.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GD quarterly EPS vs estimates
General Dynamics beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 30, 2026 (estimate $4.14).
GD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.55B | $47.72B | $42.27B | $39.41B | $38.47B | $37.92B | $39.35B | $36.19B | $30.97B | $30.56B |
| Cost of revenue | $44.60B | $40.35B | $38.03B | $32.78B | $32.06B | $31.60B | $32.36B | $29.54B | $24.73B | $24.90B |
| Gross profit | $7.95B | $7.36B | $4.25B | $6.62B | $6.41B | $6.33B | $6.99B | $6.66B | $6.24B | $5.67B |
| Research & development | $486.0M | $565.0M | $510.0M | $480.0M | $415.0M | $374.0M | $466.0M | $502.0M | $521.0M | $418.0M |
| Sales, general & admin | $2.60B | $2.57B | $2.43B | $2.41B | $2.25B | $2.19B | $2.42B | $2.26B | $2.01B | $1.92B |
| Total operating expenses | $2.60B | $2.57B | $38.03B | $2.41B | $2.25B | $2.19B | $2.42B | $2.26B | $2.01B | $1.92B |
| Operating income | $5.36B | $4.80B | $4.25B | $4.21B | $4.16B | $4.13B | $4.57B | $4.39B | $4.24B | $3.74B |
| Interest income | $314.0M | $69.0M | $56.0M | $364.0M | $424.0M | $477.0M | $12.0M | $18.0M | $14.0M | $8.0M |
| Interest expense | $314.0M | $393.0M | $399.0M | $391.0M | $431.0M | $489.0M | $472.0M | $374.0M | $117.0M | $99.0M |
| Income before taxes | $5.10B | $4.54B | $3.98B | $4.04B | $3.87B | $3.74B | $4.20B | $4.08B | $4.08B | $3.66B |
| Income taxes | $893.0M | $758.0M | −$669.0M | $646.0M | $616.0M | $571.0M | $718.0M | $727.0M | $1.17B | $977.0M |
| Net income | $4.21B | $3.78B | $3.31B | $3.39B | $3.26B | $3.17B | $3.48B | $3.35B | $2.91B | $2.57B |
| EBITDA | $6.34B | $5.82B | $4.25B | $5.31B | $5.19B | $5.11B | $5.50B | $5.22B | $4.63B | $4.21B |
| EPS (diluted) | $15.45 | $13.64 | $12.02 | $12.20 | $11.55 | $11.00 | $11.98 | $11.43 | $9.55 | $9.80 |
| Gross margin | 15.1% | 15.4% | 10.0% | 16.8% | 16.7% | 16.7% | 17.8% | 18.4% | 20.2% | 18.5% |
| Operating margin | 10.2% | 10.1% | 10.0% | 10.7% | 10.8% | 10.9% | 11.6% | 12.1% | 13.7% | 12.3% |
| Net margin | 8.0% | 7.9% | 7.8% | 8.6% | 8.5% | 8.4% | 8.9% | 9.2% | 9.4% | 8.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.09B | $13.48B | $14.38B | $12.91B | $13.04B | $12.22B | $13.34B | $11.67B | $11.98B | $10.73B | $11.67B | $10.57B |
| Cost of revenue | $11.91B | $11.34B | $12.24B | $10.94B | $11.09B | $10.33B | $11.25B | $9.86B | $10.18B | $9.07B | $9.74B | $8.91B |
| Gross profit | $2.18B | $2.14B | $2.14B | $1.97B | $1.95B | $1.89B | $2.08B | $1.82B | $1.80B | $1.66B | $1.92B | $1.66B |
| Research & development | — | — | $486.0M | — | — | — | $565.0M | — | — | — | $510.0M | — |
| Sales, general & admin | $723.0M | $723.0M | $689.0M | $637.0M | $644.0M | $625.0M | $662.0M | $635.0M | $644.0M | $627.0M | $635.0M | $601.0M |
| Total operating expenses | $723.0M | $723.0M | $689.0M | $637.0M | $644.0M | $625.0M | $662.0M | $635.0M | $644.0M | $627.0M | $635.0M | $601.0M |
| Operating income | $1.46B | $1.42B | $1.45B | $1.33B | $1.30B | $1.27B | $1.42B | $1.18B | $1.16B | $1.04B | $1.29B | $1.06B |
| Interest income | — | — | $63.0M | $74.0M | $88.0M | $89.0M | $76.0M | $82.0M | — | — | — | $85.0M |
| Interest expense | $49.0M | $69.0M | $63.0M | $74.0M | $88.0M | $89.0M | $76.0M | $82.0M | $84.0M | $82.0M | $78.0M | $85.0M |
| Income before taxes | $1.41B | $1.37B | $1.40B | $1.27B | $1.23B | $1.20B | $1.37B | $1.11B | $1.09B | $968.0M | $1.23B | $991.0M |
| Income taxes | $247.0M | $244.0M | $256.0M | $213.0M | $218.0M | $206.0M | $220.0M | $184.0M | $185.0M | $169.0M | $222.0M | $155.0M |
| Net income | $1.16B | $1.12B | $1.14B | $1.06B | $1.01B | $994.0M | $1.15B | $930.0M | $905.0M | $799.0M | $1.00B | $836.0M |
| EBITDA | $1.69B | $1.67B | $1.76B | $1.57B | $1.54B | $1.51B | $1.80B | $1.41B | $1.39B | $1.26B | $1.65B | $1.28B |
| EPS (diluted) | $4.24 | $4.10 | $4.17 | $3.88 | $3.74 | $3.66 | $4.15 | $3.35 | $3.26 | $2.88 | $3.64 | $3.04 |
| Gross margin | 15.5% | 15.9% | 14.9% | 15.2% | 14.9% | 15.5% | 15.6% | 15.6% | 15.0% | 15.5% | 16.5% | 15.7% |
| Operating margin | 10.4% | 10.5% | 10.1% | 10.3% | 10.0% | 10.4% | 10.7% | 10.1% | 9.7% | 9.7% | 11.0% | 10.0% |
| Net margin | 8.2% | 8.3% | 7.9% | 8.2% | 7.8% | 8.1% | 8.6% | 8.0% | 7.6% | 7.4% | 8.6% | 7.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GD's financial statements (latest annual report filed January 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GD financial results
In fiscal year 2025 (ended December 31, 2025), General Dynamics reported revenue of $52.5 billion, up 10.1% from the year before. It had net income of $4.2 billion (up 11.3%), a net profit margin of 8.0%. Diluted earnings per share came to $15.45. Over five years revenue grew at an average rate of 6.7% a year.
See the GD stock overview for the latest quote and news, or the GD chart for price history and technical indicators.
GD income statement FAQ
What is General Dynamics's annual revenue?
General Dynamics reported total revenue of $52.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.1% from $47.7 billion the previous year.
Is General Dynamics profitable?
Yes. General Dynamics reported net income of $4.2 billion in fiscal 2025, a net profit margin of 8.0%; its operating margin was 10.2%.
What is General Dynamics's gross margin?
General Dynamics's gross margin was 15.1% in fiscal 2025: for every $100 of revenue, General Dynamics kept $15 after the direct cost of its products and services.
How much does General Dynamics spend on research and development?
General Dynamics spent $486.0 million on research and development in fiscal 2025, 0.9% of revenue.
How fast is General Dynamics growing?
Revenue grew 6.7% a year on average over the last five fiscal years, from $37.9 billion to $52.5 billion.
What are General Dynamics's earnings per share?
General Dynamics earned $15.45 per diluted share in fiscal 2025, compared with $13.64 a year earlier.
When will General Dynamics report its next earnings?
General Dynamics is expected to report results for the quarter ending September 30, 2026 on October 30, 2026 before the market opens.
When does General Dynamics's fiscal year end?
General Dynamics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on January 30, 2026.