Exhibit 99.1 
 
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11011 Sunset Hills Road 
Reston, Virginia 20190News
www.gd.com 

Contact: Jeff A. Davis
Tel: 703 876 3483
press@generaldynamics.com


General Dynamics Reports Third-Quarter 2025 Financial Results

October 24, 2025

•Revenue $12.9 billion, up 10.6% from year-ago quarter
•Diluted EPS $3.88, up 15.8% from year-ago quarter
•$2.1 billion cash from operating activities, 199% of net earnings
•Very strong order activity in all four segments

RESTON, Va. – General Dynamics (NYSE: GD) today reported third-quarter 2025 operating earnings of $1.3 billion, or $3.88 per diluted share (EPS), on revenue of $12.9 billion. Compared with the year-ago quarter, revenue increased 10.6%, operating earnings increased 12.7%, and diluted EPS increased 15.8%. Operating margin of 10.3% was a 20-basis-point expansion from the year-ago quarter and a 30-basis-point expansion sequentially.

“Each of our four segments grew earnings and backlog in the quarter, reflecting solid execution coupled with growing demand,” said Phebe Novakovic, chairman and chief executive officer. “The Aerospace segment in particular performed impressively, growing revenue 30.3% and expanding margins by 100 basis points from the same period a year ago, with order activity for business jets remaining very strong.”

Cash and Capital Deployment
Net cash provided by operating activities in the quarter totaled $2.1 billion, or 199% of net earnings. During the quarter, the company paid $403 million in dividends and invested $212 million in capital expenditures, ending the quarter with $8 billion in total debt and $2.5 billion in cash and equivalents on hand.

Orders and Backlog
Orders totaled $19.3 billion in the quarter on a companywide basis. Consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.5-to-1 for the quarter. Book-to-bill was 1.6-to-1 for the defense segments and 1.3-to-1 for the Aerospace segment.

Total estimated contract value, the sum of all backlog components, was $167.7 billion at the end of the quarter. This includes backlog of $109.9 billion and estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, of $57.8 billion.



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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 third-quarter 2025 financial results conference call at 9 a.m. EDT on Friday, October 24, 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 October 31, 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.
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EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
 Three Months EndedVariance
 September 28, 2025September 29, 2024$%
Revenue$12,907 $11,671 $1,236 10.6%
Operating costs and expenses(11,576)(10,490)(1,086)
Operating earnings1,331 1,181 150 12.7%
Other, net15 15 — 
Interest, net(74)(82)8 
Earnings before income tax1,272 1,114 158 14.2%
Provision for income tax, net(213)(184)(29)
Net earnings$1,059 $930 $129 13.9%
Earnings per share—basic$3.93 $3.39 $0.54 15.9%
Basic weighted average shares outstanding269.2 274.4 
Earnings per share—diluted$3.88 $3.35 $0.53 15.8%
Diluted weighted average shares outstanding272.6 277.9 





































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EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
 Nine Months EndedVariance
 September 28, 2025September 29, 2024$%
Revenue$38,171 $34,378 $3,793 11.0%
Operating costs and expenses(34,267)(31,005)(3,262)
Operating earnings3,904 3,373 531 15.7%
Other, net51 47 4 
Interest, net(251)(248)(3)
Earnings before income tax3,704 3,172 532 16.8%
Provision for income tax, net(637)(538)(99)
Net earnings$3,067 $2,634 $433 16.4%
Earnings per share—basic$11.41 $9.61 $1.80 18.7%
Basic weighted average shares outstanding268.8 274.0 
Earnings per share—diluted$11.29 $9.49 $1.80 19.0%
Diluted weighted average shares outstanding271.8 277.5 
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EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
 Three Months EndedVariance
 September 28, 2025September 29, 2024$%
Revenue:
Aerospace$3,234 $2,482 $752 30.3 %
Marine Systems4,096 3,599 497 13.8 %
Combat Systems2,252 2,212 40 1.8 %
Technologies3,325 3,378 (53)(1.6)%
Total$12,907 $11,671 $1,236 10.6 %
Operating earnings:
Aerospace$430 $305 $125 41.0 %
Marine Systems291 258 33 12.8 %
Combat Systems335 325 10 3.1 %
Technologies327 326 1 0.3 %
Corporate(52)(33)(19)(57.6)%
Total$1,331 $1,181 $150 12.7 %
Operating margin:
Aerospace13.3%12.3%
Marine Systems7.1%7.2%
Combat Systems14.9%14.7%
Technologies9.8%9.7%
Total10.3%10.1%






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EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
 Nine Months EndedVariance
 September 28, 2025September 29, 2024$%
Revenue:
Aerospace$9,322 $7,506 $1,816 24.2 %
Marine Systems11,905 10,383 1,522 14.7 %
Combat Systems6,711 6,602 109 1.7 %
Technologies10,233 9,887 346 3.5 %
Total$38,171 $34,378 $3,793 11.0 %
Operating earnings:
Aerospace$1,265 $879 $386 43.9 %
Marine Systems832 735 97 13.2 %
Combat Systems950 920 30 3.3 %
Technologies987 941 46 4.9 %
Corporate(130)(102)(28)(27.5)%
Total$3,904 $3,373 $531 15.7 %
Operating margin:
Aerospace13.6%11.7%
Marine Systems7.0%7.1%
Combat Systems14.2%13.9%
Technologies9.6%9.5%
Total10.2%9.8%



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EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
 
(Unaudited)
September 28, 2025December 31, 2024
ASSETS
Current assets:
Cash and equivalents$2,520 $1,697 
Accounts receivable3,303 2,977 
Unbilled receivables8,641 8,248 
Inventories9,813 9,724 
Other current assets1,575 1,740 
Total current assets25,852 24,386 
Noncurrent assets:
Property, plant and equipment, net6,602 6,467 
Intangible assets, net1,402 1,520 
Goodwill20,871 20,556 
Other assets2,872 2,951 
Total noncurrent assets 31,747 31,494 
Total assets$57,599 $55,880 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt$1,006 $1,502 
Accounts payable3,459 3,344 
Customer advances and deposits10,462 9,491 
Other current liabilities3,537 3,487 
Total current liabilities18,464 17,824 
Noncurrent liabilities:
Long-term debt7,008 7,260 
Other liabilities7,693 8,733 
Total noncurrent liabilities14,701 15,993 
Shareholders’ equity:
Common stock482 482 
Surplus4,323 4,062 
Retained earnings43,345 41,487 
Treasury stock(22,856)(22,450)
Accumulated other comprehensive loss(860)(1,518)
Total shareholders’ equity24,434 22,063 
Total liabilities and shareholders’ equity$57,599 $55,880 



 
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EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 

Nine Months Ended
 September 28, 2025September 29, 2024
Cash flows from operating activities—continuing operations:
Net earnings$3,067 $2,634 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment490 469 
Amortization of intangible and finance lease right-of-use assets182 177 
Equity-based compensation expense146 137 
Deferred income tax provision (benefit)151 (107)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable(314)(172)
Unbilled receivables(415)(874)
Inventories(131)(1,612)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable119 193 
Customer advances and deposits45 628 
Other, net219 479 
Net cash provided by operating activities3,559 1,952 
Cash flows from investing activities:
Capital expenditures(552)(561)
Other, net130 (27)
Net cash used by investing activities(422)(588)
Cash flows from financing activities:
Repayment of fixed-rate notes(1,500)— 
Proceeds from fixed-rate notes747 — 
Dividends paid(1,188)(1,140)
Purchases of common stock(600)(183)
Other, net235 150 
Net cash used by financing activities(2,306)(1,173)
Net cash used by discontinued operations(8)(3)
Net increase in cash and equivalents823 188 
Cash and equivalents at beginning of period1,697 1,913 
Cash and equivalents at end of period$2,520 $2,101 

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EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
 September 28, 2025December 31, 2024
Debt-to-equity (a)32.8%39.7%
Book value per share (b)$90.46 $81.61 
Shares outstanding270,120,442 270,340,502 
Third QuarterNine Months
2025202420252024
Income tax payments, net$27 $173 $263 $125 
Company-sponsored research and development (c)$119 $137 $339 $421 
Return on sales (d)8.2%8.0%8.0%7.7%
Non-GAAP Financial Measures:
Third QuarterNine Months
2025202420252024
Free cash flow:
Net cash provided by operating activities$2,109 $1,416 $3,559 $1,952 
Capital expenditures(212)(201)(552)(561)
Free cash flow (e)$1,897 $1,215 $3,007 $1,391 
 September 28, 2025December 31, 2024
Net debt:
Total debt$8,014 $8,762 
Less cash and equivalents2,520 1,697 
Net debt (f)
$5,494 $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.

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EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
FundedUnfundedTotal
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Third Quarter 2025:
Aerospace$19,476 $1,131 $20,607 $1,147 $21,754 
Marine Systems38,757 14,854 53,611 14,839 68,450 
Combat Systems17,232 1,470 18,702 9,553 28,255 
Technologies10,269 6,668 16,937 32,341 49,278 
Total$85,734 $24,123 $109,857 $57,880 $167,737 
Second Quarter 2025:
Aerospace$18,676 $1,227 $19,903 $1,165 $21,068 
Marine Systems39,298 13,674 52,972 14,708 67,680 
Combat Systems15,961 616 16,577 9,592 26,169 
Technologies9,945 4,285 14,230 32,011 46,241 
Total$83,880 $19,802 $103,682 $57,476 $161,158 
Third Quarter 2024:
Aerospace$18,859 $937 $19,796 $254 $20,050 
Marine Systems29,008 11,463 40,471 9,578 50,049 
Combat Systems17,289 682 17,971 8,016 25,987 
Technologies9,794 4,602 14,396 27,093 41,489 
Total$74,950 $17,684 $92,634 $44,941 $137,575 

*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.






 



 





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EXHIBIT H-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS




chart-169ed85b0a1d480f98ca.jpg
Funded BacklogUnfunded Backlog










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EXHIBIT H-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

chart-5482f171d27348ef9c6a.jpgchart-bc12d81eefa343ae9b9a.jpg
chart-d676a1dbbc5b4073920a.jpgchart-e8d75e7e8b384184b14a.jpg
Funded BacklogUnfunded Backlog


















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EXHIBIT I
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS

Third QuarterNine Months
 2025202420252024
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft33 24 95 76 
Mid-cabin aircraft6 4 18 13 
Total39 28 113 89 
Aerospace Book-to-Bill:
Orders*$4,053 $2,365 $10,417 $7,464 
Revenue3,234 2,482 9,322 7,506 
Book-to-Bill Ratio1.3x1.0x1.1x1.0x

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











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