• Fourth-quarter net earnings of $1.1 billion, diluted EPS of $4.17, on $14.4 billion in revenue
• Full-year net earnings of $4.2 billion, diluted EPS of $15.45, on $52.6 billion in revenue
• $1.6 billion cash provided by operating activities in the quarter, 137% of net earnings
• $1.2 billion in capital expenditures for the year, up 27% from 2024
• Book-to-bill of 1.6x in the quarter and 1.5x for the full year, ending the year with $118 billion in backlog

RESTON, Va. – General Dynamics (NYSE: GD) today reported quarterly net earnings of $1.1 billion on revenue of $14.4 billion. Diluted earnings per share (EPS) was $4.17.

For the full year, net earnings were $4.2 billion, up 11.3% from 2024, on revenue of $52.6 billion, up 10.1% from 2024. Diluted EPS for the full year was $15.45, up 13.4% from 2024.

“We had a solid fourth quarter, capping off a year that saw growth in revenue and earnings in all four segments coupled with an impressive 30% growth in company-wide backlog,” said Phebe N. Novakovic, chairman and chief executive officer. “As we focus on execution of programs for our customers, we are also preparing aggressively for future growth, investing nearly $1.2 billion in capital expenditures in 2025 – with even more investments planned in the year ahead.”

Cash

Cash provided by operating activities in the quarter totaled $1.6 billion, or 137% of net earnings. For the year, cash provided by operating activities increased by $1 billion over 2024 to $5.1 billion, or 122% of net earnings.

During the year, the company invested $1.2 billion in capital expenditures, made tax payments of $568 million, reduced total debt by $749 million and paid dividends of $1.6 billion, ending 2025 with $2.3 billion in cash and equivalents on hand.

Orders and Backlog

Demand remained strong across the company, with orders of $22.4 billion during the quarter. Consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.6-to-1 for the quarter and 1.5-to-1 for the year, with full-year book-to-bill exceeding 1-to-1 in each of the four segments. The company ended the year with backlog of $118 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 $60.9 billion. Total estimated contract value, the sum of all backlog components, was $179 billion at year end, up 24% from a year earlier.

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, weapon systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2025 financial results conference call today at 9 a.m. EST. The webcast will be a listen-only audio event available at GD.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through February 4, 2026, at 800-770-2030 (international +1 647-362-9199), conference ID 4299949. Charts furnished to investors and securities analysts in connection with the announcement of financial results are available at GD.com. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2026 guidance presented during the call.

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.