General Dynamics Corporation

“General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers.”

“Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies.”

“Approximately 70% of our consolidated revenue was from the U.S. government.”

“The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin G800, which entered service in 2025 following U.S. Federal Aviation Administration (FAA) certification in April 2025.”

“Jet Aviation manages over 300 business aircraft globally on behalf of individuals and corporate owners. We operate a leading global fixed-base operator (FBO) network of approximately 30 facilities on four continents”

“We offer comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world and operate an extensive network of service centers.”

“Gulfstream designs, develops and manufactures aircraft in Savannah, Georgia, including all large-cabin models. The midsize aircraft are assembled by a non-U.S. partner.”

“some of our operating segments rely on the supply of semiconductors for the manufacture of our products”

“Our company is a global community of approximately 117,000 employees dedicated to our Ethos of transparency, trust, honesty and alignment.”

“In 2025, Jet Aviation acquired an FBO at Paris - Le Bourget Airport, the busiest business aviation airport in Europe.”

“Capital expenditures(1,161)(916)(904)”

“Our Aerospace segment is recognized as a leading producer of business jets and the standard bearer in new technology aircraft, aircraft repair, customer support and custom completion services.”

“Our Marine Systems segment has one primary competitor with which it also partners on the Virginia-class submarine program, and to which it subcontracts on the Columbia-class submarine program.”

“we have seen increased demand, particularly in Europe, for our Combat Systems military products and services”

“Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $486 in 2025, $565 in 2024 and $510 in 2023.”

“capital investments in Marine Systems to support significant growth in U.S. Navy ship and submarine construction over the next two decades”

“we have a $5 billion committed bank credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances”

“This is reflected in the significant demand in U.S. Navy shipbuilding, particularly submarines. We have invested in our facilities and workforce to increase production capacity to meet this demand”

“Overall, we believe our investments in a new family of Gulfstream aircraft will continue to fuel demand.”

“We experienced some impact from these actions which were largely limited to our IT services business.”

“Demand for our munitions products has been high and is expected to remain at an elevated level given ongoing conflicts and regional threats.”

“Revenue of $52.6 billion, an increase of 10.1% from 2024”

“Backlog of $118 billion, an increase of 30% from 2024, supports our long-term growth expectations”

“The Federal Acquisition Regulation (FAR) and the Cost Accounting Standards (CAS) govern the majority of our contracts.”

“the model must receive a type certificate from the appropriate aviation authority, and each aircraft must receive a certificate of airworthiness”

“the tariffs have not had a material impact on our results but did reduce the Aerospace operating margins by 30 basis points in 2025”

“Customer demand can be affected by a number of factors, including changes in general economic conditions, the availability and cost of credit, pricing pressures and trends in capital goods markets.”

“We entered 2026 with the government operating under a continuing resolution that expires on January 30. Our outlook for the year assumes that the FY26 budget is approved without significant delay or another prolonged shutdown.”

“The increased demand has placed great pressure on the shipbuilding supply chain, which was already impacted by significant demographic issues coming out of the global pandemic.”