General Dynamics is a global aerospace and defense company that provides a wide range of products and services across four main operating segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The company is involved in business aviation, ship construction and repair, land combat vehicles, and technology services, catering primarily to defense markets. Notable achievements include significant revenue growth in their Gulfstream aircraft and Columbia-class submarine programs, as well as substantial new awards in IT services .
- Combat Systems - Provides land combat vehicles, weapons systems, and munitions, playing a crucial role in the company's strong performance in defense markets.
- Marine Systems - Engages in ship construction and repair, primarily for the U.S. Navy, with significant contributions from the Columbia-class submarine program.
- Technologies - Offers technology products and services, including IT services and mission systems, with notable achievements such as substantial new awards at GDIT.
- Aerospace - Focuses on business aviation, including the manufacturing and servicing of Gulfstream aircraft, which has seen significant growth.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Phebe N. Novakovic ExecutiveBoard | Chairman and CEO | N/A | Phebe N. Novakovic has been the Chairman and CEO of GD since January 2013, leading strategic initiatives and operational expansions. | View Report → |
Danny Deep Executive | Executive Vice President, Combat Systems | N/A | Danny Deep has been EVP, Combat Systems since April 2024, with a strong background in operations and land forces programs. | |
Gregory S. Gallopoulos Executive | Senior Vice President, General Counsel, and Secretary | N/A | Gregory S. Gallopoulos has been SVP, General Counsel, and Secretary since January 2010, with prior experience as Managing Partner at Jenner & Block LLP. | |
Jason W. Aiken Executive | Executive Vice President, Technologies | N/A | Jason W. Aiken transitioned to EVP, Technologies in February 2024, after serving as EVP, Technologies and CFO. | |
Kimberly A. Kuryea Executive | Senior Vice President and CFO | N/A | Kimberly A. Kuryea became the CFO in February 2024, previously serving as Senior Vice President, Human Resources and Administration. | |
M. Amy Gilliland Executive | Senior Vice President of GD and President of GDIT | N/A | M. Amy Gilliland has led GDIT since September 2017, with previous roles in strategic planning and human resources. | |
Mark L. Burns Executive | Vice President of GD and President of Gulfstream | N/A | Mark L. Burns has been President of Gulfstream Aerospace since July 2015, focusing on product support and development. | |
C. Howard Nye Board | Director | Chairman of the Board of Directors at Martin Marietta Materials, Inc. | C. Howard Nye has been a director since May 2018, with expertise in engineering, manufacturing, and corporate governance. | |
Catherine B. Reynolds Board | Director | CEO of VitaKey Inc.; Chairman of The Catherine B. Reynolds Foundation; Director at Lindblad Expeditions Holdings, Inc. | Catherine B. Reynolds has been a director since May 2017, known for her financial and business expertise. | |
Cecil D. Haney Board | Director | Director of Tenet Healthcare Corporation | Cecil D. Haney has been a director since March 2019, with insights into defense industry and national security priorities. | |
Charles W. Hooper Board | Director | Senior Counselor at The Cohen Group; Senior Fellow at the Belfer Center; Board of Directors for UL Solutions | Charles W. Hooper has been a director since June 2023, with extensive military and foreign relations experience. | |
James N. Mattis Board | Director | Senior Counselor at The Cohen Group | James N. Mattis has been a director since August 2019, with a background as U.S. Secretary of Defense and a retired U.S. Marine Corps General. | |
John G. Stratton Board | Director | Executive Chairman of the Board, Frontier Communications Parent, Inc.; Director, Abbott Laboratories | John G. Stratton has been a director since February 2020, with leadership experience in telecommunications. | |
Laura J. Schumacher Board | Director | Director at CrowdStrike Holdings, Inc. | Laura J. Schumacher has been a director since February 2014, with extensive legal and corporate governance expertise. | |
Mark M. Malcolm Board | Director | N/A | Mark M. Malcolm has been a director since August 2015, with experience in management, financial, and operational requirements of large companies. | |
Peter A. Wall Board | Director | CEO of Amicus Limited | Peter A. Wall has been a director since August 2016, with a background in global security and defense. | |
Robert K. Steel Board | Director | Vice Chairman and Partner, Perella Weinberg Partners LP; Director, USHG Acquisition Corp. | Robert K. Steel has been a director since February 2021, with experience in financial markets and regulatory structures. | |
Rudy F. deLeon Board | Director | Senior Fellow at the Center for American Progress | Rudy F. deLeon has been a director since September 2014, with experience in aerospace and defense from his roles in the public and private sectors. |
- Given the ongoing supply chain challenges impacting submarine schedules, what specific steps are you taking to mitigate these issues, and how do you plan to manage the potential delays in the Virginia class submarine program?
- With the elevated costs associated with the G700, including paint interiors and component replacements, how confident are you in achieving the anticipated 600 to 700 basis point margin improvement, and what is the revised timeline for this margin expansion?
- Considering the higher labor inflation and increased costs on boats already in production, what is the status of your negotiations with the Navy regarding contract adjustments or remedies, and how might this affect your profitability in the Marine segment?
- As the G800 enters production, how do you anticipate it will impact your margins in the Aerospace segment, especially in light of the ongoing supply chain issues and the delayed margin improvements from the G700?
- Given the strong demand for your Combat Systems products in Europe and the reliance on direct commercial sales from your European businesses, how are you addressing potential geopolitical risks and ensuring sustained growth in that region?
Research analysts who have asked questions during GENERAL DYNAMICS earnings calls.
Gautam Khanna
TD Cowen
5 questions for GD
Myles Walton
Wolfe Research, LLC
5 questions for GD
Robert Stallard
Vertical Research Partners
5 questions for GD
Seth Seifman
JPMorgan Chase & Co.
5 questions for GD
David Strauss
Barclays
4 questions for GD
Douglas Harned
Sanford C. Bernstein & Co., LLC
4 questions for GD
Scott Mikus
Melius Research
4 questions for GD
Sheila Kahyaoglu
Jefferies
4 questions for GD
Jason Gursky
Citigroup Inc.
3 questions for GD
Peter Arment
Robert W. Baird & Co.
3 questions for GD
Ronald Epstein
Bank of America
3 questions for GD
Scott Deuschle
Deutsche Bank
3 questions for GD
Gavin Parsons
UBS Group AG
2 questions for GD
Kenneth Herbert
RBC Capital Markets
2 questions for GD
Kristine Liwag
Morgan Stanley
2 questions for GD
Andre Madrid
BTIG
1 question for GD
Ken Herbert
RBC Capital Markets
1 question for GD
Mariana Perez Mora
Bank of America
1 question for GD
Noah Poponak
Goldman Sachs
1 question for GD
Richard Safran
Seaport Research Partners
1 question for GD
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Department of Defense (DoD) | Primary U.S. federal agency procuring defense products and services, largest focus | All | $27,191 million revenue in 2024 (calculation: 27,191 / 47,716 ≈ 57% of $47,716 million total). |
Recent press releases and 8-K filings for GD.
- Q3 revenue of $12.9 billion (up 10.6% y/y) and EPS of $3.88, with operating earnings of $1.3 billion and net income of $1.59 billion, driven by 30.3% growth in aerospace and 13.8% growth in marine systems.
- YTD revenue of $38.2 billion (+11%), operating earnings of $3.9 billion (+15.7%), and net earnings of $3.07 billion (+16.4%), yielding a 19% increase in YTD EPS.
- Record backlog of $109.9 billion (up 19% y/y) with a company book-to-bill of 1.5x and defense at 1.6x, supporting strong order momentum.
- Operating cash flow of $2.1 billion and free cash flow of $1.9 billion (179% of net income); raising FY EPS guidance to $15.30–$15.35 amid ongoing U.S. government shutdown uncertainty.
- Q3 EPS of $3.88, revenue of $12.9 B, operating earnings of $1.3 B, and net income of $1.59 B, representing year-over-year growth of 10.6% in revenue, 12.7% in operating earnings, and 15.8% in EPS.
- Segment highlights include Aerospace revenue of $3.2 B (+30.3%) with a 13.3% margin; Marine Systems revenue of $4.1 B (+13.8%); Combat Systems revenue of $2.3 B (+1.8%); and Technologies revenue of $3.3 B (–1.6%).
- Record backlog of $109.9 B (+19% YoY) with a book-to-bill of 1.5×; operating cash flow of $2.1 B and free cash flow of $1.9 B (179% of net income).
- Full-year guidance raised to ~$52 B in revenue, ~10.3% margins, and EPS of $15.30–15.35, with government shutdown risks creating near-term uncertainty.
- General Dynamics’ Q3 2025 revenue was $12.907 billion, up 10.6% year-over-year, with diluted EPS of $3.88, up 15.8%.
- Operating margin expanded to 10.3% (+20 bps), and net earnings increased 13.9% to $1.059 billion.
- Total backlog reached $109.857 billion (+18.6%), and free cash flow was $1.897 billion for the quarter.
- Business segments saw strong momentum: Aerospace revenue up 30% with a 1.3x book-to-bill; Combat Systems book-to-bill 2.0x; Technologies book-to-bill 1.8x.
- Q3 revenue of $12.9 B (+10.6% YoY) and EPS of $3.88 (+15.8% YoY); operating earnings of $1.3 B (+12.7%) and net income of $1.059 B (+13.9%).
- Year-to-date revenue of $38.2 B (+11%), operating earnings of $3.9 B (+15.7%), net earnings of $3.07 B (+16.4%) and EPS up 19% YTD.
- Segment performance: Aerospace revenue $3.2 B (+30.3%, 13.3% margin); Marine Systems $4.1 B (+13.8%); Combat Systems $2.3 B (+1.8%); Technologies $3.3 B (–1.6%).
- Book-to-bill of 1.5× with record backlog of $109.9 B (+19% YoY, +6% QoQ) and total estimated contract value of $167.7 B.
- Free cash flow of $1.9 B (179% of net income); reaffirms full-year guidance: ~$52 B revenue, 10.3% margins and EPS of $15.30–$15.35.
- Revenue of $12.9 B (↑10.6% YoY) and diluted EPS of $3.88 (↑15.8% YoY); operating margin expanded to 10.3%
- $2.1 B net cash from operating activities (199% of net earnings); ended Q3 with $2.5 B cash and $8.0 B debt; paid $403 M dividends and invested $212 M in capex
- Q3 orders totaled $19.3 B (book-to-bill 1.5x); funded backlog $109.9 B; total estimated contract value $167.7 B
- Aerospace segment revenue grew 30.3% with margin expansion of 100 bps to 13.3%, led by strong business jet demand
- Delivered Q3 revenue of $12.9 billion, up 10.6% year-over-year, and diluted EPS of $3.88, up 15.8% from prior year.
- Generated $2.1 billion in net cash from operating activities (199% of net earnings) and expanded operating margin to 10.3%.
- Achieved $19.3 billion in orders (book-to-bill 1.5) and ended the quarter with $167.7 billion total estimated contract value backlog.
- Each of the four segments grew earnings and backlog, led by Aerospace revenue growth of 30.3% and a 100 bp margin expansion year-over-year.
- $1.25 billion EMITS 2 contract awarded to General Dynamics Information Technology to support U.S. Army Europe and Africa, NATO and partner operations.
- Contract includes a five-month transition period followed by seven optional years for enterprise IT, communications, and mission command support services.
- Key objectives are to modernize network infrastructure, enhance cybersecurity, and deploy AI, machine learning, cloud computing, and data analytics to boost interoperability and decision-making.
- Underscores GD’s strategic role in military IT amid a $91.74 billion market cap, despite annual gross margin declines of about 2.4% and insider selling activity.
- GDIT awarded $1.25 billion Enterprise Mission Information Technology Services 2 (EMITS 2) task order to support U.S. Army Europe and Africa.
- Task order includes a five-month base period and seven option years.
- GDIT will deliver enterprise IT, communications and mission command support; modernize network infrastructure; implement cybersecurity; and leverage AI/ML, cloud computing and data analytics.
- GDIT is a unit of General Dynamics, which generated $47.7 billion in 2024 revenue and employs over 110,000 people worldwide.
- General Dynamics Electric Boat received a $642 million cost-plus-fixed-fee contract modification for lead yard support and development studies on Virginia-class submarines (Contract N00024-20-C-2120).
- The funding will accelerate design and development efforts to expedite submarine delivery and sustain U.S. naval operational overmatch.
- Electric Boat, headquartered in Groton, CT, employs over 24,000 people focused on nuclear submarine design, construction, repair, and modernization for the U.S. Navy.
- Parent company General Dynamics, based in Reston, VA, generated $47.7 billion in revenue in 2024 and employs more than 110,000 people worldwide.
- GDIT, a division of General Dynamics, won a $1.5 billion IT modernization contract from U.S. Strategic Command to enhance operational readiness and strategic capabilities.
- The contract includes a one-year base period plus six option years, emphasizing digital engineering, AI/ML integration, hybrid cloud transition, and zero-trust cybersecurity measures.
- The effort aims to support STRATCOM’s critical missions—such as nuclear command and control and electromagnetic spectrum operations—while improving collaboration and efficiency.
- It expands General Dynamics Information Technology’s engagement to additional U.S. combatant commands, reinforcing its role in national security technology.