FINANCIAL MODEL

General Dynamics

GD · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	30,561	30,973	36,193	39,350	37,925	38,469	39,407	42,272	47,716	52,550
Cost of Goods Sold	24,896	24,731	29,478	32,291	31,600	32,061	32,785	35,600	40,352	44,599
Gross Profit	5,665	6,242	6,715	7,059	6,325	6,408	6,622	6,672	7,364	7,951
SG&A	1,921	2,006	2,258	2,411	2,192	2,245	2,411	2,427	2,568	2,595
R&D		521	502	466	374		480	510	565	486
EBITDA	4,197	4,677	5,220	5,477	5,011	5,053	5,095	5,108	5,682	6,280
D&A	453	441	763	829	878	890	884	863	886	924
EBIT (Operating Income)	3,744	4,236	4,457	4,648	4,133	4,163	4,211	4,245	4,796	5,356
Interest Expense	91	103	356	460	477	424	364	343	324	314
Pre-Tax Income	3,656	4,077	4,085	4,202	3,738	3,873	4,036	3,984	4,540	5,103
Tax Expense	977	1,165	727	718	571	616	646	669	758	893
Net Income	2,572	2,912	3,345	3,484	3,167	3,257	3,390	3,315	3,782	4,210
Diluted EPS	8.29	9.56	11.18	11.98	11.00	11.55	12.19	12.02	13.63	15.45
Diluted Shares (M)	310.4	304.6	299.2	290.8	287.9	282.0	278.2	275.7	277.5	272.4
Balance Sheet
Total Cash & Equivalents		2,983	963	902	2,824		1,242	1,913	1,697	2,333
Short-term Debt		2	973	2,920	3,003		1,253	507	1,502	1,006
Long-term Debt		3,980	11,444	9,010	9,995		9,243	8,754	7,260	7,007
Total Debt		3,982	12,417	11,930	12,998		10,496	9,261	8,762	8,013
Net Debt		999	11,454	11,028	10,174		9,254	7,348	7,065	5,680
Total Current Assets		18,328	18,189	19,780	21,543		21,063	23,615	24,386	24,248
Total Current Liabilities		13,099	14,739	16,801	15,964		15,341	16,432	17,824	16,796
Total Assets		35,046	45,408	48,841	51,308		51,585	54,810	55,880	57,249
Total Liabilities		23,611	33,676	35,264	35,647		33,017	33,511	33,817	31,627
Shareholders' Equity		11,435	11,732	13,577	15,661		18,568	21,299	22,063	25,622
Minority Interest							0	0
Intangibles & Goodwill		11,914	19,594	19,677	20,053		20,334	20,586	20,556	21,009
PP&E		3,517	4,348	4,475	5,100		5,900	6,198	6,467	7,525
Receivables		3,617	3,759	3,544	3,161		3,008	3,004	2,977	2,406
Payables		3,207	3,179	3,162	2,952		3,398	3,095	3,344	2,678
Inventory		5,303	5,977	6,306	5,745		6,322	8,578	9,724	9,232
Retained Earnings		26,444	29,326	31,633	33,498		37,403	39,270	41,487	44,080
Cash Flow
Cash from Operations	2,163	3,876	3,148	2,981	3,858	4,271	4,579	4,710	4,112	5,120
Capital Expenditures	392	428	690	987	967	887	1,114	904	916	1,161
Free Cash Flow	1,771	3,448	2,458	1,994	2,891	3,384	3,465	3,806	3,196	3,959
Stock-Based Compensation	95	123	140	133	128	126	165	181	183	196
Dividends Paid	911	986	1,075	1,152	1,240	1,315	1,369	1,428	1,529	1,593
Share Repurchases	1,996	1,558	1,769	231	587	1,828	1,229	434	1,501	637