Q3 2025 revenue was $12.91B, up 10.6% year-over-year, with diluted EPS of $3.88, up 15.8%, and net earnings of $1.06B, up 13.9%.
Year-to-date revenue reached $38.2B, up 11%, with net earnings of $3.07B, up 16.4%, and EPS of $11.29, up 19%.
Record backlog of $109.9B at quarter-end, up 19% year-over-year, with strong order momentum and book-to-bill ratios above 1.2 in all segments.
All four business segments grew earnings and backlog, led by Aerospace's 30% revenue growth and strong performance in Marine Systems.
Productivity gains and favorable mix drove operating margin improvement to 10.3% in Q3.
Free cash flow for Q3 was $1.9B, 179% of net income, and $3.0B year-to-date, nearly doubling year-over-year.
Book-to-bill ratio for the quarter was 1.5 overall, 1.6 for defense, and 1.3 for Aerospace.
Operating margin improved by 30 bps sequentially and 20 bps year-over-year to 10.3%.
Return on sales improved to 8.2% for the quarter.
G&A expenses decreased to 5% of revenue for the nine months.
Annual revenue expected around $52B with margins near 10.3%; segment guidance: Aerospace ~$13.2B (13.3% margin), Marine ~$16B (7% margin), Combat ~$9.2B (14.3% margin), Technologies ~$13.5B (9.4% margin).
EPS forecast raised to $15.30–$15.35; full-year effective tax rate anticipated at ~17.5%.
Free cash flow conversion for the year anticipated in the low 90% range.
Management remains cautious due to the ongoing government shutdown and federal spending uncertainties.
Corporate operating costs expected to be ~$160 million for 2025.
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General Dynamics is a major American aerospace and defense contractor. The company operates through several business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. General Dynamics primarily does business with branches of the U.S. government and its armed forces, as well as its allies across the world. The company is headquartered in Reston, Virginia, and its shares are listed on the NYSE.
General Dynamics' roots go back to the formation of the Electric Boat Company in 1899 which played a significant role in developing the first modern submarines for the U.S. Navy. During World War II, the company expanded its production to meet wartime demands, focusing on submarines and surface warships. After the war, the company diversified and expanded, involving itself in various sectors, primarily through acquisitions and mergers. The F-16, which is arguably what the company is most known for, first saw the light of day in the mid-1970s. Today, it is a massive player in the defense sector, together with names such as Northrop Grumman and Lockheed Martin.
General Dynamics is a diversified aerospace and defense company, engaging in the design, development, and production of a wide range of complex systems and products for government and commercial customers. Its operations span several key sectors, each with its specialized focus.
Aerospace: Through its subsidiary, Gulfstream Aerospace, General Dynamics is a prominent player in the business jet market. Gulfstream designs, manufactures, and services advanced business jets known for their luxury, technology, and performance. The company also designs and builds various systems and aircraft for military applications.
Combat Systems: This segment of General Dynamics is focused on land-based military hardware. It produces a variety of armored vehicles, tanks (like the famous M1 Abrams), and artillery systems. Additionally, it manufactures munitions and is involved in modernizing existing military hardware.
Marine Systems: General Dynamics is a leader in marine defense technology, primarily through its Electric Boat and NASSCO subsidiaries. It designs and builds nuclear-powered submarines, such as the Virginia and Columbia class, for the U.S. Navy. Besides submarines, it is also involved in the construction and maintenance of surface ships, including destroyers and auxiliary ships.
Technologies: This sector includes General Dynamics Information Technology and General Dynamics Mission Systems. It offers a range of services and products in information technology, mission support, and cybersecurity. This includes providing secure communication systems, and information management solutions, and developing advanced technology for defense, intelligence, and civilian government applications.
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