General Dynamics Corporation

General Dynamics is an aerospace and defense company. It builds Gulfstream business jets, Navy submarines and surface ships, and land combat vehicles, weapons and munitions. It also sells technology products and services. The U.S. government is its biggest customer, supplying about 70% of revenue. Revenue for 2025 was $52.6 billion. About 82% came from customers in the United States, and about 63% came from products rather than services.

Marine Systems is the largest of its four segments, at 32% of 2025 revenue. Its Electric Boat unit is the lead shipyard on all Navy nuclear-powered submarine programs. These include Virginia-class attack submarines and the 12-boat Columbia class, a program the Navy values at more than $125 billion. The segment also includes Bath Iron Works and NASSCO. It builds surface warships and support ships and maintains Navy vessels. Technologies brought in 26% of revenue and Combat Systems 18%.

Aerospace, at 25%, combines Gulfstream and Jet Aviation. In 2025 the segment took in $9.4 billion from building aircraft and $3.7 billion from aircraft services such as maintenance. The company supports more than 3,000 Gulfstream jets in service. Its longest-range model, the G800, entered service in 2025. Jet Aviation manages over 300 aircraft. It also runs about 30 fixed-base operators (private-aviation terminals that offer fuel and services) on four continents.

• In Q3 FY2026 (ended Oct 4, 2026), revenue was $14.57B, up 12.9% from a year earlier, and net income was $1.23B (+16.1%).
• For fiscal 2025, revenue was $52.55B (+10.1% year over year; +6.7% a year from FY2020 to FY2025) with a 8% net margin.

• Over FY2021–FY2025: $5.63B in buybacks and $7.23B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +6.3% a year over 5 years (FY2020–FY2025).
• Dividends took 37.8% of earnings and 40.2% of free cash flow in the latest fiscal year.
• Shares outstanding changed -2.7% from Jan 30, 2022 to Oct 4, 2026.

Rank among 1514 US companies

Market value at each year end

General Dynamics’s market value went from $52.58B at the end of 2016 to $100.92B on Nov 2, 2026, up 92%; since the end of 2025 it is up 11%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($43.8M).

Large shareholders (13G filings)

ETFs with the most weight in GD

1. Heavy reliance on U.S. government spending. About 70% of revenue comes from the U.S. government. Political shifts, new national priorities or competing demands for federal money could reduce, delay or cancel programs such as submarines and combat vehicles.
2. Business jet demand can shift. Aerospace, which includes Gulfstream and Jet Aviation, produced 25% of 2025 revenue. Demand from individual and corporate buyers can shift with the economy. Fewer orders would hurt sales and profits.
3. Execution problems on big contracts. Earnings and margins depend on delivering complex products, such as submarines and warships, on budget and on schedule. Misjudging costs or falling behind on large multiyear programs can cut profits.
4. Reliance on suppliers and skilled workers. Results depend partly on suppliers delivering on time and to standard, and on hiring and keeping skilled workers. The company has been growing its workforce and supply chain to meet rising Navy submarine demand.
5. Budget delays and government shutdowns. Congress funds contracts one fiscal year at a time, even when the work runs for years. Late budgets, shutdowns or continuing resolutions (stopgap bills that hold spending at prior-year levels) can delay funding and new awards.
6. Contract cancellations and government audits. The government can end contracts "for convenience," usually paying costs incurred plus a share of fees. Routine audits can delay payments. Allegations of wrongdoing could bring fines or suspension from government work.

• Oct 30, 2026 Quarterly results released
• Oct 8, 2026 Executive or board change
• Aug 7, 2026 Executive or board change
• Aug 4, 2026 Other company announcement
• Jul 29, 2026 Quarterly results released
• May 11, 2026 Shareholder vote results
• Apr 29, 2026 Quarterly results released
• Jan 28, 2026 Quarterly results released
• Dec 5, 2025 Executive or board change

General Dynamics has raised its dividend for at least 9 consecutive years through FY2025, and the true streak may be longer. Dividends per share grew from $4.31 in 2020 to $5.85 in 2025, about 6.3% a year. In 2025 the dividend used about 38% of earnings and 40% of free cash flow (cash left after capital spending). From 2021 through 2025 the company paid $7.2 billion in dividends and spent $5.6 billion on buybacks. The share count fell about 3% from October 2021 to July 2026. The yield was 1.77% as of October 28, 2026.

The stock has not escaped crashes. It fell 61% from its August 2008 peak to March 2009 and took about 52 months to recover. In the 2020 COVID crash it dropped 43% and recovered in about 12 months. In 2022 it rose 10% between the market's January peak and October low. Single stocks carry more risk than diversified funds.