If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.General Dynamics Corporation (NYSE: GD ) reported its fourth quarter and full-year results, which included pressure in the aerospace business and variable growth in other segments. The stock price has lost around 1% of its value since my last repor ...

Core Viewpoint - General Dynamics Corporation reported challenges in its aerospace business and variable growth across other segments, with the stock price declining approximately 1% since the last report [2]. Group 1: Company Performance - General Dynamics Corporation's fourth quarter and full-year results highlighted pressure in the aerospace sector [2]. - The company experienced variable growth in its other business segments, indicating mixed performance across its portfolio [2]. Group 2: Analyst Insights - The analysis is provided by an aerospace, defense, and airline analyst with a background in aerospace engineering, focusing on identifying investment opportunities within the industry [2]. - The analyst emphasizes the importance of data-informed analysis to understand the complex industry dynamics and their impact on investment theses [2].

Revenue Performance - Aerospace segment revenue was $13,110 million in 2025, up from $11,249 million in 2024 and $8,621 million in 2023, representing 25% of consolidated revenue in 2025[36] - Marine Systems segment revenue reached $16,723 million in 2025, compared to $14,343 million in 2024 and $12,461 million in 2023, accounting for 32% of consolidated revenue in 2025[50] - Revenue for the Combat Systems segment was $9,246 million in 2025, representing 17% of consolidated revenue, a decrease from 20% in 2023[67] - The Technologies segment generated $13,471 million in revenue in 2025, accounting for 26% of consolidated revenue, down from 31% in 2023[83] - U.S. commercial revenue was $7.6 billion in 2025, representing 15% of consolidated revenue, an increase from $5.8 billion in 2023[89] - Revenue from non-U.S. government and commercial customers was $9.2 billion in 2025, maintaining 17% of consolidated revenue[90] Defense and Aerospace Programs - Gulfstream's G800, the longest-range aircraft, offers an 8,200-nautical-mile range at Mach 0.85, entering service in 2025[22] - The Columbia-class submarine program, valued at over $125 billion, is a 12-boat program with the first delivery expected in 2028[41] - The Virginia-class submarine program has 14 submarines in backlog scheduled for delivery through 2034, with Block V including an additional 84-foot hull section to enhance strike capacity[42] - The Advanced Reconnaissance Vehicle (ARV) program for the U.S. Marine Corps is expected to move to the engineering and manufacturing development phase in 2026[58] - The company is producing 515 new LAVs for the Canadian army in nine variants, including ambulances and command posts[60] Investments and Expansion - Jet Aviation expanded its global footprint by acquiring an FBO at Paris - Le Bourget Airport in 2025, enhancing its capabilities in Europe[32] - The Marine Systems segment has made substantial investments to expand facilities and workforce to meet increased demand for submarines and surface ships over the next two decades[39] Workforce and Employment - The company hired over 18,700 individuals in 2025, with a workforce of approximately 117,000 employees[107] - The company’s global workforce is 77% male and 23% female, with senior leadership teams represented by 76% males and 24% females[107] Government Contracts and Revenue - U.S. government revenue reached $35.757 billion in 2025, accounting for 68% of total revenue, up from 72% in 2023[86] - Fixed-price contracts comprised 51% of U.S. government revenue in 2025, while cost-reimbursement contracts accounted for 44%[88] - The company’s U.S. government contracts are governed by the Federal Acquisition Regulation (FAR) and are subject to audits and reviews[106] Supply Chain and Compliance - The company relies on suppliers for raw materials, and disruptions in supply could adversely affect its ability to meet customer commitments[105] - The company is subject to various environmental laws and regulations, which could impact future compliance costs[111] Financial Instruments and Risks - As of December 31, 2025, the company had notional forward exchange contracts outstanding of $8.5 billion, compared to $6.2 billion on December 31, 2024[273] - A 10% unfavorable rate movement in the portfolio of forward exchange contracts would result in recognized pretax losses of $68 million for 2025 and $36 million for 2024, with unrecognized losses of $498 million and $180 million respectively[273] - The company had $8 billion principal amount of fixed-rate debt as of December 31, 2025, which is not putable and not traded in the market[274] - A 10% unfavorable interest rate movement would not have a material impact on the fair value of the company's fixed-rate debt[274] Product Performance - Gulfstream's aircraft hold over 350 city-pair speed records, more than any other business jet manufacturer, showcasing its leadership in performance[21] - The installed base for the Abrams Main Battle Tank is 4,511 units across 10 countries, with a backlog of 330 units scheduled for delivery by 2028[64] - The Stryker Wheeled Vehicle has an installed base of 4,313 units in 5 countries, with a backlog of 382 units also set for delivery by 2028[64] - The PANDUR/PIRANHA armored vehicle has an installed base of 7,467 units in 29 countries, with a significant backlog of 907 units expected to be delivered by 2032[64] - Gulfstream's aircraft manufacturing revenue was $9,413 million in 2025, a significant increase from $7,811 million in 2024 and $5,710 million in 2023[37] - The G500 and G600 aircraft, introduced in 2018 and 2019 respectively, replaced older models and have an installed base of over 1,650 aircraft globally[25]

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26 January 2026 Global Aerospace & Defense US Defense: Land of Confusion? Answers - but, more questions; And Q4 preview Douglas S. Harned, Ph.D. +1 917 344 8430 douglas.harned@bernsteinsg.com Adrien Rabier +44 20 7676 6820 adrien.rabier@bernsteinsg.com Jennifer Ma +1 917 344 8408 jennifer.ma@bernsteinsg.com Specialist Sales Steve Song +1 917 344 8401 steve.song@bernsteinsg.com US defense stocks outperformed during the first three weeks of 2026, as geopolitical tensions rose and President Trump reiterated hi ...

Novakovic characterized demand in the quarter as “strong…bordering on exceptional,” citing an Aerospace book-to-bill of 1.3x and Gulfstream aircraft book-to-bill of 1.4x , even as deliveries increased. She said the introduction and performance of the G700 and G800 in customer hands helped drive demand, and that interest was improving across models and geographies.For the year, Aerospace revenue reached $13.1 billion , up 16.5% from 2024, driven in large part by deliveries of 158 new aircraft (22 more than t ...

Key Takeaways GD posted Q4 EPS of $4.17, beating estimates and rising year over year.GD saw Q4 revenues climb 7.8% to $14.38B, driven by growth in three of its four business segments.GD's Marine Systems revenues surged 21.7% with operating earnings jumping 72.5% from the prior-year quarter.General Dynamics Corporation (GD) reported fourth-quarter 2025 earnings per share (EPS) of $4.17, which beat the Zacks Consensus Estimate of $4.11 by 1.5%. The bottom line also increased 0.5% from $4.15 recorded in the ye ...

While the earning numbers are very good on a standalone, they do not compare favorably to a standout fourth quarter in the prior year aided by a number of discrete positive items that were significant increments to earnings. However, the sequential numbers are very positive with a 17.1% increase in revenue, coupled with an 11.9% increase in operating earnings. Importantly, for the year, Aerospace revenue of $13.1 billion is 16.5% greater than 2024. This is on top of a 30.5% growth in 2024 over 2023. Revenue ...

General Dynamics (NYSE:GD) Q4 2025 Earnings call January 28, 2026 09:00 AM ET Company ParticipantsDanny Deep - PresidentKimberly Kuryea - CFONicole Shelton - Head of Investor RelationsPhebe Novakovic - Chairman and CEOConference Call ParticipantsAndre Madrid - AnalystDouglas Harned - AnalystGautam Khanna - AnalystJohn Good - AnalystMatthew Akers - AnalystMyles Walton - AnalystRobert Stallard - AnalystRonald Epstein - AnalystScott Deuschle - AnalystSeth Seifman - AnalystSheila Kahyaoglu - AnalystOperatorGood ...