General Dynamics(US:GD)2026-01-28 12:59Financial Performance - Fourth-quarter net earnings were $1.1 billion, with diluted EPS of $4.17 on revenue of $14.4 billion, representing a 7.8% increase from the previous year[5]. - For the full year, net earnings reached $4.2 billion, up 11.3% from 2024, on revenue of $52.6 billion, which is a 10.1% increase[2]. - Operating earnings for the full year were $5.4 billion, an 11.7% increase from 2024[15]. - Net earnings for 2025 were $4,210 million, up from $3,782 million in 2024, representing an increase of 11.3%[26]. - Revenue for Q4 2025 was $3,788 million, slightly up from $3,743 million in Q4 2024[48]. - Total revenue for the twelve months of 2025 was $13,110 million, compared to $11,249 million in 2024[48]. Cash Flow and Liquidity - The company reported a cash flow from operating activities of $1.6 billion in the fourth quarter, equating to 137% of net earnings[4]. - The company ended 2025 with $2.3 billion in cash and equivalents, having reduced total debt by $749 million during the year[4]. - Cash and equivalents at the end of 2025 rose to $2,333 million, compared to $1,697 million at the end of 2024, marking a 37.5% increase[26]. - The company reported a free cash flow of $3,959 million for 2025, an increase from $3,196 million in 2024, which is a growth of 24%[30]. Capital Expenditures and Investments - Capital expenditures for the year totaled $1.2 billion, reflecting a 27% increase from 2024[5]. - Capital expenditures for 2025 were $1,161 million, up from $916 million in 2024, representing a 26.7% increase[26]. Debt and Equity - The debt-to-equity ratio improved to 31.3% in 2025 from 39.7% in 2024, indicating a stronger equity position[29]. - Return on invested capital (ROIC) improved to 14.2% in 2025 from 13.2% in 2024, indicating enhanced efficiency in capital utilization[30]. Backlog and Orders - The consolidated book-to-bill ratio was 1.6 for the quarter and 1.5 for the full year, with a backlog of $118 billion at year-end[6]. - Total backlog reached $118,046 million in the fourth quarter of 2025, compared to $90,597 million in the fourth quarter of 2024, reflecting a 30.3% increase[34]. - Aerospace orders reached $5,075 million in Q4 2025, up from $3,814 million in Q4 2024[48]. - The company reported a significant increase in total orders for the twelve months, rising to $15,492 million from $11,278 million in 2024[48]. Segment Performance - Revenue from the Aerospace segment for the year was $13.1 billion, a 16.5% increase from 2024[19]. - Marine Systems revenue increased by 16.6% to $16.7 billion for the year[19]. Asset Growth - Total assets increased to $57,249 million in 2025 from $55,880 million in 2024, reflecting a growth of 2.5%[23]. - The company’s retained earnings increased to $44,080 million in 2025 from $41,487 million in 2024, a rise of 6.3%[23]. - Book value per share increased to $94.76 in 2025 from $81.61 in 2024, reflecting a growth of 16%[29]. Aircraft Deliveries - Gulfstream delivered a total of 45 aircraft in Q4 2025, a decrease from 47 in Q4 2024[48]. - Large-cabin aircraft deliveries were 41 units in Q4 2025, compared to 42 units in Q4 2024[48]. - Mid-cabin aircraft deliveries totaled 4 units in Q4 2025, down from 5 units in Q4 2024[48]. - Total aircraft deliveries for the twelve months of 2025 were 158, an increase from 136 in 2024[48].