General Dynamics(US:GD)2026-01-30 18:14Revenue 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]