Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
Electric Boat is the prime contractor and lead shipyard on all Navy nuclear-powered submarine programs.
Business / Marine Systems / Electric Boat program role · Dépôt 30/01/2026
The business is responsible for all aspects of design and engineering and leads the construction of both Columbia-class ballistic-missile submarines and Virginia-class attack submarines.
Business / Marine Systems / submarine design and construction · Dépôt 30/01/2026
Our Marine Systems segment has one primary competitor with which it also partners on the Virginia-class submarine program, and to which it subcontracts on the Columbia-class submarine program.
Business / competition / Marine Systems · Dépôt 30/01/2026
Electric Boat is the prime contractor and lead shipyard on all Navy nuclear-powered submarine programs.
2023 Business / Electric Boat program role · Dépôt 08/02/2024
Construction is scheduled to span two decades, and the value of the Navy’s program of record is in excess of $125 billion.
Business / Columbia-class planned construction duration · Dépôt 30/01/2026
The increased demand has placed pressure on the shipbuilding industrial base, which was already impacted by significant demographic issues coming out of the global pandemic.
MD&A / shipbuilding industrial-base pressure · Dépôt 29/07/2026
These submarines will provide strategic deterrent capabilities for decades, with the first boat scheduled for delivery in 2027 to begin replacement of the current Ohio-class ballistic-missile submarine fleet as it reaches the end of its service life.
2023 Business / Columbia-class delivery schedule · Dépôt 08/02/2024
These submarines will provide strategic deterrent capabilities for decades, with the first boat expected to deliver in 2028 to begin replacement of the current Ohio-class ballistic-missile submarine fleet as it reaches the end of its service life.
2025 Business / Columbia-class delivery expectation · Dépôt 30/01/2026
government contracts, and it may use or authorize others to use the inventions covered by these patents.
Business / intellectual property / government use rights · Dépôt 30/01/2026
In 2025, we were competitively awarded construction of an additional DDG-51 destroyer (DDG-148), bringing our total backlog to 11 ships with scheduled deliveries through 2032.
Business / Marine Systems / competitive destroyer award and backlog · Dépôt 30/01/2026
BIW also manages modernization and lifecycle support for both Arleigh Burke-class and Zumwalt-class (DDG-1000) destroyers.
Business / Marine Systems / modernization and lifecycle support · Dépôt 30/01/2026
In 2025, NASSCO received an award for the eleventh and twelfth T-AO-205 ships.
Business / Marine Systems / additional replenishment-oiler award · Dépôt 30/01/2026
U.S. government contracts generally permit the government to terminate a contract, in whole or in part, for convenience.
Risk factors / government termination for convenience · Dépôt 30/01/2026
The unfunded portion of total backlog includes the amounts we believe are likely to be funded, but there is no guarantee that future budgets and appropriations will provide the same funding level currently anticipated for a given program.
MD&A / defense backlog / unfunded commitments · Dépôt 29/07/2026
Revenue from U.S. military vehicles decreased in 2025 due primarily to the termination of the M10 Booker program and lower volume on Stryker programs, partially offset by higher volume on the XM30 program.
MD&A / Combat Systems / realized program termination and lower volume · Dépôt 30/01/2026
The Aerospace segment competes worldwide in the business jet aircraft services market primarily on the basis of quality, price and timeliness.
Business / Aerospace services competition · Dépôt 30/01/2026
Aircraft services revenue was higher in 2025 due to increased customer demand for aircraft maintenance based on established maintenance cycles, a larger installed base and customer flight activity.
MD&A / Aerospace / maintenance demand and installed base · Dépôt 30/01/2026
Aircraft services revenue was up in the second quarter and first six months of 2026 due primarily to higher fixed-base operator (FBO) activity and increased customer demand for aircraft maintenance.
MD&A / Aerospace / realized maintenance and FBO demand · Dépôt 29/07/2026
The segment achieved a book-to-bill ratio (orders divided by revenue) of 1.5-to-1 in the second quarter of 2026 and 1.3-to-1 in the first six months, even as revenue grew more than 10% in each period.
MD&A / Aerospace / 2026 book-to-bill results · Dépôt 29/07/2026
Aerospace funded backlog represents primarily new aircraft orders for which we have definitive purchase contracts and deposits from customers.
MD&A / Aerospace / definitive purchase contracts and deposits · Dépôt 29/07/2026
AEROSPACE Three Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 3,525 $ 3,062 $ 463 15.1 % Operating earnings 510 403 107 26.6 % Operating margin 14.5 % 13.2 % Gulfstream aircraft deliveries (in units) 41 38 3 7.9 % Six Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 6,804 $ 6,088 $ 716 11.8 % Operating earnings 1,003 835 168 20.1 % Operating margin 14.7 % 13.7 % Gulfstream aircraft deliveries (in units) 79 74 5 6.8 % Operating Results The increase in the Aerospace segment’s revenue in the second quarter and first six months of 2026 consisted of the following: Second Quarter Six Months Aircraft manufacturing $ 338 $ 481 Aircraft services 125 235 Total increase $ 463 $ 716 Aircraft manufacturing revenue increased in the second quarter and first six months of 2026 due primarily to the number and mix of aircraft deliveries.
MD&A / Aerospace / revenue, deliveries, earnings and margin results · Dépôt 29/07/2026
The increase in the segment’s operating earnings in the second quarter and first six months of 2026 consisted of the following: Second Quarter Six Months Aircraft manufacturing $ 99 $ 148 Aircraft services 32 60 G&A/other expenses (24) (40) Total increase $ 107 $ 168 Aircraft manufacturing operating earnings increased in the second quarter and first six months of 2026 due primarily to increased deliveries and aircraft mix.
MD&A / Aerospace / earnings drivers · Dépôt 29/07/2026
OPERATING MARGIN Operating margin of 10.2% was up 10 basis points over 2024.
Compensation discussion / 2025 company operating-margin result · Dépôt 27/03/2026
Eight of our 10 business units achieved improved operating performance versus 2024 despite tariff and inflationary cost pressures, underscoring effective cost management and disciplined execution across the portfolio.
Compensation discussion / business-unit performance under cost pressure · Dépôt 27/03/2026
Overall, the segment’s margin decreased 10 basis points compared with 2024.
MD&A / Technologies / realized margin decline · Dépôt 30/01/2026
Most of our production contracts are fixed-price.
Financial statement notes / production contract pricing · Dépôt 29/07/2026
Under these contracts, we agree to perform a specific scope of work for a fixed amount.
Financial statement notes / fixed-price scope and amount · Dépôt 29/07/2026
Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee.
Financial statement notes / cost reimbursement and fees · Dépôt 29/07/2026
The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance.
Financial statement notes / performance-dependent fees · Dépôt 29/07/2026
Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Financial statement notes / fixed hourly rates and materials reimbursement · Dépôt 29/07/2026
54 CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31 (Dollars in millions) 2025 2024 2023 Cash flows from operating activities – continuing operations: Net earnings $ 4,210 $ 3,782 $ 3,315 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation of property, plant and equipment 680 644 608 Amortization of intangible and finance lease right-of-use assets 244 242 255 Equity-based compensation expense 196 183 181 Deferred income tax provision (benefit) 256 (86) (177) (Increase) decrease in assets, net of effects of business acquisitions: Accounts receivable 556 16 38 Unbilled receivables (146) (261) 913 Inventories 450 (1,195) (2,219) Increase (decrease) in liabilities, net of effects of business acquisitions: Accounts payable (664) 247 (303) Customer advances and deposits (4) 343 2,415 Other, net (658) 197 (316) Net cash provided by operating activities 5,120 4,112 4,710 Cash flows from investing activities: Capital expenditures (1,161) (916) (904) Other, net (123) (37) (37) Net cash used by investing activities (1,284) (953) (941) Cash flows from financing activities: Dividends paid (1,593) (1,529) (1,428) Repayment of fixed-rate notes (1,500) (500) (1,250) Proceeds from fixed-rate notes 747 — — Purchases of common stock (637) (1,501) (434) Other, net (207) 161 18 Net cash used by financing activities (3,190) (3,369) (3,094) Net cash used by discontinued operations (10) (6) (4) Net increase (decrease) in cash and equivalents 636 (216) 671 Cash and equivalents at beginning of year 1,697 1,913 1,242 Cash and equivalents at end of year $ 2,333 $ 1,697 $ 1,913 The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
Consolidated statement of cash flows / 2023–2025 · Dépôt 30/01/2026
6 CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Six Months Ended (Dollars in millions) July 5, 2026 June 29, 2025 Cash flows from operating activities – continuing operations: Net earnings $ 2,285 $ 2,008 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation of property, plant and equipment 348 325 Amortization of intangible and finance lease right-of-use assets 115 121 Equity-based compensation expense 107 89 Deferred income tax provision (benefit) 365 (98) (Increase) decrease in assets, net of effects of business acquisitions: Accounts receivable 8 (612) Unbilled receivables (846) (200) Inventories 135 (207) Increase (decrease) in liabilities, net of effects of business acquisitions: Accounts payable 196 (261) Customer advances and deposits 1,168 106 Other, net 154 179 Net cash provided by operating activities 4,035 1,450 Cash flows from investing activities: Capital expenditures (437) (340) Other, net 13 124 Net cash used by investing activities (424) (216) Cash flows from financing activities: Dividends paid (834) (785) Repayment of fixed-rate notes (500) (1,500) Purchases of common stock (319) (600) Proceeds from commercial paper, net — 696 Proceeds from fixed-rate notes — 747 Other, net 48 39 Net cash used by financing activities (1,605) (1,403) Net cash used by discontinued operations (6) (5) Net increase (decrease) in cash and equivalents 2,000 (174) Cash and equivalents at beginning of period 2,333 1,697 Cash and equivalents at end of period $ 4,333 $ 1,523 Supplemental cash flow information: Income tax payments, net $ (273) $ (236) Interest payments $ (149) $ (203) The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.
Unaudited consolidated statement of cash flows / first half 2026 · Dépôt 29/07/2026
In June 2026, we repaid fixed-rate notes of $500 at the scheduled maturity using cash on hand.
MD&A / financing / completed debt repayment · Dépôt 29/07/2026
ROIC is calculated as follows: (dollars in millions, except percentages) Year Ended December 31 2025 2024 2023 Net earnings $ 4,210 $ 3,782 $ 3,315 After-tax interest expense 318 310 315 After-tax amortization expense 193 191 201 Net operating profit after taxes 4,721 4,283 3,831 Average invested capital 33,212 32,451 31,258 ROIC 14.2% 13.2% 12.3% GENERAL DYNAMICS / 2026 PROXY STATEMENT 97 Table of Contents Table of Contents Table of Contents
Appendix A / reported ROIC calculation and historical results · Dépôt 27/03/2026
● The annual incentive was formulaic and based on three financial metrics of EPS (25%), FCF (25%) and operating margin (20%), as well as overall and individual strategic and operational performance (30%).
Compensation discussion / actual 2025 annual incentive structure · Dépôt 27/03/2026
PSU GRANT PERFORMANCE AND PAYOUT 2023 – 2025 PSU Performance ROIC – In March 2026, the Committee certified the three-year ROIC achievement of 13.2% for PSUs granted in 2023, against the target of 12.6% established for the 2023 – 2025 performance period.
Compensation discussion / certified 2023–2025 PSU performance · Dépôt 27/03/2026
For the year ended December 31, 2025, the total number of shares owned by our CEO and other officers represented 27.7 times their combined annual salaries.
Compensation discussion / actual executive share ownership · Dépôt 27/03/2026
Similarly, net shares received upon vesting of PSUs and restricted stock (after withholding taxes) may not be sold until the stock ownership guidelines are met.
Compensation discussion / share holding requirements · Dépôt 27/03/2026
All of our Board committees are chaired by independent directors and are 100% independent.
Proxy summary / independent Board committees · Dépôt 27/03/2026
Schumacher, among other things: ● Approved in advance the full agenda for each Board meeting and each Board committee meeting, and proposed topics of discussion; ● Oversaw performance assessments, including the Board self-assessment and CEO compensation review; ● Attended all Board meetings and all meetings of Board committees on which she served; ● Chaired meetings of non-management directors; ● Regularly met with the chairman regarding topics relevant to the Board; ● Facilitated regular communication among the directors and the chairman; and ● Participated and assisted in the identification and assessment of potential director candidates.
Governance / Lead Director activities · Dépôt 27/03/2026
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Independent auditor report / internal control opinion · Dépôt 30/01/2026
We recently determined that up to approximately 300,000 shares of the company’s common stock were offered and sold to participants in the General Dynamics Corporation 401(k) Plan 3.0 (the “3.0 Plan”), the General Dynamics Corporation 401(k) Plan 6.0 (the “6.0 Plan”), and the General Dynamics Corporation 401(k) Plan for Represented Employees (the “Represented Employees Plan” and, together with the 3.0 Plan, and the 6.0 Plan, collectively, the “Plans”), without being registered under the Securities Act of 1933.
Other information / unregistered employee-plan share sales · Dépôt 29/07/2026
On July 1, 2026, we filed a Registration Statement on Form S-8 registering future sales of shares under the Plans and the General Dynamics Corporation 401(k) QACA Plan.
Other information / registration of future employee-plan share sales · Dépôt 29/07/2026
The target was set 60 basis points lower than the 2024 target due to the supply chain schedule and cost increases that materialized throughout 2024 mentioned above.
Compensation discussion / lowered target following realized supply-chain cost and schedule increases · Dépôt 27/03/2026
Our ability to produce new aircraft is dependent on our supply chain, and while performance has improved and the overall supply chain has stabilized, we have experienced some delays including at our Israel-based supplier of mid-cabin airframes caused by conflicts in the Middle East.
MD&A / Aerospace / realized supplier delays · Dépôt 29/07/2026
Supported the ramp up and attainment of 36,000 155mm artillery rounds per month of projectiles in our Northeast Pennsylvania facility, exceeding contract requirements.
Compensation discussion / artillery production achievement · Dépôt 27/03/2026
and non-U.S. businesses. Our Technologies segment competes with many companies, from large government contracting and commercial technology companies to small niche competitors with specialized technologies or expertise.
Business / Combat Systems and Technologies competition · Dépôt 30/01/2026
AEROSPACE Three Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 3,525 $ 3,062 $ 463 15.1 % Operating earnings 510 403 107 26.6 % Operating margin 14.5 % 13.2 % Gulfstream aircraft deliveries (in units) 41 38 3 7.9 % Six Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 6,804 $ 6,088 $ 716 11.8 % Operating earnings 1,003 835 168 20.1 % Operating margin 14.7 % 13.7 % Gulfstream aircraft deliveries (in units) 79 74 5 6.8 % Operating Results The increase in the Aerospace segment’s revenue in the second quarter and first six months of 2026 consisted of the following: Second Quarter Six Months Aircraft manufacturing $ 338 $ 481 Aircraft services 125 235 Total increase $ 463 $ 716 Aircraft manufacturing revenue increased in the second quarter and first six months of 2026 due primarily to the number and mix of aircraft deliveries.
MD&A — Aerospace — Operating Results · Dépôt 29/07/2026
In total, the Aerospace segment’s operating margin increased 130 basis points in the second quarter and 100 basis points in the first six months of 2026 compared with the prior-year periods due to improved operating performance.
MD&A — Aerospace — Operating Results · Dépôt 29/07/2026
Because costs are used as a measure of progress, year-over-year variances in costs result in corresponding variances in revenue, which we generally refer to as volume.
MD&A — Results of Operations — Introduction · Dépôt 29/07/2026
AEROSPACE Three Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 3,525 $ 3,062 $ 463 15.1 % Operating earnings 510 403 107 26.6 % Operating margin 14.5 % 13.2 % Gulfstream aircraft deliveries (in units) 41 38 3 7.9 % Six Months Ended July 5, 2026 June 29, 2025 Variance Revenue $ 6,804 $ 6,088 $ 716 11.8 % Operating earnings 1,003 835 168 20.1 % Operating margin 14.7 % 13.7 % Gulfstream aircraft deliveries (in units) 79 74 5 6.8 % Operating Results The increase in the Aerospace segment’s revenue in the second quarter and first six months of 2026 consisted of the following: Second Quarter Six Months Aircraft manufacturing $ 338 $ 481 Aircraft services 125 235 Total increase $ 463 $ 716 Aircraft manufacturing revenue increased in the second quarter and first six months of 2026 due primarily to the number and mix of aircraft deliveries.
Aerospace—2026 second-quarter and six-month operating results; aircraft manufacturing revenue drivers · Dépôt 29/07/2026
The increase in the segment’s operating earnings in the second quarter and first six months of 2026 consisted of the following: Second Quarter Six Months Aircraft manufacturing $ 99 $ 148 Aircraft services 32 60 G&A/other expenses (24) (40) Total increase $ 107 $ 168 Aircraft manufacturing operating earnings increased in the second quarter and first six months of 2026 due primarily to increased deliveries and aircraft mix.
Aerospace—aircraft manufacturing operating earnings drivers · Dépôt 29/07/2026
In total, the Aerospace segment’s operating margin increased 130 basis points in the second quarter and 100 basis points in the first six months of 2026 compared with the prior-year periods due to improved operating performance.
Aerospace—operating margin improvement explanation · Dépôt 29/07/2026
