UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 23, 2025 (July 23, 2025)

Commission File Number 1-3671

GENERAL DYNAMICS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			13-1673581
State or other jurisdiction of incorporation or organization			I.R.S. Employer Identification No.
11011 Sunset Hills Road	Reston,	Virginia	20190
Address of principal executive offices			Zip code

(703) 876-3000

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	GD	New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company		☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02    Results of Operations and Financial Condition

On July 23, 2025, General Dynamics announced its financial results for the quarter ended June 29, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.

Item 9.01    Financial Statements and Exhibits

(d)     Exhibits (furnished only)

99.1	General Dynamics press release datedJuly 23, 2025, with respect to the company’s financial results for the quarter endedJune 29, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GENERAL DYNAMICS CORPORATION
	by	/s/ William A. Moss
		William A. Moss<br>Vice President and Controller<br>(Authorized Officer and Chief Accounting Officer)
Dated: July 23, 2025

Document

Exhibit 99.1

11011 Sunset Hills Road
Reston, Virginia 20190	News
www.gd.com

Contact: Jeff A. Davis

Tel: 703 876 3483

press@generaldynamics.com

General Dynamics Reports Second-Quarter 2025 Financial Results

July 23, 2025

•Revenue $13 billion, up 8.9% from year-ago quarter

•Diluted EPS $3.74, up 14.7% from year-ago quarter

•$1.6 billion cash from operating activities, 158% of net earnings

•Very strong order activity in Marine and Aerospace segments

RESTON, Va. – General Dynamics (NYSE: GD) today reported second-quarter 2025 operating earnings of $1.3 billion, or $3.74 per diluted share (EPS), on revenue of $13 billion. Compared with the year-ago quarter, revenue increased 8.9%, operating earnings increased 12.9%, and diluted EPS increased 14.7%. Operating margin of 10.0% was a 30-basis-point expansion from the year-ago quarter.

“During the first half of the year, each of our four segments achieved growth in revenue and earnings, with margins on a companywide basis expanding 50 basis points over the same period last year,” said Phebe Novakovic, chairman and chief executive officer. “Our strong cash flow and healthy backlog position us well to have a good second half.”

Cash and Capital Deployment

Net cash provided by operating activities in the quarter totaled $1.6 billion, or 158% of net earnings. During the quarter, the company paid $402 million in dividends, invested $198 million in capital expenditures, and reduced total debt by $897 million. The company ended the quarter with $8.7 billion in total debt and $1.5 billion in cash and equivalents on hand.

Orders and Backlog

Consolidated book-to-bill ratio, defined as orders divided by revenue, was 2.2-to-1 for the quarter. Book-to-bill was 2.4-to-1 for the defense segments and 1.3-to-1 for the aerospace segment. On a companywide basis, orders totaled $28.3 billion. Backlog at the end of the quarter was $103.7 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $57.5 billion. Total estimated contract value, the sum of all backlog components, was $161.2 billion.

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About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its second-quarter 2025 financial results conference call at 9 a.m. EDT on Wednesday, July 23, 2025. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through July 30, 2025, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its financial results are available at www.gd.com.

This press release contains forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

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EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

	Three Months Ended				Variance
	June 29, 2025		June 30, 2024			%
Revenue	$	13,041	$	11,976		8.9	%
Operating costs and expenses	(11,736)		(10,820)		(916)
Operating earnings	1,305		1,156		149	12.9	%
Other, net	15		18		(3)
Interest, net	(88)		(84)		(4)
Earnings before income tax	1,232		1,090		142	13.0	%
Provision for income tax, net	(218)		(185)		(33)
Net earnings	$	1,014	$	905		12.0	%
Earnings per share—basic	$	3.78	$	3.30		14.5	%
Basic weighted average shares outstanding	268.1		274.1
Earnings per share—diluted	$	3.74	$	3.26		14.7	%
Diluted weighted average shares outstanding	270.9		277.7

All values are in US Dollars.

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EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

	Six Months Ended				Variance
	June 29, 2025		June 30, 2024			%
Revenue	$	25,264	$	22,707		11.3	%
Operating costs and expenses	(22,691)		(20,515)		(2,176)
Operating earnings	2,573		2,192		381	17.4	%
Other, net	36		32		4
Interest, net	(177)		(166)		(11)
Earnings before income tax	2,432		2,058		374	18.2	%
Provision for income tax, net	(424)		(354)		(70)
Net earnings	$	2,008	$	1,704		17.8	%
Earnings per share—basic	$	7.48	$	6.22		20.3	%
Basic weighted average shares outstanding	268.6		273.8
Earnings per share—diluted	$	7.40	$	6.14		20.5	%
Diluted weighted average shares outstanding	271.3		277.4

All values are in US Dollars.

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EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

	Three Months Ended						Variance
	June 29, 2025			June 30, 2024				%
Revenue:
Aerospace	$	3,062		$	2,940			4.1	%
Marine Systems	4,220			3,453			767	22.2	%
Combat Systems	2,283			2,288			(5)	(0.2)	%
Technologies	3,476			3,295			181	5.5	%
Total	$	13,041		$	11,976			8.9	%
Operating earnings:
Aerospace	$	403		$	319			26.3	%
Marine Systems	291			245			46	18.8	%
Combat Systems	324			313			11	3.5	%
Technologies	332			320			12	3.8	%
Corporate	(45)			(41)			(4)	(9.8)	%
Total	$	1,305		$	1,156			12.9	%
Operating margin:
Aerospace	13.2		%	10.9		%
Marine Systems	6.9		%	7.1		%
Combat Systems	14.2		%	13.7		%
Technologies	9.6		%	9.7		%
Total	10.0		%	9.7		%

All values are in US Dollars.

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EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

	Six Months Ended						Variance
	June 29, 2025			June 30, 2024				%
Revenue:
Aerospace	$	6,088		$	5,024			21.2	%
Marine Systems	7,809			6,784			1,025	15.1	%
Combat Systems	4,459			4,390			69	1.6	%
Technologies	6,908			6,509			399	6.1	%
Total	$	25,264		$	22,707			11.3	%
Operating earnings:
Aerospace	$	835		$	574			45.5	%
Marine Systems	541			477			64	13.4	%
Combat Systems	615			595			20	3.4	%
Technologies	660			615			45	7.3	%
Corporate	(78)			(69)			(9)	(13.0)	%
Total	$	2,573		$	2,192			17.4	%
Operating margin:
Aerospace	13.7		%	11.4		%
Marine Systems	6.9		%	7.0		%
Combat Systems	13.8		%	13.6		%
Technologies	9.6		%	9.4		%
Total	10.2		%	9.7		%

All values are in US Dollars.

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EXHIBIT E

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

	(Unaudited)
	June 29, 2025		December 31, 2024
ASSETS
Current assets:
Cash and equivalents	$	1,523	$	1,697
Accounts receivable	3,613		2,977
Unbilled receivables	8,412		8,248
Inventories	9,889		9,724
Other current assets	1,629		1,740
Total current assets	25,066		24,386
Noncurrent assets:
Property, plant and equipment, net	6,556		6,467
Intangible assets, net	1,437		1,520
Goodwill	20,876		20,556
Other assets	2,953		2,951
Total noncurrent assets	31,822		31,494
Total assets	$	56,888	$	55,880
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,204	$	1,502
Accounts payable	3,078		3,344
Customer advances and deposits	10,678		9,491
Other current liabilities	3,419		3,487
Total current liabilities	18,379		17,824
Noncurrent liabilities:
Long-term debt	7,508		7,260
Other liabilities	7,421		8,733
Total noncurrent liabilities	14,929		15,993
Shareholders’ equity:
Common stock	482		482
Surplus	4,173		4,062
Retained earnings	42,695		41,487
Treasury stock	(22,975)		(22,450)
Accumulated other comprehensive loss	(795)		(1,518)
Total shareholders’ equity	23,580		22,063
Total liabilities and shareholders’ equity	$	56,888	$	55,880

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EXHIBIT F

CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

DOLLARS IN MILLIONS

	Six Months Ended
	June 29, 2025		June 30, 2024
Cash flows from operating activities—continuing operations:
Net earnings	$	2,008	$	1,704
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	325		311
Amortization of intangible and finance lease right-of-use assets	121		117
Equity-based compensation expense	89		87
Deferred income tax benefit	(98)		(90)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(612)		(158)
Unbilled receivables	(200)		(601)
Inventories	(207)		(1,152)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(261)		(125)
Customer advances and deposits	106		169
Other, net	179		274
Net cash provided by operating activities	1,450		536
Cash flows from investing activities:
Capital expenditures	(340)		(360)
Other, net	124		53
Net cash used by investing activities	(216)		(307)
Cash flows from financing activities:
Repayment of fixed-rate notes	(1,500)		—
Proceeds from fixed-rate notes	747		—
Proceeds from commercial paper, net	696		—
Dividends paid	(785)		(750)
Purchases of common stock	(600)		(139)
Other, net	39		111
Net cash used by financing activities	(1,403)		(778)
Net cash used by discontinued operations	(5)		(2)
Net decrease in cash and equivalents	(174)		(551)
Cash and equivalents at beginning of period	1,697		1,913
Cash and equivalents at end of period	$	1,523	$	1,362

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EXHIBIT G

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Other Financial Information:
	June 29, 2025			December 31, 2024
Debt-to-equity (a)	36.9		%	39.7		%
Book value per share (b)	$	87.66		$	81.61
Shares outstanding	268,993,342			270,340,502
	Second Quarter						Six Months
	2025			2024			2025			2024
Income tax (payments) refunds, net	$	(202)		$	81		$	(236)		$	48
Company-sponsored research and development (c)	$	119		$	147		$	220		$	284
Return on sales (d)	7.8		%	7.6		%	7.9		%	7.5		%
Non-GAAP Financial Measures:
	Second Quarter						Six Months
	2025			2024			2025			2024
Free cash flow:
Net cash provided by operating activities	$	1,598		$	814		$	1,450		$	536
Capital expenditures	(198)			(201)			(340)			(360)
Free cash flow (e)	$	1,400		$	613		$	1,110		$	176
	June 29, 2025			December 31, 2024
Net debt:
Total debt	$	8,712		$	8,762
Less cash and equivalents	1,523			1,697
Net debt (f)	$	7,189		$	7,065

(a)Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.

(b)Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.

(c)Includes independent research and development and Aerospace product-development costs.

(d)Return on sales is calculated as net earnings divided by revenue.

(e)We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.

(f)We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position.

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EXHIBIT H

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

	Funded		Unfunded		Total<br>Backlog		Estimated<br><br>Potential<br><br>Contract Value*		Total <br>Estimated<br>Contract Value
Second Quarter 2025:
Aerospace	$	18,676	$	1,227	$	19,903	$	1,165	$	21,068
Marine Systems	39,298		13,674		52,972		14,708		67,680
Combat Systems	15,961		616		16,577		9,592		26,169
Technologies	9,945		4,285		14,230		32,011		46,241
Total	$	83,880	$	19,802	$	103,682	$	57,476	$	161,158
First Quarter 2025:
Aerospace	$	18,171	$	828	$	18,999	$	1,090	$	20,089
Marine Systems	30,882		7,491		38,373		10,261		48,634
Combat Systems	16,129		799		16,928		8,649		25,577
Technologies	9,751		4,606		14,357		32,670		47,027
Total	$	74,933	$	13,724	$	88,657	$	52,670	$	141,327
Second Quarter 2024:
Aerospace	$	19,126	$	911	$	20,037	$	372	$	20,409
Marine Systems	29,912		11,436		41,348		3,983		45,331
Combat Systems	16,003		673		16,676		5,816		22,492
Technologies	9,365		3,875		13,240		28,283		41,523
Total	$	74,406	$	16,895	$	91,301	$	38,454	$	129,755

*The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

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EXHIBIT H-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog	Unfunded Backlog

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EXHIBIT H-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog	Unfunded Backlog

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EXHIBIT I

AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)

DOLLARS IN MILLIONS

	Second Quarter				Six Months
	2025		2024		2025		2024
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft	32		31		62		52
Mid-cabin aircraft	6		6		12		9
Total	38		37		74		61
Aerospace Book-to-Bill:
Orders*	$	4,003	$	2,673	$	6,364	$	5,099
Revenue	3,062		2,940		6,088		5,024
Book-to-Bill Ratio	1.3x		0.9x		1.0x		1.0x

*Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

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