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) April 23, 2025 (April 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 April 23, 2025, General Dynamics announced its financial results for the quarter ended March 30, 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 datedApril23, 2025, with respect to the company’s financial results for the quarter endedMarchgd-20250330exhibit991.htm#i4e7a8996b82d4a32b151467b1c24d6f0_130, 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: April 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 First-Quarter 2025 Financial Results

April 23, 2025

•Revenue of $12.2 billion, up 13.9% from year-ago quarter

•Diluted EPS of $3.66, up 27.1% from year-ago quarter

•70 basis-point margin expansion from year-ago quarter

•Aerospace earnings up 69.4% with 210-basis-point margin expansion over year-ago quarter

RESTON, Va. – General Dynamics (NYSE: GD) today reported first-quarter 2025 operating earnings of $1.3 billion, or $3.66 per diluted share (EPS), on revenue of $12.2 billion. Compared with the year-ago quarter, operating earnings increased 22.4%, diluted EPS increased 27.1%, and revenue increased 13.9%. Operating margin of 10.4% was a 70-basis-point expansion from the year-ago quarter.

Each of the four segments saw increases in revenue and operating earnings over the year-ago quarter, with notable increases in Aerospace, where revenue was up 45.2%, operating earnings up 69.4%, and margins expanded 210 basis points to 14.3%.

“We continue to see steady growth and improvement in operating performance across the defense portfolio,” said Phebe Novakovic, chairman and chief executive officer “The Aerospace segment saw a significant increase in profitability, reflecting the manufacturing efficiencies associated with reaching higher levels of production on our new aircraft models.”

Cash and Capital Deployment

Net cash used by operating activities in the quarter was $148 million due to growth of working capital. During the quarter, the company paid $383 million in dividends, invested $142 million in capital expenditures, and used $600 million to repurchase shares. The company ended the quarter with $9.6 billion in total debt and $1.2 billion in cash and equivalents on hand.

On March 5, the General Dynamics board declared a regular quarterly dividend of $1.50 per share, a 5.6% increase over last year’s dividend and the 28th consecutive annual increase.

Orders and Backlog

On a company-wide basis, orders in the quarter totaled $10.2 billion, and backlog at the end of the quarter was $88.7 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $52.7 billion. Total estimated contract value, the sum of all backlog components, was $141.3 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 first-quarter 2025 financial results conference call at 9 a.m. EDT on Wednesday, April 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 April 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
	March 30, 2025		March 31, 2024			%
Revenue	$	12,223	$	10,731		13.9	%
Operating costs and expenses	(10,955)		(9,695)		(1,260)
Operating earnings	1,268		1,036		232	22.4	%
Other, net	21		14		7
Interest, net	(89)		(82)		(7)
Earnings before income tax	1,200		968		232	24.0	%
Provision for income tax, net	(206)		(169)		(37)
Net earnings	$	994	$	799		24.4	%
Earnings per share—basic	$	3.69	$	2.92		26.4	%
Basic weighted average shares outstanding	269.0		273.5
Earnings per share—diluted	$	3.66	$	2.88		27.1	%
Diluted weighted average shares outstanding	271.7		277.0

All values are in US Dollars.

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EXHIBIT B

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

	Three Months Ended						Variance
	March 30, 2025			March 31, 2024				%
Revenue:
Aerospace	$	3,026		$	2,084			45.2	%
Marine Systems	3,589			3,331			258	7.7	%
Combat Systems	2,176			2,102			74	3.5	%
Technologies	3,432			3,214			218	6.8	%
Total	$	12,223		$	10,731			13.9	%
Operating earnings:
Aerospace	$	432		$	255			69.4	%
Marine Systems	250			232			18	7.8	%
Combat Systems	291			282			9	3.2	%
Technologies	328			295			33	11.2	%
Corporate	(33)			(28)			(5)	(17.9)	%
Total	$	1,268		$	1,036			22.4	%
Operating margin:
Aerospace	14.3		%	12.2		%
Marine Systems	7.0		%	7.0		%
Combat Systems	13.4		%	13.4		%
Technologies	9.6		%	9.2		%
Total	10.4		%	9.7		%

All values are in US Dollars.

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EXHIBIT C

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

	(Unaudited)
	March 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and equivalents	$	1,242	$	1,697
Accounts receivable	3,294		2,977
Unbilled receivables	9,139		8,248
Inventories	9,816		9,724
Other current assets	1,626		1,740
Total current assets	25,117		24,386
Noncurrent assets:
Property, plant and equipment, net	6,461		6,467
Intangible assets, net	1,462		1,520
Goodwill	20,623		20,556
Other assets	2,917		2,951
Total noncurrent assets	31,463		31,494
Total assets	$	56,580	$	55,880
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	2,349	$	1,502
Accounts payable	3,357		3,344
Customer advances and deposits	9,770		9,491
Other current liabilities	3,284		3,487
Total current liabilities	18,760		17,824
Noncurrent liabilities:
Long-term debt	7,260		7,260
Other liabilities	8,335		8,733
Total noncurrent liabilities	15,595		15,993
Shareholders’ equity:
Common stock	482		482
Surplus	4,064		4,062
Retained earnings	42,082		41,487
Treasury stock	(23,034)		(22,450)
Accumulated other comprehensive loss	(1,369)		(1,518)
Total shareholders’ equity	22,225		22,063
Total liabilities and shareholders’ equity	$	56,580	$	55,880

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EXHIBIT D

CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

DOLLARS IN MILLIONS

	Three Months Ended
	March 30, 2025		March 31, 2024
Cash flows from operating activities—continuing operations:
Net earnings	$	994	$	799
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	162		152
Amortization of intangible and finance lease right-of-use assets	61		59
Equity-based compensation expense	34		34
Deferred income tax benefit	(59)		(39)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(317)		(115)
Unbilled receivables	(879)		(519)
Inventories	(92)		(1,011)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	13		100
Customer advances and deposits	13		384
Other, net	(78)		(122)
Net cash used by operating activities	(148)		(278)
Cash flows from investing activities:
Capital expenditures	(142)		(159)
Other, net	12		(23)
Net cash used by investing activities	(130)		(182)
Cash flows from financing activities:
Proceeds from commercial paper, net	1,590		—
Repayment of fixed-rate notes	(750)		—
Dividends paid	(383)		(361)
Purchases of common stock	(600)		(105)
Other, net	(32)		50
Net cash used by financing activities	(175)		(416)
Net cash used by discontinued operations	(2)		(1)
Net decrease in cash and equivalents	(455)		(877)
Cash and equivalents at beginning of period	1,697		1,913
Cash and equivalents at end of period	$	1,242	$	1,036

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EXHIBIT E

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Other Financial Information:
	March 30, 2025			December 31, 2024
Debt-to-equity (a)	43.2		%	39.7		%
Book value per share (b)	$	82.81		$	81.61
Shares outstanding	268,396,163			270,340,502
	First Quarter
	2025			2024
Income tax payments, net	$	34		$	33
Company-sponsored research and development (c)	$	101		$	137
Return on sales (d)	8.1		%	7.4		%
Non-GAAP Financial Measures:
	First Quarter
	2025			2024
Free cash flow:
Net cash used by operating activities	$	(148)		$	(278)
Capital expenditures	(142)			(159)
Free cash flow (e)	$	(290)		$	(437)
	March 30, 2025			December 31, 2024
Net debt:
Total debt	$	9,609		$	8,762
Less cash and equivalents	1,242			1,697
Net debt (f)	$	8,367		$	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 F

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

	Funded		Unfunded		Total<br>Backlog		Estimated<br><br>Potential<br><br>Contract Value*		Total <br>Estimated<br>Contract Value
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
Fourth Quarter 2024:
Aerospace	$	18,895	$	798	$	19,693	$	1,132	$	20,825
Marine Systems	30,530		9,288		39,818		9,560		49,378
Combat Systems	16,142		838		16,980		8,647		25,627
Technologies	9,577		4,529		14,106		34,029		48,135
Total	$	75,144	$	15,453	$	90,597	$	53,368	$	143,965
First Quarter 2024:
Aerospace	$	19,564	$	981	$	20,545	$	305	$	20,850
Marine Systems	29,711		14,415		44,126		3,749		47,875
Combat Systems	14,923		686		15,609		7,002		22,611
Technologies	8,976		4,478		13,454		29,206		42,660
Total	$	73,174	$	20,560	$	93,734	$	40,262	$	133,996

*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 F-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog	Unfunded Backlog

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EXHIBIT F-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog	Unfunded Backlog

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EXHIBIT G

AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)

DOLLARS IN MILLIONS

	First Quarter
	2025		2024
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft	30		21
Mid-cabin aircraft	6		3
Total	36		24
Aerospace Book-to-Bill:
Orders*	$	2,361	$	2,426
Revenue	3,026		2,084
Book-to-Bill Ratio	0.8x		1.2x

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

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