Q2 2025 revenue was $13B, up 8.9% year-over-year, with net earnings of $1.0B and EPS of $3.74, driven by strong Aerospace and Marine performance.
First half 2025 revenue rose 11.3% to $25.3B, net earnings up 17.8% to $2.0B, and EPS up 20.5% to $7.40.
All segments posted revenue and earnings growth, with companywide margin expansion of 50 bps year-over-year.
Orders in Q2 exceeded $28B, driving a book-to-bill ratio of 2.2x and record backlog of $103.7B, up 14% year-over-year.
Free cash flow for Q2 was $1.4B, with YTD free cash flow of $1.1B, both ahead of plan.
Q2 operating earnings were $1.3B, up nearly 13%, with operating margin at 10.0%; six-month margin rose to 10.2%.
Q2 operating cash flow was $1.6B; cash balance at quarter-end was $1.5B; net debt at $7.2B, down $1.2B sequentially.
Capital expenditures were $198M in Q2 and $340M for the first half; $402M paid in dividends in Q2.
Net interest expense for Q2 was $88M; effective tax rate for Q2 was 17.7%, with full-year rate expected at 17.5%.
Debt-to-equity ratio improved to 36.9% from 39.7% at year-end 2024.
2025 company-wide revenue forecast raised to ~$51.2B, with operating margin at 10.3%.
EPS guidance increased to $15.05–$15.15 for 2025.
Segment guidance: Aerospace ~$12.9B (13.5% margin), Marine ~$15.6B (7% margin), Combat ~$9.2B (14.5% margin), Technologies ~$13.5B (9.2% margin).
Cash conversion rate for the year expected around 90%, excluding new tax legislation impact.
Management expects a strong second half, citing robust cash flow and healthy backlog.
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General Dynamics is a major American aerospace and defense contractor. The company operates through several business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. General Dynamics primarily does business with branches of the U.S. government and its armed forces, as well as its allies across the world. The company is headquartered in Reston, Virginia, and its shares are listed on the NYSE.
General Dynamics' roots go back to the formation of the Electric Boat Company in 1899 which played a significant role in developing the first modern submarines for the U.S. Navy. During World War II, the company expanded its production to meet wartime demands, focusing on submarines and surface warships. After the war, the company diversified and expanded, involving itself in various sectors, primarily through acquisitions and mergers. The F-16, which is arguably what the company is most known for, first saw the light of day in the mid-1970s. Today, it is a massive player in the defense sector, together with names such as Northrop Grumman and Lockheed Martin.
General Dynamics is a diversified aerospace and defense company, engaging in the design, development, and production of a wide range of complex systems and products for government and commercial customers. Its operations span several key sectors, each with its specialized focus.
Aerospace: Through its subsidiary, Gulfstream Aerospace, General Dynamics is a prominent player in the business jet market. Gulfstream designs, manufactures, and services advanced business jets known for their luxury, technology, and performance. The company also designs and builds various systems and aircraft for military applications.
Combat Systems: This segment of General Dynamics is focused on land-based military hardware. It produces a variety of armored vehicles, tanks (like the famous M1 Abrams), and artillery systems. Additionally, it manufactures munitions and is involved in modernizing existing military hardware.
Marine Systems: General Dynamics is a leader in marine defense technology, primarily through its Electric Boat and NASSCO subsidiaries. It designs and builds nuclear-powered submarines, such as the Virginia and Columbia class, for the U.S. Navy. Besides submarines, it is also involved in the construction and maintenance of surface ships, including destroyers and auxiliary ships.
Technologies: This sector includes General Dynamics Information Technology and General Dynamics Mission Systems. It offers a range of services and products in information technology, mission support, and cybersecurity. This includes providing secure communication systems, and information management solutions, and developing advanced technology for defense, intelligence, and civilian government applications.
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