General Dynamics

What does General Dynamics own?
General Dynamics owns Gulfstream Aerospace (business jets), Jet Aviation (aircraft services), Electric Boat (nuclear submarines), Bath Iron Works (destroyers), NASSCO (commercial ships), General Dynamics Land Systems (armored vehicles), General Dynamics Ordnance and Tactical Systems (munitions), General Dynamics Information Technology (IT services), and General Dynamics Mission Systems (C5ISR solutions). These businesses operate across four reportable segments.

Is General Dynamics publicly traded?
Yes, General Dynamics trades on the New York Stock Exchange under the ticker symbol GD. The company has been publicly traded since its incorporation in 1954. Institutional investors including Vanguard Group, BlackRock, and State Street hold the majority of shares. No single shareholder owns a controlling stake.

What is General Dynamics' annual revenue?
For fiscal year 2025 (ended December 31, 2025), General Dynamics reported $52.6 billion in revenue, up 10.1% from $47.7 billion in FY2024. Net earnings were $4.2 billion, with diluted EPS of $15.45. The company's backlog reached $118 billion at year-end 2025, providing multi-year revenue visibility.

Who is the CEO of General Dynamics?
Phebe Novakovic has served as Chairman and CEO of General Dynamics since 2013. She joined the company in 2001 and previously served as CFO and COO. Before her corporate career, she worked at the Central Intelligence Agency and the Department of Defense. Novakovic is in her 12th year as CEO and was named to Fortune's Most Powerful Women list in 2025.

What are General Dynamics' main business segments?
General Dynamics operates four segments: Aerospace ($13.1 billion in FY2025, 25% of revenue), Marine Systems ($16.7 billion, 32%), Combat Systems ($9.2 billion, 17%), and Technologies ($13.5 billion, 26%). Marine Systems is the largest segment by revenue, driven by nuclear submarine production for the U.S. Navy.

Does General Dynamics pay a dividend?
Yes, General Dynamics has paid a dividend for over 25 consecutive years. The board determines any increase in March each year. However, a January 2026 executive order by President Trump created uncertainty by prohibiting defense contractors from paying dividends until they can "produce a superior product, on time and on budget." CEO Novakovic confirmed the company's commitment to the dividend despite the order.

How many people does General Dynamics employ?
General Dynamics employs more than 110,000 people worldwide as of 2025. The company's workforce is concentrated in the United States, with significant operations in Virginia, Maine, Connecticut, California, and Michigan. International operations include facilities in Canada, the United Kingdom, Germany, Austria, Spain, and Australia.

General Dynamics was incorporated in 1952 and reorganized in 1954, emerging from the merger of Consolidated Vultee Aircraft Corporation (Convair) and Electric Boat Company. John Jay Hopkins, who had led Electric Boat, became the first president of the new company. The formation created a diversified defense manufacturer with capabilities in aircraft, submarines, and military vehicles.

During the Cold War, General Dynamics became a major defense contractor. The company developed the F-16 Fighting Falcon, one of the most produced fighter aircraft in history, and the F-111 Aardvark. The company also manufactured tanks, including the M1 Abrams series, which remains in service with the U.S. Army and allied militaries.

In the 1990s, General Dynamics underwent a significant restructuring under CEO William Anders. The company divested its fighter aircraft division, selling the F-16 production line to Lockheed (now Lockheed Martin) in 1993. This divestiture allowed General Dynamics to focus on its core defense and aerospace businesses. The company acquired Bath Iron Works in 1995, strengthening its surface combatant shipbuilding capabilities.

In 1999, General Dynamics acquired Gulfstream Aerospace for approximately $5.3 billion, marking the company's entry into the business jet market. This acquisition proved transformative, as Gulfstream became the company's largest commercial business and a major revenue driver. The Aerospace segment generated $13.1 billion in revenue in 2025, representing 25% of consolidated revenue.

The company expanded its information technology capabilities through multiple acquisitions in the 2000s and 2010s, including GTE Government Systems, Veridian, and CSRA. These acquisitions built the foundation for what is now the Technologies segment, which generated $13.5 billion in revenue in 2025.

In 2025, General Dynamics reported record financial results. Revenue reached $52.6 billion, up 10.1% from $47.7 billion in 2024. Net earnings grew 11.3% to $4.2 billion, with diluted EPS of $15.45. The company's backlog grew 30.3% to $118 billion, driven by strong order intake across all four segments. Book-to-bill ratios were 1.5x for the full year.

General Dynamics has faced several areas of public scrutiny:

Gaza weapons controversy: The company has faced pushback from some shareholders over the use of its weapons in Gaza and its role in producing key components of nuclear weapons. Shareholder proposals on this topic have appeared on proxy ballots.

Executive order on dividends and CEO pay: In January 2026, President Trump issued an executive order limiting defense contractor dividends, share buybacks, and CEO compensation. The order created uncertainty for General Dynamics' capital allocation strategy. CEO Novakovic stated the company remains "committed to the dividend" but declined to comment on buybacks.

Senator Warren letter on tax lobbying: In June 2025, Senator Elizabeth Warren sent a letter to CEO Novakovic questioning General Dynamics' lobbying for Research and Experimentation (R&E) tax breaks. Warren noted the company reported $13.4 billion in net earnings over three years while seeking additional corporate tax giveaways.

Submarine production delays: President Trump publicly singled out General Dynamics in July 2026, urging faster submarine production. The company has been investing heavily in Electric Boat's capacity, with capital expenditures of $1.2 billion in 2025 and plans for even higher investment in 2026.