Companies /Industrials

General Dynamics Corp

NYSE: GD Aerospace & Defense
$353.05
▼ $2.90 (−0.81%) today
Markets closed · 9:34pm ET

Q2 2025 Earnings

Reported Jul 23, 2025, 7:53am ET · SEC source
$3.74
Beat +8.79%
EPS · est. $3.44
$13.0B
Beat +7.05%
Revenue · est. $12.2B
−0.9%
Trailing market
GD vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Jul 23Jul 24report 7:53am ETearnings+0.6%+3.3%
0+2%+4%Jul 23Jul 24earnings+0.6%+3.3%
GD +3.3%S&P 500 +0.6%
0+2%+4%Jul 23Jul 24report 7:53am ETearnings+0.5%+3.3%
0+2%+4%Jul 23Jul 24earnings+0.5%+3.3%
GD +3.3%NASDAQ +0.5%
−3%0+3%Jul 22Jul 30report 7:53am ETearnings+1.2%+2.0%
−3%0+3%Jul 22Jul 30earnings+1.2%+2.0%
GD +2.0%S&P 500 +1.2%
−3%0+3%Jul 22Jul 30report 7:53am ETearnings+2.1%+2.0%
−3%0+3%Jul 22Jul 30earnings+2.1%+2.0%
GD +2.0%NASDAQ +2.1%
+6.50%
Day of report
−0.85%
Next session
−1.50%
One week
+0.84%
30 days

S&P 500 over the same 30 days: +1.75%.

Did GD Beat Earnings? Q2 2025 Results

General Dynamics delivered a standout second quarter, beating Wall Street on both top and bottom lines as the defense and aerospace giant posted diluted EPS of $3.74, an 8.79% beat against the $3.44 consensus estimate, while revenue climbed 8.9% year-over-year to $13.04 billion, topping the $12.18 billion estimate by 7.05%. The quarter's most compelling driver was an extraordinary surge in order activity, with a consolidated book-to-bill ratio of 2.2x and total orders reaching $28.30 billion, pushing backlog to a record $103.68 billion and providing substantial revenue visibility heading into the second half. Marine Systems led segment growth, with revenue surging 22.2% to $4.22 billion on the strength of submarine and surface ship programs, while the Aerospace segment delivered meaningful margin expansion of 230 basis points to 13.2%, supported by strong Gulfstream demand and improved delivery execution. Cash generation was equally impressive, with $1.60 billion in operating cash flow representing 158% of net earnings. CEO Phebe Novakovic expressed confidence that healthy backlog levels and robust cash flow position the company well for continued growth through year-end.

Key Takeaways
  • Marine Systems revenue surged 22.2% YoY, the strongest growth among all segments
  • Aerospace operating margin expanded 230 basis points to 13.2% from 10.9% in the year-ago quarter
  • Consolidated book-to-bill ratio of 2.2x with defense segments at 2.4x
  • Total orders of $28.3 billion in the quarter
  • Operating cash flow of $1.6 billion representing 158% of net earnings
  • Gulfstream delivered 38 aircraft in Q2 2025 vs. 37 in Q2 2024
  • Aerospace orders of $4.0 billion vs. $2.7 billion in 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. Our strong cash flow and healthy backlog position us well to have a good second half.”

General Dynamics CEO, on the earnings call

Forward Guidance & Outlook

CEO Phebe Novakovic expressed confidence that strong cash flow and a healthy backlog of $103.7 billion position the company well for a good second half of 2025. All four segments achieved growth in revenue and earnings during the first half, with companywide margins expanding 50 basis points year-over-year.

GD YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$4.0B$8.0B$12.0B$12.0B$13.0BRevenue$1.2B$1.3BOperating Income$905.0M$1.0BNet Income
$0$4.0B$8.0B$12.0BRevenueOperating IncomeNet Income

GD Revenue by Segment

Marine Systems$4.2B+22.2%
Aerospace$3.1B+4.1%
Technologies$3.5B+5.5%
Combat Systems$2.3B−0.2%

Figures from SEC filings and company reports. Not investment advice.