Reston, Virginia-based General Dynamics (NYSE:GD) today reported strong financial results for the fourth quarter and full year ended December 31, 2025, driven by robust demand across its defense, aerospace, and marine portfolio.
Fourth-quarter net earnings were $1.1 billion, or $4.17 per diluted share, on revenue of $14.4 billion.
For the full year, net earnings rose 11.3% to $4.2 billion, or $15.45 per diluted share (up 13.4%), on revenue increasing 10.1% to $52.6 billion.
Cash from operations totaled $1.6 billion in the fourth quarter (137% of net earnings) and $5.1 billion for the year (122% of net earnings).
Capital expenditures came in at $1.2 billion for 2025, up 27% year-over-year.
Elsewhere, orders reached $22.4 billion in the fourth quarter, yielding a book-to-bill ratio of 1.6x for the quarter and 1.5x for the full year.
Meanwhile, backlog ended the year at $118 billion, with total estimated contract value rising 24% to $179 billion.