General Dynamics Corp. (NYSE: GD) announced on 24 October 2025 that its third‑quarter 2025 operating earnings were $1.3 billion, or $3.88 per diluted share, up 12.7% from the same period a year ago. Revenue for the quarter rose 10.6% to $12.91 billion, exceeding the consensus estimate of $12.57 billion. The company’s operating margin expanded to 10.3%, a 20‑basis‑point increase from the prior year and a 30‑basis‑point sequential gain.
The Aerospace segment led the performance, reporting $3.23 billion in revenue—30.3% higher year‑over‑year—and operating earnings of $430 million, a 41% jump. Marine Systems generated $4.10 billion in revenue, up 13.8%, while Combat Systems and Technologies posted $2.25 billion and $3.33 billion, respectively, both up modestly. The company’s backlog reached $167.7 billion, an all‑time high, with a book‑to‑bill ratio of 1.5:1 for the quarter.
Cash flow remained strong, with operating cash flow of $2.1 billion and free cash flow of $1.9 billion. General Dynamics ended the quarter with $8 billion in total debt and $2.5 billion in cash and equivalents, maintaining a healthy liquidity position. The results underscore the company’s continued execution across its diversified defense and aerospace portfolio, supporting its guidance for 2025 and reinforcing investor confidence in its growth trajectory.
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