General Dynamics · Earnings release · 8-K Exhibit 99

News

www.gd.com

Contact: Jeff A. Davis

press@generaldynamics.com

General Dynamics Reports First-Quarter 2025 Financial Results

•Revenue of $12.2 billion, up 13.9% from year-ago quarter

•Diluted EPS of $3.66, up 27.1% from year-ago quarter

•70 basis-point margin expansion from year-ago quarter

•T1Aerospace earnings up 69.4% with 210-basis-point margin expansion over year-ago quarter

RESTON, Va. – General Dynamics (NYSE: GD) today reported first-quarter 2025 operating earnings of $1.3 billion, or $3.66 per diluted share (EPS), on revenue of $12.2 billion. Compared with the year-ago quarter, operating earnings increased 22.4%, diluted EPS increased 27.1%, and revenue increased 13.9%. Operating margin of 10.4% was a 70-basis-point expansion from the year-ago quarter.

Each of the four segments saw increases in revenue and operating earnings over the year-ago quarter, with notable increases in Aerospace, where revenue was up 45.2%, operating earnings up 69.4%, and margins expanded 210 basis points to 14.3%.

“T2We continue to see steady growth and improvement in operating performance across the defense portfolio,” said Phebe Novakovic, chairman and chief executive officer “The Aerospace segment saw a significant increase in profitability, T3reflecting the manufacturing efficiencies associated with reaching higher levels of production on our new aircraft models.”

Cash and Capital Deployment

T4Net cash used by operating activities in the quarter was $148 million due to growth of working capital. During the quarter, the company paid $383 million in dividends, invested $142 million in capital expenditures, and T5used $600 million to repurchase shares. The company ended the quarter with $9.6 billion in total debt and $1.2 billion in cash and equivalents on hand.

On March 5, the General Dynamics board declared a regular quarterly dividend of $1.50 per share, a 5.6% increase over last year’s dividend and the 28th consecutive annual increase.

Orders and Backlog

On a company-wide basis, orders in the quarter totaled $10.2 billion, and backlog at the end of the quarter was $88.7 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $52.7 billion. Total estimated contract value, the sum of all backlog components, was $141.3 billion.

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About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2025 financial results conference call at 9 a.m. EDT on Wednesday, April 23, 2025. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through April 30, 2025, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its financial results are available at www.gd.com.

This press release contains forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.

FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP).

While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

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EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Three Months Ended

Variance

$

%

Revenue

$

$

$

%

Operating costs and expenses

Operating earnings

%

Other, net

7

Interest, net

(7)

Earnings before income tax

%

Provision for income tax, net

Net earnings

$

$

$

%

Earnings per share—basic

$

$

$

%

Basic weighted average shares outstanding

Earnings per share—diluted

$

$

$

%

Diluted weighted average shares outstanding

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EXHIBIT B

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended

Variance

$

%

Revenue:

Aerospace

$

$

$

%

Marine Systems

%

Combat Systems

%

Technologies

%

Total

$

$

$

%

Operating earnings:

Aerospace

$

$

$

%

Marine Systems

%

Combat Systems

9

%

Technologies

%

Corporate

(5)

%

Total

$

$

$

%

Operating margin:

Aerospace

%

%

Marine Systems

%

%

Combat Systems

%

%

Technologies

%

%

Total

%

%

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EXHIBIT C

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

(Unaudited)

ASSETS

Current assets:

Cash and equivalents

$

$

Accounts receivable

Unbilled receivables

Inventories

Other current assets

Total current assets

Noncurrent assets:

Property, plant and equipment, net

Intangible assets, net

Goodwill

Other assets

Total noncurrent assets

Total assets

$

$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt and current portion of long-term debt

$

$

Accounts payable

Customer advances and deposits

Other current liabilities

Total current liabilities

Noncurrent liabilities:

Long-term debt

Other liabilities

Total noncurrent liabilities

Shareholders’ equity:

Common stock

Surplus

Retained earnings

Treasury stock

Accumulated other comprehensive loss

Total shareholders’ equity

Total liabilities and shareholders’ equity

$

$

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EXHIBIT D

CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended

Cash flows from operating activities—continuing operations:

Net earnings

$

$

Adjustments to reconcile net earnings to net cash from operating activities:

Depreciation of property, plant and equipment

Amortization of intangible and finance lease right-of-use assets

Equity-based compensation expense

Deferred income tax benefit

(Increase) decrease in assets, net of effects of business acquisitions:

Accounts receivable

Unbilled receivables

Inventories

Increase (decrease) in liabilities, net of effects of business acquisitions:

Accounts payable

Customer advances and deposits

Other, net

Net cash used by operating activities

Cash flows from investing activities:

Capital expenditures

Other, net

Net cash used by investing activities

Cash flows from financing activities:

Proceeds from commercial paper, net

—

Repayment of fixed-rate notes

—

Dividends paid

Purchases of common stock

Other, net

Net cash used by financing activities

Net cash used by discontinued operations

(2)

(1)

Net decrease in cash and equivalents

Cash and equivalents at beginning of period

Cash and equivalents at end of period

$

$

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EXHIBIT E

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Other Financial Information:

Debt-to-equity (a)

%

%

Book value per share (b)

$

$

Shares outstanding

First Quarter

Income tax payments, net

$

$

Company-sponsored research and development (c)

$

$

Return on sales (d)

%

%

Non-GAAP Financial Measures:

First Quarter

Free cash flow:

Net cash used by operating activities

$

$

Capital expenditures

Free cash flow (e)

$

$

Net debt:

Total debt

$

$

Less cash and equivalents

Net debt (f)

$

$

(a)Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.

(b)Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.

(c)Includes independent research and development and Aerospace product-development costs.

(d)Return on sales is calculated as net earnings divided by revenue.

(e)We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.

(f)We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position.

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EXHIBIT F

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

Funded

Unfunded

Total

Backlog

Estimated

Potential

Contract Value*

Total

Estimated

Contract Value

Aerospace

$

$

$

$

$

Marine Systems

Combat Systems

Technologies

Total

$

$

$

$

$

Aerospace

$

$

$

$

$

Marine Systems

Combat Systems

Technologies

Total

$

$

$

$

$

Aerospace

$

$

$

$

$

Marine Systems

Combat Systems

Technologies

Total

$

$

$

$

$

*The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

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EXHIBIT F-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog

Unfunded Backlog

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EXHIBIT F-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

Funded Backlog

Unfunded Backlog

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EXHIBIT G

AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)

DOLLARS IN MILLIONS

First Quarter

Gulfstream Aircraft Deliveries (units):

Large-cabin aircraft

Mid-cabin aircraft

6

3

Total

Aerospace Book-to-Bill:

Orders*

$

$

Revenue

Book-to-Bill Ratio

*Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

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