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• Lockheed Martin for ground combat vehicles and naval ships.
• Boeing for military ground and naval systems, and business jets.
• A General Electric focused on high-tech defense and government equipment.

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• Gulfstream Business Jets: Designs, manufactures, and services a range of private and business jet aircraft.
• Nuclear Submarines: Builds nuclear-powered submarines, including the Virginia-class and Columbia-class, for the U.S. Navy.
• Surface Combatants: Constructs surface warships, primarily Arleigh Burke-class destroyers, for the U.S. Navy.
• Main Battle Tanks: Manufactures M1 Abrams main battle tanks and upgrades for armored combat vehicles.
• Armored Vehicles: Produces a variety of wheeled and tracked armored vehicles for military forces globally.
• Munitions & Weapons Systems: Develops and produces artillery, ammunition, and other direct-fire weapon systems.
• Information Technology (IT) Services: Provides IT solutions, cloud services, and digital modernization for government clients.
• C4ISR Systems: Develops and integrates Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance systems.
• Cybersecurity Solutions: Offers cybersecurity services and secure communications to protect critical networks and data.

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General Dynamics (GD) primarily sells its products and services to government entities. While not categorized as "companies" or "individuals" in the typical business-to-business or business-to-consumer frameworks, the vast majority of General Dynamics' revenue comes from government contracts.

Its major customer is overwhelmingly:

• The United States Government: This includes various branches and agencies, most notably the Department of Defense (e.g., U.S. Army, U.S. Navy, U.S. Marine Corps). The U.S. Government consistently accounts for the largest percentage of General Dynamics' total revenue.

Beyond its primary relationship with the U.S. Government, General Dynamics also serves other significant customer categories:

• International Governments: General Dynamics sells a range of its defense products (such as combat vehicles, weapons systems, and maritime platforms) and IT services to allied nations and their respective defense ministries worldwide.
• Corporations and High-Net-Worth Individuals: Through its Gulfstream Aerospace segment, General Dynamics manufactures and sells business jets. Its customers in this segment primarily include large corporations, charter and fractional ownership operators, and affluent private individuals globally who require private air travel solutions.

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• Rolls-Royce plc (LSE: RR.L)
• GE Aerospace (NYSE: GE)
• RTX Corporation (NYSE: RTX)
• Honeywell International Inc. (NASDAQ: HON)

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Phebe N. Novakovic, Chairman and Chief Executive Officer

Ms. Novakovic joined General Dynamics in 2001 and served as President and Chief Operating Officer from 2012 to 2013. She was appointed CEO in 2013. Prior to her tenure at General Dynamics, she held various positions in the U.S. Department of Defense and the Office of Management and Budget.

Jason W. Aiken, Executive Vice President, Chief Financial Officer

Mr. Aiken was appointed CFO in 2014. He joined General Dynamics in 2002, having previously served as Senior Vice President, Finance, and in other leadership roles within the company, including Controller and Vice President of Planning. Before joining General Dynamics, he held positions at Arthur Andersen LLP.

Mark C. Roualet, Executive Vice President, Combat Systems

Mr. Roualet joined General Dynamics in 1986. He has held various leadership positions within the company, including President of General Dynamics Land Systems. He was appointed Executive Vice President for Combat Systems in 2014.

Gregory S. Raymond, Executive Vice President, Technologies

Mr. Raymond joined General Dynamics in 1981. He has served in various leadership capacities, including President of General Dynamics Information Technology (GDIT). He was appointed Executive Vice President for Technologies in 2014.

Karl H. Wagner, Executive Vice President, Aerospace

Mr. Wagner joined General Dynamics in 1999 with the acquisition of Gulfstream Aerospace, where he held various roles, including President. He was appointed Executive Vice President for Aerospace in 2023.

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The key risks to General Dynamics (GD) are:

1. Dependency on U.S. Government Contracts and Macro & Political Environment: A substantial portion of General Dynamics' revenue is derived from contracts with the U.S. government, making the company susceptible to shifts in government spending, budgetary constraints, and changing defense priorities. Political decisions and potential government shutdowns also pose risks to operations.
2. Supply Chain Disruptions and Production Cost Pressures: General Dynamics faces risks related to disruptions in its supply chain for materials and components. The company's production is also exposed to cost fluctuations, including commodity prices. Specifically, the Marine segment has experienced margin pressures due to increasing costs in U.S. Navy shipbuilding that have not been fully reflected in pricing.
3. Program-Specific Execution and Delivery Challenges: The company faces risks associated with the execution and successful delivery of specific large-scale programs. For instance, the "Ajax" armored vehicle program has faced uncertainty and potential cancellation due to safety concerns. Additionally, the Gulfstream division has encountered difficulties in delivering new aircraft products, which can impact profit margins.

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The proliferation and increasing sophistication of unmanned and autonomous systems across all domains (air, land, sea) threaten to diminish the strategic value and future procurement of traditional, large, capital-intensive manned platforms that form the core of General Dynamics' combat systems and marine systems businesses. The ongoing conflict in Ukraine, for example, has demonstrated the effectiveness of low-cost drones against heavy armor and naval assets, prompting militaries worldwide to re-evaluate their defense priorities and investment strategies towards these unmanned alternatives.

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General Dynamics (GD) operates through four main business segments: Aerospace, Combat Systems, Marine Systems, and Technologies (Information Technology). The addressable markets for these segments are as follows:

• Aerospace: The global aerospace market size was valued at approximately USD 381.6 billion in 2025 and is projected to reach USD 762.7 billion by 2035, growing at an estimated Compound Annual Growth Rate (CAGR) of 7.18% from 2026 to 2035. North America holds a dominant share of this market, valued at an estimated USD 140.46 billion in 2023. Other estimates place the global aerospace market size at around USD 340.04 billion in 2025, with a projected growth to USD 420.06 billion in 2029 at a CAGR of 5.4%.
• Combat Systems (Armored Vehicles / Military Land Vehicles): The global armored vehicle market size was estimated at USD 32.41 billion in 2024 and is projected to reach USD 44.56 billion by 2030, with a CAGR of 5.4%. Another source indicates the global armored vehicle market was valued at USD 22.28 billion in 2023 and is projected to reach USD 37.85 billion by 2032, exhibiting a CAGR of 6.0%. North America dominated the armored vehicle market with a 49.01% market share in 2023. The global military land vehicles market was valued at USD 17.3 billion in 2024 and is expected to reach USD 34.6 billion by 2033.
• Marine Systems (Naval Shipbuilding): The global naval shipbuilding market size was USD 102.42 billion in 2025 and is projected to reach USD 142.41 billion by 2034, at a CAGR of 2.26%. North America dominated the naval shipbuilding market with a 47% share, and the U.S. naval shipbuilding market size is projected at USD 1.59 billion in 2025. The U.S. Naval Shipbuilding Market represents nearly 32% of total global shipbuilding capacity. The broader global shipbuilding market (including commercial and naval) was valued at USD 145.65 billion in 2024 and is projected to reach USD 212.75 billion by 2032.
• Technologies (Defense IT Spending): The global defense IT spending market size was valued at USD 92.5 billion in 2023 and is poised to grow from USD 97.22 billion in 2024 to USD 144.73 billion by 2032, with a CAGR of 5.1%. Another estimate projects the market to reach USD 177.1 billion by 2035 with a CAGR of 5.7% from 2025. North America was the largest region in the defense IT spending market in 2024.

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1. Increased Deliveries and Demand in Aerospace (Gulfstream): The Aerospace segment, primarily Gulfstream business jets, is a significant revenue driver. Growth is expected from the continued ramp-up of new aircraft models, such as the G800 and G400, leading to higher delivery volumes. Strong order backlogs and consistent demand for Gulfstream's technologically advanced aircraft are set to bolster revenue in the coming years.

2. Major Shipbuilding Programs in Marine Systems: The Marine Systems segment is poised for substantial growth due to critical U.S. Navy programs. The ongoing production of the Columbia-class ballistic missile submarine, a top national priority, and sustained, high-rate production of Virginia-class attack submarines are long-term revenue generators. Additionally, work on DDG-51 Arleigh Burke-class destroyers will continue to contribute significantly to the segment's top line.

3. Sustained Demand and International Sales in Combat Systems: The Combat Systems segment is expected to see growth from strong domestic and international demand for its land combat vehicles and armaments. Modernization efforts and geopolitical dynamics are driving increased orders for platforms such as the Abrams tank and Stryker wheeled combat vehicles. International sales and upgrade programs for existing fleets will further enhance revenue.

4. Consistent Performance in Technologies: The Technologies segment, encompassing IT services and mission systems, is anticipated to deliver steady revenue growth. This is driven by ongoing government contracts for secure IT solutions, intelligence support, and cybersecurity services, as agencies continue to modernize their infrastructure and enhance national security capabilities.

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Share Repurchases

• General Dynamics' board of directors authorized the repurchase of an additional 10 million shares in October 2022.
• The company repurchased $3.3 billion of common stock in 2022.
• General Dynamics repurchased $1.2 billion in 2021 and $250 million in the third quarter of 2023.

Outbound Investments

• General Dynamics completed the acquisition of the global SATCOM assets of Spectra Group (UK) in May 2024.

Capital Expenditures

• General Dynamics reported capital expenditures of $460 million in 2022, $442 million in 2021, and $457 million in 2020.
• Capital expenditures for the first nine months of 2023 amounted to $396 million.
• The primary focus of capital expenditures is on enhancing operational efficiency, modernizing facilities, and supporting future growth, particularly within its aerospace and marine segments.