General Dynamics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,210	3,782	3,315	3,390	3,257
Depreciation & Amortization	924	886	863	884	890
Stock-Based Compensation	196	183	181	165	126
Other Adjustments	256	-86	-177	-178	-66
Change in Receivables	410	-245	951	-210	-272
Changes in Inventories	450	-1,195	-2,219	-980	405
Changes in Accounts Payable	-664	247	-303	224	194
Changes in Income Taxes Payable	-	-	-	-436	-45
Changes in Unearned Revenue	-4	343	2,415	2,082	354
Changes in Other Operating Activities	-658	197	-316	-362	-572
Operating Cash Flow	5,120	4,112	4,710	4,579	4,271
Operating Cash Flow Growth	24.51%	-12.70%	2.86%	7.21%	10.71%
Capital Expenditures	-1,161	-916	-904	-1,114	-887
Other Investing Activities	-123	-37	-37	-373	5
Investing Cash Flow	-1,284	-953	-941	-1,489	-882
Short-Term Debt Issued	-	-	-	-	1,997
Short-Term Debt Repaid	-	-	-	-	-1,997
Long-Term Debt Issued	747	-	-	-	1,497
Long-Term Debt Repaid	-1,500	-500	-1,250	-1,000	-3,000
Net Long-Term Debt Issued (Repaid)	-753	-500	-1,250	-1,000	-1,503
Repurchase of Common Stock	-637	-1,501	-434	-1,229	-1,828
Net Common Stock Issued (Repurchased)	-637	-1,501	-434	-1,229	-1,828
Common Dividends Paid	-1,593	-1,529	-1,428	-1,369	-1,315
Other Financing Activities	-207	161	18	127	56
Financing Cash Flow	-3,190	-3,369	-3,094	-3,471	-4,590
Net Cash Flow	636	-216	671	-361	-1,221
Free Cash Flow	3,959	3,196	3,806	3,465	3,384
Free Cash Flow Growth	23.87%	-16.03%	9.84%	2.39%	17.05%
FCF Margin	7.53%	6.70%	9.00%	8.79%	8.80%
Free Cash Flow Per Share	14.53	11.52	13.80	12.46	12.00
Levered Free Cash Flow	2,344	2,844	1,601	2,688	2,093
Unlevered Free Cash Flow	3,306	3,557	3,068	3,835	3,840

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.