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Arphra AIPlain-English read on General Dynamics Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $38.47B | $39.41B | $42.27B | $47.72B | $52.55B | $55.33B | $57.83B | $60.29B | $62.32B |
| Cost of revenue | $32.06B | $32.79B | $35.6B | $40.35B | $44.6B | $45.41B | $49.84B | $52.33B | $54.24B |
| Gross profit | $6.41B | $6.62B | $6.67B | $7.36B | $7.95B | $8.55B | $8.9B | $9.4B | $9.89B |
| Gross margin | +16.66% | +16.80% | +15.78% | +15.43% | +15.13% | +15.45% | +15.38% | +15.59% | +15.87% |
| Operating | |||||||||
| Research & development | $415M | $480M | $510M | $565M | $486M | $609.91M | $632.94M | $679.45M | $686.45M |
| Selling, general & administrative | $2.25B | $2.41B | $2.43B | $2.57B | $2.53B | $2.92B | $3.07B | $3.15B | $3.31B |
| Total operating expenses | $2.25B | $2.41B | $2.43B | $2.57B | $2.6B | $3.02B | $3.12B | $3.21B | $3.32B |
| Operating income | $4.16B | $4.21B | $4.25B | $4.8B | $5.36B | $5.7B | $5.91B | $6.2B | $6.3B |
| Operating margin | +10.82% | +10.69% | +10.04% | +10.05% | +10.19% | +10.31% | +10.22% | +10.29% | +10.11% |
| EBITDA | $5.19B | $5.31B | $5.25B | $5.82B | $6.1B | $6.8B | $7.15B | $7.28B | $7.4B |
| EBIT | $4.3B | $4.43B | $4.38B | $4.93B | $5.42B | $5.88B | $6.01B | $6.13B | $6.38B |
| Below the line | |||||||||
| Interest expense | $431M | $391M | $399M | $393M | $314M | $442.37M | $462.92M | $461.06M | $497.08M |
| Interest income | $7M | $27M | $56M | $69M | $0 | $50.51M | $53.19M | $54.73M | $55.88M |
| Other income / expense | -$290M | -$175M | -$261M | -$256M | -$253M | — | — | — | — |
| Pre-tax income | $3.87B | $4.04B | $3.98B | $4.54B | $5.1B | $5.17B | $5.66B | $5.82B | $5.85B |
| Income tax expense | $616M | $646M | $669M | $758M | $893M | $885.54M | $920.9M | $1.01B | $988.37M |
| Earnings | |||||||||
| Net income | $3.26B | $3.39B | $3.32B | $3.78B | $4.21B | $4.41B | $4.69B | $4.72B | $5.08B |
| Net income · continuing ops | $3.26B | $3.39B | $3.32B | $3.78B | $4.21B | $4.32B | $4.67B | $4.72B | $4.95B |
| Net margin | +8.47% | +8.60% | +7.84% | +7.93% | +8.01% | +7.97% | +8.11% | +7.83% | +8.15% |
| EPS · basic | $11.61 | $12.31 | $12.14 | $13.81 | $15.64 | $16.91 | $18.64 | $19.88 | $21.31 |
| EPS · diluted | $11.55 | $12.19 | $12.02 | $13.63 | $15.46 | $16.68 | $18.21 | $19.63 | $21.25 |
| EPS · low estimate | — | — | — | — | — | $16.37 | $17.28 | $18.97 | $20.92 |
| EPS · high estimate | — | — | — | — | — | $17.09 | $18.77 | $20.62 | $21.65 |
| Shares · basic | 280.43M | 275.31M | 273.14M | 277.48M | 269.9M | 270.3M | 269.45M | 271.07M | 269.93M |
| Shares · diluted | 282.02M | 278.17M | 275.73M | 277.49M | 273.9M | 276.14M | 276.48M | 272.05M | 272.1M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 17 | 18 | 11 |
| Analysts (EPS) | — | — | — | — | — | 15 | 16 | 15 | 10 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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