• General Dynamics is a global aerospace and defense company.
  • General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2022.
  • Recently General Dynamics has got multiple contracts to supply military equipment.


General Dynamics Corporation (NYSE: GD, LSE: 0IUC) is a global aerospace and defense company. The company's portfolio spans the realm of the world's most technologically advanced business jets, wheeled combat vehicles, command and control systems and nuclear submarines.

Recent Developments

General Dynamics Electric Boat Awarded $1.076 Billion Contract Modification for Virginia-Class Submarines1

May 23, 2023; General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $1.076 billion contract modification from the U.S. Navy to provide long-lead-time material and advanced construction for Virginia-class fast-attack submarines.

Electric Boat is presently under contract for construction of submarines in Block V of the class. The $1,075,896,000 in advance procurement funds from this contract modification will enable Electric Boat to purchase materials and major components for hulls 812 and 813.

Virginia-class submarines are designed from the keel up for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support.

General Dynamics NASSCO Awarded $736 Million to Build T-AO 2132

May 23, 2023; General Dynamics NASSCO, a subsidiary of General Dynamics (NYSE: GD), announced today that it has been awarded a $736 million modification to the existing T-AO contract for construction of a ninth ship (T-AO 213) in the John Lewis-class fleet oiler program. The exercised option comes in addition to the earlier awarded eight ships, bringing the total contract value to approximately $5.5 billion for construction of nine ships. Construction of T-AO 213 is scheduled to begin in the third quarter of 2025.

GDIT Awarded $1.7 Billion Flight School Training Support Services Contract3

April 4, 2023; General Dynamics Information Technology (GDIT), a business unit of General Dynamics (NYSE:GD), announced today that it was awarded the Flight School Training Support Services contract to support the U.S. Army Aviation Center of Excellence. Awarded in March, the $1.7 billion contract, managed by the U.S. Army Program Executive Office for Simulation, Training and Instrumentation, has a five-year base period and seven option years.

The U.S. Army Aviation Center of Excellence leads the Flight School XXI program, the primary training program for all Army rotary wing aviators, at Fort Rucker, Ala. Each year, the program trains approximately 4,000 entry-level and graduate-level students. Under the contract, GDIT will use advanced simulation technology to train students at the Fort Rucker facility, the largest of its kind in the world. Students will be trained in multiple cargo, attack, utility and training helicopter platforms. The GDIT team will own, operate, maintain and upgrade a suite of virtual flight simulators and also provide related training and program management services.


February 16, 2023 — Gulfstream Aerospace Corp. today announced the 100th Gulfstream G600 customer delivery. The aircraft was outfitted at Gulfstream’s Dallas completions center and delivered to a North America-based customer.

The G600 can travel 6,600 nautical miles/12,223 kilometers at Mach 0.85 or 5,600 nm/10,371 km at Mach 0.90 and has proven class-leading fuel-efficiency. The aircraft has set more than 35 city pair records around the world to date, including Washington, D.C., to Riyadh, Saudi Arabia, in 11 hours and 40 minutes; Paris to Rio de Janeiro in 9 hours and 42 minutes; and London to Seattle in 8 hours and 40 minutes, among others.

The G600 is also known for its award-winning interior and seat designs, can be configured in up to four living areas and can seat up to 19 passengers. The aircraft features the Gulfstream Cabin Experience, with whisper-quiet noise levels, a refreshingly low cabin altitude, 100% fresh air purified by a plasma ionization clean air system and abundant natural light from 14 Gulfstream panoramic oval windows, the largest in the industry.

The 100th G600 delivery follows the 100th delivery of its sister ship, the Gulfstream G500, which took place in the second half of 2022.


Financial Highlights

First-Quarter 2023 Results

April 26, 2023; General Dynamics reported first-quarter 2023 net earnings of $730 million on revenue of $9.9 billion. Diluted earnings per share (EPS) were $2.64.5

Net cash provided by operating activities in the quarter totaled $1.5 billion, or 200% of net earnings. The company invested $161 million in capital expenditures and paid $345 million in dividends, ending the quarter with $2 billion in cash and equivalents.

The consolidated book-to-bill ratio, defined as orders divided by revenue, was 0.9-to-1 for the quarter. Company-wide backlog of $89.8 billion was up 3% from the year-ago quarter. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.5 billion. Total estimated contract value, the sum of all backlog components, was $128.4 billion.

Significant awards for the defense segments included more than $1.1 billion to produce and support Abrams tanks, Stryker combat vehicles and other armored vehicles for the U.S. Army and partner nations, including Poland and Colombia; $285 million, with a maximum potential value of $1.3 billion, to expand production of 155mm artillery projectile parts, plus $255 million for various other munitions and ordnance; an Air Force IDIQ service contract with maximum potential value of $4.5 billion between two awardees; $130 million, with a maximum potential value of $1.7 billion, to provide flight simulation and training services to the Army; $260 million from the U.S. Navy for maintenance and modernization of two amphibious ships and a destroyer; and $400 million for several key classified contracts. A detailed list of significant awards is provided in Exhibit G.

Full Year 2022 Results

Revenue increased 2.4% to $39.4 billion, net earnings rose 4.1% to $3.4 billion and earnings per fully diluted share increased 5.5% to $12.19. Operating cash flow was $4.6 billion. After capital expenditures, its free cash flow was $3.5 billion, an efficient cash conversation rate of 102% of net income.

Significant awards in the quarter for the three defense segments included $5.1 billion from the U.S. Navy for Columbia-class submarine advance procurement, advance construction, submarine industrial base development, maintenance and support, and options totaling $585 million of additional potential contract value; an IDIQ contract from the U.S. Army with a maximum potential value of $580 million to develop and field adversarial electronic warfare threat systems and capabilities in support of the Army’s test and training communities; $535 million from the Navy for lead yard support, development studies and design efforts related to Virginia-class submarines, and options totaling $320 million of additional potential contract value; $320 million to upgrade Ulan tracked vehicles for Austria; $260 million for various munitions and ordnance; and $525 million for several key classified contracts and options.


Company Overview

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 100,000 people worldwide and generated $39.4 billion in revenue in 2022.6

Approximately 70% of its revenue from the U.S. government, government spending levels — particularly defense spending — influence its financial performance.

The long-term outlook for its U.S. defense business is influenced by the U.S. military’s funding priorities, the diversity of its programs and customers, its insight into customer requirements stemming from its incumbency on core programs, its ability to evolve its products to address a fast-changing threat environment and its proven track record of successful contract execution.

International demand for military equipment and technologies presents opportunities for its non-U.S. operations and exports from its North American businesses. While the revenue potential can be significant, there are risks to doing business in foreign countries, including changing budget priorities and overall spending pressures unique to each country.

AerospaceMarine SystemsCombat SystemsTechnologies
GulfstreamBath Iron WorksEuropean Land SystemsInformation Technology
Jet AviationElectric BoatLand SystemsMission Systems
 NASSCOOrdnance And Tactical Systems 

Business Segments

The company's company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. The company refer to the latter three collectively as its defense segments.


The company design, manufacture and service the most advanced and reliable family of business jets in the world. Gulfstream’s powerful brand recognition is the product of its relentless focus on innovation. The company's disciplined and consistent investment in research and development has enabled Gulfstream to introduce an entirely new family of aircraft since 2019, continuing to raise the bar on performance, safety, efficiency and comfort.

In 2022, the company successfully completed the first flight of its new ultra-long-range, ultra-large-cabin G800, the industry’s longest-range aircraft. The company's all-new flagship G700 kicked off its debut world tour in Dubai and is expected to achieve FAA certification this summer. The large-cabin G400 is expected to begin deliveries in 2025, pending certification. Gulfstream offers comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world with an extensive network of factory-owned service centers.

The company's other aerospace subsidiary, Jet Aviation, offers a comprehensive suite of business aircraft services, including completions, fixed-base operations, fleet management, maintenance, repair and overhaul. With approximately 50 locations worldwide, Jet Aviation ensures the global availability of services for Gulfstream aircraft around the world, as well as aircraft produced by other manufacturers.


Marine Systems

The company's Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy, as well as Jones Act ships for commercial customers. The company operate through three business units: Electric Boat, headquartered in Groton, Connecticut; Bath Iron Works in Bath, Maine; and NASSCO in San Diego, California. Each has outlying facilities spanning the East and West Coasts of the United States.

Electric Boat is the prime contractor for the Columbia-class ballistic-missile submarine, a 12-boat, $113 billion program of record the Navy considers its top acquisition priority. It is also the lead shipyard for the Virginia-class attack submarine, with 17 boats in backlog scheduled for delivery through 2032, nine of which will include a new payload module that adds strike and special operations capabilities.

Bath Iron Works builds and manages lifecycle support for the Arleigh Burke-class (DDG-51) guided-missile destroyer, closing 2022 with 10 ships in backlog, scheduled for delivery through 2029. NASSCO builds John Lewis-class (T-AO-205) fleet replenishment oilers and Expeditionary Sea Base (ESB) ships that serve as afloat forward-staging bases for U.S. Marines and special operations forces, and provides maintenance and repair services to the Navy for all of its surface ship classes.

In response to the increase in demand for submarines and surface ships, General Dynamics has made substantial investments in its facilities, growing its workforce and strengthening its supply chains. The increase in capacity and capabilities will support the exceptional growth planned for its shipbuilding business for the next two decades.

Combat Systems

The company's Combat Systems segment designs, manufactures and sustains the world’s most lethal, mobile and survivable land combat platforms as well as munitions and medium-caliber armaments for the U.S. and allied militaries through three business units: Land Systems, European Land Systems, and Ordnance and Tactical Systems.

The company's installed base of nearly 23,000 vehicles across nearly 40 countries worldwide positions it well for modernization programs, support and sustainment services and future platform development. Land Systems is the sole-source producer of two foundational platforms central to the U.S. Army’s warfighting capabilities: the Abrams main battle tank and the Stryker wheeled combat vehicle, both of which have been significantly modernized. In 2022, Land Systems was selected to produce the Mobile Protected Firepower (MPF) vehicle, which will enhance firepower for the Army’s Infantry Brigade Combat Teams (IBCTs).

The company also produce market-leading light armored vehicles (LAVs), including the Piranha and Pandur armored vehicles, the Ajax and ASCOD family of medium-weight tracked combat vehicles, and the Duro and Eagle classes of wheeled tactical vehicles. The company's mobile bridge systems business offers an essential capability for militaries around the globe, manufacturing mobile systems capable of supporting payloads up to 100 tons. The company's continued investment in robotic and autonomous vehicle technology has opened new markets for supporting combat troops in the field.

Ordnance and Tactical Systems produces armaments and munitions that support kinetic military systems throughout the U.S. arsenal. In response to the conflict in Eastern Europe, the company remain closely aligned with its customers’ requirements to surge production to meet current and future needs.



The company's Technologies segment, consisting of General Dynamics Information Technology (GDIT) and General Dynamics Mission Systems, offers a full spectrum of services, technologies and products that combine specialized hardware and software. The company address the growing demand from customers who prioritize technology solutions as a critical element of their missions.

The company's nearly 40,000 technologists, engineers, mission experts and other professionals, who often possess top security clearances, are embedded across the defense, intelligence, federal civilian, and state markets, enabling customers to leverage cloud computing, high-performance computing, data analytics, cybersecurity and artificial intelligence (AI) to secure the nation’s most sensitive information, improve government services and inform critical decision-making.

As an original equipment manufacturer, General Dynamics is well positioned to provide purpose-built products that bring these capabilities reliably and securely to the most rugged or inhospitable locations, from the battlefield to the undersea domain to deep space.


The company operate in a number of offices, manufacturing plants, laboratories, warehouses and other facilities in the United States and abroad.

AerospaceMarine SystemsCombat SystemsTechnologies
Mesa, ArizonaSan Diego, CaliforniaAnniston, AlabamaDaleville, Alabama
Van Nuys, CaliforniaGroton and New London, ConnecticutEast Camden, ArkansasScottsdale, Arizona
West Palm Beach, FloridaJacksonville, FloridaHealdsburg, CaliforniaOrlando, Florida
Brunswick and Savannah, GeorgiaHonolulu, HawaiiCrawfordsville, St. Petersburg and Tallahassee, FloridaBossier City, Louisiana
Cahokia, Illinois Westfield, MassachusettsBath and Brunswick, MaineMarion, IllinoisAnnapolis Junction, Maryland
Teterboro, New JerseyMiddletown and North Kingstown, Rhode IslandSaco, Maine Sterling Heights, MichiganDedham, Pittsfield and Taunton, Massachusetts
New York, New YorkNorfolk and Portsmouth, VirginiaLima, Ohio Eynon, Scranton and Wilkes-Barre, PennsylvaniaBloomington, Minnesota
Tulsa, OklahomaBremerton, WashingtonGarland, TexasRensselaer, New York
Dallas and Fort Worth, TexasMexicali, Mexico.Joint Base Lewis-McChord, WashingtonGreensboro, North Carolina
Dulles, Virginia Appleton, Wisconsin Vienna, AustriaChesapeake and Marion, Virginia
Sydney, Australia Le Gardeur, London and Valleyfield, Canadamultiple locations in Northern Virginia
Beijing, China Kaiserslautern, GermanyOttawa, Canada
Mexicali, Mexico Madrid, Sevilla and Trubia, SpainOakdale and St. Leonards, United Kingdom.
Singapore Basel, Switzerland Kreuzlingen and Tägerwilen, Switzerland 
Farnborough, United Kingdom. Merthyr Tydfil, United Kingdom. 

Company History

General Dynamics was Incorporated in 1952. From 1952 to the 1990s, the company provided tanks, rockets, missiles, submarines, warships, fighters and electronics to all of the military services.7

1952General Dynamics is formed as the parent of the Electric Boat Company, which had owned Canadair since 1947
1953Acquired Convair
1959General Dynamics merges with Material Service Corporation
1976Canadair sold to the Canadian government
1982Acquired Chrysler Defense; General Dynamics Land Systems formed
1985Acquired Cessna Aircraft Company\.
1995Acquired Bath Iron Works

Acquired Advanced Technology Systems from Lucent Technologies

Acquired Computing Devices International from Ceridian

Acquired Armament Systems and Defense Systems from Lockheed Martin

1998Acquired NASSCO

Acquired Gulfstream Aerospace

Acquired GTE Government Systems


Purchased Spain's Santa Bárbara Sistemas, one of the world's oldest arms manufacturers, which started making cannons in 1540.

Acquired Motorola Integrated Systems and Primex Technologies.

2002Purchased German company EWK Eisenwerke Kaiserslautern, renaming it General Dynamics European Land Systems-Germany

Purchased General Motors Defense, Veridian and Digital Systems Resources (DSR)

Purchased Austrian vehicle manufacturer Steyr-Daimler-Puch Spezialfahrzeug, and established General Dynamics European Land Systems

2004Acquired Swiss vehicle manufacturer MOWAG, as part of General Dynamics European Land Systems
2006Purchased Anteon International Corp., integrating it with GDIT
2008Purchased Jet Aviation, a global business aviation service provider based in Switzerland

Acquired Vangent, a leading provider of healthcare information technology and business systems to federal agencies

Acquired Metro Machine Imperial Docks in Norfolk, Virginia

2012Acquired Earl Industries’ Ship Repair Division, growing NASSCO's shipbuilding repair and maintenance operations on both coasts

Jet Aviation expanded its West Coast presence with the Avjet acquisition and the opening of its eighth U.S. FBO at Van Nuys Airport.

General Dynamics Mission Systems acquires UUV manufacturer Bluefin Robotics.

2017Expanded Jet Aviation’s service network with an FBO at Washington Dulles International Airport and new FBOs in Massachusetts and Dubai.

CSRA acquired for $9.7 billion, the largest acquisition in company history, and integrated with GDIT

Acquired Hawker Pacific, adding 19 locations in Asia-Pacific and Middle East to the Aerospace global footprint.

Acquired Germany's FWW Fahrzeugwerk GmbH; established General Dynamics European Land Systems–Deutschland

2019U.S. Army orders 174 updated Abrams tanks from General Dynamics Land Systems
2020Electric Boat begins full construction of first Columbia-class ballistic missile submarine


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  3. ^$2-billion-flight-school-training-support-services-contract
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Created by Asif Farooqui on 2023/05/26 04:07
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