Name: General Dynamics Corp. (NYSE:GD) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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General Dynamics Corp., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Aircraft manufacturing and completions	7,355)	6,226)	6,320)	6,074)	7,497)
Aircraft services	2,154)	2,096)	1,743)	1,625)	1,569)
Pre-owned aircraft	292)	133)	66)	116)	111)
Aerospace	9,801)	8,455)	8,129)	7,815)	9,177)
Military vehicles	4,620)	4,027)	3,731)	3,378)	3,402)
Weapons systems, armament and munitions	1,906)	1,798)	1,633)	1,517)	1,508)
Engineering and other services	481)	416)	585)	635)	733)
Combat Systems	7,007)	6,241)	5,949)	5,530)	5,643)
IT services	8,422)	8,269)	4,410)	4,428)	4,510)
Information Technology	8,422)	8,269)	4,410)	4,428)	4,510)
C4ISR solutions	4,937)	4,726)	4,481)	4,716)	4,419)
Mission Systems	4,937)	4,726)	4,481)	4,716)	4,419)
Nuclear-powered submarines	6,254)	5,712)	5,175)	5,264)	5,010)
Surface ships	1,912)	1,872)	1,607)	1,648)	1,753)
Repair and other services	1,017)	918)	1,222)	1,160)	1,269)
Marine Systems	9,183)	8,502)	8,004)	8,072)	8,032)
Revenue	39,350)	36,193)	30,973)	30,561)	31,781)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

Total revenue experienced a period of relative stability between 2015 and 2017, followed by a significant acceleration in growth during 2018 and 2019. Aggregate revenue increased from 31,781 million US dollars in 2015 to 39,350 million US dollars by the end of 2019, representing a total increase of approximately 23.8% over the five-year period.

Aerospace Segment: Revenue within this segment fluctuated, starting at 9,177 million US dollars in 2015 and ending at 9,801 million US dollars in 2019. A notable decline in aircraft manufacturing and completions occurred between 2015 and 2016, dropping from 7,497 million to 6,074 million US dollars, before recovering to 7,355 million US dollars by 2019. This volatility was partially offset by a consistent upward trend in aircraft services, which grew steadily from 1,569 million US dollars in 2015 to 2,154 million US dollars in 2019.
Combat Systems Segment: Growth in this segment was driven primarily by military vehicles and weapons systems. Military vehicle revenue rose consistently from 3,402 million US dollars in 2015 to 4,620 million US dollars in 2019. Similarly, weapons systems, armament, and munitions increased from 1,508 million to 1,906 million US dollars over the same period. Conversely, engineering and other services showed a downward trend, decreasing from 733 million US dollars in 2015 to 481 million US dollars in 2019.
Information Technology Segment: The most substantial growth across all business lines occurred within IT services. Revenue remained stagnant between 2015 and 2017, averaging approximately 4,450 million US dollars. However, a sharp increase was recorded in 2018, where revenue jumped to 8,269 million US dollars, eventually reaching 8,422 million US dollars in 2019. This represents a near doubling of segment revenue within a single fiscal year.
Mission Systems Segment: Revenue from C4ISR solutions exhibited stable, moderate growth. The segment progressed from 4,419 million US dollars in 2015 to 4,937 million US dollars in 2019, indicating a consistent but slow expansion of the business line.
Marine Systems Segment: This segment showed a general upward trajectory, increasing from 8,032 million US dollars in 2015 to 9,183 million US dollars in 2019. The primary driver of this growth was nuclear-powered submarines, which saw revenue rise from 5,010 million US dollars in 2015 to 6,254 million US dollars in 2019. Surface ship revenue remained relatively flat until 2018, when it began to increase, while repair and other services experienced a general decline from 1,269 million US dollars in 2015 to 1,017 million US dollars in 2019.

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