Analysis of Revenues
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General Dynamics Corp. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Revenues as Reported
General Dynamics Corp., income statement, revenues
US$ in millions
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).
The revenue data over the five-year period reveals varying trends among the different business segments, with overall total revenue showing growth particularly in the later years.
- Aerospace Segment
- The aerospace segment exhibited fluctuations but an overall upward trajectory, with total revenue decreasing from 9,177 million in 2015 to 7,815 million in 2016, then gradually recovering to reach 9,801 million by 2019. Within aerospace, "Aircraft manufacturing and completions" saw a decline from 7,497 million in 2015 to 6,074 million in 2016, followed by moderate fluctuations and a recovery to 7,355 million in 2019. "Aircraft services" consistently increased from 1,569 million to 2,154 million, and "Pre-owned aircraft" displayed more volatility but experienced significant growth in the final year, rising from 66 million in 2017 to 292 million in 2019.
- Combat Systems Segment
- The combat systems category showed steady growth, rising from 5,643 million in 2015 to 7,007 million in 2019. Components such as "Military vehicles" increased steadily every year, reaching 4,620 million in 2019. Similarly, "Weapons systems, armament and munitions" saw incremental increases while "Engineering and other services" declined overall, hitting a low of 416 million in 2018 before a modest recovery to 481 million in 2019.
- Information Technology Segment
- This segment demonstrated notable growth, particularly in 2018, with revenue nearly doubling from around 4,410 million in 2017 to 8,269 million in 2018, maintaining a similar level of 8,422 million in 2019. The "C4ISR solutions" and "Mission Systems" line items, which show identical values, increased gradually from 4,419 million to 4,937 million, indicating steady growth within a subset of this segment.
- Marine Systems Segment
- The marine systems segment showed moderate growth, increasing from 8,032 million in 2015 to 9,183 million in 2019. "Nuclear-powered submarines" consistently expanded from 5,010 million to 6,254 million. "Surface ships" fluctuated slightly but generally increased toward 1,912 million in 2019. However, "Repair and other services" decreased notably mid-period (918 million in 2018) before a slight recovery to 1,017 million in 2019.
- Total Revenue
- Total revenue declined slightly from 31,781 million in 2015 to 30,561 million in 2016, remained relatively flat in 2017, and then increased markedly in 2018 and 2019, reaching 39,350 million. This improvement was driven primarily by growth in information technology and marine systems, along with recovery in aerospace and sustained gains in combat systems.
Overall, the data indicates that while some segments experienced short-term declines or fluctuations, the company achieved considerable revenue growth in the latter two years, supported by strong performance in information technology services and continued advancement in marine and combat systems sectors.