Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

General Dynamics Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Products	23,130)	20,149)	19,016)	19,885)	20,280)
Services	16,220)	16,044)	11,957)	11,468)	11,189)
Revenue	39,350)	36,193)	30,973)	31,353)	31,469)
Products	(18,569)	(15,894)	(14,799)	(15,443)	(15,871)
Services	(13,722)	(13,584)	(9,987)	(9,661)	(9,468)
Cost of revenue	(32,291)	(29,478)	(24,786)	(25,104)	(25,339)
Gross profit	7,059)	6,715)	6,187)	6,249)	6,130)
General and administrative (G&A)	(2,411)	(2,258)	(2,010)	(1,940)	(1,952)
Operating earnings	4,648)	4,457)	4,177)	4,309)	4,178)
Interest expense	(472)	(374)	(117)	(99)	(98)
Interest income	12)	18)	14)	8)	15)
Interest, net	(460)	(356)	(103)	(91)	(83)
Other, net	14)	(16)	3)	13)	7)
Earnings from continuing operations before income tax	4,202)	4,085)	4,077)	4,231)	4,102)
Provision for income tax, net	(718)	(727)	(1,165)	(1,169)	(1,137)
Earnings from continuing operations	3,484)	3,358)	2,912)	3,062)	2,965)
Discontinued operations, net of tax	—)	(13)	—)	(107)	—)
Net earnings	3,484)	3,345)	2,912)	2,955)	2,965)

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).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	General Dynamics Corp. revenue increased from 2017 to 2018 and from 2018 to 2019.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	General Dynamics Corp. operating earnings increased from 2017 to 2018 and from 2018 to 2019.
Earnings from continuing operations before income tax	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	General Dynamics Corp. earnings from continuing operations before income tax increased from 2017 to 2018 and from 2018 to 2019.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	General Dynamics Corp. net earnings increased from 2017 to 2018 and from 2018 to 2019.

General Dynamics Corp. (NYSE:GD)

Income Statement