General Dynamics Corp. (GD)


Income Statement
Quarterly Data

Low level of difficulty

The income statement presents information on the financial results of a company’s 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 (quarterly data)

US$ in millions

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3 months ended Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Oct 4, 2015 Jul 5, 2015 Apr 5, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Products 5,789  5,401  5,251  5,977  4,842  4,754  4,576  5,177  4,718  4,654  4,467  5,329  4,844  4,848  4,864  5,091  5,119  5,138  4,932  5,558  4,909  4,659  4,438 
Services 3,972  4,154  4,010  4,401  4,252  4,432  2,959  3,100  2,862  3,021  2,974  2,904  2,887  2,817  2,860  2,718  2,875  2,744  2,852  2,804  2,842  2,815  2,827 
Revenue 9,761  9,555  9,261  10,378  9,094  9,186  7,535  8,277  7,580  7,675  7,441  8,233  7,731  7,665  7,724  7,809  7,994  7,882  7,784  8,362  7,751  7,474  7,265 
Products (4,640) (4,342) (4,235) (4,849) (3,797) (3,702) (3,546) (4,147) (3,634) (3,582) (3,436) (4,155) (3,757) (3,747) (3,784) (3,984) (4,037) (4,031) (3,819) (4,368) (3,866) (3,637) (3,464)
Services (3,333) (3,527) (3,398) (3,723) (3,610) (3,807) (2,444) (2,582) (2,384) (2,532) (2,489) (2,438) (2,434) (2,362) (2,427) (2,283) (2,447) (2,303) (2,435) (2,398) (2,408) (2,402) (2,436)
Cost of revenue (7,973) (7,869) (7,633) (8,572) (7,407) (7,509) (5,990) (6,729) (6,018) (6,114) (5,925) (6,593) (6,191) (6,109) (6,211) (6,267) (6,484) (6,334) (6,254) (6,766) (6,274) (6,039) (5,900)
Gross profit 1,788  1,686  1,628  1,806  1,687  1,677  1,545  1,548  1,562  1,561  1,516  1,640  1,540  1,556  1,513  1,542  1,510  1,548  1,530  1,596  1,477  1,435  1,365 
General and administrative (G&A) (572) (596) (614) (580) (552) (589) (537) (514) (510) (505) (481) (523) (471) (486) (460) (506) (476) (467) (503) (529) (478) (486) (491)
Operating earnings 1,216  1,090  1,014  1,226  1,135  1,088  1,008  1,034  1,052  1,056  1,035  1,117  1,069  1,070  1,053  1,036  1,034  1,081  1,027  1,067  999  949  874 
Interest, net (114) (119) (117) (112) (114) (103) (27) (27) (27) (24) (25) (23) (23) (23) (22) (19) (23) (20) (21) (19) (21) (24) (22)
Other, net (12) 12  18  18  (15) (21) —  —  —  10  —  (3) — 
Earnings from continuing operations before income tax 1,090  983  915  1,132  1,023  970  960  1,008  1,027  1,032  1,010  1,094  1,048  1,048  1,041  1,019  1,013  1,061  1,009  1,045  979  925  853 
Provision for income tax, net (177) (177) (170) (223) (159) (184) (161) (372) (263) (283) (247) (287) (281) (290) (311) (255) (280) (309) (293) (308) (285) (279) (257)
Earnings from continuing operations 913  806  745  909  864  786  799  636  764  749  763  807  767  758  730  764  733  752  716  737  694  646  596 
Discontinued operations, net of tax —  —  —  —  (13) —  —  —  —  —  —  (10) (84) —  (13) —  —  —  —  (36) (105) (1)
Net earnings 913  806  745  909  851  786  799  636  764  749  763  797  683  758  717  764  733  752  716  701  696  541  595 

Based on: 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-08), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

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.’s revenue increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. General Dynamics Corp.’s operating earnings increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 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.’s earnings from continuing operations before income tax increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 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.’s net earnings increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.