Selected Financial Data
since 2005
Income Statement
General Dynamics Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating earnings | Net earnings (loss) |
|---|---|---|---|
| Dec 31, 2019 | 39,350) | 4,648) | 3,484) |
| Dec 31, 2018 | 36,193) | 4,457) | 3,345) |
| Dec 31, 2017 | 30,973) | 4,177) | 2,912) |
| Dec 31, 2016 | 31,353) | 4,309) | 2,955) |
| Dec 31, 2015 | 31,469) | 4,178) | 2,965) |
| Dec 31, 2014 | 30,852) | 3,889) | 2,533) |
| Dec 31, 2013 | 31,218) | 3,685) | 2,357) |
| Dec 31, 2012 | 31,513) | 833) | (332) |
| Dec 31, 2011 | 32,677) | 3,826) | 2,526) |
| Dec 31, 2010 | 32,466) | 3,945) | 2,624) |
| Dec 31, 2009 | 31,981) | 3,675) | 2,394) |
| Dec 31, 2008 | 2,930) | 3,653) | 2,459) |
| Dec 31, 2007 | 27,240) | 3,113) | 2,072) |
| Dec 31, 2006 | 24,063) | 2,625) | 1,856) |
| Dec 31, 2005 | 21,244) | 2,197) | 1,461) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2019 is characterized by overall long-term growth in revenue and profitability, punctuated by specific periods of extreme volatility and recovery.
- Revenue Trends
- An initial growth phase is observed from 2005 to 2007, where revenues increased from 21.24 billion to 27.24 billion US dollars. Following a significant reporting anomaly in 2008, revenues stabilized between 2009 and 2017, maintaining a consistent range between approximately 30.8 billion and 32.6 billion US dollars. A second period of accelerated growth occurred between 2018 and 2019, with revenues reaching a peak of 39.35 billion US dollars.
- Operating and Net Earnings Performance
- Operating earnings exhibited a steady upward trend from 2.19 billion US dollars in 2005 to 3.94 billion US dollars in 2010. Despite a sharp contraction in 2012, operating earnings recovered by 2013 and climbed to 4.64 billion US dollars by 2019. Net earnings followed a similar trajectory, growing from 1.46 billion US dollars in 2005 to 3.48 billion US dollars in 2019, indicating a long-term expansion of bottom-line profitability.
- Analysis of Volatility and Anomalies
- Two significant disruptions are evident in the data. In 2008, a drastic reduction in reported revenue to 2.93 billion US dollars is noted, which stands in contradiction to the operating earnings of 3.65 billion US dollars reported in the same period. A more pronounced impact on profitability occurred in 2012, where operating earnings plummeted to 833 million US dollars, resulting in a net loss of 332 million US dollars. This represents the only instance of negative net earnings across the analyzed timeframe.
- Margin Observations
- While both revenue and earnings increased over the 15-year period, the growth in revenue during the 2018-2019 window was more aggressive than the corresponding growth in operating earnings. This suggests a slight compression in operating margins during the final two years of the period compared to the growth rates observed in the early 2010s.
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Balance Sheet: Assets
General Dynamics Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 19,780) | 48,841) |
| Dec 31, 2018 | 18,189) | 45,408) |
| Dec 31, 2017 | 18,328) | 35,046) |
| Dec 31, 2016 | 15,447) | 32,872) |
| Dec 31, 2015 | 14,571) | 31,997) |
| Dec 31, 2014 | 17,407) | 35,355) |
| Dec 31, 2013 | 17,886) | 35,448) |
| Dec 31, 2012 | 15,744) | 34,309) |
| Dec 31, 2011 | 15,368) | 34,883) |
| Dec 31, 2010 | 14,186) | 32,545) |
| Dec 31, 2009 | 13,249) | 31,077) |
| Dec 31, 2008 | 11,950) | 28,373) |
| Dec 31, 2007 | 12,298) | 25,733) |
| Dec 31, 2006 | 9,880) | 22,376) |
| Dec 31, 2005 | 9,173) | 19,591) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
A comprehensive examination of the balance sheet reveals a sustained long-term expansion in both current and total assets between 2005 and 2019. Total assets grew from 19,591 million US dollars to 48,841 million US dollars, representing an approximate 149% increase over the period, while current assets increased from 9,173 million US dollars to 19,780 million US dollars.
- Current Asset Trends
- Current assets exhibited a consistent upward trajectory from 2005 through 2014, peaking during that interval at 17,886 million US dollars. A notable contraction occurred in 2015, where values dropped to 14,571 million US dollars, before recovering steadily to reach a period high of 19,780 million US dollars by December 31, 2019.
- Total Asset Expansion and Volatility
- Total assets maintained steady growth from 2005 to 2013, rising from 19,591 million US dollars to 35,448 million US dollars. A period of relative stagnation and slight decline was observed between 2014 and 2016, with assets dipping to 31,997 million US dollars in 2015. However, a significant acceleration in asset accumulation occurred between 2017 and 2019, with total assets jumping from 35,046 million US dollars to 48,841 million US dollars, marking the most rapid growth phase in the observed timeframe.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets indicates a shift in the corporate asset structure. In 2005, current assets comprised approximately 46.8% of total assets. By 2019, despite the absolute increase in current assets, their proportion of the total asset base decreased to approximately 40.5%. This trend suggests a strategic increase in the allocation of capital toward non-current assets, such as long-term investments or fixed assets, particularly evident following the sharp increase in total assets after 2017.
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Balance Sheet: Liabilities and Stockholders’ Equity
General Dynamics Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term and long-term debt | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2019 | 16,801) | 35,264) | 11,930) | 13,577) |
| Dec 31, 2018 | 14,739) | 33,676) | 12,417) | 11,732) |
| Dec 31, 2017 | 13,099) | 23,611) | 3,982) | 11,435) |
| Dec 31, 2016 | 12,846) | 21,896) | 3,888) | 10,976) |
| Dec 31, 2015 | 12,445) | 21,259) | 3,399) | 10,738) |
| Dec 31, 2014 | 13,751) | 23,526) | 3,911) | 11,829) |
| Dec 31, 2013 | 12,194) | 20,947) | 3,909) | 14,501) |
| Dec 31, 2012 | 11,620) | 22,919) | 3,909) | 11,390) |
| Dec 31, 2011 | 11,145) | 21,651) | 3,930) | 13,232) |
| Dec 31, 2010 | 11,177) | 19,229) | 3,203) | 13,316) |
| Dec 31, 2009 | 10,371) | 18,654) | 3,864) | 12,423) |
| Dec 31, 2008 | 10,360) | 18,320) | 4,024) | 10,053) |
| Dec 31, 2007 | 9,164) | 13,965) | 2,791) | 11,768) |
| Dec 31, 2006 | 7,824) | 12,549) | 2,781) | 9,827) |
| Dec 31, 2005 | 6,907) | 11,446) | 3,291) | 8,145) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial position from 2005 to 2019 reveals a significant expansion in the total liability profile, characterized by a steady increase in operational obligations and a sharp escalation in borrowed capital toward the end of the period. While shareholders' equity grew over the long term, its trajectory was marked by periodic volatility.
- Liability Trends
- Current liabilities exhibited a consistent upward trend, rising from 6,907 million US$ in 2005 to 16,801 million US$ by 2019. Total liabilities followed a similar growth trajectory, increasing from 11,446 million US$ to 35,264 million US$ over the same timeframe. A notable acceleration in total liabilities is observed between 2017 and 2018, where the balance jumped from 23,611 million US$ to 33,676 million US$, representing a substantial increase in the company's total obligations.
- Debt Structure Evolution
- Between 2005 and 2017, short-term and long-term debt remained relatively stable, generally fluctuating between 2,781 million US$ and 4,024 million US$. However, a fundamental shift occurred in 2018, when debt levels spiked to 12,417 million US$, more than tripling the previous year's balance. This surge indicates a strategic shift toward higher leverage, as debt became a primary driver of the total liability increase in the final two years of the period.
- Shareholders' Equity Performance
- Shareholders' equity demonstrated a general growth pattern, increasing from 8,145 million US$ in 2005 to 13,577 million US$ in 2019. This growth was not linear; equity peaked at 14,501 million US$ in 2013 before experiencing a decline to 10,738 million US$ by 2015. Recovery followed, with equity returning to a peak of 13,577 million US$ by 2019, suggesting a cyclical pattern of capital accumulation and distribution.
- Capitalization and Leverage Insights
- For the majority of the observed period, the company maintained a conservative debt-to-equity profile. However, the sharp increase in debt in 2018, coupled with the steady rise in current liabilities, altered the capital structure. By 2019, the reliance on borrowed funds had increased significantly relative to the equity base, shifting the risk profile of the balance sheet compared to the 2005-2017 baseline.
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Cash Flow Statement
General Dynamics Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used) provided by investing activities | Net cash provided (used) by financing activities |
|---|---|---|---|
| Dec 31, 2019 | 2,981) | (994) | (1,997) |
| Dec 31, 2018 | 3,148) | (10,234) | 5,086) |
| Dec 31, 2017 | 3,879) | (791) | (2,399) |
| Dec 31, 2016 | 2,198) | (426) | (2,169) |
| Dec 31, 2015 | 2,499) | 200) | (4,259) |
| Dec 31, 2014 | 3,728) | (1,102) | (3,575) |
| Dec 31, 2013 | 3,106) | (367) | (725) |
| Dec 31, 2012 | 2,687) | (656) | (1,382) |
| Dec 31, 2011 | 3,238) | (1,974) | (1,201) |
| Dec 31, 2010 | 2,986) | (408) | (2,226) |
| Dec 31, 2009 | 2,855) | (1,392) | (806) |
| Dec 31, 2008 | 3,124) | (3,662) | (718) |
| Dec 31, 2007 | 2,952) | (852) | (786) |
| Dec 31, 2006 | 2,156) | (2,316) | (539) |
| Dec 31, 2005 | 2,066) | (181) | (520) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data from 2005 to 2019 reveals a consistent capacity to generate positive cash flow from core operations, coupled with volatile investing activities and a financing strategy primarily focused on capital outflow, with one notable exception in 2018.
- Operating Activities
- Net cash provided by operating activities remained positive throughout the entire period, exhibiting a general upward trajectory. From a baseline of 2,066 million US$ in 2005, operating cash flow peaked at 3,879 million US$ in 2017. While there were temporary contractions in 2015 and 2016, the operational cash generation demonstrates resilience and a steady growth pattern over the long term.
- Investing Activities
- Investing activities were characterized by consistent net outflows, reflecting ongoing capital expenditures or acquisitions, with significant volatility in the scale of these investments. Major outflows occurred in 2006, 2008, and 2011. A substantial anomaly is observed in 2018, where net cash used in investing activities reached 10,234 million US$, the highest expenditure in the recorded period. A brief reversal occurred in 2015, resulting in a small net cash inflow of 200 million US$.
- Financing Activities
- For the majority of the period, financing activities resulted in net cash outflows, suggesting a consistent prioritization of debt repayment, dividend payments, or share repurchases. Outflows were particularly pronounced between 2014 and 2015. However, 2018 represents a pivot in strategy, showing a net cash inflow of 5,086 million US$. This surge in financing coincided with the peak investing outflow of the same year, indicating that the significant investment activity in 2018 was partially funded through external financing.
Overall, the cash flow profile indicates a mature operational engine that provides a reliable source of liquidity. The stability of operating cash flows has allowed for sustained investment and capital return to shareholders, though the events of 2018 highlight a period of aggressive capital deployment funded by a temporary shift toward external financing.
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Per Share Data
General Dynamics Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 12.09 | 11.98 | 4.08 |
| Dec 31, 2018 | 11.33 | 11.18 | 3.72 |
| Dec 31, 2017 | 9.73 | 9.56 | 3.36 |
| Dec 31, 2016 | 9.70 | 9.52 | 3.04 |
| Dec 31, 2015 | 9.23 | 9.08 | 2.76 |
| Dec 31, 2014 | 7.56 | 7.42 | 2.48 |
| Dec 31, 2013 | 6.72 | 6.67 | 2.24 |
| Dec 31, 2012 | -0.94 | -0.94 | 2.04 |
| Dec 31, 2011 | 6.94 | 6.87 | 1.88 |
| Dec 31, 2010 | 6.88 | 6.81 | 1.68 |
| Dec 31, 2009 | 6.21 | 6.17 | 1.52 |
| Dec 31, 2008 | 6.21 | 6.17 | 1.40 |
| Dec 31, 2007 | 5.12 | 5.08 | 1.16 |
| Dec 31, 2006 | 4.60 | 4.56 | 0.92 |
| Dec 31, 2005 | 3.64 | 3.61 | 0.80 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial trajectory from 2005 to 2019 is characterized by a general upward trend in both profitability and shareholder distributions, despite a significant singular anomaly in earnings during the 2012 fiscal year.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited steady growth for the majority of the period. Basic EPS rose from 3.64 USD in 2005 to 6.94 USD by 2011. A sharp contraction occurred in 2012, where both basic and diluted EPS fell to -0.94 USD. However, a full recovery was realized by 2013, with basic EPS returning to 6.72 USD. Following this recovery, earnings entered a period of accelerated growth, culminating in a basic EPS of 12.09 USD in 2019.
- Dividend Distribution Trends
- Dividend per share demonstrated a consistent and uninterrupted linear increase throughout the entire 14-year duration. Starting at 0.80 USD in 2005, the dividend grew annually to reach 4.08 USD by 2019. This trajectory indicates a disciplined capital return policy that remained unaffected by short-term earnings volatility.
- Comparison of Basic and Diluted Earnings
- A marginal variance is observed between basic and diluted earnings per share across all reporting years. This minimal gap suggests a limited impact from dilutive securities, such as stock options or convertible bonds, on the overall earnings available to common shareholders.
- Earnings-to-Dividend Relationship
- The stability of dividend growth relative to the volatility of earnings is most evident in 2012. While earnings per share turned negative, the dividend per share continued its upward progression, increasing from 1.88 USD in 2011 to 2.04 USD in 2012. This divergence suggests the use of retained earnings or other financing strategies to maintain dividend growth during periods of temporary profitability decline.
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