Cash Flow Statement

Operating Cash Flow

+11%

+35%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Apr-2004	Jul-2004	Oct-2004	Dec-2004	Apr-2005	Jul-2005	Oct-2005	Dec-2005	Apr-2006	Jul-2006	Oct-2006	Dec-2006	Apr-2007	Jul-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Apr-2009	Jul-2009	Oct-2009	Dec-2009	Apr-2010	Jul-2010	Oct-2010	Dec-2010	Apr-2011	Jul-2011	Oct-2011	Dec-2011	Apr-2012	Jul-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Apr-2015	Jul-2015	Oct-2015	Dec-2015	Apr-2016	Jul-2016	Oct-2016	Dec-2016	Apr-2017	Jul-2017	Oct-2017	Dec-2017	Apr-2018	Jul-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Apr-2021	Jul-2021	Oct-2021	Dec-2021	Apr-2022	Jul-2022	Oct-2022	Dec-2022	Apr-2023	Jul-2023	Oct-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	935	980	1 028	1 040	1 029	999	977	1 004	1 048	1 096	1 160	1 227	1 298	1 353	1 407	1 461	1 499	1 790	1 854	1 856	1 916	1 793	1 901	2 072	2 210	2 338	2 426	2 459	2 477	2 454	2 392	2 394	2 401	2 431	2 509	2 624	2 645	2 650	2 652	2 526	2 472	2 453	2 401	(332)	(325)	(319)	(268)	2 357	2 381	2 282	2 327	2 533	2 654	2 865	2 902	3 036	2 961	2 923	2 837	2 572	2 694	2 729	2 846	2 912	2 948	2 985	3 072	3 345	3 291	3 311	3 373	3 484	3 445	3 264	3 185	3 167	3 169	3 281	3 307	3 257	3 279	3 308	3 350	3 390	3 390	3 368	3 302	3 315	3 384	3 545	3 639	3 782	3 977	4 086	4 215	4 210
Depreciation & Amortization	256	245	234	208	213	213	235	270	288	315	316	306	315	311	312	327	326	341	357	384	402	414	422	423	424	429	437	447	484	513	539	562	566	566	568	569	569	574	580	592	603	608	615	590	578	551	524	525	508	512	509	496	495	487	480	481	473	469	461	453	448	442	439	441	439	548	657	763	609	702	766	829	836	845	847	878	881	886	885	890	888	876	884	884	897	892	881	863	848	858	868	886	898	904	912	924
Change in Deffered Taxes	171	207	241	177	153	125	136	137	208	310	273	279	187	109	157	141	110	108	71	45	88	87	65	122	97	95	155	196	237	256	302	227	197	171	103	56	65	60	54	14	(2)	(17)	4	(144)	(136)	(100)	(146)	115	140	132	158	136	92	93	130	213	203	202	273	184	247	267	191	401	360	302	180	(3)	(17)	(14)	(9)	92	74	26	52	(127)	(118)	(81)	(53)	(66)	(153)	(247)	(160)	(178)	(163)	(114)	(204)	(177)	(125)	(113)	(126)	(86)	(106)	(94)	172	256
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	39	0	0	0	61	80	95	125	86	90	102	50	105	110	113	164	117	118	117	118	118	121	124	126	128	131	133	136	114	110	106	100	120	116	123	124	128	141	135	118	98	85	78	90	95	91	96	112	123	129	142	140	140	151	141	133	133	123	122	121	128	138	139	133	126	182	174	170	165	107	132	161	181	177	181	182	183	183	185	192	196
Other Non-Cash Items	(6)	1	(5)	(1)	(5)	(11)	(4)	26	42	52	44	59	51	45	92	47	49	(170)	(189)	(160)	(160)	74	52	0	10	4	26	79	95	111	120	110	97	97	95	104	110	119	133	214	210	205	194	2 396	2 399	2 383	2 377	208	185	314	307	304	313	219	199	55	87	30	131	148	128	150	66	83	96	116	145	133	141	116	90	82	63	71	67	69	81	91	98	106	174	188	187	185	126	129	156	177	173	177	179	177	176	176	181	186
Cash Taxes Paid	331	338	419	377	363	312	274	268	276	227	238	304	326	494	537	522	518	561	701	743	740	801	798	759	774	910	884	841	841	795	727	860	854	913	996	1 060	1 080	1 071	1 114	1 083	1 110	1 055	1 084	1 155	1 099	1 117	1 063	888	929	701	748	1 019	1 005	1 268	1 222	871	839	801	772	959	934	827	680	617	617	444	524	532	573	774	714	572	578	231	430	764	754	953	921	740	722	1 060	1 005	1 245	1 288	1 007	702	1 100	1 075	725	1 001	560	561	844	698	568
Cash Interest Paid	68	61	61	55	58	54	52	79	105	133	160	149	146	142	129	142	140	143	162	155	155	146	135	127	129	129	131	124	118	109	138	137	170	169	168	168	150	151	135	133	146	145	156	186	148	154	117	94	94	92	93	94	94	95	91	90	87	87	86	83	87	87	91	93	94	142	171	312	339	433	439	434	452	439	424	459	500	466	527	433	419	396	310	383	308	387	670	378	386	377	98	385	401	394	410	376
Change in Working Capital	(432)	(361)	(466)	(302)	16	(86)	11	284	260	175	97	(68)	(16)	(143)	(5)	80	179	223	134	3	(70)	(114)	219	308	101	591	337	(71)	(465)	(921)	(1 212)	(453)	(362)	(495)	(217)	(367)	(283)	(25)	(786)	(135)	14	89	692	161	243	30	(180)	(112)	(203)	94	2 075	395	628	299	(1 432)	(1 221)	(1 423)	(1 638)	(2 049)	(1 248)	(1 357)	(1 325)	(908)	2	(1 027)	(820)	(1 001)	(1 110)	(1 448)	(1 949)	(1 689)	(1 557)	(1 368)	(595)	(515)	(188)	457	574	879	64	2 040	1 669	1 348	318	(158)	(133)	43	528	(1 314)	(1 418)	(1 415)	(653)	(710)	(55)	228	(466)
Cash from Operating Activities	939 N/A	1 072 +14%	1 032 -4%	1 122 +9%	1 406 +25%	1 240 -12%	1 355 +9%	1 721 +27%	1 846 +7%	1 948 +6%	1 890 -3%	1 803 -5%	1 835 +2%	1 675 -9%	1 963 +17%	2 056 +5%	2 163 +5%	2 292 +6%	2 227 -3%	2 128 -4%	2 176 +2%	2 254 +4%	2 659 +18%	2 925 +10%	2 842 -3%	3 457 +22%	3 381 -2%	3 110 -8%	2 828 -9%	2 413 -15%	2 141 -11%	2 840 +33%	2 899 +2%	2 770 -4%	3 058 +10%	2 986 -2%	3 106 +4%	3 378 +9%	2 633 -22%	3 211 +22%	3 297 +3%	3 338 +1%	3 906 +17%	2 671 -32%	2 759 +3%	2 545 -8%	2 307 -9%	3 093 +34%	3 011 -3%	3 334 +11%	5 376 +61%	3 864 -28%	4 182 +8%	3 963 -5%	2 279 -42%	2 564 +13%	2 301 -10%	1 986 -14%	1 653 -17%	2 109 +28%	2 160 +2%	2 263 +5%	2 634 +16%	3 839 +46%	2 816 -27%	3 131 +11%	3 053 -2%	3 128 +2%	2 826 -10%	2 315 -18%	2 611 +13%	2 930 +12%	3 050 +4%	3 611 +18%	3 636 +1%	3 799 +4%	4 470 +18%	4 751 +6%	5 116 +8%	4 251 -17%	6 228 +47%	5 794 -7%	5 609 -3%	4 599 -18%	4 092 -11%	4 142 +1%	4 178 +1%	4 706 +13%	2 966 -37%	3 049 +3%	3 145 +3%	4 106 +31%	4 235 +3%	5 017 +18%	5 708 +14%	5 110 -10%
Investing Cash Flow
Capital Expenditures	(347)	(346)	(265)	(262)	(249)	(229)	(231)	(220)	(242)	(270)	(280)	(253)	(238)	(225)	(245)	(262)	(278)	(290)	(306)	(334)	(333)	(383)	(417)	(474)	(506)	(508)	(494)	(490)	(486)	(460)	(427)	(385)	(364)	(338)	(353)	(370)	(371)	(399)	(424)	(458)	(487)	(482)	(471)	(436)	(421)	(425)	(417)	(436)	(448)	(433)	(506)	(521)	(532)	(549)	(544)	(569)	(536)	(513)	(453)	(392)	(389)	(411)	(421)	(428)	(470)	(554)	(602)	(690)	(767)	(773)	(849)	(987)	(991)	(1 031)	(1 003)	(967)	(916)	(867)	(847)	(887)	(894)	(946)	(1 005)	(1 114)	(1 134)	(1 122)	(1 094)	(904)	(902)	(891)	(865)	(916)	(899)	(896)	(907)	(1 161)
Other Items	(1 074)	(927)	(239)	(136)	(1 246)	(1 076)	(2 876)	(3 008)	(1 942)	(1 907)	(531)	(533)	(183)	(263)	62	81	(413)	(2 044)	(2 191)	(1 982)	(2 111)	(320)	(201)	(378)	(129)	(261)	(278)	(3 172)	(3 337)	(3 193)	(3 546)	(1 007)	(1 025)	(1 213)	(379)	(38)	107	186	(1 180)	(1 516)	(1 613)	(1 747)	(714)	(206)	(33)	128	231	73	84	86	(471)	(581)	3	143	686	769	122	(23)	(47)	1	31	10	(272)	(363)	(341)	(10 286)	(9 922)	(9 544)	(9 549)	420	328	(7)	7	178	24	(7)	(12)	(193)	(39)	5	(4)	7	(374)	(375)	(398)	(406)	(5)	(37)	(31)	47	(56)	(37)	(2)	34	120	(123)
Cash from Investing Activities	(1 421) N/A	(1 273) +10%	(504) +60%	(398) +21%	(1 495) -276%	(1 305) +13%	(3 107) -138%	(3 228) -4%	(2 184) +32%	(2 177) +0%	(811) +63%	(786) +3%	(421) +46%	(488) -16%	(183) +63%	(181) +1%	(691) -282%	(2 334) -238%	(2 497) -7%	(2 316) +7%	(2 444) -6%	(703) +71%	(618) +12%	(852) -38%	(635) +25%	(769) -21%	(772) 0%	(3 662) -374%	(3 823) -4%	(3 653) +4%	(3 973) -9%	(1 392) +65%	(1 389) +0%	(1 551) -12%	(732) +53%	(408) +44%	(264) +35%	(213) +19%	(1 604) -653%	(1 974) -23%	(2 100) -6%	(2 229) -6%	(1 185) +47%	(642) +46%	(454) +29%	(297) +35%	(186) +37%	(363) -95%	(364) 0%	(347) +5%	(977) -182%	(1 102) -13%	(529) +52%	(406) +23%	142 N/A	200 +41%	(414) N/A	(536) -29%	(500) +7%	(391) +22%	(358) +8%	(401) -12%	(693) -73%	(791) -14%	(811) -3%	(10 840) -1 237%	(10 524) +3%	(10 234) +3%	(10 316) -1%	(353) +97%	(521) -48%	(994) -91%	(984) +1%	(853) +13%	(979) -15%	(974) +1%	(928) +5%	(1 060) -14%	(886) +16%	(882) +0%	(898) -2%	(939) -5%	(1 379) -47%	(1 489) -8%	(1 532) -3%	(1 528) +0%	(1 099) +28%	(941) +14%	(933) +1%	(844) +10%	(921) -9%	(953) -3%	(901) +5%	(862) +4%	(787) +9%	(1 284) -63%
Financing Cash Flow
Net Issuance of Common Stock	(18)	(29)	(109)	(51)	(325)	(361)	(280)	(235)	18	90	134	169	69	16	(18)	(200)	(17)	(44)	(20)	168	(10)	65	(277)	(298)	(692)	(818)	(859)	(1 378)	(971)	(886)	(520)	(67)	(17)	(342)	(593)	(908)	(1 052)	(1 500)	(1 604)	(1 270)	(1 092)	(805)	(488)	(456)	(446)	(248)	(187)	(157)	(1 350)	(2 160)	(2 587)	(2 835)	(2 187)	(1 926)	(2 682)	(2 965)	(3 458)	(2 787)	(1 990)	(1 704)	(1 032)	(1 416)	(1 362)	(1 395)	(1 308)	(930)	(756)	(1 633)	(1 499)	(1 428)	(1 331)	(231)	(547)	(501)	(501)	(587)	(897)	(1 438)	(1 577)	(1 828)	(1 363)	(1 570)	(1 456)	(1 229)	(1 025)	(513)	(544)	(434)	(449)	(195)	(183)	(1 501)	(1 996)	(1 962)	(1 918)	(637)
Net Issuance of Debt	834	677	(289)	(549)	1 018	1 104	2 499	2 525	695	686	(907)	(682)	(496)	(455)	(326)	0	0	362	(181)	(500)	0	(862)	(319)	0	0	(500)	(650)	1 249	1 110	1 643	1 742	(157)	(18)	(51)	(700)	(700)	0	0	947	747	0	0	(200)	(18)	0	0	0	0	32	0	0	0	(470)	(500)	(500)	(500)	0	0	492	492	0	0	985	85	2 579	10 332	8 229	8 312	6 828	(541)	130	(850)	4 371	452	(337)	1 019	(5 212)	(683)	53	(1 497)	0	(2 491)	(1 991)	(1 000)	0	(1 750)	(2 250)	(1 250)	0	(500)	0	(500)	340	(557)	(1 253)	(753)
Cash Paid for Dividends	(223)	(227)	(232)	(236)	(240)	(243)	(246)	(249)	(252)	(260)	(269)	(278)	(287)	(296)	(304)	(314)	(322)	(335)	(348)	(359)	(372)	(396)	(421)	(445)	(469)	(492)	(514)	(533)	(552)	(559)	(566)	(577)	(588)	(604)	(618)	(631)	(641)	(654)	(664)	(673)	(685)	(693)	(702)	(893)	(724)	(738)	(754)	(591)	(789)	(804)	(815)	(822)	(830)	(843)	(859)	(873)	(882)	(888)	(896)	(911)	(926)	(947)	(968)	(986)	(1 006)	(1 029)	(1 052)	(1 075)	(1 093)	(1 112)	(1 132)	(1 152)	(1 179)	(1 199)	(1 219)	(1 240)	(1 260)	(1 281)	(1 298)	(1 315)	(1 330)	(1 343)	(1 356)	(1 369)	(1 384)	(1 395)	(1 413)	(1 428)	(1 444)	(1 473)	(1 500)	(1 529)	(1 551)	(1 564)	(1 577)	(1 593)
Other	(6)	0	(15)	0	0	0	0	0	(3)	0	(51)	(111)	(59)	(111)	(64)	(6)	(45)	20	28	152	43	37	46	(43)	67	68	(2)	(56)	(71)	(84)	(32)	(5)	12	17	19	13	12	(5)	(9)	(5)	(19)	25	3	(15)	(4)	(27)	29	23	0	61	43	(18)	0	(97)	(113)	(29)	(22)	92	172	(46)	(75)	(34)	(177)	(103)	(106)	(658)	(662)	(518)	(405)	(41)	207	236	(54)	88	(105)	(95)	308	361	262	50	(44)	(178)	(70)	127	(20)	(25)	(16)	18	108	171	208	161	79	89	246	(207)
Cash from Financing Activities	580 N/A	414 -29%	(639) N/A	(836) -31%	459 N/A	500 +9%	1 982 +296%	2 041 +3%	458 -78%	516 +13%	(1 090) N/A	(902) +17%	(770) +15%	(846) -10%	(712) +16%	(520) +27%	(384) +26%	3 N/A	(521) N/A	(539) -3%	(839) -56%	(1 156) -38%	(971) +16%	(786) +19%	(1 094) -39%	(1 742) -59%	(2 025) -16%	(718) +65%	(484) +33%	114 N/A	624 +447%	(806) N/A	(611) +24%	(980) -60%	(1 892) -93%	(2 226) -18%	(2 381) -7%	(2 859) -20%	(1 330) +53%	(1 201) +10%	(1 049) +13%	(726) +31%	(1 387) -91%	(1 382) +0%	(1 192) +14%	(1 031) +14%	(930) +10%	(725) +22%	(2 096) -189%	(2 903) -39%	(3 359) -16%	(3 675) -9%	(3 537) +4%	(3 366) +5%	(4 154) -23%	(4 367) -5%	(4 392) -1%	(3 583) +18%	(2 222) +38%	(2 169) +2%	(1 541) +29%	(1 905) -24%	(1 522) +20%	(2 399) -58%	159 N/A	7 715 +4 752%	5 759 -25%	5 086 -12%	3 831 -25%	(3 122) N/A	(2 126) +32%	(1 997) +6%	2 591 N/A	(1 160) N/A	(2 162) -86%	(903) +58%	(7 061) -682%	(3 041) +57%	(2 560) +16%	(4 590) -79%	(4 234) +8%	(5 582) -32%	(4 873) +13%	(3 471) +29%	(3 429) +1%	(3 683) -7%	(4 223) -15%	(3 094) +27%	(3 035) +2%	(1 997) +34%	(1 475) +26%	(3 369) -128%	(3 128) +7%	(3 994) -28%	(4 502) -13%	(3 190) +29%
Change in Cash
Net Change in Cash	98 N/A	213 +117%	(111) N/A	(112) -1%	370 N/A	435 +18%	230 -47%	534 +132%	120 -78%	287 +139%	(11) N/A	115 N/A	644 +460%	341 -47%	1 068 +213%	1 355 +27%	1 088 -20%	(39) N/A	(791) -1 928%	(727) +8%	(1 107) -52%	395 N/A	1 070 +171%	1 287 +20%	1 113 -14%	946 -15%	584 -38%	(1 270) N/A	(1 479) -16%	(1 126) +24%	(1 208) -7%	642 N/A	899 +40%	239 -73%	434 +82%	352 -19%	461 +31%	306 -34%	(301) N/A	36 N/A	148 +311%	383 +159%	1 334 +248%	647 -51%	1 113 +72%	1 217 +9%	1 191 -2%	2 005 +68%	551 -73%	84 -85%	1 040 +1 138%	(913) N/A	116 N/A	191 +65%	(1 733) N/A	(1 603) +8%	(2 505) -56%	(2 133) +15%	(1 069) +50%	(451) +58%	261 N/A	(43) N/A	419 N/A	649 +55%	2 164 +233%	6 -100%	(1 712) N/A	(2 020) -18%	(3 659) -81%	(1 160) +68%	(36) +97%	(61) -69%	4 657 N/A	1 598 -66%	495 -69%	1 922 +288%	(3 519) N/A	650 N/A	1 670 +157%	(1 221) N/A	1 096 N/A	(727) N/A	(643) +12%	(361) +44%	(869) -141%	(1 069) -23%	(1 144) -7%	671 N/A	(1 002) N/A	208 N/A	749 +260%	(216) N/A	206 N/A	161 -22%	419 +160%	636 +52%
Free Cash Flow
Free Cash Flow	592 N/A	726 +23%	767 +6%	860 +12%	1 157 +35%	1 011 -13%	1 124 +11%	1 501 +34%	1 604 +7%	1 678 +5%	1 610 -4%	1 550 -4%	1 597 +3%	1 450 -9%	1 718 +18%	1 794 +4%	1 885 +5%	2 002 +6%	1 921 -4%	1 794 -7%	1 843 +3%	1 871 +2%	2 242 +20%	2 451 +9%	2 336 -5%	2 949 +26%	2 887 -2%	2 620 -9%	2 342 -11%	1 953 -17%	1 714 -12%	2 455 +43%	2 535 +3%	2 432 -4%	2 705 +11%	2 616 -3%	2 735 +5%	2 979 +9%	2 209 -26%	2 753 +25%	2 810 +2%	2 856 +2%	3 435 +20%	2 235 -35%	2 338 +5%	2 120 -9%	1 890 -11%	2 657 +41%	2 563 -4%	2 901 +13%	4 870 +68%	3 343 -31%	3 650 +9%	3 414 -6%	1 735 -49%	1 995 +15%	1 765 -12%	1 473 -17%	1 200 -19%	1 717 +43%	1 771 +3%	1 852 +5%	2 213 +19%	3 411 +54%	2 346 -31%	2 577 +10%	2 451 -5%	2 438 -1%	2 059 -16%	1 542 -25%	1 762 +14%	1 943 +10%	2 059 +6%	2 580 +25%	2 633 +2%	2 832 +8%	3 554 +25%	3 884 +9%	4 269 +10%	3 364 -21%	5 334 +59%	4 848 -9%	4 604 -5%	3 485 -24%	2 958 -15%	3 020 +2%	3 084 +2%	3 802 +23%	2 064 -46%	2 158 +5%	2 280 +6%	3 190 +40%	3 336 +5%	4 121 +24%	4 801 +17%	3 949 -18%

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General Dynamics Corp
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Cash Flow Statement
General Dynamics Corp

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General Dynamics Corp NYSE:GD

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Cash Flow Statement General Dynamics Corp

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General Dynamics Corp
NYSE:GD

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General Dynamics Corp