General Dynamics Reports 12.9% Revenue Growth to $47.7 Billion for Fiscal Year 2024

General Dynamics Corporation reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $47.7 billion, a 12.9% increase from $42.3 billion in 2023. Operating earnings also rose to $4.8 billion, reflecting a 13% increase year-over-year, while diluted earnings per share improved to $13.63, up 13.4% from the previous year. The company generated $4.1 billion in cash from operating activities, representing 109% of net earnings, and ended the year with a backlog of $90.6 billion, supporting its long-term growth expectations.

The Aerospace segment, which accounted for 24% of consolidated revenue, saw significant growth driven by increased aircraft manufacturing and services. The introduction of the ultra-long-range G700 aircraft, which began deliveries in the second quarter of 2024, contributed to this growth despite facing challenges related to supplier quality and late component deliveries. The Marine Systems segment, responsible for 30% of total revenue, also experienced growth, primarily due to increased volume in submarine construction programs, although it faced a decrease in operating margin due to unfavorable profit adjustments on the Virginia-class contract.

In terms of strategic developments, General Dynamics made notable investments in advanced technologies and expanded its product offerings across all segments. The company continued to focus on sustainability, particularly in its Aerospace segment, where it has been a leader in the use of sustainable aviation fuel. Additionally, the Technologies segment, which contributed 27% of revenue, expanded its portfolio through the acquisition of Iron EagleX, Inc., enhancing its capabilities in artificial intelligence and cybersecurity.

Operationally, General Dynamics employed approximately 117,000 employees globally, with 84% based in the United States. The company reported a diverse customer base, with 69% of revenue derived from U.S. government contracts, including significant contributions from the Department of Defense. The company also noted a growing international presence, with non-U.S. government and commercial customers accounting for 17% of total revenue in 2024, up from 14% in 2023.

Looking ahead, General Dynamics anticipates continued growth across its segments, with projected revenue increases for 2025. The Aerospace segment is expected to generate approximately $12.7 billion in revenue, while Marine Systems is projected to reach $15 billion. The company remains committed to evaluating capital deployment opportunities to sustain long-term growth and deliver value to shareholders, despite potential challenges posed by global economic conditions and supply chain disruptions.