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General Dynamics Corporation (GD-0.29%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details the company's financial performance, showing revenue of $47.7 billion, an increase of 12.9% from 2023. Operating earnings were reported at $4.8 billion, up 13% from the previous year.
The Aerospace segment reported revenue of $11.2 billion, a 30.5% increase from 2023, driven by higher aircraft deliveries, including the G700 model. Operating earnings for the segment were $1.5 billion.
Marine Systems segment revenue increased by 15.1% to $14.3 billion, with growth attributed to increased volume on submarine programs. Operating earnings were $935 million.
Combat Systems segment revenue was $9 billion, up 8.8% from 2023, due to increased demand for military vehicles and munitions. The segment's operating earnings were $1.3 billion.
The Technologies segment reported revenue of $13.1 billion, a 1.6% increase from 2023, with operating earnings of $1.3 billion.
General Dynamics ended the year with a total backlog of $90.6 billion, a decrease from $93.6 billion at the end of 2023. The company expects to recognize approximately 45% of its remaining performance obligations as revenue in 2025.
The report also discusses the company's capital allocation strategy, including $1.5 billion spent on share repurchases in 2024 and $1.5 billion in dividends paid to shareholders.
The filing includes a discussion of various risks, including those related to government contracts, cybersecurity, and global economic conditions.
General Dynamics' effective tax rate for 2024 was 16.7%, and the company anticipates a similar rate for 2025.
The report concludes with information on the company's internal controls, with no changes reported that have materially affected the company's internal control over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the General Dynamics Corporation annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.