GD · 10-K filed 30 Jan 2026 · year to 31 Dec 2025

General Dynamics

34 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · Approximately 70% of our consolidated revenuenamed as a risk

Approximately 70% of our consolidated revenue was from the U.S. government.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

U.S. Department of War (DoW)

earns from · $ 29,788

Our primary customer is the DoW.Business (Item 1)

Also named by AIR, BA, CACI, CDRE, CVLG, HII, LHX, MP and 4 more

U.S. Navy

earns from · 32% of our consolidated revenue in 2025

Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy.Business (Item 1)

Also named by BWXT, CW, HEI, HII, KTOS

Canadian Army

earns from · 515 new LAVs

Land Systems is producing 515 new LAVs for the Canadian army in nine variants, including ambulances, command posts, maintenance and recovery vehicles, and troop-carrying vehicles, as well as upgrading Canada’s existing fleet.Business (Item 1)

British Army (Ajax program)

earns from · 589 vehicles

With 589 vehicles comprising six variants, including a reconnaissance vehicle, an armored personnel carrier and various support platforms, the Ajax family of vehicles offers advanced electronic architecture and proven technology for a balance of survivability, lethality and mobility, along with high reliability for a vehicle in its weight class.Business (Item 1)

Non-North America aircraft customers

earns from · approximately 38% of the Aerospace segment’s aircraft backlog

While the installed base of aircraft is concentrated in North America, orders fromBusiness (Item 1)

Germany

earns from

ELS is producing Luchs 2 reconnaissance vehicles for Germany based on the Piranha 6x6 platform and the Heavy Mission Carrier (HMC) self-propelled howitzer based on the 10x10 variant for Switzerland.Business (Item 1)

Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GDDY, KRYS and 12 more

Centers for Medicare and Medicaid Services (CMS)

earns from

In the federal civilian market, GDIT is operating and modernizing the Healthcare Integrated General Ledger Accounting System (HIGLAS) for the Centers for Medicare and Medicaid Services (CMS).Business (Item 1)

Also named by ABBV, CDNA, CHE, DGX, DOC, ENSG, GEHC, GHC and 6 more

U.S. Army

earns from

Land Systems is the sole-source producer of two foundational products central to the U.S. Army’s warfighting capabilities — the Abrams main battle tank and Stryker wheeled combat vehicle.Business (Item 1)

Also named by ALSN, AVAV, OLN, PLTR

U.S. Space Development Agency (SDA)

earns from

The U.S. Space Development Agency (SDA) selected Mission Systems to establish the ground operations and integration segment for Tranches 1 and 2 of the National Defense Space Architecture by building ground entry points and operations centers, as well as providing network operations and systems integration services for the SDA’s proliferated Low Earth Orbit satellites.Business (Item 1)

Also named by ASTS, KTOS

National Geospatial-Intelligence Agency (NGA)

earns from

Under the User Facing and Data Center Services (UDS) contract for the National Geospatial-Intelligence Agency (NGA), GDIT is providing hybrid cloud services, and innovative IT design, engineering, implementation and operations support services.Business (Item 1)

U.S. Central Command (CENTCOM)

earns from

In the defense market, GDIT is modernizing the U.S. Central Command’s (CENTCOM) enterprise IT infrastructure.Business (Item 1)

Partners and platforms

DSEC Co., Ltd

depends on

Over the last two decades, NASSCO has partnered with a leading South Korean ship design and equipment procurement company, DSEC Co., Ltd, (DSEC), to design and build many large ocean-going commercial vessels including tankers and cargo ships to support U.S. Jones Act customers based on proven DSEC designs.Business (Item 1)

Samsung Heavy Industries

In 2025, NASSCO, along with DSEC, signed a tri-party memorandum of agreement with Samsung Heavy Industries, one of the world’s leading shipbuilders, to explore future commercial and government opportunities.Business (Item 1)

Other companies

Business jet market

earns from · 25% of our consolidated revenue in 2025named as a risk

An adverse change in customer demand for our business-aviation products and services could materially affect our future revenue and earnings.Risk factors (Item 1A)

Competitors

Marine Systems primary competitor (Virginia-class partner)

competes with

Our Marine Systems segment has one primary competitor with which it also partners on the Virginia-class submarine program, and to which it subcontracts on the Columbia-class submarine program.Business (Item 1)

Places

Connecticut

operates in

Along with strong contributions from the states of Connecticut and Rhode Island, we invest in the training and tools necessary for our skilled employees to deliver these next-generation submarines to the Navy.Business (Item 1)

Also named by ES

Savannah, Georgia

concentrated in

Gulfstream designs, develops and manufactures aircraft in Savannah, Georgia, including all large-cabin models.Business (Item 1)

Hazards

Russia-Ukraine conflict sanctions

named as a risk

These actions have caused some economic disruptions around the world and have exacerbated global supply chain challenges.Risk factors (Item 1A)

Also named by ATI, GEHC

Commodities and inputs

Canadian dollar

exposed to its price · $8.5 billionnamed as a risk

Our exchange-rate sensitivity relates primarily to changes in the Canadian dollar, euro and Swiss franc exchange rates.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Semiconductors

depends onnamed as a risk

For example, some of our operating segments rely on the supply of semiconductors for the manufacture of our products, and any inability of or delay by our suppliers to meet our order demands (including due to the suppliers’ competing commercial priorities, any military conflict resulting in a disruption of manufacturing or trade relations, or any other business disruption) could delay or disrupt our ability to procure semiconductors.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more

Regulators

U.S. Environmental Protection Agency

subject tonamed as a risk

We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and at third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Federal Aviation Administration (FAA)

subject tonamed as a risk

The Aerospace segment is subject to FAA regulation in the United States and other similar aviation regulatory authorities internationally, including the Civil Aviation Administration of Israel (CAAI), the European Aviation Safety Agency (EASA) and the Civil Aviation Administration of China (CAAC).Business (Item 1)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

Laws and programs

Foreign Military Sales (FMS)

earns from · $1,015

Under the FMS program, we contract with and are paid by the U.S. government, and the U.S. government assumes the risk of collection from the non-U.S. government customer.Business (Item 1)

Also named by AVAV, BA, NOC

Columbia-class submarine program

earns from · in excess of $125 billion

Construction is scheduled to span two decades, and the value of the Navy’s program of record is in excess of $125 billion.Business (Item 1)

Also named by CW, HII

Virginia-class submarine program

earns from · 14 Virginia-class submarines in our backlog

Along with an industry partner, we are currently working on Blocks IV and V in the program, with 14 Virginia-class submarines in our backlog scheduled for delivery through 2034.Business (Item 1)

Also named by CW, HII

Arleigh Burke-class (DDG-51) destroyer program

earns from · 11 ships

In 2025, we were competitively awarded construction of an additional DDG-51 destroyer (DDG-148), bringing our total backlog to 11 ships with scheduled deliveries through 2032.Business (Item 1)

Also named by HII

John Lewis-class (T-AO-205) fleet replenishment oiler program

earns from · seven T-AO-205 ships

Work on the final ESB in backlog will complete in 2026, while the seven T-AO-205 ships currently in backlog have deliveries planned into 2030.Business (Item 1)

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk

Our non-U.S. operations are subject to U.S. and foreign laws and regulations, including laws and regulations relating to import-export controls, technology transfers, the Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws, and the International Traffic in Arms Regulations (ITAR).Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

The Federal Acquisition Regulation (FAR) and the Cost Accounting Standards (CAS) govern the majority of our contracts.Business (Item 1)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

U.S. federal budget appropriations / continuing resolutions

subject tonamed as a risk

If the annual budget is not approved by the beginning of the government fiscal year, portions of the U.S. government can shut down or operate under a continuing resolution that maintains spending at prior-year levels, which can impact funding for our programs and timing of new awards.Risk factors (Item 1A)

Non-U.S. offset requirements

subject tonamed as a risk

If we do not satisfy these financial or offset requirements, our future revenue and earnings may be materially adversely affected.Risk factors (Item 1A)

Jones Act

earns from

In addition to Navy ships, we have designed and built ocean-going Jones Act ships for commercial customers.Business (Item 1)

Also named by EPD, KEX, KMI, MPLX, RSG, SUN

Defense Federal Acquisition Regulation Supplement (DFARS)

subject to

For example, the DoW implements the FAR through the Defense Federal Acquisition Regulation Supplement (DFARS).Business (Item 1)

Also named by LHX, LMT, TER, TXT