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General Dynamics GD Combat Systems — Unbilled revenue

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Other financials

Income statement

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Revenue$14.1B+8.1%
Operating income$1.5B+11.9%
Net income$1.2B+14.4%
EPS (diluted)$4.24+13.4%

Balance sheet

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Cash & equivalents$4.3B+185%
Total debt$10.8B+1.0%
Total equity$26.8B+13.8%
Total assets$60.2B+5.8%

Cash flow

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Operating cash flow$1.9B+17.6%
CapEx$234.0M+18.2%
Free cash flow$1.6B+17.6%

Valuation

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Market cap$103.41B+23.4%
Enterprise value$109.86B+18.2%
P/E23.1×+2.5×
P/S1.9×+0.2×

Profitability

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Gross margin17.9%
Operating margin10.3%0.0pp
Net margin8.2%+0.1pp
FCF margin11.8%+3.5pp

Returns & leverage

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Return on equity17.8%-0.1pp
Debt / equity0.4×-0.1×
Current ratio1.4×+0.1×

Where this comes from

Reported directly by General Dynamics in its filing.

Tagged under the XBRL concept us-gaap:UnbilledContractsReceivable.

The official record: General Dynamics’s 10-K, filed January 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is General Dynamics's combat systems — unbilled revenue?
General Dynamics (GD) reported combat systems — unbilled revenue of $1.3B in Q4 2025.
How has General Dynamics's combat systems — unbilled revenue changed year-over-year?
General Dynamics's combat systems — unbilled revenue increased by 8.3% year-over-year, from $1.2B to $1.3B.
What does combat systems — unbilled revenue mean?
This metric represents the value of goods or services delivered to customers for which the segment has recognized revenue but has not yet issued a formal invoice. It is a critical component of contract accounting in long-term government and defense projects where billing milestones may lag behind performance obligations. High levels of unbilled revenue can indicate potential liquidity constraints or timing differences in contract payment schedules.