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Sankey diagram of General Dynamics Corporation. A complete text table follows the diagram.
Gulfstream supplies the highest segment margin, but a surging naval shipbuilding backlog is driving the defense contractor's expansion
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Segment costs are the arithmetic difference between directly reported segment revenue and segment operating earnings, matching the filing's total 'other segment items.' The $130.8B backlog annotation is a business-volume metric and does not enter recognized revenue.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Aerospace | 1 | $3.3B | Gulfstream aircraft and services |
| Marine Systems | 1 | $4.3B | Nuclear submarines and surface ships |
| Combat Systems | 1 | $2.3B | Vehicles, weapons and munitions |
| Technologies | 1 | $3.6B | IT services and C5ISR solutions |
| Total revenue | 2 | $13.5B | Up 10.3% year over year |
| Segment operating earnings | 3 | $1.5B | Before corporate expense |
| Program & segment costs | 3 | $12.0B | Aircraft, shipbuilding, vehicles and services |
| Operating earnings | 4 | $1.4B | 10.5% operating margin |
| Corporate expense | 4 | $38M | Unallocated corporate costs |
| Other income | 4 | $18M | Non-operating result |
| Earnings before tax | 5 | $1.4B | 10.2% of revenue |
| Net interest expense | 5 | $69M | Debt and cash balances |
| Net earnings | 6 | $1.1B | $4.10 diluted EPS |
| Income tax | 6 | $244M | 17.8% effective rate |
| From | To | Value |
|---|---|---|
| Aerospace | Total revenue | $3.3B |
| Marine Systems | Total revenue | $4.3B |
| Combat Systems | Total revenue | $2.3B |
| Technologies | Total revenue | $3.6B |
| Total revenue | Segment operating earnings | $1.5B |
| Total revenue | Program & segment costs | $12.0B |
| Segment operating earnings | Operating earnings | $1.4B |
| Segment operating earnings | Corporate expense | $38M |
| Operating earnings | Earnings before tax | $1.4B |
| Other income | Earnings before tax | $18M |
| Operating earnings | Net interest expense | $69M |
| Earnings before tax | Net earnings | $1.1B |
| Earnings before tax | Income tax | $244M |