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Third-Quarter 2025 Highlights October 24, 2025
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Forward-Looking Statements; Non-GAAP Measures This presentation contains forwar d-looking statements (FLS), incl uding statements about the company’s future operational and financial perform ance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assump tions and analyses based on our experience and perception of hi storical trends; current conditions and expecte d future developments; and other factors, esti mates and judgments we consider reasonable and appropriate ba sed on information available to us at the time. F LS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not gu arantees of future performance and in volve factors, risks and uncertaint ies that are difficult to predict. Actual future results and trends may differ material ly from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS t o reflect events, circumstances or changes in expectations after the dat eo ft h i s presentation. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this presentation contains some financ ial measures not prepared in accordance with U.S. generally accepted accounting principles (GA AP). While we believe these non-GAAP metrics provide useful information for investors, there are limitatio ns associated with their use, and our calculations of t hese metrics may not be comparable to similarly titled measures of other companies. Non-GAAP me trics should not be considered in isolation from, or as a substitute for ,G A A P measures. Reconciliations to comparable GAAP measures and other information relating to ou r non-GAAP measures is included in our earnings press rel ease or other filings with the SEC, which are available on our investor relations page at http://investorrelations.gd.com.
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3 Third-Quarter 2025 Financial Highlights $ In Millions, Except EPS Strong Results and Growing Demand * See our earnings press release regarding this non-GAAP measure 2025 2024 3Q25 vs. 3Q24 Revenue 12,907 $ 11,671$ 10.6% Operating Earnings 1,331 1,181 12.7% Operating Margin 10.3% 10.1% 20 bps Net Earnings 1,059 930 13.9% EPS, Diluted 3.88 3.35 15.8% Total Backlog 109,857 $ 92,634$ 18.6% Total Estimated Contract Value * 167,737 137,575 21.9% Free Cash Flow * 1,897 $ 1,215$ % Net Earnings 179% 131% Third Quarter
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4 Year-to-Date 2025 Financial Highlights $ In Millions, Except EPS * See our earnings press release regarding this non-GAAP measure 2025 2024 2025 vs. 2024 Revenue 38,171 $ 34,378$ 11.0% Operating Earnings 3,904 3,373 15.7% Operating Margin 10.2% 9.8% 40 bps Net Earnings 3,067 2,634 16.4% EPS, Diluted 11.29 9.49 19.0% Total Backlog 109,857 $ 92,634$ 18.6% Total Estimated Contract Value * 167,737 137,575 21.9% Free Cash Flow * 3,007 $ 1,391$ % Net Earnings 98% 53% Year to Date
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$2,482 $3,234 3Q24 3Q25 $305 $430 3Q24 3Q25 12.3% 13.3% $2.4 $3.8 $2.4 $4.0 $4.1 $19.8 $19.7 $19.0 $19.9 $20.6 3Q24 4Q24 1Q25 2Q25 3Q25 5 Aerospace – Third-Quarter 2025 Highlights Operating Earnings and Operating Margin Revenue $ In Millions $ In Millions Total Backlog and Orders $ In Billions • Delivered first G800 in August • Announced the all-new G300 in September • Quarterly revenue up 30% and earnings up 41% • Book-to-bill of 1.3x
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$2,212 $2,252 3Q24 3Q25 $325 $335 3Q24 3Q25 14.7% 14.9% $3.3 $1.9 $2.0 $2.2 $4.4 $18.0 $17.0 $16.9 $16.6 $18.7 3Q24 4Q24 1Q25 2Q25 3Q25 6 Combat Systems – Third-Quarter 2025 Highlights Operating Earnings and Operating Margin Revenue $ In Millions $ In Millions Total Backlog and Orders $ In Billions • Quarterly revenue and margin expansion on solid operating performance • Book-to-bill of 2.0x driven by several notable awards – $1.7B for various munitions, ordnance and propellant – $595M to provide engineering services for the next-generation Abrams – $365M from Latvia for ASCOD combat vehicles and training
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$3,599 $4,096 3Q24 3Q25 $258 $291 3Q24 3Q25 7.2% 7.1% $2.7 $3.3 $2.1 $18.8 $4.7 $40.5 $39.8 $38.4 $53.0 $53.6 3Q24 4Q24 1Q25 2Q25 3Q25 7 Marine Systems – Third-Quarter 2025 Highlights Operating Earnings and Operating Margin $ In Millions Total Backlog and Orders Revenue $ In Millions $ In Billions • Double-digit quarterly revenue and earnings growth • Record backlog on a book-to-bill of 1.2x – Award for an additional Arleigh Burke-class DDG-51 guided-missile destroyer – $640M for lead-yard services, development and design for Virginia-class submarines
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$3,378 $3,325 3Q24 3Q25 $326 $327 3Q24 3Q25 9.7% 9.8% $14.4 $14.1 $14.4 $14.2 $16.9 $41.5 $48.1 $47.0 $46.2 $49.3 3Q24 4Q24 1Q25 2Q25 3Q25 8 Technologies – Third-Quarter 2025 Highlights Operating Earnings and Operating Margin Total Backlog and Total Estimated Contract Value Revenue $ In Millions $ In Millions $ In Billions • Steady quarterly revenue and earnings with margin improvement • Record backlog on a book-to-bill of 1.8x • Sequential total estimated contract value growth of 7%