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Full-Year 2025 Highlights January 28, 2026
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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 Full-Year 2025 Financial Highlights $ In Millions, Except EPS * See our earnings press release regarding this non-GAAP measure 2025 2024 2025 vs. 2024 Revenue 52,550 $ 47,716$ 10.1% Operating Earnings 5,356 4,796 11.7% Operating Margin 10.2% 10.1% 10 bps Net Earnings 4,210 3,782 11.3% EPS, Diluted 15.45 13.63 13.4% Total Backlog 118,046 $ 90,597$ 30.3% Total Estimated Contract Value * 178,939 143,965 24.3% Free Cash Flow * 3,959 $ 3,196$ % Net E arn i n g s 94% 85% Full Year Double-Digit Growth & Continued Strong Demand
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$11,249 $13,110 2024 2025 $1,464 $1,746 2024 2025 13.0% 13.3% $3.8 $2.4 $4.0 $4.1 $5.1 $19.7 $19.0 $19.9 $20.6 $21.8 4Q24 1Q25 2Q25 3Q25 4Q25 4 Aerospace – Full-Year 2025 Highlights Operating Earnings and Operating Margin Revenue $ In Millions $ In Millions Total Backlog and Orders $ In Billions • Annual revenue grew 17% – New aircraft sales up 21% on higher G700 deliveries and G800 entry into service – Aircraft services up 7% • Backlog up 11% on a book-to-bill of 1.2x – Record annual orders driven by robust demand for new family of aircraft – Exceeded $10B of orders and 1.0x book-t o-bill for fifth year in a row
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$8,997 $9,246 2024 2025 $1,276 $1,331 2024 2025 14.2% 14.4% $1.9 $2.0 $2.2 $4.4 $10.9$17.0 $16.9 $16.6 $18.7 $27.2 4Q24 1Q25 2Q25 3Q25 4Q25 5 Combat Systems – Full-Year 2025 Highlights Operating Earnings and Operating Margin Revenue $ In Millions $ In Millions Total Backlog and Orders $ In Billions • Revenue growth and margin expansion on solid operating performance • Book-to-bill of 2.1x with more than $19B in orders – Driven by robust international demand – Total Backlog up 60%
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$14,343 $16,723 2024 2025 $935 $1,177 2024 2025 6.5% 7.0% $3.3 $2.1 $18.8 $4.7 $3.5 $39.8 $38.4 $53.0 $53.6 $52.3 4Q24 1Q25 2Q25 3Q25 4Q25 6 Marine Systems – Full-Year 2025 Highlights Operating Earnings and Operating Margin $ In Millions Total Backlog and Orders Revenue $ In Millions $ In Billions • Annual revenue grew 17% driven by submarine programs • Margins up 50 bps on consistent performance throughout the year • Record backlog up 31% on a book-to-bill of 1.7x • Received over $29B of awards including: – Full construction for two Virginia-class submarines – An additional Arleigh Burke-class DDG-51 guided-missile destroyer – Two additional John Lewis-class T-AO-205 fleet replenishment oilers
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$13,127 $13,471 2024 2025 $1,260 $1,277 2024 2025 9.6% 9.5% $14.1 $14.4 $14.2 $16.9 $16.7 $48.1 $47.0 $46.2 $49.3 $49.9 4Q24 1Q25 2Q25 3Q25 4Q25 7 Technologies – Full-Year 2025 Highlights Operating Earnings and Operating Margin Total Backlog and Total Estimated Contract Value Revenue $ In Millions $ In Millions $ In Billions • Record year of revenue, orders and total estimated contract value • Backlog up 18% on a book-to-bill of 1.2x – Both businesses had book-to-bill of 1.0x or greater – Funded backlog increased year-over-year