General Dynamics (GD) 10-K risk factor changes: FY2024 vs FY2023

The U.S. government provides a significant portion of our revenue. [removed: In 2023, approximately] [added: Approximately] 70% of our consolidated revenue was from the U.S. government.

[added: Decreases in U.S. government defense and other spending or] changes in spending allocation or priorities could result in one or more of our programs being reduced, delayed or terminated, which could impact our financial performance.

This budget proposes funding levels for every federal agency and is [added: typically] the result of months of policy and program reviews throughout the executive branch.

For the remainder of the year, the Appropriations and Authorization Committees of the Congress [added: typically] review the president’s budget proposals and establish the funding levels for the upcoming fiscal year.

[added: Moreover, new laws, regulations or standards, or] changes to existing ones, can increase our performance and compliance costs and reduce our revenue and earnings.

We sometimes rely on only one or two sources of supply, and any disruption in our supply chain could have an adverse effect on our ability to meet our customer [removed: commitments.][added: commitments and could adversely affect our business, results of operations and financial condition.]

Our ability to perform our obligations to our customers, and our future revenue, earnings and margin, may be materially adversely affected if (1) any one or more of our suppliers is unable to [added: or otherwise fails to,] provide the agreed-upon [removed: materials,] [added: materials] or perform the agreed-upon services in a timely and cost-effective manner, or engages in misconduct or other improper activities or (2) we are unable to otherwise obtain necessary materials, components, subsystems or services in a timely and cost-effective manner.

Our customers’ requirements change and evolve [added: regularly.]

Accordingly, our performance depends in part on our ability to continue to develop, manufacture and provide innovative products and services and bring those offerings to market quickly at [removed: cost-effective prices.]

Other outbreaks of contagious diseases, including new variants of COVID-19, or other adverse public health developments in countries where we operate or our customers are located, could similarly adversely affect our [removed: business, results of operations and financial condition in the future.][added: business.]

[added: Therefore, actual future results and trends] may differ materially from what is forecast in forward-looking statements due to a variety of factors, including the risk factors discussed in this Form 10-K.

cost-effective prices.

Decreases in U.S. government defense and other spending or

Moreover, new laws, regulations or standards, or

regularly.

Therefore, actual future results and trends

The following discussion of our financial condition and results of operations for [removed: 2023] [added: 2024] compared with [removed: 2022] [added: 2023] should be read in conjunction with our Consolidated Financial Statements included in Item 8, while a discussion of [removed: 2022] [added: 2023] compared with [removed: 2021] [added: 2022] can be found in Item 7 of our annual report on Form 10-K for the year ended December 31, [removed: 2022.][added: 2023.]

Additionally, in response to the Russian invasion of Ukraine, the United States and several other countries imposed economic and trade sanctions, export controls and other restrictions [removed: (collectively, global sanctions)] targeting Russia and Belarus.

The disruptions caused by these events continue to impact global economies and [removed: businesses.][added: businesses, including ours.]

The primary impact to our business is supply chain challenges, including [added: availability of parts, quality escapes and] inflationary pressures.

In our Aerospace segment, supply chain challenges [removed: have] paced our ability to ramp up production [added: at the rate we like] in response to strong customer demand for our [removed: aircraft and have caused] [added: aircraft, causing] out-of-sequence [removed: manufacturing, which increases] [added: manufacturing that increased] costs and [removed: decreases] [added: decreased] operational efficiency.

Within our defense segments, the COVID-19 pandemic resulted in supply chain challenges [removed: and impacted the regional availability of skilled labor, which we] [added: that] continue to [removed: experience, particularly in] [added: impact] our Marine Systems segment.

The Russia-Ukraine conflict and increased threat environment [removed: has] [added: have] created additional demand for [added: certain of] our products and services, particularly in our Combat Systems segment.

However, the government has been operating under a continuing resolution (CR) that provides funding for some federal agencies through March [removed: 1, 2024, and other federal agencies through March 8, 2024.][added: 14, 2025.]

[added: Therefore, the U.S. Department of Defense (DoD) is prohibited] from starting new programs or increasing funding on existing programs unless there is an exception for the program included in the CR.

[removed: The current] [added: In addition, the] CR included an exception allowing the DoD to obligate funds for the construction of the second submarine under the existing Columbia-class submarine [removed: program.][added: contract.]

[removed: Additional factors affecting the segment’s earnings and margin include the volume, mix and profitability] of services work performed, the market for pre-owned aircraft, and the level of general and administrative (G&A) and net research and development (R&D) costs incurred by the segment.

◦Operating earnings of [removed: $4.2 billion] [added: $4.8 billion, an increase of 13% from 2023,] with sequential growth throughout the year

[removed: ◦Record-high cash] [added: ◦Cash] provided by operating activities of [removed: $4.7] [added: $4.1] billion, or [removed: 142%] [added: 109%] of net earnings

◦Several significant contract awards received in our defense segments, including [removed: $3] [added: $3.7] billion of combined awards from the U.S. Navy for advance procurement and other work for the Virginia-class submarine program

| Year Ended December 31 | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | Variance | | | | | | | | |

| Operating costs and expenses | | | [removed: (38,027)] [added: (42,920)] | | | | | | [removed: (35,196)] [added: (38,027)] | | | | | | [removed: (2,831)] [added: (4,893)] | | | | | | [removed: 8.0] [added: 12.9] | | % |

| Operating margin | | | [removed: 10.0] [added: 10.1] | | % | | | | [removed: 10.7] [added: 10.0] | | % | | | | | | | | | | | | |

| Operating margin | | | [removed: 13.7] [added: 13.0] | | % | | | | [removed: 13.2] [added: 13.7] | | % | | | | | | | | | | | | |

| Gulfstream aircraft deliveries (in units) | | | [removed: 111] [added: 136] | | | | | | [removed: 120] [added: 111] | | | | | | [removed: (9)] [added: 25] | | | | | | [removed: (7.5)] [added: 22.5] | | % |

The increase in the Aerospace segment’s revenue in [removed: 2023] [added: 2024] consisted of the following:

| Aircraft services | | | [removed: $] [added: 527] | [removed: 220] | |

| Aircraft manufacturing | | | [removed: (166)] [added: $] | [added: 2,101] | |

| Total increase | | | $ | [removed: 54] [added: 2,628] | |

Aircraft services revenue was higher in [removed: 2023] [added: 2024] due to [removed: an increase in] [added: increased customer] demand for [added: aircraft] maintenance [removed: work] based on established maintenance cycles, a larger installed base [removed: of aircraft,] and [removed: strong] customer flight activity.

The increase in the segment’s operating earnings in [removed: 2023] [added: 2024] consisted of the following:

| Aircraft services | | | [removed: $] [added: 129] | [removed: 36] | |

| Aircraft manufacturing | | | [removed: 7] [added: $] | [added: 213] | |

| G&A/other expenses | | | [removed: 9] [added: (60)] | | |

| Total increase | | | $ | [removed: 52] [added: 282] | |

Aircraft services operating earnings were [removed: up] [added: higher] in [removed: 2023] [added: 2024] due to higher [removed: volume and a favorable mix of services.][added: volume.]

In total, the Aerospace segment’s operating margin [removed: increased 50] [added: decreased 70] basis points in [removed: 2023 to 13.7%.][added: 2024.]

We expect the [added: Aerospace] segment’s [added: 2025 revenue to increase to approximately $12.7 billion with] operating margin [removed: to be] [added: of] approximately [removed: 15%.][added: 13.7%.]

| Operating earnings | | | [removed: 874] [added: 935] | | | | | | [removed: 897] [added: 874] | | | | | | [removed: (23)] [added: 61] | | | | | | [removed: (2.6)] [added: 7.0] | | % |

| Operating margin | | | [removed: 7.0] [added: 6.5] | | % | | | | [removed: 8.1] [added: 7.0] | | % | | | | | | | | | | | | |

The increase in the Marine Systems segment’s revenue in [removed: 2023] [added: 2024] consisted of the following:

| U.S. Navy ship engineering, repair and other services | | | [removed: $] [added: 357] | [removed: 784] | |

| U.S. Navy ship construction | | | [removed: 637] [added: $] | [added: 1,525] | |

| Total increase | | | $ | [removed: 1,421] [added: 1,882] | |

Revenue from U.S. Navy ship construction and engineering was up in [removed: 2023] [added: 2024] due primarily to increased volume on the Columbia-class [added: and Virginia-class] submarine [removed: program.][added: programs.]

We expect the Marine Systems segment’s [removed: 2024] [added: 2025] revenue to increase to approximately [removed: $12.8-12.9] [added: $15] billion with operating margin of approximately [removed: 7.6%.][added: 6.8%.]

Lastly, the impact of the conflict in the Middle East continues to evolve.

In addition, the conflict in the Middle East impacted the delivery schedule for our Israel-based supplier of mid-cabin aircraft.

The current CR included exceptions allowing the DoD to obligate additional funds for two fiscal year 2024 and one fiscal year 2025 Virginia-class submarines, and for non-executive pay improvements and infrastructure

investments to support the submarine industrial base.

Additional factors affecting the segment’s earnings and margin include the volume, mix and profitability

2024 IN REVIEW

◦Revenue of $47.7 billion, an increase of 12.9% from 2023

◦Diluted earnings per share of $13.63, up 13.4% from 2023

- Backlog of $90.6 billion, supporting our long-term growth expectations:

| Revenue | | | $ | 47,716 | | | | | $ | 42,272 | | | | | $ | 5,444 | | | | | 12.9 | | % |

| Operating earnings | | | 4,796 | | | | | | 4,245 | | | | | | 551 | | | | | | 13.0 | | % |

Our consolidated revenue increased in 2024 driven by growth across all segments, including double digit percentage growth in our Aerospace and Marine Systems segments.

Operating margin increased 10 basis points.

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 11,249 | | | | | $ | 8,621 | | | | | $ | 2,628 | | | | | 30.5 | | % |

| Operating earnings | | | 1,464 | | | | | | 1,182 | | | | | | 282 | | | | | | 23.9 | | % |

Aircraft manufacturing revenue increased in 2024 due primarily to the number and mix of aircraft deliveries, including our ultra-long-range, ultra-large-cabin G700 aircraft, which began deliveries in the second quarter of 2024 following U.S. Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA) certification.

The number of G700 deliveries in 2024 was impacted by supplier quality escapes, late delivery of components and out of station work.

Aircraft manufacturing operating earnings increased in 2024 but not at the same rate as revenue, reflecting additional costs associated with the initial deliveries of G700 aircraft due to out of station work caused by supplier quality escapes and late delivery of components.

G&A/other expenses increased in 2024 consistent with the growth in the business.

2025 Outlook

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 14,343 | | | | | $ | 12,461 | | | | | $ | 1,882 | | | | | 15.1 | | % |

The Marine Systems segment’s operating margin decreased 50 basis points in 2024 due to a $123 unfavorable profit adjustment in the fourth quarter of 2024 on the Virginia-class Block IV contract as it approaches completion in 2026.

The Virginia-class program has been impacted by supplier quality issues and late supply chain deliveries causing cost growth and schedule delays.

2025 Outlook

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 8,997 | | | | | $ | 8,268 | | | | | $ | 729 | | | | | 8.8 | | % |

| Operating earnings | | | 1,276 | | | | | | 1,147 | | | | | | 129 | | | | | | 11.2 | | % |

2025 Outlook

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 13,127 | | | | | $ | 12,922 | | | | | $ | 205 | | | | | 1.6 | | % |

2025 Outlook

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | Variance | | | | | | | | |

| Products | | | $ | 28,635 | | | | | $ | 24,595 | | | | | $ | 4,040 | | | | | 16.4 | | % |

| Products | | | $ | (24,332) | | | | | $ | (20,591) | | | | | $ | (3,741) | | | | | 18.2 | | % |

| Services | | | (16,020) | | | | | | (15,009) | | | | | | (1,011) | | | | | | 6.7 | | % |

| Aircraft manufacturing | | | $ | 2,101 | | | | | | | |

Aircraft manufacturing revenue increased due to additional aircraft deliveries.

Ship construction revenue was up due primarily to higher volume on the Columbia-class and Virginia-class submarine programs.

The conflict and these sanctions have caused some disruptions to global economies and some global businesses, including heightened cybersecurity risks, increased energy costs and foreign currency exchange rate fluctuations, as well as exacerbated existing supply chain challenges and inflationary pressures.

Lastly, the impact of the war between Israel and Hamas continues to evolve.

This includes the Israel-Hamas war’s impact on our Israel-based supplier of mid-cabin aircraft.

Therefore, the U.S. Department of Defense (DoD) is prohibited

2023 IN REVIEW

◦Record-high revenue of $42.3 billion, an increase of 7.3% from 2022

- Record-high year-end backlog of $93.6 billion increased $2.5 billion, or 2.7%, from 2022, driven by significant order activity during the year supporting our long-term growth expectations:

| Revenue | | | $ | 42,272 | | | | | $ | 39,407 | | | | | $ | 2,865 | | | | | 7.3 | | % |

| Operating earnings | | | 4,245 | | | | | | 4,211 | | | | | | 34 | | | | | | 0.8 | | % |

Our consolidated revenue increased in 2023 driven by growth in each of our defense segments, particularly submarine construction and engineering in our Marine Systems segment.

Operating margin decreased in 2023 due primarily to supply-chain cost pressure in our Marine Systems segment and lower-margin artillery facilities expansion work in our Combat Systems segment.

| Revenue | | | $ | 8,621 | | | | | $ | 8,567 | | | | | $ | 54 | | | | | 0.6 | | % |

| Operating earnings | | | 1,182 | | | | | | 1,130 | | | | | | 52 | | | | | | 4.6 | | % |

Aircraft manufacturing revenue decreased in 2023 due primarily to fewer deliveries of our large-cabin aircraft resulting from supply chain constraints.

While aircraft manufacturing operating earnings in 2023 reflected the impact of higher production costs resulting from supply chain challenges, 2022 earnings were impacted to a greater extent by customer accommodation costs associated with a G500/G600 airworthiness directive.

G&A expenses decreased in 2023, offset partially by increased R&D expenses associated with ongoing product development efforts, particularly those related to the G700 certification.

2024 Outlook

We expect the Aerospace segment’s 2024 revenue to increase to approximately $12 billion due to an increase in new aircraft deliveries to approximately 160, including the entry into service of the new G700 aircraft.

| Revenue | | | $ | 12,461 | | | | | $ | 11,040 | | | | | $ | 1,421 | | | | | 12.9 | | % |

The Marine Systems segment’s operating margin decreased 110 basis points in 2023 due to supply chain impacts to the Virginia-class submarine schedule and cost growth on the Arleigh Burke-class (DDG-51) guided-missile destroyer program.

| Revenue | | | $ | 8,268 | | | | | $ | 7,308 | | | | | $ | 960 | | | | | 13.1 | | % |

| Operating earnings | | | 1,147 | | | | | | 1,075 | | | | | | 72 | | | | | | 6.7 | | % |

Revenue from international military vehicles increased in 2023 due to higher volume on several wheeled and tracked vehicle contracts, including the sale of the Abrams main battle tank to U.S. allies and partners.

| Revenue | | | $ | 12,922 | | | | | $ | 12,492 | | | | | $ | 430 | | | | | 3.4 | | % |

| Products | | | $ | 24,595 | | | | | $ | 23,022 | | | | | $ | 1,573 | | | | | 6.8 | | % |

| Products | | | $ | (20,591) | | | | | $ | (18,981) | | | | | $ | (1,610) | | | | | 8.5 | | % |

| Services | | | (15,009) | | | | | | (13,804) | | | | | | (1,205) | | | | | | 8.7 | | % |

| Military vehicle production | | | 503 | | | | | | | | |

Military vehicle production revenue was up due primarily to higher volume on several international wheeled and tracked vehicle contracts.

production.

In 2023, product operating costs increased at a higher rate than revenue due to supply chain impacts and cost growth within our Marine Systems segment.

| IT services | | | 264 | | |

Services revenue increased in 2023 due to a higher volume of engineering work on the Columbia-class submarine program, increased demand for IT services and additional aircraft maintenance work.

The decrease in pension income was driven primarily by higher interest rates and a change in investment mix in one of our plans due to its improved funded status.

Net interest expense was $343 in 2023 and $364 in 2022, reflecting the repayment of our scheduled debt maturities in 2023 and 2022.

We expect 2024 net interest expense to be approximately $320.

Our effective tax rate increased to 16.8% in 2023 from 16% in 2022.

For 2024, we anticipate a slightly higher full-year effective tax rate of approximately 17.5%.

The increase in our effective tax rate in 2023 and the expected increase in 2024 are due principally to higher taxes on foreign earnings.

Statements in Item 8.

We had notional forward exchange contracts outstanding of [removed: $5.7] [added: $6.2] billion and [removed: $6.9] [added: $5.7] billion on December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

| (Dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Recognized | | | $ | [removed: (107)] [added: (36)] | | | | | $ | [removed: (133)] [added: (107)] | |

| Unrecognized | | | [removed: (74)] [added: (180)] | | | | | | [removed: (90)] [added: (74)] | | |

Interest Rate Risk. On December 31, [removed: 2023,] [added: 2024,] we had [removed: $9.3] [added: $8.8] billion principal amount of fixed-rate debt.

Over the past decade, we have invested [removed: in our business] to create, renew or expand our portfolio of products and services across our businesses.

We expect to realize an attractive return from these investments in each of our [removed: segments] [added: segments,] and we will continue to evaluate our capital deployment opportunities to deliver long-term growth and enduring value to our shareholders.

Our Aerospace segment is recognized as a leading producer of business jets and the standard bearer in new technology aircraft, aircraft repair, [added: customer] support and [added: custom] completion services.

- superior aircraft design, [added: manufacturing excellence,] quality, performance, safety and reliability;

[removed: ][added: ]

The [removed: most recent additions to the in-service Gulfstream fleet are two large-cabin aircraft, the] G500 and [removed: G600, which] [added: G600] entered service in 2018 and 2019, respectively.

These [removed: clean-sheet (i.e., all-new)] [added: clean sheet] aircraft [removed: replace] [added: replaced] the G450 and G550 models, whose combined family has an installed base of more than 1,650 aircraft around the world.

[added: Our investment in the development of these aircraft included a] new [added: wing, new avionics, new] fuselage and new ergonomically designed larger interiors, as well as systems and technologies to improve the manufacturing process and quality of the [removed: platform.][added: aircraft.]

As a result, the G500 and G600 are faster, more fuel efficient, and have greater cabin volume, reduced emissions, more range and improved flight controls compared with the aircraft they [removed: are replacing.][added: replaced.]

[removed: These aircraft hold more than 90 city-pair speed records, and at] [added: At] year-end [removed: 2023,] [added: 2024,] cumulative deliveries [removed: for] [added: of] the [added: G500 and G600] aircraft totaled [removed: over 250.][added: more than 300.]

It combines our most spacious cabin with our advanced Symmetry Flight Deck, the industry’s most technologically advanced flight deck, [removed: which we launched on our G500] and [removed: G600 aircraft, and] the superior high-speed performance of all-new engines to create best-in-class capabilities.

In 2021, we introduced two new aircraft, the ultra-long-range, ultra-large-cabin G800 and [added: the] large-cabin G400, completing a nearly [removed: two-decade] [added: two decade] effort to develop an [removed: all-new] [added: all new] family of Gulfstream aircraft.

Both aircraft [removed: combine] [added: feature] our industry-leading high-speed range and efficiency, safety enhancements, and our advanced Symmetry Flight Deck.

The G400 is a clean-sheet [added: (i.e., all new)] design developed in concert with the G500 and G600, thus expanding the commonality across the Gulfstream family of aircraft.

Gulfstream’s [removed: current product line holds more than 355] [added: in-service aircraft hold 405] city-pair speed records, more than any other business jet manufacturer, [removed: led by the G650ER, which holds] [added: including] the National Aeronautic Association’s polar and westbound around-the-world speed records.

All models are outfitted in Gulfstream’s [removed: U.S.] [added: and Jet Aviation’s] facilities.

At our Savannah campus, we added new purpose-built manufacturing facilities, increased aircraft service capacity, opened a customer-support distribution [removed: center,] [added: center] and expanded our R&D capabilities.

Jet Aviation manages approximately [removed: 300] [added: 310] business aircraft globally on behalf of individuals and corporate owners.

We continue to grow our global footprint through acquisitions, expansions and significant renovations in strategic business aviation markets most [removed: frequented by these customers.]

][added: Map_01.15.25.jpg](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/gd-20241231_g3.jpg)]

Gulfstream’s service and test aircraft have flown more than two million nautical miles on SAF since 2016, and in [removed: 2019] [added: 2019,] Gulfstream became the first business jet manufacturer to make SAF available to customers.

Gulfstream also offers operators the ability to achieve carbon-neutral travel by facilitating the [added: purchase of carbon-offset credits.]

Since 2019, Jet Aviation has uploaded more than [removed: 10] [added: 11] million gallons of blended SAF to its customers.

Revenue for the Aerospace segment was [removed: 20%] [added: 24%] of our consolidated revenue in [removed: 2023, 22%] [added: 2024, 20%] in [removed: 2022] [added: 2023] and [removed: 21%] [added: 22%] in [removed: 2021.][added: 2022.]

| Year Ended December 31 | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Aircraft manufacturing | | | $ | [removed: 5,710] [added: 7,811] | | | | | $ | [removed: 5,876] [added: 5,710] | | | | | $ | [removed: 5,864] [added: 5,876] | |

| Aircraft services | | | [removed: 2,911] [added: 3,438] | | | | | | [removed: 2,691] [added: 2,911] | | | | | | [removed: 2,271] [added: 2,691] | | |

| Total Aerospace | | | $ | [removed: 8,621] [added: 11,249] | | | | | $ | [removed: 8,567] [added: 8,621] | | | | | $ | [removed: 8,135] [added: 8,567] | |

In support of our Navy customer’s significant increase in demand for submarines and surface ships, we [removed: are making] [added: have made] substantial investments to expand our facilities, grow and train our workforce, and expand our supply chain.

These submarines will provide strategic deterrent capabilities for decades, with the first boat [removed: scheduled for delivery] [added: expected to deliver] in [removed: 2027] [added: 2028] to begin replacement of the current Ohio-class ballistic-missile submarine fleet as it reaches the end of its service life.

Construction is scheduled to [removed: continue for] [added: span] two decades, and the value of the Navy’s program of record is in excess of [removed: $115] [added: $125] billion.

The Navy procures Virginia-class submarines in multi-boat [removed: blocks at a two-per-year rate.][added: blocks.]

Along with an industry partner, we are currently working on Blocks IV and V in the program, with [removed: 16] [added: 14] Virginia-class submarines in our backlog scheduled for delivery through 2032.

Ten of the [added: planned] boats in Block V will include the Virginia Payload Module, an 84-foot Electric Boat-designed-and-built hull section that adds four additional payload tubes, more than tripling the strike capacity of these submarines and providing unique capabilities to support special missions.

We have invested significant capital over the past several years in expanded and modernized facilities at Electric Boat to support the growth in submarine construction, and will work with our Navy [added: customer on any additional construction needs that could develop in light of increased submarine demand.]

While the steepest portion of our personnel ramp is behind us, we still expect the Electric Boat workforce to continue to grow to enable sustained production of one Columbia-class submarine plus [added: up to] two Virginia-class submarines per year [removed: and have] [added: as] the [removed: capacity] [added: submarine industrial base expands] to support [removed: additional AUKUS-related demand.][added: that pace.]

Along with strong contributions from the states of Connecticut and Rhode Island, we continue to invest in the training and tools necessary for our [added: skilled] employees to deliver these next-generation submarines to the [removed: Navy on time and on budget.][added: Navy.]

We [removed: are also working] [added: continue to work] with our growing network of approximately 3,000 suppliers [removed: — mostly small businesses —] to support [added: the growth related to] concurrent production of the two submarine programs.

[removed: In 2023, we were awarded a contract from] the Navy for construction of three Flight III DDG-51 destroyers.

We have a total of [removed: 12] [added: 11] ships in backlog scheduled for delivery through 2032.

The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin G700, which entered service following U.S. Federal Aviation Administration (FAA) certification in March 2024.

The G800 replaces the G650 and G650ER, which currently operate in 55 countries with more than 580 aircraft of this family in service.

frequented by these customers.

In 2024, we acquired FBO operations in Milwaukee, Wisconsin, and broke ground on a new facility in Miami, Florida, at Opa Locka Executive Airport, expanding options in the Upper Midwest and on the East Coast for customers based in and traveling across these regions.

In 2023, we were awarded a contract from

In 2024, NASSCO received an award for the tenth ship of this class with options to build up to seven additional T-AO-205 ships.

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

We continue to maximize the capability, effectiveness and lethality of the Abrams tank to overmatch all current and potential threats.

The demand by NATO members and other allies and partners for procurement and upgrades of Abrams tanks remains strong, reflected by a growing installed base in Europe, the Middle East, North Africa and Indo-Pacific theaters of operation.

operations.

In addition, Land Systems is producing 66 additional LAVs on the Light Armoured Vehicle Reconnaissance Surveillance System (LRSS) program that are equipped with state of the art surveillance suites.

In addition, OTS entered into a strategic teaming agreement in 2024 for the production of solid rocket motors that will improve resiliency in the domestic supply chain.

Additionally, OTS maintains a leading position providing missile subsystems in support of U.S. tactical and strategic missiles, provisioning both legacy and next-

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

Our Technologies segment provides a full spectrum of services, technologies and products to a wide range of military, intelligence, federal civilian and state customers.

In 2024, GDIT acquired Iron EagleX, Inc., further expanding its portfolio of mission solutions in AI/ML, cyber, software development and cloud services.

At the center of these efforts is GDIT’s development of secure, tailorable and scalable digital solutions, known as our Digital

Accelerators.

These Digital Accelerators are at the forefront of technological trends and are designed to accelerate customers’ adoption and integration of advanced technologies to meet unique mission needs.

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

CENTCOM’s area of responsibility covers 21 nations in Northeast Africa, Central and South Asia and the Middle East.

We are utilizing AI/ML technologies to improve decision making, transition CENTCOM to a new cloud environment, and enhance the efficiency and effectiveness of its networks.

GDIT is also leveraging its zero trust capabilities to bolster CENTCOM’s cyber defenses and protect against future cyber threats.

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).

HIGLAS is a single, integrated accounting system that standardizes and centralizes federal financial accounting for all of CMS’s programs.

The HIGLAS system processes approximately 4.5 million Medicare claims daily and over $1.6 trillion in annual payments.

In modernizing the HIGLAS system, GDIT will leverage its AI/ML capabilities to analyze trends and patterns to determine potential anomalies in the data and detect fraud, waste and abuse.

We are supporting NGA in the development of their new headquarters in St. Louis, Missouri, and are committed to supporting the St. Louis area as a strategic hub for the geospatial intelligence community through our innovation center, community partnerships and talent pipeline programs.

As an example, in our DeepSky lab, teams can test new capabilities and collaborate with technology and industry partners to prototype new solutions.

Given our deep product innovation experience, we were recently selected to build the Next Generation Survival radio for the U.S. Joint Forces.

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Year Ended December 31 | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

During 2024, we hired more than 23,800 individuals of which 74% were male and 26% were female.

The FAR and CAS subject us to audits and other government reviews

Our investment included development of a new wing, new avionics,

The next model to join the Gulfstream lineup is the ultra-long-range, ultra-large-cabin G700.

We expect the G700 to enter service following certification from the U.S. Federal Aviation Administration (FAA) in early 2024.

The ultra-long-range, ultra-large-cabin G650 and G650ER continue to generate significant customer interest, with approximately 550 aircraft of this family currently operating in 55 countries.

Since the first G650 entered service in 2012, its capabilities and reliability have led to significant sales and expansion of our installed base around the globe.

In 2023, we expanded hangar capacity in Scottsdale, Arizona, and in Bozeman, Montana, bringing total U.S. hangar capacity to approximately one million square feet and providing additional capacity for large-cabin aircraft.

purchase of carbon-offset credits.

customer on any additional construction needs that could develop in light of increased submarine demand.

We are maximizing the effectiveness and lethality of the Army’s M1A2 Abrams tank fleet with next-generation upgrades through continued delivery of the system enhancement package version 3 (SEPv3) configuration.

This package provides technological advancements in communications, power generation, fuel efficiency, optics and armor.

We also continue to upgrade Abrams tanks for several non-U.S. partners.

In 2023, the Army announced that it will develop the new M1E3 Abrams main battle tank, which will make capability improvements needed to fight and win against future threats.

The “E” identifier reflects that the program is an engineering change that is more significant than a minor modification.

The development of the M1E3 Abrams will include the latest systems architecture standards, allowing for quicker technology upgrades and requiring fewer resources, and will enhance efficacy through reduced sustainment footprint and increased tactical mobility.

The

Additionally, OTS maintains a leading position providing

Our Technologies segment provides a full spectrum of services, technologies and products to an expanding market that increasingly seeks solutions combining leading-edge electronic hardware with specialized software.

Together they serve a wide range of military, intelligence, federal civilian and state customers with a diverse portfolio that includes:

GDIT develops tailorable digital solutions and services developed specifically to meet mission needs in our customers’ operating environments.

These solutions, known as our Digital Accelerators, are at the forefront of technological trends, and include zero trust, artificial intelligence (AI) for mission applications, AI for IT operations, hybrid multi-cloud, software factory, 5G, defensive cyber, and post-quantum cryptography.

GDIT delivers a full spectrum of cloud solutions and services to modernize customers’ legacy IT infrastructures and systems.

These cloud capabilities advance security and accelerate access to cutting-edge technologies such as high-performance computing and AI.

In the federal civilian market, GDIT is modernizing the electronic health record system of the Indian Health Service, an agency within the Department of Health and Human Services that provides federal health services to 2.6 million American Indians and Alaska Natives across the country.

We apply AI to expand the human capacity to make better decisions and implement smarter actions as we automate, secure and enhance our customers’ operations.

For the Department of Veterans Affairs (VA), GDIT leverages managed services and AI to accelerate veteran benefits claims processing, develops applications and software to improve the veteran user experience, and provides on-demand 24/7/365 IT support to more than 500,000 VA personnel nationwide.

In the federal civilian sector, GDIT’s high-performance supercomputers, ranked two of the fastest in the world by TOP500, run the National Oceanic and Atmospheric Administration (NOAA) operational models used to forecast the weather and model climate data.

We recently expanded the computing capacity of these supercomputers by 20%, allowing NOAA to provide more complex, detailed forecasting models.

To adapt to a constantly evolving threat landscape, GDIT embeds cyber solutions into every aspect of digital modernization.

More than 3,000 cyber professionals support cyber projects across 30 federal government agencies.

GDIT is also a market leader in the deployment of zero trust, a government mandate and cybersecurity strategy to ensure perpetual security of networks, applications and data.

This work includes supporting the U.S. Army National Guard’s Department of Defense Information Network’s IT infrastructure, cybersecurity, application hosting and associated services.

This enterprise network, one of the largest in the DoD, provides soldiers with access to the internet; allows them to connect securely with other databases and networks; and provides leaders with tools for training, mission planning and execution.

We are also implementing comprehensive security services for the U.S. Air Force including information, personnel and communications security, counterintelligence analysis and cybersecurity assessments.

In 2023, we renewed the collective bargaining agreements for the majority of our represented employees.

During 2023, the diversity profile of our workforce continued to improve across our businesses, as we hired more than 23,400 individuals of which 73% were male and 27% were female.

results of operations, financial condition or cash flows.

[removed: ][added: ]

For the fiscal year ended December 31, [removed: 2023][added: 2024]

The aggregate market value of the voting common equity held by non-affiliates of the registrant was [removed: $55,582,452,531] [added: $71,126,305,337] as of [removed: July 2, 2023] [added: June 30, 2024] (based on the closing price of the shares on the New York Stock Exchange).

[removed: 273,980,202] [added: 270,350,795] shares of the registrant’s common stock, $1 par value per share, were outstanding on January [removed: 28, 2024.][added: 26, 2025.]

Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the [removed: 2024] [added: 2025] annual meeting of shareholders to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year.

| Item 1. | | | [removed: [Business](#ief6f7d1f5a9344f5b00c85d482a58cc1_13)] [added: [Business](#i8ebc9901fab0443a8a932292cdbe63e9_13)] | | | [removed: [3](#ief6f7d1f5a9344f5b00c85d482a58cc1_13)] [added: [3](#i8ebc9901fab0443a8a932292cdbe63e9_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ief6f7d1f5a9344f5b00c85d482a58cc1_16)] [added: Factors](#i8ebc9901fab0443a8a932292cdbe63e9_16)] | | | [removed: [21](#ief6f7d1f5a9344f5b00c85d482a58cc1_16)] [added: [20](#i8ebc9901fab0443a8a932292cdbe63e9_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ief6f7d1f5a9344f5b00c85d482a58cc1_22)] [added: Comments](#i8ebc9901fab0443a8a932292cdbe63e9_22)] | | | [removed: [27](#ief6f7d1f5a9344f5b00c85d482a58cc1_22)] [added: [26](#i8ebc9901fab0443a8a932292cdbe63e9_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ief6f7d1f5a9344f5b00c85d482a58cc1_1762)] [added: [Cybersecurity](#i8ebc9901fab0443a8a932292cdbe63e9_25)] | | | [removed: [27](#ief6f7d1f5a9344f5b00c85d482a58cc1_1762)] [added: [26](#i8ebc9901fab0443a8a932292cdbe63e9_25)] | | |

| Item 2. | | | [removed: [Properties](#ief6f7d1f5a9344f5b00c85d482a58cc1_25)] [added: [Properties](#i8ebc9901fab0443a8a932292cdbe63e9_28)] | | | [removed: [28](#ief6f7d1f5a9344f5b00c85d482a58cc1_25)] [added: [27](#i8ebc9901fab0443a8a932292cdbe63e9_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ief6f7d1f5a9344f5b00c85d482a58cc1_28)] [added: Proceedings](#i8ebc9901fab0443a8a932292cdbe63e9_31)] | | | [removed: [28](#ief6f7d1f5a9344f5b00c85d482a58cc1_28)] [added: [27](#i8ebc9901fab0443a8a932292cdbe63e9_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ief6f7d1f5a9344f5b00c85d482a58cc1_31)] [added: Disclosures](#i8ebc9901fab0443a8a932292cdbe63e9_34)] | | | [removed: [29](#ief6f7d1f5a9344f5b00c85d482a58cc1_31)] [added: [28](#i8ebc9901fab0443a8a932292cdbe63e9_34)] | | |

| | | | [Information About our Executive [removed: Officers](#ief6f7d1f5a9344f5b00c85d482a58cc1_34)] [added: Officers](#i8ebc9901fab0443a8a932292cdbe63e9_37)] | | | [removed: [29](#ief6f7d1f5a9344f5b00c85d482a58cc1_34)] [added: [28](#i8ebc9901fab0443a8a932292cdbe63e9_37)] | | |

| Item 5. | | | [Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ief6f7d1f5a9344f5b00c85d482a58cc1_40)] [added: Securities](#i8ebc9901fab0443a8a932292cdbe63e9_43)] | | | [removed: [30](#ief6f7d1f5a9344f5b00c85d482a58cc1_40)] [added: [29](#i8ebc9901fab0443a8a932292cdbe63e9_43)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#ief6f7d1f5a9344f5b00c85d482a58cc1_43)] [added: [\[Reserved\]](#i8ebc9901fab0443a8a932292cdbe63e9_46)] | | | [removed: [32](#ief6f7d1f5a9344f5b00c85d482a58cc1_43)] [added: [31](#i8ebc9901fab0443a8a932292cdbe63e9_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ief6f7d1f5a9344f5b00c85d482a58cc1_46)] [added: Operations](#i8ebc9901fab0443a8a932292cdbe63e9_49)] | | | [removed: [33](#ief6f7d1f5a9344f5b00c85d482a58cc1_46)] [added: [32](#i8ebc9901fab0443a8a932292cdbe63e9_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative [removed: Disclosures](#ief6f7d1f5a9344f5b00c85d482a58cc1_70) [A](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)[bout] [added: Disclosures](#i8ebc9901fab0443a8a932292cdbe63e9_73) [A](#i8ebc9901fab0443a8a932292cdbe63e9_73)[bout] Market [removed: Risk](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)] [added: Risk](#i8ebc9901fab0443a8a932292cdbe63e9_73)] | | | [removed: [54](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)] [added: [53](#i8ebc9901fab0443a8a932292cdbe63e9_73)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ief6f7d1f5a9344f5b00c85d482a58cc1_73)] [added: Data](#i8ebc9901fab0443a8a932292cdbe63e9_76)] | | | [removed: [55](#ief6f7d1f5a9344f5b00c85d482a58cc1_73)] [added: [54](#i8ebc9901fab0443a8a932292cdbe63e9_76)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ief6f7d1f5a9344f5b00c85d482a58cc1_166)] [added: Disclosure](#i8ebc9901fab0443a8a932292cdbe63e9_169)] | | | [removed: [102](#ief6f7d1f5a9344f5b00c85d482a58cc1_166)] [added: [100](#i8ebc9901fab0443a8a932292cdbe63e9_169)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ief6f7d1f5a9344f5b00c85d482a58cc1_169)] [added: Procedures](#i8ebc9901fab0443a8a932292cdbe63e9_172)] | | | [removed: [102](#ief6f7d1f5a9344f5b00c85d482a58cc1_169)] [added: [100](#i8ebc9901fab0443a8a932292cdbe63e9_172)] | | |

| Item 9B. | | | [Other [removed: Information](#ief6f7d1f5a9344f5b00c85d482a58cc1_181)] [added: Information](#i8ebc9901fab0443a8a932292cdbe63e9_184)] | | | [removed: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_181)] [added: [102](#i8ebc9901fab0443a8a932292cdbe63e9_184)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#ief6f7d1f5a9344f5b00c85d482a58cc1_184)] [added: Inspections](#i8ebc9901fab0443a8a932292cdbe63e9_187)] | | | [removed: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_184)] [added: [102](#i8ebc9901fab0443a8a932292cdbe63e9_187)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ief6f7d1f5a9344f5b00c85d482a58cc1_190)] [added: Governance](#i8ebc9901fab0443a8a932292cdbe63e9_193)] | | | [removed: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_190)] [added: [102](#i8ebc9901fab0443a8a932292cdbe63e9_193)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ief6f7d1f5a9344f5b00c85d482a58cc1_193)] [added: Compensation](#i8ebc9901fab0443a8a932292cdbe63e9_196)] | | | [removed: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_193)] [added: [102](#i8ebc9901fab0443a8a932292cdbe63e9_196)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ief6f7d1f5a9344f5b00c85d482a58cc1_196)] [added: Matters](#i8ebc9901fab0443a8a932292cdbe63e9_199)] | | | [removed: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_196)] [added: [103](#i8ebc9901fab0443a8a932292cdbe63e9_199)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ief6f7d1f5a9344f5b00c85d482a58cc1_199)] [added: Independence](#i8ebc9901fab0443a8a932292cdbe63e9_202)] | | | [removed: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_199)] [added: [103](#i8ebc9901fab0443a8a932292cdbe63e9_202)] | | |

| Item 14. | | | [Principal Accountant Fees [removed: a](#ief6f7d1f5a9344f5b00c85d482a58cc1_202)nd] [added: a](#i8ebc9901fab0443a8a932292cdbe63e9_205)nd] Services | | | [removed: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_202)] [added: [103](#i8ebc9901fab0443a8a932292cdbe63e9_205)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ief6f7d1f5a9344f5b00c85d482a58cc1_208)] [added: Schedules](#i8ebc9901fab0443a8a932292cdbe63e9_211)] | | | [removed: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_208)] [added: [103](#i8ebc9901fab0443a8a932292cdbe63e9_211)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)] [added: Summary](#i8ebc9901fab0443a8a932292cdbe63e9_214)] | | | [removed: [1](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)[10](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)] [added: [109](#i8ebc9901fab0443a8a932292cdbe63e9_214)] | | |

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| | | | [Signatures](#i8ebc9901fab0443a8a932292cdbe63e9_217) | | | [110](#i8ebc9901fab0443a8a932292cdbe63e9_217) | | |

Yes _ü_☑No ___

| | | | [Signatures](#ief6f7d1f5a9344f5b00c85d482a58cc1_214) | | | [111](#ief6f7d1f5a9344f5b00c85d482a58cc1_214) | | |

On December 31, [removed: 2023,] [added: 2024,] our segments had material operations at the following locations:

- Aerospace – Mesa and Scottsdale, Arizona; Van Nuys, California; West Palm Beach, Florida; Brunswick and Savannah, Georgia; Cahokia, Illinois; Westfield, Massachusetts; Teterboro, New Jersey; New York, New York; Tulsa, Oklahoma; Dallas and Fort Worth, Texas; Appleton, Wisconsin; Sydney, Australia; [removed: Beijing, China;] Mexicali, Mexico; Singapore; Basel, Switzerland; Farnborough, United Kingdom.

- Marine Systems – San Diego, California; Groton and New London, Connecticut; Jacksonville, Florida; [removed: Honolulu, Hawaii;] Bath and Brunswick, Maine; Middletown and North Kingstown, Rhode Island; Norfolk and Portsmouth, Virginia; Bremerton, Washington; Mexicali, Mexico.

- Combat Systems – Anniston, Alabama; East Camden, Arkansas; Healdsburg, California; Crawfordsville, St. Petersburg and Tallahassee, Florida; Marion, Illinois; Saco, Maine; Sterling Heights, Michigan; [added: Lincoln, Nebraska;] Lima, Ohio; Eynon, Scranton and Wilkes-Barre, Pennsylvania; Garland and Mesquite, Texas; Joint Base Lewis-McChord, Washington; Vienna, Austria; Le Gardeur, London and Valleyfield, Canada; Kaiserslautern, Germany; Madrid, Sevilla and Trubia, Spain; Bürglen, [removed: Kreuzlingen,] [added: Kreuzlingen] and Tägerwilen, Switzerland; Merthyr Tydfil, United Kingdom.

A summary of floor space by segment on December 31, [removed: 2023,] [added: 2024,] follows:

| Aerospace | | | [removed: 5.7] [added: 5.5] | | | | | | 10.1 | | | | | | 0.5 | | | | | | [removed: 16.3] [added: 16.1] | | |

| Combat Systems | | | 6.7 | | | | | | [removed: 5.6] [added: 6.6] | | | | | | 4.9 | | | | | | [removed: 17.2] [added: 18.2] | | |

| Total square feet | | | [removed: 24.3] [added: 23.4] | | | | | | [removed: 27.8] [added: 29.8] | | | | | | 6.3 | | | | | | [removed: 58.4] [added: 59.5] | | |

| Marine Systems | | | 9.0 | | | | | | 5.4 | | | | | | — | | | | | | 14.4 | | |

| Technologies | | | 2.2 | | | | | | 7.7 | | | | | | 0.9 | | | | | | 10.8 | | |

| Marine Systems | | | 8.8 | | | | | | 4.8 | | | | | | — | | | | | | 13.6 | | |

| Technologies | | | 3.1 | | | | | | 7.3 | | | | | | 0.9 | | | | | | 11.3 | | |

Set forth below is information regarding our executive officers as of February [removed: 8, 2024] [added: 7, 2025] (references are to positions with General Dynamics Corporation, unless otherwise noted):

| Jason W. Aiken – Executive Vice President, Technologies [added: since February 2024; Executive Vice President, Technologies] and Chief Financial [removed: Officer since] [added: Officer,] January [removed: 2023;] [added: 2023 - February 2024;] Senior Vice President and Chief Financial Officer, January 2014 - December 2022; Vice President of the company and Chief Financial Officer of Gulfstream Aerospace Corporation, September 2011 - December 2013; Vice President and Controller, April 2010 - August 2011; Staff Vice President, Accounting, July 2006 - March 2010 | | | [removed: 51] [added: 52] | | |

| Christopher J. Brady – Vice President of the company and President of General Dynamics Mission Systems since January 2019; Vice President, Engineering of General Dynamics Mission Systems, January 2015 - December 2018; Vice President, Engineering of General Dynamics C4 Systems, May 2013 - December 2014; Vice President, Assured Communications Systems of General Dynamics C4 Systems, August 2004 - May 2013 | | | [removed: 61] [added: 62] | | |

| Mark L. Burns – Vice President of the company and President of Gulfstream Aerospace Corporation since July 2015; Vice President of the company since February 2014; President, Product Support of Gulfstream Aerospace Corporation, June 2008 - June 2015 | | | [removed: 64] [added: 65] | | |

| Danny Deep – [added: Executive] Vice [added: President, Combat Systems, since April 2024; Vice] President of the company and President of General Dynamics Land [removed: Systems since] [added: Systems,] April [removed: 2020;] [added: 2020 - April 2024;] Chief Operating Officer of General Dynamics Land Systems, September 2018 - April 2020; Vice President of General Dynamics Land Systems – Canada, January 2011 - September 2018 | | | [removed: 54] [added: 55] | | |

| Gregory S. Gallopoulos – Senior Vice President, General Counsel and Secretary since January 2010; Vice President and Deputy General Counsel, July 2008 - January 2010; Managing Partner of Jenner & Block LLP, January 2005 - June 2008 | | | [removed: 64] [added: 65] | | |

| M. Amy Gilliland – Senior Vice President of the company since April 2015; President of General Dynamics Information Technology since September 2017; Deputy for Operations of General Dynamics Information Technology, April 2017 - September 2017; Senior Vice President, Human Resources and Administration, April 2015 - March 2017; Vice President, Human Resources, February 2014 - March 2015; Staff Vice President, Strategic Planning, January 2013 - February 2014; Staff Vice President, Investor Relations, June 2008 - January 2013 | | | [removed: 49] [added: 50] | | |

| Kimberly A. Kuryea – Senior Vice [added: President and Chief Financial Officer since February 2024; Senior Vice] President, Human Resources and [removed: Administration since] [added: Administration,] April [removed: 2017;] [added: 2017 - April 2024;] Vice President and Controller, September 2011 - March 2017; Chief Financial Officer of General Dynamics Advanced Information Systems, November 2007 - August 2011; Staff Vice President, Internal Audit, March 2004 - October 2007 | | | [removed: 56] [added: 57] | | |

| William A. Moss – Vice President and Controller since April 2017; Staff Vice President, Internal Audit, May 2015 - March 2017; Staff Vice President, Accounting, August 2010 - May 2015 | | | [removed: 60] [added: 61] | | |

| Phebe N. Novakovic – Chairman and Chief Executive Officer since January 2013; President and Chief Operating Officer, May 2012 - December 2012; Executive Vice President, Marine Systems, May 2010 - May 2012; Senior Vice President, Planning and Development, July 2005 - May 2010; Vice President, Strategic Planning, October 2002 - July 2005 | | | [removed: 66] [added: 67] | | |

| Robert E. Smith – Executive Vice President, Marine Systems, since July 2019; Vice President of the company and President of Jet Aviation, January 2014 - July 2019; Vice President and Chief Financial Officer of Jet Aviation, July 2012 - January 2014 | | | [removed: 56] [added: 57] | | |

| Shane A. Berg – Senior Vice President, Human Resources and Administration since February 2024; Senior Vice President, Planning and Development, January 2022 - February 2024; Executive Vice President of Princeton Theological Seminary, 2016 - January 2022 | | | 53 | | |

| David Paddock – Vice President of the company and President of General Dynamics Land Systems since April 2024; Vice President of the company and President of Jet Aviation, July 2019 - April 2024; Senior Vice President, Regional Operations USA of Jet Aviation, January 2015 - July 2019 | | | 57 | | |

| Mark Rayha – Vice President of the company and President of Electric Boat Corporation since December 2024; Senior Vice President and Chief Operating Officer of Electric Boat Corporation, September 2023 - December 2024; Vice President and Chief Financial Officer of Electric Boat Corporation, July 2021 - September 2023; Vice President, Finance of Electric Boat Corporation, January 2020 - July 2021; Vice President and Chief Financial Officer of General Dynamics Mission Systems, January 2015 - January 2020 | | | 58 | | |

| Kevin M. Graney – Vice President of the company and President of Electric Boat Corporation since October 2019; Vice President of the company and President of NASSCO, January 2017 - October 2019; Vice President and General Manager of NASSCO, November 2013 - January 2017 | | | 60 | | |

| Mark C. Roualet – Executive Vice President, Combat Systems, since March 2013; Vice President of the company and President of General Dynamics Land Systems, October 2008 - March 2013; Senior Vice President and Chief Operating Officer of General Dynamics Land Systems, July 2007 - October 2008 | | | 65 | | |

On January [removed: 28, 2024,] [added: 26, 2025,] there were approximately 9,000 holders of record of our common stock.

We did not make any unregistered sales of equity securities in [removed: 2023.][added: 2024.]

On December 31, [removed: 2023, 4.7] [added: 2024, 9.2] million shares remained authorized by [removed: our board of directors] [added: the Board] for repurchase.

Based on Investments of $100 Beginning December 31, [removed: 2018][added: 2019]

[removed: ][added: ]

| 9/30/24-10/27/24 | | | | | | 82,385 | | | | | | $ | 303.44 | | | | | 82,385 | | | | | | 3,942,747 | | |

| 10/28/24-11/24/24 | | | | | | 1,285,352 | | | | | | 291.74 | | | | | | 1,285,352 | | | | | | 2,657,395 | | |

| 11/25/24-12/31/24 | | | | | | 3,417,696 | | | | | | 270.93 | | | | | | 3,417,696 | | | | | | 9,239,699 | | |

| 9/30/24-10/27/24 | | | | | | 130 | | | | | | 299.96 | | | | | | | | | | | | | | |

| 10/28/24-11/24/24 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 11/25/24-12/31/24 | | | | | | 33 | | | | | | 279.39 | | | | | | | | | | | | | | |

| | | | | | | 4,785,596 | | | | | | 277.08 | | | | | | | | | | | | | | |

On December 4, 2024, our board of directors (Board) authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock.

We repurchased 4.8 million shares in the fourth quarter of 2024.

| 10/2/23-10/29/23 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| 10/30/23-11/26/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 11/27/23-12/31/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 10/2/23-10/29/23 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 10/30/23-11/26/23 | | | | | | 480 | | | | | | 239.65 | | | | | | | | | | | | | | |

| 11/27/23-12/31/23 | | | | | | 139 | | | | | | 248.25 | | | | | | | | | | | | | | |

| | | | | | | 619 | | | | | | 241.58 | | | | | | | | | | | | | | |

| (Dollars in millions, except per-share amounts) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Products | | | $ | [removed: 24,595] [added: 28,635] | | | | | $ | [removed: 23,022] [added: 24,595] | | | | | $ | [removed: 22,428] [added: 23,022] | |

| Services | | | [removed: 17,677] [added: 19,081] | | | | | | [removed: 16,385] [added: 17,677] | | | | | | [removed: 16,041] [added: 16,385] | | |

| | | | [removed: 42,272] [added: 47,716] | | | | | | [removed: 39,407] [added: 42,272] | | | | | | [removed: 38,469] [added: 39,407] | | |

| Products | | | [removed: (20,591)] [added: (24,332)] | | | | | | [removed: (18,981)] [added: (20,591)] | | | | | | [removed: (18,524)] [added: (18,981)] | | |

| Services | | | [removed: (15,009)] [added: (16,020)] | | | | | | [removed: (13,804)] [added: (15,009)] | | | | | | [removed: (13,537)] [added: (13,804)] | | |

| General and administrative (G&A) | | | [removed: (2,427)] [added: (2,568)] | | | | | | [removed: (2,411)] [added: (2,427)] | | | | | | [removed: (2,245)] [added: (2,411)] | | |

| | | | [removed: (38,027)] [added: (42,920)] | | | | | | [removed: (35,196)] [added: (38,027)] | | | | | | [removed: (34,306)] [added: (35,196)] | | |

| Operating earnings | | | [removed: 4,245] [added: 4,796] | | | | | | [removed: 4,211] [added: 4,245] | | | | | | [removed: 4,163] [added: 4,211] | | |

| Other, net | | | [removed: 82] [added: 68] | | | | | | [removed: 189] [added: 82] | | | | | | [removed: 134] [added: 189] | | |

| Interest, net | | | [removed: (343)] [added: (324)] | | | | | | [removed: (364)] [added: (343)] | | | | | | [removed: (424)] [added: (364)] | | |

| Earnings before income tax | | | [removed: 3,984] [added: 4,540] | | | | | | [removed: 4,036] [added: 3,984] | | | | | | [removed: 3,873] [added: 4,036] | | |

| Provision for income tax, net | | | [removed: (669)] [added: (758)] | | | | | | [removed: (646)] [added: (669)] | | | | | | [removed: (616)] [added: (646)] | | |

| Net earnings | | | $ | [removed: 3,315] [added: 3,782] | | | | | $ | [removed: 3,390] [added: 3,315] | | | | | $ | [removed: 3,257] [added: 3,390] | |

| Basic | | | $ | [removed: 12.14] [added: 13.81] | | | | | $ | [removed: 12.31] [added: 12.14] | | | | | $ | [removed: 11.61] [added: 12.31] | |

| Diluted | | | $ | [removed: 12.02] [added: 13.63] | | | | | $ | [removed: 12.19] [added: 12.02] | | | | | $ | [removed: 11.55] [added: 12.19] | |

| (Dollars in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net earnings | | | | | | $ | [removed: 3,315] [added: 3,782] | | | | | $ | [removed: 3,390] [added: 3,315] | | | | | $ | [removed: 3,257] [added: 3,390] | |

| Changes in unrealized cash flow hedges | | | | | | [removed: 10] [added: (117)] | | | | | | [removed: (190)] [added: 10] | | | | | | [removed: (174)] [added: (190)] | | |

| Foreign currency translation adjustments | | | | | | [removed: 413] [added: (438)] | | | | | | [removed: (278)] [added: 413] | | | | | | [removed: (103)] [added: (278)] | | |

| Changes in retirement plans’ funded status | | | | | | [removed: 722] [added: 208] | | | | | | [removed: 241] [added: 722] | | | | | | [removed: 2,365] [added: 241] | | |

| Other comprehensive [removed: income (loss),] [added: (loss) income,] pretax | | | | | | [removed: 1,145] [added: (347)] | | | | | | [removed: (227)] [added: 1,145] | | | | | | [removed: 2,088] [added: (227)] | | |

| Provision for income tax, net | | | | | | [removed: (152)] [added: (12)] | | | | | | [removed: (5)] [added: (152)] | | | | | | [removed: (458)] [added: (5)] | | |

| Other comprehensive [removed: income (loss),] [added: (loss) income,] net of tax | | | | | | [removed: 993] [added: (359)] | | | | | | [removed: (232)] [added: 993] | | | | | | [removed: 1,630] [added: (232)] | | |

| Comprehensive income | | | | | | $ | [removed: 4,308] [added: 3,423] | | | | | $ | [removed: 3,158] [added: 4,308] | | | | | $ | [removed: 4,887] [added: 3,158] | |

| (Dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [added: 2023 | | | | | |] 2022 | | |

| Cash and equivalents | | | $ | [removed: 1,913] [added: 1,697] | | | | | $ | [removed: 1,242] [added: 1,913] | |

| Accounts receivable | | | [removed: 3,004] [added: 2,977] | | | | | | [removed: 3,008] [added: 3,004] | | |

| Unbilled receivables | | | [removed: 7,997] [added: 8,248] | | | | | | [removed: 8,795] [added: 7,997] | | |

| Inventories | | | [removed: 8,578] [added: 9,724] | | | | | | [removed: 6,322] [added: 8,578] | | |

| Other current assets | | | [removed: 2,123] [added: 1,740] | | | | | | [removed: 1,696] [added: 2,123] | | |

| Total current assets | | | [removed: 23,615] [added: 24,386] | | | | | | [removed: 21,063] [added: 23,615] | | |

| Property, plant and equipment, net | | | [removed: 6,198] [added: 6,467] | | | | | | [removed: 5,900] [added: 6,198] | | |

| Intangible assets, net | | | [removed: 1,656] [added: 1,520] | | | | | | [removed: 1,824] [added: 1,656] | | |

| Goodwill | | | [removed: 20,586] [added: 20,556] | | | | | | [removed: 20,334] [added: 20,586] | | |

| Other assets | | | [removed: 2,755] [added: 2,951] | | | | | | [removed: 2,464] [added: 2,755] | | |

| Total noncurrent assets | | | [removed: 31,195] [added: 31,494] | | | | | | [removed: 30,522] [added: 31,195] | | |

| Total assets | | | $ | [removed: 54,810] [added: 55,880] | | | | | $ | [removed: 51,585] [added: 54,810] | |

| Short-term debt and current portion of long-term debt | | | $ | [removed: 507] [added: 1,502] | | | | | $ | [removed: 1,253] [added: 507] | |

| Accounts payable | | | [removed: 3,095] [added: 3,344] | | | | | | [removed: 3,398] [added: 3,095] | | |

| Equity-based awards | | | — | | | | | | 302 | | | | | | — | | | | | | 113 | | | | | | — | | | | | | 415 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (359) | | | | | | (359) | | |

| December 31, 2024 | | | $ | 482 | | | | | $ | 4,062 | | | | | $ | 41,487 | | | | | $ | (22,450) | | | | | $ | (1,518) | | | | | $ | 22,063 | |

In the fourth quarter of 2024, we completed qualitative assessments for each of our reporting units.

Recent Accounting Pronouncements. In 2024, we adopted Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, using the retrospective method of adoption.

In November 2024, the FASB issued ASU 2024-03, Disaggregation - Income Statement Expenses.

The ASU requires disclosure of certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements.

ASU 2024-03 is effective for annual periods beginning after December 15, 2026, using the prospective or retrospective methods of adoption, with early adoption permitted.

Although we have not determined the method or period of adoption, we expect to disclose additional information as required by the standard.

We classify revenue as products or services based on the predominant attributes of the associated performance obligation.

quality issues and late supply chain deliveries causing cost growth and schedule delays on the Virginia-class submarine Block IV contract.

In addition, during 2024 the Navy was informed of deficiencies in welding procedures conducted by our teammate and subcontractor on our Virginia-class and Columbia-class submarine programs.

It is reasonably possible that addressing these deficiencies could potentially impose costs or schedule delays not accounted for in our estimates related to our long-term contracts with the Navy for the construction of submarines.

| Fixed-price | | | $ | 10,250 | | | | | $ | 6,800 | | | | | $ | 7,973 | | | | | $ | 5,376 | | | | | $ | 30,399 | |

| Cost-reimbursement | | | — | | | | | | 7,542 | | | | | | 951 | | | | | | 5,749 | | | | | | 14,242 | | |

| Time-and-materials | | | 999 | | | | | | 1 | | | | | | 73 | | | | | | 2,002 | | | | | | 3,075 | | |

| Total revenue | | | $ | 11,249 | | | | | $ | 14,343 | | | | | $ | 8,997 | | | | | $ | 13,127 | | | | | $ | 47,716 | |

| Year Ended December 31, 2024 | | | Aerospace | | | | | | Marine Systems | | | | | | Combat Systems | | | | | | Technologies | | | | | | Total Revenue | | |

| Department of Defense (DoD) | | | $ | 253 | | | | | $ | 14,204 | | | | | $ | 5,102 | | | | | $ | 7,632 | | | | | $ | 27,191 | |

| Non-DoD | | | — | | | | | | 2 | | | | | | 8 | | | | | | 4,800 | | | | | | 4,810 | | |

| Foreign military sales (FMS) | | | 43 | | | | | | 132 | | | | | | 857 | | | | | | 31 | | | | | | 1,063 | | |

| Total U.S. government | | | 296 | | | | | | 14,338 | | | | | | 5,967 | | | | | | 12,463 | | | | | | 33,064 | | |

| U.S. commercial | | | 6,237 | | | | | | 2 | | | | | | 258 | | | | | | 198 | | | | | | 6,695 | | |

| Non-U.S. government | | | 1,447 | | | | | | 3 | | | | | | 2,599 | | | | | | 422 | | | | | | 4,471 | | |

| Non-U.S. commercial | | | 3,269 | | | | | | — | | | | | | 173 | | | | | | 44 | | | | | | 3,486 | | |

| Total revenue | | | $ | 11,249 | | | | | $ | 14,343 | | | | | $ | 8,997 | | | | | $ | 13,127 | | | | | $ | 47,716 | |

| Year Ended December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| December 31 | | | 2024 | | | | | | 2023 | | |

| Net deferred tax liability | | | $ | (554) | | | | | $ | (627) | |

For the tax year ending December 31, 2023, the IRS placed us in the phase of CAP reserved for taxpayers whose risk of noncompliance does not warrant the continual use of IRS examination resources.

For the tax year ending December 31, 2024, the IRS placed us into a CAP phase in which they will consider certain tax return information early in 2025 in the interest of expediting their risk assessment and review of our 2024 tax return.

The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects

intended to be effective on January 1, 2024, and other aspects on January 1, 2025.

Although it is uncertain whether the U.S. will adopt any Pillar Two rules, some countries have enacted, introduced, or are considering implementing legislation.

Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.

| December 31 | | | 2024 | | | | | | 2023 | | |

| December 31 | | | 2024 | | | | | | 2023 | | |

The contract, signed in 2010, experienced an unbilled receivable build-up in 2021 and 2022.

| December 31 | | | 2024 | | | | | | 2023 | | |

The increase in total inventories during 2024 was due primarily to the ramp-up in production of new Gulfstream aircraft models, including the G700 that began deliveries in the second quarter of 2024.

| Proceeds from commercial paper, gross (maturities greater than 3 months) | | | — | | | | | | — | | | | | | 1,997 | | |

| Repayment of commercial paper, gross (maturities greater than 3 months) | | | — | | | | | | — | | | | | | (1,997) | | |

| Proceeds from fixed-rate notes | | | — | | | | | | — | | | | | | 1,497 | | |

| Repayment of floating-rate notes | | | — | | | | | | — | | | | | | (500) | | |

| December 31, 2020 | | | $ | 482 | | | | | $ | 3,124 | | | | | $ | 33,498 | | | | | $ | (17,893) | | | | | $ | (3,550) | | | | | $ | 15,661 | |

| Equity-based awards | | | — | | | | | | 154 | | | | | | — | | | | | | 109 | | | | | | — | | | | | | 263 | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,630 | | | | | | 1,630 | | |

R&D expenses have trended upward driven by activities primarily associated with ongoing new aircraft development efforts.

Interest rates rose over the last year, but the increase was within the tolerances established in our previous quantitative analysis.

Our qualitative assessment this year did not present any other indicators of impairment.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, effective for annual periods beginning after December 15, 2024.

is recognized over time because control is transferred continuously to our customers.

| Fixed-price | | | $ | 7,329 | | | | | $ | 6,711 | | | | | $ | 6,400 | | | | | $ | 5,362 | | | | | $ | 25,802 | |

| Cost-reimbursement | | | — | | | | | | 3,812 | | | | | | 890 | | | | | | 5,195 | | | | | | 9,897 | | |

| Time-and-materials | | | 806 | | | | | | 3 | | | | | | 61 | | | | | | 1,900 | | | | | | 2,770 | | |

| Total revenue | | | $ | 8,135 | | | | | $ | 10,526 | | | | | $ | 7,351 | | | | | $ | 12,457 | | | | | $ | 38,469 | |

| DoD | | | $ | 255 | | | | | $ | 10,325 | | | | | $ | 3,869 | | | | | $ | 6,937 | | | | | $ | 21,386 | |

| Non-DoD | | | — | | | | | | 6 | | | | | | 10 | | | | | | 4,846 | | | | | | 4,862 | | |

| FMS | | | 84 | | | | | | 186 | | | | | | 294 | | | | | | 34 | | | | | | 598 | | |

| Total U.S. government | | | 339 | | | | | | 10,517 | | | | | | 4,173 | | | | | | 11,817 | | | | | | 26,846 | | |

| U.S. commercial | | | 4,381 | | | | | | 3 | | | | | | 223 | | | | | | 201 | | | | | | 4,808 | | |

| Non-U.S. government | | | 622 | | | | | | 4 | | | | | | 2,881 | | | | | | 415 | | | | | | 3,922 | | |

| Non-U.S. commercial | | | 2,793 | | | | | | 2 | | | | | | 74 | | | | | | 24 | | | | | | 2,893 | | |

Basic weighted average shares outstanding decreased in 2023 and 2022 due to share repurchases.

See Note N for further discussion of our share repurchases.

The contract, signed in 2010, had been experiencing an unbilled receivables build-up since 2021.

The increase in total inventories during 2023 was due to the ramp-up in production of new Gulfstream aircraft models, including the G700 in anticipation of its certification from the U.S. Federal Aviation Administration, as well as increased production of in-service aircraft reflecting strong customer demand.

| December 31, 2021 (a) | | | $ | 3,039 | | | | | $ | 297 | | | | | $ | 2,827 | | | | | $ | 13,935 | | | | | $ | 20,098 | |

| Acquisitions | | | — | | | | | | — | | | | | | — | | | | | | 336 | | | | | | 336 | | |

| Other (c) | | | (20) | | | | | | — | | | | | | (61) | | | | | | (19) | | | | | | (100) | | |

| 2024 | | | $ | 181 | |

| 2025 | | | 174 | | |

| 2026 | | | 170 | | |

| 2027 | | | 162 | | |

| 2028 | | | 137 | | |

| 2024 | | | $ | 300 | | | | | $ | 79 | |

| 2025 | | | 224 | | | | | | 67 | | |

| 2026 | | | 181 | | | | | | 45 | | |

| 2027 | | | 153 | | | | | | 38 | | |

| 2028 | | | 121 | | | | | | 32 | | |

Our management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act) as of December 31, [removed: 2023.][added: 2024.]

Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, on December 31, [removed: 2023,] [added: 2024,] our disclosure controls and procedures were effective.

Our management evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on our evaluation we believe that, as of December 31, [removed: 2023,] [added: 2024,] our internal control over financial reporting is effective based on those criteria.

| Chairman and Chief Executive Officer | | | | | | | | | [removed: Executive] [added: Senior] Vice [removed: President, Technologies] [added: President] | | |

We have audited General Dynamics Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Balance Sheet of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related Consolidated Statements of Earnings, Comprehensive Income, Cash Flows, and Shareholders’ Equity for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 8, 2024] [added: 7, 2025] expressed an unqualified opinion on those consolidated financial statements.

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2023,] [added: 2024,] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| /s/ Phebe N. Novakovic | | | | | | | | | /s/ Kimberly A. Kuryea | | |

| Phebe N. Novakovic | | | | | | | | | Kimberly A. Kuryea | | |

| February 7, 2025 | | | | | | | | |

| /s/ Phebe N. Novakovic | | | | | | | | | /s/ Jason W. Aiken | | |

| Phebe N. Novakovic | | | | | | | | | Jason W. Aiken | | |

| February 8, 2024 | | | | | | | | |

During the quarter ended December 31, [removed: 2023,] [added: 2024,] none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined under Item 408 of Regulation S-K).

The information required to be set forth herein, except for the information included under Information About Our Executive Officers in Part I, [removed: is] [added: will be] included in the sections titled “Election of the Board of Directors of the Company,” “Governance of the Company – Our Ethos,” “Audit Committee Report” and, if included, “Other Information – Delinquent Section 16(a) Reports” in our definitive proxy statement for our [removed: 2024] [added: 2025] annual shareholders meeting (the Proxy Statement), [removed: which sections are] [added: or elsewhere in the Proxy Statement, and that information is] incorporated herein by reference.

The information required to be set forth herein [removed: is] [added: will be] included in the sections titled “Governance of the Company – Director Compensation,” “Compensation Discussion and Analysis,” “Executive

Compensation” and “Compensation Committee Report” in our Proxy Statement, [removed: which sections are] [added: or elsewhere in the Proxy Statement, and that information is] incorporated herein by reference.

The information required to be set forth herein [removed: is] [added: will be] included in the sections titled “Security Ownership of Management” and “Security Ownership of Certain Beneficial Owners” in our Proxy Statement, [removed: which sections are] [added: and that information is] incorporated herein by reference.

The information required to be set forth herein with respect to securities authorized for issuance under our equity compensation plans [removed: is] [added: will be] included in the section titled “Equity Compensation Plan Information” in our Proxy Statement, [removed: which section] [added: and that information] is incorporated herein by reference.

The information required to be set forth herein [removed: is] [added: will be] included in the sections titled “Governance of the Company – Related Person Transactions Policy” and “Election of the Board of Directors of the Company – Director Independence” in our Proxy Statement, [removed: which sections are] [added: and that information is] incorporated herein by reference.

The information required to be set forth herein [removed: is] [added: will be] included in the section entitled “Advisory Vote on the Selection of Independent Auditors – Audit and Non-Audit Fees” in our Proxy Statement, [removed: which section] [added: and that information] is incorporated herein by reference.

| 3.1 | | | [Restated Certificate of Incorporation of the company (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on October 7, [removed: 2004)](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm)] [added: 2004)](https://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm)] | | |

| 3.2 | | | [Certificate of Amendment of Restated Certificate of [removed: Inc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[orporation](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [of] [added: Incorporation of] the [removed: company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [dated] [added: company dated] as of May 8, 2023 [removed: (inc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[orporated] [added: (incorporated] herein [removed: by](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [reference] [added: by reference] from the [removed: company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[s] [added: company’s] quarterly report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[for] [added: 10-Q for] the period ended July 2, [removed: 2023,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [file](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[d] [added: 2023, filed] with the SEC on July [removed: 26](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)] [added: 26, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)] | | |

| 3.3 | | | [Amended and Restated Bylaws of General Dynamics Corporation (as amended [removed: effective](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm) [October 4, 2023](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[)] [added: effective](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm) [Au](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[gust 7](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[)] (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC [removed: on](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm) [Oc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[tober 5](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[, 202](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[3](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)] [added: on](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm) [August 8](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)] | | |

| 4.1 | | | [Indenture dated as of August 27, 2001, among the company, the Guarantors (as defined therein) and The Bank of New York, as Trustee (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 12, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)] [added: 2018)](https://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)] | | |

| 4.2 | | | [Seventh Supplemental Indenture dated as of November 6, 2012, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on November 6, [removed: 2012)](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm)] [added: 2012)](https://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm)] | | |

| 4.3 | | | [Indenture dated as of March 24, 2015, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s registration statement on Form S-3, filed with the SEC on March 24, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm)] [added: 2015)](https://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm)] | | |

| 4.4 | | | [First Supplemental Indenture dated as of August 12, 2016, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on August 12, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)] | | |

| 4.5 | | | [Second Supplemental Indenture dated as of September 14, 2017, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on September 14, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm)] | | |

| 4.6 | | | [Indenture dated as of March 22, 2018, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s registration statement on Form S-3, filed with the SEC on March 22, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm)] [added: 2018)](https://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm)] | | |

| 4.7 | | | [First Supplemental Indenture dated as of May 11, 2018, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on May 11, [removed: 2018)](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm)] [added: 2018)](https://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm)] | | |

| 4.8 | | | [Second Supplemental [removed: Indenture](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm) [dated] [added: Indenture dated] as of March 25, 2020, among General Dynamics Corporation, the Guarantors named therein and The Bank of New York Mellon, as Trustee (includes forms of 3.250% Notes due 2025, 3.500% Notes due 2027, 3.625% Notes due 2030, 4.250% Notes due 2040 and 4.250% Notes due 2050) (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on March 25, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm) | | |

| 4.9 | | | [Third Supplemental [removed: Indenture](https://www.sec.gov/Archives/edgar/data/40533/000119312521156243/d391636dex41.htm) [dated] [added: Indenture dated] as of May 10, 2021, among General Dynamics Corporation, the Guarantors named therein and The Bank of New York Mellon, as Trustee (includes forms of 1.150% Notes due 2026, 2.250% Notes due 2031 and 2.850% Notes due 2041) (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000119312521156243/d391636dex41.htm) | | |

| 4.10 | | | [Description of General Dynamics Corporation’s Securities Registered Pursuant to Section 12 of [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [Exchange Act](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [(](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[incorporated] [added: the Exchange Act (incorporated] herein by reference from [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[s] [added: the company’s] annual [removed: report](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [on] [added: report on] Form 10-K for the year ended December 31, 2022, filed [removed: wit](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[h] [added: with] the SEC on February 7, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) | | |

| 10.1* | | | [General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (incorporated herein by reference from the company’s registration statement on Form S-8 (No. [removed: 333-217656)](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) [filed] [added: 333-217656), filed] with the SEC on May 4, 2017)](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) | | |

| 10.2* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for grants made March 4, 2015, through March 1, 2016, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 5, 2015, filed with the SEC on April 29, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm)] [added: 2015)](https://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm)] | | |

| 10.3* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for grants beginning March 2, 2016, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 3, 2016, filed with the SEC on April 27, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm)] [added: 2016)](https://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm)] | | |

| 10.4* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants beginning May 3, 2017, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended July 2, 2017, filed with the SEC on July 26, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm)] | | |

| [removed: 10.14*] [added: 10.22*] | | | [removed: [Successor] [added: [Amendment to the General Dynamics Corporation Supplemental] Retirement [removed: Plan for Directors] [added: Plan, effective January 5, 2015] (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, [removed: 2001,] [added: 2014,] filed with the SEC on [removed: March 29, 2002)](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm)] [added: February 9, 2015)](https://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm)] | | |

| [removed: 10.15*] [added: 10.19*] | | | [General Dynamics Corporation Supplemental Savings Plan, amended and restated effective October 1, 2021 (incorporated herein by reference from the company’s quarterly report on Form 10-Q for [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm) [period](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm) [ended] [added: the period ended] October 3, 2021, filed with the SEC on October 27, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm) | | |

| [removed: 10.16*] [added: 10.20*] | | | [Form of Severance Protection Agreement for executive officers (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 6, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm)] | | |

| [removed: 10.17*] [added: 10.21*] | | | [General Dynamics Corporation Supplemental Retirement Plan, restated effective January 1, 2010 (incorporating amendments through March 31, 2011) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) [period] [added: the period] ended April 3, 2011, filed with the SEC on May 3, [removed: 2011)](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm)] [added: 2011)](https://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm)] | | |

| [removed: 10.18*] [added: 10.23*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective January [removed: 5, 2015] [added: 1, 2016] (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, [removed: 2014,] [added: 2016,] filed with the SEC on February [removed: 9, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm)] [added: 6, 2017)](https://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm)] | | |

| [removed: 10.19*] [added: 10.24*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective January 1, [removed: 2016] [added: 2019] (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, [removed: 2016,] [added: 2018,] filed with the SEC on February [removed: 6, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm)] [added: 13, 2019)](https://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm)] | | |

| [removed: 10.20*] [added: 10.25*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective [removed: January 1,] [added: December 20,] 2019 (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, [removed: 2018,] [added: 2020,] filed with the SEC on February [removed: 13, 2019)](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm)] [added: 9, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] | | |

| [removed: 10.21*] [added: 97] | | | [removed: [Amendment to the General] [added: [General] Dynamics [removed: Corporation Supplemental Retirement Plan,] [added: Compensation Recoupment Policy,] effective December [removed: 20, 2019 (incorporated] [added: 1, 2023](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex97-20231231.htm) [(incorporated] herein by reference from the company’s annual report on Form 10-K for the year ended December 31, [removed: 2020,] [added: 202](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)[3](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)[,] filed with the SEC on [removed: February 9, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] [added: February](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm) [8](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)[, 202](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)[4](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)[)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] | | |

| 21 | | | [removed: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex21-20231231.htm)] [added: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex21-20241231.htm)] | | |

| [removed: 22] [added: 10.17*] | | | [removed: [Subsidiary Guarantors](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[(](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[incorporated] [added: [Consulting Agreement between Mark C. Roualet and General Dynamics Corporation, effective as of May 1, 2024 (incorporated] herein [removed: by](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [reference] [added: by reference] from the [removed: company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[s] [added: company’s] quarterly report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [for] [added: 10-Q for] the period ended [removed: October 1,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [2023,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[filed] [added: June 30, 2024, filed] with the SEC on [removed: October 25, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)] [added: July 24, 2024)](https://www.sec.gov/Archives/edgar/data/40533/000004053324000035/ex101-20240630.htm)##] | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex23-20231231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex23-20241231.htm)] | | |

| 24 | | | [Power of [removed: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex24-20231231.htm)] [added: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex24-20241231.htm)] | | |

| 31.1 | | | [Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex311-20231231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex311-20241231.htm)] | | |

| 31.2 | | | [Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex312-20231231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex312-20241231.htm)] | | |

| 32.1 | | | [Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex321-20231231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex321-20241231.htm)] | | |

| 32.2 | | | [Certification by CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex322-20231231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex322-20241231.htm)] | | |

| 10.14* | | | [Form of Non-Statutory Stock Option Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 6, 2024, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 31, 2024, filed with the SEC on April 24, 2024)](https://www.sec.gov/Archives/edgar/data/40533/000004053324000014/ex101-20240331.htm) | | |

| 10.15* | | | [Form of Restricted Stock Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 6, 2024, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 31, 2024, filed with the SEC on April 24, 2024)](https://www.sec.gov/Archives/edgar/data/40533/000004053324000014/ex102-20240331.htm) | | |

| 10.16* | | | [Form of Performance Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 6, 2024, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 31, 2024, filed with the SEC on April 24, 2024)](https://www.sec.gov/Archives/edgar/data/40533/000004053324000014/ex103-20240331.htm) | | |

| 10.18* | | | [Extension to Consulting Agreement between Mark C. Roualet and General Dynamics Corporation, effective as of December 12, 2024](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex1018-20241231.htm)## | | |

| 19 | | | [General Dy](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm)[n](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm)[a](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm)[mics I](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm)[nsider Trading Compliance Policies and Procedures](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm) | | |

| 22 | | | [Subsidiary Guarantors](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex22-20241231.htm) | | |

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## Certain portions of this exhibit have been omitted by means of marking such portions with brackets and asterisks because the Registrant has determined that the information is not material and is the type that the Registrant treats as private or confidential. The Registrant agrees to provide on a supplemental basis an unredacted copy of this exhibit to the SEC or its staff upon its request.

| 97 | | | [General Dynamics Compensation Recoupment Policy, effective December 1, 2023](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex97-20231231.htm) | | |

| Dated: February [removed: 8, 2024] [added: 7, 2025] | | | | | | | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February [removed: 8, 2024,] [added: 7, 2025,] by the following persons on behalf of the registrant and in the capacities indicated.

| /s/ [removed: Jason W. Aiken] [added: Kimberly A. Kuryea] | | | [removed: Executive] [added: Senior] Vice [removed: President, Technologies] [added: President] and Chief Financial Officer | | |

| [removed: Jason W. Aiken] [added: Kimberly A. Kuryea] | | | (Principal Financial Officer) | | |