General Dynamics (GD) 10-K risk factor changes: FY2025 vs FY2024

Moreover, new laws, [removed: regulations] [added: regulations, executive orders] or standards, or changes to existing ones, can increase our [added: legal, reputation or operational risk,] performance and compliance costs and reduce our revenue and earnings.

The following discussion of our financial condition and results of operations for [removed: 2024] [added: 2025] compared with [removed: 2023] [added: 2024] should be read in conjunction with our Consolidated Financial Statements included in Item 8, while a discussion of [removed: 2023] [added: 2024] compared with [removed: 2022] [added: 2023] can be found in Item 7 of our annual report on Form 10-K for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: The Russia-Ukraine conflict] [added: Internationally, as a result of ongoing regional conflicts] and [removed: increased] [added: the overall] threat [removed: environment] [added: environment, we] have [removed: created additional demand for certain of our products and services,] [added: seen increased demand,] particularly in [added: Europe, for] our Combat Systems [removed: segment.][added: military products and services.]

Additional factors affecting the segment’s earnings and margin include the volume, mix and profitability [added: 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.]

Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our [removed: performance obligations.]

◦Revenue of [removed: $47.7] [added: $52.6] billion, an increase of [removed: 12.9%] [added: 10.1%] from [removed: 2023][added: 2024]

◦Operating earnings of [removed: $4.8] [added: $5.4] billion, an increase of [removed: 13%] [added: 11.7%] from [removed: 2023,] [added: 2024,] with sequential growth throughout the year

◦Diluted earnings per share of [removed: $13.63,] [added: $15.45,] up 13.4% from [removed: 2023][added: 2024]

◦Cash provided by operating activities of [removed: $4.1] [added: $5.1] billion, or [removed: 109%] [added: 122%] of net earnings

- Backlog of [removed: $90.6] [added: $118] billion, [removed: supporting] [added: an increase of 30% from 2024, supports] our long-term growth expectations:

◦Several significant contract awards received in our defense segments, including [removed: $3.7] [added: $20.1] billion of combined awards from the U.S. Navy for [removed: advance procurement and other work for] the Virginia-class [added: and Columbia-class] submarine [removed: program][added: programs and $9.2 billion of combined awards for wheeled and tracked vehicles for international customers]

| Year Ended December 31 | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | [removed: 47,716 | | | | | $ | 42,272 | | | | | $ | 5,444 | | | | | 12.9 |] [added: 20,716] | [removed: %] |

| Operating costs and expenses | | | [removed: (42,920)] [added: (47,194)] | | | | | | [removed: (38,027)] [added: (42,920)] | | | | | | [removed: (4,893)] [added: (4,274)] | | | | | | [removed: 12.9] [added: 10.0] | | % |

| Operating margin | | | [removed: 10.1] [added: 10.2] | | % | | | | [removed: 10.0] [added: 10.1] | | % | | | | | | | | | | | | |

Our consolidated revenue increased in [removed: 2024] [added: 2025] driven by growth across all segments, including [removed: double digit] [added: double-digit] percentage growth in our Aerospace and Marine Systems segments.

| Operating earnings | | | [removed: 1,464] [added: 1,746] | | | | | | [removed: 1,182] [added: 1,464] | | | | | | 282 | | | | | | [removed: 23.9] [added: 19.3] | | % |

| Operating margin | | | [removed: 13.0] [added: 13.3] | | % | | | | [removed: 13.7] [added: 13.0] | | % | | | | | | | | | | | | |

| Gulfstream aircraft deliveries (in units) | | | [removed: 136] [added: 158] | | | | | | [removed: 111] [added: 136] | | | | | | [removed: 25] [added: 22] | | | | | | [removed: 22.5] [added: 16.2] | | % |

The increase in the Aerospace segment’s revenue in [removed: 2024] [added: 2025] consisted of the following:

| Aircraft manufacturing | | | $ | [removed: 2,101] [added: 1,602] | |

| Aircraft services | | | [removed: 527] [added: (53)] | | |

| Total increase | | | $ | [removed: 2,628] [added: 1,861] | |

Aircraft services revenue was higher in [removed: 2024] [added: 2025] due to increased customer demand for aircraft maintenance based on established maintenance cycles, a larger installed base and customer flight activity.

The increase in the segment’s operating earnings in [removed: 2024] [added: 2025] consisted of the following:

| Aircraft manufacturing | | | $ | [removed: 213] [added: 222] | |

| Aircraft services | | | [removed: 129] [added: 259] | | |

| G&A/other expenses | | | [removed: (60)] [added: 113] | | |

In total, the Aerospace segment’s operating margin [removed: decreased 70] [added: increased 30] basis points in [removed: 2024.][added: 2025.]

We expect the Aerospace segment’s [removed: 2025] [added: 2026] revenue to increase to approximately [removed: $12.7] [added: $13.6] billion with operating margin of approximately [removed: 13.7%.][added: 14%.]

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

The increase in the Marine Systems segment’s revenue in [removed: 2024] [added: 2025] consisted of the following:

| U.S. Navy ship construction | | | $ | [removed: 1,525] [added: 2,213] | |

| U.S. Navy ship engineering, repair and other services | | | [removed: 357] [added: 167] | | |

| Total increase | | | $ | [removed: 1,882] [added: 2,380] | |

Revenue from U.S. Navy ship construction [removed: and engineering] was up in [removed: 2024] [added: 2025] due primarily to increased volume on [removed: the Columbia-class and] Virginia-class [added: and Columbia-class] submarine [removed: programs.][added: construction.]

We expect the Marine Systems segment’s [removed: 2025] [added: 2026] revenue to increase to [removed: approximately $15] [added: $17.3-$17.7] billion with operating margin of [removed: approximately 6.8%.][added: around 7.3%.]

| Operating margin | | | [removed: 14.2] [added: 14.4] | | % | | | | [removed: 13.9] [added: 14.2] | | % | | | | | | | | | | | | |

The increase in the Combat Systems segment’s revenue in [removed: 2024] [added: 2025] consisted of the following:

| [removed: Weapons] [added: Weapon] systems and munitions | | | $ | [removed: 509] [added: 258] | |

| U.S. military vehicles | | | [removed: 218] [added: (203)] | | |

As a global aerospace and defense company, we compete in domestic and international markets, serving both government and commercial customers.

Our financial performance is significantly influenced by U.S. government spending levels, administration priorities and the overall economy.

In the federal market, defense spending has been at elevated levels, and the administration has publicly stated support for further increases in fiscal year (FY) 2027.

This is reflected in the significant demand in U.S. Navy shipbuilding, particularly submarines.

We have invested in our facilities and workforce to increase production capacity to meet this demand, and expect to continue to do so.

The increased demand has placed great pressure on the shipbuilding supply chain, which was already impacted by significant demographic issues coming out of the global pandemic.

Together with the Navy customer, we have been working to stabilize and grow the supply chain to meet this heightened demand.

We have also been investing in the development of the next generation of combat vehicles and artillery.

While the U.S. Army is reviewing its funding priorities and begins transitioning to next-generation combat vehicles, we expect short-term production volumes to be down slightly.

Demand for our munitions products has been high and is expected to remain at an elevated level given ongoing conflicts and regional threats.

The administration began taking steps in 2025 to address federal spending and reduce the size of the government.

These actions resulted in federal government staff reductions, contract modifications and terminations, and award delays.

We experienced some impact from these actions which were largely limited to our IT services business.

Our IT services business was also somewhat impacted by the government shutdown at the start of the current fiscal year.

We expect some limited ongoing impact from these actions.

We entered 2026 with the government operating under a continuing resolution that expires on January 30.

Our outlook for the year assumes that the FY26 budget is approved without significant delay or another prolonged shutdown.

This provides opportunities for our European businesses present in local markets as well as exports from our North American businesses.

To meet this expected demand, there will be increased pressure on the supply chain and our hiring of skilled workers.

In our principal commercial market, Aerospace is experiencing strong demand for business jets.

Our ability to produce new aircraft is dependent on our supply chain, and while performance has improved

and the overall supply chain has stabilized, we have experienced some challenges in terms of delay including at our Israel-based supplier of mid-cabin airframes caused by the conflict with Hamas.

Our Aerospace business has been impacted by inflationary pressures and the administration’s implementation of tariffs.

To date, the tariffs have not had a material impact on our results but did reduce the Aerospace operating margins by 30 basis points in 2025.

The duration and extent of the tariffs continue to evolve.

The ongoing sanctions on Russia have also restricted access to a segment of the market.

Overall, we believe our investments in a new family of Gulfstream aircraft will continue to fuel demand.

The most recent addition is the G800, which entered service in 2025.

In addition, we expect the growing installed base of aircraft will continue to lead to increased demand for global aircraft services.

2025 IN REVIEW

| Revenue | | | $ | 52,550 | | | | | $ | 47,716 | | | | | $ | 4,834 | | | | | 10.1 | | % |

| Operating earnings | | | 5,356 | | | | | | 4,796 | | | | | | 560 | | | | | | 11.7 | | % |

| Year Ended December 31 | | | 2025 | | | | | | 2024 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 13,110 | | | | | $ | 11,249 | | | | | $ | 1,861 | | | | | 16.5 | | % |

Aircraft manufacturing revenue increased in 2025 due to additional G700 deliveries.

Initial deliveries of the new G800 largely offset the decrease in G650 revenue with its final deliveries in 2025.

Aircraft manufacturing operating earnings increased in 2025 due primarily to the increase in ultra-large-cabin aircraft deliveries.

G&A/other expenses decreased in 2025 due primarily to reduced R&D expenditures after completion of the G800 certification process.

2026 Outlook

| Year Ended December 31 | | | 2025 | | | | | | 2024 | | | | | | Variance | | | | | | | | |

GLOBAL EVENTS

The coronavirus (COVID-19) pandemic caused significant disruptions to national and global economies and government activities, including supply chain and staffing challenges.

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 targeting Russia and Belarus.

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

The disruptions caused by these events continue to impact global economies and businesses, including ours.

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

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

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

Within our defense segments, the COVID-19 pandemic resulted in supply chain challenges that continue to impact our Marine Systems segment.

Any longer-term impact of these global events to our business is currently unknown due to the uncertainty around duration and their broader impact.

For additional information, see the Risk Factors in Part I, Item 1A.

OUR MARKETS

With approximately 70% of our revenue from the U.S. government, government spending levels — particularly defense spending — influence our financial performance.

The Congress has not yet passed a defense appropriations bill for the government’s current fiscal year.

However, the government has been operating under a continuing resolution (CR) that provides funding for some federal agencies through March 14, 2025.

When the government operates under a CR, all programs of record are funded at the prior year’s appropriated levels until the current year appropriations bill is signed into law.

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.

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.

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 contract.

We do not anticipate the current CR having a material impact on our results of operations, financial condition or cash flows.

However, the impact to our business from an extended CR or government shutdown that may result from any continuing delay by Congress to pass a new defense appropriations bill would depend on the duration and government implementation of the CR or shutdown.

The long-term outlook for our U.S. defense business is influenced by the U.S. military’s funding priorities, the diversity of our programs and customers, our insight into customer requirements stemming from our incumbency on core programs, our ability to evolve our products to address a fast-changing threat environment and our proven track record of successful contract execution.

International demand for military equipment and technologies presents opportunities for our non-U.S. operations and exports from our North American businesses.

While the revenue potential can be significant, there are risks to doing business in foreign countries, including changing budget priorities and overall spending pressures unique to each country.

In our Aerospace segment, we expect our investment in the development of new aircraft products and technologies to support the segment’s long-term growth.

Similarly, we believe our aircraft services business will be a source of steady revenue growth as the global business jet fleet continues to grow.

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.

2024 IN REVIEW

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

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

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.

Aircraft services operating earnings were higher in 2024 due to higher volume.

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

2025 Outlook

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

| Operating earnings | | | 935 | | | | | | 874 | | | | | | 61 | | | | | | 7.0 | | % |

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.

We had notional forward exchange contracts outstanding of [removed: $6.2] [added: $8.5] billion and [removed: $5.7] [added: $6.2] billion on December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

| (Dollars in millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Recognized | | | $ | [removed: (36)] [added: (68)] | | | | | $ | [removed: (107)] [added: (36)] | |

| Unrecognized | | | [removed: (180)] [added: (498)] | | | | | | [removed: (74)] [added: (180)] | | |

Interest Rate Risk. On December 31, [removed: 2024,] [added: 2025,] we had [removed: $8.8] [added: $8] billion principal amount of fixed-rate debt.

We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, [removed: weapons] [added: weapon] systems and munitions; and technology products and services.

Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring [removed: shareholder returns.][added: capabilities to our customers and returns to our shareholders.]

To [removed: optimize] [added: ensure] market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results.

To achieve this goal, we invest in advanced technologies, [added: focus on execution,] pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets.

The result is long-term value creation measured by [added: delivering on our commitments to our customers coupled with] strong earnings and cash flow and an attractive return on capital.

This includes product development investments in Aerospace to bring to market an all-new lineup of business jet aircraft, capital investments in Marine Systems to support significant growth in U.S. Navy ship and submarine construction [removed: plans] over the next two decades, development of next-generation platforms and technologies to meet customers’ emerging requirements in Combat Systems, and [added: both organic development and] strategic acquisitions to [removed: achieve critical mass and build out] [added: ensure we can provide] a complete spectrum of solutions for our Technologies customers.

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

We believe the key to long-term value creation in the business jet industry is steady [removed: investment in] [added: development and release of] new aircraft models and technologies and in customer service capabilities.

Since acquiring Gulfstream more than [removed: 20] [added: 25] years ago, we have made significant investments in research and development (R&D), state-of-the-art manufacturing facilities, and [added: our global] maintenance and support [removed: through a combination of product development efforts, capital expansion and Jet Aviation’s global support] network.

The Gulfstream family of aircraft [removed: offer] [added: offers] industry-leading cabin, cockpit and safety technologies and the longest ranges at the fastest speeds in their respective classes.

[removed: ][added: ]

Gulfstream’s in-service aircraft hold [removed: 405] [added: more than 350] city-pair speed records, more than any other business jet manufacturer, including the National Aeronautic Association’s polar and westbound around-the-world speed records.

The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin [removed: G700,] [added: G800,] which entered service [added: in 2025] following U.S. Federal Aviation Administration (FAA) certification in [removed: March 2024.][added: April 2025.]

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

The G800 is Gulfstream’s longest-range aircraft, [removed: with] [added: offering] an [removed: 8,000 nautical mile range at Mach 0.85.][added: 8,200-nautical-]

[removed: The G800] [added: It] replaces the G650 and G650ER, which currently operate in 55 countries with more than [removed: 580] [added: 595] aircraft of this family in service.

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

The G400 will join a market segment in which Gulfstream has not participated for several [removed: decades.][added: decades, and completes a nearly two-decade effort to develop an all-new family of Gulfstream aircraft.]

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

Our disciplined and consistent approach to new product development has allowed us to [removed: introduce] repeatedly [added: introduce] first-to-market capabilities that set industry standards for safety, performance, quality, speed and comfort.

The [removed: mid-cabin G280 is] [added: midsize aircraft are] assembled by a non-U.S. partner.

We offer comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world and operate an extensive network of [removed: factory-owned] service centers.

We continue to invest in [removed: these] maintenance, repair and overhaul (MRO) [removed: facilities] [added: facilities, technologies to enhance service,] and inventory to accommodate fleet growth.

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

[removed: We operate a leading global FBO network of] approximately 30 facilities on four continents and support all aircraft types with a full range of maintenance services, including 24/7 global aircraft-on-ground support.

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

][added: Map_12.08.25.jpg](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231_g3.jpg)]

Gulfstream and Jet Aviation have been at the forefront of the industry by adopting and expanding the availability of [removed: SAF,] [added: sustainable aviation fuel (SAF),] which achieves as much as an 80% reduction in carbon dioxide emissions per gallon over its lifecycle compared to petroleum-based jet fuel.

Since 2019, Jet Aviation has uploaded more than [removed: 11] [added: 12] million gallons of blended SAF to its customers.

Revenue for the Aerospace segment was [removed: 24%] [added: 25%] of our consolidated revenue in [removed: 2024, 20%] [added: 2025, 24%] in [removed: 2023] [added: 2024] and [removed: 22%] [added: 20%] in [removed: 2022.][added: 2023.]

| Year Ended December 31 | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Aircraft manufacturing | | | $ | [removed: 7,811] [added: 9,413] | | | | | $ | [removed: 5,710] [added: 7,811] | | | | | $ | [removed: 5,876] [added: 5,710] | |

| Aircraft services | | | [removed: 3,438] [added: 3,697] | | | | | | [removed: 2,911] [added: 3,438] | | | | | | [removed: 2,691] [added: 2,911] | | |

| Total Aerospace | | | $ | [removed: 11,249] [added: 13,110] | | | | | $ | [removed: 8,621] [added: 11,249] | | | | | $ | [removed: 8,567] [added: 8,621] | |

The resulting increase in capacity and capabilities will support the [removed: unprecedented growth] [added: significant demand] expected in our shipbuilding business, particularly submarines, over the next two decades.

The Columbia-class ballistic-missile submarine is a 12-boat program [removed: that] [added: considered one of] the [removed: Navy considers its] [added: nation’s] top acquisition [removed: priority.][added: priorities.]

Along with an industry partner, we are currently working on Blocks IV and V in the program, with 14 Virginia-class submarines in our backlog scheduled for delivery through [removed: 2032.][added: 2034.]

Ten of the [removed: 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 [removed: construction,] [added: construction] and [removed: will work] [added: are working] with our Navy customer on [removed: any] additional [removed: construction needs that could develop in light of] [added: capacity to meet the] increased [removed: submarine demand.][added: demand for submarines.]

[removed: Equal to the] [added: Consistent with our] commitment [removed: of] [added: to invest] capital is our commitment to developing our Electric Boat workforce.

mile range at Mach 0.85.

The G800 features Gulfstream’s Symmetry Flight Deck—the industry’s most technologically advanced flight deck—industry-leading high-speed efficiency, and enhanced safety capabilities.

The ultra-long-range, ultra-large-cabin G700 entered service in 2024.

As a result, the G500 and G600 are best in class in terms of speed, fuel efficiency, cabin volume, emissions, range and flight controls.

In the second half of 2025, we announced the all new, super midsize G300 as the latest aircraft to join our next-generation fleet.

The aircraft will replace the G280 and feature signature Gulfstream Panoramic Windows as well as an all-new Harmony Flight Deck, which includes next-generation avionics to enhance safety and operational efficiency.

We operate a leading global fixed-base operator (FBO) network of

In 2025, Jet Aviation acquired an FBO at Paris - Le Bourget Airport, the busiest business aviation airport in Europe.

This acquisition expands our global FBO network and our capabilities to meet customer needs.

We also launched initial operations at our new FBO at Miami Opa Locka Executive Airport in Florida.

The facility is expected to be fully operational in mid-2026.

Bath Iron Works (BIW) is one of two companies that builds the Arleigh Burke-class (DDG-51) guided-missile destroyer.

The DDG-51 class of destroyer is a critical component of the Navy’s surface combatant fleet and represents the longest-running shipbuilding program in Navy history with the first ship procured in 1985.

The DDG-51 class has maintained relevance with a series of upgrades and enhanced capabilities up to the current “Flight III” configuration.

In 2025, we were competitively awarded construction of an additional DDG-51 destroyer (DDG-148), bringing our total backlog to 11 ships with scheduled deliveries through 2032.

BIW is also a part of the core team working with the Navy to design the surface combatant of the future.

Within these programs, BIW provides engineering and logistics solutions to upgrade earlier versions of the DDG-51 to Flight III configuration, and to add Conventional Prompt Strike hypersonic missile strike capability to the DDG-1000.

In 2025, NASSCO received an award for the eleventh and twelfth T-AO-205 ships.

In addition to these projects, NASSCO has been awarded a contract to provide a preliminary design for the Navy’s Submarine Tender replacement program (AS(X)).

Over the last two decades, NASSCO has partnered with a leading South Korean ship design and equipment procurement company, DSEC Co., Ltd, (DSEC), to design and build many large ocean-going commercial vessels including tankers and cargo ships to support U.S. Jones Act customers based on proven DSEC designs.

In 2025, NASSCO, along with DSEC, signed a tri-party memorandum of agreement with Samsung Heavy Industries, one of the world’s leading shipbuilders, to explore future commercial and government opportunities.

| Year Ended December 31 | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Across our portfolio we are investing in innovative new technologies to modernize legacy platforms and introduce all-new capabilities to ensure the ground forces of the United States and its allies maintain their superiority on the battlefield of the future.

This includes partnering with commercial technology companies, developing future platforms with digital open-architecture frameworks, and modernizing our manufacturing capabilities to enable rapid, agile upgrading of systems to address emerging threats.

We are currently working with the Army to develop the next generation M1E3 Abrams tank to significantly overmatch current and potential threats on the modern battlefield.

With Stryker’s enabling capabilities, we continue to explore disruptive technologies with the Army for new uses of the vehicle.

Our work on new ground combat vehicles is ongoing with two additional transformational vehicles in development.

The XM30 program is a mechanized infantry combat vehicle program for the Army that will replace the M2 Bradley Infantry Fighting Vehicle.

This optionally manned platform maneuvers soldiers to a point of positional advantage in close combat and delivers decisive lethality during combined arms engagements.

The program is currently a Middle Tier Acquisition Rapid Prototyping with eight initial prototypes being delivered in 2026.

The Advanced Reconnaissance Vehicle (ARV) for the U.S. Marine Corps will provide sensors, communications systems and lethality options to overmatch threats that have historically been addressed by more heavily armored systems.

The initial program includes three prototype variants: the Command, Control, Communications and Computers/Unmanned Aircraft Systems (C4/UAS), the ARV-30 with a 30mm auto cannon, and a Logistics variant.

Three additional variants are planned over the program life.

This program is expected to move to the engineering and manufacturing development phase in 2026 and reflects the evolution of the Marine Corps light armored vehicle (LAV) platform.

The Piranha family of vehicles is expanding through the addition of new versions including the Piranha 6x6 and Piranha 10x10.

ELS is producing Luchs 2 reconnaissance vehicles for Germany based on the Piranha 6x6 platform and the Heavy Mission Carrier (HMC) self-propelled howitzer based on the 10x10 variant for Switzerland.

Complementing our military-vehicle portfolio, OTS is a leading provider of capabilities across munitions, weapon systems, artillery, and energetics, with over 25 locations across the United States and Canada.

Backed by decades of technical expertise and operational excellence, our broad footprint enables us to deliver capabilities at scale with efficiency and reliability.

The breadth and depth of our portfolio allow us to support air, land, and sea domains with solutions that enhance lethality, readiness, and operational advantage for U.S. and allied forces.

We hold a global leadership position in large-caliber tank ammunition, medium-caliber ammunition, and high-speed Gatling guns, providing combat-proven performance and precision firepower.

We are also the industry leader in the use of sustainable aviation fuel (SAF) and energy efficient engines.

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

Both aircraft feature our industry-leading high-speed range and efficiency, safety enhancements, and our advanced Symmetry Flight Deck.

Both aircraft will enter service following FAA certification.

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 replaced.

At year-end 2024, cumulative deliveries of the G500 and G600 aircraft totaled more than 300.

With approximately 50 locations throughout North America, Europe, the Middle East and the Asia-Pacific region, our offerings include maintenance, completion, aircraft management, charter, staffing and fixed-base operator (FBO) services.

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.

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

In November 2023, Gulfstream conducted the world’s first transatlantic flight using 100% SAF.

In 2023, we were awarded a contract from

the Navy for construction of three Flight III DDG-51 destroyers.

We have a total of 11 ships in backlog scheduled for delivery through 2032.

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.

NASSCO has also designed and built crude oil and product tankers and container and cargo ships for commercial customers, satisfying Jones Act requirements that ships carrying cargo between U.S. ports be built in U.S. shipyards.

Land Systems continues to develop upgrades and enhancements to this highly versatile and combat-proven platform to address the Army’s evolving operational needs.

We have completed fielding these vehicles for four of the current eight Army brigades, as well as for the Army’s Ranger Regiment.

In addition, coordination continues with the Army for next-generation upgrades to the platform and new uses for the vehicle.

We are in low-rate initial production (LRIP) of the Army’s M10 Booker combat vehicle — the first newly developed Army ground combat vehicle to transition from prototype to production in 45 years.

The M10 Booker will enhance the capability and lethality of Infantry Brigade Combat Teams in combat

operations.

The highly lethal, survivable and mobile direct-fire combat vehicle melds recently developed and battle-tested designs to dominate ground threats on the multi-domain battlefield.

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.

We are expanding our platform capabilities through continued investment in robotic and autonomous vehicle technology.

We have developed semi-autonomous robotic platforms that can be equipped with an array of modular mission payloads for use alongside dismounted soldiers.

The Army’s first robotic vehicle program of record, the Small Multipurpose Equipment Transport (S-MET), is based on a Land Systems-developed autonomous vehicle.

Additionally, we have developed the Tracked Robot 10-ton (TRX) prototype, a medium-sized, semi-autonomous combat vehicle that enables critical battlefield roles, such as direct and indirect fire, autonomous resupply, reconnaissance and other battlefield missions.

Complementing these military-vehicle offerings, OTS designs, develops and produces a comprehensive array of sophisticated weapon systems and munitions.

OTS produces next-generation weapon and defense systems for shipboard, aircraft and ground applications, including high-speed Gatling guns for all U.S. fighter aircraft, and combat vehicle active protection systems.

OTS’s munitions portfolio covers the full breadth of naval, air and ground forces applications across all calibers and weapon platforms for the U.S. government and its non-U.S. partners.

Globally, we maintain a market-leading position in the supply of Hydra-70 rockets, large-caliber tank ammunition, medium-caliber ammunition, military propellants, mortar and a 155mm artillery suite of ammunition.

OTS is expanding its existing metal parts production capacity from 36,000 to 86,000 rounds per month in 2025 and its existing propellant capacity from 5 million to 16 million pounds per year by 2028 while establishing capacity for 155mm load, assemble, and pack (LAP) of 50,000 rounds per month in 2025.

The OTS facilities and production expansion supports the Army’s effort to accelerate artillery production.

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.

OTS is the systems integrator for the next generation of artillery solutions in support of the Army’s Indirect Fire Modernization objectives.

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

generation missiles with critical aerostructures, control actuators, high-performance warheads, and cutting-edge hypersonic rocket cases.

Over the past decade, the U.S. Department of Defense (DoD), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions as a critical element of their missions, transforming technology resources from back-office support functions to a strategic priority.

In addition, with the convergence of digital technologies, the two businesses benefit from significant complementary offerings and solution sets.

[removed: ][added: ]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the voting common equity held by non-affiliates of the registrant was [removed: $71,126,305,337] [added: $69,581,612,877] as of June [removed: 30, 2024] [added: 29, 2025] (based on the closing price of the shares on the New York Stock Exchange).

[removed: 270,350,795] [added: 270,389,759] shares of the registrant’s common stock, $1 par value per share, were outstanding on [removed: January 26,] [added: December 31,] 2025.

Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the [removed: 2025] [added: 2026] 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](#i8ebc9901fab0443a8a932292cdbe63e9_13)] [added: [Business](#icafbb04ccb434f03b1725d6bea78922b_13)] | | | [removed: [3](#i8ebc9901fab0443a8a932292cdbe63e9_13)] [added: [3](#icafbb04ccb434f03b1725d6bea78922b_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i8ebc9901fab0443a8a932292cdbe63e9_16)] [added: Factors](#icafbb04ccb434f03b1725d6bea78922b_16)] | | | [removed: [20](#i8ebc9901fab0443a8a932292cdbe63e9_16)] [added: [21](#icafbb04ccb434f03b1725d6bea78922b_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i8ebc9901fab0443a8a932292cdbe63e9_22)] [added: Comments](#icafbb04ccb434f03b1725d6bea78922b_22)] | | | [removed: [26](#i8ebc9901fab0443a8a932292cdbe63e9_22)] [added: [27](#icafbb04ccb434f03b1725d6bea78922b_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i8ebc9901fab0443a8a932292cdbe63e9_25)] [added: [Cybersecurity](#icafbb04ccb434f03b1725d6bea78922b_25)] | | | [removed: [26](#i8ebc9901fab0443a8a932292cdbe63e9_25)] [added: [27](#icafbb04ccb434f03b1725d6bea78922b_25)] | | |

| Item 2. | | | [removed: [Properties](#i8ebc9901fab0443a8a932292cdbe63e9_28)] [added: [Properties](#icafbb04ccb434f03b1725d6bea78922b_28)] | | | [removed: [27](#i8ebc9901fab0443a8a932292cdbe63e9_28)] [added: [28](#icafbb04ccb434f03b1725d6bea78922b_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i8ebc9901fab0443a8a932292cdbe63e9_31)] [added: Proceedings](#icafbb04ccb434f03b1725d6bea78922b_31)] | | | [removed: [27](#i8ebc9901fab0443a8a932292cdbe63e9_31)] [added: [28](#icafbb04ccb434f03b1725d6bea78922b_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i8ebc9901fab0443a8a932292cdbe63e9_34)] [added: Disclosures](#icafbb04ccb434f03b1725d6bea78922b_34)] | | | [removed: [28](#i8ebc9901fab0443a8a932292cdbe63e9_34)] [added: [29](#icafbb04ccb434f03b1725d6bea78922b_34)] | | |

| | | | [Information About our Executive [removed: Officers](#i8ebc9901fab0443a8a932292cdbe63e9_37)] [added: Officers](#icafbb04ccb434f03b1725d6bea78922b_37)] | | | [removed: [28](#i8ebc9901fab0443a8a932292cdbe63e9_37)] [added: [29](#icafbb04ccb434f03b1725d6bea78922b_37)] | | |

| Item 5. | | | [Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8ebc9901fab0443a8a932292cdbe63e9_43)] [added: Securities](#icafbb04ccb434f03b1725d6bea78922b_43)] | | | [removed: [29](#i8ebc9901fab0443a8a932292cdbe63e9_43)] [added: [30](#icafbb04ccb434f03b1725d6bea78922b_43)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i8ebc9901fab0443a8a932292cdbe63e9_46)] [added: [\[Reserved\]](#icafbb04ccb434f03b1725d6bea78922b_46)] | | | [removed: [31](#i8ebc9901fab0443a8a932292cdbe63e9_46)] [added: [32](#icafbb04ccb434f03b1725d6bea78922b_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8ebc9901fab0443a8a932292cdbe63e9_49)] [added: Operations](#icafbb04ccb434f03b1725d6bea78922b_49)] | | | [removed: [32](#i8ebc9901fab0443a8a932292cdbe63e9_49)] [added: [33](#icafbb04ccb434f03b1725d6bea78922b_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative [removed: Disclosures](#i8ebc9901fab0443a8a932292cdbe63e9_73) [A](#i8ebc9901fab0443a8a932292cdbe63e9_73)[bout] [added: Disclosures](#icafbb04ccb434f03b1725d6bea78922b_73) [A](#icafbb04ccb434f03b1725d6bea78922b_73)[bout] Market [removed: Risk](#i8ebc9901fab0443a8a932292cdbe63e9_73)] [added: Risk](#icafbb04ccb434f03b1725d6bea78922b_73)] | | | [removed: [53](#i8ebc9901fab0443a8a932292cdbe63e9_73)] [added: [51](#icafbb04ccb434f03b1725d6bea78922b_73)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i8ebc9901fab0443a8a932292cdbe63e9_76)] [added: Data](#icafbb04ccb434f03b1725d6bea78922b_76)] | | | [removed: [54](#i8ebc9901fab0443a8a932292cdbe63e9_76)] [added: [52](#icafbb04ccb434f03b1725d6bea78922b_76)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i8ebc9901fab0443a8a932292cdbe63e9_169)] [added: Disclosure](#icafbb04ccb434f03b1725d6bea78922b_169)] | | | [removed: [100](#i8ebc9901fab0443a8a932292cdbe63e9_169)] [added: [98](#icafbb04ccb434f03b1725d6bea78922b_169)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i8ebc9901fab0443a8a932292cdbe63e9_172)] [added: Procedures](#icafbb04ccb434f03b1725d6bea78922b_172)] | | | [removed: [100](#i8ebc9901fab0443a8a932292cdbe63e9_172)] [added: [98](#icafbb04ccb434f03b1725d6bea78922b_172)] | | |

| Item 9B. | | | [Other [removed: Information](#i8ebc9901fab0443a8a932292cdbe63e9_184)] [added: Information](#icafbb04ccb434f03b1725d6bea78922b_184)] | | | [removed: [102](#i8ebc9901fab0443a8a932292cdbe63e9_184)] [added: [100](#icafbb04ccb434f03b1725d6bea78922b_184)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#i8ebc9901fab0443a8a932292cdbe63e9_187)] [added: Inspections](#icafbb04ccb434f03b1725d6bea78922b_187)] | | | [removed: [102](#i8ebc9901fab0443a8a932292cdbe63e9_187)] [added: [100](#icafbb04ccb434f03b1725d6bea78922b_187)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i8ebc9901fab0443a8a932292cdbe63e9_193)] [added: Governance](#icafbb04ccb434f03b1725d6bea78922b_193)] | | | [removed: [102](#i8ebc9901fab0443a8a932292cdbe63e9_193)] [added: [100](#icafbb04ccb434f03b1725d6bea78922b_193)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i8ebc9901fab0443a8a932292cdbe63e9_196)] [added: Compensation](#icafbb04ccb434f03b1725d6bea78922b_196)] | | | [removed: [102](#i8ebc9901fab0443a8a932292cdbe63e9_196)] [added: [100](#icafbb04ccb434f03b1725d6bea78922b_196)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i8ebc9901fab0443a8a932292cdbe63e9_199)] [added: Matters](#icafbb04ccb434f03b1725d6bea78922b_199)] | | | [removed: [103](#i8ebc9901fab0443a8a932292cdbe63e9_199)] [added: [101](#icafbb04ccb434f03b1725d6bea78922b_199)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i8ebc9901fab0443a8a932292cdbe63e9_202)] [added: Independence](#icafbb04ccb434f03b1725d6bea78922b_202)] | | | [removed: [103](#i8ebc9901fab0443a8a932292cdbe63e9_202)] [added: [101](#icafbb04ccb434f03b1725d6bea78922b_202)] | | |

| Item 14. | | | [Principal Accountant Fees [removed: a](#i8ebc9901fab0443a8a932292cdbe63e9_205)nd] [added: a](#icafbb04ccb434f03b1725d6bea78922b_205)nd] Services | | | [removed: [103](#i8ebc9901fab0443a8a932292cdbe63e9_205)] [added: [101](#icafbb04ccb434f03b1725d6bea78922b_205)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i8ebc9901fab0443a8a932292cdbe63e9_211)] [added: Schedules](#icafbb04ccb434f03b1725d6bea78922b_211)] | | | [removed: [103](#i8ebc9901fab0443a8a932292cdbe63e9_211)] [added: [101](#icafbb04ccb434f03b1725d6bea78922b_211)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i8ebc9901fab0443a8a932292cdbe63e9_214)] [added: Summary](#icafbb04ccb434f03b1725d6bea78922b_214)] | | | [removed: [109](#i8ebc9901fab0443a8a932292cdbe63e9_214)] [added: [107](#icafbb04ccb434f03b1725d6bea78922b_214)] | | |

| | | | [Signatures](#icafbb04ccb434f03b1725d6bea78922b_217) | | | [108](#icafbb04ccb434f03b1725d6bea78922b_217) | | |

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

On December 31, [removed: 2024,] [added: 2025,] our segments had material operations at the following locations:

- Marine Systems – San Diego, California; [removed: Groton and] [added: Groton,] New [removed: London,] [added: London and Waterford,] Connecticut; Jacksonville, Florida; 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; Lincoln, Nebraska; Lima, Ohio; Eynon, Scranton and Wilkes-Barre, Pennsylvania; [removed: Garland and] Mesquite, Texas; Joint Base Lewis-McChord, Washington; Vienna, Austria; Le Gardeur, London and Valleyfield, Canada; [removed: Kaiserslautern,] [added: Kaiserslautern and Neubrandenburg,] Germany; Madrid, Sevilla and Trubia, Spain; Bürglen, Kreuzlingen and Tägerwilen, Switzerland; Merthyr Tydfil, United Kingdom.

- Technologies – Daleville, Alabama; Scottsdale, Arizona; Orlando, Florida; Bossier City, Louisiana; Annapolis Junction, Maryland; Dedham, Pittsfield and Taunton, Massachusetts; Bloomington, Minnesota; [removed: Rensselaer,] [added: Albany,] New York; Greensboro, North Carolina; Chesapeake and Marion, Virginia; multiple locations in Northern Virginia; Ottawa, Canada; Oakdale and St. Leonards, United Kingdom.

A summary of floor space by segment on December 31, [removed: 2024,] [added: 2025,] follows:

| Aerospace | | | [removed: 5.5] [added: 7.2] | | | | | | 10.1 | | | | | | 0.5 | | | | | | [removed: 16.1] [added: 17.8] | | |

| Marine Systems | | | [removed: 9.0] [added: 10.1] | | | | | | 5.4 | | | | | | — | | | | | | [removed: 14.4] [added: 15.5] | | |

| Total square feet | | | [removed: 23.4] [added: 25.8] | | | | | | [removed: 29.8] [added: 29.2] | | | | | | 6.3 | | | | | | [removed: 59.5] [added: 61.3] | | |

| Combat Systems | | | 6.2 | | | | | | 6.5 | | | | | | 4.9 | | | | | | 17.6 | | |

| Technologies | | | 2.3 | | | | | | 7.2 | | | | | | 0.9 | | | | | | 10.4 | | |

| Combat Systems | | | 6.7 | | | | | | 6.6 | | | | | | 4.9 | | | | | | 18.2 | | |

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

Set forth below is information regarding our executive officers as of [removed: February 7, 2025] [added: January 30, 2026] (references are to positions with General Dynamics Corporation, unless otherwise noted):

| Jason W. Aiken – Executive Vice President, [removed: Technologies] [added: Combat Systems and Mission Systems] since [added: June 2025; Executive Vice President, Technologies,] February [removed: 2024;] [added: 2024 - June 2025;] Executive Vice President, Technologies and Chief Financial Officer, January 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: 52] [added: 53] | | |

| 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 | | | [removed: 53] [added: 54] | | |

| 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: 62] [added: 63] | | |

| Mark L. Burns – [added: Executive] Vice President of the company [removed: and] [added: since June 2025;] President of Gulfstream Aerospace Corporation since July 2015; Vice President of the [removed: company since] [added: company,] February [removed: 2014;] [added: 2014 - June 2025;] President, Product Support of Gulfstream Aerospace Corporation, June 2008 - June 2015 | | | [removed: 65] [added: 66] | | |

| Danny Deep – [added: President of the company since December 2025;] Executive Vice President, [added: Global Operations, June 2025 - December 2025; Executive Vice President,] Combat Systems, [removed: since] April [removed: 2024;] [added: 2024 - June 2025;] Vice President of the company and President of General Dynamics Land Systems, April 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: 55] [added: 56] | | |

| 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: 65] [added: 66] | | |

| M. Amy Gilliland – [removed: Senior] [added: Executive] Vice President [removed: of the company] since [removed: April 2015;] [added: June 2025;] President of General Dynamics Information Technology since September 2017; [added: Senior Vice President of the company, April 2015 - June 2025;] 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: 50] [added: 51] | | |

| Kimberly A. Kuryea – Senior Vice President and Chief Financial Officer since February 2024; Senior Vice President, Human Resources and Administration, April 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: 57] [added: 58] | | |

| 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: 61] [added: 62] | | |

| 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: 67] [added: 68] | | |

| 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 | | | [removed: 57] [added: 58] | | |

| 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 | | | [removed: 58] [added: 59] | | |

| 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: 57] [added: 58] | | |

On [removed: January 26,] [added: December 31,] 2025, there were approximately [removed: 9,000] [added: 8,000] holders of record of our common stock.

We did not make any unregistered sales of equity securities in [removed: 2024.][added: 2025.]

| Period | | | | | | Total Number of Shares | | | | | | Average Price per [removed: Share] [added: Share*] | | | | | | | | | | | | | | |

| *Shares Delivered or Withheld Pursuant to Restricted Stock [removed: Vesting] [added: Vesting*] | | | | | | | | | | | | | | | | | | | | | | | | | | |

[removed: *Represents] [added: Represents] shares withheld by, or delivered to, us pursuant to provisions in agreements with recipients of restricted stock granted under our equity compensation plans that allow us to withhold, or the recipient to deliver to us, the number of shares with a fair value equal to the statutory tax withholding due upon vesting of the restricted shares.

On December 31, [removed: 2024, 9.2] [added: 2025, 6.8] million shares remained authorized by the Board for repurchase.

Based on Investments of $100 Beginning December 31, [removed: 2019][added: 2020]

[removed: ][added: ]

| 9/29/25-10/26/25 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 6,861,844 | | |

| 10/27/25-11/23/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,861,844 | | |

| 11/24/25-12/31/25 | | | | | | 110,533 | | | | | | 337.30 | | | | | | 110,533 | | | | | | 6,751,311 | | |

| 9/29/25-10/26/25 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 10/27/25-11/23/25 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 11/24/25-12/31/25 | | | | | | 1,217 | | | | | | 336.19 | | | | | | | | | | | | | | |

| | | | | | | 111,750 | | | | | | 337.29 | | | | | | | | | | | | | | |

*Average price per share excludes excise tax.

| 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.

| (Dollars in millions, except per-share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Products | | | $ | [removed: 28,635] [added: 33,021] | | | | | $ | [removed: 24,595] [added: 28,635] | | | | | $ | [removed: 23,022] [added: 24,595] | |

| Services | | | [removed: 19,081] [added: 19,529] | | | | | | [removed: 17,677] [added: 19,081] | | | | | | [removed: 16,385] [added: 17,677] | | |

| | | | [removed: 47,716] [added: 52,550] | | | | | | [removed: 42,272] [added: 47,716] | | | | | | [removed: 39,407] [added: 42,272] | | |

| Products | | | [removed: (24,332)] [added: (27,965)] | | | | | | [removed: (20,591)] [added: (24,332)] | | | | | | [removed: (18,981)] [added: (20,591)] | | |

| Services | | | [removed: (16,020)] [added: (16,634)] | | | | | | [removed: (15,009)] [added: (16,020)] | | | | | | [removed: (13,804)] [added: (15,009)] | | |

| General and administrative (G&A) | | | [removed: (2,568)] [added: (2,595)] | | | | | | [removed: (2,427)] [added: (2,568)] | | | | | | [removed: (2,411)] [added: (2,427)] | | |

| | | | [removed: (42,920)] [added: (47,194)] | | | | | | [removed: (38,027)] [added: (42,920)] | | | | | | [removed: (35,196)] [added: (38,027)] | | |

| Operating earnings | | | [removed: 4,796] [added: 5,356] | | | | | | [removed: 4,245] [added: 4,796] | | | | | | [removed: 4,211] [added: 4,245] | | |

| Other, net | | | [removed: 68] [added: 61] | | | | | | [removed: 82] [added: 68] | | | | | | [removed: 189] [added: 82] | | |

| Interest, net | | | [removed: (324)] [added: (314)] | | | | | | [removed: (343)] [added: (324)] | | | | | | [removed: (364)] [added: (343)] | | |

| Earnings before income tax | | | [removed: 4,540] [added: 5,103] | | | | | | [removed: 3,984] [added: 4,540] | | | | | | [removed: 4,036] [added: 3,984] | | |

| Provision for income tax, net | | | [removed: (758)] [added: (893)] | | | | | | [removed: (669)] [added: (758)] | | | | | | [removed: (646)] [added: (669)] | | |

| Net earnings | | | $ | [removed: 3,782] [added: 4,210] | | | | | $ | [removed: 3,315] [added: 3,782] | | | | | $ | [removed: 3,390] [added: 3,315] | |

| Basic | | | $ | [removed: 13.81] [added: 15.65] | | | | | $ | [removed: 12.14] [added: 13.81] | | | | | $ | [removed: 12.31] [added: 12.14] | |

| Diluted | | | $ | [removed: 13.63] [added: 15.45] | | | | | $ | [removed: 12.02] [added: 13.63] | | | | | $ | [removed: 12.19] [added: 12.02] | |

| (Dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net earnings | | | | | | $ | [removed: 3,782] [added: 4,210] | | | | | $ | [removed: 3,315] [added: 3,782] | | | | | $ | [removed: 3,390] [added: 3,315] | |

| Changes in unrealized cash flow hedges | | | | | | [removed: (117)] [added: 113] | | | | | | [removed: 10] [added: (117)] | | | | | | [removed: (190)] [added: 10] | | |

| Foreign currency translation adjustments | | | | | | [removed: (438)] [added: 638] | | | | | | [removed: 413] [added: (438)] | | | | | | [removed: (278)] [added: 413] | | |

| Changes in retirement plans’ funded status | | | | | | [removed: 208] [added: 398] | | | | | | [removed: 722] [added: 208] | | | | | | [removed: 241] [added: 722] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] pretax | | | | | | [removed: (347)] [added: 1,149] | | | | | | [removed: 1,145] [added: (347)] | | | | | | [removed: (227)] [added: 1,145] | | |

| Provision for income tax, net | | | | | | [removed: (12)] [added: (114)] | | | | | | [removed: (152)] [added: (12)] | | | | | | [removed: (5)] [added: (152)] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax | | | | | | [removed: (359)] [added: 1,035] | | | | | | [removed: 993] [added: (359)] | | | | | | [removed: (232)] [added: 993] | | |

| Comprehensive income | | | | | | $ | [removed: 3,423] [added: 5,245] | | | | | $ | [removed: 4,308] [added: 3,423] | | | | | $ | [removed: 3,158] [added: 4,308] | |

| (Dollars in millions) | | | [removed: 2024] [added: 2025] | | | | | | [added: 2024 | | | | | |] 2023 | | |

| Cash and equivalents | | | $ | [removed: 1,697] [added: 2,333] | | | | | $ | [removed: 1,913] [added: 1,697] | |

| Accounts receivable | | | [removed: 2,977] [added: 2,406] | | | | | | [removed: 3,004] [added: 2,977] | | |

| Unbilled receivables | | | [removed: 8,248] [added: 8,380] | | | | | | [removed: 7,997] [added: 8,248] | | |

| Inventories | | | [removed: 9,724] [added: 9,232] | | | | | | [removed: 8,578] [added: 9,724] | | |

| Other current assets | | | [removed: 1,740] [added: 1,897] | | | | | | [removed: 2,123] [added: 1,740] | | |

| Total current assets | | | [removed: 24,386] [added: 24,248] | | | | | | [removed: 23,615] [added: 24,386] | | |

| Property, plant and equipment, net | | | [removed: 6,467] [added: 7,525] | | | | | | [removed: 6,198] [added: 6,467] | | |

| Intangible assets, net | | | [removed: 1,520] [added: 1,375] | | | | | | [removed: 1,656] [added: 1,520] | | |

| Goodwill | | | [removed: 20,556] [added: 21,009] | | | | | | [removed: 20,586] [added: 20,556] | | |

| Other assets | | | [removed: 2,951] [added: 3,092] | | | | | | [removed: 2,755] [added: 2,951] | | |

| Total noncurrent assets | | | [removed: 31,494] [added: 33,001] | | | | | | [removed: 31,195] [added: 31,494] | | |

| Total assets | | | $ | [removed: 55,880] [added: 57,249] | | | | | $ | [removed: 54,810] [added: 55,880] | |

| Short-term debt and current portion of long-term debt | | | $ | [removed: 1,502] [added: 1,006] | | | | | $ | [removed: 507] [added: 1,502] | |

| Accounts payable | | | [removed: 3,344] [added: 2,678] | | | | | | [removed: 3,095] [added: 3,344] | | |

| Other, net | | | (658) | | | | | | 197 | | | | | | (316) | | |

| Proceeds from fixed-rate notes | | | 747 | | | | | | — | | | | | | — | | |

| Equity-based awards | | | — | | | | | | 341 | | | | | | — | | | | | | 227 | | | | | | — | | | | | | 568 | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,035 | | | | | | 1,035 | | |

| December 31, 2025 | | | $ | 482 | | | | | $ | 4,403 | | | | | $ | 44,080 | | | | | $ | (22,860) | | | | | $ | (483) | | | | | $ | 25,622 | |

The decrease in 2025 was due primarily to reduced R&D expenditures after completion of the G800 certification process.

We record equity method investments initially at cost, and periodically update the carrying value based on activity associated with our investment.

The ASU modifies our disclosure for income tax expense.

Typically, revenue

| Fixed-price | | | $ | 12,050 | | | | | $ | 7,995 | | | | | $ | 8,131 | | | | | $ | 5,577 | | | | | $ | 33,753 | |

| Cost-reimbursement | | | — | | | | | | 8,725 | | | | | | 1,038 | | | | | | 5,910 | | | | | | 15,673 | | |

| Time-and-materials | | | 1,060 | | | | | | 3 | | | | | | 77 | | | | | | 1,984 | | | | | | 3,124 | | |

| Total revenue | | | $ | 13,110 | | | | | $ | 16,723 | | | | | $ | 9,246 | | | | | $ | 13,471 | | | | | $ | 52,550 | |

| Year Ended December 31, 2025 | | | Aerospace | | | | | | Marine Systems | | | | | | Combat Systems | | | | | | Technologies | | | | | | Total Revenue | | |

| Department of War (DoW) | | | $ | 311 | | | | | $ | 16,575 | | | | | $ | 4,966 | | | | | $ | 7,936 | | | | | $ | 29,788 | |

| Non-DoW | | | 84 | | | | | | 3 | | | | | | 12 | | | | | | 4,855 | | | | | | 4,954 | | |

| Foreign military sales (FMS) | | | 18 | | | | | | 136 | | | | | | 849 | | | | | | 12 | | | | | | 1,015 | | |

| Total U.S. government | | | 413 | | | | | | 16,714 | | | | | | 5,827 | | | | | | 12,803 | | | | | | 35,757 | | |

| U.S. commercial | | | 7,149 | | | | | | 4 | | | | | | 236 | | | | | | 168 | | | | | | 7,557 | | |

| Non-U.S. government | | | 954 | | | | | | 5 | | | | | | 2,981 | | | | | | 465 | | | | | | 4,405 | | |

| Non-U.S. commercial | | | 4,594 | | | | | | — | | | | | | 202 | | | | | | 35 | | | | | | 4,831 | | |

| Total revenue | | | $ | 13,110 | | | | | $ | 16,723 | | | | | $ | 9,246 | | | | | $ | 13,471 | | | | | $ | 52,550 | |

| Year Ended December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Provision for income taxes, net: | | | | | | | | | | | | | | | | | |

| U.S. federal | | | 639 | | | | | | 532 | | | | | | 488 | | |

| State | | | 19 | | | | | | 28 | | | | | | 34 | | |

| Foreign | | | 235 | | | | | | 198 | | | | | | 147 | | |

Among other changes, the Budget Reconciliation Act of 2025 (Act) allows for the immediate deduction of domestic research and development expenditures beginning January 1, 2025, and permits the accelerated deduction of amounts capitalized under prior law.

We otherwise do not expect the Act to have a material effect on our tax provision.

| Year Ended December 31 | | | | | | 2025 | | | | | | | | |

| U.S. federal statutory income tax | | | | | | $ | 1,072 | | | | | 21.0 | | % |

| Tax credits | | | | | | | | | | | | | | |

| Research and development tax credit | | | | | | (180) | | | | | | (3.5) | | |

| Effects of cross-border tax laws | | | | | | | | | | | | | | |

| Foreign-derived intangible income | | | | | | (36) | | | | | | (0.7) | | |

| State tax on commercial operations, net of federal benefits | | | | | | 15 | | | | | | 0.3 | | |

| Foreign tax effects | | | | | | 38 | | | | | | 0.7 | | |

| Nontaxable or nondeductible items | | | | | | 37 | | | | | | 0.7 | | |

| | | | | | | | | | | | | | | |

| Other reconciling items | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Income taxes payable | | | 266 | | | | | | (209) | | | | | | (436) | | |

| December 31, 2021 | | | $ | 482 | | | | | $ | 3,278 | | | | | $ | 35,420 | | | | | $ | (19,619) | | | | | $ | (1,920) | | | | | $ | 17,641 | |

| Equity-based awards | | | — | | | | | | 278 | | | | | | — | | | | | | 105 | | | | | | — | | | | | | 383 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (232) | | | | | | (232) | | |

See Note P for additional information regarding our investments in debt and equity securities.

The ASU adds disclosure requirements for segment expense information.

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

The ASU requires disclosure of disaggregated income tax information, including the effective tax rate reconciliation and income taxes paid.

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 | | | $ | 7,626 | | | | | $ | 6,509 | | | | | $ | 6,434 | | | | | $ | 5,402 | | | | | $ | 25,971 | |

| Cost-reimbursement | | | — | | | | | | 4,529 | | | | | | 813 | | | | | | 5,190 | | | | | | 10,532 | | |

| Time-and-materials | | | 941 | | | | | | 2 | | | | | | 61 | | | | | | 1,900 | | | | | | 2,904 | | |

| Total revenue | | | $ | 8,567 | | | | | $ | 11,040 | | | | | $ | 7,308 | | | | | $ | 12,492 | | | | | $ | 39,407 | |

| DoD | | | $ | 313 | | | | | $ | 10,874 | | | | | $ | 4,082 | | | | | $ | 6,981 | | | | | $ | 22,250 | |

| Non-DoD | | | — | | | | | | 2 | | | | | | 9 | | | | | | 4,797 | | | | | | 4,808 | | |

| FMS | | | 120 | | | | | | 158 | | | | | | 325 | | | | | | 30 | | | | | | 633 | | |

| Total U.S. government | | | 433 | | | | | | 11,034 | | | | | | 4,416 | | | | | | 11,808 | | | | | | 27,691 | | |

| U.S. commercial | | | 5,236 | | | | | | 3 | | | | | | 237 | | | | | | 233 | | | | | | 5,709 | | |

| Non-U.S. government | | | 587 | | | | | | 3 | | | | | | 2,563 | | | | | | 404 | | | | | | 3,557 | | |

| Non-U.S. commercial | | | 2,311 | | | | | | — | | | | | | 92 | | | | | | 47 | | | | | | 2,450 | | |

| Tax impact of restructuring | | | — | | | | | | — | | | | | | (1.9) | | |

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.

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.

The cash advances are reported on the Consolidated Balance Sheet in current customer advances and deposits and will be repaid to the Ministry of Industry as we collect on the outstanding receivables from the Ministry of Defence.

The net amounts for these programs on December 31, 2024 and 2023, were advance payments of $67 and $271, respectively.

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

The customer resumed payments on the contract in the first quarter of 2023.

| December 31, 2022 (a) | | | $ | 3,019 | | | | | $ | 297 | | | | | $ | 2,766 | | | | | $ | 14,252 | | | | | $ | 20,334 | |

| Other (c) | | | 180 | | | | | | — | | | | | | 46 | | | | | | 10 | | | | | | 236 | | |

| 2025 | | | $ | 178 | |

| 2026 | | | 174 | | |

| 2027 | | | 167 | | |

| 2028 | | | 142 | | |

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: 2024.][added: 2025.]

Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, on December 31, [removed: 2024,] [added: 2025,] our disclosure controls and procedures were effective.

Our management evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on our evaluation we believe that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting is effective based on those criteria.

We have audited General Dynamics Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements), and our report dated [removed: February 7, 2025] [added: January 30, 2026] 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: 2024,] [added: 2025,] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| January 30, 2026 | | | | | | | | |

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

During the quarter ended December 31, [removed: 2024,] [added: 2025,] 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, 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: 2025] [added: 2026] annual shareholders meeting (the Proxy Statement), or elsewhere in the Proxy Statement, and that information is incorporated herein by reference.

| 3.3 | | | [Amended and Restated Bylaws of General Dynamics Corporation (as amended [removed: 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)[)] [added: effective August 7, 2024)] (incorporated herein by reference from the company’s current report on Form [removed: 8-K, filed] [added: 8-K,](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm) [filed] with the SEC [removed: 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)] [added: on August 8, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053324000037/gd-20240807.htm)] | | |

| 4.8 | | | [Second Supplemental 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 [removed: of 3.250% Notes due 2025, 3.500%] [added: of](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm) [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) | | |

| 19 | | | [General [removed: 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] [added: Dynamics Insider] Trading Compliance Policies and [removed: Procedures](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex19-20241231.htm)] [added: Procedures](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex19-20251231.htm)] | | |

| 21 | | | [removed: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex21-20241231.htm)] [added: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex21-20251231.htm)] | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex23-20241231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex23-20251231.htm)] | | |

| 24 | | | [Power of [removed: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053325000008/ex24-20241231.htm)] [added: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex24-20251231.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/40533/000004053325000008/ex311-20241231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex311-20251231.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/40533/000004053325000008/ex312-20241231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex312-20251231.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/40533/000004053325000008/ex321-20241231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex321-20251231.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/40533/000004053325000008/ex322-20241231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/ex322-20251231.htm)] | | |

| 97 | | | [General Dynamics Compensation Recoupment Policy, effective December 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: 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)[,] [added: 2023,] filed with the SEC on [removed: 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)] [added: February 8, 2024)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] | | |

| 4.11 | | | [Fourth Supplemental Indenture dated as of May 7, 2025, among General Dynamics Corporation, the Guarantors named therein and The Bank of New York Mellon, as Trustee (includes forms of 4.950% Notes due 2035](https://www.sec.gov/Archives/edgar/data/40533/000119312525114911/d830570dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/40533/000119312525114911/d830570dex41.htm) [(incorporated herein by reference from the company's current report on Form 8-K, filed with the SEC on May 7, 2025)](https://www.sec.gov/Archives/edgar/data/40533/000119312525114911/d830570dex41.htm) | | |

| 22 | | | [Subsidiary Guarantors (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended June 29, 2025, filed with the SEC on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/40533/000004053325000035/ex22-20250629.htm) | | |

| --- | --- | --- | --- | --- | --- |

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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on [removed: February 7, 2025,] [added: January 30, 2026,] by the following persons on behalf of the registrant and in the capacities indicated.

| Dated: January 30, 2026 | | | | | | | | |

| Dated: February 7, 2025 | | | | | | | | |