General Dynamics reported strong fourth-quarter and full-year 2024 financial results, with steady revenue and earnings growth across all segments. Fourth-quarter net earnings increased by 14.2% to $1.1 billion on revenue of $13.3 billion, marking a 14.3% year-over-year increase. Diluted earnings per share (EPS) for the quarter reached $4.15, up 14% from the prior year.

For the full year, net earnings grew by 14.1% to $3.8 billion, with revenue rising by 12.9% to $47.7 billion. Diluted EPS for 2024 was $13.63, reflecting a 13.4% increase from 2023. The company ended the year with a backlog of $90.6 billion and an estimated total contract value of $144 billion, up 9.1% from the previous year.

Cash flow from operations remained strong, generating $2.2 billion in the fourth quarter—188% of net earnings—and $4.1 billion for the full year. The company invested $916 million in capital expenditures, repaid $500 million in fixed-rate notes, and returned $3 billion to shareholders through dividends and share repurchases.

Segment-wise, Aerospace led growth with a 36.4% increase in fourth-quarter revenue, supported by Gulfstream’s delivery of 47 aircraft. Marine Systems saw a 16.2% rise in revenue, while Combat Systems and Technologies posted smaller gains of 1.3% and 2.8%, respectively.

Key defense contracts included a $5.6 billion U.S. Air Force contract for modernizing Mission Partner Environments, a $2.2 billion U.S. Space Force contract for sustaining the MUOS satellite system, and $1.9 billion in U.S. Navy contracts related to Virginia-class submarines.

With a balanced book-to-bill ratio of 1-to-1 for the year, General Dynamics remains well-positioned for continued growth in 2025, driven by strong order activity and solid operational performance across all business segments.