What General Dynamics Corporation told the SEC could break it.

Approximately 68% of General Dynamics' 2025 revenue came from the U.S. government — DoW $29.8B, non-DoW $5.0B and FMS $1.0B for $35.8B total — making results highly dependent on U.S. defense-spending levels, budget/appropriation timing and procurement priorities.

“Total U.S. government $ 35,757 $ 33,064 $ 30,327 % of total revenue 68 % 69 % 72 %”

GD Land Systems is the sole-source producer of two foundational U.S. Army products — the Abrams main battle tank and the Stryker wheeled combat vehicle — concentrating Combat Systems revenue in two programs whose funding and production decisions rest with the Army.

“Land Systems is the sole-source producer of two foundational products central to the U.S. Army's warfighting capabilities — the Abrams main battle tank and Stryker wheeled combat vehicle.”

GD's Aerospace (Gulfstream) faced delivery challenges at its Israel-based supplier of mid-cabin airframes due to the conflict with Hamas; tariffs reduced Aerospace operating margins by 30 basis points in 2025, and ongoing Russia sanctions have restricted access to a segment of the market.

“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.”

GD depends on suppliers and subcontractors for raw materials, components and subsystems — and its U.S. government customer is itself a supplier for some programs; these supply networks can experience price fluctuations and capacity constraints that pressure costs.

“We depend on suppliers and subcontractors for raw materials, components and subsystems. Our U.S. government customer is a supplier for some of our programs. These supply networks can experience price fluctuations and capacity constraints, which can put pressure on our cos[ts]”