GD · CIK 40533
What General Dynamics Corporation told the SEC could break it.
General Dynamics' results hinge on the U.S. government, which was about 68% of 2025 revenue ($35.8 billion, the bulk from the Department of War), so defense-budget levels, appropriation timing and procurement priorities drive its business. Within that, its Combat Systems revenue concentrates in two foundational Army programs it sole-sources — the Abrams main battle tank and the Stryker combat vehicle — whose funding and production decisions rest with the Army. Its supply chain adds geopolitical and trade exposure: its Gulfstream aerospace unit saw delivery delays at an Israel-based mid-cabin airframe supplier amid the Hamas conflict, tariffs trimmed Aerospace operating margins by 30 basis points in 2025, and Russia sanctions have closed off part of the market — atop broader dependence on suppliers and subcontractors for raw materials and components.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. government ~68% of revenue (DoW $29.8B; total US gov $35.8B)high
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 %”
SEC filing →As of 2026 - Land Systems sole-source producer of Abrams tank & Stryker for U.S. Army — two foundational programsmedium
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.”
SEC filing →As of 2026
Geographic concentration
- Israel-based mid-cabin airframe supplier delays (Hamas conflict); tariffs (-30bps Aerospace margin); Russia sanctionsmedium
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.”
Supplier concentration
- dependence on suppliers/subcontractors for raw materials, components and subsystems (incl. U.S. government as supplier)medium
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]”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In July 2024, the General Dynamics/Iridium team received a contract modification of $491.6 million for the Ground Management and Integration (GMI) program. Of this amount, Iridium's share has a value of $240 million over five years.”
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