Slide 1: Second-Quarter 2025 Highlights and Outlook Update
Second-Quarter 2025 Highlights and Outlook Update July 23, 2025
Slide 2: Forward-Looking Statements; Non-GAAP Measures
Forward-Looking Statements; Non-GAAP Measures This presentation contains forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expec
Slide 3: Second-Quarter 2025 Financial Highlights
Second-Quarter 2025 Financial Highlights $ In Millions, Except EPS Second Quarter 2025 2024 2Q25 vs. 2Q24 Revenue $ 13,041 $ 11,976 8.9% Operating Earnings 1,305 1,156 12.9% Operating Margin 10.0% 9.7% 30 bps Net Earnings 1,014 905 12.0% EPS, Diluted 3.74 3.26 14.7% Total Backlog 103,682 91,301 13.6
Slide 4: First-Half 2025 Financial Highlights
First-Half 2025 Financial Highlights $ In Millions, Except EPS First Half 2025 2024 1H25 vs. 1H24 Revenue $ 25,264 $ 22,707 11.3% Operating Earnings 2,573 2,192 17.4% Operating Margin 10.2% 9.7% 50 bps Net Earnings 2,008 1,704 17.8% EPS, Diluted 7.40 6.14 20.5% Total Backlog 103,682 91,301 13.6% Tot
Slide 5: Aerospace – Second-Quarter 2025 Highlights
Aerospace – Second-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions 13.2% $20.0 $19.8 $19.7 $19.9 $19.0 10.9% $2,940 $3,062 $3.8 $4.0 $403 $319 $2.7 $2.4 $2.4 2Q24 2Q25 2Q24 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 • G800
Slide 6: Combat Systems – Second-Quarter 2025 Highlights
Combat Systems – Second-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions $18.0 14.2% $16.7 $17.0 $16.9 $16.6 $2,288 $2,283 13.7% $3.4 $3.3 $313 $324 $2.0 $2.2 $1.9 2Q24 2Q25 2Q24 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 •
Slide 7: Marine Systems – Second-Quarter 2025 Highlights
Marine Systems – Second-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions $53.0 $4,220 7.1% 6.9% $41.3 $40.5 $39.8 $18.8 $3,453 $38.4 $291 $245 $2.7 $3.3 $2.1 $0.7 2Q24 2Q25 2Q24 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 •
Slide 8: Technologies – Second-Quarter 2025 Highlights
Technologies – Second-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Total Estimated Contract Value $ In Millions $ In Billions $48.1 $47.0 $46.2 9.7% 9.6% $3,476 $41.5 $41.5 $3,295 $320 $332 $14.4 $14.1 $14.4 $14.2 $13.2 2Q24 2Q25 2Q24 2Q25 2
Slide 9: 2025 Financial Guidance Comparisons
2025 Financial Guidance Comparisons 2024 Actual January 2025 Guidance July 2025 Guidance EPS, diluted $13.63 $14.75 – 14.85 $15.05 – 15.15 Operating Operating Operating Revenue ($B) Revenue ($B) Revenue ($B) Margin Margin Margin $11.2 ≈ $12.7 ≈ $12.9 Aerospace 13.0% ≈ 13.7% ≈ 13.5% 136 deliveries ≈
Slide 10: General Dynamics
GENERAL DYNAMICS