Slide 1: Third-Quarter 2025 Highlights and Outlook Update
Third-Quarter 2025 Highlights and Outlook Update October 24, 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: Third-Quarter 2025 Financial Highlights
Third-Quarter 2025 Financial Highlights $ In Millions, Except EPS Third Quarter 2025 2024 3Q25 vs. 3Q24 Revenue $ 12,907 $ 11,671 10.6% Operating Earnings 1,331 1,181 12.7% Operating Margin 10.3% 10.1% 20 bps Net Earnings 1,059 930 13.9% EPS, Diluted 3.88 3.35 15.8% Total Backlog $ 109,857 $ 92,634
Slide 4: Year-to-Date 2025 Financial Highlights
Year-to-Date 2025 Financial Highlights $ In Millions, Except EPS Year to Date 2025 2024 2025 vs. 2024 Revenue $ 38,171 $ 34,378 11.0% Operating Earnings 3,904 3,373 15.7% Operating Margin 10.2% 9.8% 40 bps Net Earnings 3,067 2,634 16.4% EPS, Diluted 11.29 9.49 19.0% Total Backlog $ 109,857 $ 92,634
Slide 5: Aerospace – Third-Quarter 2025 Highlights
Aerospace – Third-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions 13.3% $20.6 $19.8 $19.7 $19.9 $19.0 12.3% $3,234 $430 $3.8 $4.0 $4.1 $2,482 $305 $2.4 $2.4 3Q24 3Q25 3Q24 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 • Deliv
Slide 6: Combat Systems – Third-Quarter 2025 Highlights
Combat Systems – Third-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions 14.7% 14.9% $18.0 $18.7 $17.0 $16.9 $16.6 $2,212 $2,252 $4.4 $325 $335 $3.3 $2.0 $2.2 $1.9 3Q24 3Q25 3Q24 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 •
Slide 7: Marine Systems – Third-Quarter 2025 Highlights
Marine Systems – Third-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Orders $ In Millions $ In Billions $53.0 $53.6 7.2% 7.1% $4,096 $3,599 $40.5 $39.8 $18.8 $38.4 $291 $258 $4.7 $2.7 $3.3 $2.1 3Q24 3Q25 3Q24 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 • D
Slide 8: Technologies – Third-Quarter 2025 Highlights
Technologies – Third-Quarter 2025 Highlights Revenue Operating Earnings and Total Backlog and $ In Millions Operating Margin Total Estimated Contract Value $ In Millions $ In Billions $48.1 $49.3 $47.0 $46.2 9.7% 9.8% $41.5 $3,378 $3,325 $16.9 $326 $327 $14.4 $14.1 $14.4 $14.2 3Q24 3Q25 3Q24 3Q25 3Q
Slide 9: 2025 Financial Guidance Comparisons
2025 Financial Guidance Comparisons 2024 Actual July 2025 Guidance October 2025 Guidance EPS, diluted $13.63 $15.05 – 15.15 $15.30 – 15.35 Operating Operating Operating Revenue ($B) Revenue ($B) Revenue ($B) Margin Margin Margin $11.2 ≈ $12.9 ≈ $13.2 Aerospace 136 13.0% 150 - 155 ≈ 13.5% 153 - 157 ≈
Slide 10: General Dynamics
GENERAL DYNAMICS