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General Dynamics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026

Operating cash flow$1.7B
Capital spending−$481M
Free cash flow+$1.2B
Cash / net income1.4×

Analysis

In Q3 2026, General Dynamics generated $1.7B of operating cash flow and spent $481M on capital projects, leaving free cash flow of $1.2B.

Operating cash flow was $1.7B against net income of $1.2B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: contract assets +$366M, other operating capital −$350M, payables +$292M.

Free cash flow

General Dynamics: free cash flow by quarterGeneral Dynamics: free cash flow by quarter$1.8BQ4 2024−$290MQ1 2025$1.4BQ2 2025$1.9BQ3 2025$952MQ4 2025$2.0BQ1 2026$1.2BQ3 2026
Operating cash flow less capital spending.
General Dynamics: operating cash flow against capital spendingGeneral Dynamics: operating cash flow against capital spendingOperating cash flowCapital spending$2.2B$355MQ4 2024−$148M$142MQ1 2025$1.6B$198MQ2 2025$2.1B$212MQ3 2025$1.6B$609MQ4 2025$2.2B$203MQ1 2026$1.7B$481MQ3 2026
Latest (Q3 2026): Operating cash flow $1.7B, Capital spending $481M.

Capital allocation, year by year

General Dynamics: where the cash came from (up) and went (down), by fiscal yearGeneral Dynamics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $4.3BFY2021: Net borrowing $1.4BFY2021: Capital spending −$887MFY2021: Buybacks −$1.8BFY2021: Dividends −$1.3B$5.7BFY2021FY2022: Operating cash flow $4.6BFY2022: Net borrowing −$1.0BFY2022: Capital spending −$1.1BFY2022: Buybacks −$1.2BFY2022: Dividends −$1.4B$4.6BFY2022FY2023: Operating cash flow $4.7BFY2023: Net borrowing −$1.2BFY2023: Capital spending −$904MFY2023: Buybacks −$434MFY2023: Dividends −$1.4B$4.7BFY2023FY2024: Operating cash flow $4.1BFY2024: Net borrowing −$500MFY2024: Capital spending −$916MFY2024: Buybacks −$1.5BFY2024: Dividends −$1.5B$4.1BFY2024FY2025: Operating cash flow $5.1BFY2025: Net borrowing −$753MFY2025: Capital spending −$1.2BFY2025: Buybacks −$637MFY2025: Dividends −$1.6B$5.1BFY2025
Over these 5 years operating cash flow totalled $22.8B; the largest uses were dividends ($7.2B) and buybacks ($5.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.4B
Debt$8.1B
Net debt$3.7B
Due within a year$1.0B

General Dynamics funds itself: free cash flow was — over the last twelve months, and $4.4B of cash and investments stands against $8.1B of debt ($1.0B due within a year, 4.4× covered by cash).

General Dynamics: debt maturities by year (FY2025)General Dynamics: debt maturities by year (FY2025)$1.0BYear 1$1.3BYear 2$1.0BYear 3$7.0MYear 4$1.0BYear 5$3.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.4B of cash and investments now.

Where the cash came from and went

General Dynamics: sources (+) and uses (−) of cash, Q3 2026General Dynamics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.7BNet borrowing (+) / repaid (−)−$500MCapital spending−$481MDividends−$429MBuybacks−$285MCash drawn (+) / kept (−)−$55.0MOther financing$39.0MOther investing$5.0MNot reconciled−$4.0M

From profit to cash

General Dynamics: net income to operating cash flow, Q3 2026General Dynamics: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$235MStock-based pay$62.0MDeferred taxes−$30.0MReceivables−$131MInventory−$27.0MPayables$292MDeferred revenue$64.0MContract assets$366MOther operating capital−$350MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.7B−$481M−$285M−$429M−$500M−$55.0M$1.2B
Q1 2026$2.2B−$203M−$217M−$405M—−$1.3B$2.0B
Q4 2025$1.6B−$609M−$37.0M−$405M—$187M$952M
Q3 2025$2.1B−$212M—−$403M—−$997M$1.9B
Q2 2025$1.6B−$198M—−$402M−$894M−$281M$1.4B
Q1 2025−$148M−$142M−$600M−$383M$840M$455M−$290M
Q4 2024$2.2B−$355M−$1.3B−$389M−$500M$404M$1.8B

General Dynamics: income statement and cash flow

General Dynamics, Q3 2026: revenue $14.6B (+13% year over year), operating margin 10.5%. The chart follows the revenue to costs, profit and cash.

General Dynamics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.