GD: the cashflow

MyFinsight

For the year ending 2025-12-31, GD had $636M increase in cash & cash equivalents over the period. $3,959M in free cash flow.

Unit: Million (M) dollars (except for numbers of shares and EPS)

Cash Flow	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Net earnings	4,210	3,782	3,315	3,390
Depreciation of property, plant and equipment	680	644	608	586
Amortization of intangible and finance lease right-of-use assets	244	242	255	298
Equity-based compensation expense	196	183	181	165
Deferred income tax provision (benefit)	256	-86	-177	-178
Accounts receivable	-556	-16	-38	-46
Unbilled receivables	146	261	-913	256
Inventories	-450	1,195	2,219	980
Accounts payable	-664	247	-303	224
Customer advances and deposits	-4	343	2,415	2,082
Income taxes payable	-	266	-209	-436
Other, net	658	69	107	362
Net cash provided by operating activities	5,120	4,112	4,710	4,579
Capital expenditures	1,161	916	904	1,114
Other, net	123	37	37	375
Net cash used by investing activities	-1,284	-953	-941	-1,489
Dividends paid	1,593	1,529	1,428	1,369
Repayments of notes-Fixed Rate	-	-	1,250	1,000
Proceeds from commercial paper, gross (maturities greater than 3 months)	-	-	0	0
Repayment of commercial paper, gross (maturities greater than 3 months)	-	-	0	0
Repayment of fixed-rate notes	1,500	500	-	-
Proceeds from fixed-rate notes	747	-	0	0
Repayments of notes-Floating Rate	-	-	0	0
Proceeds from (repayment of) credit facility, net	-	-	-	0
Purchases of common stock	637	1,501	434	1,229
Other, net	-207	161	18	127
Net cash used by financing activities	-3,190	-3,369	-3,094	-3,471
Net cash used by discontinued operations	-10	-6	-4	20
Net increase (decrease) in cash and equivalents	636	-216	671	-361
Cash and cash equivalents at beginning of period	1,697	1,913	1,242	1,603
Cash and cash equivalents at end of period	2,333	1,697	1,913	1,242

Unit: Million (M) dollars