GENERAL DYNAMICS CORP (GD) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 37.8% | The figure most screeners publish. |
| Operating cash flow | 31.1% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 40.2% | What is left after maintaining the business. |
Spread between highest and lowest: 9 percentage points. Same filings, different denominators.
Coverage rating 54 / 100 — Tight. ? Peer standing 16/50Direction 18/30Stability 20/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 40.2% |
| 2024-12-31 | 47.8% |
| 2023-12-31 | 37.5% |
| 2022-12-31 | 39.5% |
| 2021-12-31 | 38.9% |
| 2020-12-31 | 42.9% |
Among the 73 industrials companies here, 32% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $5.85 ÷ diluted EPS $15.45
- Operating cash flow — dividends paid $1,593.0m ÷ operating cash flow $5,120.0m
- Free cash flow — dividends paid $1,593.0m ÷ (operating cash flow $5,120.0m − capex $1,161.0m)
Where the figures came from
- 10-K filed 2026-01-30 · accession
0000040533-26-000006
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($5.85); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.