GENERAL DYNAMICS CORPGD

GENERAL DYNAMICS CORP Debt Disclosure

10-KFiled Jan 30, 20262 min read
DEBT
Debt consisted of the following:
December 3120252024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $750 
May 20253.500%— 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 — 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious74 76 
Total debt principal8,074 8,826 
Less unamortized debt issuance costs and discounts61 64 
Total debt8,013 8,762 
Less current portion1,006 1,502 
Long-term debt$7,007 $7,260 
In March 2025, we repaid fixed-rate notes of $750 with cash on hand and commercial paper issuances. In May 2025, we issued $750 of fixed-rate notes that mature in August 2035. The proceeds were used to repay fixed-rate notes of $750 that matured in May 2025. Interest payments associated with our debt were $376 in 2025, $385 in 2024 and $378 in 2023.
The aggregate amounts of scheduled principal maturities of our debt are as follows:
Year Ended December 31Debt
Principal
2026$1,006 
20271,257 
20281,007 
20297 
20301,007 
Thereafter3,790 
Total debt principal$8,074 
On December 31, 2025, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. In addition, we have a $5 billion committed bank
credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. These credit facilities include a $4 billion facility expiring March 2027 and a $1 billion 364-day facility that we established in early April 2025. We may renew or replace this credit facility in whole or in part at or prior to its expiration date. We also have an effective shelf registration on file with the Securities and Exchange Commission (SEC) that allows us to access the debt markets.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on December 31, 2025.
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Historical Timeline

Fiscal YearFiled
2025Jan 30, 2026Showing above
2024Feb 7, 2025
2023Feb 8, 2024
2022Feb 7, 2023
2021Feb 9, 2022
2020Feb 9, 2021
2019Feb 10, 2020
2018Feb 13, 2019
2017Feb 12, 2018
2016Feb 6, 2017
2015Feb 8, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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