General Dynamics
Sector unknown·GD · USA (SEC 10-K)·Fiscal year to 31/12/2025
Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Defence budgets
Regulation
DriverPositive impact: strengthens
“In support of our Navy customer’s significant increase in demand for submarines and surface ships, we have made substantial investments to expand our facilities, grow and train our workforce, and expand our supply chain. The resulting increase in capacity and capabilities will support the significant demand expected in our shipbuilding business, particularly submarines, over the next two decades.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Bath Iron Works (BIW) is one of two companies that builds the Arleigh Burke-class (DDG-51) guided-missile destroyer. The DDG-51 class of destroyer is a critical component of the Navy’s surface combatant fleet and represents the longest-running shipbuilding program in Navy history with the first ship procured in 1985.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We are currently working with the Army to develop the next generation M1E3 Abrams tank to significantly overmatch current and potential threats on the modern battlefield. The demand by NATO members and other allies and partners for procurement and upgrades of Abrams tanks remains strong, reflected by a growing installed base in Europe, the Middle East, North Africa and Indo-Pacific theaters of operation.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Department of War (DoW), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions to drive operational efficiencies, advance security and accelerate mission-decision making in real time. Expanded geopolitical and cyber threats and the demand for advanced warfighter connectivity have accelerated these trends, adding urgency to required technology investments. The result is an increase in federal information technology (IT) modernization and technology spending in recent years and a shift to the rapid development of solutions to meet the ever-changing information-systems and mission-support needs of these customers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“To meet growing demand, OTS across multiple locations is expanding production capacity and capabilities, including artillery-projectile and propelling-charge load, assemble and pack lines; extruded propellant production; increased Ball Powder propellant capacity; and continued advancement in solid rocket motor production. These initiatives will strengthen supply chain resiliency and support the full lifecycle of critical defense systems.”
Annual report 2025A · The company itself
Market
“Revenue by major products and services was as follows: Aircraft manufacturing $ 9,413 $ 7,811 $ 5,710 Aircraft services 3,697 3,438 2,911 Total Aerospace $ 13,110 $ 11,249 $ 8,621 MARINE SYSTEMS Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy. We also provide maintenance, modernization and lifecycle support services for Navy ships and maintain the most sophisticated marine engineering expertise in the world to support future capabilities.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Cybersecurity (products and services)
Technology
DriverPositive impact: strengthens
“Department of War (DoW), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions to drive operational efficiencies, advance security and accelerate mission-decision making in real time. Expanded geopolitical and cyber threats and the demand for advanced warfighter connectivity have accelerated these trends, adding urgency to required technology investments. The result is an increase in federal information technology (IT) modernization and technology spending in recent years and a shift to the rapid development of solutions to meet the ever-changing information-systems and mission-support needs of these customers.”
Annual report 2025A · The company itself
Market
“GDIT provides technology solutions and expertise that underpin our national security systems, modernize government operations, and secure networks, data and information from sophisticated cyber attacks. Operating thousands of complex digital modernization programs across the federal government, GDIT’s expansive portfolio includes cloud services, cybersecurity, network modernization, artificial intelligence/machine learning (AI/ML), application development, high-performance computing, and 5G and advanced communications.”
Annual report 2025A · The company itself
Market
“Mission Systems is a defense electronics manufacturer and integrator for Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) applications in all domains. Our products and solutions are built into platforms and integrated systems critical to our national security.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
IT operations and cloud
Raw materials and inputs
DriverPositive impact: strengthens
“Department of War (DoW), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions to drive operational efficiencies, advance security and accelerate mission-decision making in real time. Expanded geopolitical and cyber threats and the demand for advanced warfighter connectivity have accelerated these trends, adding urgency to required technology investments. The result is an increase in federal information technology (IT) modernization and technology spending in recent years and a shift to the rapid development of solutions to meet the ever-changing information-systems and mission-support needs of these customers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We make strategic investments in new and emerging technologies and partner with commercial companies to bring solutions to our customers that combine leading-edge technologies with an intimate knowledge of customers’ mission needs. The segment’s highly skilled workforce comprises approximately 40,000 employees, including technologists, engineers, mission experts and cleared personnel critical to solving the toughest security and technology challenges facing the United States and its allies.”
Annual report 2025A · The company itself
Public sector
End markets
Market
“Revenue by major products and services was as follows: Aircraft manufacturing $ 9,413 $ 7,811 $ 5,710 Aircraft services 3,697 3,438 2,911 Total Aerospace $ 13,110 $ 11,249 $ 8,621 MARINE SYSTEMS Our Marine Systems segment is the leading designer and builder of nuclear-powered submarines and a leader in surface combatant and auxiliary ship design and construction for the U.S. Navy. We also provide maintenance, modernization and lifecycle support services for Navy ships and maintain the most sophisticated marine engineering expertise in the world to support future capabilities.”
Annual report 2025A · The company itself
Market
“Revenue for the Marine Systems segment was 32% of our consolidated revenue in 2025, 30% in 2024 and 29% in 2023.”
Annual report 2025A · The company itself
Market
“Land Systems is the sole-source producer of two foundational products central to the U.S. Army’s warfighting capabilities — the Abrams main battle tank and Stryker wheeled combat vehicle.”
Annual report 2025A · The company itself
Market
“Revenue for the Combat Systems segment was 17% of our consolidated revenue in 2025, 19% in 2024 and 20% in 2023.”
Annual report 2025A · The company itself
Market
“Revenue for the Technologies segment was 26% of our consolidated revenue in 2025, 27% in 2024 and 31% in 2023.”
Annual report 2025A · The company itself
Market
“GOVERNMENT Our primary customer is the DoW. We also contract with other U.S. government customers, including the intelligence community and other departments and agencies.”
Annual report 2025A · The company itself
Market
“The Advanced Reconnaissance Vehicle (ARV) for the U.S. Marine Corps will provide sensors, communications systems and lethality options to overmatch threats that have historically been addressed by more heavily armored systems.”
Annual report 2025A · The company itself
Market
“Our revenue is concentrated with the U.S. government.”
Annual report 2025A · The company itself
United States
Geography
StrategyPositive impact: strengthens
“As Gulfstream’s aircraft portfolio and customer base have grown and become increasingly global in reach over the years, we have invested in our facilities and operations around the world. At our Savannah campus, we added new purpose-built manufacturing facilities, increased aircraft service capacity, opened a customer-support distribution center and expanded our R&D capabilities.”
Annual report 2025A · The company itself
Market
“Over the last two decades, NASSCO has partnered with a leading South Korean ship design and equipment procurement company, DSEC Co., Ltd, (DSEC), to design and build many large ocean-going commercial vessels including tankers and cargo ships to support U.S. Jones Act customers based on proven DSEC designs.”
Annual report 2025A · The company itself
Market
“In addition to Navy ships, we have designed and built ocean-going Jones Act ships for commercial customers.”
Annual report 2025A · The company itself
Geography
“Gulfstream designs, develops and manufactures aircraft in Savannah, Georgia, including all large-cabin models. The midsize aircraft are assembled by a non-U.S. partner.”
Annual report 2025A · The company itself
Geography
“We supported NGA in the development of their new headquarters in St. Louis, Missouri, which opened in late 2025, and are committed to supporting the St. Louis area as a strategic hub for the geospatial intelligence community through our innovation center, community partnerships and talent pipeline programs.”
Annual report 2025A · The company itself
Geography
“Revenue by major products and services was as follows: Year Ended December 31 2025 2024 2023 IT services $ 9,057 $ 8,761 $ 8,459 C5ISR solutions 4,414 4,366 4,463 Total Technologies $ 13,471 $ 13,127 $ 12,922 CUSTOMERS In 2025, 68% of our consolidated revenue was from the U.S. government, 15% was from U.S. commercial customers, 8% was from non-U.S. government customers and the remaining 9% was from non-U.S. commercial customers.”
Annual report 2025A · The company itself
Geography
“COMMERCIAL Our U.S. commercial revenue was $7.6 billion in 2025, $6.7 billion in 2024 and $5.8 billion in 2023, which represented 15% of our consolidated revenue in 2025, and 14% in 2024 and 2023.”
Annual report 2025A · The company itself
Geography
“While the installed base of aircraft is concentrated in North America, orders from 16 customers outside North America represent a significant portion of our aircraft business with approximately 38% of the Aerospace segment’s aircraft backlog on December 31, 2025.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Europe
Geography
Market
“Joint Forces. For the Canadian Army, we provide the Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system.”
Annual report 2025A · The company itself
Geography
“Combat Systems provides similar capabilities for U.S. allies and partners through export opportunities and through our longstanding operations in several countries around the world, including Canada, the United Kingdom, Spain, Switzerland, Austria, Germany and Romania.”
Annual report 2025A · The company itself
Geography
“ELS also offers Duro and Eagle tactical vehicles in a range of options and weight classes and is currently producing these vehicles for Germany, Switzerland and Luxembourg, while providing a full range of product support for the German and Swiss Armed Forces.”
Annual report 2025A · The company itself
Geography
“We continue to grow our global footprint through acquisitions, expansions and significant renovations in strategic business aviation markets most frequented by these customers. In 2025, Jet Aviation acquired an FBO at Paris - Le Bourget Airport, the busiest business aviation airport in Europe.”
Annual report 2025A · The company itself
Geography
“Our revenue from non-U.S. government and commercial customers was $9.2 billion in 2025, $8 billion in 2024 and $6.1 billion in 2023, which represented 17% of our consolidated revenue in 2025, 17% in 2024 and 14% in 2023.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Across our portfolio we are investing in innovative new technologies to modernize legacy platforms and introduce all-new capabilities to ensure the ground forces of the United States and its allies maintain their superiority on the battlefield of the future. This includes partnering with commercial technology companies, developing future platforms with digital open-architecture frameworks, and modernizing our manufacturing capabilities to enable rapid, agile upgrading of systems to address emerging threats.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We make strategic investments in new and emerging technologies and partner with commercial companies to bring solutions to our customers that combine leading-edge technologies with an intimate knowledge of customers’ mission needs. The segment’s highly skilled workforce comprises approximately 40,000 employees, including technologists, engineers, mission experts and cleared personnel critical to solving the toughest security and technology challenges facing the United States and its allies.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At the center of these efforts is GDIT’s development of secure, tailorable and scalable digital solutions, known as our Digital Accelerators. These Digital Accelerators are at the forefront of technological trends and are designed to accelerate customers’ adoption and 13 integration of advanced technologies to meet unique mission needs.”
Annual report 2025A · The company itself
Market
“GDIT provides technology solutions and expertise that underpin our national security systems, modernize government operations, and secure networks, data and information from sophisticated cyber attacks. Operating thousands of complex digital modernization programs across the federal government, GDIT’s expansive portfolio includes cloud services, cybersecurity, network modernization, artificial intelligence/machine learning (AI/ML), application development, high-performance computing, and 5G and advanced communications.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Consumer spending
Macro
StrategyPositive impact: strengthens
“We are committed to continual investment in R&D to create new aircraft that consistently broaden customer offerings while raising the bar for safety and performance. The result is the unprecedented development of an all-new lineup of the most technologically advanced business jet aircraft in the world.”
Annual report 2025A · The company itself
Market
“The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin G800, which entered service in 2025 following U.S. Federal Aviation Administration (FAA) certification in April 2025.”
Annual report 2025A · The company itself
Market
“Revenue for the Aerospace segment was 25% of our consolidated revenue in 2025, 24% in 2024 and 20% in 2023.”
Annual report 2025A · The company itself
Market
“Jet Aviation manages over 300 business aircraft globally on behalf of individuals and corporate owners. We operate a leading global fixed-base operator (FBO) network of 5 approximately 30 facilities on four continents and support all aircraft types with a full range of maintenance services, including 24/7 global aircraft-on-ground support.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Defence industry
End markets
Market
“Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments.”
Annual report 2025A · The company itself
Market
“Revenue by major products and services was as follows: Year Ended December 31 2025 2024 2023 Nuclear-powered submarines $ 12,608 $ 10,392 $ 8,631 Surface ships 2,932 2,819 2,698 Repair and other services 1,183 1,132 1,132 Total Marine Systems $ 16,723 $ 14,343 $ 12,461 9 COMBAT SYSTEMS Our Combat Systems segment is a premier manufacturer and integrator of land combat solutions worldwide, including wheeled and tracked combat vehicles, weapon systems, energetics and munitions. The segment consists of three business units — Land Systems, European Land Systems (ELS), and Ordnance and Tactical Systems (OTS).”
Annual report 2025A · The company itself
Market
“Mission Systems is a defense electronics manufacturer and integrator for Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) applications in all domains. Our products and solutions are built into platforms and integrated systems critical to our national security.”
Annual report 2025A · The company itself
Market
“We hold a global leadership position in large-caliber tank ammunition, medium-caliber ammunition, and high-speed Gatling guns, providing combat-proven performance and precision firepower. As an artillery systems integrator, OTS produces mission-critical components, including projectiles, artillery propelling charges, and next-generation artillery.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Digitalisation
Technology
StrategyPositive impact: strengthens
“Combat Systems creates long-term value through operational excellence — high-quality, on-schedule and on-budget performance — combined with investments in innovative technologies that modernize existing platforms and develop next-generation capabilities to meet our customers’ rapidly evolving requirements. We maintain our market-leading position by focusing on innovation, affordability and speed to market to deliver increased survivability, mobility and lethality on the battlefield.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Across our portfolio we are investing in innovative new technologies to modernize legacy platforms and introduce all-new capabilities to ensure the ground forces of the United States and its allies maintain their superiority on the battlefield of the future. This includes partnering with commercial technology companies, developing future platforms with digital open-architecture frameworks, and modernizing our manufacturing capabilities to enable rapid, agile upgrading of systems to address emerging threats.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At the center of these efforts is GDIT’s development of secure, tailorable and scalable digital solutions, known as our Digital Accelerators. These Digital Accelerators are at the forefront of technological trends and are designed to accelerate customers’ adoption and 13 integration of advanced technologies to meet unique mission needs.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Nordics
Geography
Market
“Joint Forces. For the Canadian Army, we provide the Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system.”
Annual report 2025A · The company itself
Geography
“Combat Systems provides similar capabilities for U.S. allies and partners through export opportunities and through our longstanding operations in several countries around the world, including Canada, the United Kingdom, Spain, Switzerland, Austria, Germany and Romania.”
Annual report 2025A · The company itself
Geography
“Revenue by major products and services was as follows: Year Ended December 31 2025 2024 2023 IT services $ 9,057 $ 8,761 $ 8,459 C5ISR solutions 4,414 4,366 4,463 Total Technologies $ 13,471 $ 13,127 $ 12,922 CUSTOMERS In 2025, 68% of our consolidated revenue was from the U.S. government, 15% was from U.S. commercial customers, 8% was from non-U.S. government customers and the remaining 9% was from non-U.S. commercial customers.”
Annual report 2025A · The company itself
Aviation and travel
End markets
Market
“The majority of this revenue was for business jet aircraft and related services where our customer base consists of individuals and public and privately held companies across a wide range of industries.”
Annual report 2025A · The company itself
Market
“The business jet market is driven by the demand for business-aviation products and services by corporate, individual and government customers in the United States and around the world.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Combat Systems creates long-term value through operational excellence — high-quality, on-schedule and on-budget performance — combined with investments in innovative technologies that modernize existing platforms and develop next-generation capabilities to meet our customers’ rapidly evolving requirements. We maintain our market-leading position by focusing on innovation, affordability and speed to market to deliver increased survivability, mobility and lethality on the battlefield.”
Annual report 2025A · The company itself
Premium consumers
End markets
Market
“Revenue for the Aerospace segment was 25% of our consolidated revenue in 2025, 24% in 2024 and 20% in 2023.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Consistent with our commitment to invest capital is our commitment to developing our Electric Boat workforce. We expect the Electric Boat workforce to continue to grow to enable sustained production of one Columbia-class submarine plus up to two Virginia-class submarines per year as the submarine industrial base expands to support that pace. Along with strong contributions from the states of Connecticut and Rhode Island, we invest in the training and tools necessary for our skilled employees to deliver these next-generation submarines to the Navy.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“To meet growing demand, OTS across multiple locations is expanding production capacity and capabilities, including artillery-projectile and propelling-charge load, assemble and pack lines; extruded propellant production; increased Ball Powder propellant capacity; and continued advancement in solid rocket motor production. These initiatives will strengthen supply chain resiliency and support the full lifecycle of critical defense systems.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“HUMAN CAPITAL MANAGEMENT Our company is a global community of approximately 117,000 employees dedicated to our Ethos of transparency, trust, honesty and alignment.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“During 2025, we hired more than 18,700 individuals.”
Annual report 2025A · The company itself
Public investment and infrastructure
Regulation
DriverPositive impact: strengthens
“In support of our Navy customer’s significant increase in demand for submarines and surface ships, we have made substantial investments to expand our facilities, grow and train our workforce, and expand our supply chain. The resulting increase in capacity and capabilities will support the significant demand expected in our shipbuilding business, particularly submarines, over the next two decades.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“This includes product development investments in Aerospace to bring to market an all-new lineup of business jet aircraft, capital investments in Marine Systems to support significant growth in U.S.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“If our sources of supply are disrupted, particularly in instances where we rely on only one or two sources of supply, or in the event that international conflicts result in the disruption of manufacturing or trade relations for some supply components, our ability to meet our customer commitments could be adversely impacted.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We sometimes rely on only one or two sources of supply, and any disruption in our supply chain could have an adverse effect on our ability to meet our customer commitments and could adversely affect our business, results of operations and financial condition. For example, some of our operating segments rely on the supply of semiconductors for the manufacture of our products, and any inability of or delay by our suppliers to meet our order demands (including due to the suppliers’ competing commercial priorities, any military conflict resulting in a disruption of manufacturing or trade relations, or any other business disruption) could delay or disrupt our ability to procure semiconductors.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Other Business and Operational Risks Our business could be negatively impacted by cybersecurity events and other disruptions. We face various cybersecurity threats, including threats to our IT infrastructure and attempts to gain unauthorized access to our proprietary or classified information, denial-of-service attacks, as well as threats to the physical security of our facilities and employees, and threats from terrorist acts.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Financial regulation
Regulation
DriverNegative impact: weakens
“Government contractors operate in a highly regulated environment and are subject to audit by the U.S. government. Numerous U.S. government agencies routinely audit and review government contractors. These agencies review a contractor’s performance under its contracts and compliance with applicable laws, regulations and standards.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverPositive impact: strengthens
“We are currently working with the Army to develop the next generation M1E3 Abrams tank to significantly overmatch current and potential threats on the modern battlefield. The demand by NATO members and other allies and partners for procurement and upgrades of Abrams tanks remains strong, reflected by a growing installed base in Europe, the Middle East, North Africa and Indo-Pacific theaters of operation.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Other currencies
Macro
DriverNegative impact: weakens
“Non-U.S. transactions can involve increased risks arising from foreign exchange rate variability, which could, among other things, negatively impact sales and the translation of our international revenue from local currencies into U.S. dollars, and differing legal systems.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Non-U.S. transactions can involve increased risks arising from foreign exchange rate variability, which could, among other things, negatively impact sales and the translation of our international revenue from local currencies into U.S. dollars, and differing legal systems.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Electrification
Technology
DriverPositive impact: strengthens
“Gulfstream and Jet Aviation have been at the forefront of the industry by adopting and expanding the availability of sustainable aviation fuel (SAF), which achieves as much as an 80% reduction in carbon dioxide emissions per gallon over its lifecycle compared to petroleum-based jet fuel. Gulfstream also offers operators the ability to achieve carbon-neutral travel by facilitating the purchase of carbon-offset credits.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Gulfstream and Jet Aviation have been at the forefront of the industry by adopting and expanding the availability of sustainable aviation fuel (SAF), which achieves as much as an 80% reduction in carbon dioxide emissions per gallon over its lifecycle compared to petroleum-based jet fuel. Gulfstream also offers operators the ability to achieve carbon-neutral travel by facilitating the purchase of carbon-offset credits.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Asia and emerging markets
Geography
Geography
“Our revenue from non-U.S. government and commercial customers was $9.2 billion in 2025, $8 billion in 2024 and $6.1 billion in 2023, which represented 17% of our consolidated revenue in 2025, 17% in 2024 and 14% in 2023.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 52.55 bn USD |
| Revenue growth vs. the year before, same method | 10.1 % |
| EBITDA reported by the company | 6.28 bn USD |
| Net debt debt incl. leasing minus cash | 7.13 bn USD |
| Diluted EPS per share | 15.45 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.