通用动力 2025年度报告

D e a r F e l l o w S h a r e h o l d e r Your company experienced another year of significant growth and continued strong demand across both its aerospace anddefense portfolios. We had a record year of revenue, earnings and backlog. For the full year, revenue increased 10.1% to$52.6 billion and net earnings increased 11.3% to $4.2 billion. Diluted earnings per share increased 13.4% over the prioryear to $15.45. Backlog at year end was $118 billion on a company-wide book-to-bill of 1.5-to-1. Aerospace revenue increased 16.5% to $13.1 billion and operating earnings increased 19.3% to $1.7 billion, double-digitgrowth for the second year in a row. In addition, orders of $15.5 billion of aircraft and services resulted in an almost 11%increase in backlog to $21.8 billion. These outstanding results were supported by the entry into service of the G800 duringthe third quarter and continued successful delivery of the G700 to customers. In total, we delivered 158 aircraft, 22 more than the prior year. The last G650, one of the most successful airplanes inbusiness aviation history, was delivered in the second quarter of 2025. It was replaced by the G800 in the third quarter.The G800 had a very successful entry into service with deliveries meeting anticipated targets. Cost pressures from our supply chain and tariffs had an impact on operating margins. Despite those pressures, weachieved very nice operating leverage for the year. We are focused on mitigation strategies and managing our costs, whichdrove margin expansion in 2025 and will lead us to continued margin expansion in 2026. Also, this year, we continued to make progress on the certification of the G300, the new super-midsize aircraft that willultimately replace the G280. First flight for the G300 was completed in December. As you may recall, we intentionallyslowed the G400 development as we grappled with managing the growth discussed above. These two airplanes arethe final steps in our long-term strategy to develop an all-new, next-generation family of aircraft with a Gulfstream forevery mission. At Combat Systems, revenue grew 2.8% to $9.2 billion, and we demonstrated strong operating performance with highermargins for the second year in a row. While we experienced some headwinds from the cancellation of one of our U.S. Armyprograms, our platforms continued to receive strong Army support, particularly the development of the next-generationtank. We also continue to see strong demand for our munitions products and are supporting that demand by rampingup capacity. Internationally, the increased threat environment has resulted in higher defense spending, generating a strong opportunitypipeline. We have a long-standing presence in Europe through our European subsidiaries. These businesses have a broadproduct portfolio of wheeled and tracked vehicles, mobile bridges and repair services. These products are designed andbuilt in Europe for that market, which allows us to convert increased demand into awards, notably over $8.7 billion in thefourth quarter alone. Overall, backlog for the group ended the year at $27.2 billion, driven by record orders of $19.5 billion and resulting in a book-to-bill of 2.1-to-1, providing long-term visibility into the growth ahead. Looking forward, 2026 will be a year dominated byengineering work in Europe as we prepare to convert this backlog into production for 2027. At Marine Systems, the home of our three shipyards and two repair yards, we had double-digit revenue growth for the thirdconsecutive year, up 16.6% to $16.7 billion, following 15.1% in 2024 and 12.9% in 2023. This growth has been led by theVirginia-class and Columbia-class submarine programs. Operating earnings increased nearly 26% as we witnessed somestabilization in the supply chain and improved productivity at each of our shipyards. We have made significant investmentsover the last several years and will continue to invest in areas that will increase output, accelerate production and improveship-over-ship execution. The current administration has strongly supported shipbuilding with increased funding and awards in 2025 for key programs,including two Block V Virginia-class submarines, one Flight III Arleigh Burke-class destroyer and two John Lewis-classoilers. These awards contributed to orders of $29.2 billion and a year-end backlog of $52.3 billion. Looking ahead, we anticipate awards for the next block of Virginia-class (Block VI) and Columbia-class (Build II) submarinesin the foreseeable future, securing long-term growth for the segment well beyond the planning horizon. We continue to work closely with the Navy and our supply chain to stabilize the submarine industrial base. There has beenprogress, but there is more to do. We remain laser-focused on execution and controlling costs to drive profitable growth. At Technologies, revenue was up 2.6% to $13.5 billion with both businesses contributing to the growth. This is despite afull-year continuing resolutio