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Item 1. Business

2026-01-30 compared with 2025-02-07 · 144 added, 135 removed, 289 unchanged (49% of the section changed)

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ship construction and repair;

land combat vehicles, weapons systems and munitions;

land combat vehicles, weapon systems and munitions;

and technology products and services.

Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring shareholder returns.

Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders.

Our company consists of 10 business units, which are organized into four operating segments:

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We refer to the latter three collectively as our defense segments.

To optimize market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results.

To ensure market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results.

This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital.

Our business units seek to deliver superior operating results by building industry-leading franchises.

To achieve this goal, we invest in advanced technologies, pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets.

The result is long-term value creation measured by strong earnings and cash flow and an attractive return on capital.

To achieve this goal, we invest in advanced technologies, focus on execution, pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets.

The result is long-term value creation measured by delivering on our commitments to our customers coupled with strong earnings and cash flow and an attractive return on capital.

Over the past decade, we have invested to create, renew or expand our portfolio of products and services across our businesses.

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.

Navy ship and submarine construction plans over the next two decades, development of next-generation platforms and technologies to meet customers’ emerging requirements in Combat Systems, and strategic acquisitions to achieve critical mass and build out a complete spectrum of solutions for our Technologies customers.

We expect to realize an attractive return from these investments in each of our segments, and we will continue to evaluate our capital deployment opportunities to deliver long-term growth and enduring value to our shareholders.

Navy ship and submarine construction over the next two decades, development of next-generation platforms and technologies to meet customers’ emerging requirements in Combat Systems, and both organic development and strategic acquisitions to ensure we can provide a complete spectrum of solutions for our Technologies customers.

We expect to realize an attractive return from these investments in each of our segments, and we will continue to ensure our capital deployment delivers long-term growth and enduring value to our shareholders and our customers.

Following is additional information on each of our operating segments.

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• industry-leading customer support.

We believe the key to long-term value creation in the business jet industry is steady investment in new aircraft models and technologies and in customer service capabilities.

Since acquiring Gulfstream more than 20 years ago, we have made significant investments in research and development (R&D), state-of-the-art manufacturing facilities, and maintenance and support through a combination of product development efforts, capital expansion and Jet Aviation’s global support network.

We are also the industry leader in the use of sustainable aviation fuel (SAF) and energy efficient engines.

We believe the key to long-term value creation in the business jet industry is steady development and release of new aircraft models and technologies and in customer service capabilities.

Since acquiring Gulfstream more than 25 years ago, we have made significant investments in research and development (R&D), state-of-the-art manufacturing facilities, and our global maintenance and support network.

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.

The Gulfstream family of aircraft offer industry-leading cabin, cockpit and safety technologies and the longest ranges at the fastest speeds in their respective classes.

The Gulfstream family of aircraft offers industry-leading cabin, cockpit and safety technologies and the longest ranges at the fastest speeds in their respective classes.

The following represents Gulfstream’s current product line, along with the maximum range, maximum speed, cabin length (excluding baggage), and total number of city-pair speed records held for each aircraft:

Gulfstream’s in-service aircraft hold 405 city-pair speed records, more than any other business jet manufacturer, including the National Aeronautic Association’s polar and westbound around-the-world speed records.

The most recent addition to the in-service Gulfstream fleet is the ultra-long-range, ultra-large-cabin G700, which entered service following U.S.

Federal Aviation Administration (FAA) certification in March 2024.

It combines our most spacious cabin with our advanced Symmetry Flight Deck, the industry’s most technologically advanced flight deck, and the superior high-speed performance of all-new engines to create best-in-class capabilities.

In 2021, we introduced two new aircraft, the ultra-long-range, ultra-large-cabin G800 and the large-cabin G400, completing a nearly two decade effort to develop an all new family of Gulfstream aircraft.

Both aircraft feature our industry-leading high-speed range and efficiency, safety enhancements, and our advanced Symmetry Flight Deck.

The G800 is Gulfstream’s longest-range aircraft, with an 8,000 nautical mile range at Mach 0.85.

The G800 replaces the G650 and G650ER, which currently operate in 55 countries with more than 580 aircraft of this family in service.

The G400 is a clean-sheet (i.e., all new) design developed in concert with the G500 and G600, thus expanding the commonality across the Gulfstream family of aircraft.

The G400 will join a market segment in which Gulfstream has not participated for several decades.

Both aircraft will enter service following FAA certification.

Gulfstream’s in-service aircraft hold more than 350 city-pair speed records, more than any other business jet manufacturer, including the National Aeronautic Association’s polar and westbound around-the-world speed records.

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.

The G800 is Gulfstream’s longest-range aircraft, offering an 8,200-nautical-

mile range at Mach 0.85.

It replaces the G650 and G650ER, which currently operate in 55 countries with more than 595 aircraft of this family in service.

The G800 features Gulfstream’s Symmetry Flight Deck—the industry’s most technologically advanced flight deck—industry-leading high-speed efficiency, and enhanced safety capabilities.

The ultra-long-range, ultra-large-cabin G700 entered service in 2024.

It combines Gulfstream’s most spacious cabin with the advanced Symmetry Flight Deck, and the superior high-speed performance of all-new engines to deliver best-in-class capabilities.

The G500 and G600 entered service in 2018 and 2019, respectively.

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Our investment in the development of these aircraft included a new wing, new avionics, new fuselage and new ergonomically designed larger interiors, as well as systems and technologies to improve the manufacturing process and quality of the aircraft.

As a result, the G500 and G600 are faster, more fuel efficient, and have greater cabin volume, reduced emissions, more range and improved flight controls compared with the aircraft they replaced.

At year-end 2024, cumulative deliveries of the G500 and G600 aircraft totaled more than 300.

Our disciplined and consistent approach to new product development has allowed us to introduce repeatedly first-to-market capabilities that set industry standards for safety, performance, quality, speed and comfort.

As a result, the G500 and G600 are best in class in terms of speed, fuel efficiency, cabin volume, emissions, range and flight controls.

Gulfstream is currently developing the large-cabin G400 from a clean-sheet design developed in concert with the G500 and G600, expanding commonality across the Gulfstream family.

The G400 will join a market segment in which Gulfstream has not participated for several decades, and completes a nearly two-decade effort to develop an all-new family of Gulfstream aircraft.

In the second half of 2025, we announced the all new, super midsize G300 as the latest aircraft to join our next-generation fleet.

The aircraft will replace the G280 and feature signature Gulfstream Panoramic Windows as well as an all-new Harmony Flight Deck, which includes next-generation avionics to enhance safety and operational efficiency.

Our disciplined and consistent approach to new product development has allowed us to repeatedly introduce first-to-market capabilities that set industry standards for safety, performance, quality, speed and comfort.

Product enhancement and development efforts include initiatives in advanced avionics, composites, flight-control and vision systems, acoustics, and cabin technologies.

Gulfstream designs, develops and manufactures aircraft in Savannah, Georgia, including all large-cabin models.

The mid-cabin G280 is assembled by a non-U.S.

The midsize aircraft are assembled by a non-U.S.

All models are outfitted in Gulfstream’s and Jet Aviation’s facilities.

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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.

We offer comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world and operate an extensive network of factory-owned service centers.

We continue to invest in these maintenance, repair and overhaul (MRO) facilities and inventory to accommodate fleet growth.

We offer comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world and operate an extensive network of service centers.

We continue to invest in maintenance, repair and overhaul (MRO) facilities, technologies to enhance service, and inventory to accommodate fleet growth.

We also operate a 24/7 year-round customer support center and offer on-call Gulfstream aircraft technicians ready to deploy around the world for customer service requirements under our Field and Airborne Support Team (FAST) rapid-response unit.

In addition to expanding the reach of Gulfstream’s aircraft maintenance network outside the United States, Jet Aviation provides a comprehensive suite of innovative aircraft services for aircraft owners and operators around the world.

With approximately 50 locations throughout North America, Europe, the Middle East and the Asia-Pacific region, our offerings include maintenance, completion, aircraft management, charter, staffing and fixed-base operator (FBO) services.

Jet Aviation manages approximately 310 business aircraft globally on behalf of individuals and corporate owners.

We operate a leading global FBO network of 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.

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

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.

We also operate one of the world’s largest custom completion and refurbishment centers for both narrow- and wide-body aircraft and perform modifications, upgrades and lifecycle sustainment support for various government fleets.

We continue to grow our global footprint through acquisitions, expansions and significant renovations in strategic business aviation markets most

frequented by these customers.

In 2024, we acquired FBO operations in Milwaukee, Wisconsin, and broke ground on a new facility in Miami, Florida, at Opa Locka Executive Airport, expanding options in the Upper Midwest and on the East Coast for customers based in and traveling across these regions.

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.

This acquisition expands our global FBO network and our capabilities to meet customer needs.

We also launched initial operations at our new FBO at Miami Opa Locka Executive Airport in Florida.

The facility is expected to be fully operational in mid-2026.

The following map displays the broad reach of our combined Gulfstream and Jet Aviation services network, including authorized service centers:

The Aerospace segment places a priority on sustainability throughout its manufacturing and service operations, producing aircraft that maximize fuel efficiency while offering customers options to reduce or eliminate their carbon footprints.

Gulfstream and Jet Aviation have been at the forefront of the industry by adopting and expanding the availability of 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’s service and test aircraft have flown more than two million nautical miles on SAF since 2016, and in 2019, Gulfstream became the first business jet manufacturer to make SAF available to customers.

In November 2023, Gulfstream conducted the world’s first transatlantic flight using 100% SAF.

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.

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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 unprecedented growth expected in our shipbuilding business, particularly submarines, over the next two decades.

The resulting increase in capacity and capabilities will support the significant demand expected in our shipbuilding business, particularly submarines, over the next two decades.

Electric Boat is the prime contractor and lead shipyard on all Navy nuclear-powered submarine programs.

The business is responsible for all aspects of design and engineering and leads the construction of both Columbia-class ballistic-missile submarines and Virginia-class attack submarines.

The Columbia-class ballistic-missile submarine is a 12-boat program that the Navy considers its top acquisition priority.

The Columbia-class ballistic-missile submarine is a 12-boat program considered one of the nation’s top acquisition priorities.

Accordingly, the program has received the highest possible rating from the government’s Defense Priorities and Allocations System.

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Along with an industry partner, we are currently working on Blocks IV and V in the program, with 14 Virginia-class submarines in our backlog scheduled for delivery through 2034.

Ten of the planned boats in Block V will include the Virginia Payload Module, an 84-foot Electric Boat-designed-and-built hull section that adds four additional payload tubes, more than tripling the strike capacity of these submarines and providing unique capabilities to support special missions.

We have invested significant capital over the past several years in expanded and modernized facilities at Electric Boat to support the growth in submarine construction, and will work with our Navy customer on any additional construction needs that could develop in light of increased submarine demand.

Equal to the commitment of capital is our commitment to developing our Electric Boat workforce.

While the steepest portion of our personnel ramp is behind us, we still 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 continue to invest in the training and tools necessary for our skilled employees to deliver these next-generation submarines to the Navy.

We continue to work with our growing network of approximately 3,000 suppliers to support the growth related to concurrent production of the two submarine programs.

Bath Iron Works builds the Arleigh Burke-class (DDG-51) guided-missile destroyer and manages modernization and lifecycle support for all Navy destroyers.

In 2023, we were awarded a contract from

the Navy for construction of three Flight III DDG-51 destroyers.

We have a total of 11 ships in backlog scheduled for delivery through 2032.

Ten of the boats in Block V will include the Virginia Payload Module, an 84-foot Electric Boat-designed-and-built hull section that adds four additional payload tubes, more than tripling the strike capacity of these submarines and providing unique capabilities to support special missions.

We have invested significant capital over the past several years in expanded and modernized facilities at Electric Boat to support the growth in submarine construction and are working with our Navy customer on additional capacity to meet the increased demand for submarines.

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.

We continue to develop and work with our growing network of approximately 3,000 suppliers to support the growth related to concurrent production of the two submarine programs.

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.

The DDG-51 class has maintained relevance with a series of upgrades and enhanced capabilities up to the current “Flight III” configuration.

In 2025, we were competitively awarded construction of an additional DDG-51 destroyer (DDG-148), bringing our total backlog to 11 ships with scheduled deliveries through 2032.

BIW is also a part of the core team working with the Navy to design the surface combatant of the future.

BIW also manages modernization and lifecycle support for both Arleigh Burke-class and Zumwalt-class (DDG-1000) destroyers.

Within these programs, BIW provides engineering and logistics solutions to upgrade earlier versions of the DDG-51 to Flight III configuration, and to add Conventional Prompt Strike hypersonic missile strike capability to the DDG-1000.

NASSCO specializes in Navy auxiliary and support ships and is currently building the Expeditionary Sea Base (ESB), which serves as an afloat forward-staging base for U.S.

Marines and special operations forces, and the John Lewis-class (T-AO-205) fleet replenishment oiler.

Work on the final ESB in backlog will continue into 2026, while the six T-AO-205 ships currently in backlog have deliveries planned into 2028 .

In 2024, NASSCO received an award for the tenth ship of this class with options to build up to seven additional T-AO-205 ships.

NASSCO has also designed and built crude oil and product tankers and container and cargo ships for commercial customers, satisfying Jones Act requirements that ships carrying cargo between U.S.

ports be built in U.S.

Work on the final ESB in backlog will complete in 2026, while the seven T-AO-205 ships currently in backlog have deliveries planned into 2030.

In 2025, NASSCO received an award for the eleventh and twelfth T-AO-205 ships.

In addition to these projects, NASSCO has been awarded a contract to provide a preliminary design for the Navy’s Submarine Tender replacement program (AS(X)).

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.

In 2025, NASSCO, along with DSEC, signed a tri-party memorandum of agreement with Samsung Heavy Industries, one of the world’s leading shipbuilders, to explore future commercial and government opportunities.

On December 31, 2025, backlog for our major ship construction programs and the scheduled final delivery date of ships currently in backlog were as follows:

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COMBAT SYSTEMS

Our Combat Systems segment is a premier manufacturer and integrator of land combat solutions worldwide, including wheeled and tracked combat vehicles, weapons systems and munitions.

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).

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, performance and lethality on the battlefield.

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.

Our large installed base of wheeled and tracked vehicles around the world and expertise gained from research, engineering and production programs position us well for modernization programs, support and sustainment services, and future development programs.

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.

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.

Both of these platforms are core components of the multi-domain, joint war fight in practice today and envisioned on the battlefield of the future.

We continue to maximize the capability, effectiveness and lethality of the Abrams tank to overmatch all current and potential threats.

Both platforms are core components of the multi-domain, joint war fight in practice today and envisioned on the battlefield of the future.

We continue to maximize the capability, effectiveness and lethality of the Abrams tank.

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.

The Stryker is an eight-wheeled, medium-weight combat vehicle that combines lethality, mobility and survivability.

Land Systems continues to develop upgrades and enhancements to this highly versatile and combat-proven platform to address the Army’s evolving operational needs.

We are currently fielding a Stryker platform that includes enhanced survivability, increased power, improved cross-country mobility and an advanced digital, in-vehicle network.

We have completed fielding these vehicles for four of the current eight Army brigades, as well as for the Army’s Ranger Regiment.

In addition, coordination continues with the Army for next-generation upgrades to the platform and new uses for the vehicle.

We continue to expand the mission capabilities of this platform, including an air defense mission package (Sergeant Stout, formerly known as M-SHORAD), a state-of-the-art electronic warfare suite, a high-energy laser, a high-power microwave and several command post options.

We are in low-rate initial production (LRIP) of the Army’s M10 Booker combat vehicle — the first newly developed Army ground combat vehicle to transition from prototype to production in 45 years.

The M10 Booker will enhance the capability and lethality of Infantry Brigade Combat Teams in combat

The highly lethal, survivable and mobile direct-fire combat vehicle melds recently developed and battle-tested designs to dominate ground threats on the multi-domain battlefield.

Our most recently delivered innovations to this highly versatile platform include enhanced survivability, increased power, improved cross-country mobility and an advanced digital, in-vehicle network.

With Stryker’s enabling capabilities, we continue to explore disruptive technologies with the Army for new uses of the vehicle.

These include an air defense mission package, as found on the Sergeant Stout, a state-of-the-art electronic warfare suite, a high-energy laser, a high-power microwave and several Army command post options.

Our work on new ground combat vehicles is ongoing with two additional transformational vehicles in development.

The XM30 program is a mechanized infantry combat vehicle program for the Army that will replace the M2 Bradley Infantry Fighting Vehicle.

This optionally manned platform maneuvers soldiers to a point of positional advantage in close combat and delivers decisive lethality during combined arms engagements.

The program is currently a Middle Tier Acquisition Rapid Prototyping with eight initial prototypes being delivered in 2026.

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.

The initial program includes three prototype variants:

the Command, Control, Communications and Computers/Unmanned Aircraft Systems (C4/UAS), the ARV-30 with a 30mm auto cannon, and a Logistics variant.

Three additional variants are planned over the program life.

This program is expected to move to the engineering and manufacturing development phase in 2026 and reflects the evolution of the Marine Corps light armored vehicle (LAV) platform.

Combat Systems provides similar capabilities for U.S.

allies and partners through export opportunities and through our operations in several countries around the world, including Canada, the United Kingdom, Spain, Switzerland, Austria, Germany and Romania.

As a result, we have a market-leading position in light armored vehicles (LAVs) with more than 12,000 of the high-mobility, versatile Pandur, Piranha and other LAVs in service worldwide.

Land Systems is producing 449 new LAVs for the Canadian army in eight variants, including ambulances, command posts, maintenance and recovery vehicles, and troop-carrying vehicles, as well as upgrading Canada’s existing fleet.

In addition, Land Systems is producing 66 additional LAVs on the Light Armoured Vehicle Reconnaissance Surveillance System (LRSS) program that are equipped with state of the art surveillance suites.

Land Systems is also producing the British Army’s Ajax armored fighting vehicle, a next-generation, medium-weight tracked combat vehicle.

With six variants, including a reconnaissance vehicle, an armored personnel carrier and various support platforms, the Ajax family of vehicles offers advanced electronic architecture and proven technology for a balance of survivability, lethality and mobility, along with high reliability for a vehicle in its weight class.

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.

As a result, we have a market-leading position in LAVs with more than 12,000 of the high-mobility, versatile Pandur, Piranha and other LAVs in service worldwide.

Land Systems is producing 515 new LAVs for the Canadian army in nine variants, including ambulances, command posts, maintenance and recovery vehicles, and troop-carrying vehicles, as well as upgrading Canada’s existing fleet.

Land Systems is also producing the British Army’s Ajax armored fighting vehicle, a next-generation, medium-weight tracked combat vehicle, the first fully digitized ground combat vehicle in the U.K.

Armed Forces.

With 589 vehicles comprising six variants, including a reconnaissance vehicle, an armored personnel carrier and various support platforms, the Ajax family of vehicles offers advanced electronic architecture and proven technology for a balance of survivability, lethality and mobility, along with high reliability for a vehicle in its weight class.

ELS is producing and upgrading Piranha vehicles, a premier 8x8 armored combat vehicle, around the world.

We are currently providing Piranha 5 vehicles for several countries, including Denmark, Romania and Spain.

We are currently providing the Piranha 5 family of vehicles for several countries, including Germany, Romania, Spain and Denmark.

The Piranha family of vehicles is expanding through the addition of new versions including the Piranha 6x6 and Piranha 10x10.

ELS is producing Luchs 2 reconnaissance vehicles for Germany based on the Piranha 6x6 platform and the Heavy Mission Carrier (HMC) self-propelled howitzer based on the 10x10 variant for Switzerland.

Additionally, we provide mobile bridge systems with payloads ranging from 100 kilograms to 100 tons to customers worldwide.

We offer the ASCOD, a highly versatile tracked combat vehicle with multiple versions, including the Spanish Pizarro and the Austrian Ulan.

ELS also offers Duro and Eagle tactical vehicles in a range of options and weight classes and is currently producing these vehicles for Luxembourg, Switzerland and Germany, while providing a full range of product support for the German armed forces.

We are expanding our platform capabilities through continued investment in robotic and autonomous vehicle technology.

We have developed semi-autonomous robotic platforms that can be equipped with an array of modular mission payloads for use alongside dismounted soldiers.

The Army’s first robotic vehicle program of record, the Small Multipurpose Equipment Transport (S-MET), is based on a Land Systems-developed autonomous vehicle.

Additionally, we have developed the Tracked Robot 10-ton (TRX) prototype, a medium-sized, semi-autonomous combat vehicle that enables critical battlefield roles, such as direct and indirect fire, autonomous resupply, reconnaissance and other battlefield missions.

We offer the ASCOD, a highly versatile tracked combat vehicle with multiple versions, including the Spanish Pizarro, Austrian Ulan and Latvian ASCOD Hunter.

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.

On December 31, 2025, the installed base for our major vehicle programs, as well as the quantity and scheduled final delivery date of vehicles and vehicle upgrades in backlog were as follows:

Complementing these military-vehicle offerings, OTS designs, develops and produces a comprehensive array of sophisticated weapon systems and munitions.

OTS produces next-generation weapon and defense systems for shipboard, aircraft and ground applications, including high-speed Gatling guns for all U.S.

fighter aircraft, and combat vehicle active protection systems.

OTS’s munitions portfolio covers the full breadth of naval, air and ground forces applications across all calibers and weapon platforms for the U.S.

government and its non-U.S.

Globally, we maintain a market-leading position in the supply of Hydra-70 rockets, large-caliber tank ammunition, medium-caliber ammunition, military propellants, mortar and a 155mm artillery suite of ammunition.

OTS is expanding its existing metal parts production capacity from 36,000 to 86,000 rounds per month in 2025 and its existing propellant capacity from 5 million to 16 million pounds per year by 2028 while establishing capacity for 155mm load, assemble, and pack (LAP) of 50,000 rounds per month in 2025.

The OTS facilities and production expansion supports the Army’s effort to accelerate artillery production.

In addition, OTS entered into a strategic teaming agreement in 2024 for the production of solid rocket motors that will improve resiliency in the domestic supply chain.

OTS is the systems integrator for the next generation of artillery solutions in support of the Army’s Indirect Fire Modernization objectives.

Additionally, OTS maintains a leading position providing missile subsystems in support of U.S.

tactical and strategic missiles, provisioning both legacy and next-

generation missiles with critical aerostructures, control actuators, high-performance warheads, and cutting-edge hypersonic rocket cases.

Complementing our military-vehicle portfolio, OTS is a leading provider of capabilities across munitions, weapon systems, artillery, and energetics, with over 25 locations across the United States and Canada.

Backed by decades of technical expertise and operational excellence, our broad footprint enables us to deliver capabilities at scale with efficiency and reliability.

The breadth and depth of our portfolio allow us to support air, land, and sea domains with solutions that enhance lethality, readiness, and operational advantage for U.S.

and allied forces.

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.

We deliver world-class propellants for both direct- and indirect-fire munitions, and as the global leader in extruded propellant manufacturing and the world’s largest producer of the trusted Ball Powder propellant, we power a wide array of U.S.

and allied military platforms.

As a major component supplier for both tactical and strategic missile platforms, OTS offers concept-to-hardware capability to enhance precision lethality.

We design, develop, and manufacture advanced subsystems including control actuators, high-performance warheads, rocket motor cases, solid rocket motors, and launch pod containers, ensuring superior performance across missile platforms.

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.

Revenue for the Combat Systems segment was 17% of our consolidated revenue in 2025, 19% in 2024 and 20% in 2023.

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Military vehicles $ 4,970 $ 5,101 $ 5,036

Weapons systems, armament and munitions 2,932 2,442 2,024

Weapon systems and munitions 3,104 2,932 2,442

Engineering and other services 1,172 964 790

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The segment is organized into two business units — Information Technology (GDIT) and Mission Systems — with a diverse portfolio that includes:

• consulting, technology solutions and mission-support services;

• technology solutions and mission-support services and solutions;

• mobile communication, computers, command-and-control and cyber (C5) mission systems;

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Over the past decade, the U.S.

Department of Defense (DoD), the intelligence community and federal civilian agencies have increasingly prioritized technology solutions as a critical element of their missions, transforming technology resources from back-office support functions to a strategic priority.

Expanded cyber threats and the demand for advanced warfighter connectivity have accelerated these trends, adding urgency to required technology investments.

The result is a significant increase in federal information technology (IT) modernization and technology spending in recent years and a shift to large-scale, end-to-end, highly engineered solutions to meet the ever-changing information-systems and mission-support needs of these customers.

GDIT and Mission Systems share a common defense, intelligence and federal civilian customer base and increasingly go to market together.

In addition, with the convergence of digital technologies, the two businesses benefit from significant complementary offerings and solution sets.

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.

GDIT and Mission Systems share a common defense, intelligence and federal civilian customer base and, when appropriate, go to market together.

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.

GDIT provides digital consulting services, modernizes large-scale IT enterprises, and deploys the latest technologies to optimize and protect customer networks, data and information.

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 next-generation wireless communications.

In 2024, GDIT acquired Iron EagleX, Inc., further expanding its portfolio of mission solutions in AI/ML, cyber, software development and cloud services.

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 integration of advanced technologies to meet unique mission needs.

Mission Systems is a defense electronics manufacturer and integrator for C5ISR applications in all domains.

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.

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

integration of advanced technologies to meet unique mission needs.

With technology evolving at an unprecedented pace, GDIT operates a national network of technology innovation labs that enable rapid development, testing and fielding of prototypes alongside commercial technology partners.

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.

The business’ portfolio includes both prime contract programs with government customers as well as subcontract positions with large platform providers to develop and integrate technologies to make their systems smarter and more secure.

The business’s portfolio includes both prime contract programs with government customers as well as subcontract positions with large platform providers to develop and integrate technologies to make their systems smarter and more secure.

The Technologies segment leverages its scale, partnerships and deep knowledge of its customers’ missions and challenges to bring innovation to those customers across a portfolio of thousands of contracts.

While no individual contract is material to the segment’s results, the following highlights provide a sampling of the value of this business.

While no individual contract is material to the segment’s results, the following highlights provide a sampling of the capabilities this business delivers.

In the defense market, GDIT is modernizing the U.S.

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HIGLAS is a single, integrated accounting system that standardizes and centralizes federal financial accounting for all of CMS’s programs.

The HIGLAS system processes approximately 4.5 million Medicare claims daily and over $1.6 trillion in annual payments.

In modernizing the HIGLAS system, GDIT will leverage its AI/ML capabilities to analyze trends and patterns to determine potential anomalies in the data and detect fraud, waste and abuse.

The HIGLAS system processes approximately 4.5 million Medicare transactions daily and over $1.7 trillion in annual payments.

In modernizing the HIGLAS system, GDIT is leveraging its AI/ML capabilities to analyze trends and patterns to determine potential anomalies in the data and detect fraud, waste and abuse.

Under the User Facing and Data Center Services (UDS) contract for the National Geospatial-Intelligence Agency (NGA), GDIT is providing hybrid cloud services, and innovative IT design, engineering, implementation and operations support services.

We are supporting NGA in the development of their new headquarters in St.

Louis, Missouri, and are committed to supporting the St.

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.

As an example, in our DeepSky lab, teams can test new capabilities and collaborate with technology and industry partners to prototype new solutions.

Mission Systems develops and manufactures high-assurance encryption products that are widely deployed to protect national security systems, data and networks against persistent threats.

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Army customer to adapt elements of advanced resilient radio frequency (RF) to address battlefield realities such as jamming, spoofing, cyberattacks and lack of ground connectivity.

Given our deep product innovation experience, we were recently selected to build the Next Generation Survival radio for the U.S.

Given our deep product innovation experience, we were selected to build the Next Generation Survival radio for the U.S.

Joint Forces.

For the Canadian Army, we provide the Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system.

Mission Systems continues to help advance our nation’s position in the space domain.

Space Development Agency (SDA) selected Mission Systems to establish the ground operations and integration segment for Tranche 1 and 2 of the National Defense Space Architecture by building ground entry points and operations centers, as well as providing network operations and systems integration services for the SDA’s next tranche of proliferated low-Earth orbit satellites.

Mission Systems continues to advance our nation’s position in the space domain.

Space Development Agency (SDA) selected Mission Systems to establish the ground operations and integration segment for Tranches 1 and 2 of the National Defense Space Architecture by building ground entry points and operations centers, as well as providing network operations and systems integration services for the SDA’s proliferated Low Earth Orbit satellites.

In addition, we provide critical subsystems for data processing and security of space assets across multiple space vehicle platforms.

In the maritime domain, we have a more than 60-year legacy of providing critical systems to the Navy’s submarine programs.

These include advanced fire-control and weapon launch systems, tactical control systems, specialized hardware and software solutions for acoustics, cybersecurity, and torpedo guidance, and other core capabilities that are essential for submarine modernization with U.S.

These include advanced fire-control and weapon-launch systems;

tactical control systems;

specialized hardware and software solutions for acoustics, cybersecurity and torpedo guidance;

and other core capabilities that are essential for submarine modernization for U.S.

and allied forces.

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commercial customers.

Our primary customer is the DoD.

Our primary customer is the DoW.

We also contract with other U.S.

government customers, including the intelligence community and the Departments of Homeland Security and Health and Human Services.

government customers, including the intelligence community and other departments and agencies.

Our revenue from the U.S.

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Year Ended December 31 2025 2024 2023

DoD $ 27,191 $ 24,720 $ 22,250

Non-DoD 4,810 4,711 4,808

DoW $ 29,788 $ 27,191 $ 24,720

Non-DoW 4,954 4,810 4,711

Foreign military sales (FMS)* 1,015 1,063 896

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cost-reimbursement contracts accounted for 44% in 2025, 43% in 2024 and 41% in 2023;

and time-and-materials contracts accounted for 6% in 2024, 2023 and 2022.

and time-and-materials contracts accounted for 5% in 2025, and 6% in 2024 and 2023.

For information on the advantages and disadvantages of each of these contract types, see Note B to the Consolidated Financial Statements in Item 8.

commercial revenue was $6.7 billion in 2024, $5.8 billion in 2023 and $5.7 billion in 2022, which represented 14%, 14% and 15% of our consolidated revenue in each of the respective years.

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.

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.

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Competitions for major defense and other government contracting programs often require companies to form teams to bring together a spectrum of capabilities to meet the customer’s requirements.

Opportunities associated with these programs include roles as the program’s integrator, overseeing and coordinating the efforts of all participants on a team, or as a provider of a specific component or subsystem.

Opportunities associated with these programs include roles overseeing and coordinating the efforts of all participants on a team, or as a provider of a specific component or subsystem.

BUSINESS JET AIRCRAFT MARKET COMPETITION

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INTELLECTUAL PROPERTY

We develop technology, manufacturing processes and systems-integration practices.

We develop specific technology, manufacturing processes and systems-integration intellectual property.

In addition to owning a large portfolio of proprietary intellectual property, we license some intellectual property rights to and from others.

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We recognize that our success as a company depends on our ability to attract, develop and retain qualified people.

Our commitment to promoting diversity of thought, experience, perspectives, backgrounds and capabilities to drive innovation strengthens the solutions we deliver to our customers.

General Dynamics works hard to promote an environment that values and supports all employees.

We proudly support a work environment that respects diverse opinions, values individual skills, celebrates unique experiences and cultivates teamwork.

These efforts are a demonstration of our dedication to equal employment opportunities that foster and support a principled, productive and inclusive work environment.

General Dynamics works hard to promote an environment where employees feel respected and empowered to contribute effectively.

We are dedicated to workplaces that foster and support a principled, fair and productive environment.

We stand for basic universal human rights, including that employment must be voluntary.

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Our training and development efforts focus on ensuring that our people are appropriately trained on critical job skills as well as on leadership behaviors that are consistent with our Ethos.

We conduct rigorous succession planning exercises to ensure that key positions have the appropriate level of

bench strength to provide for future key positions and leadership transitions.

We conduct rigorous succession planning exercises to ensure that key positions have the appropriate level of bench strength to provide for future key positions and leadership transitions.

We listen to our people to assess areas of concern and levels of engagement.

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• Our global workforce is 77% male and 23% female, and our senior leadership teams across the business are represented by 76% males and 24% females.

During 2024, we hired more than 23,800 individuals of which 74% were male and 26% were female.

For our approximately 19,400 U.S.-based hires in 2024, 58% were white and 42% were people of color.

During 2025, we hired more than 18,700 individuals.

RAW MATERIALS AND SUPPLIERS

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Also, individual agencies can have acquisition regulations that provide implementing language for the FAR or that supplement the FAR.

For example, the DoD implements the FAR through the Defense Federal Acquisition Regulation Supplement (DFARS).

For example, the DoW implements the FAR through the Defense Federal Acquisition Regulation Supplement (DFARS).

For all federal government entities, the FAR regulates the phases of any product or service acquisition, including:

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In addition, the FAR addresses the allowability of our costs, while the CAS addresses the allocation of those costs to contracts.

The FAR and CAS subject us to audits and other government reviews

covering issues such as cost, performance, internal controls and accounting practices relating to our contracts.

The FAR and CAS subject us to audits and other government reviews covering issues such as cost, performance, internal controls and accounting practices relating to our contracts.

operations are subject to the applicable government regulations and procurement policies and practices, as well as U.S.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business