GENERAL DYNAMICS CORP, 10-K filed on 1/30/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Jun. 29, 2025
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Current Fiscal Year End Date --12-31  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 1-3671  
Entity Registrant Name GENERAL DYNAMICS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-1673581  
Entity Address, Address Line One 11011 Sunset Hills Road  
Entity Address, City or Town Reston,  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code (703)  
Local Phone Number 876-3000  
Title of 12(b) Security Common Stock  
Trading Symbol GD  
Security Exchange Name NYSE  
Entity Well-known Seasoned Issuer Yes  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag true  
Document Financial Statement Error Correction Flag false  
Entity Shell Company false  
Entity Public Float   $ 69,581,612,877
Entity Common Stock, Shares Outstanding 270,389,759  
Documents Incorporated by Reference Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year.  
Entity Central Index Key 0000040533  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus FY  
Amendment Flag false  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location McLean, VA
Auditor Firm ID 185
v3.25.4
Consolidated Statement of Earnings - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Revenue $ 52,550 $ 47,716 $ 42,272
Operating costs and expenses:      
General and administrative (G&A) (2,595) (2,568) (2,427)
Operating costs and expenses, Total (47,194) (42,920) (38,027)
Operating earnings 5,356 4,796 4,245
Other, net 61 68 82
Interest, net (314) (324) (343)
Earnings before income tax 5,103 4,540 3,984
Provision for income tax, net (893) (758) (669)
Net earnings $ 4,210 $ 3,782 $ 3,315
Earnings per share      
Basic (in dollars per share) $ 15.65 $ 13.81 $ 12.14
Diluted (in dollars per share) $ 15.45 $ 13.63 $ 12.02
Products      
Revenue:      
Revenue $ 33,021 $ 28,635 $ 24,595
Operating costs and expenses:      
Cost of sales (27,965) (24,332) (20,591)
Services      
Revenue:      
Revenue 19,529 19,081 17,677
Operating costs and expenses:      
Cost of sales $ (16,634) $ (16,020) $ (15,009)
v3.25.4
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net earnings $ 4,210 $ 3,782 $ 3,315
Changes in unrealized cash flow hedges 113 (117) 10
Foreign currency translation adjustments 638 (438) 413
Changes in retirement plans’ funded status 398 208 722
Other comprehensive income (loss), pretax 1,149 (347) 1,145
Provision for income tax, net (114) (12) (152)
Other comprehensive income (loss), net of tax 1,035 (359) 993
Comprehensive income $ 5,245 $ 3,423 $ 4,308
v3.25.4
Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and equivalents $ 2,333 $ 1,697
Accounts receivable 2,406 2,977
Unbilled receivables 8,380 8,248
Inventories 9,232 9,724
Other current assets 1,897 1,740
Total current assets 24,248 24,386
Noncurrent assets:    
Property, plant and equipment, net 7,525 6,467
Intangible assets, net 1,375 1,520
Goodwill 21,009 20,556 [1]
Other assets 3,092 2,951
Total noncurrent assets 33,001 31,494
Total assets 57,249 55,880
Current liabilities:    
Short-term debt and current portion of long-term debt 1,006 1,502
Accounts payable 2,678 3,344
Customer advances and deposits 9,824 9,491
Other current liabilities 3,288 3,487
Total current liabilities 16,796 17,824
Noncurrent liabilities:    
Long-term debt 7,007 7,260
Other liabilities 7,824 8,733
Commitments and contingencies (see Note M)
Total noncurrent liabilities 14,831 15,993
Shareholders’ equity:    
Common stock 482 482
Surplus 4,403 4,062
Retained earnings 44,080 41,487
Treasury stock (22,860) (22,450)
Accumulated other comprehensive loss (483) (1,518)
Total shareholders’ equity 25,622 22,063
Total liabilities and shareholders’ equity $ 57,249 $ 55,880
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
v3.25.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities – continuing operations:      
Net earnings $ 4,210 $ 3,782 $ 3,315
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation of property, plant and equipment 680 644 608
Amortization of intangible and finance lease right-of-use assets 244 242 255
Equity-based compensation expense 196 183 181
Deferred income tax provision (benefit) 256 (86) (177)
(Increase) decrease in assets, net of effects of business acquisitions:      
Accounts receivable 556 16 38
Unbilled receivables (146) (261) 913
Inventories 450 (1,195) (2,219)
Increase (decrease) in liabilities, net of effects of business acquisitions:      
Accounts payable (664) 247 (303)
Customer advances and deposits (4) 343 2,415
Other, net (658) 197 (316)
Net cash provided by operating activities 5,120 4,112 4,710
Cash flows from investing activities:      
Capital expenditures (1,161) (916) (904)
Other, net (123) (37) (37)
Net cash used by investing activities (1,284) (953) (941)
Cash flows from financing activities:      
Dividends paid (1,593) (1,529) (1,428)
Repayment of fixed-rate notes (1,500) (500) (1,250)
Proceeds from fixed-rate notes 747 0 0
Purchases of common stock (637) (1,501) (434)
Other, net (207) 161 18
Net cash used by financing activities (3,190) (3,369) (3,094)
Net cash used by discontinued operations (10) (6) (4)
Net increase (decrease) in cash and equivalents 636 (216) 671
Cash and equivalents at beginning of year 1,697 1,913 1,242
Cash and equivalents at end of year $ 2,333 $ 1,697 $ 1,913
v3.25.4
Consolidated Statement of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Common Stock Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2022 $ 18,568 $ 482 $ 3,556 $ 37,403 $ (20,721) $ (2,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,315     3,315    
Cash dividends declared (1,448)     (1,448)    
Equity-based awards 305   204   101  
Shares purchased (434)       (434)  
Other comprehensive income (loss) 993         993
Ending Balance at Dec. 31, 2023 21,299 482 3,760 39,270 (21,054) (1,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,782     3,782    
Cash dividends declared (1,565)     (1,565)    
Equity-based awards 415   302   113  
Shares purchased (1,509)       (1,509)  
Other comprehensive income (loss) (359)         (359)
Ending Balance at Dec. 31, 2024 22,063 482 4,062 41,487 (22,450) (1,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 4,210     4,210    
Cash dividends declared (1,617)     (1,617)    
Equity-based awards 568   341   227  
Shares purchased (637)       (637)  
Other comprehensive income (loss) 1,035         1,035
Ending Balance at Dec. 31, 2025 $ 25,622 $ 482 $ 4,403 $ 44,080 $ (22,860) $ (483)
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services.
The following is a discussion of certain significant accounting policies, and further discussion is contained in other notes to these financial statements.
Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates.
Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $486 in 2025, $565 in 2024 and $510 in 2023. The decrease in 2025 was due primarily to reduced R&D expenditures after completion of the G800 certification process. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts.
The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred.
Interest, Net. Net interest expense consisted of the following:
Year Ended December 31202520242023
Interest expense$402 $393 $399 
Interest income(88)(69)(56)
Interest expense, net$314 $324 $343 
See Note K for information regarding our debt obligations, including interest rates.
Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive income (loss) in the Consolidated Statement of Comprehensive Income. We had no material trading or held-to-maturity debt securities on December 31, 2025 or 2024. We record equity method investments initially at cost, and periodically update the carrying value based on activity associated with our investment.
Acquisitions. In the last three years, we acquired two businesses in our Aerospace segment, two businesses in our Combat Systems segment and two businesses in our Technologies segment. The operating results of these acquisitions have been included in our reported results since their respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill.
Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows.
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of a reporting unit’s fair value is based primarily on the discounted cash flows of the underlying operations.
In the fourth quarter of 2025, we completed qualitative assessments of goodwill for each of our reporting units. Our Aerospace, Marine Systems and Combat Systems reporting units’ estimated fair values significantly exceeded their respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25% at the time of our last quantitative assessment in the fourth quarter of 2022. Our qualitative assessments this year did not present indicators of impairment.
For a summary of our goodwill by reporting unit, see Note H.
Recent Accounting Pronouncements. In 2025, we adopted Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, using the prospective method of adoption. The ASU modifies our disclosure for income tax expense.
In November 2024, the FASB issued ASU 2024-03, Disaggregation - Income Statement Expenses. The ASU requires disclosure of certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, using the prospective or retrospective methods of adoption, with early adoption permitted. Although we have not determined the method or period of adoption, we expect to disclose additional information as required by the standard. There are other ASUs that have been issued by the FASB but are not yet effective. We do not expect that the adoption of these standards will have a material impact on our results of operations, financial condition or cash flows.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue Recognition [Abstract]  
Revenue REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 75% of our revenue in 2025, 76% in 2024 and 79% in 2023. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue
is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 25% of our revenue in 2025, 24% in 2024 and 21% in 2023. Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On December 31, 2025, we had $118 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 35% of our remaining performance obligations as revenue in 2026, an additional 35% by the end of 2028 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates changed our revenue, operating earnings and diluted earnings per share as follows:
Year Ended December 31202520242023
Revenue$302 $176 $191 
Operating earnings160 56 112 
Diluted earnings per share$0.46 $0.16 $0.32 
While no adjustment on any one contract was material to the Consolidated Financial Statements in 2025, 2024 or 2023, our Marine Systems segment’s 2024 results were affected negatively by supplier quality issues and late supply chain deliveries causing cost growth and schedule delays on the Virginia-class submarine Block IV contract.
We have a large, long-term contract with an international customer for tracked vehicles in which our estimates for contract revenue include variable consideration. It is reasonably possible that the actual amount of variable consideration realized could be less than our estimate, which could have a material unfavorable impact on our results of operations.
Revenue by Category. Our portfolio of products and services consists of more than 8,000 active contracts. The following series of tables presents our revenue disaggregated by several categories.
Revenue by major products and services was as follows:
Year Ended December 31202520242023
Aircraft manufacturing$9,413 $7,811 $5,710 
Aircraft services3,697 3,438 2,911 
Total Aerospace13,110 11,249 8,621 
Nuclear-powered submarines12,608 10,392 8,631 
Surface ships2,932 2,819 2,698 
Repair and other services1,183 1,132 1,132 
Total Marine Systems16,723 14,343 12,461 
Military vehicles4,970 5,101 5,036 
Weapon systems and munitions3,104 2,932 2,442 
Engineering and other services1,172 964 790 
Total Combat Systems9,246 8,997 8,268 
Information technology (IT) services9,057 8,761 8,459 
C5ISR* solutions4,414 4,366 4,463 
Total Technologies13,471 13,127 12,922 
Total revenue$52,550 $47,716 $42,272 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by contract type was as follows:
Year Ended December 31, 2025
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$12,050 $7,995 $8,131 $5,577 $33,753 
Cost-reimbursement— 8,725 1,038 5,910 15,673 
Time-and-materials1,060 3 77 1,984 3,124 
Total revenue$13,110 $16,723 $9,246 $13,471 $52,550 
Year Ended December 31, 2024
Fixed-price$10,250 $6,800 $7,973 $5,376 $30,399 
Cost-reimbursement— 7,542 951 5,749 14,242 
Time-and-materials999 1 73 2,002 3,075 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
Fixed-price$7,645 $6,202 $7,321 $5,646 $26,814 
Cost-reimbursement— 6,258 880 5,457 12,595 
Time-and-materials976 1 67 1,819 2,863 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
Revenue by customer was as follows:
Year Ended December 31, 2025
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of War (DoW)$311 $16,575 $4,966 $7,936 $29,788 
Non-DoW84 3 12 4,855 4,954 
Foreign military sales (FMS)18 136 849 12 1,015 
Total U.S. government413 16,714 5,827 12,803 35,757 
U.S. commercial7,149 4 236 168 7,557 
Non-U.S. government954 5 2,981 465 4,405 
Non-U.S. commercial4,594 — 202 35 4,831 
Total revenue$13,110 $16,723 $9,246 $13,471 $52,550 
Year Ended December 31, 2024
U.S. government:
DoW$253 $14,204 $5,102 $7,632 $27,191 
Non-DoW— 2 8 4,800 4,810 
FMS43 132 857 31 1,063 
Total U.S. government296 14,338 5,967 12,463 33,064 
U.S. commercial6,237 2 258 198 6,695 
Non-U.S. government1,447 3 2,599 422 4,471 
Non-U.S. commercial3,269 — 173 44 3,486 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
U.S. government:
DoW$303 $12,325 $4,580 $7,512 $24,720 
Non-DoW— 3 10 4,698 4,711 
FMS69 129 651 47 896 
Total U.S. government372 12,457 5,241 12,257 30,327 
U.S. commercial5,398 2 233 200 5,833 
Non-U.S. government493 2 2,692 388 3,575 
Non-U.S. commercial2,358 — 102 77 2,537 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized. Changes in the contract asset and
liability balances during the year ended December 31, 2025, were not materially impacted by any other factors.
Revenue recognized in 2025, 2024 and 2023 that was included in the contract liability balance at the beginning of each year was $8 billion, $5.8 billion and $4.2 billion, respectively. This revenue represented primarily the sale of business jet aircraft.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Year Ended December 31202520242023
Basic weighted average shares outstanding269,080 273,858 273,143 
Dilutive effect of stock options and restricted stock/RSUs*3,345 3,627 2,582 
Diluted weighted average shares outstanding272,425 277,485 275,725 
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 922 in 2025, 1,033 in 2024 and 2,961 in 2023.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law. The following is a summary of our net provision for income taxes for continuing operations:
Year Ended December 31202520242023
Current:
U.S. federal$357 $622 $619 
State3 32 27 
Foreign277 190 200 
Total current637 844 846 
Deferred:
U.S. federal282 (90)(131)
State16 (4)7 
Foreign(42)8 (53)
Total deferred256 (86)(177)
Provision for income taxes, net:
U.S. federal639 532 488 
State19 28 34 
Foreign235 198 147 
Provision for income taxes, net$893 $758 $669 
Net income tax payments$568 $560 $1,100 
The reported tax provision differs from the amounts paid because some income and expense items are recognized in different time periods for financial reporting than for income tax purposes. This includes the impact of the requirement, effective January 1, 2022, through December 31, 2024, to capitalize and amortize over five years certain R&D expenditures that were previously deductible immediately for tax purposes. Among other changes, the Budget Reconciliation Act of 2025 (Act) allows for the immediate deduction of domestic research and development expenditures beginning January 1, 2025, and permits the accelerated deduction of amounts capitalized under prior law. We otherwise do not expect the Act to have a material effect on our tax provision.
State and local income taxes allocable to U.S. government contracts are included in operating costs and expenses in the Consolidated Statement of Earnings and, therefore, are not included in the provision above.
The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 prospectively, follows:
Year Ended December 312025
U.S. federal statutory income tax$1,072 21.0%
Tax credits
Research and development tax credit(180)(3.5)
Effects of cross-border tax laws
Foreign-derived intangible income(36)(0.7)
State tax on commercial operations, net of federal benefits15 0.3 
Foreign tax effects38 0.7 
Nontaxable or nondeductible items37 0.7 
Other reconciling items
Equity-based compensation(43)(0.8)
Other, net(10)(0.2)
Effective income tax rate$893 17.5%
The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASC 740 prior to the adoption of ASU 2023-09, follows:
Year Ended December 3120242023
U.S. federal statutory income tax rate21.0%21.0%
Domestic tax credits(3.3)(3.3)
Equity-based compensation(1.0)(0.4)
Foreign-derived intangible income(1.7)(1.6)
State tax on commercial operations, net of federal benefits0.5 0.7 
Global impact of international operations1.0 0.5 
Other, net0.2 (0.1)
Effective income tax rate16.7%16.8%
Cash paid for income taxes (net of refunds) consisted of the following:
Year Ended December 312025
Federal$331 
State4 
Foreign
Canada98 
Saudi Arabia59 
Other76 
Total Foreign233 
Cash paid for income taxes (net of refunds)$568 
Earnings from continuing operations before taxes by foreign and domestic operations follows:
Year Ended December 312025
Domestic$4,199 
Foreign904 
Total$5,103 
Net Deferred Tax Liability. The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
December 3120252024
Research and development expenditures$500 $968 
Lease liabilities412 441 
Tax loss and credit carryforwards384 185 
Salaries and wages215 223 
Workers’ compensation160 153 
Retirement benefits115 251 
Other385 383 
Deferred assets2,171 2,604 
Valuation allowances(158)(169)
Net deferred assets$2,013 $2,435 
Intangible assets$(1,057)$(1,063)
Contract accounting methods(670)(682)
Property, plant and equipment(450)(447)
Lease right-of-use assets(401)(425)
Capital Construction Fund qualified ships(57)(57)
Other(315)(315)
Deferred liabilities$(2,950)$(2,989)
Net deferred tax liability$(937)$(554)
Our deferred tax assets and liabilities are included in other noncurrent assets and liabilities on the Consolidated Balance Sheet. Our net deferred tax liability consisted of the following:
December 3120252024
Deferred tax asset$19 $19 
Deferred tax liability(956)(573)
Net deferred tax liability$(937)$(554)
We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized.
Our deferred tax balance associated with our retirement benefits includes a deferred tax asset of $359 on December 31, 2025, and $446 on December 31, 2024, related to the amounts recorded in accumulated other comprehensive loss (AOCL) to recognize the funded status of our retirement plans. For a reconciliation of the change in funded status of our defined benefit plans in 2025, see Note S.
One of our deferred tax liabilities results from our participation in the Capital Construction Fund (CCF), a program established by the U.S. government and administered by the Maritime Administration that supports the acquisition, construction, reconstruction or operation of U.S. flag merchant marine vessels. The program allows us to defer federal and state income taxes on earnings derived from eligible programs as long as the proceeds are deposited in the fund and withdrawals are used for qualified activities. We had U.S. government accounts receivable pledged (and thereby deposited) to the CCF of $348 and $333 on December 31, 2025 and 2024, respectively.
On December 31, 2025, we had net operating loss carryforwards of $663, substantially all of which are associated with jurisdictions that have an indefinite carryforward period.
Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2024. We are currently in a CAP phase (Bridge Plus) in which the IRS considers certain tax return information in advance to expedite their risk assessment and review of our return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on December 31, 2025, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two
minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
v3.25.4
Accounts Receivable
 12 Months Ended
Dec. 31, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable ACCOUNTS RECEIVABLE
Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Accounts receivable consisted of the following:
December 3120252024
Non-U.S. government$365 $1,299 
U.S. government1,424 1,239 
Commercial617 439 
Total accounts receivable$2,406 $2,977 
Receivables from non-U.S. government customers historically has included amounts related to long-term production programs for the Spanish Ministry of Defence (MoD). A different ministry, the Spanish Ministry of Industry, had funded work on these programs in advance of costs incurred by the company, which we reported in current customer advances and deposits on the Consolidated Balance Sheet. In 2025, we collected $1.1 billion from the MoD and simultaneously repaid the advance from the Ministry of Industry. There were no outstanding receivables from the MoD on December 31, 2025, in contrast to $1 billion on December 31, 2024. With respect to our other receivables, we expect to collect substantially all of the year-end 2025 balance during 2026.
v3.25.4
Unbilled Receivables
 12 Months Ended
Dec. 31, 2025
Contractors [Abstract]  
Unbilled Receivables UNBILLED RECEIVABLES
Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. Unbilled receivables consisted of the following:
December 3120252024
Unbilled revenue$43,059 $40,634 
Advances and progress billings(34,679)(32,386)
Net unbilled receivables$8,380 $8,248 
On December 31, 2025 and 2024, net unbilled receivables included $1.3 billion and $1.2 billion, respectively, associated with a large international tracked vehicle contract in our Combat Systems segment. We expect a significant decline in this balance over the next two years as contract deliveries, including vehicles, occur through early 2028. Other than the balance related to the tracked vehicle contract, we expect to bill substantially all of the remaining year-end 2025 net unbilled receivables balance during 2026, and the amount not expected to be billed in 2026 results primarily from the agreed-upon contractual billing terms.
G&A costs in unbilled revenue on December 31, 2025 and 2024, were $484 and $444, respectively.
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process, and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Inventories consisted of the following:
December 3120252024
Work in process$5,938 $6,279 
Raw materials3,248 3,396 
Finished goods18 26 
Pre-owned aircraft28 23 
Total inventories$9,232 $9,724 
The decrease in total inventories during 2025 was due primarily to Gulfstream aircraft deliveries, which included the G800 that began deliveries in the third quarter of 2025. Customer deposits associated with firm orders for these aircraft are reported in customer advances and deposits and other noncurrent liabilities on the Consolidated Balance Sheet.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill. The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal Goodwill
December 31, 2023 (a)
$3,199 $297 $2,812 $14,278 $20,586 
Acquisitions (b)9 — 39 158 206 
Other (c)(123)— (93)(20)(236)
December 31, 2024 (a)
3,085 297 2,758 14,416 20,556 
Acquisitions (b)20 — 2 92 114 
Other (c)259 — 65 15 339 
December 31, 2025 (a)
$3,364 $297 $2,825 $14,523 $21,009 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Intangible Assets. Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
December 3120252024
Contract and program intangible assets (b)$3,241 $(2,119)$1,122 $3,278 $(1,989)$1,289 
Trade names and trademarks575 (345)230 511 (289)222 
Technology and software77 (54)23 61 (52)9 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,953 $(2,578)$1,375 $3,910 $(2,390)$1,520 
(a)Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for divested intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
We did not recognize any impairments of our intangible assets during the last three years. The amortization lives (in years) of our intangible assets on December 31, 2025, were as follows:
Intangible AssetRange of Amortization Life
Contract and program intangible assets
7-30
Trade names and trademarks30
Technology and software
7-15
Other intangible assets7
Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $174 in 2025, $180 in 2024 and $194 in 2023. We expect to record annual amortization expense over the next five years as follows:
Year Ended December 31Amortization Expense
2026$175 
2027169 
2028147 
2029131 
2030121 
v3.25.4
Property, Plant And Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant And Equipment, Net PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E by major asset class consisted of the following:
December 3120252024
Machinery and equipment$7,383 $7,067 
Buildings and improvements5,763 4,886 
Construction in process1,462 1,173 
Land and improvements522 438 
Total PP&E15,130 13,564 
Accumulated depreciation(7,605)(7,097)
PP&E, net$7,525 $6,467 
We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years. Our government customers provide certain facilities and equipment for our use that are not included above. During 2025, we exercised an option to buy approximately $490 of PP&E that was under lease.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases, Operating LEASES
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 40 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
The components of lease costs were as follows:
Year Ended December 31202520242023
Finance lease cost:
Amortization of ROU assets$70 $62 $61 
Interest on lease liabilities24 21 14 
Operating lease cost331 317 320 
Short-term lease cost74 74 76 
Variable lease cost36 39 34 
Sublease income(17)(16)(17)
Total lease costs, net$518 $497 $488 
Additional information related to leases was as follows:
Year Ended December 31202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$332 $319 $322 
Operating cash flows from finance leases23 20 13 
Financing cash flows from finance leases*556 64 55 
ROU assets obtained in exchange for lease liabilities:
Operating leases250 292 279 
Finance leases*(37)155 240 
*In 2025, financing cash flows from finance leases included approximately $490 for the exercise of options to purchase the underlying assets. This transaction also impacted ROU assets obtained in exchange for lease liabilities.
Additional quantitative lease information was as follows:
December 3120252024
Weighted-average remaining lease term:
Operating leases10.9 years10.8 years
Finance leases15.7 years14.4 years
Weighted-average discount rate:
Operating leases4%4%
Finance leases5%4%
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2025:
Year Ended December 31Operating LeasesFinance Leases
2026$305 $55 
2027265 46 
2028202 39 
2029156 36 
2030108 30 
Thereafter703 328 
Total future lease payments1,739 534 
Less imputed interest355 142 
Present value of future lease payments1,384 392 
Less current portion of lease liabilities260 39 
Long-term lease liabilities$1,124 $353 
ROU assets$1,284 $392 
On December 31, 2024, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$253 $66 
Long-term lease liabilities1,133 462 
ROU assets1,295 501 
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets.
On December 31, 2025, we had additional future payments on leases that had not yet commenced of $25. These leases will commence in 2026 and have lease terms ranging from one to 10 years.
Leases, Financing LEASES
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 40 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
The components of lease costs were as follows:
Year Ended December 31202520242023
Finance lease cost:
Amortization of ROU assets$70 $62 $61 
Interest on lease liabilities24 21 14 
Operating lease cost331 317 320 
Short-term lease cost74 74 76 
Variable lease cost36 39 34 
Sublease income(17)(16)(17)
Total lease costs, net$518 $497 $488 
Additional information related to leases was as follows:
Year Ended December 31202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$332 $319 $322 
Operating cash flows from finance leases23 20 13 
Financing cash flows from finance leases*556 64 55 
ROU assets obtained in exchange for lease liabilities:
Operating leases250 292 279 
Finance leases*(37)155 240 
*In 2025, financing cash flows from finance leases included approximately $490 for the exercise of options to purchase the underlying assets. This transaction also impacted ROU assets obtained in exchange for lease liabilities.
Additional quantitative lease information was as follows:
December 3120252024
Weighted-average remaining lease term:
Operating leases10.9 years10.8 years
Finance leases15.7 years14.4 years
Weighted-average discount rate:
Operating leases4%4%
Finance leases5%4%
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2025:
Year Ended December 31Operating LeasesFinance Leases
2026$305 $55 
2027265 46 
2028202 39 
2029156 36 
2030108 30 
Thereafter703 328 
Total future lease payments1,739 534 
Less imputed interest355 142 
Present value of future lease payments1,384 392 
Less current portion of lease liabilities260 39 
Long-term lease liabilities$1,124 $353 
ROU assets$1,284 $392 
On December 31, 2024, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$253 $66 
Long-term lease liabilities1,133 462 
ROU assets1,295 501 
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets.
On December 31, 2025, we had additional future payments on leases that had not yet commenced of $25. These leases will commence in 2026 and have lease terms ranging from one to 10 years.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
December 3120252024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $750 
May 20253.500%— 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 — 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious74 76 
Total debt principal8,074 8,826 
Less unamortized debt issuance costs and discounts61 64 
Total debt8,013 8,762 
Less current portion1,006 1,502 
Long-term debt$7,007 $7,260 
In March 2025, we repaid fixed-rate notes of $750 with cash on hand and commercial paper issuances. In May 2025, we issued $750 of fixed-rate notes that mature in August 2035. The proceeds were used to repay fixed-rate notes of $750 that matured in May 2025. Interest payments associated with our debt were $376 in 2025, $385 in 2024 and $378 in 2023.
The aggregate amounts of scheduled principal maturities of our debt are as follows:
Year Ended December 31Debt
Principal
2026$1,006 
20271,257 
20281,007 
20297 
20301,007 
Thereafter3,790 
Total debt principal$8,074 
On December 31, 2025, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. In addition, we have a $5 billion committed bank
credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. These credit facilities include a $4 billion facility expiring March 2027 and a $1 billion 364-day facility that we established in early April 2025. We may renew or replace this credit facility in whole or in part at or prior to its expiration date. We also have an effective shelf registration on file with the Securities and Exchange Commission (SEC) that allows us to access the debt markets.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on December 31, 2025.
v3.25.4
Other Liabilities
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities OTHER LIABILITIES
A summary of significant other liabilities by balance sheet caption follows:
December 3120252024
Salaries and wages$1,125 $1,325 
Dividends payable407 390 
Lease liabilities299 319 
Workers’ compensation236 244 
Other1,221 1,209 
Total other current liabilities$3,288 $3,487 
Customer deposits on commercial contracts$2,649 $2,996 
Lease liabilities1,477 1,595 
Retirement benefits1,134 2,024 
Other2,564 2,118 
Total other liabilities$7,824 $8,733 
v3.25.4
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
Litigation
On October 6, 2023, a putative class action lawsuit was filed in the United States District Court for the Eastern District of Virginia against General Dynamics Corporation, certain of its subsidiaries and various other companies alleging that they conspired, in violation of the Sherman Act, not to solicit naval architects and marine engineers from each other. The named plaintiffs purport to represent a class of individuals consisting of all naval architects and marine engineers employed by the shipyard and consultancy defendants, their predecessors, their subsidiaries and/or their related entities in the United States at any time since January 1, 2000. The plaintiffs allege that the conspiracy suppressed compensation paid to the putative class members, and the plaintiffs seek trebled monetary damages, attorneys’ fees, injunctive and other equitable relief. On May 9, 2025, the U.S. Court of Appeals for the Fourth Circuit reversed an earlier decision of the District Court dismissing the plaintiffs’ complaint and remanded the case for further proceedings. On September 11, 2025, the defendants filed a petition for a writ of certiorari with the U.S. Supreme Court. Given the current status of this matter, we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount or range of reasonably possible loss. Depending on the outcome of this matter, there could be a material impact on our results of operations, financial condition and cash flows.
Additionally, various other claims and legal proceedings incidental to the normal course of business are pending or threatened against us. These other matters relate to such issues as government
investigations and claims, the protection of the environment, asbestos-related claims and employee-related matters. The nature of litigation is such that we cannot predict the outcome of these other matters. However, based on information currently available, we believe any potential liabilities in these other proceedings, individually or in the aggregate, will not have a material impact on our results of operations, financial condition or cash flows.
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $2.4 billion on December 31, 2025. In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the
customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction. As of December 31, 2025, the estimated change in fair market values from the date of the commitments was not material.
Labor Agreements. On December 31, 2025, approximately one-fifth of the employees of our subsidiaries were working under collectively bargained terms and conditions, including 64 collective agreements that we have negotiated directly with unions and works councils. A number of these agreements expire within any given year. Historically, we have been successful at renegotiating these labor agreements without any material disruption of operating activities. In 2026, we expect to negotiate the terms of 25 agreements covering approximately 9,300 employees. We do not expect the renegotiations will, either individually or in the aggregate, have a material impact on our results of operations, financial condition or cash flows.
Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
The changes in the carrying amount of warranty liabilities for each of the past three years were as follows:
Year Ended December 31202520242023
Beginning balance$642 $597 $603 
Warranty expense143 137 90 
Payments(127)(106)(101)
Adjustments(2)14 5 
Ending balance$656 $642 $597 
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
Authorized Stock. Our authorized capital stock consists of 500 million shares of $1 per share par value common stock and 50 million shares of $1 per share par value preferred stock. The preferred stock is issuable in series, with the rights, preferences and limitations of each series to be determined by our board of directors (Board).
Shares Issued and Outstanding. On December 31, 2025, we had 481,880,634 shares of common stock issued and 270,389,759 shares of common stock outstanding, including unvested restricted stock of 406,995 shares. On December 31, 2024, we had 481,880,634 shares of common stock issued and 270,340,502 shares of common stock outstanding. No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2025 and 2024 resulted from shares repurchased in the open market and share activity under our equity compensation plans. See Note R for additional details.
Share Repurchases. On December 4, 2024, the Board authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock. In 2025, we repurchased 2.5 million of our outstanding shares for $637 to cover dilution. On December 31, 2025, 6.8 million shares remained authorized by our Board for repurchase, representing 2.5% of our total shares outstanding. We repurchased 5.4 million shares for $1.5 billion in 2024 and 2 million shares for $434 in 2023.
Dividends per Share. Our Board declared dividends per share of $6.00 in 2025, $5.68 in 2024 and $5.28 in 2023. We paid cash dividends of $1.6 billion in 2025, $1.5 billion in 2024 and $1.4 billion in 2023.
Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of AOCL consisted of the following:
Changes in Unrealized
Cash Flow Hedges		Foreign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2022$4 $260 $(2,416)$(2,152)
Other comprehensive income, pretax10 413 722 1,145 
Provision for income tax, net(3)— (149)(152)
Other comprehensive income, net of tax7 413 573 993 
December 31, 202311 673 (1,843)(1,159)
Other comprehensive loss, pretax(117)(438)208 (347)
Provision for income tax, net30 — (42)(12)
Other comprehensive loss, net of tax(87)(438)166 (359)
December 31, 2024(76)235 (1,677)(1,518)
Other comprehensive income, pretax113 638 398 1,149 
Provision for income tax, net(27)— (87)(114)
Other comprehensive income, net of tax86 638 311 1,035 
December 31, 2025$10 $873 $(1,366)$(483)
Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See Note S for these amounts, which are included in our net annual pension and other post-retirement benefit cost (credit).
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Year Ended December 31202520242023202520242023202520242023
Aerospace$13,110 $11,249 $8,621 $(11,364)$(9,785)$(7,439)$1,746 $1,464 $1,182 
Marine Systems16,723 14,343 12,461 (15,546)(13,408)(11,587)1,177 935 874 
Combat Systems9,246 8,997 8,268 (7,915)(7,721)(7,121)1,331 1,276 1,147 
Technologies13,471 13,127 12,922 (12,194)(11,867)(11,720)1,277 1,260 1,202 
Corporate (c)— — — — — — (175)(139)(160)
Total$52,550 $47,716 $42,272 $(47,019)$(42,781)$(37,867)$5,356 $4,796 $4,245 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and general and administrative expenses.
(c)Corporate operating costs consisted of equity-based compensation expense and other miscellaneous expenses.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Year Ended December 31202520242023202520242023202520242023
Aerospace$336 $235 $200 $254 $220 $200 $16,815 $16,192 $15,099 
Marine Systems517 424 511 270 243 217 7,313 7,019 6,209 
Combat Systems144 135 107 112 117 108 10,111 10,275 10,479 
Technologies160 119 85 276 294 327 19,252 19,286 19,534 
Corporate4 3 1 12 12 11 3,758 3,108 3,489 
Total$1,161 $916 $904 $924 $886 $863 $57,249 $55,880 $54,810 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
Our revenue from our operations located outside the U.S. was $5.4 billion in 2025, $5 billion in 2024 and $4.3 billion in 2023, and associated earnings from continuing operations before income taxes were $904 in 2025, $732 in 2024 and $631 in 2023. The long-lived assets associated with these operations were less than 5% of our total long-lived assets for the past three years.
The following table presents our revenue by geographic area based on the location of our customers:
Year Ended December 31202520242023
North America:
United States$43,314 $39,759 $36,160 
Other1,248 1,278 961 
Total North America44,562 41,037 37,121 
Europe3,540 3,161 2,765 
Asia/Pacific2,001 1,546 1,086 
Africa/Middle East2,015 1,680 1,147 
South America432 292 153 
Total revenue$52,550 $47,716 $42,272 
v3.25.4
Fair Value
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants.
Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
We did not have any significant non-financial assets or liabilities measured at fair value on December 31, 2025 or 2024.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value. The following tables present the fair values of our other financial assets and liabilities on December 31, 2025 and 2024, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)December 31, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$19 $19 $17 $2 $— 
Available-for-sale debt securities140 140 — 140 — 
Commingled equity funds51 51 51 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments53 53 32 — 21 
Cash flow hedge assets75 75 — 75 — 
Cash flow hedge liabilities(49)(49)— (49)— 
Measured at amortized cost:
Short- and long-term debt principal(8,074)(7,610)— (7,610)— 
December 31, 2024
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$36 $36 $27 $9 $— 
Available-for-sale debt securities128 128 — 128 — 
Commingled equity funds48 48 48 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 28 — 12 
Cash flow hedge assets52 52 — 52 — 
Cash flow hedge liabilities(140)(140)— (140)— 
Measured at amortized cost:
Short- and long-term debt principal(8,826)(8,103)— (8,103)— 
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit
price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
v3.25.4
Derivative Financial Instruments And Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments And Hedging Activities DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.
Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.
Investment Risk. Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years. On December 31, 2025 and 2024, we held $2.3 billion and $1.7 billion in cash and equivalents, respectively, but held no material marketable securities other than those held in trust to meet some of our obligations under workers’ compensation and non-qualified pension plans. On December 31, 2025 and 2024, we held marketable securities in trust of $216 and $218, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note P for additional details.
Hedging Activities. We had notional forward exchange contracts outstanding of $8.5 billion and $6.2 billion on December 31, 2025 and 2024, respectively. These derivative financial instruments are cash flow hedges and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note P for additional details.
Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, and we do not expect the amount of these gains and losses that will be reclassified to earnings during the next 12 months to be material.
We had no material derivative financial instruments designated as fair value or net investment hedges on December 31, 2025 and 2024.
Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
The impact of translating our non-U.S. operations’ revenue and earnings into U.S. dollars was not material to our results of operations in any of the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
v3.25.4
Equity Compensation Plans
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Compensation Plans EQUITY COMPENSATION PLANS
Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our Board. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these.
Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock. On December 31, 2025, in addition to the shares reserved for issuance upon the exercise of outstanding stock options, approximately 13 million shares have been authorized for awards that may be granted in the future.
Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses. The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
Year Ended December 31202520242023
Stock options$61 $60 $65 
Restricted stock/RSUs94 85 78 
Total equity-based compensation expense, net of tax$155 $145 $143 
Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date.
We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
Year Ended December 31202520242023
Expected volatility
22.5-22.7%
23.2-23.3%
22.7-22.9%
Weighted average expected volatility22.5%23.3%22.8%
Expected term (in months)726060
Risk-free interest rate
3.9-4.6%
4.2-4.6%
3.6-4.7%
Expected dividend yield2.2%2.2%2.3%
We determine the above assumptions based on the following:
•Expected volatility is based on the historical volatility of our common stock
•Expected term is based on our historical experience
•Risk-free interest rate is the yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option at the grant date
•Expected dividend yield is based on our historical dividend yield
The resulting weighted average fair value per stock option granted (in dollars) was $62.18 in 2025, $60.55 in 2024 and $47.46 in 2023. Stock option expense reduced pretax operating earnings (and on a diluted per-share basis) by $77 ($0.22) in 2025, $75 ($0.21) in 2024 and $82 ($0.24) in 2023. On December 31, 2025, we had $37 of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.7 years.
A summary of stock option activity during 2025 follows:
In Shares and DollarsShares Under Option Weighted Average
Exercise Price Per Share
Outstanding on December 31, 202410,150,922 $206.08 
Granted1,327,450 258.36 
Exercised(2,346,690)188.17 
Forfeited/canceled(81,080)257.89 
Outstanding on December 31, 20259,050,602 $217.93 
Vested and expected to vest on December 31, 20258,966,663 $217.50 
Exercisable on December 31, 20255,782,637 $195.45 
Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2025, follows:
Weighted Average  Remaining Contractual Term (in years)Aggregate Intrinsic
Value
Outstanding6.1$1,075 
Vested and expected to vest6.11,068 
Exercisable4.8817 
In the table above, intrinsic value is calculated as the excess, if any, of the market price of our stock on the last trading day of the year over the exercise price of the options. For stock options exercised, intrinsic value is calculated as the difference between the market price on the date of exercise and the exercise price. The total intrinsic value of stock options exercised was $280 in 2025, $249 in 2024 and $75 in 2023.
Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant.
Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units.
We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the Board as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range.
We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period of the awards, except for restricted stock awards to retirement-eligible participants that are recognized on an accelerated basis. Compensation expense related to restricted stock and RSUs reduced pretax operating earnings (and on a diluted per-share basis) by $119 ($0.35) in 2025, $108 ($0.31) in 2024 and $99 ($0.28) in 2023. On December 31, 2025, we had $104 of unrecognized compensation cost related to restricted stock and RSUs, which is expected to be recognized over a weighted average period of 1.9 years.
A summary of restricted stock and RSU activity during 2025 follows:
In Shares and DollarsShares/
Share-Equivalent 
Units		Weighted Average
Grant-Date Fair Value Per Share
Nonvested at December 31, 20241,284,736 $252.27 
Granted540,027 266.36 
Vested(446,794)246.07 
Forfeited(43,858)258.84 
Nonvested at December 31, 20251,334,111 $260.27 
The total fair value of vesting shares was $115 in 2025, $148 in 2024 and $96 in 2023.
v3.25.4
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year.
Defined Contribution Plans
We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions. Our contributions to these plans totaled $560 in 2025, $517 in 2024 and $462 in 2023. On December 31, 2025 and 2024, the defined-contribution plans held approximately 14 million and 15 million shares of our common stock respectively, each representing approximately 5% and 6% of our outstanding shares, on December 31, 2025 and 2024, respectively.
Defined Benefit Plans
Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service.
In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement.
Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations. We contributed $537 to our qualified pension plans in 2025, which is reported in other operating activities in our Consolidated Statement of Cash Flows. Our 2025 contribution included the payment of our required 2026 contribution of $293.
We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received. Contributions to our other post-retirement benefit plans were not material in 2025 and are not expected to be material in 2026.
Benefit Payments. We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
Pension
Benefits		Other 
 Post-Retirement
Benefits
2026$913 $44 
2027924 43 
2028932 42 
2029939 41 
2030931 40 
2031-20354,528 186 
Benefit Cost. Our annual benefit cost consists of five primary elements:
•The cost of benefits earned by employees for services rendered during the year
•An interest charge on our plan liabilities
•An expected return on our plan assets for the year
•Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience
•The cost or credit attributed to prior service resulting from changes we make to plan benefit terms
For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately.
Net annual benefit cost (credit) consisted of the following:
Pension Benefits
Year Ended December 31202520242023
Service cost$72 $73 $66 
Interest cost599 627 650 
Expected return on plan assets(739)(821)(829)
Net actuarial loss117 189 752 
Prior service credit(6)(6)(13)
Settlement/curtailment/other(5)87 3 
Net annual benefit cost$38 $149 $629 
Other Post-Retirement Benefits
Year Ended December 31202520242023
Service cost$4 $4 $4 
Interest cost27 28 30 
Expected return on plan assets(35)(33)(32)
Net actuarial gain(31)(31)(30)
Prior service cost1 2 2 
Settlement/curtailment/other8 (15)5 
Net annual benefit credit$(26)$(45)$(21)
In October 2024, we purchased an irrevocable group annuity contract (referred to as a buy-out contract) for $673 using retirement plan assets held in trust to transfer the related outstanding qualified pension obligations to two insurance companies. As a result of the transaction, the insurance companies are now required to pay and administer the retirement benefits owed to approximately 16,000 U.S. retirees and beneficiaries, with no change to the amount, timing or form of the monthly retirement benefit payments. In connection with this transaction, we recognized a non-cash settlement charge of approximately $80 in our qualified U.S. government pension plans related to the GAAP acceleration of deferred actuarial losses included in AOCL for the plans.
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts, including settlement costs. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of net annual benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation. The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312025202420252024
Change in Benefit Obligation
Benefit obligation at beginning of year$(12,189)$(13,736)$(538)$(598)
Service cost(72)(73)(4)(4)
Interest cost(599)(627)(27)(28)
Amendments2 1 — — 
Actuarial gain (loss)(182)643 1 32 
Settlement/curtailment/other(134)727 (6)11 
Benefits paid854 876 45 49 
Benefit obligation at end of year$(12,320)$(12,189)$(529)$(538)
Change in Plan/Trust Assets
Fair value of assets at beginning of year$10,500 $11,886 $645 $649 
Actual return on plan assets1,223 128 56 28 
Employer contributions537 73 — — 
Settlement/curtailment/other130 (733)— — 
Benefits paid(833)(854)(28)(32)
Fair value of assets at end of year$11,557 $10,500 $673 $645 
Funded status at end of year$(763)$(1,689)$144 $107 
Our pension benefit obligation was reduced during 2024 by the previously discussed buy-out contract and the actuarial gain created by the change in the weighted-average discount rate.
Amounts recognized on the Consolidated Balance Sheet consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
Noncurrent assets$171 $130 $375 $347 
Current liabilities(23)(22)(8)(13)
Noncurrent liabilities(911)(1,797)(223)(227)
Net (liability) asset recognized$(763)$(1,689)$144 $107 
Amounts deferred in AOCL for our defined benefit plans consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
Net actuarial loss (gain)$2,047 $2,453 $(286)$(294)
Prior service (credit) cost(45)(46)9 10 
Total amount recognized in AOCL, pretax$2,002 $2,407 $(277)$(284)
The following is a reconciliation of the change in AOCL for our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312025202420252024
Net actuarial (gain) loss $(302)$50 $(22)$(27)
Prior service credit(2)(1)— — 
Amortization of:
Net actuarial (loss) gain from prior years(117)(189)31 31 
Prior service credit (cost)6 6 (1)(2)
Settlement/curtailment/other10 (81)(1)5 
Change in AOCL, pretax$(405)$(215)$7 $7 
A pension plan’s funded status is the difference between the plan’s assets and its projected benefit obligation (PBO). The PBO is the present value of future benefits attributed to employee services rendered to date, including assumptions about future compensation levels. On December 31, 2025 and 2024, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
December 3120252024
PBO$(11,540)$(11,476)
Fair value of plan assets10,606 9,657 
A pension plan’s accumulated benefit obligation (ABO) is the present value of future benefits attributed to employee services rendered to date, excluding assumptions about future compensation levels. The ABO for all pension plans was $12.2 billion and $12.1 billion on December 31, 2025 and 2024, respectively. The ABO for all other post-retirement plans was $529 and $538 on December 31, 2025 and 2024, respectively. On December 31, 2025 and 2024, most of our defined benefit plans had an ABO that exceeded the plans’ assets.
Summary information for those plans follows:
Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
ABO$(11,423)$(11,380)$(251)$(227)
Fair value of plan assets10,606 9,657 33 — 
Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question.
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 3120252024
Pension Benefits
Benefit obligation discount rate5.16%5.40%
Rate of increase in compensation levels2.42%2.58%
Other Post-Retirement Benefits
Benefit obligation discount rate5.21%5.41%
Health care cost trend rate:
Trend rate for next year8.25%7.50%
Ultimate trend rate5.00%5.00%
Year rate reaches ultimate trend rate20362035
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
Assumptions for Year Ended December 31202520242023
Pension Benefits
Discount rates:
Benefit obligation5.40%4.83%5.08%
Service cost3.60%3.90%4.50%
Interest cost5.09%4.74%4.98%
Expected long-term rate of return on assets6.12%6.35%6.34%
Rate of increase in compensation levels2.52%2.66%2.60%
Other Post-Retirement Benefits
Discount rates:
Benefit obligation5.41%4.89%5.16%
Service cost5.35%4.91%5.26%
Interest cost5.14%4.83%5.09%
Expected long-term rate of return on assets5.38%5.07%5.04%
We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period.
We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2025, we decreased the expected long-term rates of return on assets by 23 basis point for our pension plans and increased the expected long-term rates of return on assets by 31 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations.
Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results.
Assets. A committee of our Board is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost.
Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2025, our target asset allocation ranges for plans that are less than fully funded were 40%-60% return-seeking assets and 40%-60% liability-hedging assets.
More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2025, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets.
We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2025, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment.
Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts, real estate funds, and corporate debt securities.
Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy but are included in the tables below to permit reconciliation to total plan assets. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days. The unfunded commitments related to these investments were not material on December 31, 2025 or 2024.
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2025
Cash and equivalents$485 $19 $466 $— 
Commingled funds:
Equity funds3,958 496 3,462 — 
Fixed-income funds6,503 193 6,310 — 
Real estate funds15 — — 15 
Other investments:
Insurance deposit contracts221 — — 221 
Retirement annuity contracts26 — — 26 
Total plan assets in fair value hierarchy$11,208 $708 $10,238 $262 
Plan assets measured using NAV as a practical expedient:
Real estate funds298 
Equity funds51 
Hedge funds— 
Total pension plan assets$11,557 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2024
Cash and equivalents$177 $16 $161 $— 
Commingled funds:
Equity funds3,597 514 3,083 — 
Fixed-income funds6,048 195 5,853 — 
Real estate funds14 — — 14 
Other investments:
Insurance deposit contracts183 — — 183 
Retirement annuity contracts22 — — 22 
Total plan assets in fair value hierarchy$10,041 $725 $9,097 $219 
Plan assets measured using NAV as a practical expedient:
Real estate funds421 
Equity funds37 
Hedge funds1 
Total pension plan assets$10,500 
The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2025
Cash and equivalents$13 $— $13 $— 
Commingled funds:
Equity funds83 31 52 — 
Fixed-income funds102 6 96 — 
Fixed-income securities472 — 469 3 
Total plan assets in fair value hierarchy$670 $37 $630 $3 
Plan assets measured using NAV as a practical expedient:
Real estate funds3 
Total other post-retirement benefit plan assets$673 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2024
Cash and equivalents$7 $— $7 
Commingled funds:
Equity funds120 74 46 
Fixed-income funds102 11 91 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$640 $85 $555 
Plan assets measured using NAV as a practical expedient:
Real estate funds5 
Total other post-retirement benefit plan assets$645 
(a)We had no Level 3 investments on December 31, 2024.
Changes in our Level 3 defined benefit plan assets during 2025 and 2024 were as follows:
Insurance Deposits ContractsRetirement Annuity ContractsReal Estate FundsCorporate Debt SecuritiesTotal
Level 3 Assets
December 31, 2023$184 $25 $13 $— $222 
Actual return on plan assets:
Unrealized (losses) gains , net(9)(3)1 — (11)
Purchases, sales and settlements, net8 — — — 8 
December 31, 2024183 22 14 — 219 
Actual return on plan assets:
Unrealized gains, net35 4 2 — 41 
Realized losses, net— — (1)— (1)
Purchases, sales and settlements, net3 — — 3 6 
December 31, 2025$221 $26 $15 $3 $265 
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net earnings $ 4,210 $ 3,782 $ 3,315
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We face various cybersecurity threats. The purpose of our cybersecurity program is to assess, identify, manage and mitigate cybersecurity risk while supporting the achievement of our business objectives.
Under our comprehensive risk management program, the board of directors (Board) of the company maintains oversight of the most significant risks facing the company, including cybersecurity risks, while senior management is responsible for the identification and prioritization of risks that are material to our business, corresponding risk-mitigation efforts and day-to-day management of our risk management program. The full Board retains oversight over management’s cybersecurity efforts. At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity. From time to time, as appropriate under our overall cybersecurity program, we engage third-party experts to support the assessment of cyber related risks, including to conduct cyber penetration testing.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Under our comprehensive risk management program, the board of directors (Board) of the company maintains oversight of the most significant risks facing the company, including cybersecurity risks, while senior management is responsible for the identification and prioritization of risks that are material to our business, corresponding risk-mitigation efforts and day-to-day management of our risk management program. The full Board retains oversight over management’s cybersecurity efforts. At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block]
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Consolidation and Classification
Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Use of Estimates Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates.
Research and Development Expenses
Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $486 in 2025, $565 in 2024 and $510 in 2023. The decrease in 2025 was due primarily to reduced R&D expenditures after completion of the G800 certification process. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts.
The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred.
Cash and Equivalents and Investments in Debt and Equity Securities Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive income (loss) in the Consolidated Statement of Comprehensive Income.
Acquisitions The operating results of these acquisitions have been included in our reported results since their respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill.
Long-lived Assets and Goodwill
Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows.
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of a reporting unit’s fair value is based primarily on the discounted cash flows of the underlying operations.
In the fourth quarter of 2025, we completed qualitative assessments of goodwill for each of our reporting units. Our Aerospace, Marine Systems and Combat Systems reporting units’ estimated fair values significantly exceeded their respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25% at the time of our last quantitative assessment in the fourth quarter of 2022. Our qualitative assessments this year did not present indicators of impairment.
For a summary of our goodwill by reporting unit, see Note H.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. In 2025, we adopted Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, using the prospective method of adoption. The ASU modifies our disclosure for income tax expense.
In November 2024, the FASB issued ASU 2024-03, Disaggregation - Income Statement Expenses. The ASU requires disclosure of certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, using the prospective or retrospective methods of adoption, with early adoption permitted. Although we have not determined the method or period of adoption, we expect to disclose additional information as required by the standard. There are other ASUs that have been issued by the FASB but are not yet effective. We do not expect that the adoption of these standards will have a material impact on our results of operations, financial condition or cash flows.
Revenue REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 75% of our revenue in 2025, 76% in 2024 and 79% in 2023. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue
is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 25% of our revenue in 2025, 24% in 2024 and 21% in 2023. Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On December 31, 2025, we had $118 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 35% of our remaining performance obligations as revenue in 2026, an additional 35% by the end of 2028 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue.
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized.
Earnings Per Share We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period.Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Income Tax Provision Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law.
Tax Uncertainties
Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2024. We are currently in a CAP phase (Bridge Plus) in which the IRS considers certain tax return information in advance to expedite their risk assessment and review of our return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on December 31, 2025, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two
minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
Accounts Receivable and Unbilled Receivables Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones.Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms.
Inventories The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process, and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Property, Plant and Equipment, Net Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation.We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years.
Leases
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 40 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
Commitments and Contingencies
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the
customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction.
Product Warranties
Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
Segment Information SEGMENT INFORMATION
We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants.
Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value.
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit
price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
Derivative Financial Instruments and Hedging Activities
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.
Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.
Hedging Activities. We had notional forward exchange contracts outstanding of $8.5 billion and $6.2 billion on December 31, 2025 and 2024, respectively. These derivative financial instruments are cash flow hedges and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note P for additional details.
Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, and we do not expect the amount of these gains and losses that will be reclassified to earnings during the next 12 months to be material.
Foreign Currency and Financial Statement Translation
Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
The impact of translating our non-U.S. operations’ revenue and earnings into U.S. dollars was not material to our results of operations in any of the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
Equity Compensation Plans
Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our Board. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these.
Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock.Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses.
Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date.
We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model
Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant.
Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units.
We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the Board as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range.
We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period of the awards, except for restricted stock awards to retirement-eligible participants that are recognized on an accelerated basis.
Retirement Plans
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year.
Defined Contribution Plans
We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions.
Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service.
In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement.
Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations.We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received.
Benefit Cost. Our annual benefit cost consists of five primary elements:
•The cost of benefits earned by employees for services rendered during the year
•An interest charge on our plan liabilities
•An expected return on our plan assets for the year
•Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience
•The cost or credit attributed to prior service resulting from changes we make to plan benefit terms
For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately.
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts, including settlement costs. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of net annual benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation.
Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question.
We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period.
We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2025, we decreased the expected long-term rates of return on assets by 23 basis point for our pension plans and increased the expected long-term rates of return on assets by 31 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations.
Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results.
Assets. A committee of our Board is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost.
Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2025, our target asset allocation ranges for plans that are less than fully funded were 40%-60% return-seeking assets and 40%-60% liability-hedging assets.
More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2025, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets.
We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2025, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment.
Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts, real estate funds, and corporate debt securities.
Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy but are included in the tables below to permit reconciliation to total plan assets. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Net Interest Expense Net interest expense consisted of the following:
Year Ended December 31202520242023
Interest expense$402 $393 $399 
Interest income(88)(69)(56)
Interest expense, net$314 $324 $343 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue Recognition [Abstract]  
Schedule of Impact of Adjustments in Contract Estimates The aggregate impact of adjustments in contract estimates changed our revenue, operating earnings and diluted earnings per share as follows:
Year Ended December 31202520242023
Revenue$302 $176 $191 
Operating earnings160 56 112 
Diluted earnings per share$0.46 $0.16 $0.32 
Schedule of Revenue by Major Products and Services
Revenue by major products and services was as follows:
Year Ended December 31202520242023
Aircraft manufacturing$9,413 $7,811 $5,710 
Aircraft services3,697 3,438 2,911 
Total Aerospace13,110 11,249 8,621 
Nuclear-powered submarines12,608 10,392 8,631 
Surface ships2,932 2,819 2,698 
Repair and other services1,183 1,132 1,132 
Total Marine Systems16,723 14,343 12,461 
Military vehicles4,970 5,101 5,036 
Weapon systems and munitions3,104 2,932 2,442 
Engineering and other services1,172 964 790 
Total Combat Systems9,246 8,997 8,268 
Information technology (IT) services9,057 8,761 8,459 
C5ISR* solutions4,414 4,366 4,463 
Total Technologies13,471 13,127 12,922 
Total revenue$52,550 $47,716 $42,272 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Schedule of Revenue by Contract Type
Revenue by contract type was as follows:
Year Ended December 31, 2025
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$12,050 $7,995 $8,131 $5,577 $33,753 
Cost-reimbursement— 8,725 1,038 5,910 15,673 
Time-and-materials1,060 3 77 1,984 3,124 
Total revenue$13,110 $16,723 $9,246 $13,471 $52,550 
Year Ended December 31, 2024
Fixed-price$10,250 $6,800 $7,973 $5,376 $30,399 
Cost-reimbursement— 7,542 951 5,749 14,242 
Time-and-materials999 1 73 2,002 3,075 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
Fixed-price$7,645 $6,202 $7,321 $5,646 $26,814 
Cost-reimbursement— 6,258 880 5,457 12,595 
Time-and-materials976 1 67 1,819 2,863 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Schedule of Revenue by Customer
Revenue by customer was as follows:
Year Ended December 31, 2025
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of War (DoW)$311 $16,575 $4,966 $7,936 $29,788 
Non-DoW84 3 12 4,855 4,954 
Foreign military sales (FMS)18 136 849 12 1,015 
Total U.S. government413 16,714 5,827 12,803 35,757 
U.S. commercial7,149 4 236 168 7,557 
Non-U.S. government954 5 2,981 465 4,405 
Non-U.S. commercial4,594 — 202 35 4,831 
Total revenue$13,110 $16,723 $9,246 $13,471 $52,550 
Year Ended December 31, 2024
U.S. government:
DoW$253 $14,204 $5,102 $7,632 $27,191 
Non-DoW— 2 8 4,800 4,810 
FMS43 132 857 31 1,063 
Total U.S. government296 14,338 5,967 12,463 33,064 
U.S. commercial6,237 2 258 198 6,695 
Non-U.S. government1,447 3 2,599 422 4,471 
Non-U.S. commercial3,269 — 173 44 3,486 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
U.S. government:
DoW$303 $12,325 $4,580 $7,512 $24,720 
Non-DoW— 3 10 4,698 4,711 
FMS69 129 651 47 896 
Total U.S. government372 12,457 5,241 12,257 30,327 
U.S. commercial5,398 2 233 200 5,833 
Non-U.S. government493 2 2,692 388 3,575 
Non-U.S. commercial2,358 — 102 77 2,537 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Weighted Average Shares Outstanding
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Year Ended December 31202520242023
Basic weighted average shares outstanding269,080 273,858 273,143 
Dilutive effect of stock options and restricted stock/RSUs*3,345 3,627 2,582 
Diluted weighted average shares outstanding272,425 277,485 275,725 
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 922 in 2025, 1,033 in 2024 and 2,961 in 2023.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Provision For Income Taxes For Continuing Operations The following is a summary of our net provision for income taxes for continuing operations:
Year Ended December 31202520242023
Current:
U.S. federal$357 $622 $619 
State3 32 27 
Foreign277 190 200 
Total current637 844 846 
Deferred:
U.S. federal282 (90)(131)
State16 (4)7 
Foreign(42)8 (53)
Total deferred256 (86)(177)
Provision for income taxes, net:
U.S. federal639 532 488 
State19 28 34 
Foreign235 198 147 
Provision for income taxes, net$893 $758 $669 
Net income tax payments$568 $560 $1,100 
Earnings from continuing operations before taxes by foreign and domestic operations follows:
Year Ended December 312025
Domestic$4,199 
Foreign904 
Total$5,103 
Schedule of Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate
The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 prospectively, follows:
Year Ended December 312025
U.S. federal statutory income tax$1,072 21.0%
Tax credits
Research and development tax credit(180)(3.5)
Effects of cross-border tax laws
Foreign-derived intangible income(36)(0.7)
State tax on commercial operations, net of federal benefits15 0.3 
Foreign tax effects38 0.7 
Nontaxable or nondeductible items37 0.7 
Other reconciling items
Equity-based compensation(43)(0.8)
Other, net(10)(0.2)
Effective income tax rate$893 17.5%
The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASC 740 prior to the adoption of ASU 2023-09, follows:
Year Ended December 3120242023
U.S. federal statutory income tax rate21.0%21.0%
Domestic tax credits(3.3)(3.3)
Equity-based compensation(1.0)(0.4)
Foreign-derived intangible income(1.7)(1.6)
State tax on commercial operations, net of federal benefits0.5 0.7 
Global impact of international operations1.0 0.5 
Other, net0.2 (0.1)
Effective income tax rate16.7%16.8%
Schedule of Cash Paid for Income Taxes (Net of Refunds)
Cash paid for income taxes (net of refunds) consisted of the following:
Year Ended December 312025
Federal$331 
State4 
Foreign
Canada98 
Saudi Arabia59 
Other76 
Total Foreign233 
Cash paid for income taxes (net of refunds)$568 
Schedule of Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
December 3120252024
Research and development expenditures$500 $968 
Lease liabilities412 441 
Tax loss and credit carryforwards384 185 
Salaries and wages215 223 
Workers’ compensation160 153 
Retirement benefits115 251 
Other385 383 
Deferred assets2,171 2,604 
Valuation allowances(158)(169)
Net deferred assets$2,013 $2,435 
Intangible assets$(1,057)$(1,063)
Contract accounting methods(670)(682)
Property, plant and equipment(450)(447)
Lease right-of-use assets(401)(425)
Capital Construction Fund qualified ships(57)(57)
Other(315)(315)
Deferred liabilities$(2,950)$(2,989)
Net deferred tax liability$(937)$(554)
Schedule of Net Deferred Tax Asset (Liability) Our net deferred tax liability consisted of the following:
December 3120252024
Deferred tax asset$19 $19 
Deferred tax liability(956)(573)
Net deferred tax liability$(937)$(554)
v3.25.4
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable Accounts receivable consisted of the following:
December 3120252024
Non-U.S. government$365 $1,299 
U.S. government1,424 1,239 
Commercial617 439 
Total accounts receivable$2,406 $2,977 
v3.25.4
Unbilled Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Contractors [Abstract]  
Schedule of Unbilled Receivables Unbilled receivables consisted of the following:
December 3120252024
Unbilled revenue$43,059 $40,634 
Advances and progress billings(34,679)(32,386)
Net unbilled receivables$8,380 $8,248 
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
December 3120252024
Work in process$5,938 $6,279 
Raw materials3,248 3,396 
Finished goods18 26 
Pre-owned aircraft28 23 
Total inventories$9,232 $9,724 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal Goodwill
December 31, 2023 (a)
$3,199 $297 $2,812 $14,278 $20,586 
Acquisitions (b)9 — 39 158 206 
Other (c)(123)— (93)(20)(236)
December 31, 2024 (a)
3,085 297 2,758 14,416 20,556 
Acquisitions (b)20 — 2 92 114 
Other (c)259 — 65 15 339 
December 31, 2025 (a)
$3,364 $297 $2,825 $14,523 $21,009 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Schedule of Intangible Assets Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
December 3120252024
Contract and program intangible assets (b)$3,241 $(2,119)$1,122 $3,278 $(1,989)$1,289 
Trade names and trademarks575 (345)230 511 (289)222 
Technology and software77 (54)23 61 (52)9 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,953 $(2,578)$1,375 $3,910 $(2,390)$1,520 
(a)Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for divested intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
Schedule of Amortization Lives (In Years) of Intangible Assets The amortization lives (in years) of our intangible assets on December 31, 2025, were as follows:
Intangible AssetRange of Amortization Life
Contract and program intangible assets
7-30
Trade names and trademarks30
Technology and software
7-15
Other intangible assets7
Schedule of Expected Annual Amortization Expense Over the Next Five Years of Intangible Assets We expect to record annual amortization expense over the next five years as follows:
Year Ended December 31Amortization Expense
2026$175 
2027169 
2028147 
2029131 
2030121 
v3.25.4
Property, Plant And Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant And Equipment, Net Net PP&E by major asset class consisted of the following:
December 3120252024
Machinery and equipment$7,383 $7,067 
Buildings and improvements5,763 4,886 
Construction in process1,462 1,173 
Land and improvements522 438 
Total PP&E15,130 13,564 
Accumulated depreciation(7,605)(7,097)
PP&E, net$7,525 $6,467 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Costs and Additional Information Related to Leases
The components of lease costs were as follows:
Year Ended December 31202520242023
Finance lease cost:
Amortization of ROU assets$70 $62 $61 
Interest on lease liabilities24 21 14 
Operating lease cost331 317 320 
Short-term lease cost74 74 76 
Variable lease cost36 39 34 
Sublease income(17)(16)(17)
Total lease costs, net$518 $497 $488 
Additional information related to leases was as follows:
Year Ended December 31202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$332 $319 $322 
Operating cash flows from finance leases23 20 13 
Financing cash flows from finance leases*556 64 55 
ROU assets obtained in exchange for lease liabilities:
Operating leases250 292 279 
Finance leases*(37)155 240 
*In 2025, financing cash flows from finance leases included approximately $490 for the exercise of options to purchase the underlying assets. This transaction also impacted ROU assets obtained in exchange for lease liabilities.
Additional quantitative lease information was as follows:
December 3120252024
Weighted-average remaining lease term:
Operating leases10.9 years10.8 years
Finance leases15.7 years14.4 years
Weighted-average discount rate:
Operating leases4%4%
Finance leases5%4%
Schedule of Reconciliation of Future Undiscounted Cash Flows to the Operating Leases
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2025:
Year Ended December 31Operating LeasesFinance Leases
2026$305 $55 
2027265 46 
2028202 39 
2029156 36 
2030108 30 
Thereafter703 328 
Total future lease payments1,739 534 
Less imputed interest355 142 
Present value of future lease payments1,384 392 
Less current portion of lease liabilities260 39 
Long-term lease liabilities$1,124 $353 
ROU assets$1,284 $392 
Schedule of Reconciliation of Future Undiscounted Cash Flows to the Finance Leases
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2025:
Year Ended December 31Operating LeasesFinance Leases
2026$305 $55 
2027265 46 
2028202 39 
2029156 36 
2030108 30 
Thereafter703 328 
Total future lease payments1,739 534 
Less imputed interest355 142 
Present value of future lease payments1,384 392 
Less current portion of lease liabilities260 39 
Long-term lease liabilities$1,124 $353 
ROU assets$1,284 $392 
Schedule of Operating and Finance Lease Liabilities and Related ROU Assets
On December 31, 2024, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$253 $66 
Long-term lease liabilities1,133 462 
ROU assets1,295 501 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
December 3120252024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $750 
May 20253.500%— 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 — 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious74 76 
Total debt principal8,074 8,826 
Less unamortized debt issuance costs and discounts61 64 
Total debt8,013 8,762 
Less current portion1,006 1,502 
Long-term debt$7,007 $7,260 
Schedule of Principal Maturities of Debt
The aggregate amounts of scheduled principal maturities of our debt are as follows:
Year Ended December 31Debt
Principal
2026$1,006 
20271,257 
20281,007 
20297 
20301,007 
Thereafter3,790 
Total debt principal$8,074 
v3.25.4
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Significant Other Liabilities By Balance Sheet Caption
A summary of significant other liabilities by balance sheet caption follows:
December 3120252024
Salaries and wages$1,125 $1,325 
Dividends payable407 390 
Lease liabilities299 319 
Workers’ compensation236 244 
Other1,221 1,209 
Total other current liabilities$3,288 $3,487 
Customer deposits on commercial contracts$2,649 $2,996 
Lease liabilities1,477 1,595 
Retirement benefits1,134 2,024 
Other2,564 2,118 
Total other liabilities$7,824 $8,733 
v3.25.4
Commitments And Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes In Carrying Amount Of Warranty Liabilities
The changes in the carrying amount of warranty liabilities for each of the past three years were as follows:
Year Ended December 31202520242023
Beginning balance$642 $597 $603 
Warranty expense143 137 90 
Payments(127)(106)(101)
Adjustments(2)14 5 
Ending balance$656 $642 $597 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income The changes, pretax and net of tax, in each component of AOCL consisted of the following:
Changes in Unrealized
Cash Flow Hedges		Foreign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2022$4 $260 $(2,416)$(2,152)
Other comprehensive income, pretax10 413 722 1,145 
Provision for income tax, net(3)— (149)(152)
Other comprehensive income, net of tax7 413 573 993 
December 31, 202311 673 (1,843)(1,159)
Other comprehensive loss, pretax(117)(438)208 (347)
Provision for income tax, net30 — (42)(12)
Other comprehensive loss, net of tax(87)(438)166 (359)
December 31, 2024(76)235 (1,677)(1,518)
Other comprehensive income, pretax113 638 398 1,149 
Provision for income tax, net(27)— (87)(114)
Other comprehensive income, net of tax86 638 311 1,035 
December 31, 2025$10 $873 $(1,366)$(483)
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information For Each Of Our Business Groups
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Year Ended December 31202520242023202520242023202520242023
Aerospace$13,110 $11,249 $8,621 $(11,364)$(9,785)$(7,439)$1,746 $1,464 $1,182 
Marine Systems16,723 14,343 12,461 (15,546)(13,408)(11,587)1,177 935 874 
Combat Systems9,246 8,997 8,268 (7,915)(7,721)(7,121)1,331 1,276 1,147 
Technologies13,471 13,127 12,922 (12,194)(11,867)(11,720)1,277 1,260 1,202 
Corporate (c)— — — — — — (175)(139)(160)
Total$52,550 $47,716 $42,272 $(47,019)$(42,781)$(37,867)$5,356 $4,796 $4,245 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and general and administrative expenses.
(c)Corporate operating costs consisted of equity-based compensation expense and other miscellaneous expenses.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Year Ended December 31202520242023202520242023202520242023
Aerospace$336 $235 $200 $254 $220 $200 $16,815 $16,192 $15,099 
Marine Systems517 424 511 270 243 217 7,313 7,019 6,209 
Combat Systems144 135 107 112 117 108 10,111 10,275 10,479 
Technologies160 119 85 276 294 327 19,252 19,286 19,534 
Corporate4 3 1 12 12 11 3,758 3,108 3,489 
Total$1,161 $916 $904 $924 $886 $863 $57,249 $55,880 $54,810 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
Schedule of Revenue By Geographic Area
The following table presents our revenue by geographic area based on the location of our customers:
Year Ended December 31202520242023
North America:
United States$43,314 $39,759 $36,160 
Other1,248 1,278 961 
Total North America44,562 41,037 37,121 
Europe3,540 3,161 2,765 
Asia/Pacific2,001 1,546 1,086 
Africa/Middle East2,015 1,680 1,147 
South America432 292 153 
Total revenue$52,550 $47,716 $42,272 
v3.25.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying And Fair Values Of Other Financial Assets And Liabilities The following tables present the fair values of our other financial assets and liabilities on December 31, 2025 and 2024, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)December 31, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$19 $19 $17 $2 $— 
Available-for-sale debt securities140 140 — 140 — 
Commingled equity funds51 51 51 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments53 53 32 — 21 
Cash flow hedge assets75 75 — 75 — 
Cash flow hedge liabilities(49)(49)— (49)— 
Measured at amortized cost:
Short- and long-term debt principal(8,074)(7,610)— (7,610)— 
December 31, 2024
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$36 $36 $27 $9 $— 
Available-for-sale debt securities128 128 — 128 — 
Commingled equity funds48 48 48 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 28 — 12 
Cash flow hedge assets52 52 — 52 — 
Cash flow hedge liabilities(140)(140)— (140)— 
Measured at amortized cost:
Short- and long-term debt principal(8,826)(8,103)— (8,103)— 
v3.25.4
Equity Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-Based Compensation Expense The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
Year Ended December 31202520242023
Stock options$61 $60 $65 
Restricted stock/RSUs94 85 78 
Total equity-based compensation expense, net of tax$155 $145 $143 
Schedule of Assumptions of Fair Value Options on the Date of Grant Using Black-Scholes Option Pricing Model We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
Year Ended December 31202520242023
Expected volatility
22.5-22.7%
23.2-23.3%
22.7-22.9%
Weighted average expected volatility22.5%23.3%22.8%
Expected term (in months)726060
Risk-free interest rate
3.9-4.6%
4.2-4.6%
3.6-4.7%
Expected dividend yield2.2%2.2%2.3%
Schedule of Stock Option Activity
A summary of stock option activity during 2025 follows:
In Shares and DollarsShares Under Option Weighted Average
Exercise Price Per Share
Outstanding on December 31, 202410,150,922 $206.08 
Granted1,327,450 258.36 
Exercised(2,346,690)188.17 
Forfeited/canceled(81,080)257.89 
Outstanding on December 31, 20259,050,602 $217.93 
Vested and expected to vest on December 31, 20258,966,663 $217.50 
Exercisable on December 31, 20255,782,637 $195.45 
Schedule of Stock Options' Intrinsic Value And Remaining Contractual Term
Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2025, follows:
Weighted Average  Remaining Contractual Term (in years)Aggregate Intrinsic
Value
Outstanding6.1$1,075 
Vested and expected to vest6.11,068 
Exercisable4.8817 
Schedule of Restricted Stock And Restricted Stock Unit Activity
A summary of restricted stock and RSU activity during 2025 follows:
In Shares and DollarsShares/
Share-Equivalent 
Units		Weighted Average
Grant-Date Fair Value Per Share
Nonvested at December 31, 20241,284,736 $252.27 
Granted540,027 266.36 
Vested(446,794)246.07 
Forfeited(43,858)258.84 
Nonvested at December 31, 20251,334,111 $260.27 
v3.25.4
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefits To Be Paid From Retirement Plans Over The Next 10 Years We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
Pension
Benefits		Other 
 Post-Retirement
Benefits
2026$913 $44 
2027924 43 
2028932 42 
2029939 41 
2030931 40 
2031-20354,528 186 
Schedule of Annual Pension and Other Post-retirement Benefit Costs
Net annual benefit cost (credit) consisted of the following:
Pension Benefits
Year Ended December 31202520242023
Service cost$72 $73 $66 
Interest cost599 627 650 
Expected return on plan assets(739)(821)(829)
Net actuarial loss117 189 752 
Prior service credit(6)(6)(13)
Settlement/curtailment/other(5)87 3 
Net annual benefit cost$38 $149 $629 
Other Post-Retirement Benefits
Year Ended December 31202520242023
Service cost$4 $4 $4 
Interest cost27 28 30 
Expected return on plan assets(35)(33)(32)
Net actuarial gain(31)(31)(30)
Prior service cost1 2 2 
Settlement/curtailment/other8 (15)5 
Net annual benefit credit$(26)$(45)$(21)
Schedule of Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status of Defined Benefit Retirement Plans The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312025202420252024
Change in Benefit Obligation
Benefit obligation at beginning of year$(12,189)$(13,736)$(538)$(598)
Service cost(72)(73)(4)(4)
Interest cost(599)(627)(27)(28)
Amendments2 1 — — 
Actuarial gain (loss)(182)643 1 32 
Settlement/curtailment/other(134)727 (6)11 
Benefits paid854 876 45 49 
Benefit obligation at end of year$(12,320)$(12,189)$(529)$(538)
Change in Plan/Trust Assets
Fair value of assets at beginning of year$10,500 $11,886 $645 $649 
Actual return on plan assets1,223 128 56 28 
Employer contributions537 73 — — 
Settlement/curtailment/other130 (733)— — 
Benefits paid(833)(854)(28)(32)
Fair value of assets at end of year$11,557 $10,500 $673 $645 
Funded status at end of year$(763)$(1,689)$144 $107 
Schedule of Amounts Recognized On Consolidated Balance Sheet
Amounts recognized on the Consolidated Balance Sheet consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
Noncurrent assets$171 $130 $375 $347 
Current liabilities(23)(22)(8)(13)
Noncurrent liabilities(911)(1,797)(223)(227)
Net (liability) asset recognized$(763)$(1,689)$144 $107 
Schedule of Amounts Deferred In AOCI
Amounts deferred in AOCL for our defined benefit plans consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
Net actuarial loss (gain)$2,047 $2,453 $(286)$(294)
Prior service (credit) cost(45)(46)9 10 
Total amount recognized in AOCL, pretax$2,002 $2,407 $(277)$(284)
The following is a reconciliation of the change in AOCL for our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312025202420252024
Net actuarial (gain) loss $(302)$50 $(22)$(27)
Prior service credit(2)(1)— — 
Amortization of:
Net actuarial (loss) gain from prior years(117)(189)31 31 
Prior service credit (cost)6 6 (1)(2)
Settlement/curtailment/other10 (81)(1)5 
Change in AOCL, pretax$(405)$(215)$7 $7 
Schedule of PBO That Exceeded The Plans' Assets On December 31, 2025 and 2024, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
December 3120252024
PBO$(11,540)$(11,476)
Fair value of plan assets10,606 9,657 
Schedule of ABO That Exceeded The Plans' Assets On December 31, 2025 and 2024, most of our defined benefit plans had an ABO that exceeded the plans’ assets.
Summary information for those plans follows:
Pension BenefitsOther Post-Retirement Benefits
December 312025202420252024
ABO$(11,423)$(11,380)$(251)$(227)
Fair value of plan assets10,606 9,657 33 — 
Schedule of Assumptions Used To Determine Benefit Obligations And Benefit Costs
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 3120252024
Pension Benefits
Benefit obligation discount rate5.16%5.40%
Rate of increase in compensation levels2.42%2.58%
Other Post-Retirement Benefits
Benefit obligation discount rate5.21%5.41%
Health care cost trend rate:
Trend rate for next year8.25%7.50%
Ultimate trend rate5.00%5.00%
Year rate reaches ultimate trend rate20362035
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
Assumptions for Year Ended December 31202520242023
Pension Benefits
Discount rates:
Benefit obligation5.40%4.83%5.08%
Service cost3.60%3.90%4.50%
Interest cost5.09%4.74%4.98%
Expected long-term rate of return on assets6.12%6.35%6.34%
Rate of increase in compensation levels2.52%2.66%2.60%
Other Post-Retirement Benefits
Discount rates:
Benefit obligation5.41%4.89%5.16%
Service cost5.35%4.91%5.26%
Interest cost5.14%4.83%5.09%
Expected long-term rate of return on assets5.38%5.07%5.04%
Schedule of Fair Value of Plan Assets By Investment Category And The Corresponding Level Within The Fair Value Hierarchy
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2025
Cash and equivalents$485 $19 $466 $— 
Commingled funds:
Equity funds3,958 496 3,462 — 
Fixed-income funds6,503 193 6,310 — 
Real estate funds15 — — 15 
Other investments:
Insurance deposit contracts221 — — 221 
Retirement annuity contracts26 — — 26 
Total plan assets in fair value hierarchy$11,208 $708 $10,238 $262 
Plan assets measured using NAV as a practical expedient:
Real estate funds298 
Equity funds51 
Hedge funds— 
Total pension plan assets$11,557 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2024
Cash and equivalents$177 $16 $161 $— 
Commingled funds:
Equity funds3,597 514 3,083 — 
Fixed-income funds6,048 195 5,853 — 
Real estate funds14 — — 14 
Other investments:
Insurance deposit contracts183 — — 183 
Retirement annuity contracts22 — — 22 
Total plan assets in fair value hierarchy$10,041 $725 $9,097 $219 
Plan assets measured using NAV as a practical expedient:
Real estate funds421 
Equity funds37 
Hedge funds1 
Total pension plan assets$10,500 
The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2025
Cash and equivalents$13 $— $13 $— 
Commingled funds:
Equity funds83 31 52 — 
Fixed-income funds102 6 96 — 
Fixed-income securities472 — 469 3 
Total plan assets in fair value hierarchy$670 $37 $630 $3 
Plan assets measured using NAV as a practical expedient:
Real estate funds3 
Total other post-retirement benefit plan assets$673 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2024
Cash and equivalents$7 $— $7 
Commingled funds:
Equity funds120 74 46 
Fixed-income funds102 11 91 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$640 $85 $555 
Plan assets measured using NAV as a practical expedient:
Real estate funds5 
Total other post-retirement benefit plan assets$645 
(a)We had no Level 3 investments on December 31, 2024.
Schedule of Changes In Level 3 Retirement Plan Assets
Changes in our Level 3 defined benefit plan assets during 2025 and 2024 were as follows:
Insurance Deposits ContractsRetirement Annuity ContractsReal Estate FundsCorporate Debt SecuritiesTotal
Level 3 Assets
December 31, 2023$184 $25 $13 $— $222 
Actual return on plan assets:
Unrealized (losses) gains , net(9)(3)1 — (11)
Purchases, sales and settlements, net8 — — — 8 
December 31, 2024183 22 14 — 219 
Actual return on plan assets:
Unrealized gains, net35 4 2 — 41 
Realized losses, net— — (1)— (1)
Purchases, sales and settlements, net3 — — 3 6 
December 31, 2025$221 $26 $15 $3 $265 
v3.25.4
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended 36 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
business
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Trading securities | $ $ 0 $ 0   $ 0
Series of Individually Immaterial Business Acquisitions | Aerospace        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       2
Series of Individually Immaterial Business Acquisitions | Combat Systems        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       2
Series of Individually Immaterial Business Acquisitions | Technologies        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       2
Company-sponsored R & D, including product development costs        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Research and development expense | $ $ 486,000,000 $ 565,000,000 $ 510,000,000  
v3.25.4
Summary of Significant Accounting Policies (Net Interest) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Interest expense $ 402 $ 393 $ 399
Interest income (88) (69) (56)
Interest expense, net $ 314 $ 324 $ 343
v3.25.4
Revenue (Narrative) (Details)
contract in Thousands, $ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
contract
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Number of active contracts | contract 8    
Revenue recognized in contract liability | $ $ 8.0 $ 5.8 $ 4.2
Transferred over Time      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue, percentage from products and services transferred to customers 75.00% 76.00% 79.00%
Transferred at Point in Time      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue, percentage from products and services transferred to customers 25.00% 24.00% 21.00%
v3.25.4
Revenue (Remaining Performance Obligations to be Recognized as Revenue) (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total backlog $ 118
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage recognized 35.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage recognized 35.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.25.4
Revenue (Impact of Adjustments in Contract Estimates) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
Operating earnings $ 5,356 $ 4,796 $ 4,245
Diluted (in dollars per share) $ 15.45 $ 13.63 $ 12.02
Contracts Accounted for under Percentage of Completion      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue $ 302 $ 176 $ 191
Operating earnings $ 160 $ 56 $ 112
Diluted (in dollars per share) $ 0.46 $ 0.16 $ 0.32
v3.25.4
Revenue (Revenue by Major Products and Services) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
Aerospace      
Revenue from External Customer [Line Items]      
Revenue 13,110 11,249 8,621
Aerospace | Aircraft manufacturing      
Revenue from External Customer [Line Items]      
Revenue 9,413 7,811 5,710
Aerospace | Aircraft services      
Revenue from External Customer [Line Items]      
Revenue 3,697 3,438 2,911
Marine Systems      
Revenue from External Customer [Line Items]      
Revenue 16,723 14,343 12,461
Marine Systems | Nuclear-powered submarines      
Revenue from External Customer [Line Items]      
Revenue 12,608 10,392 8,631
Marine Systems | Surface ships      
Revenue from External Customer [Line Items]      
Revenue 2,932 2,819 2,698
Marine Systems | Repair and other services      
Revenue from External Customer [Line Items]      
Revenue 1,183 1,132 1,132
Combat Systems      
Revenue from External Customer [Line Items]      
Revenue 9,246 8,997 8,268
Combat Systems | Military vehicles      
Revenue from External Customer [Line Items]      
Revenue 4,970 5,101 5,036
Combat Systems | Weapon systems and munitions      
Revenue from External Customer [Line Items]      
Revenue 3,104 2,932 2,442
Combat Systems | Engineering and other services      
Revenue from External Customer [Line Items]      
Revenue 1,172 964 790
Technologies      
Revenue from External Customer [Line Items]      
Revenue 13,471 13,127 12,922
Technologies | Information technology (IT) services      
Revenue from External Customer [Line Items]      
Revenue 9,057 8,761 8,459
Technologies | C5ISR* solutions      
Revenue from External Customer [Line Items]      
Revenue $ 4,414 $ 4,366 $ 4,463
v3.25.4
Revenue (Revenue by Contract Type) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 13,110 11,249 8,621
Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 16,723 14,343 12,461
Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 9,246 8,997 8,268
Technologies      
Revenue, Major Customer [Line Items]      
Revenue 13,471 13,127 12,922
Fixed-price      
Revenue, Major Customer [Line Items]      
Revenue 33,753 30,399 26,814
Fixed-price | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 12,050 10,250 7,645
Fixed-price | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 7,995 6,800 6,202
Fixed-price | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 8,131 7,973 7,321
Fixed-price | Technologies      
Revenue, Major Customer [Line Items]      
Revenue 5,577 5,376 5,646
Cost-reimbursement      
Revenue, Major Customer [Line Items]      
Revenue 15,673 14,242 12,595
Cost-reimbursement | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 0 0 0
Cost-reimbursement | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 8,725 7,542 6,258
Cost-reimbursement | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 1,038 951 880
Cost-reimbursement | Technologies      
Revenue, Major Customer [Line Items]      
Revenue 5,910 5,749 5,457
Time-and-materials      
Revenue, Major Customer [Line Items]      
Revenue 3,124 3,075 2,863
Time-and-materials | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 1,060 999 976
Time-and-materials | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 3 1 1
Time-and-materials | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 77 73 67
Time-and-materials | Technologies      
Revenue, Major Customer [Line Items]      
Revenue $ 1,984 $ 2,002 $ 1,819
v3.25.4
Revenue (Revenue by Customer) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
U.S. Government - Department of War      
Revenue, Major Customer [Line Items]      
Revenue 29,788 27,191 24,720
U.S. Government - Non Department of War      
Revenue, Major Customer [Line Items]      
Revenue 4,954 4,810 4,711
U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 1,015 1,063 896
Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 35,757 33,064 30,327
U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 7,557 6,695 5,833
Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 4,405 4,471 3,575
Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 4,831 3,486 2,537
Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 13,110 11,249 8,621
Aerospace | U.S. Government - Department of War      
Revenue, Major Customer [Line Items]      
Revenue 311 253 303
Aerospace | U.S. Government - Non Department of War      
Revenue, Major Customer [Line Items]      
Revenue 84 0 0
Aerospace | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 18 43 69
Aerospace | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 413 296 372
Aerospace | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 7,149 6,237 5,398
Aerospace | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 954 1,447 493
Aerospace | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 4,594 3,269 2,358
Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 16,723 14,343 12,461
Marine Systems | U.S. Government - Department of War      
Revenue, Major Customer [Line Items]      
Revenue 16,575 14,204 12,325
Marine Systems | U.S. Government - Non Department of War      
Revenue, Major Customer [Line Items]      
Revenue 3 2 3
Marine Systems | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 136 132 129
Marine Systems | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 16,714 14,338 12,457
Marine Systems | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 4 2 2
Marine Systems | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 5 3 2
Marine Systems | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 0 0 0
Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 9,246 8,997 8,268
Combat Systems | U.S. Government - Department of War      
Revenue, Major Customer [Line Items]      
Revenue 4,966 5,102 4,580
Combat Systems | U.S. Government - Non Department of War      
Revenue, Major Customer [Line Items]      
Revenue 12 8 10
Combat Systems | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 849 857 651
Combat Systems | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 5,827 5,967 5,241
Combat Systems | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 236 258 233
Combat Systems | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 2,981 2,599 2,692
Combat Systems | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 202 173 102
Technologies      
Revenue, Major Customer [Line Items]      
Revenue 13,471 13,127 12,922
Technologies | U.S. Government - Department of War      
Revenue, Major Customer [Line Items]      
Revenue 7,936 7,632 7,512
Technologies | U.S. Government - Non Department of War      
Revenue, Major Customer [Line Items]      
Revenue 4,855 4,800 4,698
Technologies | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 12 31 47
Technologies | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 12,803 12,463 12,257
Technologies | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 168 198 200
Technologies | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 465 422 388
Technologies | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue $ 35 $ 44 $ 77
v3.25.4
Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Basic weighted average shares outstanding (shares) 269,080 273,858 273,143
Dilutive effect of stock options and restricted stock/RSUs (shares) [1] 3,345 3,627 2,582
Diluted weighted average shares outstanding (shares) 272,425 277,485 275,725
Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive outstanding options excluded from computation of earnings per share (shares) 922 1,033 2,961
[1]
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 922 in 2025, 1,033 in 2024 and 2,961 in 2023.
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax asset amount related to accumulated other comprehensive income $ 359 $ 446
Investment of U.S. government accounts receivable in the CCF 348 $ 333
Net operating loss carryforwards 663  
Tax positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease $ 0  
v3.25.4
Income Taxes (Net Provision For Income Taxes For Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ 357 $ 622 $ 619
State 3 32 27
Foreign 277 190 200
Total current 637 844 846
Deferred:      
U.S. federal 282 (90) (131)
State 16 (4) 7
Foreign (42) 8 (53)
Total deferred 256 (86) (177)
Provision for income taxes, net:      
U.S. federal 639 532 488
State 19 28 34
Foreign 235 198 147
Provision for income taxes, net 893 758 669
Net income tax payments $ 568 $ 560 $ 1,100
v3.25.4
Income Taxes (Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax $ 1,072    
Tax credits      
Research and development tax credit (180)    
Effects of cross-border tax laws      
Foreign-derived intangible income (36)    
State and local tax rate on commercial operations 15    
Foreign tax effects 38    
Nontaxable or nondeductible items 37    
Other reconciling items      
Equity-based compensation (43)    
Other reconciling items (10)    
Provision for income taxes, net $ 893 $ 758 $ 669
Percent      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
Tax credits      
Domestic tax credits   (3.30%) (3.30%)
Research and development tax credit (3.50%)    
Effects of cross-border tax laws      
Foreign-derived intangible income (0.70%) (1.70%) (1.60%)
State and local tax rate on commercial operations 0.30% 0.50% 0.70%
Foreign tax effects 0.70% 1.00% 0.50%
Nontaxable or nondeductible items 0.70%    
Other reconciling items      
Equity-based compensation (0.80%) (1.00%) (0.40%)
Other, net (0.20%) 0.20% (0.10%)
Effective income tax rate 17.50% 16.70% 16.80%
v3.25.4
Income Taxes (Schedule of Income Tax Paid) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 331    
State 4    
Foreign      
Total Foreign 233    
Cash paid for income taxes (net of refunds) 568 $ 560 $ 1,100
CANADA      
Foreign      
Total Foreign 98    
SAUDI ARABIA      
Foreign      
Total Foreign 59    
Foreign Tax Jurisdiction, Other      
Foreign      
Total Foreign $ 76    
v3.25.4
Income Taxes (Schedule of Earnings From Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 4,199    
Foreign 904    
Earnings before income tax $ 5,103 $ 4,540 $ 3,984
v3.25.4
Income Taxes (Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Research and development expenditures $ 500 $ 968
Lease liabilities 412 441
Retirement benefits 115 251
Salaries and wages 215 223
Tax loss and credit carryforwards 384 185
Workers’ compensation 160 153
Other 385 383
Deferred assets 2,171 2,604
Valuation allowances (158) (169)
Net deferred assets 2,013 2,435
Intangible assets (1,057) (1,063)
Contract accounting methods (670) (682)
Property, plant and equipment (450) (447)
Lease right-of-use assets (401) (425)
Capital Construction Fund qualified ships (57) (57)
Other (315) (315)
Deferred liabilities (2,950) (2,989)
Net deferred tax liability $ (937) $ (554)
v3.25.4
Income Taxes (Net Deferred Tax Asset (Liability)) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax asset $ 19 $ 19
Deferred tax liability (956) (573)
Net deferred tax liability $ (937) $ (554)
v3.25.4
Accounts Receivable (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable [Line Items]      
Total accounts receivable $ 2,406 $ 2,977  
Decrease in accounts receivable 556 16 $ 38
Decrease in customer advances and deposits 4 (343) $ (2,415)
Non-U.S. government      
Accounts Receivable [Line Items]      
Total accounts receivable 365 1,299  
Receivables related to long-term production programs 0 1,000  
Decrease in accounts receivable 1,100    
Decrease in customer advances and deposits 1,100    
U.S. government      
Accounts Receivable [Line Items]      
Total accounts receivable 1,424 1,239  
Commercial      
Accounts Receivable [Line Items]      
Total accounts receivable $ 617 $ 439  
v3.25.4
Unbilled Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Contractors [Abstract]    
Unbilled revenue $ 43,059 $ 40,634
Advances and progress billings (34,679) (32,386)
Unbilled receivables $ 8,380 $ 8,248
v3.25.4
Unbilled Receivables (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled receivable $ 43,059 $ 40,634
G&A costs in unbilled revenue 484 444
Combat Systems | Large International Customer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled receivable $ 1,300 $ 1,200
v3.25.4
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Work in process $ 5,938 $ 6,279
Raw materials 3,248 3,396
Finished goods 18 26
Pre-owned aircraft 28 23
Total inventories $ 9,232 $ 9,724
v3.25.4
Goodwill and Intangible Assets (Changes In Carrying Amount of Goodwill by Reporting Unit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] $ 20,556 $ 20,586  
Acquisitions 114 206 [2]  
Other [3] 339 (236)  
Goodwill, end of period 21,009 20,556 [1]  
Aerospace      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 3,085 3,199  
Acquisitions [2] 20 9  
Other [3] 259 (123)  
Goodwill, end of period 3,364 3,085 [1]  
Marine Systems      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 297 297  
Acquisitions [2] 0 0  
Other [3] 0 0  
Goodwill, end of period 297 297 [1]  
Combat Systems      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 2,758 2,812  
Acquisitions [2] 2 39  
Other [3] 65 (93)  
Goodwill, end of period 2,825 2,758 [1]  
Technologies      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 14,416 14,278  
Acquisitions [2] 92 158  
Other [3] 15 (20)  
Goodwill, end of period 14,523 14,416 [1]  
Accumulated impairment loss $ 1,800 $ 1,800 $ 1,800
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
[2] Included adjustments during the purchase price allocation period.
[3] Consisted primarily of adjustments for foreign currency translation.
v3.25.4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] $ 3,953 $ 3,910
Accumulated Amortization (2,578) (2,390)
Net Carrying Amount 1,375 1,520
Contract and program intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1],[2] 3,241 3,278
Accumulated Amortization [2] (2,119) (1,989)
Net Carrying Amount 1,122 1,289
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 575 511
Accumulated Amortization (345) (289)
Net Carrying Amount 230 222
Technology and software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 77 61
Accumulated Amortization (54) (52)
Net Carrying Amount 23 9
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 60 60
Accumulated Amortization (60) (60)
Net Carrying Amount $ 0 $ 0
[1] Changes in gross carrying amounts consisted primarily of foreign currency translation and adjustments for divested intangible assets.
[2] Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.25.4
Goodwill and Intangible Assets (Amortization Life of Intangible Assets) (Details)
Dec. 31, 2025
Contract and program intangible assets | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
Contract and program intangible assets | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 30 years
Trade names and trademarks  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 30 years
Technology and software | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
Technology and software | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 15 years
Other intangible assets  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
v3.25.4
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense of intangibles $ 174 $ 180 $ 194
v3.25.4
Goodwill and Intangible Assets (Amortization Expense of Intangible Assets) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Amortization Expense  
2026 $ 175
2027 169
2028 147
2029 131
2030 $ 121
v3.25.4
Property, Plant And Equipment, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Machinery and equipment $ 7,383 $ 7,067
Buildings and improvements 5,763 4,886
Construction in process 1,462 1,173
Land and improvements 522 438
Total PP&E 15,130 13,564
Accumulated depreciation (7,605) (7,097)
PP&E, net 7,525 $ 6,467
Exercise of option to purchase PP&E under lease $ 490  
Buildings And Improvements    
Property, Plant and Equipment [Line Items]    
Depreciable life, maximum, years 50 years  
Machinery And Equipment    
Property, Plant and Equipment [Line Items]    
Depreciable life, maximum, years 30 years  
v3.25.4
Leases (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Option to extend lease period 40 years
Option to terminate lease period 1 year
Percentage of leased real estate of total lease obligation 75.00%
Additional leases that have not yet commenced $ 25
Minimum  
Lessee, Lease, Description [Line Items]  
Term of leases that have not yet commenced 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Term of leases that have not yet commenced 10 years
v3.25.4
Leases (Components of Lease Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finance lease cost:      
Amortization of ROU assets $ 70 $ 62 $ 61
Interest on lease liabilities 24 21 14
Operating lease cost 331 317 320
Short-term lease cost 74 74 76
Variable lease cost 36 39 34
Sublease income (17) (16) (17)
Total lease costs, net $ 518 $ 497 $ 488
v3.25.4
Leases (Additional Information Related to Leases) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 332 $ 319 $ 322
Operating cash flows from finance leases 23 20 13
Financing cash flows from finance leases* 556 64 55
ROU assets obtained in exchange for lease liabilities:      
Operating leases 250 292 279
Finance leases*   $ 155 $ 240
Finance leases* $ (37)    
Weighted-average remaining lease term:      
Operating leases 10 years 10 months 24 days 10 years 9 months 18 days  
Finance leases 15 years 8 months 12 days 14 years 4 months 24 days  
Weighted-average discount rate:      
Operating leases 4.00% 4.00%  
Finance leases 5.00% 4.00%  
Exercise of option to purchase PP&E under lease $ 490    
v3.25.4
Leases (Reconciliation of Undiscounted Cash Flows to the Operating and Finance Leases) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 305  
2027 265  
2028 202  
2029 156  
2030 108  
Thereafter 703  
Total future lease payments 1,739  
Less imputed interest 355  
Present value of future lease payments 1,384  
Less current portion of lease liabilities 260 $ 253
Long-term lease liabilities 1,124 1,133
ROU assets $ 1,284 $ 1,295
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Leases    
2026 $ 55  
2027 46  
2028 39  
2029 36  
2030 30  
Thereafter 328  
Total future lease payments 534  
Less imputed interest 142  
Present value of future lease payments 392  
Less current portion of lease liabilities 39 $ 66
Long-term lease liabilities 353 462
ROU assets $ 392 $ 501
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
v3.25.4
Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt principal $ 8,074 $ 8,826
Less unamortized debt issuance costs and discounts 61 64
Total debt 8,013 8,762
Less current portion 1,006 1,502
Long-term debt $ 7,007 7,260
Fixed Rate Notes Due April 2025    
Debt Instrument [Line Items]    
Interest rate 3.25%  
Long-term debt $ 0 750
Fixed Rate Notes Due May 2025    
Debt Instrument [Line Items]    
Interest rate 3.50%  
Long-term debt $ 0 750
Fixed Rate Notes Due June 2026    
Debt Instrument [Line Items]    
Interest rate 1.15%  
Long-term debt $ 500 500
Fixed Rate Notes Due August 2026    
Debt Instrument [Line Items]    
Interest rate 2.125%  
Long-term debt $ 500 500
Fixed Rate Notes Due April 2027    
Debt Instrument [Line Items]    
Interest rate 3.50%  
Long-term debt $ 750 750
Fixed Rate Notes Due November 2027    
Debt Instrument [Line Items]    
Interest rate 2.625%  
Long-term debt $ 500 500
Fixed Rate Notes Due May 2028    
Debt Instrument [Line Items]    
Interest rate 3.75%  
Long-term debt $ 1,000 1,000
Fixed Rate Notes Due April 2030    
Debt Instrument [Line Items]    
Interest rate 3.625%  
Long-term debt $ 1,000 1,000
Fixed Rate Notes Due June 2031    
Debt Instrument [Line Items]    
Interest rate 2.25%  
Long-term debt $ 500 500
Fixed Rate Notes Due August 2035    
Debt Instrument [Line Items]    
Interest rate 4.95%  
Long-term debt $ 750 0
Fixed Rate Notes Due April 2040    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 750 750
Fixed Rate Notes Due June 2041    
Debt Instrument [Line Items]    
Interest rate 2.85%  
Long-term debt $ 500 500
Fixed Rate Notes Due November 2042    
Debt Instrument [Line Items]    
Interest rate 3.60%  
Long-term debt $ 500 500
Fixed Rate Notes Due April 2050    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 750 750
Other    
Debt Instrument [Line Items]    
Long-term debt $ 74 $ 76
v3.25.4
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Repayments of Long-term Debt $ 1,500,000,000 $ 500,000,000 $ 1,250,000,000
Interest payments 376,000,000 $ 385,000,000 $ 378,000,000
Credit facility, maximum borrowing capacity 5,000,000,000    
Committed Bank Credit Facility      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity 1,000,000,000    
Commercial Paper      
Debt Instrument [Line Items]      
Commercial paper outstanding 0    
Line of Credit | Multi Year Facility Expiring March 2027      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 4,000,000,000    
Line of Credit | Committed Bank Credit Facility      
Debt Instrument [Line Items]      
Debt Instrument, Term 364 days    
v3.25.4
Debt Debt (Aggregate Amounts Of Scheduled Maturities Of Debt For The Next Five Years) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 1,006
2027 1,257
2028 1,007
2029 7
2030 1,007
Thereafter 3,790
Total debt principal $ 8,074
v3.25.4
Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Salaries and wages $ 1,125 $ 1,325
Dividends payable 407 390
Lease liabilities 299 319
Workers’ compensation 236 244
Other 1,221 1,209
Total other current liabilities 3,288 3,487
Customer deposits on commercial contracts 2,649 2,996
Lease liabilities 1,477 1,595
Retirement benefits 1,134 2,024
Other 2,564 2,118
Total other liabilities $ 7,824 $ 8,733
v3.25.4
Commitments And Contingencies (Narrative) (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2026
employee
agreement
Dec. 31, 2025
USD ($)
agreement
Commitments and Contingencies [Line Items]    
Letters of credit and guarantees | $   $ 2.4
Number of company-negotiated labor agreements   64
Forecast    
Commitments and Contingencies [Line Items]    
Number of collective agreements expected to be renegotiated 25  
Number of employees covered by expected renegotiated collective agreements | employee 9,300  
Unionized Employees Concentration Risk | Workforce Subject to Collective Bargaining Arrangements    
Commitments and Contingencies [Line Items]    
Percent of employees represented by labor organizations   20.00%
Maximum | Aerospace    
Commitments and Contingencies [Line Items]    
Period preceding delivery of aircraft to customer fair market value of trade-in aircraft is established, days, maximum   45 days
v3.25.4
Commitments And Contingencies (Changes in Product Warranty Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]      
Beginning balance $ 642 $ 597 $ 603
Warranty expense 143 137 90
Payments (127) (106) (101)
Adjustments (2) 14 5
Ending balance $ 656 $ 642 $ 597
v3.25.4
Shareholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 04, 2024
Class of Stock [Line Items]        
Authorized capital stock, common stock (shares) 500,000,000      
Common stock, par value (in dollars per share) $ 1      
Authorized capital stock, preferred stock (shares) 50,000,000      
Preferred stock, par value (in dollars per share) $ 1      
Common stock, issued (shares) 481,880,634 481,880,634    
Common stock, outstanding (shares) 270,389,759 270,340,502    
Preferred stock, outstanding (shares) 0 0    
Number of additional shares authorized for repurchase (in shares)       10,000,000
Stock repurchased (shares) 2,500,000 5,400,000 2,000,000  
Shares repurchased $ 637 $ 1,509 $ 434  
Shares remaining under a prior authorization (shares) 6,800,000      
Percent of total shares outstanding authorized for repurchase 2.50%      
Dividends declared per share $ 6.00 $ 5.68 $ 5.28  
Dividends paid $ 1,593 $ 1,529 $ 1,428  
Restricted Stock        
Class of Stock [Line Items]        
Unvested restricted stock (shares) 406,995      
v3.25.4
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance $ 22,063 $ 21,299 $ 18,568
Other comprehensive income, pretax 1,149 (347) 1,145
Provision for income tax, net (114) (12) (152)
Other comprehensive income, net of tax 1,035 (359) 993
Ending Balance 25,622 22,063 21,299
AOCL      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (1,518) (1,159) (2,152)
Ending Balance (483) (1,518) (1,159)
Changes in Unrealized Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (76) 11 4
Other comprehensive income, pretax 113 (117) 10
Provision for income tax, net (27) 30 (3)
Other comprehensive income, net of tax 86 (87) 7
Ending Balance 10 (76) 11
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance 235 673 260
Other comprehensive income, pretax 638 (438) 413
Provision for income tax, net 0 0 0
Other comprehensive income, net of tax 638 (438) 413
Ending Balance 873 235 673
Changes in Retirement Plans’ Funded Status      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (1,677) (1,843) (2,416)
Other comprehensive income, pretax 398 208 722
Provision for income tax, net (87) (42) (149)
Other comprehensive income, net of tax 311 166 573
Ending Balance $ (1,366) $ (1,677) $ (1,843)
v3.25.4
Segment Information (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 4    
Revenue $ 52,550 $ 47,716 $ 42,272
Number of Reportable Segments | segment 4    
International Operations      
Segment Reporting Information [Line Items]      
Revenue $ 5,400 5,000 4,300
Earnings from continuing operations before income tax $ 904 $ 732 $ 631
v3.25.4
Segment Information (Segment Reporting Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
Other Segment Items (47,019) (42,781) (37,867)
Operating Income (Loss) 5,356 4,796 4,245
Identifiable Assets 57,249 55,880 54,810
Capital Expenditures 1,161 916 904
Depreciation and Amortization* 924 886 863
Aerospace      
Segment Reporting Information [Line Items]      
Revenue 13,110 11,249 8,621
Marine Systems      
Segment Reporting Information [Line Items]      
Revenue 16,723 14,343 12,461
Combat Systems      
Segment Reporting Information [Line Items]      
Revenue 9,246 8,997 8,268
Technologies      
Segment Reporting Information [Line Items]      
Revenue 13,471 13,127 12,922
Operating Segments | Aerospace      
Segment Reporting Information [Line Items]      
Revenue 13,110 11,249 8,621
Other Segment Items (11,364) (9,785) (7,439)
Operating Income (Loss) 1,746 1,464 1,182
Identifiable Assets 16,815 16,192 15,099
Capital Expenditures 336 235 200
Depreciation and Amortization* 254 220 200
Operating Segments | Marine Systems      
Segment Reporting Information [Line Items]      
Revenue 16,723 14,343 12,461
Other Segment Items (15,546) (13,408) (11,587)
Operating Income (Loss) 1,177 935 874
Identifiable Assets 7,313 7,019 6,209
Capital Expenditures 517 424 511
Depreciation and Amortization* 270 243 217
Operating Segments | Combat Systems      
Segment Reporting Information [Line Items]      
Revenue 9,246 8,997 8,268
Other Segment Items (7,915) (7,721) (7,121)
Operating Income (Loss) 1,331 1,276 1,147
Identifiable Assets 10,111 10,275 10,479
Capital Expenditures 144 135 107
Depreciation and Amortization* 112 117 108
Operating Segments | Technologies      
Segment Reporting Information [Line Items]      
Revenue 13,471 13,127 12,922
Other Segment Items (12,194) (11,867) (11,720)
Operating Income (Loss) 1,277 1,260 1,202
Identifiable Assets 19,252 19,286 19,534
Capital Expenditures 160 119 85
Depreciation and Amortization* 276 294 327
Corporate      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Other Segment Items 0 0 0
Operating Income (Loss) (175) (139) (160)
Identifiable Assets 3,758 3,108 3,489
Capital Expenditures 4 3 1
Depreciation and Amortization* $ 12 $ 12 $ 11
v3.25.4
Segment Information (Schedule of Revenues By Geographic Area Based On The Location of Customers) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 52,550 $ 47,716 $ 42,272
North America:      
Segment Reporting Information [Line Items]      
Revenue 44,562 41,037 37,121
United States      
Segment Reporting Information [Line Items]      
Revenue 43,314 39,759 36,160
Other      
Segment Reporting Information [Line Items]      
Revenue 1,248 1,278 961
Europe      
Segment Reporting Information [Line Items]      
Revenue 3,540 3,161 2,765
Asia/Pacific      
Segment Reporting Information [Line Items]      
Revenue 2,001 1,546 1,086
Africa/Middle East      
Segment Reporting Information [Line Items]      
Revenue 2,015 1,680 1,147
South America      
Segment Reporting Information [Line Items]      
Revenue $ 432 $ 292 $ 153
v3.25.4
Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Measured at fair value:    
Cash and equivalents $ 19 $ 36
Available-for-sale debt securities 140 128
Commingled equity funds 51 48
Commingled fixed-income funds 6 6
Other investments 53 40
Cash flow hedge assets 75 52
Cash flow hedge liabilities (49) (140)
Measured at amortized cost:    
Short- and long-term debt principal (8,074) (8,826)
Fair Value    
Measured at fair value:    
Cash and equivalents 19 36
Available-for-sale debt securities 140 128
Commingled equity funds 51 48
Commingled fixed-income funds 6 6
Other investments 53 40
Cash flow hedge assets 75 52
Cash flow hedge liabilities (49) (140)
Measured at amortized cost:    
Short- and long-term debt principal (7,610) (8,103)
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Measured at fair value:    
Cash and equivalents 17 27
Available-for-sale debt securities 0 0
Commingled equity funds 51 48
Commingled fixed-income funds 6 6
Other investments 32 28
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Measured at amortized cost:    
Short- and long-term debt principal 0 0
Fair Value | Significant Other Observable Inputs (Level 2)    
Measured at fair value:    
Cash and equivalents 2 9
Available-for-sale debt securities 140 128
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Other investments 0 0
Cash flow hedge assets 75 52
Cash flow hedge liabilities (49) (140)
Measured at amortized cost:    
Short- and long-term debt principal (7,610) (8,103)
Fair Value | Significant Unobservable Inputs (Level 3)    
Measured at fair value:    
Cash and equivalents 0 0
Available-for-sale debt securities 0 0
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Other investments 21 12
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Measured at amortized cost:    
Short- and long-term debt principal $ 0 $ 0
v3.25.4
Derivative Financial Instruments And Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Average maturity of foreign currency forward contracts, in years 2 years  
Cash and equivalents $ 2,333 $ 1,697
Marketable securities held in trust 216 218
Derivative notional amount $ 8,500 $ 6,200
Maximum    
Derivative Instruments, Gain (Loss) [Line Items]    
Maturity of fixed-income securities, in years 5 years  
v3.25.4
Equity Compensation Plans (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant (shares) 13    
Weighted average fair value per option granted (in dollars per share) $ 62.18 $ 60.55 $ 47.46
Stock option expense reduced operating earnings $ 77 $ 75 $ 82
Stock option expense earnings per share (in dollars per share) $ 0.22 $ 0.21 $ 0.24
Total intrinsic value of options exercised $ 280 $ 249 $ 75
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards vesting period 3 years    
Awards expiration period 10 years    
Unrecognized compensation cost related to stock options $ 37    
Recognition period for unrecognized compensation cost 1 year 8 months 12 days    
Stock Options | Vesting After Two years      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards vesting period 2 years    
Percentage of stock options vesting in a period of one year 50.00%    
Stock Options | Vesting In Third Year      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of stock options vesting in a period of one year 50.00%    
Restricted Stock and Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards vesting period 3 years    
Stock option expense reduced operating earnings $ 119 $ 108 $ 99
Stock option expense earnings per share (in dollars per share) $ 0.35 $ 0.31 $ 0.28
Unrecognized compensation cost related to stock options $ 104    
Recognition period for unrecognized compensation cost 1 year 10 months 24 days    
Fair value of vesting shares $ 115 $ 148 $ 96
v3.25.4
Equity Compensation Plans (Schedule Of Equity Based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Stock options $ 61 $ 60 $ 65
Restricted stock/RSUs 94 85 78
Total equity-based compensation expense, net of tax $ 155 $ 145 $ 143
v3.25.4
Equity Compensation Plans (Schedule Of Assumption Of Fair Value Options On The Date Of Grant Using Black-Scholes Option Pricing Model) (Details) - Stock Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 22.50% 23.20% 22.70%
Expected volatility, maximum 22.70% 23.30% 22.90%
Weighted average expected volatility 22.50% 23.30% 22.80%
Expected term (in months) 72 months 60 months 60 months
Risk - free interest rate, minimum 3.90% 4.20% 3.60%
Risk - free interest rate, maximum 4.60% 4.60% 4.70%
Expected dividend yield 2.20% 2.20% 2.30%
v3.25.4
Equity Compensation Plans (Summary Of Stock Option Activity) (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares Under Option   
Beginning balance (in shares) | shares 10,150,922
Granted (in shares) | shares 1,327,450
Exercised (in shares) | shares (2,346,690)
Forfeited/canceled (in shares) | shares (81,080)
Ending balance (in shares) | shares 9,050,602
Vested and expected to vest (in shares) | shares 8,966,663
Exercisable (in shares) | shares 5,782,637
Weighted Average Exercise Price Per Share  
Beginning balance (in dollars per share) | $ / shares $ 206.08
Granted (in dollars per share) | $ / shares 258.36
Exercised (in dollars per share) | $ / shares 188.17
Forfeited/canceled (in dollars per share) | $ / shares 257.89
Ending balance (in dollars per share) | $ / shares 217.93
Vested and expected to vest (in dollars per share) | $ / shares 217.50
Exercisable (in dollars per share) | $ / shares $ 195.45
v3.25.4
Equity Compensation Plans (Schedule Of Stock Options' Intrinsic Value And Remaining Contractual Term) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Weighted Average  Remaining Contractual Term (in years)  
Outstanding 6 years 1 month 6 days
Vested and expected to vest 6 years 1 month 6 days
Exercisable 4 years 9 months 18 days
Aggregate Intrinsic Value  
Outstanding $ 1,075
Vested and expected to vest 1,068
Exercisable $ 817
v3.25.4
Equity Compensation Plans (Summary Of Restricted Stock And Restricted Stock Unit Activity) (Details) - Restricted Stock and Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares/ Share-Equivalent  Units  
Nonvested, beginning balance (in shares) | shares 1,284,736
Granted (in shares) | shares 540,027
Vested (in shares) | shares (446,794)
Forfeited (in shares) | shares (43,858)
Nonvested, ending balance (in shares) | shares 1,334,111
Weighted Average Grant-Date Fair Value Per Share  
Nonvested, beginning balance (in dollars per share) | $ / shares $ 252.27
Granted (in dollars per share) | $ / shares 266.36
Vested (in dollars per share) | $ / shares 246.07
Forfeited (in dollars per share) | $ / shares 258.84
Nonvested, ending balance (in dollars per share) | $ / shares $ 260.27
v3.25.4
Retirement Plans (Narrative) (Details)
retiree in Thousands, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Oct. 31, 2024
USD ($)
retiree
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Compensation And Retirement Disclosure Line Items        
Defined contribution plan, cost recognized   $ 560 $ 517 $ 462
Common stock, shares held in employee trust (shares) | shares   14 15  
Percentage of defined contribution plans held from outstanding shares   5.00% 6.00%  
Required employer contributions to defined benefit retirement plans during fiscal year   $ 537    
Period in which the difference between the actual and expected return on plan assets for qualified plans are recognized in years   5 years    
Percentage of pension plan assets held in a single trust for primary domestic government and commercial pension plans   90.00%    
Redemption notice period   90 days    
Pension Benefits        
Compensation And Retirement Disclosure Line Items        
Required contribution amounts   $ 293    
Benefit obligation weighed average discount rate   5.16% 5.40%  
Buy-out contract annuity contract amount $ 673      
Number of retirees and beneficiaries | retiree 16      
Non-cash settlement charge recognized in buy-out annuity contract $ 80      
Defined benefit plan, accumulated benefit obligation   $ 12,200 $ 12,100  
Other  Post-Retirement Benefits        
Compensation And Retirement Disclosure Line Items        
Benefit obligation weighed average discount rate   5.21% 5.41%  
Defined benefit plan, accumulated benefit obligation   $ 529 $ 538  
v3.25.4
Retirement Plans (Schedule of Benefits to be Paid From Retirement Plans Over the Next 10 Years) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits  
Compensation And Retirement Disclosure Line Items  
2026 $ 913
2027 924
2028 932
2029 939
2030 931
2031-2035 4,528
Other  Post-Retirement Benefits  
Compensation And Retirement Disclosure Line Items  
2026 44
2027 43
2028 42
2029 41
2030 40
2031-2035 $ 186
v3.25.4
Retirement Plans (Schedule of Annual Pension and Other Post-Retirement Benefit Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 72 $ 73 $ 66
Interest cost 599 627 650
Expected return on plan assets (739) (821) (829)
Net actuarial loss (gain) 117 189 752
Prior service credit (6) (6) (13)
Settlement/curtailment/other (5) 87 3
Net annual benefit cost 38 149 629
Other  Post-Retirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 4 4 4
Interest cost 27 28 30
Expected return on plan assets (35) (33) (32)
Net actuarial loss (gain) (31) (31) (30)
Prior service credit 1 2 2
Settlement/curtailment/other 8 (15) 5
Net annual benefit cost $ (26) $ (45) $ (21)
v3.25.4
Retirement Plans (Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of year $ (12,189) $ (13,736)  
Service cost (72) (73) $ (66)
Interest cost (599) (627) (650)
Amendments 2 1  
Actuarial gain (loss) (182) 643  
Settlement/curtailment/other (134) 727  
Benefits paid 854 876  
Benefit obligation at end of year (12,320) (12,189) (13,736)
Change in Plan/Trust Assets      
Fair value of assets at beginning of year 10,500 11,886  
Actual return on plan assets 1,223 128  
Employer contributions 537 73  
Settlement/curtailment/other 130 (733)  
Benefits paid (833) (854)  
Fair value of assets at end of year 11,557 10,500 11,886
Funded status at end of year (763) (1,689)  
Other  Post-Retirement Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of year (538) (598)  
Service cost (4) (4) (4)
Interest cost (27) (28) (30)
Amendments 0 0  
Actuarial gain (loss) 1 32  
Settlement/curtailment/other (6) 11  
Benefits paid 45 49  
Benefit obligation at end of year (529) (538) (598)
Change in Plan/Trust Assets      
Fair value of assets at beginning of year 645 649  
Actual return on plan assets 56 28  
Employer contributions 0 0  
Settlement/curtailment/other 0 0  
Benefits paid (28) (32)  
Fair value of assets at end of year 673 645 $ 649
Funded status at end of year $ 144 $ 107  
v3.25.4
Retirement Plans (Amounts Recognized on The Consolidated Balance Sheet) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Noncurrent liabilities $ (1,134) $ (2,024)
Pension Benefits    
Noncurrent assets 171 130
Current liabilities (23) (22)
Noncurrent liabilities (911) (1,797)
Net (liability) asset recognized (763) (1,689)
Other  Post-Retirement Benefits    
Noncurrent assets 375 347
Current liabilities (8) (13)
Noncurrent liabilities (223) (227)
Net (liability) asset recognized $ 144 $ 107
v3.25.4
Retirement Plans (Amounts Deferred In AOCL) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Compensation And Retirement Disclosure Line Items    
Net actuarial loss (gain) $ 2,047 $ 2,453
Prior service (credit) cost (45) (46)
Total amount recognized in AOCL, pretax 2,002 2,407
Other  Post-Retirement Benefits    
Compensation And Retirement Disclosure Line Items    
Net actuarial loss (gain) (286) (294)
Prior service (credit) cost 9 10
Total amount recognized in AOCL, pretax $ (277) $ (284)
v3.25.4
Retirement Plans (Reconciliation of The Change In AOCL For Defined-Benefit Retirement Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amortization of:      
Change in AOCL, pretax $ (398) $ (208) $ (722)
Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Net actuarial (gain) loss (302) 50  
Prior service credit (2) (1)  
Amortization of:      
Net actuarial (loss) gain from prior years (117) (189)  
Prior service credit (cost) 6 6  
Settlement/curtailment/other 10 (81)  
Change in AOCL, pretax (405) (215)  
Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Net actuarial (gain) loss (22) (27)  
Prior service credit 0 0  
Amortization of:      
Net actuarial (loss) gain from prior years 31 31  
Prior service credit (cost) (1) (2)  
Settlement/curtailment/other (1) 5  
Change in AOCL, pretax $ 7 $ 7  
v3.25.4
Retirement Plans Retirement Plans (Schedule of PBO That Exceeded Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
PBO $ (11,540) $ (11,476)
Fair value of plan assets $ 10,606 $ 9,657
v3.25.4
Retirement Plans (Schedule of ABO That Exceeded Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Compensation And Retirement Disclosure Line Items    
ABO $ (11,423) $ (11,380)
Fair value of plan assets 10,606 9,657
Other  Post-Retirement Benefits    
Compensation And Retirement Disclosure Line Items    
ABO (251) (227)
Fair value of plan assets $ 33 $ 0
v3.25.4
Retirement Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Compensation And Retirement Disclosure Line Items    
Benefit obligation discount rate 5.16% 5.40%
Rate of increase in compensation levels 2.42% 2.58%
Other  Post-Retirement Benefits    
Compensation And Retirement Disclosure Line Items    
Benefit obligation discount rate 5.21% 5.41%
Health care cost trend rate:    
Trend rate for next year 8.25% 7.50%
Ultimate trend rate 5.00% 5.00%
Year rate reaches ultimate trend rate 2036 2035
v3.25.4
Retirement Plans Retirement Plans (Weighted Average Assumptions Used to Determine Net Annual Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligation 5.40% 4.83% 5.08%
Service cost 3.60% 3.90% 4.50%
Interest cost 5.09% 4.74% 4.98%
Expected long-term rate of return on assets 6.12% 6.35% 6.34%
Rate of increase in compensation levels 2.52% 2.66% 2.60%
Other  Post-Retirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligation 5.41% 4.89% 5.16%
Service cost 5.35% 4.91% 5.26%
Interest cost 5.14% 4.83% 5.09%
Expected long-term rate of return on assets 5.38% 5.07% 5.04%
v3.25.4
Retirement Plans (Asset Allocation Policy Ranges) (Details)
Dec. 31, 2025
Equity funds | Minimum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 40.00%
Equity funds | Maximum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 60.00%
Fixed Income Investments | Minimum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 40.00%
Fixed Income Investments | Maximum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 60.00%
v3.25.4
Retirement Plans (Fair Value of Plan Assets By Investment Category Within The Fair Value Hierarchy) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 11,557 $ 10,500 $ 11,886
Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 673 645 649
Fair Value | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 11,208 10,041  
Fair Value | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 670 640  
Fair Value | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 485 177  
Fair Value | Cash and equivalents | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 13 7  
Fair Value | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3,958 3,597  
Fair Value | Equity funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 83 120  
Fair Value | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 6,503 6,048  
Fair Value | Fixed-income funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 102 102  
Fair Value | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 15 14  
Fair Value | Fixed-income securities | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 472 411  
Fair Value | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 221 183  
Fair Value | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 26 22  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 708 725  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 37 85  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 19 16  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 496 514  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 31 74  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 193 195  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 6 11  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income securities | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 10,238 9,097  
Significant Other Observable Inputs (Level 2) | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 630 555  
Significant Other Observable Inputs (Level 2) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 466 161  
Significant Other Observable Inputs (Level 2) | Cash and equivalents | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 13 7  
Significant Other Observable Inputs (Level 2) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3,462 3,083  
Significant Other Observable Inputs (Level 2) | Equity funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 52 46  
Significant Other Observable Inputs (Level 2) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 6,310 5,853  
Significant Other Observable Inputs (Level 2) | Fixed-income funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 96 91  
Significant Other Observable Inputs (Level 2) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Fixed-income securities | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 469 411  
Significant Other Observable Inputs (Level 2) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3)      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 265 219 222
Significant Unobservable Inputs (Level 3) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 262 219  
Significant Unobservable Inputs (Level 3) | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3    
Significant Unobservable Inputs (Level 3) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Cash and equivalents | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0    
Significant Unobservable Inputs (Level 3) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Equity funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0    
Significant Unobservable Inputs (Level 3) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Fixed-income funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0    
Significant Unobservable Inputs (Level 3) | Real estate funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 15 14 13
Significant Unobservable Inputs (Level 3) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 15 14  
Significant Unobservable Inputs (Level 3) | Fixed-income securities      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3 0 0
Significant Unobservable Inputs (Level 3) | Fixed-income securities | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3    
Significant Unobservable Inputs (Level 3) | Insurance deposit contracts      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 221 183 184
Significant Unobservable Inputs (Level 3) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 221 183  
Significant Unobservable Inputs (Level 3) | Retirement annuity contracts      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 26 22 $ 25
Significant Unobservable Inputs (Level 3) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 26 22  
Plan assets measured using NAV as a practical expedient | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 51 37  
Plan assets measured using NAV as a practical expedient | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 298 421  
Plan assets measured using NAV as a practical expedient | Real estate funds | Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3 5  
Plan assets measured using NAV as a practical expedient | Hedge funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 0 $ 1  
v3.25.4
Retirement Plans (Changes in Level 3 Retirement Plan Assets) (Details) - Significant Unobservable Inputs (Level 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year $ 219 $ 222
Unrealized (losses) gains , net 41 (11)
Realized losses, net (1)  
Purchases, sales and settlements, net 6 8
Fair value of assets at end of year 265 219
Insurance Deposits Contracts    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 183 184
Unrealized (losses) gains , net 35 (9)
Realized losses, net 0  
Purchases, sales and settlements, net 3 8
Fair value of assets at end of year 221 183
Retirement annuity contracts    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 22 25
Unrealized (losses) gains , net 4 (3)
Realized losses, net 0  
Purchases, sales and settlements, net 0 0
Fair value of assets at end of year 26 22
Real Estate Funds    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 14 13
Unrealized (losses) gains , net 2 1
Realized losses, net (1)  
Purchases, sales and settlements, net 0 0
Fair value of assets at end of year 15 14
Fixed-income securities    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 0 0
Unrealized (losses) gains , net 0 0
Realized losses, net 0  
Purchases, sales and settlements, net 3  
Fair value of assets at end of year $ 3 $ 0