Gulfstream closed 2025 with a steep jump in aircraft deliveries and strong demand that pushed parent company General Dynamics’ aerospace backlog to new heights.
General Dynamics said its aerospace segment, which includes Gulfstream and Jet Aviation, generated $13.11 billion in revenue in 2025, up 16.5% year over year, and delivered $1.746 billion in operating earnings. Gulfstream delivered 158 business jets for the full year, up from 136 in 2024, led by higher large-cabin output as the company ramps new models into service.
The manufacturer delivered 136 large-cabin aircraft and 22 G280 super-midsize jets in 2025. Fourth-quarter deliveries slipped slightly to 45 aircraft, down from 47 a year earlier, but the company still posted what General Dynamics Chairwoman and CEO Phebe Novakovic described as Gulfstream’s second-strongest sales period since 2008.
The aerospace segment booked $15.5 billion in orders for the year, including $5.1 billion in the fourth quarter. That strong demand lifted the aerospace backlog to $21.83 billion, up about $2.2 billion from the prior year, and reinforced Gulfstream’s position in the top end of the business jet market.
Novakovic said demand was strong across the product line, with new and refreshed models driving growth. She singled out the G800, G700, and G600 as the highest in-demand jets, and pointed to steady global conditions that kept the sales pipeline “active and growing.” The company also highlighted Jet Aviation’s continued strength, which contributed to segment growth through maintenance, completions, and other services.
Profitability was stronger for the full year as well, with the aerospace operating margin rising to 13.3% from 13.0% in 2024. Aerospace revenue edged up to $3.79 billion in the fourth quarter, but operating earnings fell to $481 million from $585 million a year earlier, which pushed quarterly margin down to 12.7% from 15.6%. General Dynamics President Danny Deep attributed much of the swing to the G600 line, including fewer deliveries and other one-time factors that favored the prior-year quarter. The company also noted $41 million in tariff-related headwinds for aerospace in 2025, with a higher impact expected in 2026.
Looking ahead, General Dynamics forecast about 160 Gulfstream deliveries in 2026, with aerospace revenue expected to rise to $13.6 billion and operating earnings to reach about $1.9 billion. Novakovic said Gulfstream’s primary constraint sits in completions capacity, and the company continues to tackle that issue as it supports new-model deliveries.
