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Screener / SEC EDGAR /CIK 0000936468 /10-K filed Jan 29, 2026, compared with Jan 28, 2025 /Numbers from the XBRL of the 10-Ks
Industrials peers:
LMTUALBAUPSCATDAL
NYSE Industrials · Defense

Lockheed Martin LMT

LMT quote by TradingView

We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. 10-K, Item 1

Employees
123,000
Headquarters
Bethesda, MD
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $75.0B through the costs to a net profit of $5.0B · income statement of the 10-K

7% net margin
Revenue to Gross profit: $7.6BRevenue to Cost of revenue: $67.4BGross profit to Net profit: $5.0BGross profit to Costs, tax, other: $2.6B Revenue: $75.0B REVENUE $75.0B +6% Y/Y Gross profit: $7.6B · 10% margin GROSS PROFIT $7.6B 10% margin · +10% Y/Y Cost of revenue: $67.4B · 90% of revenue COST OF REVENUE $67.4B 90% of revenue Net profit: $5.0B · 7% margin NET PROFIT $5.0B 7% margin · −6% Y/Y Costs, tax, other: $2.6B · 3% of revenue COSTS, TAX, OTHER $2.6B 3% of revenue
Gross profit $7.6B 10% margin · +10% Y/Y
Net profit $5.0B 7% margin · −6% Y/Y
The full income statement, year by year

LMT among Industrials peers

Six ratios from the latest 10-K. Each corner is the share of 81 peers the company is above, not a score.

Compare
Revenue growth: 5.6%, above 54% of 81 peers (their median 4.6%) REVENUE GROWTH 5.6% · above 54% Gross margin: 11.7%, above 0% of 51 peers (their median 38.6%) GROSS MARGIN 11.7% · above 0% Operating margin: 11.8%, above 34% of 71 peers (their median 17.5%) OPERATING MARGIN 11.8% · above 34% Net margin: 8.2%, above 27% of 81 peers (their median 13.0%) NET MARGIN 8.2% · above 27% FCF margin: 10.6%, above 35% of 78 peers (their median 13.3%) FCF MARGIN 10.6% · above 35% Return on capital: 21.4%, above 78% of 65 peers (their median 13.8%) RETURN ON CAPITAL 21.4% · above 78%
LMT Peer median Below the median

What changed

7 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Jan 29, 2026 against Jan 28, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +65.9% vs revenue +5.6% (+60.3 pts)
10-K · XBRL
Critical audit matters changed
New this year: Cost Estimates for Select Fixed Price Contracts (“As more fully described in Note 1 to the consolidated financial statements, the Corporation generates the majority of its sales from long-term customer contracts whereby substantially all of the Corporation’s revenue is recognized over time using the percentage-of-completion cost-to-cost measure of ”). No longer listed: Revenue recognition based on the percentage of completion method; Defined Benefit Pension Plan Obligation
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +65.9% vs revenue +5.6% (+60.3 pts)
  • Critical audit matters changed
    New this year: Cost Estimates for Select Fixed Price Contracts (“As more fully described in Note 1 to the consolidated financial statements, the Corporation generates the majority of its sales from long-term customer contracts whereby substantially all of the Corporation’s revenue is recognized over time using the percentage-of-completion cost-to-cost measure of ”). No longer listed: Revenue recognition based on the percentage of completion method; Defined Benefit Pension Plan Obligation
  • Cash from operations $8.6B vs net income $5.0B (FY ending Dec 31, 2025)
8 more checks with nothing to note
  • Inventory +1.4% vs revenue +5.6% (-4.2 pts)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Jan 28, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Jan 28, 2025 10-K, ITEM 1A
    Executive Orders. The President has issued multiple Executive Orders (EOs), including two that are intended to (i) simplify and accelerate the procurement process through an overhaul of the FAR and (ii) modernize the defense acquisition process by promoting commercial solutions, use of innovative acquisition authorities, and other…
  2. Item 1A · new paragraph · not in the 10-K filed Jan 28, 2025 10-K, ITEM 1A
    Government actions relating to rare earth minerals that are used in certain of our products, including U.S. Government sourcing prohibitions on the import of such minerals and the imposition of export controls on such minerals by China, have raised concerns about supply availability. The rare earth supply chain continues to be…

New risk paragraphs, against peers

Latest 10-K of each, Industrials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$66.0B$67.6B$71.0B$75.0B
Net income$5.7B$6.9B$5.3B$5.0B
Operating cash flow$7.8B$7.9B$7.0B$8.6B
Free cash flow$6.1B$6.2B$5.3B$6.9B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$75.0B ▲ 5.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Lockheed Martin, Bethesda, MD · from the 10-K filed Jan 29, 2026

We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas - Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space - work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies.

Headquarters
Bethesda, MD
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 22, 2026
Incorporated in
MD

Employees, at the top of the page: "As of December 31, 2025, we had a highly skilled workforce made up of approximately 123,000 employees, including approximately 72,000 engineers, scientists and information technology professionals" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Jan 29, 2026 (open at SEC), compared with the 10-K filed Jan 28, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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