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LMTLockheed Martin

Industrials · Defense · NYSE

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

LMT quote by TradingView
Employees
123,000
Headquarters
Bethesda, MD
Next results
around Jan 28, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)28.16Sales (ttm)79.1BNet income (ttm)6.5BSales growth+5.6%EPS growth-3.7%Sales Q/Q+11.3%
Free cash flow8.4BGross margin11.7%Oper. margin11.8%Net margin8.2%FCF margin10.6%ROE64.7%
ROA10.1%R&D / sales2.7%Dividend13.35Debt/Eq2.04Curr. ratio1.26Cash6.0B
Op. cash flow (ttm)10.1BEBITDA9.4BEBITDA margin12.5%Net debt14.5BQuick ratio1.12Interest cover6.92
ROIC21.4%Payout ratio62.1%Tax rate15.3%Stock pay / sales0.4%Shares out.231.0MShares Y/Y-2.4%
Book / share43.56Cash / share25.80Sales / share342.49Asset turnover1.23Inventory turns19.13Days sales out.19
Sales 3Y CAGR+4.4%Sales 5Y CAGR+2.8%EPS 3Y CAGR-0.3%EPS 5Y CAGR-2.4%Employees123,000Sales / employee643K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 31%$5.3B → $6.9B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

LMT against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
LMTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.6%38th of 82 · median +4.8%
Net margin
8.2%60th of 82 · median 13.0%
Return on equity
64.7%6th of 77 · median 24.9%
Free cash flow margin
10.6%52nd of 79 · median 13.0%
Debt / equity (less is better)
2.0468th of 72 · median 0.72
LMT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
LMT Lockheed Martin$79.1B +5.6%11.7%8.2%64.7%10.6%2.04
BA Boeing$94.9B +34.5%-8.1%116.9%0.0%7.66
UPS United Parcel Service$91.4B -2.6%-4.8%29.5%7.0%1.74
CAT Caterpillar Inc.$77.8B +4.3%92.3%15.2%55.1%14.5%1.69
DAL Delta Air Lines$71.8B +2.8%-4.6%14.6%4.9%0.54
UAL United Airlines Holdings$65.6B +3.5%-5.5%20.1%1.7%1.49

From $67.0B of sales to $6.3B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $9.1BRevenue to Cost of revenue: $58.0BGross profit to Net profit: $6.3BGross profit to Costs, tax, other: $2.7B Revenue: $67.0B Revenue$67.0B +3% Y/Y Gross profit: $9.1B · 14% margin Gross profit$9.1B14% margin +5% Y/Y Cost of revenue: $58.0B · 86% of revenue Cost of revenue$58.0B86% of revenue Net profit: $6.3B · 9% margin Net profit$6.3B9% margin −8% Y/Y Costs, tax, other: $2.7B · 4% of revenue Costs, tax, other$2.7B4% of revenue

Swipe sideways for the whole flow →

From $66.0B of sales to $5.7B of profit

FY2022, from the 10-K income statement and revenue by product
Products to Revenue: $55.5BServices to Revenue: $10.5BRevenue to Gross profit: $8.3BRevenue to Cost of revenue: $57.7BGross profit to Net profit: $5.7BGross profit to Costs, tax, other: $2.6B Products: $55.5B · 84% Products$55.5B84% Services: $10.5B · 16% Services$10.5B16% Revenue: $66.0B Revenue$66.0B −2% Y/Y Gross profit: $8.3B · 13% margin Gross profit$8.3B13% margin −9% Y/Y Cost of revenue: $57.7B · 87% of revenue Cost of revenue$57.7B87% of revenue Net profit: $5.7B · 9% margin Net profit$5.7B9% margin −9% Y/Y Costs, tax, other: $2.6B · 4% of revenue Costs, tax, other$2.6B4% of revenue

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From $67.6B of sales to $6.9B of profit

FY2023, from the 10-K income statement and revenue by product
Products to Revenue: $56.3BServices to Revenue: $11.3BRevenue to Gross profit: $8.5BRevenue to Cost of revenue: $59.1BGross profit to Net profit: $6.9BGross profit to Costs, tax, other: $1.6B Products: $56.3B · 83% Products$56.3B83% Services: $11.3B · 17% Services$11.3B17% Revenue: $67.6B Revenue$67.6B +2% Y/Y Gross profit: $8.5B · 13% margin Gross profit$8.5B13% margin +2% Y/Y Cost of revenue: $59.1B · 87% of revenue Cost of revenue$59.1B87% of revenue Net profit: $6.9B · 10% margin Net profit$6.9B10% margin +21% Y/Y Costs, tax, other: $1.6B · 2% of revenue Costs, tax, other$1.6B2% of revenue

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From $71.0B of sales to $5.3B of profit

FY2024, from the 10-K income statement and revenue by product
Products to Revenue: $59.3BServices to Revenue: $11.8BRevenue to Gross profit: $6.9BRevenue to Cost of revenue: $64.1BGross profit to Net profit: $5.3BGross profit to Costs, tax, other: $1.6B Products: $59.3B · 83% Products$59.3B83% Services: $11.8B · 17% Services$11.8B17% Revenue: $71.0B Revenue$71.0B +5% Y/Y Gross profit: $6.9B · 10% margin Gross profit$6.9B10% margin −18% Y/Y Cost of revenue: $64.1B · 90% of revenue Cost of revenue$64.1B90% of revenue Net profit: $5.3B · 8% margin Net profit$5.3B8% margin −23% Y/Y Costs, tax, other: $1.6B · 2% of revenue Costs, tax, other$1.6B2% of revenue

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From $75.0B of sales to $5.0B of profit

FY2025, from the 10-K income statement and revenue by product
Products to Revenue: $62.7BServices to Revenue: $12.4BRevenue to Gross profit: $7.6BRevenue to Cost of revenue: $67.4BGross profit to Net profit: $5.0BGross profit to Costs, tax, other: $2.6B Products: $62.7B · 83% Products$62.7B83% Services: $12.4B · 17% Services$12.4B17% Revenue: $75.0B Revenue$75.0B +6% Y/Y Gross profit: $7.6B · 10% margin Gross profit$7.6B10% margin +10% Y/Y Cost of revenue: $67.4B · 90% of revenue Cost of revenue$67.4B90% of revenue Net profit: $5.0B · 7% margin Net profit$5.0B7% margin −6% Y/Y Costs, tax, other: $2.6B · 3% of revenue Costs, tax, other$2.6B3% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median8.2% vs 13.0%
  • !
    Gross margin down over 5 years13.2% → 10.2%
  • ✓
    Return on equity above 15%64.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 10.9% → 6.7%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.9× interest expense
  • !
    Debt larger than equityDebt / equity 2.04 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.26
  • ✓
    Net debt under 3 years of free cash flow$14.5B net debt, 1.7 years
Debt / equity at each year end, FY2016 to FY2025: 9.45 → 3.23

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$6.9B last year
  • ✓
    Share count down over 5 years−17.0%
  • ✓
    Dividend per share up over 5 years$9.80 → $13.35
  • ✓
    Cash from operations above net income$8.6B vs $5.0B
Free cash flow, FY2016 to FY2025: 4.1B → 6.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 75.0B Net income 5.0B
FY2016 revenue 47.3B · Revenues, 0000936468-19-000009 FY2016 net income 5.2B · NetIncomeLoss, 0000936468-19-000009 47.3B FY2016 FY2017 revenue 51.0B · SalesRevenueNet, 0000936468-18-000013 FY2017 net income 2.0B · NetIncomeLoss, 0000936468-20-000016 51.0B FY2017 FY2018 revenue 53.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000936468-20-000016 FY2018 net income 5.0B · NetIncomeLoss, 0000936468-21-000013 53.8B FY2018 FY2019 revenue 59.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000936468-20-000016 FY2019 net income 6.2B · NetIncomeLoss, 0000936468-22-000008 59.8B FY2019 FY2020 revenue 65.4B · Revenues, 0000936468-23-000009 FY2020 net income 6.8B · NetIncomeLoss, 0000936468-23-000009 65.4B FY2020 FY2021 revenue 67.0B · Revenues, 0000936468-24-000010 FY2021 net income 6.3B · NetIncomeLoss, 0000936468-24-000010 67.0B FY2021 FY2022 revenue 66.0B · Revenues, 0000936468-25-000009 FY2022 net income 5.7B · NetIncomeLoss, 0000936468-25-000009 66.0B FY2022 FY2023 revenue 67.6B · Revenues, 0001628280-26-004195 FY2023 net income 6.9B · NetIncomeLoss, 0001628280-26-004195 67.6B FY2023 FY2024 revenue 71.0B · Revenues, 0001628280-26-004195 FY2024 net income 5.3B · NetIncomeLoss, 0001628280-26-004195 71.0B FY2024 FY2025 revenue 75.0B · Revenues, 0001628280-26-004195 FY2025 net income 5.0B · NetIncomeLoss, 0001628280-26-004195 75.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

LMT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue75.0B
FY2016: 47.3BFY2017: 51.0BFY2018: 53.8BFY2019: 59.8BFY2020: 65.4BFY2021: 67.0BFY2022: 66.0BFY2023: 67.6BFY2024: 71.0BFY2025: 75.0B FY2017FY2019FY2021FY2023FY2025
Net income5.0B
FY2016: 5.2BFY2017: 2.0BFY2018: 5.0BFY2019: 6.2BFY2020: 6.8BFY2021: 6.3BFY2022: 5.7BFY2023: 6.9BFY2024: 5.3BFY2025: 5.0B FY2017FY2019FY2021FY2023FY2025
Free cash flow6.9B
FY2016: 4.1BFY2017: 5.3BFY2018: 1.9BFY2019: 5.8BFY2020: 6.4BFY2021: 7.7BFY2022: 6.1BFY2023: 6.2BFY2024: 5.3BFY2025: 6.9B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)21.49
FY2016: 17.07FY2017: 6.75FY2018: 17.59FY2019: 21.95FY2020: 24.30FY2021: 22.76FY2022: 21.66FY2023: 27.55FY2024: 22.31FY2025: 21.49 FY2017FY2019FY2021FY2023FY2025
Dividend per share13.35
FY2016: 6.77FY2017: 7.46FY2018: 8.20FY2019: 9.00FY2020: 9.80FY2021: 10.60FY2022: 11.40FY2023: 12.15FY2024: 12.75FY2025: 13.35 FY2017FY2019FY2021FY2023FY2025
Diluted shares233.5M
FY2016: 303.1MFY2017: 290.6MFY2018: 286.8MFY2019: 283.8MFY2020: 281.2MFY2021: 277.4MFY2022: 264.6MFY2023: 251.2MFY2024: 239.2MFY2025: 233.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Aeronautics 30.3B40.3% +5.7%
Rotary And Mission Systems 17.3B23.1% +0.3%
Missiles And Fire Control 14.4B19.3% +13.9%
Space 13.0B17.4% +4.4%

10-K 0001628280-26-004195, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Products 62.7B83.5% +5.7%
Services 12.4B16.5% +5.3%

10-K 0001628280-26-004195, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 53.7B71.6% +2.2%
Europe 8.8B11.7% +14.1%
Asia Pacific 7.8B10.4% +25.2%
Middle East 2.9B3.8% -6.9%
Other 1.9B2.5% +25.4%

10-K 0001628280-26-004195, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue47.3B51.0B53.8B59.8B65.4B67.0B66.0B67.6B71.0B75.0B
Cost of revenue41.9B43.6B46.5B51.4B56.7B58.0B57.7B59.1B64.1B67.4B
Gross profit5.4B6.4B7.3B8.4B8.7B9.1B8.3B8.5B6.9B7.6B
R&D988.0M1.2B1.3B1.3B1.3B1.5B1.7B1.5B1.6B2.0B
Operating income5.9B6.7B7.3B8.5B8.6B9.1B8.3B8.5B7.0B7.7B
Interest expense663.0M651.0M668.0M653.0M591.0M569.0M623.0M916.0M1.0B1.1B
Pretax income4.8B5.2B5.8B7.2B8.2B7.5B6.7B8.1B6.2B5.9B
Income tax1.1B3.4B792.0M1.0B1.3B1.2B948.0M1.2B884.0M905.0M
Net income5.2B2.0B5.0B6.2B6.8B6.3B5.7B6.9B5.3B5.0B
EPS (diluted)17.076.7517.5921.9524.3022.7621.6627.5522.3121.49
Diluted shares303.1M290.6M286.8M283.8M281.2M277.4M264.6M251.2M239.2M233.5M
Depreciation & amortization1.2B1.2B1.2B906.0M1.0B1.4B1.4B1.4B1.6B1.7B
EBITDA7.1B7.9B8.5B9.5B9.7B10.5B9.8B9.9B8.6B9.4B
Gross margin11.4%12.5%13.5%14.0%13.2%13.5%12.6%12.5%9.8%10.2%
Operating margin12.5%13.2%13.6%14.3%13.2%13.6%12.7%12.6%9.9%10.3%
Net margin10.9%3.8%9.4%10.4%10.4%9.4%8.7%10.2%7.5%6.7%
Revenue growth-+7.9%+5.3%+11.3%+9.3%+2.5%-1.6%+2.4%+5.1%+5.6%
EPS growth--60.5%+161%+24.8%+10.7%-6.3%-4.8%+27.2%-19.0%-3.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.8B2.9B772.0M1.5B3.2B3.6B2.5B1.4B2.5B4.1B
Receivables8.2B2.3B2.4B2.3B2.0B2.0B2.5B2.1B2.4B3.9B
Inventory-2.9B3.0B3.6B3.5B3.0B3.1B3.1B3.5B3.5B
Current assets15.1B17.5B16.1B17.1B19.4B19.8B21.0B20.5B21.8B25.4B
Property & equipment5.5B5.8B6.1B6.6B7.2B7.6B8.0B8.4B8.7B11.3B
Goodwill10.8B10.8B10.8B10.6B10.8B10.8B10.8B10.8B11.1B11.3B
Total assets47.8B46.6B44.9B47.5B50.7B50.9B52.9B52.5B55.6B59.8B
Accounts payable1.7B1.5B2.4B1.3B880.0M780.0M2.1B2.3B2.2B3.6B
Current liabilities12.5B12.9B14.4B14.0B13.9B14.0B15.9B16.9B19.4B23.3B
Total debt14.3B14.3B14.7B12.7B12.2B11.7B15.5B17.5B20.3B21.7B
Total liabilities46.2B47.4B43.4B44.4B44.7B39.9B43.6B45.6B49.3B53.1B
Shareholders' equity1.5B-850.0M1.4B3.1B6.0B11.0B9.3B6.8B6.3B6.7B
Retained earnings13.3B11.4B15.4B18.4B21.6B21.6B16.9B15.4B14.6B14.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow5.2B6.5B3.1B7.3B8.2B9.2B7.8B7.9B7.0B8.6B
Capital spending1.1B1.2B1.3B1.5B1.8B1.5B1.7B1.7B1.7B1.6B
Free cash flow4.1B5.3B1.9B5.8B6.4B7.7B6.1B6.2B5.3B6.9B
Stock-based pay (added back)149.0M158.0M173.0M189.0M221.0M227.0M238.0M265.0M277.0M304.0M
Dividends paid2.0B2.2B2.3B2.6B2.8B2.9B3.0B3.1B3.1B3.1B
Buybacks2.1B2.0B1.5B1.2B1.1B4.1B7.9B6.0B3.7B3.0B
Acquisitions--00282.0M0----
Debt raised00001.1B06.2B2.0B3.0B2.0B
Debt repaid952.0M0750.0M900.0M1.6B500.0M2.2B115.0M168.0M642.0M
Investing cash flow-985.0M-1.1B-1.1B-1.2B-2.0B-1.2B-1.8B-1.7B-1.8B-2.0B
Financing cash flow-3.5B-4.3B-4.2B-5.3B-4.5B-7.6B-7.1B-7.3B-4.1B-4.9B
Dividend per share6.777.468.209.009.8010.6011.4012.1512.7513.35

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)149.0M158.0M173.0M189.0M221.0M227.0M238.0M265.0M277.0M304.0M
Stock-based pay / revenue0.3%0.3%0.3%0.3%0.3%0.3%0.4%0.4%0.4%0.4%
Operating lease cost-169.0M247.0M-------
Operating lease cash paid---223.0M210.0M299.0M269.0M267.0M258.0M256.0M
Right-of-use assets---1.0B1.0B1.3B1.1B1.1B1.0B976.0M
Operating lease liabilities---1.1B1.1B1.4B1.2B1.2B1.1B1.1B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LMT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LMT/export.csv") into a cell.