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

Employees: 123,000
Headquarters: Bethesda, MD
Next results: around Jan 28, 2027

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What the 10-K filed 2026-01-29 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-01-28.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“In 2025, international customers accounted for 36% of Aeronautics’ sales.”
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“In 2025, international customers accounted for 29% of MFC’s sales.”
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“In 2025, international customers accounted for 34% of RMS’ sales.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“We also must comply with specific procurement requirements that can limit the number of eligible suppliers, and a significant number of the components or supplies used are currently single or sole sourced.”
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“Because the identification and qualification of new or additional suppliers can take an extended period of time and can result in additional cost, issues with suppliers or trade actions that limit our ability to use certain suppliers, especially when single or sole sourced, can have an adverse impact on our business.”
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Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim.”
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New “On July 28, 2025, a putative class action was filed—and subsequently amended on January 12, 2026—in United States District Court for the Southern District of New York against us and certain current and former members of our senior management.”
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New “In addition, based on allegations substantially similar to the above-described securities class action, on September 11, 2025, a shareholder derivative complaint was filed in the United States District Court for the District of Maryland against current and former members of our Board of Directors and senior management.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

“Standby letters of credit (a) $ 3,054 $ 1,254”
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“(a)Approximately $1.0 billion of standby letters of credit in the “Less Than 1 Year” category are expected to renew for additional periods until completion of the contractual obligation.”
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New “At December 31, 2025, third-party guarantees totaled $150 million, of which approximately 87.9% related to guarantees of contractual performance of joint ventures to which we currently are or previously were a party.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“As of December 31, 2025, we were in compliance with all covenants contained in our debt and credit agreements.”
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Commitments off the balance sheet

1 new

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

New “Total purchase obligations for operating activities in the preceding table include approximately $75.5 billion”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.