NYSE : LMT
Lockheed Martin Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 636.95 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 147.14B
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Financial statements
Lockheed Martin Corporation (LMT) reported revenue of 79.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 79.12B | 75.05B | 71.04B | 67.57B | 65.98B | 67.04B |
| Cost of Revenue | 69.83B | 67.36B | 64.03B | 59.00B | 57.60B | 57.95B |
| Gross Profit | 9.28B | 7.68B | 7.02B | 8.57B | 8.39B | 9.10B |
| Selling, General & Admin | 723.00M | 778.00M | -137.00M | -499.00M | 865.00M | 1.24B |
| Other Operating Expenses | -6.00M | -84.00M | -27.00M | 12.00M | 53.00M | 35.00M |
| Operating Expenses | 717.00M | 694.00M | -164.00M | -487.00M | 918.00M | 1.28B |
| Operating Income | 8.56B | 6.99B | 7.18B | 9.06B | 7.47B | 7.82B |
| Interest Expense | -1.09B | -1.12B | -1.04B | -916.00M | -623.00M | -569.00M |
| Earnings From Equity Investments | 28.00M | 28.00M | 56.00M | 40.00M | 114.00M | 97.00M |
| Other Non Operating Income (Expenses) | 96.00M | 32.00M | 84.00M | 72.00M | -66.00M | -28.00M |
| EBT Excluding Unusual Items | 7.60B | 5.93B | 6.29B | 8.25B | 6.89B | 7.32B |
| Merger & Restructuring Charges | -92.00M | -100.00M | -36.00M | |||
| Gain (Loss) on Sale of Investments | 55.00M | 55.00M | 22.00M | -64.00M | -114.00M | 265.00M |
| Asset Writedown | -66.00M | -87.00M | ||||
| Pretax Income | 7.66B | 5.92B | 6.22B | 8.10B | 6.68B | 7.55B |
| Income Tax Expense | 1.14B | 905.00M | 884.00M | 1.18B | 948.00M | 1.24B |
| Earnings From Continuing Operations | 6.51B | 5.02B | 5.34B | 6.92B | 5.73B | 6.32B |
| Net Income | 6.51B | 5.02B | 5.34B | 6.92B | 5.73B | 6.32B |
| Net Income to Common | 6.51B | 5.02B | 5.34B | 6.92B | 5.73B | 6.32B |
| Shares Outstanding (Basic) | 230.38M | 232.70M | 238.30M | 250.30M | 263.70M | 276.40M |
| Shares Outstanding (Diluted) | 231.32M | 233.50M | 239.20M | 251.20M | 264.60M | 277.40M |
| EPS (Basic) | 28.27 | 21.56 | 22.39 | 27.65 | 21.74 | 22.85 |
| EPS (Diluted) | 28.16 | 21.49 | 22.31 | 27.55 | 21.66 | 22.76 |
| Free Cash Flow | 8.38B | 6.91B | 5.29B | 6.23B | 6.13B | 7.70B |
| Free Cash Flow Per Share | 36.23 | 29.59 | 22.10 | 24.80 | 23.18 | 27.75 |
| Dividend Per Share | 13.80 | 13.35 | 12.75 | 12.15 | 11.40 | 10.60 |
| Gross Margin | 11.73% | 10.24% | 9.88% | 12.68% | 12.71% | 13.57% |
| Operating Margin | 10.83% | 9.31% | 10.11% | 13.41% | 11.32% | 11.67% |
| Profit Margin | 8.23% | 6.69% | 7.51% | 10.24% | 8.69% | 9.42% |
| Free Cash Flow Margin | 10.59% | 9.21% | 7.44% | 9.22% | 9.29% | 11.48% |
| EBITDA | 9.86B | 8.29B | 8.39B | 10.22B | 8.62B | 9.01B |
| EBITDA Margin | 12.46% | 11.04% | 11.82% | 15.13% | 13.06% | 13.44% |
| D&A For EBITDA | 1.29B | 1.29B | 1.21B | 1.17B | 1.15B | 1.19B |
| EBIT | 8.56B | 6.99B | 7.18B | 9.06B | 7.47B | 7.82B |
| EBIT Margin | 10.83% | 9.31% | 10.11% | 13.41% | 11.32% | 11.67% |
| Effective Tax Rate | 14.92% | 15.28% | 14.21% | 14.55% | 14.19% | 16.36% |
| Revenue as Reported | 79.12B | 75.05B | 71.04B | 67.57B | 65.98B | 67.04B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.96B | 4.12B | 2.48B | 1.44B | 2.55B | 3.60B |
| Cash & Short-Term Investments | 5.96B | 4.12B | 2.48B | 1.44B | 2.55B | 3.60B |
| Receivables | 20.00B | 16.90B | 15.31B | 15.31B | 14.82B | 12.54B |
| Inventory | 3.99B | 3.52B | 3.47B | 3.13B | 3.09B | 2.98B |
| Other Current Assets | 1.06B | 815.00M | 584.00M | 632.00M | 533.00M | 688.00M |
| Total Current Assets | 31.00B | 25.36B | 21.85B | 20.52B | 20.99B | 19.82B |
| Property, Plant & Equipment | 11.52B | 9.85B | 8.73B | 8.37B | 7.97B | 7.60B |
| Long-Term Investments | 578.00M | 653.00M | 654.00M | 701.00M | 685.00M | 689.00M |
| Goodwill | 11.30B | 11.31B | 11.07B | 10.80B | 10.78B | 10.81B |
| Other Intangible Assets | 1.74B | 4.30B | 3.88B | 3.61B | 3.38B | 3.48B |
| Long-Term Deferred Tax Assets | 1.82B | 2.98B | 3.56B | 2.95B | 3.74B | 2.29B |
| Other Long-Term Assets | 6.55B | 5.38B | 5.88B | 5.50B | 5.33B | 6.19B |
| Total Assets | 64.51B | 59.84B | 55.62B | 52.46B | 52.88B | 50.87B |
| Accounts Payable | 5.00B | 3.63B | 2.22B | 2.31B | 2.12B | 780.00M |
| Accrued Expenses | 3.35B | 3.18B | 3.12B | 3.13B | 3.08B | 3.11B |
| Current Portion of Long-Term Debt | 1.17B | 643.00M | 168.00M | 118.00M | ||
| Current Portion of Leases | 246.00M | |||||
| Current Unearned Revenue | 12.64B | 11.44B | 9.79B | 9.19B | 8.49B | 8.11B |
| Other Current Liabilities | 3.54B | 3.67B | 3.63B | 2.13B | 2.09B | 2.00B |
| Total Current Liabilities | 24.54B | 23.34B | 19.42B | 16.94B | 15.89B | 14.00B |
| Long-Term Debt | 20.50B | 20.53B | 19.63B | 17.29B | 15.43B | 11.67B |
| Long-Term Leases | 825.00M | |||||
| Pension & Post-Retirement Benefits | 3.94B | 3.92B | 4.79B | 6.16B | 5.47B | 8.32B |
| Other Long-Term Liabilities | 5.47B | 4.51B | 5.45B | 5.23B | 6.83B | 5.93B |
| Total Liabilities | 54.45B | 53.12B | 49.28B | 45.62B | 43.61B | 39.91B |
| Common Stock | 230.00M | 229.00M | 234.00M | 240.00M | 254.00M | 271.00M |
| Additional Paid-In Capital | 451.00M | 92.00M | 94.00M | |||
| Retained Earnings | 16.80B | 14.03B | 14.55B | 15.40B | 16.94B | 21.60B |
| Comprehensive Income & Other | -7.42B | -7.54B | -8.45B | -8.80B | -8.02B | -11.01B |
| Total Common Equity | 10.06B | 6.72B | 6.33B | 6.83B | 9.27B | 10.96B |
| Shareholders' Equity | 10.06B | 6.72B | 6.33B | 6.83B | 9.27B | 10.96B |
| Total Liabilities & Equity | 64.51B | 59.84B | 55.62B | 52.46B | 52.88B | 50.87B |
| Total Debt | 20.50B | 22.77B | 20.27B | 17.46B | 15.55B | 11.67B |
| Net Cash (Debt) | -14.54B | -18.65B | -17.79B | -16.02B | -13.00B | -8.07B |
| Net Cash Per Share | -62.85 | -79.87 | -74.36 | -63.76 | -49.13 | -29.08 |
| Filing Date Shares Outstanding | 231.00M | 230.08M | 235.39M | 241.64M | 255.30M | 272.33M |
| Total Common Shares Outstanding | 230.00M | 229.00M | 235.00M | 242.00M | 254.00M | 271.00M |
| Working Capital | 6.46B | 2.03B | 2.43B | 3.58B | 5.10B | 5.82B |
| Book Value Per Share | 43.75 | 29.35 | 26.95 | 28.24 | 36.48 | 40.44 |
| Tangible Book Value | -2.97B | -8.90B | -8.62B | -7.58B | -4.89B | -3.34B |
| Tangible Book Value Per Share | -12.93 | -38.85 | -36.66 | -31.31 | -19.26 | -12.31 |
| Land | 147.00M | 143.00M | 144.00M | 147.00M | 144.00M | |
| Buildings | 10.21B | 9.62B | 9.05B | 8.55B | 8.00B | |
| Machinery | 10.94B | 10.40B | 9.91B | 9.40B | 9.05B | |
| Construction In Progress | 1.81B | 2.05B | 2.08B | 2.04B | 1.90B | |
| Order Backlog | 193.62B | 176.04B | 160.57B | 150.00B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.51B | 5.02B | 5.34B | 6.92B | 5.73B | 6.32B |
| Depreciation & Amortization | 1.29B | 1.29B | 1.21B | 1.17B | 1.15B | 1.19B |
| Other Amortization | 393.00M | 393.00M | 346.00M | 263.00M | 253.00M | 175.00M |
| Asset Writedown & Restructuring Costs | 66.00M | 87.00M | 92.00M | 100.00M | 36.00M | |
| Stock-Based Compensation | 358.00M | 304.00M | 277.00M | 265.00M | 238.00M | 227.00M |
| Other Operating Activities | 824.00M | 1.30B | -124.00M | -971.00M | 913.00M | 1.23B |
| Change in Accounts Receivable | -2.20B | -1.83B | -328.00M | -492.00M | -2.28B | -1.02B |
| Change in Inventory | -238.00M | -286.00M | -478.00M | -44.00M | -107.00M | 564.00M |
| Change in Accounts Payable | 1.19B | 1.34B | -93.00M | 151.00M | 1.27B | -98.00M |
| Change in Unearned Revenue | 2.38B | 1.22B | 605.00M | 702.00M | 381.00M | 562.00M |
| Change in Income Taxes | -399.00M | -255.00M | 131.00M | -133.00M | 148.00M | 45.00M |
| Operating Cash Flow | 10.11B | 8.56B | 6.97B | 7.92B | 7.80B | 9.22B |
| Capital Expenditures | -1.73B | -1.65B | -1.69B | -1.69B | -1.67B | -1.52B |
| Other Investing Activities | -142.00M | -328.00M | -107.00M | -3.00M | -119.00M | 361.00M |
| Investing Cash Flow | -1.87B | -1.98B | -1.79B | -1.69B | -1.79B | -1.16B |
| Long-Term Debt Issued | 1.99B | 2.97B | 1.98B | 6.21B | ||
| Total Debt Issued | 1.99B | 2.97B | 1.98B | 6.21B | ||
| Long-Term Debt Repaid | -642.00M | -168.00M | -115.00M | -2.25B | -500.00M | |
| Total Debt Repaid | -1.67B | -642.00M | -168.00M | -115.00M | -2.25B | -500.00M |
| Net Debt Issued (Repaid) | -1.67B | 1.34B | 2.80B | 1.86B | 3.96B | -500.00M |
| Repurchase of Common Stock | -750.00M | -3.00B | -3.70B | -6.00B | -7.90B | -4.09B |
| Common Dividends Paid | -3.21B | -3.13B | -3.06B | -3.06B | -3.02B | -2.94B |
| Other Financing Activities | -124.00M | -154.00M | -182.00M | -135.00M | -115.00M | -89.00M |
| Financing Cash Flow | -5.75B | -4.94B | -4.14B | -7.33B | -7.07B | -7.62B |
| Net Cash Flow | 2.49B | 1.64B | 1.04B | -1.10B | -1.06B | 444.00M |
| Free Cash Flow | 8.38B | 6.91B | 5.29B | 6.23B | 6.13B | 7.70B |
| Free Cash Flow Margin | 10.59% | 9.21% | 7.44% | 9.22% | 9.29% | 11.48% |
| Free Cash Flow Per Share | 36.23 | 29.59 | 22.10 | 24.80 | 23.18 | 27.75 |
| Levered Free Cash Flow | 5.65B | 5.28B | 5.71B | 5.46B | 3.79B | 5.17B |
| Unlevered Free Cash Flow | 6.33B | 5.98B | 6.36B | 6.03B | 4.18B | 5.53B |
| Cash Interest Paid | 1.00B | 1.00B | 950.00M | 832.00M | 573.00M | 543.00M |
| Cash Income Tax Paid | 788.00M | 788.00M | 1.30B | 1.80B | 1.60B | 1.40B |
| Change in Working Capital | 731.00M | 186.00M | -163.00M | 184.00M | -585.00M | 54.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 148.10B | 111.92B | 115.18B | 112.45B | 127.50B | 98.02B |
| Enterprise Value | 162.64B | 130.64B | 131.35B | 126.29B | 136.55B | 106.96B |
| Last Close Price | 636.95 | 475.07 | 463.63 | 421.40 | 440.37 | 313.49 |
| PE Ratio | 22.77 | 22.31 | 21.59 | 16.25 | 22.24 | 15.52 |
| Forward PE | 20.02 | 17.70 | 17.98 | 17.20 | 18.33 | 13.33 |
| PS Ratio | 1.86 | 1.49 | 1.62 | 1.66 | 1.93 | 1.46 |
| PB Ratio | 14.56 | 16.65 | 18.19 | 16.45 | 13.76 | 8.94 |
| P/FCF Ratio | 17.55 | 16.20 | 21.79 | 18.05 | 20.79 | 12.73 |
| P/OCF Ratio | 14.55 | 13.08 | 16.52 | 14.20 | 16.34 | 10.63 |
| PEG Ratio | 1.24 | 1.48 | 5.59 | 2.45 | 3.80 | 6.65 |
| EV/Sales Ratio | 2.04 | 1.74 | 1.85 | 1.87 | 2.07 | 1.59 |
| EV/EBITDA Ratio | 16.40 | 15.77 | 15.65 | 12.35 | 15.84 | 11.87 |
| EV/EBIT Ratio | 18.88 | 18.69 | 18.29 | 13.94 | 18.28 | 13.68 |
| EV/FCF Ratio | 19.29 | 18.91 | 24.84 | 20.27 | 22.27 | 13.89 |
| Debt / Equity Ratio | 2.04 | 3.39 | 3.20 | 2.55 | 1.68 | 1.06 |
| Debt / EBITDA Ratio | 2.03 | 2.67 | 2.41 | 1.71 | 1.80 | 1.30 |
| Debt / FCF Ratio | 2.45 | 3.30 | 3.83 | 2.80 | 2.54 | 1.52 |
| Net Debt / Equity Ratio | 1.45 | 2.77 | 2.81 | 2.34 | 1.40 | 0.74 |
| Net Debt / EBITDA Ratio | 1.48 | 2.25 | 2.12 | 1.57 | 1.51 | 0.90 |
| Net Debt / FCF Ratio | 1.74 | 2.70 | 3.36 | 2.57 | 2.12 | 1.05 |
| Asset Turnover | 1.27 | 1.30 | 1.31 | 1.28 | 1.27 | 1.32 |
| Inventory Turnover | 18.05 | 19.25 | 19.38 | 18.97 | 18.98 | 17.76 |
| Quick Ratio | 1.06 | 0.90 | 0.92 | 0.99 | 1.09 | 1.15 |
| Current Ratio | 1.26 | 1.09 | 1.12 | 1.21 | 1.32 | 1.42 |
| Return on Equity (ROE) | 80.19% | 76.87% | 81.05% | 85.96% | 56.68% | 74.31% |
| Return on Assets (ROA) | 8.58% | 7.57% | 8.31% | 10.75% | 9.00% | 9.62% |
| Return on Invested Capital (ROIC) | 29.08% | 23.93% | 26.23% | 34.31% | 31.04% | 38.40% |
| Return on Capital Employed (ROCE) | 21.40% | 19.20% | 19.80% | 25.50% | 20.20% | 21.20% |
| Earnings Yield | 4.39% | 4.48% | 4.63% | 6.15% | 4.50% | 6.44% |
| FCF Yield | 5.70% | 6.17% | 4.59% | 5.54% | 4.81% | 7.85% |
| Dividend Yield | 2.25% | 2.73% | 2.60% | 2.61% | 2.27% | 2.93% |
| Payout Ratio | 51.13% | 62.41% | 57.33% | 44.16% | 52.62% | 46.56% |
| Buyback Yield / Dilution | 1.50% | 2.38% | 4.78% | 5.06% | 4.61% | 1.35% |
| Total Shareholder Return | 3.76% | 5.12% | 7.38% | 7.68% | 6.88% | 4.28% |