LMT · Lockheed Martin Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $75.05B | $71.04B | $67.57B | $65.98B | $67.04B | $65.40B |
| Cost of Revenue | $67.43B | $64.11B | $59.09B | $56.74B | $57.98B | $56.74B |
| Gross Profit | $7.62B | $6.93B | $8.48B | $8.29B | $9.06B | $8.65B |
| R&D | $2.00B | $1.60B | $1.50B | $1.70B | $1.50B | $1.30B |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $1.69B | $1.56B | $1.43B | $1.16B | $1.08B | $1.29B |
| Operating Income | $7.73B | $7.01B | $8.51B | $8.35B | $9.12B | $8.64B |
| Interest Expense | $1.12B | $1.04B | $916.00M | $623.00M | $569.00M | $591.00M |
| Income Tax | $905.00M | $884.00M | $1.18B | $948.00M | $1.24B | $1.35B |
| Net Income | $5.02B | $5.34B | $6.92B | $5.73B | $6.32B | $6.83B |
| EPS - Basic | $21.56 | $22.39 | $27.65 | $21.74 | $22.85 | $24.40 |
| EPS - Diluted | $21.49 | $22.31 | $27.55 | $21.66 | $22.76 | $24.30 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.12B | $2.48B | $1.44B | $2.55B | $3.60B | $3.16B |
| Accounts Receivable | $3.90B | $2.35B | $2.13B | $2.50B | $1.96B | $1.98B |
| Inventory | $3.52B | $3.47B | $3.13B | $3.09B | $2.98B | $3.54B |
| Accounts Payable | $3.63B | $2.22B | $2.31B | $2.12B | $780.00M | $880.00M |
| Current Assets | $25.36B | $21.85B | $20.52B | $20.99B | $19.82B | $19.38B |
| Total Assets | $59.84B | $55.62B | $52.46B | $52.88B | $50.87B | $50.71B |
| Current Liabilities | $23.34B | $19.42B | $16.94B | $15.89B | $14.00B | $13.93B |
| Long-term Debt | $20.53B | $19.63B | $17.29B | $15.43B | $11.67B | $11.67B |
| Total Liabilities | $53.12B | $49.28B | $45.62B | $43.61B | $39.91B | $44.67B |
| Stockholders' Equity | $6.72B | $6.33B | $6.83B | $9.27B | $10.96B | $6.01B |
| Retained Earnings | $14.03B | $14.55B | $15.40B | $16.94B | $21.60B | $21.64B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.56B | $6.97B | $7.92B | $7.80B | $9.22B | $8.18B |
| Investing Cash Flow | ($1.98B) | ($1.79B) | ($1.69B) | ($1.79B) | ($1.16B) | ($2.01B) |
| Financing Cash Flow | ($4.94B) | ($4.14B) | ($7.33B) | ($7.07B) | ($7.62B) | ($4.53B) |
| CapEx | $1.65B | $1.69B | $1.69B | $1.67B | $1.52B | $1.77B |
| Free Cash Flow | $6.91B | $5.29B | $6.23B | $6.13B | $7.70B | $6.42B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 10.2% | 9.8% | 12.5% | 12.6% | 13.5% | 13.2% |
| Operating margin | 10.3% | 9.9% | 12.6% | 12.7% | 13.6% | 13.2% |
| EBITDA margin | 12.5% | 12.1% | 14.7% | 14.4% | 15.2% | 15.2% |
| Net margin | 6.7% | 7.5% | 10.2% | 8.7% | 9.4% | 10.4% |
| Free cash flow margin | 9.2% | 7.4% | 9.2% | 9.3% | 11.5% | 9.8% |
| FCF / Net income | 1.38 | 0.99 | 0.90 | 1.07 | 1.22 | 0.94 |
| R&D / Revenue | 2.7% | 2.3% | 2.2% | 2.6% | 2.2% | 2.0% |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 15.3% | 14.2% | 14.5% | 14.2% | 16.4% | 16.5% |
| Return on assets | 8.4% | 9.6% | 13.2% | 10.8% | 12.4% | 13.5% |
| Return on equity | 74.6% | 84.3% | 101.2% | 61.9% | 57.6% | 113.6% |
| Return on invested capital | 24.0% | 23.2% | 30.1% | 29.0% | 33.7% | 40.8% |
| Liquidity | ||||||
| Current ratio | 1.09 | 1.13 | 1.21 | 1.32 | 1.42 | 1.39 |
| Quick ratio | 0.94 | 0.95 | 1.03 | 1.13 | 1.20 | 1.14 |
| Cash ratio | 0.18 | 0.13 | 0.09 | 0.16 | 0.26 | 0.23 |
| Leverage | ||||||
| Debt / Equity | 3.05 | 3.10 | 2.53 | 1.67 | 1.06 | 1.94 |
| Debt / Assets | 0.34 | 0.35 | 0.33 | 0.29 | 0.23 | 0.23 |
| Debt / EBITDA | 2.18 | 2.29 | 1.74 | 1.62 | 1.14 | 1.17 |
| Interest coverage | 6.9x | 6.8x | 9.3x | 13.4x | 16.0x | 14.6x |
| Equity multiplier | 8.90 | 8.78 | 7.67 | 5.71 | 4.64 | 8.43 |
| Liabilities / Assets | 0.89 | 0.89 | 0.87 | 0.82 | 0.78 | 0.88 |
| Efficiency | ||||||
| Asset turnover | 1.25 | 1.28 | 1.29 | 1.25 | 1.32 | 1.29 |
| Inventory turnover | 19.13 | 18.46 | 18.87 | 18.38 | 19.45 | 16.01 |
| Days sales outstanding | 19d | 12d | 12d | 14d | 11d | 11d |
| Days inventory outstanding | 19d | 20d | 19d | 20d | 19d | 23d |
| Days payable outstanding | 20d | 13d | 14d | 14d | 5d | 6d |
| Cash conversion cycle | 18d | 19d | 17d | 20d | 25d | 28d |
| Valuation | ||||||
| P / E | 22.5x | 21.8x | 16.5x | 22.5x | 15.6x | 14.6x |
| P / B | 16.8x | 18.4x | 16.7x | 13.9x | 9.0x | 16.6x |
| P / S | 1.5x | 1.6x | 1.7x | 2.0x | 1.5x | 1.5x |
| EV / EBITDA | 13.7x | 15.6x | 13.1x | 14.9x | 10.5x | 10.9x |
| Growth | ||||||
| Revenue growth (YoY) | 5.6% | 5.1% | 2.4% | -1.6% | 2.5% | 9.3% |
| Revenue CAGR (3y) | 4.4% | 1.9% | 1.1% | 3.3% | 12.3% | 8.6% |
| Revenue CAGR (5y) | 2.8% | 3.5% | 7.4% | 5.3% | 7.2% | 7.2% |
| Gross profit growth (YoY) | 9.9% | -18.3% | 2.3% | -8.5% | 4.7% | 3.4% |
| Operating income growth (YoY) | 10.2% | -17.6% | 1.9% | -8.5% | 5.5% | 1.2% |
| Net income growth (YoY) | -6.0% | -22.9% | 20.7% | -9.2% | -7.6% | 9.7% |
| EPS growth (YoY) | -3.7% | -19.0% | 27.2% | -4.8% | -6.3% | 10.7% |
| EPS CAGR (3y) | -0.3% | -0.7% | 4.3% | -0.4% | 9.0% | 52.2% |
| EPS CAGR (5y) | -2.4% | 0.3% | 9.4% | 25.7% | 5.4% | 16.2% |
| FCF growth (YoY) | 30.7% | -15.1% | 1.6% | -20.4% | 20.0% | 10.1% |
| FCF CAGR (5y) | 1.5% | -1.9% | 27.3% | 3.0% | 13.3% | 9.0% |
| Book value growth (YoY) | 6.1% | -7.3% | -26.2% | -15.4% | 82.2% | 92.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$75.05B totalAeronautics$30.26B · 40.3%
Rotary And Mission Systems$17.31B · 23.1%
Missiles And Fire Control$14.45B · 19.3%
Space$13.03B · 17.4%
Product / service
$75.05B totalProduct$62.65B · 83.5%
Service$12.39B · 16.5%
Geographic
$30.26B totalUS$19.34B · 63.9%
Europe$5.57B · 18.4%
Asia Pacific$3.83B · 12.6%
Other Region$935.00M · 3.1%
Middle East$589.00M · 1.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.93
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Guided Missiles & Space Vehicles & Parts
Comparing LOCKHEED MARTIN CORP against the 5 most active filers in the same SIC group.
Dividends
$13.65/share trailing 12 months · +4.6% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $3.4500 |
| Mar 2, 2026 | $3.4500 |
| Dec 1, 2025 | $3.4500 |
| Sep 2, 2025 | $3.3000 |
| Jun 2, 2025 | $3.3000 |
| Mar 3, 2025 | $3.3000 |
| Dec 2, 2024 | $3.3000 |
| Sep 3, 2024 | $3.1500 |
| Jun 3, 2024 | $3.1500 |
| Feb 29, 2024 | $3.1500 |
| Nov 30, 2023 | $3.1500 |
| Aug 31, 2023 | $3.0000 |
| May 31, 2023 | $3.0000 |
| Feb 28, 2023 | $3.0000 |
| Nov 30, 2022 | $3.0000 |
| Aug 31, 2022 | $2.8000 |
| May 31, 2022 | $2.8000 |
| Feb 28, 2022 | $2.8000 |
| Nov 30, 2021 | $2.8000 |
| Aug 31, 2021 | $2.6000 |
| May 28, 2021 | $2.6000 |
| Feb 26, 2021 | $2.6000 |
| Nov 30, 2020 | $2.6000 |
| Aug 31, 2020 | $2.4000 |