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LMT LOCKHEED MARTIN CORP

NYSEIndustrialsGuided Missiles & Space Vehicles & PartsBethesda, MDFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Jan 29, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$75BYoYup 5.64%ended Dec 31, 2025
Net income
$5.02B6.7% margin
Diluted EPS
$21.49YoYdown 3.68%
Free cash flow
—
Cash
$4.12BNet debt $17.6B
Total debt
$21.7BD/E 3.23×
About LOCKHEED MARTIN CORP

Overview

LOCKHEED MARTIN CORP (LMT) is listed on NYSE; the SEC classifies it under "Guided Missiles & Space Vehicles & Parts".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $75.05B, up 5.6% from fiscal 2024.

Net income was $5.02B, a net margin of 6.7%.

At fiscal year end it had total assets of $59.84B and stockholders' equity of $6.72B (11.2% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Jan 29, 2026
Latest filing
10-QOct 22, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$47.2B$5.3B11.2%
FY2017$51B$2B3.9%
FY2018$53.8B$5.05B9.4%
FY2019$59.8B$6.23B10.4%
FY2020$65.4B$6.83B10.4%
FY2021$67B$6.32B9.4%
FY2022$66B$5.73B8.7%
FY2023$67.6B$6.92B10.2%
FY2024$71B$5.34B7.5%
FY2025$75B$5.02B6.7%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY201610.7%11.7%11.2%
FY201710.9%11.6%3.9%
FY201813.5%13.6%9.4%
FY201914.0%14.3%10.4%
FY202013.2%13.2%10.4%
FY202113.5%13.6%9.4%
FY202212.6%12.7%8.7%
FY202312.5%12.6%10.2%
FY20249.8%9.9%7.5%
FY202510.2%10.3%6.7%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$17.49
FY2017$6.89
FY2018$17.59
FY2019$21.95
FY2020$24.30
FY2021$22.76
FY2022$21.66
FY2023$27.55
FY2024$22.31
FY2025$21.49

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016303M
FY2017291M
FY2018287M
FY2019284M
FY2020281M
FY2021277M
FY2022265M
FY2023251M
FY2024239M
FY2025234M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$1.84B$14.3B
FY2017$2.86B$14.3B
FY2018$772M$14.7B
FY2019$1.51B$12.7B
FY2020$3.16B$12.2B
FY2021$3.6B$11.7B
FY2022$2.55B$15.5B
FY2023$1.44B$17.5B
FY2024$2.48B$20.3B
FY2025$4.12B$21.7B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
10.2%
Operating margin
10.3%
Net margin
6.7%
Return on equity
76.9%
Return on assets
8.7%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 5.64%up 4.38%up 2.79%—
EPS (diluted)down 3.68%down 0.26%down 2.43%up 2.31%
Free cash flow————
Change in share count
-2.38%

Financial strength

Current ratio
1.09×
Debt / equity
3.23×
Liabilities / assets
88.8%
Net debt
$17.6B
Interest coverage
6.92×
Equity / assets
11.2%

Shareholder returns

Dividends per share
$13.35
Dividends paid
$3.13B
Buybacks
$3B
Payout ratio
62.4%
Stock comp. / revenue
0.4%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

6 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets9.0%
  • PassPositive operating cash flow$8.56B
  • FailReturn on assets improved9.0% vs 10.2%
  • PassOperating cash flow above net income15.4% vs 9.0%
  • PassLong-term debt / assets fell34.3% vs 35.3%
  • FailCurrent ratio improved1.09× vs 1.13×
  • PassNo increase in share count234M vs 239M
  • PassGross margin improved10.2% vs 9.8%
  • FailAsset turnover improved1.35× vs 1.35×

Altman Z''-Score

Grey zone (1.10–2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets0.034×6.560.22
Retained earnings / assets0.235×3.260.76
Operating income / assets0.129×6.720.87
Equity / liabilities0.127×1.050.13
Z''1.99

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue75,04871,04367,57165,98467,04465,39859,81253,76251,04847,248
YoY (Revenue)+5.64%+5.14%+2.41%-1.58%+2.52%+9.34%+11.25%—+8.04%—
Gross profit7,6196,9308,4798,2879,0618,6548,3677,2745,5485,062
Research & development2,0001,6001,5001,7001,5001,3001,3001,3001,200988
Operating income7,7317,0138,5078,3489,1238,6448,5457,3345,9215,549
Interest expense1,1181,036916623569591653668651663
Pretax income5,9226,2208,0986,6807,5508,2357,2415,8385,2694,886
Income tax9058841,1789481,2351,3471,0117923,3401,133
Net income5,0175,3366,9205,7326,3156,8336,2305,0462,0025,302
YoY (Net income)-5.98%-22.89%+20.73%-9.23%-7.58%+9.68%+23.46%+152.05%-62.24%—
EPS (basic)21.5622.3927.6521.7422.8524.4022.0917.746.9617.71
EPS (diluted)21.4922.3127.5521.6622.7624.3021.9517.596.8917.49
YoY (EPS (diluted))-3.68%-19.02%+27.19%-4.83%-6.34%+10.71%+24.79%+155.30%-60.61%—
Diluted shares (weighted)234239251265277281284287291303

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents4,1212,4831,4422,5473,6043,1601,5147722,8611,837
Inventory3,5243,4743,1323,0882,9813,5453,6192,997——
Current assets25,36221,84920,52120,99119,81519,37817,09516,10317,46115,108
Goodwill11,31411,06710,79910,78010,81310,80610,60410,76910,80710,764
Intangible assets1,8872,0152,2122,4592,7063,0123,2133,4943,7974,093
Total assets59,84055,61752,45652,88050,87350,71047,52844,87646,52147,806
Current liabilities23,33519,42016,93715,88713,99713,93313,97214,39812,63712,542
Short-term debt1,16864316811865001,2502,1007500
Long-term debt20,53219,62717,29115,42911,67011,66911,40412,60413,51314,282
Total liabilities53,11949,28445,62143,61439,91444,67244,35743,42747,13046,200
Retained earnings14,03414,55115,39816,94321,60021,63618,40115,43411,57313,324
Stockholders' equity6,7216,3336,8359,26610,9596,0153,1271,394-6831,511
Shares outstanding229234240254271279282283284289

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow8,5576,9727,9207,8029,2218,1837,3113,1386,4765,189
Depreciation & amortization1,6871,5591,4301,1561,0791,2901,1891,1611,1951,167
Stock-based compensation304277265238227221189173158149
Share repurchases3,0003,7006,0007,9004,0871,1001,2001,4922,0012,096
Dividends paid3,1313,0593,0563,0162,9402,7642,5562,3472,1632,048
Dividends per share13.3512.7512.1511.4010.609.809.008.207.466.77
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$21.49
Revenue per share
$321.40
Book value per share
$28.78
Tangible book per share
-$27.75
Cash per share
$17.65
Dividends per share
$13.35
Public floatas of Jun 27, 2025
$107B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-Q
    Quarterly report· Sep 27, 2026(SEC EDGAR)
  2. 8-K
    Current report· Oct 22, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Aug 24, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 9.01Financial statements and exhibits
  4. 10-Q
    Quarterly report· Jun 28, 2026(SEC EDGAR)
  5. 8-K
    Current report· Jul 23, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  6. 8-K
    Current report· May 12, 2026(SEC EDGAR)
    • 5.07Shareholder vote results
  7. 10-Q
    Quarterly report· Mar 29, 2026(SEC EDGAR)
  8. 8-K
    Current report· Apr 23, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  9. DEF 14A
    Proxy statement· May 12, 2026(SEC EDGAR)
  10. 10-K
    Annual report· Dec 31, 2025(SEC EDGAR)
All filings on SEC EDGAR

Frequently asked questions

What does LOCKHEED MARTIN CORP do?

The SEC classifies LOCKHEED MARTIN CORP under Standard Industrial Classification (SIC) code 3760, "Guided Missiles & Space Vehicles & Parts". It is headquartered in Bethesda, MD. It is incorporated in MD. In fiscal 2025 it reported revenue of $75.05B and net income of $5.02B in its annual 10-K report.

What was LOCKHEED MARTIN CORP's revenue in 2025?

LOCKHEED MARTIN CORP reported revenue of $75.05B for fiscal 2025, which ended Dec 31, 2025, up 5.6% from $71.04B in fiscal 2024, according to its annual 10-K report filed with the SEC on Jan 29, 2026.

What was LOCKHEED MARTIN CORP's net income in 2025?

LOCKHEED MARTIN CORP reported net income of $5.02B for fiscal 2025, a net margin of 6.7% of revenue.

Where is LOCKHEED MARTIN CORP listed?

According to the SEC, LOCKHEED MARTIN CORP's ticker LMT is listed on NYSE.

When does LOCKHEED MARTIN CORP's fiscal year end?

According to the SEC, LOCKHEED MARTIN CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.