LOCKHEED MARTIN CORP LMT

Consumer discretionary SIC 3760 - Guided Missiles & Space Vehicles & Parts NAICS Manufacturing › Transportation Equipment Manufacturing › Aerospace Product and Parts Manufacturing derived 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. Our four business areas – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies.

Recent regional conflicts have demonstrated the integral role Lockheed Martin products play in protecting people, and we are rapidly transforming our business to meet increased demand. We are expanding production capacity to continue delivering at scale, and we are harnessing leading-edge technologies like artificial intelligence and autonomy, open-architecture systems, and advanced networking to make defense forces more agile, adaptive and unpredictable. Our goal is to deliver overwhelming capability and value – quickly, at the needed quantities and with the greatest effectiveness – to enable overmatch and strengthen deterrence today and into the future.

Last close 604.18 2026-10-23
Market cap $139.44B 2026-06-28 share count
52-week range 437.25 - 692.00

Valuation FY2025 figures against the last close

P/S1.9x
P/E28.1x
P/FCF20.2x
EV/EBITDA16.7x
Dividend yield2.2%
Diluted EPS21.49

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Asia Pacific
  • Middle East
  • Other
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 53.7B (71.6%) 72% United States Europe, FY2025: 8.8B (11.7%) 12% Europe Asia Pacific, FY2025: 7.8B (10.4%) 10% Asia Pacific Middle East, FY2025: 2.9B (3.8%) 4% Other, FY2025: 1.9B (2.5%) FY2024 United States, FY2024: 52.5B (73.9%) 74% Europe, FY2024: 7.7B (10.9%) 11% Asia Pacific, FY2024: 6.2B (8.8%) 9% Middle East, FY2024: 3.1B (4.3%) 4% Other, FY2024: 1.5B (2.1%) FY2023 United States, FY2023: 49.9B (73.9%) 74% Europe, FY2023: 7B (10.4%) 10% Asia Pacific, FY2023: 5.9B (8.7%) 9% Middle East, FY2023: 3.6B (5.3%) 5% Other, FY2023: 1.2B (1.8%)
Region FY2025FY2024FY2023
United States $53.70B $52.53B $49.93B
Europe $8.80B $7.72B $7.01B
Asia Pacific $7.82B $6.24B $5.85B
Middle East $2.86B $3.08B $3.55B
Other $1.86B $1.48B $1.23B

As the company reported it, from the “Information on Business Segments - Schedule of Income Statement Information For Each Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $75.05B$71.04B$67.57B$65.98B$67.04B$65.40B$59.81B$53.76B$49.96B$47.29B
Cost of revenue $67.43B$64.11B$59.09B$57.70B$57.98B$56.74B$51.45B$46.49B$43.59B$41.89B
Gross profit $7.62B$6.93B$8.48B$8.29B$9.06B$8.65B$8.37B$7.27B$6.37B$5.40B
R&D $2.00B$1.60B$1.50B$1.70B$1.50B$1.30B$1.30B$1.30B$1.20B$988.0M
Operating income $7.73B$7.01B$8.51B$8.35B$9.12B$8.64B$8.54B$7.33B$6.74B$5.89B
Interest expense $1.12B$1.04B$916.0M$623.0M$569.0M$591.0M$653.0M$668.0M$651.0M$663.0M
Pre-tax income $5.92B$6.22B$8.10B$6.68B$7.55B$8.23B$7.24B$5.84B$5.25B$4.75B
Income tax $905.0M$884.0M$1.18B$948.0M$1.24B$1.35B$1.01B$792.0M$3.36B$1.09B
Net income $5.02B$5.34B$6.92B$5.73B$6.32B$6.83B$6.23B$5.05B$1.96B$5.17B
EPS, basic 21.5622.3927.6521.7422.8524.4022.0917.746.8217.28
EPS, diluted 21.4922.3127.5521.6622.7624.3021.9517.596.7517.07
Shares, diluted (wtd. avg.) 233.5M239.2M251.2M264.6M277.4M281.2M283.8M286.8M290.6M303.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $4.12B$2.48B$1.44B$2.55B$3.60B$3.16B$1.51B$772.0M$2.86B$1.84B
Receivables $3.90B$2.35B$2.13B$2.50B$1.96B$1.98B$2.34B$2.44B$2.27B$8.20B
Inventory $3.52B$3.47B$3.13B$3.09B$2.98B$3.54B$3.62B$3.00B$2.88B—
Total current assets $25.36B$21.85B$20.52B$20.99B$19.82B$19.38B$17.09B$16.10B$17.50B$15.11B
Property, plant and equipment $8.88B$8.73B$8.37B$7.97B$7.60B$7.21B$6.59B$6.12B$5.78B$5.55B
Goodwill $11.31B$11.07B$10.80B$10.78B$10.81B$10.81B$10.60B$10.77B$10.81B$10.76B
Other intangibles $1.89B$2.02B$2.21B$2.46B$2.71B$3.01B$3.21B$3.49B$3.80B$4.09B
Total assets $59.84B$55.62B$52.46B$52.88B$50.87B$50.71B$47.53B$44.88B$46.62B$47.81B
Accounts payable $3.63B$2.22B$2.31B$2.12B$780.0M$880.0M$1.28B$2.40B$1.47B$1.65B
Short-term debt $1.17B$643.0M$168.0M$118.0M$6.0M$500.0M$1.25B$1.50B$750.0M$0
Total current liabilities $23.34B$19.42B$16.94B$15.89B$14.00B$13.93B$13.97B$14.40B$12.91B$12.54B
Long-term debt $20.53B$19.63B$17.29B$15.43B$11.67B$11.67B$11.40B$12.60B$13.51B$14.28B
Total liabilities $53.12B$49.28B$45.62B$43.61B$39.91B$44.67B$44.36B$43.43B$47.40B$46.20B
Retained earnings $14.03B$14.55B$15.40B$16.94B$21.60B$21.64B$18.40B$15.43B$11.40B$13.32B
Total equity $6.72B$6.33B$6.83B$9.27B$10.96B$6.04B$3.17B$1.45B-$776.0M$1.48B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $8.56B$6.97B$7.92B$7.80B$9.22B$8.18B$7.31B$3.14B$6.48B$5.19B
Depreciation and amortisation $1.69B$1.56B$1.43B$903.0M$904.0M$853.0M$794.0M$759.0M$760.0M$747.0M
Stock-based compensation $304.0M$277.0M$265.0M$238.0M$227.0M$221.0M$189.0M$173.0M$158.0M$149.0M
Capital expenditure $1.65B$1.69B$1.69B$1.67B$1.52B$1.77B$1.48B$1.28B$1.18B$1.06B
Investing cash flow -$1.98B-$1.79B-$1.69B-$1.79B-$1.16B-$2.01B-$1.24B-$1.07B-$1.15B-$985.0M
Financing cash flow -$4.94B-$4.14B-$7.33B-$7.07B-$7.62B-$4.53B-$5.33B-$4.15B-$4.30B-$3.46B
Dividends paid $3.13B$3.06B$3.06B$3.02B$2.94B$2.76B$2.56B$2.35B$2.16B$2.05B
Buybacks $3.00B$3.70B$6.00B$7.90B$4.09B$1.10B$1.20B$1.49B$2.00B$2.10B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-004195.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B 80B Revenue, FY2016: 47.3B Gross profit, FY2016: 5.4B Net income, FY2016: 5.2B Revenue, FY2017: 50B Gross profit, FY2017: 6.4B Net income, FY2017: 2B Revenue, FY2018: 53.8B Gross profit, FY2018: 7.3B Net income, FY2018: 5B Revenue, FY2019: 59.8B Gross profit, FY2019: 8.4B Net income, FY2019: 6.2B Revenue, FY2020: 65.4B Gross profit, FY2020: 8.7B Net income, FY2020: 6.8B Revenue, FY2021: 67B Gross profit, FY2021: 9.1B Net income, FY2021: 6.3B Revenue, FY2022: 66B Gross profit, FY2022: 8.3B Net income, FY2022: 5.7B Revenue, FY2023: 67.6B Gross profit, FY2023: 8.5B Net income, FY2023: 6.9B Revenue, FY2024: 71B Gross profit, FY2024: 6.9B Net income, FY2024: 5.3B Revenue, FY2025: 75B Gross profit, FY2025: 7.6B Net income, FY2025: 5B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $47.29B $49.96B $53.76B $59.81B $65.40B $67.04B $65.98B $67.57B $71.04B $75.05B
Gross profit $5.40B $6.37B $7.27B $8.37B $8.65B $9.06B $8.29B $8.48B $6.93B $7.62B
Net income $5.17B $1.96B $5.05B $6.23B $6.83B $6.32B $5.73B $6.92B $5.34B $5.02B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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