Lockheed Martin Financials
This page shows Lockheed Martin (LMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Lockheed Martin has an operating margin of 10.3%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 51/100, indicating healthy but not exceptional operating efficiency. This is up from 9.9% the prior year.
Lockheed Martin's revenue grew 5.6% year-over-year to $75.0B, a solid pace of expansion. This earns a growth score of 45/100.
Lockheed Martin has elevated debt relative to equity (D/E of 3.05), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Lockheed Martin's current ratio of 1.09 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.
Lockheed Martin has a free cash flow margin of 9.2%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Lockheed Martin earns a strong 74.7% return on equity (ROE), meaning it generates $75 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 84.3% the prior year.
Lockheed Martin scores 3.78, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Lockheed Martin passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Lockheed Martin generates $1.71 in operating cash flow ($8.6B OCF vs $5.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Lockheed Martin earns $6.9 in operating income for every $1 of interest expense ($7.7B vs $1.1B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Lockheed Martin generated $75.0B in revenue in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Lockheed Martin's EBITDA was $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.9% from the prior year.
Lockheed Martin generated $6.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.7% from the prior year.
Lockheed Martin reported $5.0B in net income in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
Lockheed Martin earned $21.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Lockheed Martin held $4.1B in cash against $20.5B in long-term debt as of fiscal year 2025.
Lockheed Martin paid $13.35 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Lockheed Martin had 230M shares outstanding in fiscal year 2025. This represents a decrease of 2.3% from the prior year.
Lockheed Martin's gross margin was 10.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Lockheed Martin's operating margin was 10.3% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
Lockheed Martin's net profit margin was 6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
Lockheed Martin's ROE was 74.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.6 percentage points from the prior year.
Lockheed Martin invested $2.0B in research and development in fiscal year 2025. This represents an increase of 25.0% from the prior year.
Lockheed Martin spent $3.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 18.9% from the prior year.
Lockheed Martin invested $1.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.1% from the prior year.
LMT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.3B+9.2% | $18.6B+2.5% | $18.2B+1.1% | $18.0B-3.5% | $18.6B-1.3% | $18.9B-0.6% | $19.0B+7.1% | $17.7B |
| Cost of Revenue | $18.0B+10.0% | $16.4B-6.0% | $17.4B+11.4% | $15.6B-12.8% | $17.9B+8.2% | $16.6B-0.7% | $16.7B+9.0% | $15.3B |
| Gross Profit | $2.3B+3.7% | $2.2B+205.2% | $734.0M-68.4% | $2.3B+236.7% | $690.0M-69.9% | $2.3B-0.3% | $2.3B-5.0% | $2.4B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $2.3B+2.2% | $2.3B+204.8% | $748.0M-68.5% | $2.4B+240.8% | $696.0M-69.6% | $2.3B0.0% | $2.3B-6.6% | $2.5B |
| Interest Expense | $290.0M+1.4% | $286.0M+4.4% | $274.0M+2.2% | $268.0M+1.5% | $264.0M+3.9% | $254.0M+25.7% | $202.0M+38.4% | $146.0M |
| Income Tax | $187.0M-41.4% | $319.0M+325.3% | $75.0M-76.9% | $324.0M+4150.0% | -$8.0M-102.9% | $279.0M+0.4% | $278.0M-37.0% | $441.0M |
| Net Income | $1.3B-17.0% | $1.6B+373.4% | $342.0M-80.0% | $1.7B+224.9% | $527.0M-71.8% | $1.9B-2.4% | $1.9B-6.7% | $2.0B |
| EPS (Diluted) | $5.80-16.5% | $6.95+376.0% | $1.46-79.9% | $7.28+220.7% | $2.27-70.1% | $7.58+3.1% | $7.35-1.6% | $7.47 |
LMT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.8B-0.7% | $60.3B+2.4% | $58.9B+3.9% | $56.7B+1.9% | $55.6B+6.0% | $52.5B-0.8% | $52.9B+3.9% | $50.9B |
| Current Assets | $25.4B-2.2% | $25.9B+8.1% | $24.0B+5.2% | $22.8B+4.4% | $21.8B+6.5% | $20.5B-2.2% | $21.0B+5.9% | $19.8B |
| Cash & Equivalents | $4.1B+18.8% | $3.5B+168.4% | $1.3B-28.3% | $1.8B-27.4% | $2.5B+72.2% | $1.4B-43.4% | $2.5B-29.3% | $3.6B |
| Inventory | $3.5B-6.0% | $3.7B+1.4% | $3.7B+2.8% | $3.6B+3.6% | $3.5B+10.9% | $3.1B+1.4% | $3.1B+3.6% | $3.0B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $11.3B0.0% | $11.3B0.0% | $11.3B+2.1% | $11.1B+0.1% | $11.1B+2.5% | $10.8B+0.2% | $10.8B-0.3% | $10.8B |
| Total Liabilities | $53.1B-1.8% | $54.1B+1.0% | $53.5B+7.1% | $50.0B+1.4% | $49.3B+8.0% | $45.6B+4.6% | $43.6B+9.3% | $39.9B |
| Current Liabilities | $23.3B+1.6% | $23.0B-5.7% | $24.4B+14.9% | $21.2B+9.1% | $19.4B+14.7% | $16.9B+6.6% | $15.9B+13.5% | $14.0B |
| Long-Term Debt | $20.5B+0.1% | $20.5B+10.8% | $18.5B-0.8% | $18.7B-4.9% | $19.6B+13.5% | $17.3B+12.1% | $15.4B+32.2% | $11.7B |
| Total Equity | $6.7B+8.7% | $6.2B+15.9% | $5.3B-20.2% | $6.7B+5.5% | $6.3B-7.3% | $6.8B-26.2% | $9.3B-15.4% | $11.0B |
| Retained Earnings | $14.0B-0.1% | $14.1B+6.0% | $13.3B-10.2% | $14.8B+1.5% | $14.6B-5.5% | $15.4B-9.1% | $16.9B-21.6% | $21.6B |
LMT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.2B-13.7% | $3.7B+1754.7% | $201.0M-85.7% | $1.4B+37.7% | $1.0B-56.7% | $2.4B+22.7% | $1.9B-54.8% | $4.3B |
| Capital Expenditures | $463.0M+21.5% | $381.0M+8.5% | $351.0M-22.7% | $454.0M-22.0% | $582.0M-17.3% | $704.0M+1.6% | $693.0M+14.2% | $607.0M |
| Free Cash Flow | $2.8B-17.7% | $3.3B+2331.3% | -$150.0M-115.7% | $955.0M+116.6% | $441.0M-73.4% | $1.7B+34.5% | $1.2B-66.3% | $3.7B |
| Investing Cash Flow | -$513.0M-60.8% | -$319.0M+55.4% | -$715.0M-66.3% | -$430.0M+48.7% | -$838.0M-19.2% | -$703.0M+13.0% | -$808.0M-49.1% | -$542.0M |
| Financing Cash Flow | -$2.1B-66.8% | -$1.2B-30900.0% | $4.0M+100.2% | -$1.7B-94.5% | -$853.0M+77.4% | -$3.8B-276.0% | -$1.0B+64.8% | -$2.8B |
| Dividends Paid | $799.0M+4.4% | $765.0M-0.8% | $771.0M-3.1% | $796.0M+2.3% | $778.0M+1.4% | $767.0M+0.1% | $766.0M+0.5% | $762.0M |
| Share Buybacks | $750.0M-25.0% | $1.0B+100.0% | $500.0M-33.3% | $750.0M-25.0% | $1.0B-66.7% | $3.0B-28.7% | $4.2B+101.5% | $2.1B |
LMT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.4%-0.6pp | 12.0%+8.0pp | 4.0%-8.9pp | 12.9%+9.2pp | 3.7%-8.4pp | 12.2%+0.0pp | 12.1%-1.5pp | 13.7% |
| Operating Margin | 11.5%-0.8pp | 12.3%+8.1pp | 4.1%-9.1pp | 13.2%+9.5pp | 3.7%-8.4pp | 12.2%+0.1pp | 12.1%-1.8pp | 13.9% |
| Net Margin | 6.6%-2.1pp | 8.7%+6.8pp | 1.9%-7.6pp | 9.5%+6.7pp | 2.8%-7.1pp | 9.9%-0.2pp | 10.1%-1.5pp | 11.6% |
| Return on Equity | 20.0%-6.2pp | 26.2%+19.8pp | 6.4%-19.2pp | 25.6%+17.3pp | 8.3%-19.0pp | 27.3%+6.7pp | 20.6%+1.9pp | 18.7% |
| Return on Assets | 2.3%-0.4pp | 2.7%+2.1pp | 0.6%-2.4pp | 3.0%+2.1pp | 0.9%-2.6pp | 3.6%-0.1pp | 3.6%-0.4pp | 4.0% |
| Current Ratio | 1.09-0.0 | 1.13+0.1 | 0.98-0.1 | 1.08-0.0 | 1.13-0.1 | 1.21-0.1 | 1.32-0.1 | 1.42 |
| Debt-to-Equity | 3.05-0.3 | 3.32-0.2 | 3.47+0.7 | 2.79-0.3 | 3.10+0.6 | 2.53+0.9 | 1.67+0.6 | 1.06 |
| FCF Margin | 13.6%-4.4pp | 18.0%+18.8pp | -0.8%-6.2pp | 5.3%+2.9pp | 2.4%-6.4pp | 8.8%+2.3pp | 6.5%-14.1pp | 20.6% |
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Frequently Asked Questions
What is Lockheed Martin's annual revenue?
Lockheed Martin (LMT) reported $75.0B in total revenue for fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lockheed Martin's revenue growing?
Lockheed Martin (LMT) revenue grew by 5.6% year-over-year, from $71.0B to $75.0B in fiscal year 2025.
Is Lockheed Martin profitable?
Yes, Lockheed Martin (LMT) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 6.7%.
What is Lockheed Martin's earnings per share (EPS)?
Lockheed Martin (LMT) reported diluted earnings per share of $21.49 for fiscal year 2025. This represents a -3.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Lockheed Martin's EBITDA?
Lockheed Martin (LMT) had EBITDA of $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Lockheed Martin have?
As of fiscal year 2025, Lockheed Martin (LMT) had $4.1B in cash and equivalents against $20.5B in long-term debt.
What is Lockheed Martin's gross margin?
Lockheed Martin (LMT) had a gross margin of 10.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lockheed Martin's operating margin?
Lockheed Martin (LMT) had an operating margin of 10.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Lockheed Martin's net profit margin?
Lockheed Martin (LMT) had a net profit margin of 6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Lockheed Martin pay dividends?
Yes, Lockheed Martin (LMT) paid $13.35 per share in dividends during fiscal year 2025.
What is Lockheed Martin's return on equity (ROE)?
Lockheed Martin (LMT) has a return on equity of 74.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lockheed Martin's free cash flow?
Lockheed Martin (LMT) generated $6.9B in free cash flow during fiscal year 2025. This represents a 30.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lockheed Martin's operating cash flow?
Lockheed Martin (LMT) generated $8.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lockheed Martin's total assets?
Lockheed Martin (LMT) had $59.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lockheed Martin's capital expenditures?
Lockheed Martin (LMT) invested $1.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Lockheed Martin spend on research and development?
Lockheed Martin (LMT) invested $2.0B in research and development during fiscal year 2025.
Does Lockheed Martin buy back shares?
Yes, Lockheed Martin (LMT) spent $3.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Lockheed Martin have outstanding?
Lockheed Martin (LMT) had 230M shares outstanding as of fiscal year 2025.
What is Lockheed Martin's current ratio?
Lockheed Martin (LMT) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Lockheed Martin's debt-to-equity ratio?
Lockheed Martin (LMT) had a debt-to-equity ratio of 3.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lockheed Martin's return on assets (ROA)?
Lockheed Martin (LMT) had a return on assets of 8.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lockheed Martin's Altman Z-Score?
Lockheed Martin (LMT) has an Altman Z-Score of 3.78, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lockheed Martin's Piotroski F-Score?
Lockheed Martin (LMT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lockheed Martin's earnings high quality?
Lockheed Martin (LMT) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Lockheed Martin cover its interest payments?
Lockheed Martin (LMT) has an interest coverage ratio of 6.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Lockheed Martin?
Lockheed Martin (LMT) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.