What is Lockheed Martin Corp.'s earnings per share (EPS)?

Lockheed Martin Corp. (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.

Lockheed Martin Corp. (LMT) Financials

LMT

Trailing 12 months to June 28, 2026

Revenue $77.0B +7.2% YoY

Net Income $6.3B +49.5% YoY

EPS (Diluted) $27.13 +52.4% YoY

Free Cash Flow $8.7B +162.2% YoY

Market Cap $118.1B as of Oct 13, 2026

Price / Sales 1.5x on $77.0B revenue, trailing 12 months to June 28, 2026

Price / Earnings 18.8x on $6.3B net income, trailing 12 months to June 28, 2026

Price / Book 13.5x on $8.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 28, 2026 Reported Jul 23, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LMT SEC filings page.

Lockheed Martin Corp. (LMT) reported $77.0B in revenue over the twelve months to Jun 28, 2026, up 7.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI LMT FY2025 2026-10-03

Cash generation recovered in 2025, but rising debt and interest costs kept earnings from matching revenue growth.

Free cash flow recovered to $6.9B in FY2025, even as net income fell to $5.0B. Because operating income rose while interest expense reached $1.1B, cash conversion improved without restoring accounting earnings.

Revenue growth returned in FY2025, and gross margin improved to 10.2% from 9.8% in FY2024. Because that margin still sat below FY2023's 12.6%, the improvement looks like partial recovery rather than a return to the earlier cost structure.

Debt-to-equity was 3.1x in FY2025, versus 1.1x in FY2021, showing a much more debt-heavy capital structure. The current ratio also compressed to 1.1x, so near-term assets provide a thinner cushion against current liabilities than they did earlier.

Financial Health Signals

Financial Health Score 56/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Lockheed Martin Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Lockheed Martin Corp. has an operating margin of 10.3%, meaning the company retains $10 of operating profit per $100 of revenue. This strong profitability earns a score of 74/100, reflecting efficient cost management and pricing power. This is up from 9.9% the prior year.

Growth

Lockheed Martin Corp.'s revenue grew 5.6% year-over-year to $75.0B, a solid pace of expansion. This earns a growth score of 52/100.

Leverage

Lockheed Martin Corp. has a moderate D/E ratio of 3.05. This balance of debt and equity financing earns a leverage score of 34/100.

Liquidity

Lockheed Martin Corp.'s current ratio of 1.09 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Lockheed Martin Corp. has a free cash flow margin of 9.2%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Lockheed Martin Corp. 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 91/100. This is down from 84.3% the prior year.

Altman Z-Score Safe

3.38

Lockheed Martin Corp. scores 3.38, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Lockheed Martin Corp. 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.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, Lockheed Martin Corp. 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.

Interest Coverage Safe

6.92x

Lockheed Martin Corp. earns $6.92 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

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Earnings & Revenue

Revenue

$20.1B

YoY+10.5%

QoQ+11.3%

5Y CAGR+3.3%

10Y CAGR+5.7%

Lockheed Martin Corp. generated $20.1B in revenue in Q2 2026. This represents an increase of 10.5% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.

EBITDA

$2.9B

YoY+151.0%

QoQ+17.0%

Lockheed Martin Corp.'s EBITDA was $2.9B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 151.0% from the same quarter a year earlier. Against the prior quarter it is up 17.0%.

Net Income

$1.8B

YoY+436.8%

QoQ+23.4%

5Y CAGR+0.2%

10Y CAGR+6.0%

Lockheed Martin Corp. reported $1.8B in net income in Q2 2026. This represents an increase of 436.8% from the same quarter a year earlier. Against the prior quarter it is up 23.4%.

EPS (Diluted)

$7.94

YoY+443.8%

QoQ+23.3%

5Y CAGR+4.0%

10Y CAGR+9.1%

Lockheed Martin Corp. earned $7.94 per diluted share (EPS) in Q2 2026. This represents an increase of 443.8% from the same quarter a year earlier. Against the prior quarter it is up 23.3%.

Cash & Balance Sheet

Free Cash Flow

$2.9B

YoY+2044.7%

QoQ+1102.4%

5Y CAGR+25.2%

10Y CAGR+8.9%

Lockheed Martin Corp. generated $2.9B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 2044.7% from the same quarter a year earlier. Against the prior quarter it is up 1102.4%.

Cash & Debt

$3.8B

YoY+193.2%

QoQ+100.2%

5Y CAGR+6.7%

10Y CAGR+11.6%

Lockheed Martin Corp. held $3.8B in cash against $20.5B in long-term debt as of Q2 2026.

Dividends Per Share

$3.45

YoY+4.5%

QoQ0.0%

5Y CAGR+5.8%

10Y CAGR+0.4%

Lockheed Martin Corp. paid $3.45 per share in dividends in Q2 2026. This represents an increase of 4.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

231M

YoY-1.1%

QoQ+0.1%

5Y CAGR-3.6%

10Y CAGR-2.7%

Lockheed Martin Corp. had 231M shares outstanding in Q2 2026. This represents a decrease of 1.1% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Margins & Returns

Gross Margin

12.2%

YoY+8.1pp

QoQ+0.7pp

5Y change-0.4pp

Lockheed Martin Corp.'s gross margin was 12.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 8.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Operating Margin

12.4%

YoY+8.2pp

QoQ+0.9pp

5Y change-0.5pp

10Y change+0.5pp

Lockheed Martin Corp.'s operating margin was 12.4% in Q2 2026, reflecting core business profitability. This is up 8.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Net Margin

9.2%

YoY+7.3pp

QoQ+0.9pp

5Y change-1.5pp

10Y change+0.3pp

Lockheed Martin Corp.'s net profit margin was 9.2% in Q2 2026, showing the share of revenue converted to profit. This is up 7.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Return on Equity

20.9%

YoY+14.5pp

QoQ+1.1pp

5Y change-6.9pp

Lockheed Martin Corp.'s ROE was 20.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 14.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.

Capital Allocation

Share Buybacks

YoY-100.0%

Lockheed Martin Corp. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Capital Expenditures

$318.0M

YoY-9.4%

QoQ-37.8%

5Y CAGR0.0%

10Y CAGR+3.1%

Lockheed Martin Corp. invested $318.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 9.4% from the same quarter a year earlier. Against the prior quarter it is down 37.8%.

R&D Spending

Not reported for Q2 2026.

LMT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LMT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$77.0B	$75.0B+5.6%	$71.0B+5.1%	$67.6B+2.4%	$66.0B-1.6%	$67.0B+2.5%	$65.4B+9.3%	$59.8B+11.3%	$53.8B+7.6%	$50.0B+5.6%	$47.3B+16.7%	$40.5B+1.5%	$39.9B-11.9%	$45.4B-3.9%	$47.2B+1.5%	$46.5B
Cost of Revenue	$67.9B	$67.4B+5.2%	$64.1B+8.5%	$59.1B+2.4%	$57.7B-0.5%	$58.0B+2.2%	$56.7B+10.3%	$51.4B+10.7%	$46.5B+6.7%	$43.6B+4.1%	$41.9B+16.2%	$36.0B+2.2%	$35.3B-14.3%	$41.2B-4.2%	$43.0B+0.5%	$42.8B
Gross Profit	$9.1B	$7.6B+9.9%	$6.9B-18.3%	$8.5B+2.3%	$8.3B-8.5%	$9.1B+4.7%	$8.7B+3.4%	$8.4B+15.0%	$7.3B+14.2%	$6.4B+18.0%	$5.4B+20.2%	$4.5B-4.1%	$4.7B+11.8%	$4.2B-0.2%	$4.2B+12.1%	$3.7B
R&D Expenses	N/A	$2.0B+25.0%	$1.6B+6.7%	$1.5B-11.8%	$1.7B+13.3%	$1.5B+15.4%	$1.3B0.0%	$1.3B0.0%	$1.3B+8.3%	$1.2B+21.5%	$988.0M+20.9%	$817.0M+11.5%	$733.0M+5.2%	$697.0M+13.1%	$616.0M+5.3%	$585.0M
Operating Income	$9.2B	$7.7B+10.2%	$7.0B-17.6%	$8.5B+1.9%	$8.3B-8.5%	$9.1B+5.5%	$8.6B+1.2%	$8.5B+16.5%	$7.3B+8.7%	$6.7B+14.5%	$5.9B+25.0%	$4.7B-6.0%	$5.0B+11.3%	$4.5B+1.6%	$4.4B+10.3%	$4.0B
EBITDA	N/A	$9.4B+9.9%	$8.6B-13.7%	$9.9B+1.9%	$9.8B-7.0%	$10.5B+8.5%	$9.7B+2.2%	$9.5B+11.3%	$8.5B+7.0%	$7.9B+12.5%	$7.1B+24.7%	$5.7B-4.7%	$5.9B+8.1%	$5.5B+1.3%	$5.4B+7.8%	$5.0B
Interest Expense	$1.1B	$1.1B+7.9%	$1.0B+13.1%	$916.0M+47.0%	$623.0M+9.5%	$569.0M-3.7%	$591.0M-9.5%	$653.0M-2.2%	$668.0M+2.6%	$651.0M-1.8%	$663.0M+49.7%	$443.0M+30.3%	$340.0M-2.9%	$350.0M-8.6%	$383.0M+8.2%	$354.0M
Income Tax	$1.1B	$905.0M+2.4%	$884.0M-25.0%	$1.2B+24.3%	$948.0M-23.2%	$1.2B-8.3%	$1.3B+33.2%	$1.0B+27.7%	$792.0M-76.4%	$3.4B+207.0%	$1.1B-6.8%	$1.2B-17.6%	$1.4B+18.2%	$1.2B-9.2%	$1.3B+37.7%	$964.0M
Net Income	$6.3B	$5.0B-6.0%	$5.3B-22.9%	$6.9B+20.7%	$5.7B-9.2%	$6.3B-7.6%	$6.8B+9.7%	$6.2B+23.5%	$5.0B+157.1%	$2.0B-62.1%	$5.2B+43.5%	$3.6B-0.2%	$3.6B+21.2%	$3.0B+8.6%	$2.7B+3.4%	$2.7B
EPS (Basic)	N/A	$21.56-3.7%	$22.39-19.0%	$27.65+27.2%	$21.74-4.9%	$22.85-6.4%	$24.40+10.5%	$22.09+24.5%	$17.74+160.1%	$6.82-60.5%	$17.28+48.7%	$11.62+1.8%	$11.41+22.8%	$9.29+9.6%	$8.48+7.3%	$7.90
EPS (Diluted)	$27.13	$21.49-3.7%	$22.31-19.0%	$27.55+27.2%	$21.66-4.8%	$22.76-6.3%	$24.30+10.7%	$21.95+24.8%	$17.59+160.6%	$6.75-60.5%	$17.07+49.0%	$11.46+2.2%	$11.21+22.8%	$9.13+9.2%	$8.36+7.0%	$7.81
Diluted Shares (Avg)	N/A	234M-2.4%	239M-4.8%	251M-5.1%	265M-4.6%	277M-1.4%	281M-0.9%	284M-1.0%	287M-1.3%	291M-4.1%	303M-3.7%	315M-2.4%	322M-1.3%	327M-0.6%	328M-3.4%	340M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$20.1B+10.5%	$18.0B+0.3%	$20.3B+9.1%	$18.6B+8.8%	$18.2B+0.2%	$18.0B+4.5%	$18.6B-1.3%	$17.1B+1.3%
Cost of Revenue	$17.6B+1.1%	$15.9B+1.9%	$18.0B+0.4%	$16.4B+9.2%	$17.4B+8.9%	$15.6B+2.9%	$17.9B+8.2%	$15.0B+1.1%
Gross Profit	$2.4B+233.2%	$2.1B-10.5%	$2.3B+236.5%	$2.2B+5.8%	$734.0M-65.5%	$2.3B+16.6%	$690.0M-69.9%	$2.1B+3.4%
Operating Income	$2.5B+231.4%	$2.1B-13.0%	$2.3B+234.9%	$2.3B+6.5%	$748.0M-65.2%	$2.4B+16.9%	$696.0M-69.6%	$2.1B+4.8%
EBITDA	$2.9B+151.0%	$2.5B-11.1%	N/A	N/A	$1.1B	$2.8B	N/A	N/A
Interest Expense	$266.0M-2.9%	$269.0M+0.4%	$290.0M+9.8%	$286.0M+11.7%	$274.0M+5.0%	$268.0M+5.1%	$264.0M+3.9%	$256.0M+8.0%
Income Tax	$342.0M+356.0%	$286.0M-11.7%	$187.0M+2437.5%	$319.0M+8.1%	$75.0M-75.6%	$324.0M+11.7%	-$8.0M-102.9%	$295.0M+9.7%
Net Income	$1.8B+436.8%	$1.5B-13.1%	$1.3B+155.0%	$1.6B-0.2%	$342.0M-79.2%	$1.7B+10.8%	$527.0M-71.8%	$1.6B-3.6%
EPS (Basic)	$7.98+446.6%	$6.47-11.4%	$5.82+156.4%	$6.98+2.2%	$1.46-78.7%	$7.30+13.7%	$2.27-70.2%	$6.83+1.2%
EPS (Diluted)	$7.94+443.8%	$6.44-11.5%	$5.80+156.6%	$6.95+2.2%	$1.46-78.7%	$7.28+13.9%	$2.26-70.2%	$6.80+1.0%
Diluted Shares (Avg)	231M-1.4%	231M-1.8%	N/A	233M-2.4%	234M-2.2%	235M-2.6%	N/A	239M-4.6%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.

LMT Balance Sheet

LMT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$59.8B+7.6%	$55.6B+6.0%	$52.5B-0.8%	$52.9B+3.9%	$50.9B+0.3%	$50.7B+6.7%	$47.5B+5.9%	$44.9B-3.7%	$46.6B-2.5%	$47.8B-3.0%	$49.3B+33.1%	$37.0B+2.4%	$36.2B-6.4%	$38.7B+2.0%	$37.9B
Current Assets	$25.4B+16.1%	$21.8B+6.5%	$20.5B-2.2%	$21.0B+5.9%	$19.8B+2.3%	$19.4B+13.4%	$17.1B+6.2%	$16.1B-8.0%	$17.5B+15.9%	$15.1B+3.7%	$14.6B+18.3%	$12.3B-7.6%	$13.3B-3.8%	$13.9B-1.7%	$14.1B
Cash & Equivalents	$4.1B+66.0%	$2.5B+72.2%	$1.4B-43.4%	$2.5B-29.3%	$3.6B+14.1%	$3.2B+108.7%	$1.5B+96.1%	$772.0M-73.0%	$2.9B+55.7%	$1.8B+68.5%	$1.1B-24.6%	$1.4B-44.7%	$2.6B+37.9%	$1.9B-47.0%	$3.6B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$3.0M
Inventory	$3.5B+1.4%	$3.5B+10.9%	$3.1B+1.4%	$3.1B+3.6%	$3.0B-15.9%	$3.5B-2.0%	$3.6B+20.8%	$3.0B+4.1%	$2.9B	N/A	N/A	N/A	N/A	N/A	$2.5B
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$11.3B+2.2%	$11.1B+2.5%	$10.8B+0.2%	$10.8B-0.3%	$10.8B+0.1%	$10.8B+1.9%	$10.6B-1.5%	$10.8B-0.4%	$10.8B+0.4%	$10.8B+0.6%	$10.7B+34.3%	$8.0B-23.0%	$10.3B-0.2%	$10.4B+2.2%	$10.1B
Total Liabilities	$53.1B+7.8%	$49.3B+8.0%	$45.6B+4.6%	$43.6B+9.3%	$39.9B-10.7%	$44.7B+0.7%	$44.4B+2.1%	$43.4B-8.4%	$47.4B+2.6%	$46.2B0.0%	$46.2B+37.3%	$33.6B+7.6%	$31.3B-19.0%	$38.6B+4.6%	$36.9B
Current Liabilities	$23.3B+20.2%	$19.4B+14.7%	$16.9B+6.6%	$15.9B+13.5%	$14.0B+0.5%	$13.9B-0.3%	$14.0B-3.0%	$14.4B+11.5%	$12.9B+3.0%	$12.5B-9.9%	$13.9B+25.3%	$11.1B-0.1%	$11.1B-8.5%	$12.2B+0.2%	$12.1B
Non-Current Liabilities	$29.8B-0.3%	$29.9B+4.1%	$28.7B+3.5%	$27.7B+7.0%	$25.9B-15.7%	$30.7B+1.2%	$30.4B+4.7%	$29.0B-15.8%	$34.5B+2.5%	$33.7B+4.2%	$32.3B+43.3%	$22.5B+11.8%	$20.1B-23.9%	$26.5B+6.8%	$24.8B
Long-Term Debt	$20.5B+4.6%	$19.6B+13.5%	$17.3B+12.1%	$15.4B+32.2%	$11.7B0.0%	$11.7B+2.3%	$11.4B-9.5%	$12.6B-6.7%	$13.5B-5.4%	$14.3B-0.2%	$14.3B+132.9%	$6.1B-0.2%	$6.2B-0.1%	$6.2B-4.7%	$6.5B
Total Equity	$6.7B+6.1%	$6.3B-7.3%	$6.8B-26.2%	$9.3B-15.4%	$11.0B+82.2%	$6.0B+92.4%	$3.1B+124.3%	$1.4B+264.0%	-$850.0M-156.3%	$1.5B-51.2%	$3.1B-8.9%	$3.4B-30.9%	$4.9B+12510.3%	$39.0M-96.1%	$1.0B
Retained Earnings	$14.0B-3.6%	$14.6B-5.5%	$15.4B-9.1%	$16.9B-21.6%	$21.6B-0.2%	$21.6B+17.6%	$18.4B+19.2%	$15.4B+35.3%	$11.4B-14.4%	$13.3B	$0-100.0%	$15.0B+5.3%	$14.2B+7.5%	$13.2B+10.7%	$11.9B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$62.5B+6.1%	$59.2B+4.5%	$59.8B+7.6%	$60.3B+8.6%	$58.9B+6.9%	$56.7B+3.1%	$55.6B+6.0%	$55.5B-2.0%
Current Assets	$28.4B+18.4%	$25.1B+10.0%	$25.4B+16.1%	$25.9B+11.7%	$24.0B+4.4%	$22.8B-0.7%	$21.8B+6.5%	$23.2B-0.5%
Cash & Equivalents	$3.8B+193.2%	$1.9B+5.0%	$4.1B+66.0%	$3.5B+10.1%	$1.3B-48.8%	$1.8B-35.4%	$2.5B+72.2%	$3.2B-11.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$4.4B+19.2%	$4.3B+18.1%	$3.5B+1.4%	$3.7B+15.9%	$3.7B+19.4%	$3.6B+9.8%	$3.5B+10.9%	$3.2B+1657.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$11.3B-0.1%	$11.3B+2.1%	$11.3B+2.2%	$11.3B+4.8%	$11.3B+4.8%	$11.1B+2.7%	$11.1B+2.5%	$10.8B+0.2%
Total Liabilities	$53.7B+0.3%	$51.7B+3.5%	$53.1B+7.8%	$54.1B+12.0%	$53.5B+9.5%	$50.0B+3.5%	$49.3B+8.0%	$48.3B+2.0%
Current Liabilities	$23.8B-2.2%	$22.1B+4.3%	$23.3B+20.2%	$23.0B+29.0%	$24.4B+31.7%	$21.2B+19.7%	$19.4B+14.7%	$17.8B+3.6%
Non-Current Liabilities	$29.9B+2.4%	$29.7B+3.0%	$29.8B-0.3%	$31.1B+2.0%	$29.2B-4.0%	$28.8B-5.9%	$29.9B+4.1%	$30.5B+1.0%
Long-Term Debt	$20.5B+10.9%	$20.5B+10.0%	$20.5B+4.6%	$20.5B+7.0%	$18.5B-3.1%	$18.7B-3.1%	$19.6B+13.5%	$19.2B+11.4%
Total Equity	$8.8B+64.4%	$7.5B+12.1%	$6.7B+6.1%	$6.2B-14.2%	$5.3B-13.6%	$6.7B+0.5%	$6.3B-7.3%	$7.2B-22.4%
Retained Earnings	$15.8B+18.9%	$14.7B-0.3%	$14.0B-3.6%	$14.1B-10.2%	$13.3B-9.8%	$14.8B-2.9%	$14.6B-5.5%	$15.7B-8.3%

Not reported in any period shown, so not listed: Accounts Receivable.

LMT Cash Flow Statement

LMT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$10.4B	$8.6B+22.7%	$7.0B-12.0%	$7.9B+1.5%	$7.8B-15.4%	$9.2B+12.7%	$8.2B+11.9%	$7.3B+133.0%	$3.1B-51.5%	$6.5B+24.8%	$5.2B+1.7%	$5.1B+31.9%	$3.9B-15.0%	$4.5B+191.2%	$1.6B-63.3%	$4.3B
Depreciation & Amortization	N/A	$1.7B+8.2%	$1.6B+9.0%	$1.4B+1.9%	$1.4B+2.9%	$1.4B+33.9%	$1.0B+12.5%	$906.0M-22.0%	$1.2B-2.8%	$1.2B+2.4%	$1.2B+23.5%	$945.0M+1.9%	$927.0M-6.4%	$990.0M+0.2%	$988.0M-2.0%	$1.0B
Stock-Based Compensation	N/A	$304.0M+9.7%	$277.0M+4.5%	$265.0M+11.3%	$238.0M+4.8%	$227.0M+2.7%	$221.0M+16.9%	$189.0M+9.2%	$173.0M+9.5%	$158.0M+6.0%	$149.0M+8.0%	$138.0M-15.9%	$164.0M-13.2%	$189.0M+13.2%	$167.0M+6.4%	$157.0M
Capital Expenditures	$1.7B	$1.6B-2.1%	$1.7B-0.4%	$1.7B+1.3%	$1.7B+9.7%	$1.5B-13.8%	$1.8B+19.0%	$1.5B+16.1%	$1.3B+8.6%	$1.2B+10.7%	$1.1B+13.2%	$939.0M+11.1%	$845.0M+1.1%	$836.0M-11.3%	$942.0M-4.6%	$987.0M
Free Cash Flow	$8.7B	$6.9B+30.7%	$5.3B-15.1%	$6.2B+1.6%	$6.1B-20.4%	$7.7B+20.0%	$6.4B+10.1%	$5.8B+213.3%	$1.9B-64.9%	$5.3B+28.4%	$4.1B-0.9%	$4.2B+37.8%	$3.0B-18.6%	$3.7B+499.4%	$619.0M-81.0%	$3.3B
Investing Cash Flow	-$1.7B	-$2.0B-10.3%	-$1.8B-5.8%	-$1.7B+5.3%	-$1.8B-54.1%	-$1.2B+42.2%	-$2.0B-62.0%	-$1.2B-15.4%	-$1.1B+6.3%	-$1.1B-16.4%	-$985.0M+89.9%	-$9.7B-464.9%	-$1.7B-53.7%	-$1.1B+4.8%	-$1.2B-49.4%	-$788.0M
Financing Cash Flow	-$6.2B	-$4.9B-19.4%	-$4.1B+43.5%	-$7.3B-3.7%	-$7.1B+7.2%	-$7.6B-68.2%	-$4.5B+15.0%	-$5.3B-28.3%	-$4.2B+3.6%	-$4.3B-24.5%	-$3.5B-180.8%	$4.3B+229.1%	-$3.3B-22.5%	-$2.7B-30.9%	-$2.1B+3.5%	-$2.1B
Dividends Paid	$3.2B	$3.1B+2.4%	$3.1B+0.1%	$3.1B+1.3%	$3.0B+2.6%	$2.9B+6.4%	$2.8B+8.1%	$2.6B+8.9%	$2.3B+8.5%	$2.2B+5.6%	$2.0B+6.0%	$1.9B+9.8%	$1.8B+14.3%	$1.5B+13.9%	$1.4B+23.5%	$1.1B
Share Buybacks	$1.8B	$3.0B-18.9%	$3.7B-38.3%	$6.0B-24.1%	$7.9B+93.3%	$4.1B+271.5%	$1.1B-8.3%	$1.2B-19.6%	$1.5B-25.4%	$2.0B-4.5%	$2.1B-31.7%	$3.1B+61.6%	$1.9B+7.8%	$1.8B+78.0%	$990.0M-59.8%	$2.5B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$3.2B+1509.5%	$220.0M-84.4%	$3.2B+214.7%	$3.7B+52.9%	$201.0M-89.3%	$1.4B-13.8%	$1.0B-56.7%	$2.4B-15.7%
Depreciation & Amortization	$400.0M+0.3%	$398.0M+0.3%	N/A	N/A	$399.0M	$397.0M	N/A	N/A
Stock-Based Compensation	N/A	$83.0M+38.3%	N/A	N/A	N/A	$60.0M-1.6%	N/A	N/A
Capital Expenditures	$318.0M-9.4%	$511.0M+12.6%	$463.0M-20.4%	$381.0M+7.3%	$351.0M-5.1%	$454.0M+20.1%	$582.0M-17.3%	$355.0M-2.5%
Free Cash Flow	$2.9B+2044.7%	-$291.0M-130.5%	$2.8B+524.9%	$3.3B+60.7%	-$150.0M-110.0%	$955.0M-24.0%	$441.0M-73.4%	$2.1B-17.6%
Investing Cash Flow	-$349.0M+51.2%	-$541.0M-25.8%	-$513.0M+38.8%	-$319.0M-51.9%	-$715.0M-92.2%	-$430.0M-15.6%	-$838.0M-19.2%	-$210.0M+47.2%
Financing Cash Flow	-$989.0M-24825.0%	-$1.9B-14.9%	-$2.1B-140.9%	-$1.2B+23.0%	$4.0M+100.2%	-$1.7B-2051.8%	-$853.0M+77.4%	-$1.6B+38.8%
Dividends Paid	$796.0M+3.2%	$816.0M+2.5%	$799.0M+2.7%	$765.0M+2.1%	$771.0M+2.5%	$796.0M+2.1%	$778.0M+1.4%	$749.0M+0.3%
Share Buybacks	$0-100.0%	$0-100.0%	$750.0M-25.0%	$1.0B+17.6%	$500.0M-41.2%	$750.0M-25.0%	$1.0B-66.7%	$850.0M-51.4%

LMT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LMT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	10.2%+0.4pp	9.8%-2.8pp	12.6%0.0pp	12.6%-1.0pp	13.5%+0.3pp	13.2%-0.8pp	14.0%+0.5pp	13.5%+0.8pp	12.8%+1.3pp	11.4%+0.3pp	11.1%-0.6pp	11.7%+2.5pp	9.2%+0.3pp	8.9%+0.8pp	8.1%
Operating Margin	10.3%+0.4pp	9.9%-2.7pp	12.6%-0.1pp	12.7%-1.0pp	13.6%+0.4pp	13.2%-1.1pp	14.3%+0.7pp	13.6%+0.1pp	13.5%+1.1pp	12.4%+0.8pp	11.6%-0.9pp	12.6%+2.6pp	9.9%+0.5pp	9.4%+0.8pp	8.6%
Net Margin	6.7%-0.8pp	7.5%-2.7pp	10.2%+1.6pp	8.7%-0.7pp	9.4%-1.0pp	10.4%0.0pp	10.4%+1.0pp	9.4%+5.5pp	3.9%-7.0pp	10.9%+2.0pp	8.9%-0.2pp	9.0%+2.5pp	6.6%+0.7pp	5.8%+0.1pp	5.7%
Return on Equity	74.7%-9.6pp	84.3%-17.0pp	101.2%+39.4pp	61.9%+4.2pp	57.6%-56.0pp	113.6%-85.6pp	199.2%-162.8pp	362.0%	N/A	342.4%+226.0pp	116.4%+10.1pp	106.3%+45.7pp	60.6%-6977.9pp	7038.5%+6773.2pp	265.2%
Return on Assets	8.4%-1.2pp	9.6%-3.6pp	13.2%+2.3pp	10.8%-1.6pp	12.4%-1.1pp	13.5%+0.4pp	13.1%+1.9pp	11.2%+7.0pp	4.2%-6.6pp	10.8%+3.5pp	7.3%-2.5pp	9.8%+1.5pp	8.2%+1.1pp	7.1%+0.1pp	7.0%
Current Ratio	1.090.0x	1.13-0.1x	1.21-0.1x	1.32-0.1x	1.420.0x	1.39+0.2x	1.22+0.1x	1.12-0.2x	1.36+0.2x	1.20+0.2x	1.05-0.1x	1.11-0.1x	1.20+0.1x	1.140.0x	1.16
Debt-to-Equity	3.050.0x	3.10+0.6x	2.53+0.9x	1.67+0.6x	1.06-0.9x	1.94-1.7x	3.65-5.4x	9.04	N/A	9.45+4.8x	4.62+2.8x	1.81+0.6x	1.25-156.6x	157.90+151.4x	6.45
Asset Turnover	1.250.0x	1.280.0x	1.290.0x	1.25-0.1x	1.320.0x	1.290.0x	1.26+0.1x	1.20+0.1x	1.07+0.1x	0.99+0.2x	0.82-0.3x	1.08-0.2x	1.250.0x	1.220.0x	1.23
FCF Margin	9.2%+1.8pp	7.4%-1.8pp	9.2%-0.1pp	9.3%-2.2pp	11.5%+1.7pp	9.8%+0.1pp	9.7%+6.3pp	3.5%-7.2pp	10.6%+1.9pp	8.7%-1.6pp	10.3%+2.7pp	7.6%-0.6pp	8.2%+6.9pp	1.3%-5.7pp	7.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	12.2%+8.1pp	11.5%-1.4pp	11.4%+7.7pp	12.0%-0.3pp	4.0%-7.7pp	12.9%+1.3pp	3.7%-8.4pp	12.4%+0.2pp
Operating Margin	12.4%+8.2pp	11.5%-1.8pp	11.5%+7.7pp	12.3%-0.3pp	4.1%-7.7pp	13.2%+1.4pp	3.7%-8.4pp	12.5%+0.4pp
Net Margin	9.2%+7.3pp	8.3%-1.3pp	6.6%+3.8pp	8.7%-0.8pp	1.9%-7.2pp	9.5%+0.5pp	2.8%-7.1pp	9.5%-0.5pp
Return on Equity	20.9%+14.5pp	19.9%-5.8pp	20.0%+11.7pp	26.2%+3.7pp	6.4%-20.2pp	25.6%+2.4pp	8.3%-19.0pp	22.5%+4.4pp
Return on Assets	2.9%+2.4pp	2.5%-0.5pp	2.3%+1.3pp	2.7%-0.2pp	0.6%-2.4pp	3.0%+0.2pp	0.9%-2.6pp	2.9%-0.1pp
Current Ratio	1.19+0.2x	1.14+0.1x	1.090.0x	1.13-0.2x	0.98-0.3x	1.08-0.2x	1.13-0.1x	1.30-0.1x
Debt-to-Equity	2.34-1.1x	2.74-0.1x	3.050.0x	3.32+0.7x	3.47+0.4x	2.79-0.1x	3.10+0.6x	2.66+0.8x
Asset Turnover	0.320.0x	0.300.0x	0.340.0x	0.310.0x	0.310.0x	0.320.0x	0.330.0x	0.310.0x
FCF Margin	14.5%+15.4pp	-1.6%-6.9pp	13.6%+11.2pp	18.0%+5.8pp	-0.8%-9.1pp	5.3%-2.0pp	2.4%-6.4pp	12.2%-2.8pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Lockheed Martin Corp. LMT	FY2025	$75.0B	$5.0B	6.7%	$118.1B	56/100
General Dynamics Corporation GD	FY2025	$52.5B	$4.2B	8.0%	$89.6B	63/100
Northrop Grumman Corp. NOC	FY2025	$42.0B	$4.2B	10.0%	$68.3B	49/100
Boeing Company BA	FY2025	$89.5B	$2.2B	2.5%	$150.5B	27/100
Howmet Aerospace Inc. HWM	FY2025	$8.3B	$1.5B	18.3%	$89.8B	71/100
TransDigm Group Incorporated TDG	FY2025	$8.8B	$2.1B	23.5%	$61.2B	73/100

Where Lockheed Martin Corp. Ranks

Frequently Asked Questions

What is Lockheed Martin Corp.'s annual revenue?

Lockheed Martin Corp. (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 Corp.'s revenue growing?

Lockheed Martin Corp. (LMT) revenue grew by 5.6% year-over-year, from $71.0B to $75.0B in fiscal year 2025.

Is Lockheed Martin Corp. profitable?

Yes, Lockheed Martin Corp. (LMT) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 6.7%.

What is Lockheed Martin Corp.'s EBITDA?

Lockheed Martin Corp. (LMT) had EBITDA of $9.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Lockheed Martin Corp. have?

As of fiscal year 2025, Lockheed Martin Corp. (LMT) had $4.1B in cash and equivalents against $20.5B in long-term debt.

What is Lockheed Martin Corp.'s gross margin?

Lockheed Martin Corp. (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 Corp.'s operating margin?

Lockheed Martin Corp. (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 Corp.'s net profit margin?

Lockheed Martin Corp. (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 Corp. pay dividends?

Yes, Lockheed Martin Corp. (LMT) paid $13.35 per share in dividends during fiscal year 2025.

What is Lockheed Martin Corp.'s return on equity (ROE)?

Lockheed Martin Corp. (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 Corp.'s free cash flow?

Lockheed Martin Corp. (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 Corp.'s operating cash flow?

Lockheed Martin Corp. (LMT) generated $8.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lockheed Martin Corp.'s total assets?

Lockheed Martin Corp. (LMT) had $59.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Lockheed Martin Corp.'s capital expenditures?

Lockheed Martin Corp. (LMT) invested $1.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lockheed Martin Corp. spend on research and development?

Lockheed Martin Corp. (LMT) invested $2.0B in research and development during fiscal year 2025.

Does Lockheed Martin Corp. buy back shares?

Yes, Lockheed Martin Corp. (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 Corp. have outstanding?

Lockheed Martin Corp. (LMT) had 230M shares outstanding as of fiscal year 2025.

What is Lockheed Martin Corp.'s current ratio?

Lockheed Martin Corp. (LMT) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.

What is Lockheed Martin Corp.'s debt-to-equity ratio?

Lockheed Martin Corp. (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 Corp.'s return on assets (ROA)?

Lockheed Martin Corp. (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 Corp.'s P/E ratio?

Lockheed Martin Corp. (LMT) trades at 18.8x earnings, its market capitalization divided by net income of $6.3B net income, trailing 12 months to June 28, 2026. The market capitalization is $118.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Lockheed Martin Corp.'s price-to-sales ratio?

Lockheed Martin Corp. (LMT) trades at 1.5x sales, its market capitalization divided by revenue of $77.0B revenue, trailing 12 months to June 28, 2026. The market capitalization is $118.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Lockheed Martin Corp.'s Altman Z-Score?

Lockheed Martin Corp. (LMT) has an Altman Z-Score of 3.38, 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 Corp.'s Piotroski F-Score?

Lockheed Martin Corp. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lockheed Martin Corp.'s earnings high quality?

Lockheed Martin Corp. (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 Corp. cover its interest payments?

Lockheed Martin Corp. (LMT) has an interest coverage ratio of 6.92x, 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 Corp.?

Lockheed Martin Corp. (LMT) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.