Lockheed Martin (LMT) Financials

$513.83 +4.90 (+0.96%)

Closing price 03:59 PM Eastern

Extended Trading

$513.75 -0.08 (-0.01%)

As of 06:55 PM Eastern

Annual Income Statements for Lockheed Martin

This table shows Lockheed Martin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
Consolidated Net Income / (Loss)	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
Net Income / (Loss) Continuing Operations	3,126	3,661	1,890	5,046	6,230	6,888	6,315	5,732	6,920	5,336	5,017
Total Pre-Tax Income	4,299	4,754	5,246	5,838	7,241	8,235	7,550	6,680	8,098	6,220	5,922
Total Operating Income	4,712	5,888	6,744	7,334	8,545	8,644	9,123	8,348	8,507	7,013	7,731
Total Gross Profit	4,492	5,401	6,371	7,274	8,367	8,654	9,061	8,287	8,479	6,930	7,619
Total Revenue	40,536	47,290	49,960	53,762	59,812	65,398	67,044	65,984	67,571	71,043	75,048
Operating Revenue	40,536	47,290	49,960	53,762	59,812	65,398	67,044	65,984	67,571	71,043	75,048
Total Cost of Revenue	36,044	41,889	43,589	46,488	51,445	56,744	57,983	57,697	59,092	64,113	67,429
Operating Cost of Revenue	36,044	41,889	43,589	46,488	51,445	56,744	57,983	57,597	59,092	64,113	67,429
Total Operating Expenses	-220	-487	-373	-60	-178	10	-62	-61	-28	-83	-112
Other Operating Expenses / (Income)	-220	-487	-373	-60	-178	10	-62	-61	-28	-83	-112
Total Other Income / (Expense), net	-413	-1,134	-1,498	-1,496	-1,304	-409	-1,573	-1,668	-409	-793	-1,809
Interest Expense	443	663	651	668	653	591	569	623	916	1,036	1,118
Interest & Investment Income	-	-	-	-	-	219	-1,292	-	443	62	-874
Other Income / (Expense), net	30	-471	-847	-828	-651	-37	288	-1,045	64	181	183
Income Tax Expense	1,173	1,093	3,356	792	1,011	1,347	1,235	948	1,178	884	905
Basic Earnings per Share	$11.62	$17.28	$6.82	$17.74	$22.09	$24.40	$22.85	$21.74	$27.65	$22.39	$21.56
Weighted Average Basic Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Diluted Earnings per Share	$11.46	$17.07	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49
Weighted Average Diluted Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Weighted Average Basic & Diluted Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Cash Dividends to Common per Share	$6.15	$6.77	$7.46	$8.20	$9.00	$9.80	$10.60	$11.40	$12.15	$12.75	$13.35

This table shows Lockheed Martin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488
Consolidated Net Income / (Loss)	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488
Net Income / (Loss) Continuing Operations	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488
Total Pre-Tax Income	1,953	2,145	1,835	1,948	1,918	519	2,036	417	1,938	1,531	1,774
Total Operating Income	2,042	2,293	2,029	2,148	2,140	696	2,372	748	2,280	2,331	2,063
Total Gross Profit	2,048	2,295	1,993	2,130	2,117	690	2,323	734	2,240	2,322	2,078
Total Revenue	16,878	18,874	17,195	18,122	17,104	18,622	17,963	18,155	18,609	20,321	18,021
Operating Revenue	16,878	18,874	17,195	18,122	17,104	18,622	17,963	18,155	18,609	20,321	18,021
Total Cost of Revenue	14,830	16,579	15,202	15,992	14,987	17,932	15,640	17,421	16,369	17,999	15,943
Operating Cost of Revenue	14,830	16,487	15,202	15,992	14,987	17,932	15,640	17,421	16,369	17,999	15,943
Total Operating Expenses	6.00	2.00	-36	-18	-23	-6.00	-49	-14	-40	-9.00	15
Other Operating Expenses / (Income)	6.00	2.00	-36	-18	-23	-6.00	-49	-14	-40	-9.00	15
Total Other Income / (Expense), net	-89	-148	-194	-200	-222	-177	-336	-331	-342	-800	-289
Interest Expense	237	254	255	261	256	264	268	274	286	290	269
Other Income / (Expense), net	37	438	45	46	18	119	-68	42	43	68	-20
Income Tax Expense	269	279	290	307	295	-8.00	324	75	319	187	286
Basic Earnings per Share	$6.75	$7.62	$6.42	$6.87	$6.83	$2.27	$7.30	$1.46	$6.98	$5.82	$6.47
Weighted Average Basic Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Diluted Earnings per Share	$6.73	$7.58	$6.39	$6.85	$6.80	$2.27	$7.28	$1.46	$6.95	$5.80	$6.44
Weighted Average Diluted Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Weighted Average Basic & Diluted Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Cash Dividends to Common per Share	$3.00	-	$3.15	$3.15	$3.15	-	$3.30	$3.30	$3.30	-	$3.45

This table details how cash moves in and out of Lockheed Martin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-356	747	1,024	-2,089	742	1,646	444	-1,057	-1,105	1,041	1,638
Net Cash From Operating Activities	5,101	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972	8,557
Net Cash From Continuing Operating Activities	5,101	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972	8,557
Net Income / (Loss) Continuing Operations	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
Consolidated Net Income / (Loss)	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
Depreciation Expense	1,026	1,215	1,195	1,161	1,189	1,290	1,364	1,404	1,430	1,559	1,687
Non-Cash Adjustments To Reconcile Net Income	240	-2,303	277	-1,211	516	-20	894	69	-463	2,220	2,181
Changes in Operating Assets and Liabilities, net	230	1,104	3,041	-1,858	-624	80	648	597	33	-2,143	-328
Net Cash From Investing Activities	-9,734	-985	-1,147	-1,075	-1,241	-2,010	-1,161	-1,789	-1,694	-1,792	-1,977
Net Cash From Continuing Investing Activities	-9,734	-985	-1,147	-1,075	-1,241	-2,010	-1,161	-1,789	-1,694	-1,792	-1,977
Purchase of Property, Plant & Equipment	-939	-1,063	-1,177	-1,278	-1,484	-1,766	-1,522	-1,670	-1,691	-1,685	-1,649
Other Investing Activities, net	208	78	30	203	243	-244	361	-119	-3.00	-107	-328
Net Cash From Financing Activities	4,277	-3,457	-4,305	-4,152	-5,328	-4,527	-7,616	-7,070	-7,331	-4,139	-4,942
Net Cash From Continuing Financing Activities	4,277	-3,457	-4,305	-4,152	-5,328	-4,527	-7,616	-7,070	-7,331	-4,139	-4,942
Repayment of Debt	-5,995	-1,113	-141	-913	-1,572	-1,794	-589	-2,365	-250	-350	-796
Repurchase of Common Equity	-3,071	-2,096	-2,001	-1,492	-1,200	-1,100	-4,087	-7,900	-6,000	-3,700	-3,000
Payment of Dividends	-1,932	-2,048	-2,163	-2,347	-2,556	-2,764	-2,940	-3,016	-3,056	-3,059	-3,131
Issuance of Debt	15,101	0.00	0.00	600	0.00	1,131	0.00	6,211	1,975	2,970	1,985

This table details how cash moves in and out of Lockheed Martin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
Net Change in Cash & Equivalents	-122	-2,109	1,348	-267	628	-668	-680	-510	2,177	651	-2,227
Net Cash From Operating Activities	2,891	2,365	1,635	1,876	2,438	1,023	1,409	201	3,728	3,219	220
Net Cash From Continuing Operating Activities	2,891	2,365	1,635	1,876	2,438	1,023	1,409	201	3,728	3,219	220
Net Income / (Loss) Continuing Operations	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488
Consolidated Net Income / (Loss)	1,684	1,866	1,545	1,641	1,623	527	1,712	342	1,619	1,344	1,488
Depreciation Expense	350	421	351	359	390	459	397	399	428	463	398
Non-Cash Adjustments To Reconcile Net Income	-522	603	-806	323	-242	2,945	-1,549	1,304	1,021	1,516	-2,709
Changes in Operating Assets and Liabilities, net	1,379	-525	545	-447	667	-2,908	849	-1,844	660	-104	1,043
Net Cash From Investing Activities	-398	-703	-372	-372	-210	-838	-430	-715	-319	-513	-541
Net Cash From Continuing Investing Activities	-398	-703	-372	-372	-210	-838	-430	-715	-319	-513	-541
Purchase of Property, Plant & Equipment	-364	-704	-378	-370	-355	-582	-454	-351	-381	-463	-511
Other Investing Activities, net	-34	1.00	6.00	-2.00	145	-256	24	-364	62	-50	-30
Net Cash From Financing Activities	-2,615	-3,771	85	-1,771	-1,600	-853	-1,659	4.00	-1,232	-2,055	-1,906
Net Cash From Continuing Financing Activities	-2,615	-3,771	85	-1,771	-1,600	-853	-1,659	4.00	-1,232	-2,055	-1,906
Repayment of Debt	-118	-4.00	-115	-169	-1.00	-65	-113	-174	-3.00	-506	-1,090
Repurchase of Common Equity	-1,750	-3,000	-1,000	-850	-850	-1,000	-750	-500	-1,000	-750	0.00
Payment of Dividends	-747	-767	-780	-752	-749	-778	-796	-771	-765	-799	-816

This table presents Lockheed Martin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	49,304	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617	59,840
Total Current Assets	14,573	15,108	17,505	16,103	17,095	19,378	19,815	20,991	20,521	21,849	25,362
Cash & Equivalents	1,090	1,837	2,861	772	1,514	3,160	3,604	2,547	1,442	2,483	4,121
Accounts Receivable	7,254	8,202	2,265	2,444	2,337	1,978	1,963	2,505	2,132	2,351	3,901
Inventories, net	4,819	4,670	2,878	2,997	3,619	3,545	2,981	3,088	3,132	3,474	3,524
Other Current Assets	441	399	9,501	9,890	9,625	10,695	11,267	12,851	13,815	13,541	13,816
Plant, Property, & Equipment, net	5,389	5,549	5,775	6,124	6,591	7,213	7,597	7,975	8,370	8,726	11,292
Total Noncurrent Assets	29,342	27,149	23,340	22,649	23,842	24,119	23,461	23,914	23,565	25,042	23,186
Goodwill	10,695	10,764	10,807	10,769	10,604	10,806	10,813	10,780	10,799	11,067	11,314
Intangible Assets	4,022	4,093	3,797	3,494	3,213	3,012	2,706	2,459	2,212	3,881	1,887
Noncurrent Deferred & Refundable Income Taxes	6,068	6,625	3,156	3,208	3,319	3,475	2,290	3,744	2,953	3,557	2,975
Other Noncurrent Operating Assets	5,396	5,667	5,580	5,178	6,706	6,826	7,652	6,931	7,601	6,537	7,010
Total Liabilities & Shareholders' Equity	49,304	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617	59,840
Total Liabilities	46,207	46,200	47,396	43,427	44,357	44,672	39,914	43,614	45,621	49,284	53,119
Total Current Liabilities	13,918	12,542	12,913	14,398	13,972	13,933	13,997	15,887	16,937	19,420	23,335
Short-Term Debt	956	0.00	750	1,500	1,250	500	-	118	168	643	1,168
Accounts Payable	1,745	1,653	1,467	2,402	1,281	880	780	2,117	2,312	2,222	3,630
Current Deferred Revenue	6,703	6,776	7,028	-	-	-	-	8,488	9,190	9,795	11,440
Current Employee Benefit Liabilities	1,707	1,764	1,785	2,122	2,466	3,163	3,108	3,075	3,133	3,125	3,184
Other Current Liabilities	1,859	2,349	1,883	8,374	8,975	9,390	10,109	2,089	2,134	3,635	3,913
Total Noncurrent Liabilities	32,289	33,658	34,483	29,029	30,385	30,739	25,917	27,727	28,684	29,864	29,784
Long-Term Debt	14,305	14,282	13,513	12,604	11,404	11,669	11,670	15,429	17,291	19,627	20,532
Noncurrent Employee Benefit Liabilities	12,877	14,717	16,422	12,114	13,234	12,874	8,319	5,472	6,162	4,791	3,915
Other Noncurrent Operating Liabilities	4,902	4,659	4,548	4,311	5,747	6,196	5,928	6,826	5,231	5,446	5,337
Total Equity & Noncontrolling Interests	3,097	1,606	-776	1,449	3,171	6,038	10,959	9,266	6,835	6,333	6,721
Total Preferred & Common Equity	3,097	1,511	-850	1,394	3,127	6,015	10,959	9,266	6,835	6,333	6,721
Total Common Equity	3,097	1,511	-850	1,394	3,127	6,015	10,959	9,266	6,835	6,333	6,721
Common Stock	303	289	284	281	280	500	365	346	240	234	229
Retained Earnings	14,238	13,324	11,405	15,434	18,401	21,636	21,600	16,943	15,398	14,551	14,034
Accumulated Other Comprehensive Income / (Loss)	-11,444	-12,102	-12,539	-14,321	-15,554	-16,121	-11,006	-8,023	-8,803	-8,452	-7,542

This table presents Lockheed Martin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	56,978	56,666	52,456	54,963	55,076	55,520	55,617	56,669	58,870	60,276	59,238
Total Current Assets	24,087	23,322	20,521	22,958	22,967	23,211	21,849	22,801	23,988	25,936	25,080
Cash & Equivalents	3,673	3,551	1,442	2,790	2,523	3,151	2,483	1,803	1,293	3,470	1,894
Accounts Receivable	3,427	2,405	2,132	2,257	2,930	2,141	2,351	2,024	3,306	3,844	2,322
Inventories, net	3,498	3,312	3,132	3,278	3,097	3,234	3,474	3,599	3,699	3,749	4,251
Other Current Assets	13,489	14,054	13,815	14,633	14,417	14,685	13,541	15,375	15,690	14,873	16,613
Plant, Property, & Equipment, net	7,966	8,046	8,370	8,354	8,394	8,454	8,726	8,713	8,670	8,722	11,283
Total Noncurrent Assets	24,925	25,298	23,565	23,651	23,715	23,855	25,042	25,155	26,212	25,618	22,875
Goodwill	10,795	10,782	10,799	10,789	10,787	10,800	11,067	11,076	11,309	11,313	11,306
Intangible Assets	2,336	2,274	2,212	2,151	2,040	1,979	2,015	1,952	2,013	1,943	1,837
Noncurrent Deferred & Refundable Income Taxes	4,518	4,873	2,953	3,024	3,080	3,105	3,557	3,568	4,070	3,413	2,802
Other Noncurrent Operating Assets	7,276	7,369	7,601	7,687	7,808	7,971	8,403	8,559	8,820	8,949	6,930
Total Liabilities & Shareholders' Equity	56,978	56,666	52,456	54,963	55,076	55,520	55,617	56,669	58,870	60,276	59,238
Total Liabilities	47,738	47,392	45,621	48,313	48,901	48,320	49,284	49,986	53,536	54,095	51,749
Total Current Liabilities	17,704	17,193	16,937	17,699	18,493	17,810	19,420	21,187	24,354	22,974	22,090
Short-Term Debt	283	168	168	168	142	142	643	1,643	3,118	1,669	168
Accounts Payable	3,466	3,817	2,312	3,523	3,282	3,221	2,222	3,821	3,653	3,834	4,707
Current Deferred Revenue	-	7,936	9,190	8,745	9,181	9,051	9,795	9,375	9,861	10,259	10,735
Current Employee Benefit Liabilities	2,896	3,139	3,133	2,679	2,871	3,076	3,125	2,391	2,761	3,065	2,676
Other Current Liabilities	11,059	2,133	2,134	2,584	3,017	2,320	3,635	3,957	4,961	4,147	3,804
Total Noncurrent Liabilities	30,034	30,199	28,684	30,614	30,408	30,510	29,864	28,799	29,182	31,121	29,659
Long-Term Debt	17,262	17,221	17,291	19,250	19,115	19,179	19,627	18,661	18,520	20,520	20,529
Noncurrent Employee Benefit Liabilities	5,373	5,323	6,162	6,133	6,105	6,077	4,791	4,815	4,838	4,861	3,923
Other Noncurrent Operating Liabilities	7,399	7,655	5,231	5,231	5,188	5,254	5,446	5,323	5,824	5,740	5,207
Total Equity & Noncontrolling Interests	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683	5,334	6,181	7,489
Total Preferred & Common Equity	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683	5,334	6,181	7,489
Total Common Equity	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683	5,334	6,181	7,489
Common Stock	251	354	240	239	237	236	234	233	232	230	262
Retained Earnings	17,068	17,066	15,398	15,222	14,707	15,657	14,551	14,773	13,259	14,053	14,723
Accumulated Other Comprehensive Income / (Loss)	-8,079	-8,146	-8,803	-8,811	-8,769	-8,693	-8,452	-8,323	-8,157	-8,102	-7,496

This table displays calculated financial ratios and metrics derived from Lockheed Martin's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.48%	16.66%	5.65%	7.61%	11.25%	9.34%	2.52%	-1.58%	2.41%	5.14%	5.64%
EBITDA Growth	-0.17%	14.98%	6.94%	8.11%	18.47%	8.96%	8.87%	-19.19%	19.95%	-15.60%	9.69%
EBIT Growth	-0.88%	14.23%	8.86%	10.33%	21.33%	9.03%	9.34%	-22.40%	23.43%	-19.50%	10.01%
NOPAT Growth	3.08%	32.34%	-46.42%	160.90%	15.98%	-1.66%	5.54%	-6.13%	1.48%	-17.24%	8.86%
Net Income Growth	-0.25%	43.50%	-62.05%	157.06%	23.46%	9.68%	-7.58%	-9.23%	20.73%	-22.89%	-5.98%
EPS Growth	2.23%	48.95%	-60.46%	160.59%	24.79%	10.71%	-6.34%	-4.83%	27.19%	-19.02%	-3.68%
Operating Cash Flow Growth	31.95%	1.73%	24.80%	-51.54%	132.98%	11.93%	12.68%	-15.39%	1.51%	-11.97%	22.73%
Free Cash Flow Firm Growth	-175.22%	272.44%	22.63%	-62.70%	258.14%	-16.98%	-43.75%	7.38%	70.40%	-28.96%	34.14%
Invested Capital Growth	76.52%	-1.68%	-24.38%	39.10%	-3.18%	5.14%	26.44%	17.04%	2.63%	5.55%	0.75%
Revenue Q/Q Growth	4.77%	12.01%	0.10%	1.07%	-31.34%	84.32%	1.05%	1.95%	-0.17%	-0.35%	2.32%
EBITDA Q/Q Growth	4.06%	11.99%	-13.56%	-1.33%	4.04%	1.74%	21.50%	-24.17%	5.77%	-14.00%	19.59%
EBIT Q/Q Growth	4.24%	14.43%	-15.73%	-1.39%	4.43%	1.51%	25.38%	-28.07%	6.98%	-16.87%	24.73%
NOPAT Q/Q Growth	6.28%	20.75%	-53.40%	69.87%	2.66%	1.60%	1.91%	0.11%	-0.11%	-17.87%	25.60%
Net Income Q/Q Growth	0.81%	-1.41%	-44.95%	65.50%	4.09%	4.50%	4.24%	-2.33%	-0.66%	-20.06%	19.45%
EPS Q/Q Growth	1.69%	-0.58%	-44.67%	64.85%	4.37%	4.65%	5.03%	-0.55%	0.84%	-19.23%	19.65%
Operating Cash Flow Q/Q Growth	44.26%	-10.90%	13.75%	28.98%	-9.04%	4.03%	36.41%	-23.07%	5.84%	-16.14%	34.52%
Free Cash Flow Firm Q/Q Growth	-190.04%	321.16%	5.47%	-9.10%	11.06%	-18.72%	22.35%	-16.86%	28.99%	-32.81%	72.87%
Invested Capital Q/Q Growth	80.33%	1.53%	-21.30%	-0.34%	-4.27%	6.90%	2.41%	5.95%	-1.13%	3.21%	-2.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.08%	11.42%	12.75%	13.53%	13.99%	13.23%	13.52%	12.56%	12.55%	9.75%	10.15%
EBITDA Margin	14.23%	14.02%	14.20%	14.26%	15.19%	15.13%	16.07%	13.20%	15.46%	12.41%	12.79%
Operating Margin	11.62%	12.45%	13.50%	13.64%	14.29%	13.22%	13.61%	12.65%	12.59%	9.87%	10.30%
EBIT Margin	11.70%	11.45%	11.80%	12.10%	13.20%	13.16%	14.04%	11.07%	13.34%	10.21%	10.55%
Profit (Net Income) Margin	8.89%	10.94%	3.93%	9.39%	10.42%	10.45%	9.42%	8.69%	10.24%	7.51%	6.69%
Tax Burden Percent	83.86%	108.81%	37.42%	86.43%	86.04%	82.98%	83.64%	85.81%	85.45%	85.79%	84.72%
Interest Burden Percent	90.66%	87.76%	88.96%	89.73%	91.73%	95.68%	80.23%	91.47%	89.84%	85.72%	74.83%
Effective Tax Rate	27.29%	22.99%	63.97%	13.57%	13.96%	16.36%	16.36%	14.19%	14.55%	14.21%	15.28%
Return on Invested Capital (ROIC)	30.61%	32.00%	19.69%	49.90%	50.54%	49.25%	44.79%	34.70%	32.22%	25.62%	27.05%
ROIC Less NNEP Spread (ROIC-NNEP)	32.86%	37.40%	15.78%	39.44%	41.37%	45.31%	29.38%	21.11%	29.82%	21.59%	18.39%
Return on Net Nonoperating Assets (RNNOA)	80.36%	187.99%	453.32%	1,449.65%	219.15%	99.14%	29.52%	21.99%	53.73%	55.43%	49.81%
Return on Equity (ROE)	110.97%	219.99%	473.01%	1,499.55%	269.70%	148.40%	74.31%	56.68%	85.96%	81.05%	76.87%
Cash Return on Invested Capital (CROIC)	-24.73%	33.69%	47.45%	17.19%	53.77%	44.24%	21.44%	19.00%	29.63%	20.22%	26.31%
Operating Return on Assets (OROA)	10.98%	11.16%	12.49%	14.22%	17.09%	17.52%	18.53%	14.08%	17.11%	13.43%	13.71%
Return on Assets (ROA)	8.35%	10.65%	4.16%	11.03%	13.48%	13.91%	12.43%	11.05%	13.14%	9.87%	8.69%
Return on Common Equity (ROCE)	110.97%	215.54%	376.70%	1,212.12%	263.92%	147.32%	74.21%	56.68%	85.96%	81.05%	76.87%
Return on Equity Simple (ROE_SIMPLE)	116.40%	342.36%	-230.94%	361.98%	199.23%	113.60%	57.62%	61.86%	101.24%	84.26%	0.00%
Net Operating Profit after Tax (NOPAT)	3,426	4,534	2,430	6,339	7,352	7,230	7,631	7,163	7,270	6,016	6,550
NOPAT Margin	8.45%	9.59%	4.86%	11.79%	12.29%	11.06%	11.38%	10.86%	10.76%	8.47%	8.73%
Net Nonoperating Expense Percent (NNEP)	-2.25%	-5.40%	3.91%	10.46%	9.17%	3.94%	15.41%	13.59%	2.41%	4.03%	8.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	28.87%	29.92%	22.62%	23.04%
Cost of Revenue to Revenue	88.92%	88.58%	87.25%	86.47%	86.01%	86.77%	86.49%	87.44%	87.45%	90.25%	89.85%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-0.54%	-1.03%	-0.75%	-0.11%	-0.30%	0.02%	-0.09%	-0.09%	-0.04%	-0.12%	-0.15%
Earnings before Interest and Taxes (EBIT)	4,742	5,417	5,897	6,506	7,894	8,607	9,411	7,303	9,014	7,256	7,914
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,768	6,632	7,092	7,667	9,083	9,897	10,775	8,707	10,444	8,815	9,601
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.18	39.75	0.00	46.10	31.09	14.99	8.37	13.05	16.03	18.19	16.65
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.31	1.27	1.55	1.20	1.63	1.38	1.37	1.83	1.62	1.62	1.49
Price to Earnings (P/E)	14.76	11.61	39.46	12.74	15.61	13.20	14.52	21.10	15.84	21.59	22.31
Dividend Yield	3.55%	3.30%	2.76%	3.63%	2.61%	3.04%	3.19%	2.47%	2.75%	2.62%	2.76%
Earnings Yield	6.77%	8.61%	2.53%	7.85%	6.41%	7.58%	6.89%	4.74%	6.32%	4.63%	4.48%
Enterprise Value to Invested Capital (EV/IC)	4.72	5.17	8.37	5.25	7.58	6.59	5.24	6.02	5.50	5.51	5.33
Enterprise Value to Revenue (EV/Rev)	1.66	1.54	1.78	1.44	1.81	1.52	1.49	2.03	1.86	1.87	1.73
Enterprise Value to EBITDA (EV/EBITDA)	11.68	10.95	12.54	10.13	11.94	10.02	9.26	15.39	12.03	15.08	13.49
Enterprise Value to EBIT (EV/EBIT)	14.21	13.40	15.08	11.94	13.73	11.53	10.60	18.34	13.93	18.33	16.36
Enterprise Value to NOPAT (EV/NOPAT)	19.67	16.01	36.60	12.25	14.75	13.72	13.07	18.70	17.28	22.10	19.77
Enterprise Value to Operating Cash Flow (EV/OCF)	13.21	13.99	13.73	24.75	14.83	12.12	10.82	17.17	15.86	19.07	15.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.21	15.19	35.56	13.86	15.28	27.31	34.15	18.79	28.00	20.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.93	8.89	-18.38	9.73	3.99	2.02	1.06	1.68	2.55	3.20	3.23
Long-Term Debt to Equity	4.62	8.89	-17.41	8.70	3.60	1.93	1.06	1.67	2.53	3.10	3.05
Financial Leverage	2.45	5.03	28.73	36.75	5.30	2.19	1.00	1.04	1.80	2.57	2.71
Leverage Ratio	13.29	20.65	113.77	135.95	20.00	10.67	5.98	5.13	6.54	8.21	8.84
Compound Leverage Factor	12.05	18.12	101.21	121.99	18.35	10.21	4.79	4.69	5.88	7.04	6.62
Debt to Total Capital	83.13%	89.89%	105.75%	90.68%	79.96%	66.84%	51.57%	62.66%	71.87%	76.19%	76.35%
Short-Term Debt to Total Capital	5.21%	0.00%	5.56%	9.64%	7.90%	2.75%	0.00%	0.48%	0.69%	2.42%	4.11%
Long-Term Debt to Total Capital	77.92%	89.89%	100.19%	81.04%	72.06%	64.09%	51.57%	62.18%	71.17%	73.78%	72.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.60%	0.55%	0.35%	0.28%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	16.87%	9.51%	-6.30%	8.96%	19.76%	33.04%	48.43%	37.34%	28.13%	23.81%	23.65%
Debt to EBITDA	2.65	2.15	2.01	1.84	1.39	1.23	1.08	1.79	1.67	2.30	2.26
Net Debt to EBITDA	2.46	1.88	1.61	1.74	1.23	0.91	0.75	1.49	1.53	2.02	1.83
Long-Term Debt to EBITDA	2.48	2.15	1.91	1.64	1.26	1.18	1.08	1.77	1.66	2.23	2.14
Debt to NOPAT	4.45	3.15	5.87	2.22	1.72	1.68	1.53	2.17	2.40	3.37	3.31
Net Debt to NOPAT	4.14	2.74	4.69	2.10	1.52	1.25	1.06	1.81	2.20	2.96	2.68
Long-Term Debt to NOPAT	4.18	3.15	5.56	1.99	1.55	1.61	1.53	2.15	2.38	3.26	3.13
Altman Z-Score	2.25	2.60	2.93	3.09	3.74	3.79	4.04	3.93	3.79	3.53	3.32
Noncontrolling Interest Sharing Ratio	0.00%	2.02%	20.36%	19.17%	2.14%	0.73%	0.14%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.20	1.36	1.12	1.22	1.39	1.42	1.32	1.21	1.13	1.09
Quick Ratio	0.60	0.80	0.40	0.22	0.28	0.37	0.40	0.32	0.21	0.25	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,769	4,774	5,855	2,184	7,822	6,494	3,653	3,922	6,684	4,748	6,370
Operating Cash Flow to CapEx	543.24%	488.15%	550.21%	245.54%	492.66%	463.36%	605.85%	467.19%	468.36%	413.77%	518.92%
Free Cash Flow to Firm to Interest Expense	-6.25	7.20	8.99	3.27	11.98	10.99	6.42	6.30	7.30	4.58	5.70
Operating Cash Flow to Interest Expense	11.51	7.83	9.95	4.70	11.20	13.85	16.21	12.52	8.65	6.73	7.65
Operating Cash Flow Less CapEx to Interest Expense	9.40	6.22	8.14	2.78	8.92	10.86	13.53	9.84	6.80	5.10	6.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	0.97	1.06	1.18	1.29	1.33	1.32	1.27	1.28	1.31	1.30
Accounts Receivable Turnover	6.17	6.12	9.55	22.83	25.02	30.31	34.02	29.54	29.14	31.69	24.01
Inventory Turnover	9.46	8.83	11.55	15.83	15.55	15.84	17.77	19.01	19.00	19.41	19.27
Fixed Asset Turnover	8.00	8.65	8.82	9.04	9.41	9.48	9.05	8.47	8.27	8.31	8.53
Accounts Payable Turnover	21.80	24.66	27.94	24.03	27.94	52.52	69.86	39.83	26.68	28.28	23.04
Days Sales Outstanding (DSO)	59.12	59.65	38.24	15.99	14.59	12.04	10.73	12.36	12.52	11.52	15.20
Days Inventory Outstanding (DIO)	38.60	41.34	31.60	23.06	23.47	23.04	20.54	19.20	19.21	18.80	18.94
Days Payable Outstanding (DPO)	16.74	14.80	13.06	15.19	13.07	6.95	5.22	9.16	13.68	12.91	15.84
Cash Conversion Cycle (CCC)	80.97	86.18	56.77	23.86	24.99	28.13	26.04	22.39	18.06	17.41	18.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,291	14,051	10,626	14,781	14,311	15,047	19,025	22,266	22,852	24,120	24,300
Invested Capital Turnover	3.62	3.34	4.05	4.23	4.11	4.46	3.94	3.20	3.00	3.02	3.10
Increase / (Decrease) in Invested Capital	6,195	-240	-3,425	4,155	-470	736	3,978	3,241	586	1,268	180
Enterprise Value (EV)	67,383	72,600	88,928	77,657	108,414	99,211	99,759	133,964	125,596	132,972	129,499
Market Capitalization	53,212	60,060	77,452	64,270	97,230	90,179	91,693	120,964	109,579	115,185	111,920
Book Value per Share	$10.08	$5.16	($2.96)	$4.90	$11.09	$21.50	$39.74	$35.36	$27.55	$26.72	$29.05
Tangible Book Value per Share	($37.81)	($45.55)	($53.90)	($45.25)	($37.90)	($27.89)	($9.28)	($15.16)	($24.89)	($28.47)	($38.45)
Total Capital	18,358	15,888	13,487	15,553	15,825	18,207	22,629	24,813	24,294	26,603	28,421
Total Debt	15,261	14,282	14,263	14,104	12,654	12,169	11,670	15,547	17,459	20,270	21,700
Total Long-Term Debt	14,305	14,282	13,513	12,604	11,404	11,669	11,670	15,429	17,291	19,627	20,532
Net Debt	14,171	12,445	11,402	13,332	11,140	9,009	8,066	13,000	16,017	17,787	17,579
Capital Expenditures (CapEx)	939	1,063	1,177	1,278	1,484	1,766	1,522	1,670	1,691	1,685	1,649
Debt-free, Cash-free Net Working Capital (DFCFNWC)	521	729	2,481	2,433	2,859	2,785	2,214	2,675	2,310	589	-926
Debt-free Net Working Capital (DFNWC)	1,611	2,566	5,342	3,205	4,373	5,945	5,818	5,222	3,752	3,072	3,195
Net Working Capital (NWC)	655	2,566	4,592	1,705	3,123	5,445	5,818	5,104	3,584	2,429	2,027
Net Nonoperating Expense (NNE)	-179	-639	467	1,293	1,122	397	1,316	1,431	350	680	1,533
Net Nonoperating Obligations (NNO)	11,194	12,445	11,402	13,332	11,140	9,009	8,066	13,000	16,017	17,787	17,579
Total Depreciation and Amortization (D&A)	1,026	1,215	1,195	1,161	1,189	1,290	1,364	1,404	1,430	1,559	1,687
Debt-free, Cash-free Net Working Capital to Revenue	1.29%	1.54%	4.97%	4.53%	4.78%	4.26%	3.30%	4.05%	3.42%	0.83%	-1.23%
Debt-free Net Working Capital to Revenue	3.97%	5.43%	10.69%	5.96%	7.31%	9.09%	8.68%	7.91%	5.55%	4.32%	4.26%
Net Working Capital to Revenue	1.62%	5.43%	9.19%	3.17%	5.22%	8.33%	8.68%	7.74%	5.30%	3.42%	2.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.62	$17.71	$0.00	$17.74	$22.09	$24.40	$22.85	$21.74	$27.65	$22.39	$21.56
Adjusted Weighted Average Basic Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Adjusted Diluted Earnings per Share	$11.46	$17.49	$0.00	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49
Adjusted Weighted Average Diluted Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$22.09	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M	230.08M
Normalized Net Operating Profit after Tax (NOPAT)	3,426	4,534	4,721	6,339	7,352	7,230	7,631	7,163	7,270	6,016	6,550
Normalized NOPAT Margin	8.45%	9.59%	9.45%	11.79%	12.29%	11.06%	11.38%	10.86%	10.76%	8.47%	8.73%
Pre Tax Income Margin	10.61%	10.05%	10.50%	10.86%	12.11%	12.59%	11.26%	10.12%	11.98%	8.76%	7.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.70	8.17	9.06	9.74	12.09	14.56	16.54	11.72	9.84	7.00	7.08
NOPAT to Interest Expense	7.73	6.84	3.73	9.49	11.26	12.23	13.41	11.50	7.94	5.81	5.86
EBIT Less CapEx to Interest Expense	8.58	6.57	7.25	7.83	9.82	11.58	13.86	9.04	7.99	5.38	5.60
NOPAT Less CapEx to Interest Expense	5.61	5.24	1.92	7.58	8.99	9.25	10.74	8.82	6.09	4.18	4.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.59%	39.59%	110.19%	46.51%	41.03%	40.45%	46.56%	52.62%	44.16%	57.33%	62.41%
Augmented Payout Ratio	138.78%	80.11%	212.12%	76.08%	60.29%	56.55%	111.27%	190.44%	130.87%	126.67%	122.20%

This table displays calculated financial ratios and metrics derived from Lockheed Martin's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	230,080,240.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	230,080,240.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	6.47
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.78%	-0.62%	13.68%	8.56%	1.34%	-1.34%	4.47%	0.18%	8.80%	9.12%	0.32%
EBITDA Growth	0.12%	95.65%	0.58%	4.73%	4.90%	-59.58%	15.42%	-53.43%	7.97%	133.25%	-9.63%
EBIT Growth	-2.53%	133.02%	-0.58%	4.30%	3.80%	-70.16%	15.81%	-63.99%	7.65%	212.37%	-11.33%
NOPAT Growth	-3.72%	-0.36%	-0.99%	1.14%	2.85%	-64.57%	16.75%	-66.10%	5.18%	189.54%	-13.24%
Net Income Growth	-5.29%	-2.41%	-8.53%	-2.38%	-3.62%	-71.76%	10.81%	-79.16%	-0.25%	155.03%	-13.08%
EPS Growth	0.30%	3.13%	-3.33%	3.32%	1.04%	-70.05%	13.93%	-78.69%	2.21%	155.51%	-11.54%
Operating Cash Flow Growth	-7.72%	22.67%	4.54%	70.55%	-15.67%	-56.74%	-13.82%	-89.29%	52.91%	214.66%	-84.39%
Free Cash Flow Firm Growth	44.97%	213.69%	193.91%	9,289.49%	563.18%	-139.84%	-92.84%	-207.16%	-75.87%	432.51%	603.04%
Invested Capital Growth	9.97%	2.63%	2.07%	-0.88%	1.12%	5.55%	8.19%	12.09%	6.55%	0.75%	4.40%
Revenue Q/Q Growth	1.11%	11.83%	-8.90%	5.39%	-5.62%	8.88%	-3.54%	1.07%	2.50%	9.20%	-11.32%
EBITDA Q/Q Growth	-0.94%	29.77%	-10.48%	5.90%	-0.78%	-50.00%	119.70%	-57.52%	131.37%	4.03%	-14.71%
EBIT Q/Q Growth	-1.84%	31.36%	-9.35%	6.51%	-2.31%	-62.23%	194.72%	-67.11%	194.05%	3.27%	-14.84%
NOPAT Q/Q Growth	-1.59%	13.29%	-14.36%	5.92%	0.08%	-60.97%	182.22%	-69.24%	210.48%	7.43%	-15.44%
Net Income Q/Q Growth	0.18%	10.81%	-17.20%	6.21%	-1.10%	-67.53%	224.86%	-80.02%	373.39%	-16.99%	10.71%
EPS Q/Q Growth	1.51%	12.63%	-15.70%	7.20%	-0.73%	-66.62%	220.70%	-79.95%	376.03%	-16.55%	11.03%
Operating Cash Flow Q/Q Growth	162.82%	-18.19%	-30.87%	14.74%	29.96%	-58.04%	37.73%	-85.73%	1,754.73%	-13.65%	-93.17%
Free Cash Flow Firm Q/Q Growth	-1,430.88%	520.20%	-12.24%	62.78%	-22.84%	-136.14%	115.77%	-2,535.92%	117.38%	398.07%	-66.65%
Invested Capital Q/Q Growth	0.00%	-1.13%	1.86%	-1.59%	2.01%	3.21%	4.41%	1.97%	-3.03%	-2.41%	8.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.13%	12.16%	11.59%	11.75%	12.38%	3.71%	12.93%	4.04%	12.04%	11.43%	11.53%
EBITDA Margin	14.39%	16.70%	14.10%	14.17%	14.90%	6.84%	15.58%	6.55%	14.78%	14.08%	13.55%
Operating Margin	12.10%	12.15%	11.80%	11.85%	12.51%	3.74%	13.20%	4.12%	12.25%	11.47%	11.45%
EBIT Margin	12.32%	14.47%	12.06%	12.19%	12.62%	4.38%	13.37%	4.35%	12.48%	11.81%	11.34%
Profit (Net Income) Margin	9.98%	9.89%	8.99%	9.06%	9.49%	2.83%	9.53%	1.88%	8.70%	6.61%	8.26%
Tax Burden Percent	86.23%	86.99%	84.20%	84.24%	84.62%	101.54%	84.09%	82.01%	83.54%	87.79%	83.88%
Interest Burden Percent	93.94%	78.54%	88.48%	88.18%	88.88%	63.68%	84.76%	52.78%	83.43%	63.82%	86.83%
Effective Tax Rate	13.77%	13.01%	15.80%	15.76%	15.38%	-1.54%	15.91%	17.99%	16.46%	12.21%	16.12%
Return on Invested Capital (ROIC)	32.00%	31.66%	30.03%	30.84%	32.48%	11.48%	32.91%	9.99%	31.11%	31.22%	28.02%
ROIC Less NNEP Spread (ROIC-NNEP)	31.33%	30.77%	28.93%	29.74%	31.23%	10.42%	31.30%	8.53%	29.47%	27.24%	26.72%
Return on Net Nonoperating Assets (RNNOA)	33.76%	55.45%	52.88%	59.04%	56.88%	26.74%	82.46%	27.48%	76.84%	73.81%	70.33%
Return on Equity (ROE)	65.77%	87.11%	82.91%	89.88%	89.36%	38.22%	115.37%	37.47%	107.94%	105.02%	98.35%
Cash Return on Invested Capital (CROIC)	23.48%	29.63%	29.43%	32.50%	30.41%	20.22%	18.15%	9.68%	15.27%	26.31%	20.11%
Operating Return on Assets (OROA)	15.34%	18.56%	15.33%	15.46%	16.04%	5.75%	17.20%	5.49%	15.81%	15.35%	14.69%
Return on Assets (ROA)	12.43%	12.68%	11.42%	11.49%	12.06%	3.72%	12.26%	2.38%	11.02%	8.60%	10.70%
Return on Common Equity (ROCE)	65.77%	87.11%	82.91%	89.88%	89.36%	38.22%	115.37%	37.47%	107.94%	105.02%	98.35%
Return on Equity Simple (ROE_SIMPLE)	75.11%	0.00%	101.89%	109.09%	92.71%	0.00%	82.34%	78.82%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,761	1,995	1,708	1,809	1,811	707	1,995	613	1,905	2,046	1,730
NOPAT Margin	10.43%	10.57%	9.94%	9.99%	10.59%	3.80%	11.10%	3.38%	10.24%	10.07%	9.60%
Net Nonoperating Expense Percent (NNEP)	0.67%	0.89%	1.10%	1.10%	1.25%	1.06%	1.61%	1.46%	1.64%	3.97%	1.30%
Return On Investment Capital (ROIC_SIMPLE)	-	8.21%	-	-	-	2.66%	7.39%	2.27%	6.71%	7.20%	6.14%
Cost of Revenue to Revenue	87.87%	87.84%	88.41%	88.25%	87.62%	96.29%	87.07%	95.96%	87.96%	88.57%	88.47%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.04%	0.01%	-0.21%	-0.10%	-0.13%	-0.03%	-0.27%	-0.08%	-0.21%	-0.04%	0.08%
Earnings before Interest and Taxes (EBIT)	2,079	2,731	2,074	2,209	2,158	815	2,402	790	2,323	2,399	2,043
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,429	3,152	2,425	2,568	2,548	1,274	2,799	1,189	2,751	2,862	2,441
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.94	16.03	16.86	18.15	19.28	18.19	15.55	20.14	18.41	16.65	18.92
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.50	1.62	1.61	1.58	1.95	1.62	1.45	1.50	1.55	1.49	1.89
Price to Earnings (P/E)	14.56	15.84	16.54	16.64	20.80	21.59	18.88	25.56	27.10	22.31	29.56
Dividend Yield	2.98%	2.75%	2.72%	2.67%	2.16%	2.62%	2.92%	2.85%	2.71%	2.76%	2.19%
Earnings Yield	6.87%	6.32%	6.04%	6.01%	4.81%	4.63%	5.30%	3.91%	3.69%	4.48%	3.38%
Enterprise Value to Invested Capital (EV/IC)	4.99	5.50	5.53	5.62	6.63	5.51	4.86	4.98	5.32	5.33	6.10
Enterprise Value to Revenue (EV/Rev)	1.70	1.86	1.85	1.81	2.17	1.87	1.70	1.78	1.81	1.73	2.14
Enterprise Value to EBITDA (EV/EBITDA)	11.67	12.03	12.85	12.71	15.12	15.08	13.32	16.33	16.51	13.49	17.18
Enterprise Value to EBIT (EV/EBIT)	13.68	13.93	15.04	14.89	17.75	18.33	16.14	20.68	20.89	16.36	20.97
Enterprise Value to NOPAT (EV/NOPAT)	15.84	17.28	17.75	17.70	21.16	22.10	19.42	24.96	25.41	19.77	25.54
Enterprise Value to Operating Cash Flow (EV/OCF)	15.40	15.86	16.11	14.69	18.64	19.07	18.15	25.20	20.83	15.13	21.78
Enterprise Value to Free Cash Flow (EV/FCFF)	22.25	18.79	18.98	17.22	21.93	28.00	27.83	54.37	35.97	20.33	31.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.88	2.55	2.92	3.12	2.68	3.20	3.04	4.06	3.59	3.23	2.76
Long-Term Debt to Equity	1.86	2.53	2.89	3.10	2.66	3.10	2.79	3.47	3.32	3.05	2.74
Financial Leverage	1.08	1.80	1.83	1.99	1.82	2.57	2.63	3.22	2.61	2.71	2.63
Leverage Ratio	5.12	6.54	6.72	7.27	6.81	8.21	8.37	9.90	8.65	8.84	8.18
Compound Leverage Factor	4.81	5.14	5.95	6.41	6.05	5.23	7.10	5.23	7.22	5.64	7.10
Debt to Total Capital	65.22%	71.87%	74.49%	75.72%	72.85%	76.19%	75.24%	80.22%	78.21%	76.35%	73.43%
Short-Term Debt to Total Capital	0.63%	0.69%	0.64%	0.56%	0.54%	2.42%	6.09%	11.56%	5.88%	4.11%	0.60%
Long-Term Debt to Total Capital	64.59%	71.17%	73.85%	75.16%	72.32%	73.78%	69.15%	68.66%	72.33%	72.24%	72.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	34.78%	28.13%	25.51%	24.28%	27.15%	23.81%	24.76%	19.78%	21.79%	23.65%	26.57%
Debt to EBITDA	1.76	1.67	1.94	1.90	1.89	2.30	2.21	2.77	2.76	2.26	2.22
Net Debt to EBITDA	1.40	1.53	1.66	1.65	1.58	2.02	2.01	2.60	2.33	1.83	2.01
Long-Term Debt to EBITDA	1.74	1.66	1.92	1.89	1.87	2.23	2.03	2.37	2.56	2.14	2.20
Debt to NOPAT	2.39	2.40	2.68	2.65	2.64	3.37	3.22	4.23	4.26	3.31	3.29
Net Debt to NOPAT	1.90	2.20	2.29	2.30	2.21	2.96	2.93	3.97	3.59	2.68	2.99
Long-Term Debt to NOPAT	2.37	2.38	2.65	2.63	2.62	3.26	2.96	3.62	3.94	3.13	3.27
Altman Z-Score	3.15	3.39	3.29	3.27	3.65	3.15	3.05	2.78	2.99	3.02	3.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.21	1.30	1.24	1.30	1.13	1.08	0.99	1.13	1.09	1.14
Quick Ratio	0.35	0.21	0.29	0.29	0.30	0.25	0.18	0.19	0.32	0.34	0.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-335	1,409	1,236	2,012	1,553	-561	89	-2,157	375	1,866	622
Operating Cash Flow to CapEx	794.23%	335.94%	432.54%	507.03%	686.76%	175.77%	310.35%	57.27%	978.48%	695.25%	43.05%
Free Cash Flow to Firm to Interest Expense	-1.41	5.55	4.85	7.71	6.07	-2.13	0.33	-7.87	1.31	6.44	2.31
Operating Cash Flow to Interest Expense	12.20	9.31	6.41	7.19	9.52	3.88	5.26	0.73	13.04	11.10	0.82
Operating Cash Flow Less CapEx to Interest Expense	10.66	6.54	4.93	5.77	8.14	1.67	3.56	-0.55	11.70	9.50	-1.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.25	1.28	1.27	1.27	1.27	1.31	1.29	1.26	1.27	1.30	1.30
Accounts Receivable Turnover	27.69	29.14	28.78	22.36	31.37	31.69	33.55	23.04	24.51	24.01	34.56
Inventory Turnover	18.43	19.00	18.14	18.99	19.18	19.41	18.77	19.42	19.29	19.27	17.26
Fixed Asset Turnover	8.64	8.27	8.55	8.69	8.64	8.31	8.42	8.42	8.54	8.53	7.51
Accounts Payable Turnover	18.39	26.68	18.02	18.55	17.83	28.28	17.58	19.03	19.10	23.04	15.88
Days Sales Outstanding (DSO)	13.18	12.52	12.68	16.32	11.64	11.52	10.88	15.84	14.89	15.20	10.56
Days Inventory Outstanding (DIO)	19.81	19.21	20.12	19.23	19.04	18.80	19.44	18.80	18.92	18.94	21.15
Days Payable Outstanding (DPO)	19.85	13.68	20.26	19.67	20.47	12.91	20.76	19.18	19.11	15.84	22.98
Cash Conversion Cycle (CCC)	13.14	18.06	12.55	15.88	10.21	17.41	9.56	15.46	14.70	18.31	8.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,112	22,852	23,278	22,909	23,370	24,120	25,184	25,679	24,900	24,300	26,292
Invested Capital Turnover	3.07	3.00	3.02	3.09	3.07	3.02	2.96	2.96	3.04	3.10	2.92
Increase / (Decrease) in Invested Capital	2,096	586	472	-203	258	1,268	1,906	2,770	1,530	180	1,108
Enterprise Value (EV)	115,264	125,596	128,725	128,809	154,980	132,972	122,422	127,791	132,519	129,499	160,496
Market Capitalization	101,426	109,579	112,097	112,075	138,810	115,185	103,921	107,446	113,800	111,920	141,693
Book Value per Share	$36.83	$27.55	$27.72	$25.74	$30.21	$26.72	$28.39	$22.77	$26.48	$29.05	$32.55
Tangible Book Value per Share	($15.02)	($24.89)	($26.22)	($27.72)	($23.41)	($28.47)	($26.96)	($34.09)	($30.30)	($38.45)	($24.57)
Total Capital	26,663	24,294	26,068	25,432	26,521	26,603	26,987	26,972	28,370	28,421	28,186
Total Debt	17,389	17,459	19,418	19,257	19,321	20,270	20,304	21,638	22,189	21,700	20,697
Total Long-Term Debt	17,221	17,291	19,250	19,115	19,179	19,627	18,661	18,520	20,520	20,532	20,529
Net Debt	13,838	16,017	16,628	16,734	16,170	17,787	18,501	20,345	18,719	17,579	18,803
Capital Expenditures (CapEx)	364	704	378	370	355	582	454	351	381	463	511
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,746	2,310	2,637	2,093	2,392	589	1,454	1,459	1,161	-926	1,264
Debt-free Net Working Capital (DFNWC)	6,297	3,752	5,427	4,616	5,543	3,072	3,257	2,752	4,631	3,195	3,158
Net Working Capital (NWC)	6,129	3,584	5,259	4,474	5,401	2,429	1,614	-366	2,962	2,027	2,990
Net Nonoperating Expense (NNE)	77	129	163	168	188	180	283	271	286	702	242
Net Nonoperating Obligations (NNO)	13,838	16,017	16,628	16,734	16,170	17,787	18,501	20,345	18,719	17,579	18,803
Total Depreciation and Amortization (D&A)	350	421	351	359	390	459	397	399	428	463	398
Debt-free, Cash-free Net Working Capital to Revenue	4.06%	3.42%	3.79%	2.95%	3.36%	0.83%	2.02%	2.03%	1.58%	-1.23%	1.68%
Debt-free Net Working Capital to Revenue	9.30%	5.55%	7.79%	6.50%	7.77%	4.32%	4.54%	3.83%	6.31%	4.26%	4.20%
Net Working Capital to Revenue	9.05%	5.30%	7.55%	6.30%	7.58%	3.42%	2.25%	-0.51%	4.04%	2.70%	3.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.75	$7.62	$6.42	$6.87	$6.83	$2.27	$7.30	$1.46	$6.98	$5.82	$6.47
Adjusted Weighted Average Basic Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Adjusted Diluted Earnings per Share	$6.73	$7.58	$6.39	$6.85	$6.80	$2.27	$7.28	$1.46	$6.95	$5.80	$6.44
Adjusted Weighted Average Diluted Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M	233.47M	231.40M	230.08M	230.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,761	1,995	1,708	1,809	1,811	487	1,995	613	1,905	2,046	1,730
Normalized NOPAT Margin	10.43%	10.57%	9.94%	9.99%	10.59%	2.62%	11.10%	3.38%	10.24%	10.07%	9.60%
Pre Tax Income Margin	11.57%	11.36%	10.67%	10.75%	11.21%	2.79%	11.33%	2.30%	10.41%	7.53%	9.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.77	10.75	8.13	8.46	8.43	3.09	8.96	2.88	8.12	8.27	7.59
NOPAT to Interest Expense	7.43	7.85	6.70	6.93	7.07	2.68	7.44	2.24	6.66	7.06	6.43
EBIT Less CapEx to Interest Expense	7.24	7.98	6.65	7.05	7.04	0.88	7.27	1.60	6.79	6.68	5.70
NOPAT Less CapEx to Interest Expense	5.89	5.08	5.22	5.52	5.69	0.47	5.75	0.96	5.33	5.46	4.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.86%	44.16%	45.04%	45.22%	45.66%	57.33%	55.88%	73.60%	74.05%	62.41%	65.74%
Augmented Payout Ratio	147.30%	130.87%	140.97%	143.20%	131.06%	126.67%	118.57%	147.34%	151.43%	122.20%	112.69%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused snapshot of Lockheed Martin (NYSE: LMT) using the quarterly statements from the last four years (2022–2025). The highlights focus on revenue and earnings trends, cash flow strength, and balance-sheet dynamics, with attention to potential risks as debt and financing activity evolve.

Q4 2025 Operating Revenue rose to $20.32 billion, up from $18.62 billion in Q4 2024, signaling solid top‑line growth for the period.
Q4 2025 Net Income attributable to common shareholders climbed to $1.344 billion from $0.527 billion a year earlier, reflecting stronger quarterly profitability.
Q4 2025 Net Cash From Continuing Operating Activities was $3.219 billion, well above $1.023 billion in Q4 2024, underscoring robust cash generation.
Q4 2025 Share repurchases amounted to $750 million, indicating an ongoing capital return program supported by the company’s cash flow.
Q4 2025 Basic EPS reached $5.82 (Diluted $5.80), marking a favorable quarterly earnings-per-share outcome vs. the prior year’s quarter.
Total assets sit around $60.3 billion by mid‑2025, reflecting a gradual year‑over‑year expansion of the asset base.
Long‑term debt hovered near $20.5 billion in Q3 2025, up from roughly $18.5 billion in earlier years, indicating a moderate rise in leverage over the period.
Current liabilities and liquidity metrics show a current ratio near 1.1x in recent quarters, suggesting comfortable but modest liquidity headroom.
Net cash from financing activities was negative in Q4 2025 (about −$2.055 billion), driven by share repurchases and dividends, which reduces cash on hand.
Rising long‑term debt across the four‑year window (approximately $18.5–$20.5 billion by 2025) could weigh on interest costs if rates rise or if defense programs scale back, representing a balance-sheet risk to monitor.

05/06/26 04:09 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Lockheed Martin's Financials

When does Lockheed Martin's fiscal year end?

According to the most recent income statement we have on file, Lockheed Martin's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Lockheed Martin's net income changed over the last 10 years?

Lockheed Martin's net income appears to be on an upward trend, with a most recent value of $5.02 billion in 2025, rising from $3.61 billion in 2015. The previous period was $5.34 billion in 2024. Find out what analysts predict for Lockheed Martin in the coming months.

What is Lockheed Martin's operating income?

Lockheed Martin's total operating income in 2025 was $7.73 billion, based on the following breakdown:

Total Gross Profit: $7.62 billion
Total Operating Expenses: -$112 million

How has Lockheed Martin's revenue changed over the last 10 years?

Over the last 10 years, Lockheed Martin's total revenue changed from $40.54 billion in 2015 to $75.05 billion in 2025, a change of 85.1%.

How much debt does Lockheed Martin have?

Lockheed Martin's total liabilities were at $53.12 billion at the end of 2025, a 7.8% increase from 2024, and a 15.0% increase since 2015.

How much cash does Lockheed Martin have?

In the past 10 years, Lockheed Martin's cash and equivalents has ranged from $772 million in 2018 to $4.12 billion in 2025, and is currently $4.12 billion as of their latest financial filing in 2025.

How has Lockheed Martin's book value per share changed over the last 10 years?

Over the last 10 years, Lockheed Martin's book value per share changed from 10.08 in 2015 to 29.05 in 2025, a change of 188.2%.

Related Companies

Financial statements for NYSE:LMT last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lockheed Martin (LMT) Financials

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Lockheed Martin (LMT) Financials

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