Lockheed Martin
LMT · NYSEGuided Missiles & Space Vehicles & Parts · Fiscal year ends Dec 31
Lockheed Martin reported revenue of $75B in the fiscal year ended Dec 2025, up 5.6% from the year before. Operating income was $7.7B, an operating margin of 10.3%, and net income was $5B. Operating cash flow of $8.6B less capital expenditure of $1.6B left free cash flow of $6.9B. Net debt was $17.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $67B | $66B | $67.6B | $71B | $75B |
| Cost of revenue | $58B | $57.7B | $59.1B | $64.1B | $67.4B |
| Gross profit | $9.1B | $8.3B | $8.5B | $6.9B | $7.6B |
| Research & development | $1.5B | $1.7B | $1.5B | $1.6B | $2B |
| Operating income | $9.1B | $8.3B | $8.5B | $7B | $7.7B |
| Interest expense | $569M | $623M | $916M | $1B | $1.1B |
| Pre-tax income | $7.6B | $6.7B | $8.1B | $6.2B | $5.9B |
| Income tax | $1.2B | $948M | $1.2B | $884M | $905M |
| Net income | $6.3B | $5.7B | $6.9B | $5.3B | $5B |
| Diluted EPS | 22.76 | 21.66 | 27.55 | 22.31 | 21.49 |
| Diluted shares | 277M | 265M | 251M | 239M | 234M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.6B | $2.5B | $1.4B | $2.5B | $4.1B |
| Receivables | $2B | $2.5B | $2.1B | $2.4B | $3.9B |
| Inventory | $3B | $3.1B | $3.1B | $3.5B | $3.5B |
| Current assets | $19.8B | $21B | $20.5B | $21.8B | $25.4B |
| Net PP&E | $7.6B | $8B | $8.4B | $8.7B | $11.3B |
| Goodwill | $10.8B | $10.8B | $10.8B | $11.1B | $11.3B |
| Total assets | $50.9B | $52.9B | $52.5B | $55.6B | $59.8B |
| Payables | $780M | $2.1B | $2.3B | $2.2B | $3.6B |
| Deferred revenue | $8.1B | $8.5B | $9.2B | $9.8B | $11.4B |
| Current liabilities | $14B | $15.9B | $16.9B | $19.4B | $23.3B |
| Short-term debt | $6M | $118M | $168M | $643M | $1.2B |
| Long-term debt | $11.7B | $15.4B | $17.3B | $19.6B | $20.5B |
| Total liabilities | $39.9B | $43.6B | $45.6B | $49.3B | $53.1B |
| Shareholders' equity | $11B | $9.3B | $6.8B | $6.3B | $6.7B |
| Backlog (remaining obligations) | $135B | $150B | $161B | $176B | $194B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.2B | $7.8B | $7.9B | $7B | $8.6B |
| Capital expenditure | $1.5B | $1.7B | $1.7B | $1.7B | $1.6B |
| Free cash flow | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Depreciation & amortisation | $1.4B | $1.4B | $1.4B | $1.6B | $1.7B |
| Stock-based compensation | $227M | $238M | $265M | $277M | $304M |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | $4.1B | $7.9B | $6B | $3.7B | $3B |
| Dividends paid | $2.9B | $3B | $3.1B | $3.1B | $3.1B |
| Dividend per share | 10.60 | 11.40 | 12.15 | 12.75 | 13.35 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.6% | 2.4% | 5.1% | 5.6% |
| Operating income growth (YoY) | – | −8.5% | 1.9% | −17.6% | 10.2% |
| EPS growth (YoY) | – | −4.8% | 27.2% | −19.0% | −3.7% |
| Gross margin | 13.5% | 12.6% | 12.5% | 9.8% | 10.2% |
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Net margin | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
| Return on equityBlank when equity is negative | 57.6% | 61.9% | 101.2% | 84.3% | 74.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 24.7% | 22.6% | 24.0% | 19.4% | 21.2% |
| Free cash flow margin | 11.5% | 9.3% | 9.2% | 7.4% | 9.2% |
| Cash conversion (CFO ÷ net income) | 1.46x | 1.36x | 1.14x | 1.31x | 1.71x |
| Receivable days | 11 | 14 | 12 | 12 | 19 |
| Inventory days | 19 | 20 | 19 | 20 | 19 |
| Payable days | 5 | 13 | 14 | 13 | 20 |
| Interest cover | 16.0x | 13.4x | 9.29x | 6.77x | 6.92x |
| Debt ÷ equity | 1.07x | 1.68x | 2.55x | 3.20x | 3.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.1B | $13B | $16B | $17.8B | $17.6B |
| Current ratio | 1.42x | 1.32x | 1.21x | 1.13x | 1.09x |
Recent filings
More in Guided Missiles & Space Vehicles & Parts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.