Lockheed Martin Corporation (LMT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$7.2	$7.94	+10.3%	—	—	—
Q3 26	$5.75	$5.8	+0.9%	—	—	—
Q2 26	$6.36	$6.95	+9.3%	—	—	—
Q1 26	$6.42	$1.46	-77.3%	—	—	—
Q4 25	$6.35	$7.28	+14.6%	—	—	—
Q3 25	$6.6	$2.22	-66.4%	—	—	—
Q2 25	$6.48	$6.8	+4.9%	—	—	—
Q1 25	$6.45	$7.11	+10.2%	—	—	—
Q4 24	$5.85	$6.39	+9.2%	—	—	—
Q3 24	$7.25	$7.58	+4.6%	—	—	—
Q2 24	$6.65	$6.73	+1.2%	—	—	—
Q1 24	$6.45	$6.73	+4.3%	—	—	—
Q4 23	$6.04	$6.61	+9.4%	—	—	—
Q3 23	$7.37	$7.79	+5.7%	—	—	—
Q2 23	$6.72	$6.87	+2.2%	—	—	—
Q1 23	$6.39	$6.32	-1.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$21.6	—	—	$75B	—
FY24	—	$22.4	—	—	$71B	—
FY23	—	$27.6	—	—	$67.6B	—
FY22	—	$21.7	—	—	$66B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$47.3B	$50B	$53.8B	$59.8B	$65.4B	$67B	$66B	$67.6B	$71B	$75B
YoY change	+16.7%	+5.65%	+7.61%	+11.3%	+9.34%	+2.52%	-1.58%	+2.41%	+5.14%	+5.64%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	47.3B	50B	53.8B	59.8B	65.4B	67B	66B	67.6B	71B	75B
Cost of revenue	41.9B	43.6B	46.5B	51.4B	56.7B	58B	57.7B	59.1B	64.1B	67.4B
Gross profit	5.4B	6.4B	7.3B	8.4B	8.7B	9.1B	8.3B	8.5B	6.9B	7.6B
Gross margin	11.4%	12.8%	13.5%	14%	13.2%	13.5%	12.6%	12.5%	9.75%	10.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	-487M	-373M	-60M	-178M	10M	-62M	-61M	-28M	-83M	-112M
Operating income	5.4B	6.4B	7.3B	8.5B	8.6B	9.1B	8.3B	8.5B	7B	7.7B
Operating margin	11.4%	12.8%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.87%	10.3%
Non-operating income, net	16M	-474M	-828M	-651M	182M	-1B	-1B	507M	243M	-691M
Pretax income	4.8B	5.2B	5.8B	7.2B	8.2B	7.5B	6.7B	8.1B	6.2B	5.9B
Income tax	1.1B	3.4B	792M	1B	1.3B	1.2B	948M	1.2B	884M	905M
Net income	5.2B	2B	5B	6.2B	6.8B	6.3B	5.7B	6.9B	5.3B	5B
Net margin	10.9%	3.93%	9.39%	10.4%	10.4%	9.42%	8.69%	10.2%	7.51%	6.69%
EBITDA	6.6B	7.1B	7.7B	9.1B	10.1B	9.5B	8.7B	10.4B	8.8B	8.7B
EPS	17.7	6.96	17.7	22.1	24.4	22.9	21.7	27.6	22.4	21.6
Diluted EPS	17.5	6.89	17.6	21.9	24.3	22.8	21.7	27.6	22.3	21.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	16.9B	18.9B	17.2B	18.1B	17.1B	18.6B	18B	18.2B	18.6B	20.3B	18B	20.1B
Cost of revenue	14.8B	16.6B	15.2B	16B	15B	17.9B	15.6B	17.4B	16.4B	18B	15.9B	17.6B
Gross profit	2B	2.3B	2B	2.1B	2.1B	690M	2.3B	734M	2.2B	2.3B	2.1B	2.4B
Gross margin	12.1%	12.2%	11.6%	11.8%	12.4%	3.71%	12.9%	4.04%	12%	11.4%	11.5%	12.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	-16M	-15M	—	—	—	99M	—	—	—	—
Operating expenses	6M	2M	-52M	-33M	-23M	-6M	-49M	85M	-40M	-9M	15M	-33M
Operating income	2B	2.3B	2B	2.2B	2.1B	696M	2.4B	748M	2.3B	2.3B	2.1B	2.5B
Operating margin	12.1%	12.1%	11.9%	11.9%	12.5%	3.74%	13.2%	4.12%	12.3%	11.5%	11.4%	12.4%
Non-operating income, net	148M	106M	45M	46M	34M	87M	-68M	-57M	-56M	-510M	-20M	-35M
Pretax income	2B	2.1B	1.8B	1.9B	1.9B	519M	2B	417M	1.9B	1.5B	1.8B	2.2B
Income tax	269M	279M	290M	307M	295M	-8M	324M	75M	319M	187M	286M	342M
Net income	1.7B	1.9B	1.5B	1.6B	1.6B	527M	1.7B	342M	1.6B	1.3B	1.5B	1.8B
Net margin	9.98%	9.89%	8.99%	9.06%	9.49%	2.83%	9.53%	1.88%	8.7%	6.61%	8.26%	9.15%
EBITDA	2.5B	2.8B	2.4B	2.6B	2.6B	1.2B	2.7B	1.1B	2.7B	2.3B	2.4B	2.8B
EPS	6.75	7.61	6.42	6.87	6.83	2.23	7.3	1.46	6.98	5.82	6.47	7.98
Diluted EPS	6.73	7.58	6.39	6.85	6.8	2.22	7.28	1.46	6.95	5.8	6.44	7.94

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	74.8B	92.4B	74.5B	109.8B	99.4B	98.2B	128.3B	113.4B	115.8B	112.6B	119.6B
Enterprise value	87.3B	103.8B	87.8B	120.9B	108.4B	106.3B	141.3B	129.5B	133.6B	130.1B	136.3B
Shares outstanding	299.3M	287.8M	284.5M	282M	280M	276.4M	263.7M	250.3M	238.3M	232.7M	232.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.5	47.1	14.8	17.6	14.5	15.6	22.4	16.4	21.7	22.4	19.2
P/S	1.58	1.85	1.39	1.84	1.52	1.47	1.94	1.68	1.63	1.5	1.55
P/B	46.6	-119.1	51.4	34.6	16.5	8.96	13.8	16.6	18.3	16.7	13.6
EV/EBITDA	13.2	14.6	11.5	13.3	10.7	11.2	16.2	12.4	15.2	14.9	14.1
EV/Sales	1.85	2.08	1.63	2.02	1.66	1.59	2.14	1.92	1.88	1.73	1.77
Earnings yield	6.92%	2.12%	6.77%	5.67%	6.87%	6.43%	4.47%	6.1%	4.61%	4.46%	5.22%
FCF yield	5.52%	5.73%	2.5%	5.31%	6.46%	7.84%	4.78%	5.49%	4.57%	6.14%	4.65%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	11.4%	12.8%	13.5%	14%	13.2%	13.5%	12.6%	12.5%	9.75%	10.2%	12.2%
Operating margin	11.4%	12.8%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.87%	10.3%	12%
Net margin	10.9%	3.93%	9.39%	10.4%	10.4%	9.42%	8.69%	10.2%	7.51%	6.69%	8.16%
ROE	322.1%	-253%	348.2%	196.5%	113.2%	57.6%	61.9%	101.2%	84.3%	74.6%	89.2%
ROA	10.8%	4.21%	11.2%	13.1%	13.5%	12.4%	10.8%	13.2%	9.59%	8.38%	8.64%
ROIC	29.6%	21.6%	42.9%	51.4%	48.1%	40.1%	32.2%	31.8%	24.9%	27%	30.4%
Return on tangible assets	28.6%	11.3%	30.9%	31.3%	29.6%	26.5%	21.7%	26.2%	18.1%	17.5%	17.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.36	1.12	1.22	1.39	1.42	1.32	1.21	1.13	1.09	1.19
Quick ratio	0.83	1.13	0.91	0.96	1.14	1.2	1.13	1.03	0.95	0.94	1.01
Debt / equity	8.89	-18.4	9.73	3.99	2.02	1.07	1.68	2.55	3.2	3.23	2.34
Debt / assets	0.3	0.31	0.31	0.27	0.24	0.23	0.29	0.33	0.36	0.36	0.33
Net debt / EBITDA	1.88	1.61	1.74	1.23	0.89	0.85	1.49	1.53	2.02	2.01	1.64
Interest coverage	8.17	9.06	9.74	12.1	14.9	14.3	11.7	9.84	7	6.3	7.68
Effective tax rate	23%	64%	13.6%	14%	16.4%	16.4%	14.2%	14.5%	14.2%	15.3%	15.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	158	173.6	189	212.1	233.6	242.6	250.2	270	298.1	322.5	333.8
EPS (basic)	17.7	6.96	17.7	22.1	24.4	22.9	21.7	27.6	22.4	21.6	21.6
EPS (diluted)	17.5	6.89	17.6	21.9	24.3	22.8	21.7	27.6	22.3	21.5	27
Book value per share	5.37	-2.7	5.09	11.2	21.6	39.6	35.1	27.3	26.6	28.9	38.1
FCF per share	13.8	18.4	6.54	20.7	22.9	27.9	23.3	24.9	22.2	29.7	37.8
Cash per share	6.14	9.94	2.71	5.37	11.3	13	9.66	5.76	10.4	17.7	16.4
Capex per share	—	—	—	—	—	—	—	—	—	7.09	7.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	2.2%	2.17%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	19.3%	16.1%
Payout ratio	39.6%	110.2%	46.5%	41%	40.5%	46.6%	52.6%	44.2%	57.3%	62.4%	50.3%
Dividend yield	2.74%	2.34%	3.15%	2.33%	2.78%	2.99%	2.35%	2.69%	2.64%	2.78%	2.66%

Yield

2.66%

trailing twelve months

Frequency

Quarterly

Last dividend

$3.45

ex-dividend Sep 1, 2026

Payout ratio

50%

of earnings

Dividend growth

23 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$3.45
Jun 1, 2026	$3.45
Mar 2, 2026	$3.45

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$16.9B	$18.9B	$17.2B	$18.1B	$17.1B	$18.6B	$18B	$18.2B	$18.6B	$20.3B	$18B	$20.1B
YoY change	+1.78%	-0.62%	+13.7%	+8.56%	+1.34%	-1.34%	+4.47%	+0.18%	+8.8%	+9.12%	+0.32%	+10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.8B	2.9B	772M	1.5B	3.2B	3.6B	2.5B	1.4B	2.5B	4.1B
Receivables	8.2B	2.3B	2.4B	2.3B	2B	2B	2.5B	2.1B	2.4B	3.9B
Inventory	4.7B	2.9B	3B	3.6B	3.5B	3B	3.1B	3.1B	3.5B	3.5B
Total current assets	15.1B	17.5B	16.1B	17.1B	19.4B	19.8B	21B	20.5B	21.8B	25.4B
Property, plant & equipment	-836M	-626M	-429M	-422M	-212M	-406M	-580M	-679M	-898M	-1.3B
Goodwill & intangibles	29.7B	29.2B	28.5B	27.6B	27.6B	27B	26.5B	26B	26.2B	31.2B
Total assets	47.8B	46.6B	44.9B	47.5B	50.7B	50.9B	52.9B	52.5B	55.6B	59.8B
Accounts payable	1.7B	1.5B	2.4B	1.3B	880M	780M	2.1B	2.3B	2.2B	3.6B
Short-term debt	—	750M	1.5B	1.3B	500M	6M	118M	168M	643M	1.2B
Total current liabilities	12.5B	12.9B	14.4B	14B	13.9B	14B	15.9B	16.9B	19.4B	23.3B
Long-term debt	14.3B	13.5B	12.6B	11.4B	11.7B	11.7B	15.4B	17.3B	19.6B	20.5B
Total liabilities	46.2B	47.4B	43.4B	44.4B	44.7B	39.9B	43.6B	45.6B	49.3B	53.1B
Shareholders' equity	1.6B	-776M	1.4B	3.2B	6B	11B	9.3B	6.8B	6.3B	6.7B
Total debt	14.3B	14.3B	14.1B	12.7B	12.2B	11.7B	15.5B	17.5B	20.3B	21.7B
Net debt	12.4B	11.4B	13.3B	11.1B	9B	8.1B	13B	16B	17.8B	17.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.6B	1.4B	2.8B	2.5B	3.2B	2.5B	1.8B	1.3B	3.5B	4.1B	1.9B	3.8B
Receivables	2.4B	2.1B	2.3B	2.9B	2.1B	2.4B	2B	3.3B	3.8B	3.9B	2.3B	3.4B
Inventory	3.3B	3.1B	3.3B	3.1B	3.2B	3.5B	3.6B	3.7B	3.7B	3.5B	4.3B	4.4B
Total current assets	23.3B	20.5B	23B	23B	23.2B	21.8B	22.8B	24B	25.9B	25.4B	25.1B	28.4B
Property, plant & equipment	—	-679M	—	—	—	-898M	—	—	—	-1.3B	—	—
Goodwill & intangibles	26.1B	26B	25.9B	25.7B	25.6B	26.2B	26.1B	26.6B	26.5B	31.2B	26.3B	26.2B
Total assets	56.7B	52.5B	55B	55.1B	55.5B	55.6B	56.7B	58.9B	60.3B	59.8B	59.2B	62.5B
Accounts payable	3.8B	2.3B	3.5B	3.3B	3.2B	2.2B	3.8B	3.7B	3.8B	3.6B	4.7B	4.9B
Short-term debt	168M	168M	168M	142M	142M	643M	1.6B	3.1B	1.7B	1.2B	168M	—
Total current liabilities	17.2B	16.9B	17.7B	18.5B	17.8B	19.4B	21.2B	24.4B	23B	23.3B	22.1B	23.8B
Long-term debt	17.2B	17.3B	19.3B	19.1B	19.2B	19.6B	18.7B	18.5B	20.5B	20.5B	20.5B	20.5B
Total liabilities	47.4B	45.6B	48.3B	48.9B	48.3B	49.3B	50B	53.5B	54.1B	53.1B	51.7B	53.7B
Shareholders' equity	9.3B	6.8B	6.7B	6.2B	7.2B	6.3B	6.7B	5.3B	6.2B	6.7B	7.5B	8.8B
Total debt	17.4B	17.5B	19.4B	19.3B	19.3B	20.3B	20.3B	21.6B	22.2B	21.7B	20.7B	20.5B
Net debt	13.8B	16B	16.6B	16.7B	16.2B	17.8B	18.5B	20.3B	18.7B	17.6B	18.8B	16.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5.2B	2B	5B	6.2B	6.8B	6.3B	5.7B	6.9B	5.3B	5B
Depreciation & amortization	1.2B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.4B	1.6B	1.7B
Stock-based compensation	149M	158M	173M	189M	221M	227M	238M	265M	277M	304M
Change in working capital	202M	889M	-5B	-672M	101M	-258M	-733M	317M	-294M	441M
Operating cash flow	6.2B	8B	2.1B	7.5B	8.1B	7.5B	6.1B	8B	6.8B	8.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-1.6B
Investing cash flow	78M	30M	203M	243M	-244M	361M	-119M	-3M	-107M	-2B
Dividends paid	-2B	-2.2B	-2.3B	-2.6B	-2.8B	-2.9B	-3B	-3.1B	-3.1B	-3.1B
Share repurchases	-2.1B	-2B	-1.5B	-1.2B	-1.1B	-4.1B	-7.9B	-6B	-3.7B	-3B
Financing cash flow	-3.5B	-4.3B	-4.9B	-5.9B	-4.5B	-7.6B	-7.1B	-7.3B	-4.1B	-4.9B
Net change in cash	2.9B	3.7B	-2.6B	1.8B	3.3B	220M	-1.1B	627M	2.5B	1.6B
Free cash flow	4.1B	5.3B	1.9B	5.8B	6.4B	7.7B	6.1B	6.2B	5.3B	6.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.7B	1.9B	1.5B	1.6B	1.6B	527M	1.7B	342M	1.6B	1.3B	1.5B	1.8B
Depreciation & amortization	350M	421M	351M	359M	390M	459M	397M	399M	428M	463M	398M	400M
Stock-based compensation	75M	44M	61M	93M	75M	48M	60M	81M	74M	89M	83M	97M
Change in working capital	743M	171M	59M	-482M	123M	27M	81M	-2.2B	901M	2B	-1.5B	256M
Operating cash flow	3B	2.3B	1.6B	1.8B	2.4B	958M	1.4B	223M	3.7B	3.2B	220M	3.2B
Capital expenditure	—	—	—	—	—	—	—	—	-381M	-463M	-511M	-318M
Investing cash flow	-34M	1M	6M	-2M	145M	-256M	24M	-364M	-319M	-513M	-541M	-349M
Dividends paid	-747M	-767M	-780M	-752M	-749M	-778M	-796M	-771M	-765M	-799M	-816M	-796M
Share repurchases	-1.8B	-3B	-1B	-850M	-850M	-1B	-750M	-500M	-1B	-750M	0	0
Financing cash flow	-2.6B	-3.8B	85M	-1.6B	-1.6B	-853M	-1.7B	-1.4B	217M	-2.1B	-1.9B	-989M
Net change in cash	323M	-1.4B	1.7B	184M	938M	-151M	-226M	-1.6B	3.6B	651M	-2.2B	1.9B
Free cash flow	2.5B	1.7B	1.3B	1.5B	2.1B	441M	955M	-150M	3.3B	2.8B	-291M	2.9B

Date	Ratio
Jan 4, 1999	2:1
Mar 16, 1995	163:100
Sep 9, 1983	3:1

Lockheed Martin Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history