Lockheed Martin

Industrials Aerospace & Defense Bethesda, Maryland Last filing Jan 29, 2026 · FY2025

                    Revenue
                    FY2025
                
$75.0B
                    3y CAGR +4.4%
                    
                    P42
                    
                    +5.6%
                    
                    Net income
                    FY2025
                
$5.0B
                    Net margin +6.7%
                    
                    P19
                    
                    -6.0%
                    
                    Total assets
                    FY2025
                
$59.8B
                    ROA +8.4%
                    
                    P55
                    
                    +7.6%
                    
                    Operating cash flow
                    FY2025
                
$8.6B
                    FCF margin +9.2%
                    
                    P29
                    
                    +22.7%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $59.8B

Total liabilities $53.1B

Shareholders equity $6.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	5.5%	3.5%	2.1%
Accounts Receivable	5.2%	3.3%	3.2%
Inventory	4.7%	4.9%	4.6%
Prepaid Expenses	1.1%	0.8%	0.9%
Other Current Assets	1.1%	0.8%	0.9%
Total Current Assets	33.8%	30.8%	30.4%
Property,Plant and Equipment	11.8%	12.3%	12.4%
Goodwill	15.1%	15.6%	16.0%
Intangible Assets	2.5%	2.8%	3.3%
Deferred Tax Assets	4.0%	5.0%	4.4%
Other Noncurrent Assets	9.3%	11.8%	11.2%
Total Assets	79.7%	78.3%	77.6%
Liabilities
Accounts Payable	4.8%	3.1%	3.4%
Accrued Liabilities	5.2%	5.1%	3.2%
Deferred Revenue	15.2%	13.8%	13.6%
Current Portion of Long Term Debt	1.6%	0.9%	0.2%
Other Current Liabilities	5.2%	5.1%	3.2%
Total Current Liabilities	31.1%	27.3%	25.1%
Long Term Debt	27.4%	27.6%	25.6%
Deferred Tax Liabilities	0.0%	0.5%	0.6%
Other Noncurrent Liabilities	7.1%	7.7%	7.7%
Total Liabilities	70.8%	69.4%	67.5%
Equity
Preferred Stock	0.0%	0.1%	0.1%
Common Stock	0.3%	0.3%	0.4%
Additional Paid In Capital	0.0%	0.0%	0.0%
Retained Earnings	18.7%	20.5%	22.8%
Treasury Stock	0.0%	5.2%	8.9%
Accumulated Other Comprehensive Income	-10.0%	-11.9%	-13.0%
Total Stockholders Equity	9.0%	8.9%	10.1%
Total Liabilitiesand Equity	79.7%	78.3%	77.6%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $75.0B

Operating income $7.7B

Net income $5.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	89.8%	90.2%	87.5%
Expenses Research and Development	2.7%	2.3%	2.2%
Expenses Depreciation and Amortization	1.3%	1.4%	1.4%
Expenses Share Based Compensation	0.4%	0.4%	0.4%
Expenses Restructuring and Asset Impairment	0.1%	0.1%	0.1%
Other Income Expense Gross Profit	10.2%	9.8%	12.5%
Other Income Expense Operating Income	10.3%	9.9%	12.6%
Other Income Expense Other Income/expense	0.2%	0.3%	0.1%
Other Income Expense Income Before Tax	7.9%	8.8%	12.0%
Income Tax Income Tax Expense	1.2%	1.2%	1.7%
net Income net Income	6.7%	7.5%	10.2%
net Income Comprehensive Income	7.9%	8.0%	9.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.3%	0.3%	0.4%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.3%	0.4%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 3 years

Operating cash flow $8.6B

Investing cash flow $-2.0B

Financing cash flow $-4.9B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	6.7%	7.5%	10.2%
Operating Activities Depreciation and Amortization	1.3%	1.4%	1.4%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.4%
Operating Activities Deferred Income Taxes	0.5%	-0.8%	-0.7%
Operating Activities Changes In Operating Assets and Liabilities	3.8%	1.4%	1.3%
Operating Activities net Cash From Operating Activities	11.4%	9.8%	11.7%
Investing Activities Capital Expenditures	2.2%	2.4%	2.5%
Investing Activities Other Investing Activities	0.4%	0.2%	0.0%
Investing Activities net Cash From Investing Activities	-2.6%	-2.5%	-2.5%
Financing Activities Repayment of Debt	0.9%	0.2%	0.2%
Financing Activities Repurchase of Common Stock	4.0%	5.2%	8.9%
Financing Activities Dividends Paid	4.2%	4.3%	4.5%
Financing Activities Other Financing Activities	-0.2%	-0.3%	-0.2%
Financing Activities net Cash From Financing Activities	-6.6%	-5.8%	-10.8%
Cash Reconciliation Effect of Exchange Rate On Cash	5.5%	3.5%	2.1%
Cash Reconciliation net Change In Cash	2.2%	1.5%	-1.6%
Cash Reconciliation Cash At Beginning of Period	5.5%	3.5%	2.1%
Cash Reconciliation Cash At End of Period	5.5%	3.5%	2.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+10.2%	+9.8%	+12.5%
Operating margin	+10.3%	+9.9%	+12.6%
Net margin	+6.7%	+7.5%	+10.2%
FCF margin	+9.2%	+7.4%	+9.2%
Growth
Revenue CAGR (3y)	+4.4%	+1.9%	+1.1%
Returns
ROE	+74.6%	+84.3%	+101.2%
ROA	+8.4%	+9.6%	+13.2%
ROIC	+27.0%	+24.9%	+31.8%
Liquidity
Current ratio	1.09x	1.13x	1.21x
Quick ratio	0.34x	0.25x	0.21x
Leverage
D/E	7.90x	7.78x	6.67x
Interest coverage	—	—	9.29x
Efficiency
Asset turnover	1.25x	1.28x	1.29x
Cash conversion cycle	+18d	+19d	+17d

Valuation

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FY2025 fundamentals · no price

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Lockheed Martin

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