LOCKHEED MARTIN CORP

LMT 10-K · FY 2025
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LMT FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 75,048 71,043 +5.6%
Show Product Lines breakouts
Product 62,654 59,277 +5.7%
Product · Aeronautics 24,617 23,598 +4.3%
Product · MFC 12,977 11,275 +15.1%
Product · RMS 14,188 14,005 +1.3%
Product · Space 10,872 10,399 +4.5%
Service 12,394 11,766 +5.3%
Service · Aeronautics 5,640 5,020 +12.4%
Service · MFC 1,473 1,407 +4.7%
Service · RMS 3,124 3,259 -4.1%
Service · Space 2,157 2,080 +3.7%
Show Business Segments breakouts
Aeronautics · Asia Pacific 3,825 2,763 +38.4%
Aeronautics · Europe 5,567 5,071 +9.8%
Aeronautics · Intersegment Elimination 381 377 +1.1%
Aeronautics · Middle East 589 808 -27.1%
Aeronautics · Operating Segments 10,916 9,182 +18.9%
Aeronautics · Operating Segments 19,307 19,314 -0.0%
Aeronautics · Operating Segments 34 122 -72.1%
Aeronautics · Operating Segments 9,864 9,015 +9.4%
Aeronautics · Operating Segments 20,393 19,603 +4.0%
Aeronautics · Operating Segments 30,257 28,618 +5.7%
Aeronautics · Other 935 540 +73.1%
Aeronautics · US 19,341 19,436 -0.5%
MFC · Asia Pacific 1,065 763 +39.6%
MFC · Europe 1,728 1,327 +30.2%
MFC · Intersegment Elimination 868 804 +8.0%
MFC · Middle East 1,383 1,473 -6.1%
MFC · Operating Segments 4,245 3,629 +17.0%
MFC · Operating Segments 10,194 9,043 +12.7%
MFC · Operating Segments 11 10 +10.0%
MFC · Operating Segments 3,927 3,908 +0.5%
MFC · Operating Segments 10,523 8,774 +19.9%
MFC · Operating Segments 14,450 12,682 +13.9%
MFC · Other 69 66 +4.5%
MFC · US 10,205 9,053 +12.7%
RMS · Asia Pacific 2,816 2,556 +10.2%
RMS · Europe 1,411 1,243 +13.5%
RMS · Intersegment Elimination 2,371 2,320 +2.2%
RMS · Middle East 885 787 +12.5%
RMS · Operating Segments 5,967 5,463 +9.2%
RMS · Operating Segments 11,126 11,469 -3.0%
RMS · Operating Segments 219 332 -34.0%
RMS · Operating Segments 6,546 6,394 +2.4%
RMS · Operating Segments 10,766 10,870 -1.0%
RMS · Operating Segments 17,312 17,264 +0.3%
RMS · Other 855 877 -2.5%
RMS · US 11,345 11,801 -3.9%
Space · Asia Pacific 109 159 -31.4%
Space · Europe 99 75 +32.0%
Space · Intersegment Elimination 328 392 -16.3%
Space · Middle East 7 7 0.0%
Space · Operating Segments 215 241 -10.8%
Space · Operating Segments 12,785 12,218 +4.6%
Space · Operating Segments 29 20 +45.0%
Space · Operating Segments 9,511 8,998 +5.7%
Space · Operating Segments 3,518 3,481 +1.1%
Space · Operating Segments 13,029 12,479 +4.4%
Space · US 12,814 12,238 +4.7%
Show Geography breakouts
Asia Pacific 7,815 6,241 +25.2%
Europe 8,805 7,716 +14.1%
Middle East 2,864 3,075 -6.9%
Other 1,859 1,483 +25.4%
US 53,705 52,528 +2.2%
Show Consolidation Items breakouts
Intersegment Elimination 3,948 3,893 +1.4%
Operating Segments 75,048 71,043 +5.6%
Show Major Customers breakouts
International 21,343 18,515 +15.3%
U.S. commercial and other 293 484 -39.5%
U.S. Government 53,412 52,044 +2.6%
Show Contract With Customer Basis Of Pricing breakouts
Cost-reimbursable 29,848 28,315 +5.4%
Fixed Price Contract 45,200 42,728 +5.8%
Cost of Revenue (FY) — — —
Show Product Lines breakouts
Product -57,020 -54,852 -4.0%
Service -11,339 -10,217 -11.0%
Restructuring Costs And Asset Impairment Charges -66 -87 +24.1%
Show Consolidation Items breakouts
Material Reconciling Items -66 -87 +24.1%
Other Unallocated Income Expense 996 1,043 -4.5%
Cost of Revenue -67,429 -64,113 -5.2%
Show Business Segments breakouts
Aeronautics · Operating Segments -28,168 -26,093 -8.0%
MFC · Operating Segments -12,461 -12,277 -1.5%
RMS · Operating Segments -16,041 -15,391 -4.2%
Space · Operating Segments -11,689 -11,308 -3.4%
Show Consolidation Items breakouts
Operating Segments -68,359 -65,069 -5.1%
Gross Profit 7,619 6,930 +9.9%
Other Operating Income Expense Net 112 83 +34.9%
Operating Income 7,731 7,013 +10.2%
Show Business Segments breakouts
Aeronautics · Operating Segments 2,086 2,523 -17.3%
MFC · Operating Segments 1,989 413 +381.6%
RMS · Operating Segments 1,323 1,921 -31.1%
Space · Operating Segments 1,345 1,226 +9.7%
Show Consolidation Items breakouts
Operating Segments 6,743 6,083 +10.8%
Interest Expense -1,118 -1,036 -7.9%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component -874 62 -1509.7%
Other Non-Operating Income (Expense) 183 181 +1.1%
Income Before Taxes 5,922 6,220 -4.8%
Income Tax Expense (Benefit) -905 -884 -2.4%
Net Income 5,017 5,336 -6.0%
Show Equity Components breakouts
Retained Earnings 5,017 5,336 -6.0%
EPS (Basic) 21.56 22.39 -3.7%
EPS (Diluted) 21.49 22.31 -3.7%
Research & Development 2 1.6 +25.0%
Comprehensive Income 5,927 5,687 +4.2%
Other Comprehensive Income 910 351 +159.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 910 351 +159.3%
Wtd Avg Shares (Basic) 232.7 238.3 -2.3%
Wtd Avg Shares (Diluted) 233.5 239.2 -2.4%
Depreciation And Amortization 1,687 1,559 +8.2%
Show Business Segments breakouts
Aeronautics · Operating Segments 474 452 +4.9%
MFC · Operating Segments 192 183 +4.9%
RMS · Operating Segments 235 227 +3.5%
Space · Operating Segments 311 270 +15.2%
Show Consolidation Items breakouts
Corporate Non Segment 475 427 +11.2%
Operating Segments 1,212 1,132 +7.1%
Income Loss From Equity Method Investments 28 56 -50.0%
Show Business Segments breakouts
Space 5 45 -88.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 4,121 2,483 +66.0%
Receivables Net Current 3,901 2,351 +65.9%
Show Accounts Notes Loans And Financing Receivables By Industry Of Counterparty Type breakouts
Other Governments and Commercial 877 — —
Contract With Customer Asset Net Current 13,001 12,957 +0.3%
Inventory Net Of Allowances Customer Advances And Progress Billings 3,524 3,474 +1.4%
Other Assets Current 815 584 +39.6%
Total Current Assets 25,362 21,849 +16.1%
Inventory 3,524 3,474 +1.4%
Non-Current Assets
Property, Plant & Equipment 8,875 8,726 +1.7%
Goodwill 11,314 11,067 +2.2%
Show Business Segments breakouts
Aeronautics 196 196 0.0%
MFC 2,089 2,085 +0.2%
RMS 6,737 6,712 +0.4%
Space Systems 2,292 2,074 +10.5%
Deferred Tax Assets 2,975 3,557 -16.4%
Other Non-Current Assets 7,010 6,537 +7.2%
Total Assets 59,840 55,617 +7.6%
Show Business Segments breakouts
Aeronautics · Operating Segments 14,673 13,223 +11.0%
MFC · Operating Segments 6,304 5,952 +5.9%
RMS · Operating Segments 16,576 17,025 -2.6%
Space · Operating Segments 7,755 7,388 +5.0%
Show Consolidation Items breakouts
Corporate Non Segment 14,532 12,029 +20.8%
Operating Segments 45,308 43,588 +3.9%
Operating Lease Right-of-Use Assets 976 — —
Intangible Assets 1,050 1,178 -10.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Contracts 844 1,058 -20.2%
Other Intangible Assets 206 117 +76.1%
Other Assets
Intangible Assets Net Excluding Goodwill 1,887 2,015 -6.4%
Capitalized Computer Software Net 2,417 1,866 +29.5%
Current Liabilities
Accounts Payable 3,630 2,222 +63.4%
Employee Related Liabilities Current 3,184 3,125 +1.9%
Deferred Revenue (Current) 11,440 9,795 +16.8%
Show Business Segments breakouts
Aeronautics · Classified Program 495 — —
MFC · Classified Program 1.19 — —
Current Portion of Long-Term Debt 1,168 643 +81.6%
Other Liabilities Current 3,913 3,635 +7.6%
Total Current Liabilities 23,335 19,420 +20.2%
Non-Current Liabilities
Long-Term Debt 20,532 19,627 +4.6%
Defined Benefit Pension Plan Liabilities Noncurrent 3,915 4,791 -18.3%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit 3,915 4,791 -18.3%
Other Non-Current Liabilities 5,337 5,446 -2.0%
Total Liabilities 53,119 49,284 +7.8%
Long-Term Debt 21,700 20,270 +7.1%
Operating Lease Liabilities 825 — —
Stockholders' Equity
Common Stock 229 234 -2.1%
Retained Earnings 14,034 14,551 -3.6%
Accumulated Other Comprehensive Income -7,542 -8,452 +10.8%
Total Stockholders' Equity 6,721 6,333 +6.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment Net Unamortized Gain Loss -7,555 -8,288 +8.8%
Accumulated Other Comprehensive Income -7,542 -8,452 +10.8%
Common Stock 229 234 -2.1%
Other, net 13 -164 +107.9%
Retained Earnings 14,034 14,551 -3.6%
Total Liabilities & Equity 59,840 55,617 +7.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 1,687 1,559 +8.2%
Stock-Based Compensation 304 277 +9.7%
Deferred Income Taxes 372 -588 +163.3%
Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1 479 — —
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit 479 — —
Program Gains Losses 1,615 1,965 -17.8%
Increase Decrease In Receivables -1,550 -219 -607.8%
Increase Decrease In Contract With Customer Asset -283 -109 -159.6%
Change in Inventory -286 -478 +40.2%
Change in Accounts Payable 1,341 -93 +1541.9%
Change in Deferred Revenue 1,219 605 +101.5%
Increase Decrease In Accrued Income Taxes Payable -255 131 -294.7%
Increase Decrease In Pension And Postretirement Obligations -415 -992 +58.2%
Increase Decrease In Other Operating Capital Net -754 -509 -48.1%
Net Cash from Operations 8,557 6,972 +22.7%
Investing Activities
Payments To Acquire Productive Assets -1,649 -1,685 +2.1%
Show Business Segments breakouts
Aeronautics · Operating Segments -503 -593 +15.2%
MFC · Operating Segments -235 -265 +11.3%
RMS · Operating Segments -243 -230 -5.7%
Space · Operating Segments -342 -366 +6.6%
Show Consolidation Items breakouts
Corporate Non Segment -326 -231 -41.1%
Operating Segments -1,323 -1,454 +9.0%
Other Investing Activities -328 -107 -206.5%
Net Cash from Investing -1,977 -1,792 -10.3%
Financing Activities
Proceeds From Issuance Of Debt 1,985 2,970 -33.2%
Debt Repayments -642 -168 -282.1%
Share Repurchases -3,000 -3,700 +18.9%
Show Share Repurchase Program breakouts
Accelerated Share Repurchase Agreement -3 -3.7 +18.9%
Payments Of Dividends Common Stock -3,131 -3,059 -2.4%
Proceeds From Payments For Other Financing Activities -154 -182 +15.4%
Net Cash from Financing -4,942 -4,139 -19.4%
Supplemental
Income Taxes Paid 788 1.3 +60515.4%
Interest Paid 1 950 -99.9%
Other Cash Flow
Net Change in Cash 1,638 1,041 +57.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,121 2,483 +66.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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