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Lockheed Martin Corporation

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Lockheed Martin Corporation • NYSE
$457.86 ▲ 0.81% (+3.70)
Market Cap $107.15 B
52w High $526.79
52w Low $410.11
Dividend Yield 13.20%
P/E 25.51
Volume 657.57K
Outstanding Shares 234.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.609B ▲ $-40M ▼ $1.619B ▲ 8.7% ▲ $6.98 ▲ $2.652B ▲
Q2-2025 $18.155B ▲ $-14M ▲ $342M ▼ 1.884% ▼ $1.46 ▼ $1.09B ▼
Q1-2025 $17.963B ▼ $-49M ▼ $1.712B ▲ 9.531% ▲ $7.3 ▲ $2.701B ▲
Q4-2024 $18.622B ▲ $-6M ▲ $527M ▼ 2.83% ▼ $2.23 ▼ $1.242B ▼
Q3-2024 $17.104B $-23M $1.623B 9.489% $6.83 $2.564B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.47B ▲ $60.276B ▲ $54.095B ▲ $6.181B ▲
Q2-2025 $1.293B ▼ $58.87B ▲ $53.536B ▲ $5.334B ▼
Q1-2025 $1.803B ▼ $56.669B ▲ $49.986B ▲ $6.683B ▲
Q4-2024 $2.483B ▼ $55.617B ▲ $49.284B ▲ $6.333B ▼
Q3-2024 $3.151B $55.52B $48.32B $7.2B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.619B ▲ $3.728B ▲ $-319M ▲ $-1.232B ▼ $2.177B ▲ $3.347B ▲
Q2-2025 $342M ▼ $201M ▼ $-715M ▼ $4M ▲ $-510M ▲ $-150M ▼
Q1-2025 $1.712B ▲ $1.409B ▲ $-430M ▲ $-1.659B ▼ $-680M ▼ $955M ▲
Q4-2024 $527M ▼ $1.023B ▼ $-838M ▼ $-853M ▲ $-668M ▼ $441M ▼
Q3-2024 $1.623B $2.438B $-210M $-1.6B $628M $2.083B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q3-2025
Aeronautics
Aeronautics
 $6.49Bn ▲$8.01Bn ▲$7.06Bn ▼$7.26Bn ▲
Missiles And Fire Control
Missiles And Fire Control
 $3.17Bn ▲$3.41Bn ▲$3.37Bn ▼$3.62Bn ▲
Rotary and Mission Systems
Rotary and Mission Systems
 $4.37Bn ▲$4.26Bn ▼$4.33Bn ▲$4.37Bn ▲
Space
Space
 $3.08Bn ▲$2.94Bn ▼$3.21Bn ▲$3.36Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Lockheed Martin’s sales have trended gently upward over the last few years, showing that demand for its programs remains solid. Profitability, however, has softened: operating profit and net income were stronger earlier in the period and have stepped down more recently, suggesting tighter margins and/or cost and program pressures. Earnings per share have moved up and down rather than following a smooth upward path, which is typical for a company dependent on large, complex government contracts. Overall, this looks like a mature business with stable revenue but less momentum in profit growth than in the past.

Balance Sheet

Balance Sheet The balance sheet shows a company with fairly steady total assets but a clear tilt toward more debt over time. Borrowing has increased meaningfully in recent years, while reported equity is relatively small compared with the size of the business, likely reflecting heavy share repurchases and pension effects. Cash on hand moves around from year to year but is not unusually high, so the firm leans on its consistent cash generation rather than large cash reserves. The structure is efficient but leaves less of a buffer, making continued strong cash flow and access to credit important.

Cash Flow

Cash Flow Cash generation is a key strength: operating cash flow has been robust for several years, and free cash flow remains healthy even after steady investment in facilities and equipment. Capital spending is disciplined and fairly stable, indicating a focus on maintaining capabilities rather than aggressive expansion. While cash flow peaked a few years ago and has eased somewhat since then, it still comfortably supports debt service, dividends, and buybacks. The picture is of a cash‑rich but slow‑growing industrial business, where dependable inflows are central to the financial story.

Competitive Edge

Competitive Edge Lockheed Martin occupies a leading position in global defense, anchored by long‑term relationships with the U.S. government and allied nations. Its role on flagship programs like the F‑35 fighter, missile defense systems, and space platforms gives it deep integration into customers’ long‑range plans and creates high switching costs. The industry’s heavy regulation, security requirements, and capital intensity make it very hard for new entrants to displace established primes like Lockheed. Key risks around this strength are its heavy reliance on defense budgets, exposure to program performance issues, and competition from a small set of other major contractors for future high‑value awards.

Innovation and R&D

Innovation and R&D Innovation is a central part of Lockheed Martin’s identity, from Skunk Works’ advanced aircraft to leadership in hypersonics, missile defense, and space systems. The company is pushing hard into artificial intelligence, autonomy, and digital engineering, aiming to make its platforms smarter, more networked, and cheaper to upgrade over time. Work on programs such as hypersonic weapons, NASA’s Orion spacecraft, next‑generation missile interceptors, and future crewed‑uncrewed air combat teaming shows a strong pipeline of next‑wave technologies. The flip side is execution and funding risk: many of these initiatives are complex, politically sensitive, and can face delays, cost overruns, or shifting priorities from government customers.

Summary

Overall, Lockheed Martin looks like a mature defense leader with modest revenue growth, strong but recently pressured profitability, and very solid cash generation. Its balance sheet is more debt‑heavy than in the past but still supported by recurring cash flows from long‑term government programs. The company’s competitive moat—built on technology leadership, entrenched customer relationships, and high industry barriers—is substantial, though closely tied to government budgets and program performance. Its innovation engine remains powerful, particularly in hypersonics, AI‑enabled systems, and space, which could shape its long‑term trajectory but also introduce meaningful execution and policy uncertainty.

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