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Lockheed MartinLMT

Legal name
Lockheed Martin Corporation
Sector
Other
Industry
Guided Missiles & Space Vehicles & Parts
Exchange
NYSE

Stock Price $LMT

Latest filings

You are here#9 of 87 in Industrials by market cap

Filing record · 2016–202610-K1210-Q338-K130

LMT filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 130 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $75.05B
YoY changeLargest recent move+16.6%in FY16Latest +5.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All LMT Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Lockheed Martin Financial Overview 2021–2025

Updated Nov 3, 2026

Lockheed Martin closed FY2025 sitting on a staggering $193.6 billiona backlog, effectively locking in years of revenue visibility as global security tensions force rapid military expansion. The defense prime operates as a direct proxy for global modernization, converting relentless government demand into reliable shareholder returns despite persistent program execution risks. With over 70% of its top line routinely tied to U.S. government contracts, the company is deeply entrenched in national security priorities, anchored heavily by the F-35 program that consistently drives roughly 26% of consolidated sales.

This geopolitical tailwind steadily expanded the core business, as revenue grew from $67.04 billion in FY2021 to $75.0 billionb in FY2025. Much of this recent momentum stems from the Missiles and Fire Control segment, which surged 14% in FY2025 amid heavy demand for tactical strike weapons. However, profitability has faced friction from supply chain bottlenecks and severe cost overruns, notably a $950 million reach-forward loss on a classified Aeronautics contract that ultimately dragged Q1 2026 free cash flow down to negative $(291) million. Despite these operational hiccups, management aggressively funneled cash back to investors, shrinking the outstanding share count from 0.27 billion in FY2021 to 0.23 billion by the end of FY2025. At the close of FY2025, the market valued the defense giant at a $110.8 billion market cap, with shares priced at $483.67 and trading at a 22.5x earnings multiple.

Recent Developments (Q2 and Q3 2026)

Lockheed Martin's Q2 2026 brought a sharp earnings rebound. Sales rose 11% to $20.1 billionc, and diluted EPS hit $7.94 versus $1.46 a year earlier, as the prior-year $1.6 billion of reach-forward losses did not recur. Missiles and Fire Control grew 19% on PAC-3, THAAD and PrSM ramps. Q3 2026 sales climbed 11% to $20.7 billion, EPS was $7.97, and backlog reached a record $292.0 billion. Management raised 2026 guidance in both quarters. It also agreed to buy Ultra Maritime Solutions for $3.45 billion and lifted the Q4 dividend to $3.60 per share.

Bulls point to record backlog, 24% Missiles and Fire Control growth in Q3 2026, and $3.0 billiond of quarterly free cash flow. Bears note the stock trades at 27.5x earnings as of the Q3 2026 report date (October 21, 2026), not today. They also cite Lot 20+ F-35 negotiations, where costs exceed current authorization, and a decline in Aeronautics backlog to $54.4 billion at midyear.

What to watch: Lot 20+ contract resolution and any new charges; Aeronautics backlog recovery

03—Filings

Recent SEC Filings

  1. 8-KLockheed Martin 8-K Report, Financial Results (Oct 22, 2026)Lockheed Martin Corporation (LMT) reported robust financial results for its third quarter ended September 27, 2026. The company demonstrated significant top-line growth with sales increasing 11% year-over-year to $20.7 billion, driven by strong performance across all four business segments. Net earnings also saw a healthy increase of 14% to $1.8 billion, resulting in diluted earnings per share of $7.97, up from $6.95 in the prior year's quarter. Key operational highlights include strong cash generation, with $3.4 billion in cash from operations and $3.0 billion in free cash flow for the quarter. Most notably, Lockheed Martin achieved a record backlog of $292.0 billion, boosted by a substantial multi-year award for PAC-3 Missile Segment Enhancement (MSE) interceptors. The company also raised its full-year 2026 financial outlook for sales, earnings per share, and free cash flow, reflecting continued confidence in its performance and strategic initiatives. Despite these positive results, investors should note the ongoing negotiations with the U.S. Government for Lot 20 and higher production contracts, where costs have begun to exceed current authorization, posing a potential future risk if not resolved.
  2. 8-KLockheed Martin 8-K Report, Material Agreement (Aug 28, 2026)Lockheed Martin Corporation (LMT) has announced a significant update to its credit facilities through an 8-K filing on August 28, 2026. The company has entered into a new $2.25 billion 364-day unsecured revolving credit facility, replacing its previous agreement. This new facility provides flexibility for general corporate purposes and supporting commercial paper borrowings, with no borrowings made at closing. Additionally, LMT has extended its existing $3.0 billion 5-year revolving credit agreement by one year, pushing its maturity to August 24, 2031. These actions demonstrate proactive treasury management and ensure continued access to liquidity. The replacement of the shorter-term facility suggests a strategic decision to align credit lines with operational needs while maintaining robust financial flexibility. The extension of the longer-term facility provides stability and predictability for future funding requirements, reinforcing investor confidence in LMT's financial stability.
  3. 8-KLockheed Martin 8-K Report, Financial Results (Jul 23, 2026)Lockheed Martin reported second-quarter 2026 results (quarter ended June 28, 2026) that show a sharp rebound from the prior-year quarter, which was depressed by $1.6 billion of reach-forward losses on a classified Aeronautics program and the CMHP and TUHP helicopter programs. Sales rose 11% year over year to $20.1 billion, with growth across all four segments, led by Missiles and Fire Control (up 19%) on PAC-3, THAAD and PrSM production ramps. Net earnings were $1.8 billion, or $7.94 per diluted share, versus $342 million ($1.46) a year earlier. Consolidated operating profit more than tripled to $2.5 billion, and business segment operating profit rose to $2.2 billion from $571 million. Because the prior-year losses distort the comparison, investors should focus on the underlying trend: six-month sales growth of 5% and segment operating margin of 10.8% for the quarter, versus 3.1% a year ago. Cash generation was strong, with cash from operations of $3.2 billion and free cash flow of $2.9 billion, though much of the improvement reflects timing of customer receipts and lower tax payments, including the company no longer being subject to the corporate alternative minimum tax in 2026. Backlog reached a record $230.4 billion, up from $193.6 billion at year-end 2025, driven by a $35 billion multi-year THAAD interceptor contract with the Missile Defense Agency; Aeronautics backlog declined over the period. Management raised 2026 guidance: sales are now expected at roughly $79.75–81.75 billion, segment operating profit at $8.5–8.7 billion, diluted EPS at $29.95–30.65, and free cash flow above $7 billion (about $7.0–7.2 billion). Capital expenditures are now expected to be lower, at $2.0–2.4 billion. The filing also notes a pending Ultra Maritime acquisition and ongoing reliance on U.S. Government funding, fixed-price contract risk, and ULA guarantees as key risk factors.
  4. 8-KLockheed Martin 8-K Report, Shareholder Vote Results (May 13, 2026)Lockheed Martin Corporation (LMT) filed an 8-K on May 13, 2026, detailing the results of its Annual Meeting of Stockholders held on May 12, 2026. The meeting saw a high turnout, with approximately 86.41% of outstanding shares represented, indicating strong shareholder engagement. Key outcomes include the overwhelming approval of the election of all nine director nominees and the ratification of Ernst & Young LLP as the independent auditor for 2026. Furthermore, shareholders provided advisory approval for the compensation of named executive officers (Say-on-Pay), demonstrating confidence in the company's executive remuneration strategies. In contrast, a stockholder proposal advocating for an independent board chairman did not receive majority support. This outcome suggests that the current board structure and leadership are largely favored by the company's investors. Overall, the results signal a stable governance environment with broad shareholder backing for the board and executive compensation, while also indicating a preference against specific governance structure changes proposed by stockholders.
  5. 8-KLockheed Martin 8-K Report, Financial Results (Apr 23, 2026)Lockheed Martin reported first-quarter 2026 results that were essentially flat on the top line but weaker on profitability and cash generation. Sales were $18.0 billion, unchanged from $17.96 billion a year earlier, as growth at Missiles and Fire Control (+8%) and Space (+7%) was offset by declines at Rotary and Mission Systems (-8%) and Aeronautics (-1%). Business segment operating profit fell 13% to $1.82 billion, with segment margin compressing from 11.6% to 10.1%. The decline was driven mainly by lower favorable profit booking rate adjustments, including unfavorable adjustments on the F-35 and CH-53K/Seahawk programs and the absence of prior-year favorable items at Space and Aeronautics. Diluted EPS dropped to $6.44 from $7.28, and net earnings fell to $1.5 billion from $1.7 billion. Cash performance was the most notable weakness. Cash from operations was only $220 million versus $1.4 billion a year ago, producing negative free cash flow of $(291) million, which management attributed primarily to working capital build and billing timing. Contract assets rose sharply to $15.9 billion, and cash fell to $1.9 billion after $1.0 billion of debt repayment and $816 million of dividends. Total backlog declined to $186.4 billion from $193.6 billion at year-end, with Aeronautics and RMS showing the largest drops. Management reaffirmed full-year 2026 guidance: sales of $77.5-80.0 billion, segment operating profit of $8.425-8.675 billion, diluted EPS of $29.35-30.25, and free cash flow of $6.5-6.8 billion. Management also highlighted multiyear framework agreements with the Department of War to expand production of PAC-3, THAAD and PrSM, which it says could raise output rates by 3-4 times current levels. Investors will want to watch whether the first-quarter cash shortfall reverses in later quarters, since the reaffirmed free cash flow target implies a strong recovery over the remainder of the year.
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04—See also

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