LOCKHEED MARTIN CORPLMT
LOCKHEED MARTIN CORP Financial Overview 2021–2025
Updated Jul 10, 2026Lockheed Martin closed FY2025 sitting on a staggering $193.6 billion 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 billion 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 (Q4 2025 and Q1 2026)
Top-line growth stalled, with Q1 2026 sales ticking up marginally to $18.02 billion from $17.96 billion. Operating profit declined to $2.06 billion while net earnings dropped to $1.49 billion, or $6.44 per share. Working capital constraints hampered liquidity, causing operating cash flow to plummet to $220 million from $1.41 billion year-over-year. At the May 2026 annual meeting, shareholders successfully ratified executive pay while defeating a proposal requiring an independent board chairman.
Bulls emphasize the integration of Amentum’s Rapid Solutions business to expand Space segment capabilities. Bears point to mounting cumulative losses on alternative programs, including $1.46 billion on an MFC classified program and $670 million on the Canadian Maritime Helicopter Program. The stock appeared richly valued at 24.7x earnings as of April 23, 2026, reaching a $121.3 billion market capitalization at $529.79 per share despite tightening margins.
What to watch: progress integrating Amentum's Rapid Solutions unit; further profit booking rate adjustments on classified platforms.
Rev
$75.05B
FY2025
NI
$5.02B
FY2025
EPS
$21.56
FY2025
OCF
$8.56B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
LOCKHEED MARTIN CORP 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.
LOCKHEED MARTIN CORP 8-K Report, Financial Results (Apr 23, 2026)
Lockheed Martin Corporation (LMT) has filed an 8-K report on April 23, 2026, to announce its financial results for the first quarter ended March 29, 2026. The primary driver of this filing is the accompanying earnings release, furnished as Exhibit 99.1, which provides investors with detailed performance metrics for the period. While the 8-K itself does not contain the specific financial figures, it directs stakeholders to this separate document for the comprehensive overview of the company's operational and financial condition during the quarter.
LOCKHEED MARTIN CORP 8-K Report, Financial Results (Jan 29, 2026)
Lockheed Martin Corporation (LMT) has filed an 8-K report on January 29, 2026, to furnish its earnings release for the fourth quarter and full fiscal year ended December 31, 2025. While the 8-K itself does not contain the detailed financial figures, it directs investors to the accompanying Exhibit 99.1, which is the official news release containing these results. Investors should review the furnished news release for comprehensive information regarding the company's financial performance, operational achievements, and forward-looking statements for the period.
LOCKHEED MARTIN CORP 8-K Report, Corporate Update (Dec 18, 2025)
Lockheed Martin Corporation (LMT) has executed buy-out conversions of group annuity contracts related to its defined benefit pension plans. This transaction effectively transfers approximately $900 million in gross pension obligations to insurance companies, with no additional funding required from Lockheed Martin. The insurance companies will now directly administer and pay benefits to approximately 9,000 U.S. retirees and beneficiaries. This move aims to de-risk the company's balance sheet by removing these long-term liabilities. While the transfer of obligations is a positive step for reducing future pension-related risks and administrative burdens, investors should be aware of a one-time, non-cash, non-operating pretax settlement charge of approximately $480 million expected in the fourth quarter of 2025. This charge reflects the accelerated recognition of actuarial losses previously held in stockholders' equity. It's important to note that this charge was not factored into the company's previous 2025 financial outlook, suggesting it will be an extraordinary item impacting near-term reported earnings.
LOCKHEED MARTIN CORP 8-K Report, Material Agreement (Dec 9, 2025)
Lockheed Martin Corporation (LMT) announced on December 8, 2025, that it has entered into a new 364-Day Revolving Credit Agreement, effective December 5, 2025. This agreement provides the company with a $3.0 billion unsecured revolving credit facility designed to support general corporate purposes, including commercial paper borrowings. The facility offers flexibility with multiple interest rate options, including Base Rate, Term SOFR, Daily Simple SOFR, or a competitive bid process, with margins tied to the company's credit ratings. This new credit facility matures on December 4, 2026, with an option to extend borrowings as non-revolving term loans for an additional year. While the agreement contains standard covenants and events of default, the immediate lack of borrowings suggests current liquidity is sufficient, with this facility serving as a proactive measure for financial flexibility and potential future needs. Investors should monitor the utilization of this facility as an indicator of the company's short-term funding strategies.
View all 8-K filings →