L 
Lockheed Martin LMT · USD
Industrials · Aerospace & Defense · US listing · 🇺🇸 United States
S&P 500
588.19
+3.72%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$75.06bn
FY2016FY2025
Net income
$5.02bn
FY2016FY2025
Free cash flow
$6.91bn
FY2016FY2025
Shareholders' equity
$6.72bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.06bn | $71.04bn | $67.57bn | $65.98bn | $67.04bn | $65.40bn | $59.81bn | $53.76bn | $49.96bn | $47.29bn |
| Gross profit | $7.62bn | $6.93bn | $8.48bn | $8.29bn | $9.06bn | $8.65bn | $8.37bn | $7.37bn | $6.37bn | $5.40bn |
| Research and development | $2.00bn | $1.60bn | $1.50bn | $1.70bn | $1.50bn | $1.30bn | $1.30bn | $1.30bn | $1.20bn | $988.0m |
| Operating income | $7.73bn | $7.01bn | $8.51bn | $8.35bn | $9.12bn | $8.64bn | $8.54bn | $7.33bn | $6.74bn | $5.89bn |
| Net income | $5.02bn | $5.34bn | $6.92bn | $5.73bn | $6.32bn | $6.83bn | $6.23bn | $5.05bn | $2.00bn | $5.30bn |
| Diluted earnings per share | 21.63 | 22.51 | 28.12 | 22.19 | 23.02 | 24.32 | 21.99 | 17.67 | 7.00 | 17.96 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $59.84bn | $55.62bn | $52.46bn | $52.88bn | $50.87bn | $50.71bn | $47.53bn | $44.88bn | $46.52bn | $47.81bn |
| Cash and short-term investments | $4.12bn | $2.48bn | $1.44bn | $2.55bn | $3.60bn | $3.16bn | $1.51bn | $772.0m | $2.86bn | $1.84bn |
| Total liabilities | $53.12bn | $49.28bn | $45.62bn | $43.61bn | $39.91bn | $44.67bn | $44.36bn | $43.43bn | $47.13bn | $46.20bn |
| Debt | $21.70bn | $20.27bn | $17.46bn | $15.43bn | $11.68bn | $12.17bn | $12.65bn | $14.10bn | $14.26bn | $14.28bn |
| Shareholders' equity | $6.72bn | $6.33bn | $6.83bn | $9.27bn | $10.96bn | $6.01bn | $3.13bn | $1.39bn | −$683.0m | $1.61bn |
| Shares outstanding | 232m | 237m | 246m | 258m | 274m | 281m | 283m | 286m | 286m | 295m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $8.56bn | $6.97bn | $7.92bn | $7.80bn | $9.22bn | $8.18bn | $7.31bn | $3.14bn | $6.48bn | $5.19bn |
| Capital spending | −$1.65bn | −$1.69bn | −$1.69bn | −$1.67bn | −$1.52bn | −$1.77bn | −$1.48bn | −$1.28bn | −$1.18bn | −$1.06bn |
| Free cash flow | $6.91bn | $5.29bn | $6.23bn | $6.13bn | $7.70bn | $6.42bn | $5.83bn | $1.86bn | $5.30bn | $4.13bn |
| Dividends paid | −$3.13bn | −$3.06bn | −$3.06bn | −$3.02bn | −$2.94bn | −$2.76bn | −$2.56bn | −$2.35bn | −$2.16bn | −$2.05bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.06bn | $18.02bn | $20.33bn | $18.61bn | $18.16bn | $17.96bn | $18.62bn | $17.10bn |
| Gross profit | $2.45bn | $2.08bn | $2.32bn | $2.24bn | $800.0m | $2.32bn | $690.0m | $2.12bn |
| Operating income | $2.48bn | $2.06bn | $2.33bn | $2.28bn | $814.0m | $2.37bn | $696.0m | $2.14bn |
| Net income | $1.84bn | $1.49bn | $1.34bn | $1.62bn | $342.0m | $1.71bn | $527.0m | $1.62bn |
| Diluted earnings per share | 7.94 | 6.44 | 5.80 | 6.95 | 1.46 | 7.28 | 2.22 | 6.80 |
| Cash from operations | $3.23bn | $220.0m | $3.22bn | $3.73bn | $201.0m | $1.41bn | $1.02bn | $2.44bn |
| Capital spending | −$318.0m | −$511.0m | −$463.0m | −$381.0m | −$351.0m | −$454.0m | −$582.0m | −$355.0m |
| Free cash flow | $2.92bn | −$291.0m | $2.76bn | $3.35bn | −$150.0m | $955.0m | $441.0m | $2.08bn |
| Total assets | $62.45bn | $59.24bn | $59.84bn | $60.28bn | $58.87bn | $56.67bn | $55.62bn | $55.52bn |
| Cash and short-term investments | $3.79bn | $1.89bn | $4.12bn | $3.47bn | $1.29bn | $1.80bn | $2.48bn | $3.15bn |
| Debt | $20.54bn | $20.70bn | $21.70bn | $22.19bn | $21.64bn | $20.30bn | $20.27bn | $19.32bn |
| Shareholders' equity | $8.77bn | $7.49bn | $6.72bn | $6.18bn | $5.33bn | $6.68bn | $6.33bn | $7.20bn |
Financial ratios
Data as of 6 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.2% | 9.8% | 12.5% | 12.6% | 13.5% | 13.2% |
| Operating margin | 10.3% | 9.9% | 12.6% | 12.7% | 13.6% | 13.2% |
| Net margin | 6.7% | 7.5% | 10.2% | 8.7% | 9.4% | 10.4% |
| Return on equity | 74.6% | 84.3% | 101.2% | 61.9% | 57.6% | 113.6% |
| Return on assets | 8.4% | 9.6% | 13.2% | 10.8% | 12.4% | 13.5% |
| Free cash flow yield | 8.4% | 7.0% | 7.4% | 7.0% | 7.5% | 6.7% |
| Revenue growth | 5.7% | 5.1% | 2.4% | -1.6% | 2.5% | 9.3% |
| Earnings growth | -6.0% | -22.9% | 20.7% | -9.2% | -7.6% | 9.7% |
| Current ratio | 1.09x | 1.13x | 1.21x | 1.32x | 1.42x | 1.39x |
| Debt to equity | 3.23x | 3.20x | 2.55x | 1.68x | 1.07x | 2.02x |
| Equity ratio | 11.2% | 11.4% | 13.0% | 17.5% | 21.5% | 11.9% |
| Interest coverage | 6.92x | 6.77x | 9.29x | 13.40x | 16.03x | 14.63x |
| R&D as a share of sales | 2.7% | 2.3% | 2.2% | 2.6% | 2.2% | 2.0% |
| Buybacks as a share of market value | 2.2% | 3.7% | 4.7% | 5.8% | 2.4% | 0.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.4% | 2.8% | 6.4% |
| Operating income | -2.5% | -2.2% | 5.1% |
| Net income | -4.3% | -6.0% | 3.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.0% | 11.2% | 11.9% | 12.2% |
| Operating margin | 10.1% | 11.3% | 12.0% | 12.4% |
| Net margin | 7.1% | 8.2% | 8.8% | 8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.4 | 21.6 | 16.1 | 21.9 | 15.4 | 14.6 | 17.7 | 14.8 | 45.9 | 13.9 |
| Price to sales | 1.5 | 1.6 | 1.6 | 1.9 | 1.4 | 1.5 | 1.8 | 1.4 | 1.8 | 1.6 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$74.41bn$121.39bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -3% | 8% | -7% | 43% | -3% | -10% | 46% | -17% | 25% | 19% |
Dividends and splits
Per share, in the currency the company pays
Paid for 31 years. Last went ex-dividend on 1 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.35 | 13.35 | 12.75 | 12.15 | 11.40 | 10.60 | 9.80 | 9.00 |
- 2-for-1 split · 4 Jan 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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