FirmAtlas
Company handbook · LMT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LMT · CIK 936468 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
LOCKHEED MARTIN CORPORATION
$552.09
+19.45 (+3.65%)
Close, Oct 16, 2026 · 52-week $437–692
Last fiscal year
LOCKHEED MARTIN CORPORATION reported revenue of $75.0B for the year ended Dec 31, 2025 (FY25), up 5.6% from FY24. Net income was $5.0B, operating cash flow $8.6B and free cash flow $6.9B. Source: 10-K filed Jan 29, 2026.
Market cap
$126.4B
P/E
20.1
EV/EBITDA
15.4x
P/B
14.4
Div yield
2.50%
ROIC
26.1%
Revenue 1Y
5.6%/yr
EPS 1Y
−3.7%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJames D. Taiclet
HQBethesda, MD
AuditorErnst & Young LLP
Employees123,000
Year endsDecember
Revenue by segment · FY25
Aeronautics40%
Mission Systems And Training23%
Missiles And Fire Control19%
Space Systems17%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
9.0%
8.6%
7.8%
11.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$16.2B deployed
Capex
$3.3B
20.5%
Dividends
$6.2B
38.2%
Buybacks
$6.7B
41.3%
Operating cash flow over the period: $15.5B. Total debt changed by +$2.0B. R&D of $3.6B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
71,043
75,048+5.6%
77,014
YoY
+5.6%
Gross profit
6,930
7,619+9.9%
9,086
Gross margin
9.8%
10.2%+0.4 pp
—
Operating income
7,013
7,731+10.2%
9,153
Operating margin
9.9%
10.3%+0.4 pp
—
EBITDA
8,572
9,418+9.9%
—
EBITDA margin
12.1%
12.5%+0.5 pp
—
Interest expense
1,036
1,118+7.9%
—
Interest coverage
8.27x
8.42x+0.15x
—
Net income
5,336
5,017−6.0%
6,287
YoY
−6.0%
Net margin
7.5%
6.7%−0.8 pp
—
EPS (diluted, $)
22.31
21.49−3.7%
27.20
YoY
−3.7%
Balance sheet
Total assets
55,617
59,840+7.6%
62,450
Cash & short-term investments
2,483
4,121+66.0%
—
Accounts receivable
2,351
3,901+65.9%
—
Inventory
3,474
3,524+1.4%
—
Net PP&E
8,726
8,875+1.7%
—
Other assets
38,583
39,419+2.2%
—
Total liabilities
49,284
53,119+7.8%
53,682
Accounts payable
2,222
3,630+63.4%
—
Total debt
20,913
22,868+9.3%
20,538
Other liabilities
26,149
26,621+1.8%
—
Shareholders’ equity
6,333
6,721+6.1%
8,768
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
6,972
8,557+22.7%
10,402
Net income
5,336
5,017−6.0%
—
Depreciation & amortization
1,559
1,687+8.2%
—
Stock-based compensation
277
304+9.7%
—
Working capital & other
(200)
1,549n/m
—
Cash from investing
(1,792)
(1,977)n/m
—
Capex
(1,685)
(1,649)n/m
—
Other investing
(107)
(328)n/m
—
Cash from financing
(4,139)
(4,942)n/m
—
Debt raised
2,970
1,985−33.2%
—
Debt repaid
(168)
(642)n/m
—
Dividends
(3,059)
(3,131)n/m
—
Buybacks
(3,700)
(3,000)n/m
—
Other financing
(182)
(154)n/m
—
Net change in cash
1,041
1,638+57.3%
—
Free cash flow (OCF − capex)
5,287
6,908+30.7%
8,729
Where the cash went
Operating cash flow
6,972
8,557+22.7%
10,402
Reinvested in the business
1,685
1,649−2.1%
—
% of operating cash flow
24.2%
19.3%
Capex
1,685
1,649−2.1%
1,673
R&D (memo, already in costs)
1,600
2,000+25.0%
—
Free cash flow
5,287
6,908+30.7%
8,729
YoY
+30.7%
Returned to shareholders
6,759
6,131−9.3%
—
% of free cash flow
127.8%
88.8%
Dividends
3,059
3,131+2.4%
—
Buybacks
3,700
3,000−18.9%
—
Change in total debt
—
1,955
—
Cash left over
—
2,732
—
FCF conversion (FCF ÷ net income)
99.1%
137.7%+38.6 pp
—
Owner earnings
—
4,863
—
Owner earnings margin
—
6.5%
—
Buyback yield
3.3%
2.7%−0.5 pp
—
Returns & ratios
ROIC (all capital)
24.3%
26.1%+1.8 pp
—
ROIC (operating)
48.8%
52.4%+3.6 pp
—
Net debt / EBITDA
2.15x
1.99x−0.16x
—
Debt / equity
3.30x
3.40x+0.10x
—
Cash conversion cycle (days)
19
18−1 d
—
ROE
84.3%
74.6%−9.6 pp
—
ROA
9.6%
8.4%−1.2 pp
—
ROCE
19.4%
21.2%+1.8 pp
—
NOPAT
6,016
6,550+8.9%
—
Invested capital (operating)
12,329
12,670+2.8%
—
Invested capital (all)
24,763
25,468+2.8%
—
Reinvestment rate
—
5.2%
—
Debtor days
12
19+7 d
—
Inventory days
20
19−1 d
—
Days payable
13
20+7 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
18,609
20,321
18,021
20,063
vs year-ago quarter
Gross profit
2,240
2,322
2,078
2,446
Gross margin
12.0%
11.4%
11.5%
12.2%
Operating income
2,280
2,331
2,063
2,479
Net income
1,619
1,344
1,488
1,836
vs year-ago quarter
Net margin
8.7%
6.6%
8.3%
9.2%
EPS (diluted, $)
6.95
5.87
6.44
7.94
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
60,276
59,840
59,238
62,450
Cash & equivalents
3,470
4,121
1,894
3,791
Total debt
22,189
22,868
20,697
20,538
Shareholders’ equity
6,181
6,721
7,489
8,768
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
3,728
3,219
220
3,235
Capex
381
463
511
318
Free cash flow
3,347
2,756
(291)
2,917
vs year-ago quarter