Saturday 17 October 2026 Export LMT’s income statement to Excel — free account

Lockheed Martin Corporation

Lockheed Martin Corporation’s revenue for fiscal 2025 (year ended December 2025) was $75.0 billion, up 5.64% from fiscal 2024. In the quarter to June 2026, revenue grew 10.5%, EPS grew 446.6%, free cash flow grew 2,044.7% and total debt fell 5.08%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for three.

552.09 19.45 +3.65%

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Market cap: $122.9B
P/E: 20.3×
Fwd P/E: 17.5×
Dividend yield: 2.50%
F-score: 6/9
Altman Z: 3.32
Beneish M: −2.24
Dividend safety: 76/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.12

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	2	1	—	—	—	—	2	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 122,930.00

Revenue 77,014.00

Net Income 6,287.00

Free Cash Flow 8,729.00

Net Debt 16,747.00

Current Ratio 1.19

Debt/Equity 2.34

P/E ratio 20.26

Fwd P/E 17.50

P/S ratio 1.65

P/B ratio 14.49

Past 5Y EPS Growth (2.43%)

This Y EPS Growth 41.61%

Next Y EPS Growth 7.73%

Next Y revenue growth 7.92%

Next 5Y EPS Growth 17.68%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 61.41%

10-year low 10-year high

P/S against its own 10 years 42.20%

10-year low 10-year high

P/B against its own 10 years 23.88%

10-year low 10-year high

EV/Sales against its own 10 years 40.25%

10-year low 10-year high

EV/FCF against its own 10 years 9.66%

10-year low 10-year high

Dividends

Payout Ratio 0.51

Annual Dividend Rate 13.80

Annual Dividend Yield 2.50%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	14.01	3.45 3.45 3.45
2025	13.35	3.30 3.30 3.30 3.45
2024	12.75	3.15 3.15 3.15 3.30
2023	12.15	3.00 3.00 3.00 3.15
2022	11.40	2.80 2.80 2.80 3.00
2021	10.60	2.60 2.60 2.60 2.80
2020	9.80	2.40 2.40 2.40 2.60
2019	9.00	2.20 2.20 2.20 2.40
2018	8.20	2.00 2.00 2.00 2.20
2017	9.46	1.82 1.82 1.82 2.00 2.00
2016	6.77	1.65 1.65 1.65 1.82

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,442	2,483	4,121	3,791
Receivables	2,132	2,351	3,901	3,356
Inventory	3,132	3,474	3,524	4,411
Other	13,815	13,541	13,816	16,843
	20,521	21,849	25,362	28,401

	2023	2024	2025	Q'26
Payables	2,312	2,222	3,630	4,915
ST’ Debt	168	643	1,168	—
Other	11,324	13,430	15,353	15,891
	16,937	19,420	23,335	23,809

Compound Annual Growth %

	10y	5y	3y
Sales	6.35%	2.79%	4.38%
Cash Flow	5.31%	0.90%	3.13%
Earnings	3.36%	(5.99%)	(4.34%)
Book Value	8.06%	2.17%	(10.15%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	18,021	20,063	—	—	—
’25	17,963	18,155	18,609	20,321	75,048
’24	17,195	18,122	17,104	18,622	71,043
’23	15,126	16,693	16,878	18,874	67,571
’22	14,964	15,446	16,583	18,991	65,984
’21	16,258	17,029	16,028	17,729	67,044
’20	15,651	16,220	16,495	17,032	65,398

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	220	3,235	—	—	—
’25	1,409	201	3,728	3,219	8,557
’24	1,635	1,876	2,438	1,023	6,972
’23	1,564	1,100	2,891	2,365	7,920
’22	1,410	1,331	3,133	1,928	7,802
’21	1,748	1,268	1,937	4,268	9,221
’20	2,314	2,182	1,880	1,807	8,183

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(291)	2,917	—	—	—
’25	955	(150)	3,347	2,756	6,908
’24	1,257	1,506	2,083	441	5,287
’23	1,270	771	2,527	1,661	6,229
’22	1,142	1,027	2,728	1,235	6,132
’21	1,467	950	1,621	3,661	7,699
’20	2,021	1,839	1,472	1,085	6,417

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	6.44	7.94	—	—	—
’25	7.28	1.46	6.95	5.80	21.49
’24	6.39	6.85	6.80	2.22	22.31
’23	6.61	6.63	6.73	7.58	27.55
’22	6.44	1.16	6.71	7.40	21.66
’21	6.56	6.52	2.21	7.47	22.76
’20	6.08	5.79	6.05	6.38	24.30

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	200.47	248.00	241.18	256.79	266.11	319.81	353.03	393.77	413.92	410.11	Analyst estimates 2026–2028 Powerpack
	High	269.90	323.94	363.00	399.96	442.53	396.99	498.95	508.10	618.95	516.00
People
People	Employees	97,000	100,000	105,000	110,000	114,000	114,000	116,000	122,000	121,000	123,000
	Revenue/emp, $m	0.49	0.50	0.51	0.54	0.57	0.59	0.57	0.55	0.59	0.61
Income, $m
Income, $m	Revenue	47,290	49,960	53,762	59,812	65,398	67,044	65,984	67,571	71,043	75,048
	Gross margin, %	11.42	12.75	13.53	13.99	13.23	13.52	12.56	12.55	9.75	10.15
	EBT	4,754	5,246	5,838	7,241	8,235	7,550	6,680	8,098	6,220	5,922
	EBT margin, %	10.05	10.50	10.86	12.11	12.59	11.26	10.12	11.98	8.76	7.89
	Net income	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
	Depreciation	1,215	1,195	1,161	1,189	1,290	1,364	1,404	1,430	1,559	1,687
Per share, $
Per share, $	Revenue	158.00	173.59	188.97	212.10	233.56	242.56	250.22	269.96	298.12	322.51
	Earnings	17.71	6.96	17.74	22.09	24.40	22.85	21.74	27.65	22.39	21.56
	Cash flow	17.34	22.50	11.03	25.93	29.23	33.36	29.59	31.64	29.26	36.77
	Capex	(3.55)	(4.09)	(4.49)	(5.26)	(6.31)	(5.51)	(6.33)	(6.76)	(7.07)	(7.09)
	Free cash flow	13.79	18.41	6.54	20.66	22.92	27.85	23.25	24.89	22.19	29.69
	Book value	5.37	(2.70)	5.09	11.24	21.56	39.65	35.14	27.31	26.58	28.88
	Shares, m	299	288	285	282	280	276	264	250	238	233
Valuation, ×
Valuation, ×	P/E	14.57	46.03	14.76	17.64	14.55	15.56	21.92	16.50	21.74	22.43
	P/S	1.60	1.84	1.39	1.84	1.52	1.47	1.91	1.69	1.63	1.50
	P/B	47.21	0.00	51.41	34.63	16.46	8.96	13.59	16.70	18.29	16.75
	EV/Sales	1.88	2.06	1.63	2.02	1.66	1.60	2.11	1.93	1.88	1.73
	EV/FCF	21.51	19.45	47.22	20.76	16.89	13.95	22.66	20.90	25.27	18.84
Cash, $m
Cash, $m	Operating cash flow	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972	8,557
	Capex	(1,063)	(1,177)	(1,278)	(1,484)	(1,766)	(1,522)	(1,670)	(1,691)	(1,685)	(1,649)
	Free cash flow	4,126	5,299	1,860	5,827	6,417	7,699	6,132	6,229	5,287	6,908
Balance, $m
Balance, $m	Working capital	2,566	4,592	1,705	3,123	5,445	5,818	5,104	3,584	2,429	2,027
	Total debt	14,282	14,263	14,104	12,654	12,169	12,002	15,547	17,459	20,270	21,700
	Net debt	12,445	11,402	13,332	11,140	9,009	8,398	13,000	16,017	17,787	17,579
	Shareholders’ equity	1,606	(776)	1,449	3,171	6,038	10,959	9,266	6,835	6,333	6,721
Returns, %
Returns, %	ROA	10.65	4.16	11.03	13.48	13.91	12.43	11.05	13.14	9.87	8.69
	ROIC	26.19	39.67	31.01	37.32	35.90	29.46	23.43	23.27	18.17	19.88
	ROE	219.99	473.01	1,499.55	269.70	148.40	74.31	56.68	85.96	81.04	76.87

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
GE GE Aerospace	$323.7B	36.7×	40.3×	+21.10% (above 0%: growing)	+19.37% (above 0%: growing)	+50.21% (above 0%: growing)	35.03%	23.11%	Compare
RTX RTX Corporation	$252.0B	33.7×	31.6×	+14.49% (above 0%: growing)	+27.42% (above 0%: growing)	+1,553.61% (above 0%: growing)	20.77%	11.38%	Compare
BA The Boeing Company	$149.2B	71.2×	468×	+7.96% (above 0%: growing)	n/m	+417.59% (above 0%: growing)	9.83%	0.64%	Compare
LMT Lockheed Martin Corporation	$122.9B	20.3×	17.5×	+10.51% (above 0%: growing)	+446.58% (above 0%: growing)	+2,044.67% (above 0%: growing)	12.19%	12.36%
GD General Dynamics Corporation	$91.2B	20.7×	20.8×	+8.07% (above 0%: growing)	+13.49% (above 0%: growing)	+17.57% (above 0%: growing)	15.49%	10.36%	Compare
HWM Howmet Aerospace Inc.	$87.6B	47.4×	48.4×	+24.06% (above 0%: growing)	+31.68% (above 0%: growing)	+38.04% (above 0%: growing)	37.34%	27.92%	Compare
NOC Northrop Grumman Corporation	$71.0B	16.5×	19.5×	+5.07% (above 0%: growing)	−5.75% (below 0%: shrinking)	+53.53% (above 0%: growing)	19.50%	10.08%	Compare
TDG Transdigm Group Incorporated	$62.7B	34.6×	35.3×	+22.53% (above 0%: growing)	+10.86% (above 0%: growing)	+13.44% (above 0%: growing)	59.39%	44.76%	Compare
LHX L3Harris Technologies Inc	$44.8B	25.0×	26.5×	+8.39% (above 0%: growing)	+28.57% (above 0%: growing)	+37.43% (above 0%: growing)	25.54%	11.12%	Compare
Median of peers	$89.4B	34.1×	33.5×	+11.44%	+19.37%	+44.13%	23.16%	11.25%

All 82 Aerospace & Defense stocks →

Lockheed Martin Corporation (LMT) key facts

Concern: Net income was $5.0 billion, or $21.56 per share (basic), a net margin of 6.69%.
Strength: Lockheed Martin Corporation’s revenue for fiscal 2025 (year ended December 2025) was $75.0 billion, up 5.64% from fiscal 2024.
Lockheed Martin Corporation (LMT) is an Aerospace & Defense company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, LMT traded at $552.09, a market capitalization of $122.9 billion.
At that price the stock trades at 20.3× trailing-twelve-month earnings and 1.7× sales; its P/E is higher than 61% of its own readings over the past ten years.
Lockheed Martin Corporation pays an annual dividend of $13.80 per share, a yield of 2.50%, with a payout ratio of 50.9%.
Return on equity was 76.9% and debt-to-equity 2.34.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.32 (safe zone) for fiscal 2025.