LOCKHEED MARTIN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LOCKHEED MARTIN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	47,290	51,048	53,762	59,812	65,398	67,044	65,984	67,571	71,043	75,048
Cost of revenue	41,889	43,589	46,488	51,445	56,744	57,983	57,697	59,092	64,113	67,429
Gross profit	5,401	6,371	7,274	8,367	8,654	9,061	8,287	8,479	6,930	7,619
Research and development	988	1,200	1,300	1,300	1,300	1,500	1,700	1,500	1,600	2,000
Operating income	5,888	6,744	7,334	8,545	8,644	9,123	8,348	8,507	7,013	7,731
Interest expense	663	651	668	653	591	569	623	916	1,036	1,118
Other non-operating income	-471	-847	-828	-74	-37	288	-74	64	181	183
Pre-tax income	4,754	5,246	5,838	7,241	8,235	7,550	6,680	8,098	6,220	5,922
Income tax	1,093	3,356	792	1,011	1,347	1,235	948	1,178	884	905
Income from continuing operations	3,661	1,890	5,046	6,230	6,888	6,315	5,732
Net income	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
EBITDA	7,055	7,939	8,495	9,451	9,663	10,487	9,752	9,937	8,572	9,418
EPS, basic	17.28	6.82	17.74	22.09	24.40	22.85	21.74	27.65	22.39	21.56
EPS, diluted	17.07	6.75	17.59	21.95	24.30	22.76	21.66	27.55	22.31	21.49
Shares, basic (weighted)	299	288	285	282	280	276	264	250	238	233
Shares, diluted (weighted)	303	291	287	284	281	277	265	251	239	234
Dividend per share	6.77	7.46	8.20	9.00	9.80	10.60	11.40	12.15	12.75	13.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,837	2,861	772	1,514	3,160	3,604	2,547	1,442	2,483	4,121
Receivables	8,202	2,265	2,444	2,337	1,978	1,963	2,505	2,132	2,351	3,901
Inventory		2,878	2,997	3,619	3,545	2,981	3,088	3,132	3,474	3,524
Other current assets	399	1,509	418	531	1,150	688	533	632	584	815
Total current assets	15,108	17,505	16,103	17,095	19,378	19,815	20,991	20,521	21,849	25,362
Property, plant and equipment	5,549	5,775	6,124	6,591	7,213	7,597	7,975	8,370	8,726	11,292
Lease right-of-use assets				1,000	1,000	1,300	1,100	1,100	1,000	976
Goodwill	10,764	10,807	10,769	10,604	10,806	10,813	10,780	10,799	11,067	11,314
Intangible assets	4,093	3,797	3,494	3,213	3,012	2,706	2,459	2,212	2,015	1,887
Other non-current assets	5,667	5,580	5,178	6,706	6,826	7,652	6,931	7,601	6,537	7,010
Total assets	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617	59,840
Accounts payable	1,653	1,467	2,402	1,281	880	780	2,117	2,312	2,222	3,630
Accrued liabilities	1,764	1,785	2,122	2,466	3,163	3,108	3,075	3,133	3,125	3,184
Deferred revenue		7,028	6,491	7,054	7,545	8,107	8,488	9,190	9,795	11,440
Short-term debt	0	750	1,500	1,250	500	6	118	168	643	1,168
Total current liabilities	12,542	12,913	14,398	13,972	13,933	13,997	15,887	16,937	19,420	23,335
Long-term debt	14,282	13,513	12,604	11,404	11,669	11,670	15,429	17,291	19,627	20,532
Lease liabilities				855	841	1,100	916	862	833	825
Other non-current liabilities	4,659	4,548	4,311	5,747	6,196	5,928	6,826	5,231	5,446	5,337
Total liabilities	46,200	47,396	43,427	44,357	44,672	39,914	43,614	45,621	49,284	53,119
Total debt	14,282	14,263	14,104	12,654	12,169	11,676	15,547	17,459	20,270	21,700
Paid-in capital	0	0	0	0	221	94	92	0	0	0
Retained earnings	13,324	11,405	15,434	18,401	21,636	21,600	16,943	15,398	14,551	14,034
Other comprehensive income	-12,102	-12,539	-14,321	-15,554	-16,121	-11,006	-8,023	-8,803	-8,452	-7,542
Shareholders' equity	1,511	-850	1,394	3,127	6,015	10,959	9,266	6,835	6,333	6,721
Minority interests	95	74	55	44	23	0
Total equity	1,477	-776	1,449	3,171	6,038	10,959	9,266	6,835	6,333	6,721
Total liabilities and equity	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617	59,840
Shares outstanding	289	284		280	279	271	254	240	234	229

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336	5,017
Depreciation and amortization	1,167	1,195	1,161	906	1,019	1,364	1,404	1,430	1,559	1,687
Stock-based compensation	149	158	173	189	221	227	238	265	277	304
Deferred income tax	-193	3,448	-244	222	5	-183	-757	-498	-588	372
Change in receivables	598	-902	-179	107	359	15	-542	373	-219	-1,550
Change in inventory	173	-79	-119	-622	74	564	-107	-44	-478	-286
Change in payables	-188	-189	914	-1,098	-372	-98	1,274	151	-93	1,341
Cash from operations	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972	8,557
Capital expenditures	-1,063	-1,177	-1,278	-1,484	-1,766	-1,522	-1,670	-1,691	-1,685	-1,649
Acquisitions			0	0	-282	0
Cash from investing	-985	-1,147	-1,075	-1,241	-2,010	-1,161	-1,789	-1,694	-1,792	-1,977
Debt issued	0	0	0	0	1,131	0	6,211	1,975	2,970	1,985
Debt repaid	-952	0	-750	-900	-1,650	-500	-2,250	-115	-168	-642
Stock issued	106	71
Share buybacks	-2,096	-2,001	-1,492	-1,200	-1,100	-4,087	-7,900	-6,000	-3,700	-3,000
Dividends paid	-2,048	-2,163	-2,347	-2,556	-2,764	-2,940	-3,016	-3,056	-3,059	-3,131
Cash from financing	-3,457	-4,305	-4,152	-5,328	-4,527	-7,616	-7,070	-7,331	-4,139	-4,942
Net change in cash	747	1,024	-2,089	742	1,646	444	-1,057	-1,105	1,041	1,638
Free cash flow	4,126	5,299	1,860	5,827	6,417	7,699	6,132	6,229	5,287	6,908
Interest paid	600	610	635	625	567	543	573	832	950	1,000
Income taxes paid	1,300	1,100	-41	940	1,400	1,400	1,600	1,800	1,300	788

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $519.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	11.8%	Gross profit / revenue.
Operating margin	11.9%	Operating income / revenue.
Pre-tax margin	9.6%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
FCF margin	11.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.5%	Cash from operations / revenue.
Effective tax rate	15.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	71.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.1%	Net income / average total assets.
Return on invested capital (ROIC)	30.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	30.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-10.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.19x	Current assets / current liabilities.
Quick ratio	0.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.34x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.9%	Total debt / total assets.
Liabilities / assets	86.0%	Total liabilities / total assets.
Net debt	$16.75B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	8.24x	Operating income / interest expense.
Working capital	$4.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.23x	Revenue / average total assets.
Fixed asset turnover	6.76x	Revenue / average property, plant and equipment.
Inventory turnover	15.4x	Cost of revenue / average inventory.
Days inventory	24 days	365 x average inventory / cost of revenue.
Receivables turnover	22.9x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	13 days	Days inventory + days sales outstanding - days payables.
FCF conversion	138.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$27.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$333.25	Revenue / diluted weighted shares.
FCF per share	$37.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$45.01	Cash from operations / diluted weighted shares.
Book value per share	$37.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$18.68	Tangible book value / shares outstanding.
Cash per share	$16.40	(Cash + short-term investments) / shares outstanding.
Payout ratio	50.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	36.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$119.91B	Share price x shares outstanding.
Enterprise value	$136.66B	Market cap + total debt - cash - short-term investments.
P/E	19.1x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/B	13.7x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	1.77x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/FCF	15.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.3%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.

What was LOCKHEED MARTIN CORP's revenue in fiscal 2025?

LOCKHEED MARTIN CORP reported revenue of $75.05B for fiscal 2025, 5.6% higher than the year before.

Was LOCKHEED MARTIN CORP profitable in fiscal 2025?

Yes. Net income was $5.02B, a net margin of 6.7%.

How much free cash flow did LOCKHEED MARTIN CORP generate in fiscal 2025?

Cash from operations of $8.56B minus capital expenditures of $1.65B left free cash flow of $6.91B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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