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Caterpillar vs Lockheed Martin: revenue, profit, margins and growth compared

Caterpillar brought in $67.6B of revenue in fiscal 2025, Lockheed Martin $75B in fiscal 2025. Revenue changed by +4.3% at Caterpillar and +5.6% at Lockheed Martin on the year before, so Lockheed Martin grew faster. Caterpillar kept 13.1% of its revenue as net profit, Lockheed Martin 6.7%. Free cash flow was $8.9B at Caterpillar and $6.9B at Lockheed Martin.

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Side by side, latest fiscal year

CATLMT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$67.6B$75B
Revenue growth+4.3%+5.6%
Net income$8.9B$5B
Net margin13.1%6.7%
Free cash flow$8.9B$6.9B
Free cash flow margin13.2%9.2%
Earnings per share (diluted)$18.81$21.49
Cash$10B$4.1B
Debt$30.7B$21.7B
Price to earnings43.724.2
Market value$377.7B$119.9B
Dividend yield0.72%2.57%
Rank by revenue in sector#8 of 451 · Industrials#7 of 451 · Industrials

Over the years

Revenue
CAT FY2018: $54.7BCAT FY2019: $53.8BCAT FY2020: $41.7BCAT FY2021: $51BCAT FY2022: $59.4BCAT FY2023: $67.1BCAT FY2024: $64.8BCAT FY2025: $67.6BLMT FY2018: $53.8BLMT FY2019: $59.8BLMT FY2020: $65.4BLMT FY2021: $67BLMT FY2022: $66BLMT FY2023: $67.6BLMT FY2024: $71BLMT FY2025: $75BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $67.6BLMT $75B
Net income
CAT FY2018: $6.1BCAT FY2019: $6.1BCAT FY2020: $3BCAT FY2021: $6.5BCAT FY2022: $6.7BCAT FY2023: $10.3BCAT FY2024: $10.8BCAT FY2025: $8.9BLMT FY2018: $5BLMT FY2019: $6.2BLMT FY2020: $6.8BLMT FY2021: $6.3BLMT FY2022: $5.7BLMT FY2023: $6.9BLMT FY2024: $5.3BLMT FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BLMT $5B
Net margin
CAT FY2018: 11.2%CAT FY2019: 11.3%CAT FY2020: 7.2%CAT FY2021: 12.7%CAT FY2022: 11.3%CAT FY2023: 15.4%CAT FY2024: 16.7%CAT FY2025: 13.1%LMT FY2018: 9.4%LMT FY2019: 10.4%LMT FY2020: 10.4%LMT FY2021: 9.4%LMT FY2022: 8.7%LMT FY2023: 10.2%LMT FY2024: 7.5%LMT FY2025: 6.7%FY18FY19FY20FY21FY22FY23FY24FY25
CAT 13.1%LMT 6.7%
Revenue growth
CAT FY2019: -1.7%CAT FY2020: -22.4%CAT FY2021: +22.1%CAT FY2022: +16.6%CAT FY2023: +12.8%CAT FY2024: -3.4%CAT FY2025: +4.3%LMT FY2019: +11.3%LMT FY2020: +9.3%LMT FY2021: +2.5%LMT FY2022: -1.6%LMT FY2023: +2.4%LMT FY2024: +5.1%LMT FY2025: +5.6%FY19FY20FY21FY22FY23FY24FY25
CAT +4.3%LMT +5.6%
Free cash flow
CAT FY2018: $5.3BCAT FY2019: $5.9BCAT FY2020: $5.3BCAT FY2021: $6.1BCAT FY2022: $6.5BCAT FY2023: $11.3BCAT FY2024: $10BCAT FY2025: $8.9BLMT FY2018: $1.9BLMT FY2019: $5.8BLMT FY2020: $6.4BLMT FY2021: $7.7BLMT FY2022: $6.1BLMT FY2023: $6.2BLMT FY2024: $5.3BLMT FY2025: $6.9BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BLMT $6.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Caterpillar and Lockheed Martin

Which is bigger by revenue, Caterpillar or Lockheed Martin?

Lockheed Martin is bigger by revenue: $75B in fiscal 2025, against $67.6B for Caterpillar in fiscal 2025.

Which keeps more of its revenue as profit, Caterpillar or Lockheed Martin?

Caterpillar had a net margin of 13.1% in fiscal 2025; Lockheed Martin had 6.7% in fiscal 2025.

Which grew revenue faster, Caterpillar or Lockheed Martin?

In their latest fiscal years revenue changed by +4.3% at Caterpillar and +5.6% at Lockheed Martin.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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