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Firefly Aerospace vs Lockheed Martin: revenue, profit, margins and growth compared

Firefly Aerospace brought in $159.9M of revenue in fiscal 2025, Lockheed Martin $75B in fiscal 2025. Revenue changed by +163.0% at Firefly Aerospace and +5.6% at Lockheed Martin on the year before, so Firefly Aerospace grew faster. Firefly Aerospace kept -186.6% of its revenue as net profit, Lockheed Martin 6.7%. Free cash flow was -$237.8M at Firefly Aerospace and $6.9B at Lockheed Martin.

Side by side, latest fiscal year

FLYLMT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$159.9M$75B
Revenue growth+163.0%+5.6%
Net income-$298.3M$5B
Net margin-186.6%6.7%
Free cash flow-$237.8M$6.9B
Free cash flow margin-148.7%9.2%
Earnings per share (diluted)-$4.83$21.49
Cash$793M$4.1B
Debtn/a$21.7B
Price to earningsn/a24.2
Market value$4.1B$119.9B
Dividend yieldn/a2.57%
Rank by revenue in sector#367 of 451 · Industrials#7 of 451 · Industrials

Over the years

Revenue
FLY FY2023: $55.2MFLY FY2025: $60.8MFLY FY2025: $159.9MLMT FY2018: $53.8BLMT FY2019: $59.8BLMT FY2020: $65.4BLMT FY2021: $67BLMT FY2022: $66BLMT FY2023: $67.6BLMT FY2024: $71BLMT FY2025: $75BFY18FY19FY20FY21FY22FY23FY24FY25
FLY $159.9MLMT $75B
Net income
FLY FY2023: -$135.5MFLY FY2025: -$231.1MFLY FY2025: -$298.3MLMT FY2018: $5BLMT FY2019: $6.2BLMT FY2020: $6.8BLMT FY2021: $6.3BLMT FY2022: $5.7BLMT FY2023: $6.9BLMT FY2024: $5.3BLMT FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
FLY -$298.3MLMT $5B
Net margin
FLY FY2023: -245.2%FLY FY2025: -380.2%FLY FY2025: -186.6%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
FLY -186.6%LMT 6.7%
Revenue growth
FLY FY2025: +10.1%FLY FY2025: +163.0%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
FLY +163.0%LMT +5.6%
Free cash flow
FLY FY2023: -$170.7MFLY FY2025: -$190.3MFLY FY2025: -$237.8MLMT FY2018: $1.9BLMT FY2019: $5.8BLMT FY2020: $6.4BLMT FY2021: $7.7BLMT FY2022: $6.1BLMT FY2023: $6.2BLMT FY2024: $5.3BLMT FY2025: $6.9BFY18FY19FY20FY21FY22FY23FY24FY25
FLY -$237.8MLMT $6.9B

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

Questions about Firefly Aerospace and Lockheed Martin

Which is bigger by revenue, Firefly Aerospace or Lockheed Martin?

Lockheed Martin is bigger by revenue: $75B in fiscal 2025, against $159.9M for Firefly Aerospace in fiscal 2025.

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

Firefly Aerospace had a net margin of -186.6% in fiscal 2025; Lockheed Martin had 6.7% in fiscal 2025.

Which grew revenue faster, Firefly Aerospace or Lockheed Martin?

In their latest fiscal years revenue changed by +163.0% at Firefly Aerospace 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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