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Lockheed Martin vs United Parcel Service: revenue, profit, margins and growth compared

Lockheed Martin brought in $75B of revenue in fiscal 2025, United Parcel Service $88.7B in fiscal 2025. Revenue changed by +5.6% at Lockheed Martin and -2.6% at United Parcel Service on the year before, so Lockheed Martin grew faster. Lockheed Martin kept 6.7% of its revenue as net profit, United Parcel Service 6.3%. Free cash flow was $6.9B at Lockheed Martin and $4.8B at United Parcel Service.

Side by side, latest fiscal year

LMTUPS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$75B$88.7B
Revenue growth+5.6%-2.6%
Net income$5B$5.6B
Net margin6.7%6.3%
Free cash flow$6.9B$4.8B
Free cash flow margin9.2%5.4%
Earnings per share (diluted)$21.49$6.56
Cash$4.1B$5.9B
Debt$21.7B$23.6B
Price to earnings24.214.3
Market value$119.9B$79.9B
Dividend yield2.57%6.98%
Rank by revenue in sector#7 of 451 · Industrials#5 of 451 · Industrials

Over the years

Revenue
LMT FY2018: $53.8BLMT FY2019: $59.8BLMT FY2020: $65.4BLMT FY2021: $67BLMT FY2022: $66BLMT FY2023: $67.6BLMT FY2024: $71BLMT FY2025: $75BUPS FY2018: $71.9BUPS FY2019: $74.1BUPS FY2020: $84.6BUPS FY2021: $97.3BUPS FY2022: $100.3BUPS FY2023: $91BUPS FY2024: $91.1BUPS FY2025: $88.7BFY18FY19FY20FY21FY22FY23FY24FY25
LMT $75BUPS $88.7B
Net income
LMT FY2018: $5BLMT FY2019: $6.2BLMT FY2020: $6.8BLMT FY2021: $6.3BLMT FY2022: $5.7BLMT FY2023: $6.9BLMT FY2024: $5.3BLMT FY2025: $5BUPS FY2018: $4.8BUPS FY2019: $4.4BUPS FY2020: $1.3BUPS FY2021: $12.9BUPS FY2022: $11.5BUPS FY2023: $6.7BUPS FY2024: $5.8BUPS FY2025: $5.6BFY18FY19FY20FY21FY22FY23FY24FY25
LMT $5BUPS $5.6B
Net margin
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%UPS FY2018: 6.7%UPS FY2019: 6.0%UPS FY2020: 1.6%UPS FY2021: 13.2%UPS FY2022: 11.5%UPS FY2023: 7.4%UPS FY2024: 6.3%UPS FY2025: 6.3%FY18FY19FY20FY21FY22FY23FY24FY25
LMT 6.7%UPS 6.3%
Revenue growth
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%UPS FY2019: +3.1%UPS FY2020: +14.2%UPS FY2021: +15.0%UPS FY2022: +3.1%UPS FY2023: -9.3%UPS FY2024: +0.1%UPS FY2025: -2.6%FY19FY20FY21FY22FY23FY24FY25
LMT +5.6%UPS -2.6%
Free cash flow
LMT FY2018: $1.9BLMT FY2019: $5.8BLMT FY2020: $6.4BLMT FY2021: $7.7BLMT FY2022: $6.1BLMT FY2023: $6.2BLMT FY2024: $5.3BLMT FY2025: $6.9BUPS FY2018: $6.4BUPS FY2019: $2.3BUPS FY2020: $5BUPS FY2021: $10.8BUPS FY2022: $9.3BUPS FY2023: $5.1BUPS FY2024: $6.2BUPS FY2025: $4.8BFY18FY19FY20FY21FY22FY23FY24FY25
LMT $6.9BUPS $4.8B

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

Questions about Lockheed Martin and United Parcel Service

Which is bigger by revenue, Lockheed Martin or United Parcel Service?

United Parcel Service is bigger by revenue: $88.7B in fiscal 2025, against $75B for Lockheed Martin in fiscal 2025.

Which keeps more of its revenue as profit, Lockheed Martin or United Parcel Service?

Lockheed Martin had a net margin of 6.7% in fiscal 2025; United Parcel Service had 6.3% in fiscal 2025.

Which grew revenue faster, Lockheed Martin or United Parcel Service?

In their latest fiscal years revenue changed by +5.6% at Lockheed Martin and -2.6% at United Parcel Service.

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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