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Lockheed Martin vs Voyager Technologies: revenue, profit, margins and growth compared

Lockheed Martin brought in $75B of revenue in fiscal 2025, Voyager Technologies $166.4M in fiscal 2025. Revenue changed by +5.6% at Lockheed Martin and +15.4% at Voyager Technologies on the year before, so Voyager Technologies grew faster. Lockheed Martin kept 6.7% of its revenue as net profit, Voyager Technologies -63.0%. Free cash flow was $6.9B at Lockheed Martin and -$205.6M at Voyager Technologies.

Side by side, latest fiscal year

LMTVOYG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$75B$166.4M
Revenue growth+5.6%+15.4%
Net income$5B-$104.8M
Net margin6.7%-63.0%
Free cash flow$6.9B-$205.6M
Free cash flow margin9.2%-123.6%
Earnings per share (diluted)$21.49-$2.89
Cash$4.1B$491.3M
Debt$21.7Bn/a
Price to earnings24.2n/a
Market value$119.9B$1.9B
Dividend yield2.57%n/a
Rank by revenue in sector#7 of 451 · Industrials#364 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: $75BVOYG FY2023: $136.1MVOYG FY2025: $144.2MVOYG FY2025: $166.4MFY18FY19FY20FY21FY22FY23FY24FY25
LMT $75BVOYG $166.4M
Net income
LMT FY2018: $5BLMT FY2019: $6.2BLMT FY2020: $6.8BLMT FY2021: $6.3BLMT FY2022: $5.7BLMT FY2023: $6.9BLMT FY2024: $5.3BLMT FY2025: $5BVOYG FY2023: -$25.4MVOYG FY2025: -$62.1MVOYG FY2025: -$104.8MFY18FY19FY20FY21FY22FY23FY24FY25
LMT $5BVOYG -$104.8M
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%VOYG FY2023: -18.7%VOYG FY2025: -43.1%VOYG FY2025: -63.0%FY18FY19FY20FY21FY22FY23FY24FY25
LMT 6.7%VOYG -63.0%
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%VOYG FY2025: +6.0%VOYG FY2025: +15.4%FY19FY20FY21FY22FY23FY24FY25
LMT +5.6%VOYG +15.4%
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: $6.9BVOYG FY2023: -$32.6MVOYG FY2025: -$108.2MVOYG FY2025: -$205.6MFY18FY19FY20FY21FY22FY23FY24FY25
LMT $6.9BVOYG -$205.6M

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

Questions about Lockheed Martin and Voyager Technologies

Which is bigger by revenue, Lockheed Martin or Voyager Technologies?

Lockheed Martin is bigger by revenue: $75B in fiscal 2025, against $166.4M for Voyager Technologies in fiscal 2025.

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

Lockheed Martin had a net margin of 6.7% in fiscal 2025; Voyager Technologies had -63.0% in fiscal 2025.

Which grew revenue faster, Lockheed Martin or Voyager Technologies?

In their latest fiscal years revenue changed by +5.6% at Lockheed Martin and +15.4% at Voyager Technologies.

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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