Lockheed Martin (LMT) financial statements
Lockheed Martin reported revenue of $75.0B in fiscal 2025, up 5.3% a year over 9 years.
Net income was $5.0B and the operating margin 10.3%, against 12.5% in 2016.
Free cash flow was $6.9B, and the company returned $3.1B in dividends and $3.0B in net buybacks.
The diluted share count fell 23% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lockheed Martin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.3B | $50.0B | $53.8B | $59.8B | $65.4B | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Cost of revenue | $41.9B | $43.6B | $46.5B | $51.4B | $56.7B | $58.0B | $57.7B | $59.1B | $64.1B | $67.4B |
| Gross profit | $5.4B | $6.4B | $7.3B | $8.4B | $8.7B | $9.1B | $8.3B | $8.5B | $6.9B | $7.6B |
| Research and development | $988M | $1.2B | $1.3B | $1.3B | $1.3B | $1.5B | $1.7B | $1.5B | $1.6B | $2.0B |
| Operating income | $5.9B | $6.7B | $7.3B | $8.5B | $8.6B | $9.1B | $8.3B | $8.5B | $7.0B | $7.7B |
| Interest expense | $663M | $651M | $668M | $653M | $591M | $569M | $623M | $916M | $1.0B | $1.1B |
| Pre-tax income | $4.8B | $5.2B | $5.8B | $7.2B | $8.2B | $7.5B | $6.7B | $8.1B | $6.2B | $5.9B |
| Income tax | $1.1B | $3.4B | $792M | $1.0B | $1.3B | $1.2B | $948M | $1.2B | $884M | $905M |
| Net income | $5.2B | $2.0B | $5.0B | $6.2B | $6.8B | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| EPS (diluted) | $17.07 | $6.75 | $17.59 | $21.95 | $24.30 | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
| Diluted shares | 303M | 291M | 287M | 284M | 281M | 277M | 265M | 251M | 239M | 234M |
| Gross margin | 11.4% | 12.8% | 13.5% | 14.0% | 13.2% | 13.5% | 12.6% | 12.5% | 9.8% | 10.2% |
| Operating margin | 12.5% | 13.5% | 13.6% | 14.3% | 13.2% | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Net margin | 10.9% | 3.9% | 9.4% | 10.4% | 10.4% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
Balance sheet
Fiscal years, from Lockheed Martin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $2.9B | $772M | $1.5B | $3.2B | $3.6B | $2.5B | $1.4B | $2.5B | $4.1B |
| Receivables | $8.2B | $2.3B | $2.4B | $2.3B | $2.0B | $2.0B | $2.5B | $2.1B | $2.4B | $3.9B |
| Inventory | — | $2.9B | $3.0B | $3.6B | $3.5B | $3.0B | $3.1B | $3.1B | $3.5B | $3.5B |
| Total current assets | $15.1B | $17.5B | $16.1B | $17.1B | $19.4B | $19.8B | $21.0B | $20.5B | $21.8B | $25.4B |
| Property, plant and equipment | $5.5B | $5.8B | $6.1B | $6.6B | $7.2B | $7.6B | $8.0B | $8.4B | $8.7B | $11.3B |
| Goodwill | $10.8B | $10.8B | $10.8B | $10.6B | $10.8B | $10.8B | $10.8B | $10.8B | $11.1B | $11.3B |
| Total assets | $47.8B | $46.6B | $44.9B | $47.5B | $50.7B | $50.9B | $52.9B | $52.5B | $55.6B | $59.8B |
| Total current liabilities | $12.5B | $12.9B | $14.4B | $14.0B | $13.9B | $14.0B | $15.9B | $16.9B | $19.4B | $23.3B |
| Long-term debt | $14.3B | $13.5B | $12.6B | $11.4B | $11.7B | $11.7B | $15.4B | $17.3B | $19.6B | $20.5B |
| Total liabilities | $46.2B | $47.4B | $43.4B | $44.4B | $44.7B | $39.9B | $43.6B | $45.6B | $49.3B | $53.1B |
| Shareholders' equity | $1.5B | -$850M | $1.4B | $3.1B | $6.0B | $11.0B | $9.3B | $6.8B | $6.3B | $6.7B |
| Net debt | $12.4B | $11.4B | $13.3B | $11.1B | $9.0B | $8.1B | $13.0B | $16.0B | $17.8B | $17.6B |
Cash flow
Fiscal years, from Lockheed Martin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.2B | $6.5B | $3.1B | $7.3B | $8.2B | $9.2B | $7.8B | $7.9B | $7.0B | $8.6B |
| Capital spending | $1.1B | $1.2B | $1.3B | $1.5B | $1.8B | $1.5B | $1.7B | $1.7B | $1.7B | $1.6B |
| Free cash flow | $4.1B | $5.3B | $1.9B | $5.8B | $6.4B | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Stock-based compensation | $149M | $158M | $173M | $189M | $221M | $227M | $238M | $265M | $277M | $304M |
| Dividends paid | $2.0B | $2.2B | $2.3B | $2.6B | $2.8B | $2.9B | $3.0B | $3.1B | $3.1B | $3.1B |
| Share buybacks (net) | -$2.1B | -$2.0B | -$1.5B | -$1.2B | -$1.1B | -$4.1B | -$7.9B | -$6.0B | -$3.7B | -$3.0B |
| Net borrowing | -$952M | $0 | -$150M | -$1.5B | -$519M | -$500M | $4.0B | $1.9B | $2.8B | $1.3B |
| Free cash flow margin | 8.7% | 10.6% | 3.5% | 9.7% | 9.8% | 11.5% | 9.3% | 9.2% | 7.4% | 9.2% |
| Dividends per share | $6.76 | $7.44 | $8.18 | $9.01 | $9.83 | $10.60 | $11.40 | $12.17 | $12.79 | $13.41 |
Questions
What was Lockheed Martin's revenue in 2025?
$75.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lockheed Martin generate?
$6.9B in fiscal 2025 (operating cash flow minus capital spending).
From Lockheed Martin's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.