Detailed financial statements for Lockheed Martin Corporation (LMT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Lockheed Martin Corporation stands as a prominent global security and aerospace enterprise, specializing in the comprehensive lifecycle of advanced technological systems. Its expertise spans the research, design, development, manufacturing, integration, and ongoing sustainment of cutting-edge products and services across the world.
Analysis Summary
Lockheed Martin Corporation reported revenue of $75.06B in the most recent fiscal year, growing at a 5-year CAGR of 2.8%. Net income reached $5.02B, with a -6.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.7%, operating margin 11.8%, net margin 8.2%. Free cash flow grew at 1.5% CAGR over 5 years.
At $636.95 (closing price, October 30, 2026), LMT trades at a P/E of 22.63 and an ROE of 78.85%. Market capitalisation stands at $147.1B, placing it among large-cap names.
Balance sheet quality for LMT: debt-to-equity ratio of 2.04, current ratio of 1.26 over the last 12 months, net debt of $17.58B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $6.91B represents 138% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.29B | $49.96B | $53.76B | $59.81B | $65.40B | $67.04B | $65.98B | $67.57B | $71.04B | $75.06B |
| Cost of Revenue | $41.89B | $43.59B | $46.39B | $51.45B | $56.74B | $57.98B | $57.70B | $59.09B | $64.11B | $67.43B |
| Gross Profit | $5.40B | $6.37B | $7.37B | $8.37B | $8.65B | $9.06B | $8.29B | $8.48B | $6.93B | $7.62B |
| Research & Development | $988.0M | $1.20B | $1.30B | $1.30B | $1.30B | $1.50B | $1.70B | $1.50B | $1.60B | $2.00B |
| Selling, General & Admin | $471.0M | $746.0M | $777.0M | $608.0M | $241.0M | $1.24B | $865.0M | $499.0M | $137.0M | $50.0M |
| Operating Expenses | -$487.0M | -$373.0M | $36.0M | -$178.0M | $10.0M | -$62.0M | -$61.0M | -$28.0M | -$83.0M | -$112.0M |
| Operating Income | $5.89B | $6.74B | $7.33B | $8.54B | $8.64B | $9.12B | $8.35B | $8.51B | $7.01B | $7.73B |
| EBITDA | $6.63B | $7.09B | $7.67B | $9.08B | $10.12B | $9.48B | $8.71B | $10.44B | $8.81B | $8.73B |
| Interest Expense | $663.0M | $651.0M | $668.0M | $653.0M | $591.0M | $569.0M | $623.0M | $916.0M | $1.04B | $1.12B |
| Pre-tax Income | $4.89B | $5.27B | $5.84B | $7.24B | $8.23B | $7.55B | $6.68B | $8.10B | $6.22B | $5.92B |
| Income Tax | $1.13B | $3.34B | $792.0M | $1.01B | $1.35B | $1.24B | $948.0M | $1.18B | $884.0M | $905.0M |
| Net Income | $5.30B | $2.00B | $5.05B | $6.23B | $6.83B | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B |
| EPS | $17.71 | $6.96 | $17.74 | $22.09 | $24.40 | $22.85 | $21.74 | $27.65 | $22.39 | $21.56 |
| EPS (Diluted) | $17.49 | $6.89 | $17.59 | $21.95 | $24.30 | $22.77 | $21.66 | $27.55 | $22.31 | $21.49 |
| Shares Outstanding (Diluted) | 303.1 M | 290.6 M | 286.8 M | 283.8 M | 281.2 M | 277.4 M | 264.6 M | 251.2 M | 239.2 M | 231.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $20.33B | $18.02B | $20.06B | $20.71B |
| Gross Profit | $2.32B | $2.08B | $2.45B | $2.44B |
| Operating Income | $2.33B | $2.06B | $2.48B | $2.44B |
| EBITDA | $2.28B | $2.44B | $2.88B | $2.86B |
| Net Income | $1.34B | $1.49B | $1.84B | $1.84B |
| EPS | $5.82 | $6.47 | $7.98 | $8.00 |
| EPS (Diluted) | $5.80 | $6.44 | $7.94 | $7.97 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.84B | $2.86B | $772.0M | $1.51B | $3.16B | $3.60B | $2.55B | $1.44B | $2.48B | $4.12B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $8.20B | $10.26B | $11.92B | $11.43B | $11.52B | $12.54B | $14.82B | $15.31B | $15.31B | $16.90B |
| Inventory | $4.67B | $4.49B | $3.00B | $3.62B | $3.54B | $2.98B | $3.09B | $3.13B | $3.47B | $3.52B |
| Total Current Assets | $15.11B | $17.46B | $16.10B | $17.09B | $19.38B | $19.82B | $20.99B | $20.52B | $21.85B | $25.36B |
| Property, Plant & Equipment | $5.55B | $5.78B | $6.12B | $6.59B | $7.21B | $7.60B | $7.97B | $8.37B | $8.73B | $9.85B |
| Goodwill | $10.76B | $10.81B | $10.77B | $10.60B | $10.81B | $10.81B | $10.78B | $10.80B | $11.07B | $11.31B |
| Intangible Assets | $4.09B | $3.80B | $3.49B | $3.21B | $3.01B | $2.71B | $2.46B | $2.21B | $2.02B | $4.30B |
| Total Assets | $47.81B | $46.52B | $44.88B | $47.53B | $50.71B | $50.87B | $52.88B | $52.46B | $55.62B | $59.84B |
| Accounts Payable | $1.65B | $1.47B | $2.40B | $1.28B | $880.0M | $780.0M | $2.12B | $2.31B | $2.22B | $3.63B |
| Short-term Debt | 0 | $750.0M | $1.50B | $1.25B | $500.0M | $6.0M | $118.0M | $168.0M | $643.0M | $1.17B |
| Total Current Liabilities | $12.54B | $12.64B | $14.40B | $13.97B | $13.93B | $14.00B | $15.89B | $16.94B | $19.42B | $23.34B |
| Long-term Debt | $14.28B | $13.51B | $12.60B | $11.40B | $11.67B | $11.67B | $15.43B | $17.29B | $19.63B | $20.53B |
| Total Liabilities | $46.20B | $47.13B | $43.43B | $44.36B | $44.67B | $39.91B | $43.61B | $45.62B | $49.28B | $53.12B |
| Retained Earnings | $13.32B | $11.57B | $15.43B | $18.40B | $21.64B | $21.60B | $16.94B | $15.40B | $14.55B | $14.03B |
| Total Equity | $1.51B | -$683.0M | $1.39B | $3.13B | $6.01B | $10.96B | $9.27B | $6.83B | $6.33B | $6.72B |
| Total Debt | $14.28B | $14.26B | $14.10B | $12.65B | $12.17B | $11.68B | $15.55B | $17.46B | $20.27B | $21.70B |
| Net Debt | $12.45B | $11.40B | $13.33B | $11.14B | $9.01B | $8.07B | $13.00B | $16.02B | $17.79B | $17.58B |
| Working Capital | $2.57B | $4.82B | $1.71B | $3.12B | $5.45B | $5.82B | $5.10B | $3.58B | $2.43B | $2.03B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $4.12B | $1.89B | $3.79B | $5.96B |
| Total Assets | $59.84B | $59.24B | $62.45B | $64.51B |
| Total Liabilities | $53.12B | $51.75B | $53.68B | $54.45B |
| Total Equity | $6.72B | $7.49B | $8.77B | $10.06B |
| Total Debt | $21.70B | $20.70B | $20.54B | $20.50B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.30B | $2.00B | $5.05B | $6.23B | $6.83B | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B |
| Depreciation & Amortization | $1.22B | $1.20B | $1.16B | $1.19B | $1.29B | $1.36B | $1.40B | $1.43B | $1.56B | $1.69B |
| Stock-based Compensation | $149.0M | $158.0M | $173.0M | $189.0M | $221.0M | $227.0M | $238.0M | $265.0M | $277.0M | $304.0M |
| Change in Working Capital | $132.0M | -$197.0M | -$3.90B | -$742.0M | -$1.11B | $54.0M | -$585.0M | -$194.0M | -$1.66B | -$983.0M |
| Operating Cash Flow | $5.19B | $6.48B | $3.14B | $7.31B | $8.18B | $9.22B | $7.80B | $7.92B | $6.97B | $8.56B |
| Capital Expenditure | -$1.06B | -$1.18B | -$1.28B | -$1.48B | -$1.77B | -$1.52B | -$1.67B | -$1.69B | -$1.69B | -$1.65B |
| Acquisitions | 0 | 0 | 0 | 0 | -$282.0M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$2.10B | -$2.00B | -$1.49B | -$1.20B | -$1.10B | -$4.09B | -$7.90B | -$6.00B | -$3.70B | -$3.00B |
| Dividends Paid | -$2.05B | -$2.16B | -$2.35B | -$2.56B | -$2.76B | -$2.94B | -$3.02B | -$3.06B | -$3.06B | -$3.13B |
| Free Cash Flow | $4.13B | $5.30B | $1.86B | $5.83B | $6.42B | $7.70B | $6.13B | $6.23B | $5.29B | $6.91B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $3.22B | $220.0M | $3.23B | $3.44B |
| Capital Expenditure | -$463.0M | -$511.0M | -$318.0M | -$439.0M |
| Free Cash Flow | $2.76B | -$291.0M | $2.92B | $3.00B |
| Dividends Paid | -$799.0M | -$816.0M | -$796.0M | -$796.0M |
| Stock-based Compensation | $89.0M | $83.0M | $97.0M | $89.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.6% | +7.6% | +11.3% | +9.3% | +2.5% | -1.6% | +2.4% | +5.1% | +5.7% | |
| Net Income Growth (YoY) | -62.2% | +152.0% | +23.5% | +9.7% | -7.6% | -9.2% | +20.7% | -22.9% | -6.0% | |
| EPS Growth (YoY) | -60.7% | +154.9% | +24.5% | +10.5% | -6.4% | -4.9% | +27.2% | -19.0% | -3.7% | |
| Shares Change (YoY) | -4.1% | -1.3% | -1.0% | -0.9% | -1.4% | -4.6% | -5.1% | -4.8% | -3.1% | |
| FCF Growth (YoY) | +28.4% | -64.9% | +213.3% | +10.1% | +20.0% | -20.4% | +1.6% | -15.1% | +30.7% | |
| Gross Margin | 11.4% | 12.8% | 13.7% | 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% |
| EBITDA Margin | 14.0% | 14.2% | 14.3% | 15.2% | 15.5% | 14.1% | 13.2% | 15.5% | 12.4% | 11.6% |
| Net Margin | 11.2% | 4.0% | 9.4% | 10.4% | 10.4% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
| FCF Margin | 8.7% | 10.6% | 3.5% | 9.7% | 9.8% | 11.5% | 9.3% | 9.2% | 7.4% | 9.2% |
| Effective Tax Rate | 23.2% | 63.4% | 13.6% | 14.0% | 16.4% | 16.4% | 14.2% | 14.5% | 14.2% | 15.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $13.61 | $18.23 | $6.49 | $20.53 | $22.82 | $27.75 | $23.17 | $24.80 | $22.10 | $29.79 |
| Dividends Per Share | $6.76 | $7.44 | $8.18 | $9.01 | $9.83 | $10.60 | $11.40 | $12.17 | $12.79 | $13.50 |
| Shares Outstanding (Basic) | 299.3 M | 287.8 M | 284.5 M | 282.0 M | 280.0 M | 276.4 M | 263.7 M | 250.3 M | 238.3 M | 230.9 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 78.85% |
| Return on Invested Capital | 19.83% |
| Return on Assets | 10.10% |
| Gross Margin | 11.73% |
| Operating Margin | 11.77% |
| Net Margin | 8.23% |
Financial Health
| Debt / Equity | 2.04 |
| Current Ratio | 1.26 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.31 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.11 | 46.13 | 14.76 | 17.63 | 14.55 | 15.55 | 22.38 | 16.39 | 21.70 | 22.43 |
| P/B | 49.51 | -135.28 | 53.44 | 35.12 | 16.52 | 8.96 | 13.84 | 16.60 | 18.29 | 16.62 |
| P/S | 1.58 | 1.85 | 1.39 | 1.84 | 1.52 | 1.47 | 1.94 | 1.68 | 1.63 | 1.49 |
| Gross Margin | 11.4% | 12.8% | 13.7% | 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 | 11.2% | 4.0% | 9.4% | 10.4% | 10.4% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
Related companies: RTX · BA · NOC · GD · LHX
Explore sector: Industrials · Aerospace & Defense
More sections of LMT: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks