Lockheed Martin Corporation, an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; and ground vehicles. The RMS segment offers military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar and laser systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and supports surface ships. The Space segment provides satellites; space transportation systems; strategic, advanced strike, and defensive systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness and integrates space and ground global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It serves primarily serves the U.S. government and international customers, as well as foreign military sales contracted through the U.S. government. The company was formerly known as The Lockheed Corporation and changed its name to Lockheed Martin Corporation in March 1995. Lockheed Martin Corporation was founded in 1912 and is based in Bethesda, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $75.0B | $8.7B | $5.0B | $6.9B | 74.6% | 5.6% | -6.0% |
| 2024 | $71.0B | $8.8B | $5.3B | $5.3B | 84.3% | 5.1% | -22.9% |
| 2023 | $67.6B | $10.4B | $6.9B | $6.2B | 101.2% | 2.4% | 20.7% |
| 2022 | $66.0B | $8.7B | $5.7B | $6.1B | 61.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 65,984 | 67,571 | 71,043 | 75,048 |
| Operating Revenue | - | 65,984 | 67,571 | 71,043 | 75,048 |
| Cost Of Revenue | - | 57,697 | 59,092 | 64,113 | 67,429 |
| Gross Profit | - | 8,287 | 8,479 | 6,930 | 7,619 |
| Operating Expense | - | -61 | -28 | -83 | -112 |
| Total Expenses | - | 57,636 | 59,064 | 64,030 | 67,317 |
| Operating Income | - | 8,348 | 8,507 | 7,013 | 7,731 |
| Total Operating Income As Reported | - | 8,348 | 8,507 | 7,013 | 7,731 |
| EBITDA | - | 8,707 | 10,444 | 8,815 | 8,727 |
| Normalized EBITDA | - | 8,707 | 10,444 | 8,815 | 8,727 |
| EBIT | - | 7,303 | 9,014 | 7,256 | 7,040 |
| Interest Expense | - | 623 | 916 | 1,036 | 1,118 |
| Net Interest Income | - | -623 | -916 | -1,036 | -1,118 |
| Other Non Operating Income Expenses | - | -1,045 | 507 | 243 | -691 |
| Other Income Expense | - | -1,045 | 507 | 243 | -691 |
| Interest Expense Non Operating | - | 623 | 916 | 1,036 | 1,118 |
| Net Non Operating Interest Income Expense | - | -623 | -916 | -1,036 | -1,118 |
| Pretax Income | - | 6,680 | 8,098 | 6,220 | 5,922 |
| Tax Provision | - | 948 | 1,178 | 884 | 905 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Net Income From Continuing And Discontinued Operation | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Net Income From Continuing Operation Net Minority Interest | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Net Income | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Net Income Common Stockholders | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Net Income Including Noncontrolling Interests | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Normalized Income | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Diluted NI Availto Com Stockholders | - | 5,732 | 6,920 | 5,336 | 5,017 |
| Basic Average Shares | - | 263.70 | 250.30 | 238.30 | 232.70 |
| Diluted Average Shares | - | 264.60 | 251.20 | 239.20 | 233.50 |
| Reconciled Depreciation | - | 1,404 | 1,430 | 1,559 | 1,687 |
| Reconciled Cost Of Revenue | - | 57,697 | 59,092 | 64,113 | 67,429 |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Other Operating Expenses | - | -61 | -28 | -83 | -112 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lockheed Martin Corporationthis co. | LMT | $119.7B | 23.85β discount | 17.81 | 74.6% | 15.73 |
| Honeywell International Inc. | HON | $137.9B | 29.16 | 9.92 | 34.0% | 19.61 |
| Vertiv Holdings Co | VRT | $124.4B | 93.35 | 31.57 | 33.8% | 58.93 |
| Parker-Hannifin Corporation | PH | $110.0B | 31.15 | 8.04 | 25.8% | 21.91 |
| Quanta Services, Inc. | PWR |
| - |
| - |
| - |
| - |
| - |
| - |
| $107.9B |
| 104.94 |
| 12.07 |
| 11.5% |
| 44.47 |
| Trane Technologies plc | TT | $102.5B | 35.13 | 11.95 | 34.0% | 24.61 |
| Howmet Aerospace Inc. | HWM | $99.8B | 66.15 | 18.64 | 28.2% | 44.96 |
| United Parcel Service, Inc. | UPS | $93.7B | 16.81 | 5.77 | 34.3% | 9.76 |
| Cummins Inc. | CMI | $93.6B | 32.91 | 7.58 | 23.0% | 18.31 |
| Peer Median | - | 34.02 | 10.93 | 31.0% | 23.26 | |