Compare · GD and LMT
General Dynamics vs. Lockheed Martin
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
General Dynamics builds nuclear submarines and ships, armored vehicles and Gulfstream business jets. Lockheed Martin builds military aircraft led by the F-35, missiles, Sikorsky helicopters and space systems. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing General Dynamics fiscal 2025 (ended Dec 31, 2025) with Lockheed Martin fiscal 2025 (ended Dec 31, 2025)
General DynamicsLockheed Martin
Each pair of bars shows both companies on one scale.
Revenue and profit
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| General Dynamics (FY2024 to FY2025) | $47.7B | $52.5B | +10.1% |
| Lockheed Martin (FY2024 to FY2025) | $71.0B | $75.0B | +5.6% |
General Dynamics reports revenue: sales of business jets, submarines and ships, combat vehicles and munitions, and IT and mission systems. Lockheed Martin reports net sales: sales of aircraft, missiles, helicopters, space systems and related services, mostly to the US government.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| General Dynamics FY2025 | $52.5B | $5.4B | 10.2% | $4.2B | 8.0% |
| Lockheed Martin FY2025 | $75.0B | $7.7B | 10.3% | $5.0B | 6.7% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| General Dynamics FY2025 | $5.1B | $1.2B | $4.0B | $637M | $1.6B |
| Lockheed Martin FY2025 | $8.6B | $1.6B | $6.9B | $3.0B | $3.1B |
Capital spending is property and equipment for General Dynamics, and the capital expenditures line for Lockheed Martin, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
General Dynamics
Marine Systems builds nuclear submarines and surface ships for the US Navy. Aerospace makes Gulfstream business jets and provides aircraft services. Combat Systems makes armored vehicles, weapons and munitions. Technologies provides IT and mission systems, mainly to the US government.
Most of its revenue comes from the US government. Its fiscal year is the calendar year.
Lockheed Martin
Aeronautics builds military aircraft, led by the F-35 fighter. Missiles and Fire Control makes missiles and missile-defense systems. Rotary and Mission Systems builds Sikorsky helicopters, ship and radar systems. Space builds satellites, missile-defense and strategic missile systems, and space vehicles.
Most sales are to the US government, including weapons it sells on to allied countries. Its fiscal year is the calendar year.
Main risks each one lists
General Dynamics
- Changes in US defense budgets can reduce or delay orders.
- Fixed-price contracts can turn into losses if costs run over.
- Shortages of parts and skilled workers can slow shipbuilding and production.
- Gulfstream demand depends on the economy and corporate spending.
- Foreign sales bring currency and political risks.
Lockheed Martin
- Most sales depend on US defense spending, which Congress sets each year.
- Cost overruns on fixed-price programs can lead to losses.
- A large share of sales comes from one aircraft program.
- Parts shortages and supplier problems can delay deliveries.
- It must win new programs against other large contractors.
How they differ
- Size. Lockheed Martin reported $75.0B of revenue for fiscal 2025, and General Dynamics $52.5B for fiscal 2025.
- Growth. General Dynamics' revenue grew 10.1% in its latest year and Lockheed Martin's 5.6%.
- Margins. Lockheed Martin kept 6.7% of revenue as net income and General Dynamics 8.0%.
- Commercial business. General Dynamics' Aerospace segment makes Gulfstream business jets and provides aircraft services.
- Customers. Most of both companies' revenue comes from the US government.
- Where the money goes. In the latest year Lockheed Martin spent $3.0B on buybacks and $3.1B on dividends, and General Dynamics $637M and $1.6B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- General Dynamics Form 10-K for fiscal 2025, filed Jan 30, 2026
- Lockheed Martin Form 10-K for fiscal 2025, filed Jan 29, 2026
General Dynamics company file → · Lockheed Martin company file →
Common questions
Which is bigger by revenue, Lockheed Martin or General Dynamics?
Lockheed Martin reported $75.0B of revenue for fiscal 2025 and General Dynamics $52.5B for fiscal 2025.
Does General Dynamics build submarines?
Yes. Its Marine Systems segment builds nuclear submarines and surface ships for the US Navy.
How do their profit margins compare?
In the latest fiscal year Lockheed Martin's net margin was 6.7% and General Dynamics' was 8.0%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.