Compare · LMT and RTX
Lockheed Martin vs. RTX
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both are large US defense contractors. Lockheed Martin sells mostly to the US government, led by the F-35 fighter; RTX also has commercial aerospace businesses, Pratt & Whitney engines and Collins Aerospace 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 Lockheed Martin fiscal 2025 (ended Dec 31, 2025) with RTX fiscal 2025 (ended Dec 31, 2025)
Lockheed MartinRTX
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Lockheed Martin (FY2024 to FY2025) | $71.0B | $75.0B | +5.6% |
| RTX (FY2024 to FY2025) | $80.7B | $88.6B | +9.7% |
Lockheed Martin reports net sales: sales of aircraft, missiles, helicopters, space systems and related services, mostly to the US government. RTX reports net sales: sales of aircraft engines, aerospace systems, defense systems and related services.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Lockheed Martin FY2025 | $75.0B | $7.7B | 10.3% | $5.0B | 6.7% |
| RTX FY2025 | $88.6B | $9.3B | 10.5% | $6.7B | 7.6% |
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 |
|---|---|---|---|---|---|
| Lockheed Martin FY2025 | $8.6B | $1.6B | $6.9B | $3.0B | $3.1B |
| RTX FY2025 | $10.6B | $2.6B | $7.9B | $50M | $3.6B |
Capital spending is the capital expenditures line for Lockheed Martin, and property and equipment for RTX, 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
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.
RTX
Pratt & Whitney makes jet engines for commercial and military aircraft and services them. Collins Aerospace makes aircraft systems such as avionics, interiors, landing gear and power controls. Raytheon makes defense systems such as missiles, air and missile defense radars and sensors.
Its customers range from airlines and aircraft makers to the US government and other governments. Its fiscal year is the calendar year.
Main risks each one lists
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.
RTX
- Defense sales depend on US and foreign government budgets and contract decisions.
- Engine and aircraft systems sales depend on airline traffic and aircraft production.
- Shortages of parts, materials and skilled labor can delay deliveries.
- Fixed-price contracts can lose money if costs run above plan.
- Engine and product quality issues can lead to costly inspections, repairs and customer compensation.
How they differ
- Size. RTX reported $88.6B of revenue for fiscal 2025, and Lockheed Martin $75.0B for fiscal 2025.
- Growth. Lockheed Martin's revenue grew 5.6% in its latest year and RTX's 9.7%.
- Margins. RTX kept 7.6% of revenue as net income and Lockheed Martin 6.7%.
- Customers. Most Lockheed Martin sales are to the US government. RTX's customers range from airlines and aircraft makers to the US and other governments.
- Overlap. Both make missiles and missile-defense systems: Lockheed Martin through Missiles and Fire Control, RTX through Raytheon.
- Where the money goes. In the latest year RTX spent $50M on buybacks and $3.6B on dividends, and Lockheed Martin $3.0B and $3.1B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Lockheed Martin Form 10-K for fiscal 2025, filed Jan 29, 2026
- RTX Form 10-K for fiscal 2025, filed Feb 6, 2026
Lockheed Martin company file → · RTX company file →
Common questions
Which is bigger by revenue, RTX or Lockheed Martin?
RTX reported $88.6B of revenue for fiscal 2025 and Lockheed Martin $75.0B for fiscal 2025.
Does RTX sell to airlines?
Yes. Pratt & Whitney makes and services engines for commercial aircraft and Collins Aerospace makes aircraft systems; RTX's customers include airlines and aircraft makers.
How do their profit margins compare?
In the latest fiscal year RTX's net margin was 7.6% and Lockheed Martin's was 6.7%, 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.