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Lockheed Martin

Lockheed Martin's sales rose in 2025, while net earnings fell

Net sales rose 5.6% to $75.0B. Net earnings fell 6.0% to $5.0B. The US government was 71% of sales.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 29, 2026) · Latest quarter: 10-Q for the quarter ended Sep 27, 2026 (filed Oct 22, 2026) · Data pulled Oct 25, 2026

Key facts

Lockheed Martin (NYSE: LMT) reported net sales of $75.0B for fiscal 2025, the year ended Dec 31, 2025, up 5.6% from fiscal 2024. Net earnings were $5.0B, down 6.0%. In its latest 10-Q, for the quarter ended Sep 27, 2026, net sales were $20.7B, up 11.3% from the same quarter a year earlier, and net income was $1.8B. The largest piece by segment was Aeronautics, at 40% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Jan 29, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 22, 2026).

Net sales$75.0BFY2025 · +5.6% vs FY2024
Net earnings$5.0BFY2025 · −6.0% vs FY2024
Operating cash flow$8.6BFY2025 · +22.7% vs FY2024
Cash & equivalents$6.0Bat Sep 27, 2026 · +44.6% vs FY2025 end
Total debt$20.5Bat Sep 27, 2026 · −5.5% vs FY2025 end
Diluted shares234MFY2025 avg · −2.4% vs FY2024
Net sales and net earnings, three fiscal yearsBy fiscal year, $bn
Net salesNet earnings
Net sales and net earnings by fiscal yearNet sales FY2023: $67.6B67.6Net earnings FY2023: $6.9B6.9FY2023Net sales FY2024: $71.0B71.0Net earnings FY2024: $5.3B5.3FY2024Net sales FY2025: $75.0B75.0Net earnings FY2025: $5.0B5.0FY2025

Source: 10-K FY2025, filed Jan 29, 2026

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net sales, fiscal 2026 vs 2025FY2025 Q1: $18.0B18.0FY2026 Q1: $18.0B18.0Q1FY2025 Q2: $18.2B18.2FY2026 Q2: $20.1B20.1Q2FY2025 Q3: $18.6B18.6FY2026 Q3: $20.7B20.7Q3

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026

How it makes money

FY2025 total by categoryAeronautics: $30.3B (40%)Missiles and Fire Control: $14.4B (19%)Rotary and Mission Systems: $17.3B (23%)Space: $13.0B (17%)$75.0BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Aeronautics$30.3B40%+5.7%
  • Missiles and Fire Control$14.4B19%+13.9%
  • Rotary and Mission Systems$17.3B23%+0.3%
  • Space$13.0B17%+4.4%

Source: 10-K FY2025, XBRL breakdown

Aeronautics was 40% of 2025 sales, Rotary and Mission Systems 23%, Missiles and Fire Control 19% and Space 17%. By customer, the US government was 71% and international customers 28%.

By segment: three-year mixShare of the total each fiscal year
AeronauticsMissiles and Fire ControlRotary and Mission SystemsSpace

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Net sales
$20.7B Q3 2026
$18.6B Q3 2025
11.3% increase
Net income
$1.8B Q3 2026
$1.6B Q3 2025
14.0% increase

Source: Lockheed Martin 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026

By segment

Aeronautics
$8.2B Q3 2026
$7.3B Q3 2025
13.2% increase
Rotary and Mission Systems
$4.5B Q3 2026
$4.4B Q3 2025
3.2% increase
Missiles and Fire Control
$4.5B Q3 2026
$3.6B Q3 2025
24.2% increase
Space
$3.5B Q3 2026
$3.4B Q3 2025
3.8% increase

Source: Lockheed Martin 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026

  • Cash & equivalents $6.0B at Sep 27, 2026, vs $4.1B at FY2025 end.
  • Total debt $20.5B at Sep 27, 2026, vs $21.7B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $6.9B vs $5.3B a year earlier.

The bull case and the bear case

The bull case

  • Net sales rose 5.6% in 2025 to $75.0B, and Missiles and Fire Control sales grew 13.9%. 10-K, FY2025
  • Sales to international customers rose 15.3% in 2025 to $21.3B. 10-K, FY2025
  • Net sales in the quarter ended Sep 27, 2026 were $20.7B, up 11.3% on a year earlier, and net earnings rose 14.0% to $1.8B. 10-Q, quarter ended Sep 27, 2026
  • Operating cash flow rose 22.7% in 2025 to $8.6B. 10-K, FY2025

The bear case

  • Net earnings fell 6.0% in 2025 to $5.0B even as sales grew. 10-K, FY2025
  • The US government was 71% of 2025 sales, so results depend on US defense budgets. 10-K, FY2025
  • Rotary and Mission Systems sales grew just 0.3% in 2025. 10-K, FY2025
  • The 10-K lists US budget decisions, fixed-price contract losses, the F-35 program, supply chain and competition for new programs among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Lockheed Martin is the largest US defense contractor, building fighter jets, missiles, helicopters and space systems.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Lockheed Martin's latest 10-K. Read the original for the full list.

  1. Government budgetsMost sales depend on US defense spending, which Congress sets each year.
  2. Fixed-price contractsCost overruns on fixed-price programs can lead to losses.
  3. F-35A large share of sales comes from one aircraft program.
  4. Supply chainParts shortages and supplier problems can delay deliveries.
  5. CompetitionIt must win new programs against other large contractors.
  6. International salesForeign sales need US government approval and depend on relations with other countries.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net sales$67.6B$71.0B$75.0B
Net earnings$6.9B$5.3B$5.0B
Operating cash flow$7.9B$7.0B$8.6B
Cash & equivalents (year end)$1.4B$2.5B$4.1B
Total debt (year end)$17.5B$20.3B$21.7B
Diluted shares251M239M234M
  • Net sales: Sales of aircraft, missiles, helicopters, space systems and related services, mostly to the US government.
  • Net earnings: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current maturities plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment sales are external sales and add up to total net sales.
  • Customer figures are net sales by customer as reported; sales to foreign governments through the US government count as international.

Recent filings

FormFiledPeriod
10-QOct 22, 2026Sep 27, 2026
10-QJul 23, 2026Jun 28, 2026
10-QApr 23, 2026Mar 29, 2026
DEF 14AMar 26, 2026May 12, 2026
10-KJan 29, 2026Dec 31, 2025

Latest filings

  1. Oct 226:26 AM ET

    8-K

    Lockheed Martin files an 8-K on quarterly results

    Lockheed Martin filed a Form 8-K on Oct 22, 2026 at 6:26 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 15:33 PM ET

    Form 4

    Lockheed Martin director John Donovan reports an award of about 97 phantom stock units

    The filing reports about 97 phantom stock units in a grant or award (code A).

  3. Oct 15:33 PM ET

    Form 4

    Lockheed Martin director David B. Burritt reports an award of about 83 phantom stock units

    The filing reports about 83 phantom stock units in a grant or award (code A).

All Lockheed Martin filings notes →

Common questions about Lockheed Martin

How does Lockheed Martin make money?

Lockheed Martin's net sales were $75.0B in fiscal 2025. Aeronautics was 40% of 2025 sales, Rotary and Mission Systems 23%, Missiles and Fire Control 19% and Space 17%. By customer, the US government was 71% and international customers 28%. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

What was Lockheed Martin's revenue in fiscal 2025?

$75.0B of net sales for the fiscal year ended Dec 31, 2025, up 5.6% from $71.0B in fiscal 2024. Fiscal 2023 was $67.6B. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

Is Lockheed Martin profitable?

Lockheed Martin reported net earnings of $5.0B for fiscal 2025, down 6.0% from $5.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 27, 2026, net income was $1.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 29, 2026.

What did Lockheed Martin report in its latest quarterly filing?

Net sales were $20.7B in the quarter ended Sep 27, 2026, up 11.3% from $18.6B a year earlier. Net income was $1.8B, up 14.0% from $1.6B. Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026.

How much cash and debt does Lockheed Martin have?

Lockheed Martin had $6.0B in cash and cash equivalents and $20.5B of total debt on Sep 27, 2026. Total debt here is current maturities plus long-term debt, at carrying value. Source: 10-Q filed Oct 22, 2026.

What are the main risks Lockheed Martin lists?

Lockheed Martin's 10-K for fiscal 2025, filed Jan 29, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Government budgets; fixed-price contracts; f-35; supply chain; competition; international sales. The first: Most sales depend on US defense spending, which Congress sets each year. Source: 10-K, Item 1A Risk Factors.

Where do these Lockheed Martin numbers come from?

From Lockheed Martin's own SEC filings: the 10-K for fiscal 2025 (filed Jan 29, 2026) and the 10-Q for the quarter ended Sep 27, 2026 (filed Oct 22, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in LMT
The editor holds no position in Lockheed Martin (LMT). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell LMT from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold LMT, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Lockheed MartinLMTFY2025$75.0B+5.6%$5.0B
RTXFY2025$88.6B+9.7%$6.7B
BoeingBAFY2025$89.5B+34.5%$2.2B
General DynamicsGDFY2025$52.5B+10.1%$4.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.