COVERAGE / LMT / Industrials

LOCKHEED MARTIN CORP

Guided Missiles & Space Vehicles & Parts

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$75.05bn

Prior / $71.04bn

Change / +5.64%

SOURCE / 2026-01-29

Operating income

$7.73bn

Prior / $7.01bn

Change / +10.24%

SOURCE / 2026-01-29

Net income

$5.02bn

Prior / $5.34bn

Change / -5.98%

SOURCE / 2026-01-29

Diluted EPS

$21.49

Prior / $22.31

Change / -3.68%

SOURCE / 2026-01-29

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-01-29

Gross margin

10.15%

Prior / 9.75%

Change / +0.40 pp

SOURCE / 2026-01-29

Operating margin

10.30%

Prior / 9.87%

Change / +0.43 pp

SOURCE / 2026-01-29

Return on avg. equity

76.87%

Prior / 81.04%

Change / -4.18 pp

SOURCE / 2026-01-29

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 75048000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:Revenues",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 5017000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "grossProfit": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7619000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:GrossProfit",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7731000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 21.49,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 8557000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 59840000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 53119000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 6721000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 25362000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 23335000000,
    "accn": "0001628280-26-004195",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-29",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$75.05bn	$5.02bn	Not available	$21.49
2024-12-31	$71.04bn	$5.34bn	Not available	$22.31
2023-12-31	$67.57bn	$6.92bn	Not available	$27.55
2022-12-31	$65.98bn	$5.73bn	Not available	$21.66

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	25.04x	Unavailable	37.06x	11
P/S	1.65x	Unavailable	4.74x	8
P/B	18.48x	Unavailable	7.57x	7
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	3.29%	6

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-20 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 538.09,
  "tradingDate": "2026-09-17",
  "marketCap": 124186196281.77,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-20"
}

Company & operating context

LOCKHEED MARTIN CORP is an SEC-reporting issuer listed on NYSE under LMT. Its SEC industry description is Guided Missiles & Space Vehicles & Parts. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Equipment manufacturers, transport operators and industrial service providers face differing order and asset cycles.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-01-29PERIOD / 2025-12-31

LMT filed this 10-K on 2026-01-29 for the reported period 2025-12-31. Reading focus: Backlog conversion, utilization, deliveries, working capital and service revenue. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0089LMTCompany Research

LMT: reading the FY2025 financial structure ↗

LOCKHEED MARTIN CORP

Research abstract

Annual revenue of USD 75.048 billion and net income of USD 5.017 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity.

Backlog conversion, utilization, deliveries, working capital and service revenue.

INDUSTRIALS SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-01-29
SEC annual filing · 2024-12-31 ↗Source date 2026-01-29
SEC annual filing · 2023-12-31 ↗Source date 2026-01-29
SEC annual filing · 2022-12-31 ↗Source date 2025-01-28
SEC issuer record ↗Source date 2026-09-18