Lockheed Martin Corp (LMT) financial statements: income statement, balance sheet and cash flow

Lockheed Martin Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lockheed Martin Corp reported revenue of $75.0B (+5.6% year on year) and net income of $5.0B (-6.0% year on year).

Income statement

Lockheed Martin Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total sales	$75.0B	$71.0B	$67.6B	$66.0B
Total operating costs and expenses	($68.4B)	($65.1B)	($60.2B)	($58.9B)
Impairment and other charges	($66.0M)	($87.0M)	—	—
Other unallocated, net	$996.0M	$1.0B	$1.2B	$1.3B
Total operating costs and expenses	($67.4B)	($64.1B)	($59.1B)	($57.7B)
Gross profit	$7.6B	$6.9B	$8.5B	$8.3B
Other income, net	$112.0M	$83.0M	$28.0M	$61.0M
Operating profit	$7.7B	$7.0B	$8.5B	$8.3B
Interest expense	($1.1B)	($1.0B)	($916.0M)	($623.0M)
Non-service FAS pension (expense) income	($874.0M)	$62.0M	$443.0M	($971.0M)
Other non-operating income, net	$183.0M	$181.0M	$64.0M	($74.0M)
Earnings before income taxes	$5.9B	$6.2B	$8.1B	$6.7B
Income tax expense	($905.0M)	($884.0M)	($1.2B)	($948.0M)
Net earnings	$5.0B	$5.3B	$6.9B	$5.7B
Basic (in dollars per share)	$21.56	$22.39	$27.65	$21.74
Diluted (in dollars per share)	$21.49	$22.31	$27.55	$21.66

Lockheed Martin Corp income statement, quarters

Line item	Sep 27, 2026 · Q3	Jun 28, 2026 · Q2	Mar 29, 2026 · Q1	Sep 28, 2025 · Q3
Total sales	$20.7B	$20.1B	$18.0B	$18.6B
Costs of products and services sold	($18.5B)	($17.9B)	($16.2B)	($16.6B)
Impairment and other charges	$0	$0	—	$0
Other unallocated, net	$216.0M	$308.0M	$239.0M	$210.0M
Total operating costs and expenses	($18.3B)	($17.6B)	($15.9B)	($16.4B)
Gross profit	$2.4B	$2.4B	$2.1B	$2.2B
Other income, net	$7.0M	$33.0M	($15.0M)	$40.0M
Operating profit	$2.4B	$2.5B	$2.1B	$2.3B
Interest expense	($264.0M)	($266.0M)	($269.0M)	($286.0M)
Non-service FAS pension expense	($81.0M)	($80.0M)	($80.0M)	($99.0M)
Other non-operating income, net	$74.0M	$45.0M	$60.0M	$43.0M
Earnings before income taxes	$2.2B	$2.2B	$1.8B	$1.9B
Income tax expense	($327.0M)	($342.0M)	($286.0M)	($319.0M)
Net earnings	$1.8B	$1.8B	$1.5B	$1.6B
Basic (in dollars per share)	$8.00	$7.98	$6.47	$6.98
Diluted (in dollars per share)	$7.97	$7.94	$6.44	$6.95

Balance sheet

Lockheed Martin Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$4.1B	$2.5B	$1.4B	$2.5B
Receivables, net	$3.9B	$2.4B	$2.1B	$2.5B
Contract assets	$13.0B	$13.0B	$13.2B	$12.3B
Inventories	$3.5B	$3.5B	$3.1B	$3.1B
Other current assets	$815.0M	$584.0M	$632.0M	$533.0M
Total current assets	$25.4B	$21.8B	$20.5B	$21.0B
Property, plant and equipment, net	$8.9B	$8.7B	$8.4B	$8.0B
Goodwill	$11.3B	$11.1B	$10.8B	$10.8B
Intangible assets, net	$1.9B	$2.0B	$2.2B	$2.5B
Deferred income taxes	$3.0B	$3.6B	$3.0B	$3.7B
Capitalized software	$2.4B	—	—	—
Other noncurrent assets	$7.0B	$8.4B	$7.6B	$6.9B
Total assets	$59.8B	$55.6B	$52.5B	$52.9B
Accounts payable	$3.6B	$2.2B	$2.3B	$2.1B
Salaries, benefits and payroll taxes	$3.2B	$3.1B	$3.1B	$3.1B
Contract liabilities	$11.4B	$9.8B	$9.2B	$8.5B
Current maturities of long-term debt	$1.2B	$643.0M	$168.0M	—
Other current liabilities	$3.9B	$3.6B	$2.1B	$2.2B
Total current liabilities	$23.3B	$19.4B	$16.9B	$15.9B
Long-term debt, net	$20.5B	$19.6B	$17.3B	$15.4B
Accrued pension liabilities	$3.9B	$4.8B	$6.2B	$5.5B
Other noncurrent liabilities	$5.3B	$5.4B	$5.2B	$6.8B
Total liabilities	$53.1B	$49.3B	$45.6B	$43.6B
Common stock, $1 par value per share	$229000000.00	$234000000.00	$240000000.00	$254000000.00
Additional paid-in capital	$0	$0	$0	$92.0M
Retained earnings	$14.0B	$14.6B	$15.4B	$16.9B
Accumulated other comprehensive loss	($7.5B)	($8.5B)	($8.8B)	($8.0B)
Total stockholders’ equity	$6.7B	$6.3B	$6.8B	$9.3B
Total liabilities and equity	$59.8B	$55.6B	$52.5B	$52.9B

Lockheed Martin Corp balance sheet, quarters

Line item	Sep 27, 2026	Jun 28, 2026	Mar 29, 2026	Sep 28, 2025
Cash and cash equivalents	$6.0B	$3.8B	$1.9B	$3.5B
Receivables, net	$3.1B	$3.4B	$2.3B	$3.8B
Contract assets	$16.9B	$16.0B	$15.9B	$13.9B
Inventories	$4.0B	$4.4B	$4.3B	$3.7B
Other current assets	$1.1B	$805.0M	$728.0M	$924.0M
Total current assets	$31.0B	$28.4B	$25.1B	$25.9B
Property, plant and equipment, net	$11.5B	$11.4B	$11.3B	$8.7B
Goodwill	$11.3B	$11.3B	$11.3B	$11.3B
Intangible assets, net	$1.7B	$1.8B	$1.8B	$1.9B
Deferred income taxes	$1.8B	$2.4B	$2.8B	$3.4B
Other noncurrent assets	$7.1B	$7.2B	$6.9B	$8.9B
Total assets	$64.5B	$62.5B	$59.2B	$60.3B
Accounts payable	$5.0B	$4.9B	$4.7B	$3.8B
Salaries, benefits and payroll taxes	$3.3B	$3.0B	$2.7B	$3.1B
Contract liabilities	$12.6B	$12.2B	$10.7B	$10.3B
Current maturities of long-term debt	$0	$0	$168.0M	$1.7B
Other current liabilities	$3.5B	$3.7B	$3.8B	$4.1B
Total current liabilities	$24.5B	$23.8B	$22.1B	$23.0B
Long-term debt, net	$20.5B	$20.5B	$20.5B	$20.5B
Accrued pension liabilities	$3.9B	$3.9B	$3.9B	$4.9B
Other noncurrent liabilities	$5.5B	$5.4B	$5.2B	$5.7B
Total liabilities	$54.4B	$53.7B	$51.7B	$54.1B
Common stock, $1 par value per share	$230000000.00	$230000000.00	$230000000.00	$230000000.00
Additional paid-in capital	$451.0M	$247.0M	$32.0M	$0
Retained earnings	$16.8B	$15.8B	$14.7B	$14.1B
Accumulated other comprehensive loss	($7.4B)	($7.5B)	($7.5B)	($8.1B)
Total stockholders’ equity	$10.1B	$8.8B	$7.5B	$6.2B
Total liabilities and equity	$64.5B	$62.5B	$59.2B	$60.3B

Cash flow statement

Lockheed Martin Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$5.0B	$5.3B	$6.9B	$5.7B
Depreciation and amortization	$1.7B	$1.6B	$1.4B	$1.4B
Stock-based compensation	$304.0M	$277.0M	$265.0M	$238.0M
Deferred income taxes	$372.0M	($588.0M)	($498.0M)	($757.0M)
Pension settlement charge	$479.0M	$0	$0	$1.5B
Impairment and other charges	$66.0M	$87.0M	—	—
Reach-forward losses on select programs	$1.6B	—	—	—
Receivables, net	($1.6B)	($219.0M)	$373.0M	($542.0M)
Contract assets	($283.0M)	($109.0M)	($865.0M)	($1.7B)
Inventories	($286.0M)	($478.0M)	($44.0M)	($107.0M)
Accounts payable	$1.3B	($93.0M)	$151.0M	$1.3B
Contract liabilities	$1.2B	$605.0M	$702.0M	$381.0M
Income taxes	($255.0M)	$131.0M	($133.0M)	$148.0M
Qualified defined benefit pension plans	($415.0M)	($992.0M)	($378.0M)	($412.0M)
Other, net	($754.0M)	($509.0M)	($95.0M)	$612.0M
Net cash provided by operating activities	$8.6B	$7.0B	$7.9B	$7.8B
Capital expenditures	($1.6B)	($1.7B)	($1.7B)	($1.7B)
Other, net	($328.0M)	($107.0M)	($3.0M)	($119.0M)
Net cash used for investing activities	($2.0B)	($1.8B)	($1.7B)	($1.8B)
Issuance of long-term debt, net of related costs	$2.0B	$3.0B	$2.0B	$6.2B
Repayments of long-term debt	($642.0M)	($168.0M)	($115.0M)	($2.3B)
Repurchases of common stock	($3.0B)	($3.7B)	($6.0B)	($7.9B)
Dividends paid	($3.1B)	($3.1B)	($3.1B)	($3.0B)
Other, net	($154.0M)	($182.0M)	($135.0M)	($115.0M)
Net cash used for financing activities	($4.9B)	($4.1B)	($7.3B)	($7.1B)
Net change in cash and cash equivalents	$1.6B	$1.0B	($1.1B)	($1.1B)
Cash and cash equivalents at beginning of year	$2.5B	$1.4B	$2.5B	$3.6B
Cash and cash equivalents at end of year	$4.1B	$2.5B	$1.4B	$2.5B

Lockheed Martin Corp cash flow statement, quarters

Line item	Sep 27, 2026 · YTD	Jun 28, 2026 · YTD	Mar 29, 2026 · Q1	Sep 28, 2025 · YTD
Net earnings	$5.2B	$3.3B	$1.5B	$3.7B
Depreciation and amortization	$1.2B	$798.0M	$398.0M	$1.2B
Stock-based compensation	$269.0M	$180.0M	$83.0M	$215.0M
Deferred income taxes	$1.1B	$538.0M	$161.0M	$72.0M
Impairment and other charges	$0	$0	—	$66.0M
Reach-forward losses on select programs	$0	$0	—	$1.6B
Qualified defined benefit pension plans	$277.0M	$184.0M	$92.0M	$334.0M
Receivables, net	$805.0M	$545.0M	$1.6B	($1.5B)
Contract assets	($3.9B)	($3.0B)	($2.9B)	($1.2B)
Inventories	($463.0M)	($887.0M)	($727.0M)	($511.0M)
Accounts payable	$1.5B	$1.4B	$1.2B	$1.6B
Contract liabilities	$1.2B	$711.0M	($705.0M)	$38.0M
Income taxes	($244.0M)	$43.0M	$103.0M	($100.0M)
Other, net	($51.0M)	($353.0M)	($590.0M)	($208.0M)
Net cash provided by operating activities	$6.9B	$3.5B	$220.0M	$5.3B
Capital expenditures	($1.3B)	($829.0M)	($511.0M)	($1.2B)
Other, net	($92.0M)	($61.0M)	($30.0M)	($278.0M)
Net cash used for investing activities	($1.4B)	($890.0M)	($541.0M)	($1.5B)
Issuance of long-term debt, net of related costs	$0	—	—	$2.0B
Repayments of long-term debt	($1.2B)	($1.2B)	($1.0B)	($142.0M)
Repurchases of common stock	$0	$0	$0	($2.3B)
Dividends paid	($2.4B)	($1.6B)	($816.0M)	($2.3B)
Other, net	($118.0M)	($115.0M)	($90.0M)	($148.0M)
Net cash used for financing activities	($3.7B)	($2.9B)	($1.9B)	($2.9B)
Net change in cash and cash equivalents	$1.8B	($330.0M)	($2.2B)	$987.0M
Cash and cash equivalents at beginning of period	$4.1B	$4.1B	$4.1B	$2.5B
Cash and cash equivalents at end of period	$6.0B	$3.8B	$1.9B	$3.5B

Lockheed Martin Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.