LOCKHEED MARTIN CORP

Listed Company

LMTCIK 0000936468NYSELarge AcceleratedGuided Missiles & Space Vehicles & PartsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$75.05B

Net Income

$5.02B

Total Assets

$59.84B

Equity

$6.72B

Shares Out

230.56M

Op. Cash Flow

$8.56B

+ 13F Filer

Business

LOCKHEED MARTIN CORP is a global aerospace and defense company that researches, designs, develops, manufactures, integrates and sustains advanced technology systems and services. It offers military aircraft, missiles and precision weapons, helicopters and naval systems, satellites and space transportation, radar, sensors, C6ISR, cybersecurity, sustainment, logistics, training and system integration services. The company operates through four business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. It serves U.S. government agencies and international customers through direct sales, foreign military sales and commercial channels.

Summary from filing dated 2025-01-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total sales	75,048	71,043	67,571	65,984	67,044
Impairment and other charges	−66	−87	−92	−100	—
Other unallocated, net	996	1,043	1,233	1,012	1,504
Total operating costs and expenses	−67,429	−64,113	−59,092	−57,697	−57,983
Gross profit	7,619	6,930	8,479	8,287	9,061
Other income, net	112	83	28	61	62
Operating profit	7,731	7,013	8,507	8,348	9,123
Interest expense	−1,118	−1,036	−916	−623	—
Non-service FAS pension (expense) income	−874	62	443	−971	−1,292
Other non-operating income, net	183	181	64	−74	288
Earnings before income taxes	5,922	6,220	8,098	6,680	7,550
Income tax expense	−905	−884	−1,178	−948	−1,235
Net earnings	5,017	5,336	6,920	5,732	6,315
Basic (in dollars per share)	21.56	22.39	27.65	21.74	22.85
Diluted (in dollars per share)	21.49	22.31	27.55	21.66	22.76

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,121	2,483	1,442	2,547	3,604
Receivables, net	3,901	2,351	2,132	2,505	1,963
Contract assets	13,001	12,957	13,183	12,318	10,579
Inventories	3,524	3,474	3,132	3,088	2,981
Other current assets	815	584	632	533	688
Total current assets	25,362	21,849	20,521	20,991	19,815
Property, plant and equipment, net	8,875	8,726	8,370	7,975	7,597
Goodwill	11,314	11,067	10,799	10,780	10,813
Intangible assets, net	1,887	2,015	2,212	2,459	2,706
Deferred income taxes	2,975	3,557	2,953	3,744	2,290
Capitalized software	2,400	1,900	—	—	—
Other noncurrent assets	7,010	6,537	7,601	6,931	7,652
Total assets	59,840	55,617	52,456	52,880	50,873
Accounts payable	3,630	2,222	2,312	2,117	780
Salaries, benefits and payroll taxes	3,184	3,125	3,133	3,075	3,108
Contract liabilities	11,440	9,795	9,190	8,488	8,107
Current maturities of long-term debt	1,168	643	168	118	—
Other current liabilities	3,913	3,635	2,134	2,089	2,002
Total current liabilities	23,335	19,420	16,937	15,887	13,997
Long-term debt, net	20,532	19,627	17,291	15,429	11,670
Accrued pension liabilities	3,915	4,791	6,162	5,472	8,319
Other noncurrent liabilities	5,337	5,446	5,231	6,826	5,928
Total liabilities	53,119	49,284	45,621	43,614	39,914
Common stock, $1 par value per share	229	234	240	254	271
Additional paid-in capital	0	0	0	92	94
Retained earnings	14,034	14,551	15,398	16,943	21,600
Accumulated other comprehensive loss	−7,542	−8,452	−8,803	−8,023	−11,006
Total stockholders equity	6,721	6,333	6,835	9,266	10,959
Total liabilities and equity	59,840	55,617	52,456	52,880	50,873

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,687	1,559	1,430	—	—
Stock-based compensation	304	277	265	238	227
Deferred income taxes	372	−588	−498	−757	−183
Pension settlement charge	479	0	0	1,500	1,665
Reach-forward losses on select programs	1,615	1,965	45	—	—
Receivables, net	−1,550	−219	373	−542	15
Contract assets	−283	−109	−865	−1,739	−1,034
Inventories	−286	−478	−44	−107	564
Accounts payable	1,341	−93	151	1,274	−98
Contract liabilities	1,219	605	702	381	562
Income taxes	−255	131	−133	148	45
Qualified defined benefit pension plans	−415	−992	−378	−412	−267
Other, net	−754	−509	−140	612	10
Net cash provided by operating activities	8,557	6,972	7,920	7,802	9,221
Capital expenditures	−1,649	−1,685	−1,691	−1,670	−1,522
Other, net	−328	−107	−3	−119	361
Net cash used for investing activities	−1,977	−1,792	−1,694	−1,789	−1,161
Issuance of long-term debt, net of related costs	1,985	2,970	1,975	6,211	0
Repayments of long-term debt	−642	−168	−115	−2,250	−500
Repurchases of common stock	−3,000	−3,700	−6,000	−7,900	−4,087
Dividends paid	−3,100	−3,100	−3,100	−3,000	−2,940
Other, net	−154	−182	−135	−115	−89
Net cash used for financing activities	−4,942	−4,139	−7,331	−7,070	−7,616
Net change in cash and cash equivalents	1,638	1,041	−1,105	−1,057	444

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 5 positions

Reported AUM

$184.16M

Holdings

Top sector

$184.16M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$184.16M	100.0%

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MATTERPORT INC	—	45.3K	$368.0K	0.2%