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Stocks · Industrials · Guided Missiles & Space Vehicles & Parts

Lockheed Martin

LMT Clue Score33
United States Fiscal year ends December CIK 0000936468
$509.59 +0.33% Close, 9 Oct 2026
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Price $509.59 +42.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue47.29Operating income5.89Net income5.17EPS, diluted17.07Fiscal year 2017Revenue49.96 +5.6%Operating income6.74Net income1.96 −62.1%EPS, diluted6.75 −60.5%Fiscal year 2018Revenue53.76 +7.6%Operating income7.33Net income5.05 +157.1%EPS, diluted17.59 +160.6%Fiscal year 2019Revenue59.81 +11.3%Operating income8.55Net income6.23 +23.5%EPS, diluted21.95 +24.8%Fiscal year 2020Revenue65.40 +9.3%Operating income8.64Net income6.83 +9.7%EPS, diluted24.30 +10.7%Fiscal year 2021Revenue67.04 +2.5%Operating income9.12Net income6.32 −7.6%EPS, diluted22.76 −6.3%Fiscal year 2022Revenue65.98 −1.6%Operating income8.35Net income5.73 −9.2%EPS, diluted21.66 −4.8%Fiscal year 2023Revenue67.57 +2.4%Operating income8.51Net income6.92 +20.7%EPS, diluted27.55 +27.2%Fiscal year 2024Revenue71.04 +5.1%Operating income7.01Net income5.34 −22.9%EPS, diluted22.31 −19.0%Fiscal year 2025Revenue75.05 +5.6%Operating income7.73Net income5.02 −6.0%EPS, diluted21.49 −3.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 47.29 49.96 53.76 59.81 65.40 67.04 65.98 67.57 71.04 75.05
Growth +5.6% +7.6% +11.3% +9.3% +2.5% −1.6% +2.4% +5.1% +5.6%
Operating income 5.89 6.74 7.33 8.55 8.64 9.12 8.35 8.51 7.01 7.73
Net income 5.17 1.96 5.05 6.23 6.83 6.32 5.73 6.92 5.34 5.02
Growth −62.1% +157.1% +23.5% +9.7% −7.6% −9.2% +20.7% −22.9% −6.0%
EPS, diluted 17.07 6.75 17.59 21.95 24.30 22.76 21.66 27.55 22.31 21.49
Growth −60.5% +160.6% +24.8% +10.7% −6.3% −4.8% +27.2% −19.0% −3.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin11.4%Operating margin12.5%Net margin10.9%Free cash flow margin8.7%Fiscal year 2017Gross margin12.8%Operating margin13.5%Net margin3.9%Free cash flow margin10.6%Fiscal year 2018Gross margin13.5%Operating margin13.6%Net margin9.4%Free cash flow margin3.5%Fiscal year 2019Gross margin14.0%Operating margin14.3%Net margin10.4%Free cash flow margin9.7%Fiscal year 2020Gross margin13.2%Operating margin13.2%Net margin10.4%Free cash flow margin9.8%Fiscal year 2021Gross margin13.5%Operating margin13.6%Net margin9.4%Free cash flow margin11.5%Fiscal year 2022Gross margin12.6%Operating margin12.7%Net margin8.7%Free cash flow margin9.3%Fiscal year 2023Gross margin12.5%Operating margin12.6%Net margin10.2%Free cash flow margin9.2%Fiscal year 2024Gross margin9.8%Operating margin9.9%Net margin7.5%Free cash flow margin7.4%Fiscal year 2025Gross margin10.2%Operating margin10.3%Net margin6.7%Free cash flow margin9.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 11.4% 12.8% 13.5% 14.0% 13.2% 13.5% 12.6% 12.5% 9.8% 10.2%
Operating margin 12.5% 13.5% 13.6% 14.3% 13.2% 13.6% 12.7% 12.6% 9.9% 10.3%
Net margin 10.9% 3.9% 9.4% 10.4% 10.4% 9.4% 8.7% 10.2% 7.5% 6.7%
Free cash flow margin 8.7% 10.6% 3.5% 9.7% 9.8% 11.5% 9.3% 9.2% 7.4% 9.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.19Capital expenditure−1.06Free cash flow4.13Buybacks−2.10Dividends paid−2.05Fiscal year 2017Operating cash flow6.48Capital expenditure−1.18Free cash flow5.30 +28.4%Buybacks−2.00Dividends paid−2.16Fiscal year 2018Operating cash flow3.14Capital expenditure−1.28Free cash flow1.86 −64.9%Buybacks−1.49Dividends paid−2.35Fiscal year 2019Operating cash flow7.31Capital expenditure−1.48Free cash flow5.83 +213.3%Buybacks−1.20Dividends paid−2.56Fiscal year 2020Operating cash flow8.18Capital expenditure−1.77Free cash flow6.42 +10.1%Buybacks−1.10Dividends paid−2.76Fiscal year 2021Operating cash flow9.22Capital expenditure−1.52Free cash flow7.70 +20.0%Buybacks−4.09Dividends paid−2.94Fiscal year 2022Operating cash flow7.80Capital expenditure−1.67Free cash flow6.13 −20.4%Buybacks−7.90Dividends paid−3.02Fiscal year 2023Operating cash flow7.92Capital expenditure−1.69Free cash flow6.23 +1.6%Buybacks−6.00Dividends paid−3.06Fiscal year 2024Operating cash flow6.97Capital expenditure−1.69Free cash flow5.29 −15.1%Buybacks−3.70Dividends paid−3.06Fiscal year 2025Operating cash flow8.56Capital expenditure−1.65Free cash flow6.91 +30.7%Buybacks−3.00Dividends paid−3.13
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.19 6.48 3.14 7.31 8.18 9.22 7.80 7.92 6.97 8.56
Capital expenditure −1.06 −1.18 −1.28 −1.48 −1.77 −1.52 −1.67 −1.69 −1.69 −1.65
Free cash flow 4.13 5.30 1.86 5.83 6.42 7.70 6.13 6.23 5.29 6.91
Growth +28.4% −64.9% +213.3% +10.1% +20.0% −20.4% +1.6% −15.1% +30.7%
Buybacks −2.10 −2.00 −1.49 −1.20 −1.10 −4.09 −7.90 −6.00 −3.70 −3.00
Dividends paid −2.05 −2.16 −2.35 −2.56 −2.76 −2.94 −3.02 −3.06 −3.06 −3.13

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.84Total debt14.28Net cash (debt)−12.45Shareholders’ equity1.51Debt to equity9.45Fiscal year 2017Cash2.86Total debt14.26Net cash (debt)−11.40Shareholders’ equity−0.85Fiscal year 2018Cash0.77Total debt14.10Net cash (debt)−13.33Shareholders’ equity1.39Debt to equity10.12Fiscal year 2019Cash1.51Total debt12.65Net cash (debt)−11.14Shareholders’ equity3.13Debt to equity4.05Fiscal year 2020Cash3.16Total debt12.17Net cash (debt)−9.01Shareholders’ equity6.02Debt to equity2.02Fiscal year 2021Cash3.60Total debt11.68Net cash (debt)−8.07Shareholders’ equity10.96Debt to equity1.07Fiscal year 2022Cash2.55Total debt15.55Net cash (debt)−13.00Shareholders’ equity9.27Debt to equity1.68Fiscal year 2023Cash1.44Total debt17.46Net cash (debt)−16.02Shareholders’ equity6.84Debt to equity2.55Fiscal year 2024Cash2.48Total debt20.27Net cash (debt)−17.79Shareholders’ equity6.33Debt to equity3.20Fiscal year 2025Cash4.12Total debt21.70Net cash (debt)−17.58Shareholders’ equity6.72Debt to equity3.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.84 2.86 0.77 1.51 3.16 3.60 2.55 1.44 2.48 4.12
Total debt 14.28 14.26 14.10 12.65 12.17 11.68 15.55 17.46 20.27 21.70
Net cash (debt) −12.45 −11.40 −13.33 −11.14 −9.01 −8.07 −13.00 −16.02 −17.79 −17.58
Shareholders’ equity 1.51 −0.85 1.39 3.13 6.02 10.96 9.27 6.84 6.33 6.72
Debt to equity 9.45 n/a 10.12 4.05 2.02 1.07 1.68 2.55 3.20 3.23

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
11.4% 12.8% 13.5% 14.0% 13.2% 13.5% 12.6% 12.5% 9.8% 10.2%
12.5% 13.5% 13.6% 14.3% 13.2% 13.6% 12.7% 12.6% 9.9% 10.3%
10.1% 10.5% 10.9% 12.1% 12.6% 11.3% 10.1% 12.0% 8.8% 7.9%
10.9% 3.9% 9.4% 10.4% 10.4% 9.4% 8.7% 10.2% 7.5% 6.7%
8.7% 10.6% 3.5% 9.7% 9.8% 11.5% 9.3% 9.2% 7.4% 9.2%
Spending
2.1% 2.4% 2.4% 2.2% 2.0% 2.2% 2.6% 2.2% 2.3% 2.7%
2.2% 2.4% 2.4% 2.5% 2.7% 2.3% 2.5% 2.5% 2.4% 2.2%
23.0% 64.0% 13.6% 14.0% 16.4% 16.4% 14.2% 14.5% 14.2% 15.3%
Returns
342.4% n/a 362.0% 199.2% 113.6% 57.6% 61.9% 101.2% 84.3% 74.6%
10.8% 4.2% 11.2% 13.1% 13.5% 12.4% 10.8% 13.2% 9.6% 8.4%
Balance and payout
9.45 n/a 10.12 4.05 2.02 1.07 1.68 2.55 3.20 3.23
96.6% 101.7% 96.8% 93.3% 88.1% 78.5% 82.5% 87.0% 88.6% 88.8%
39.6% 110.2% 46.5% 41.0% 40.5% 46.6% 52.6% 44.2% 57.3% 62.4%
100.4% 78.6% 206.4% 64.5% 60.2% 91.3% 178.0% 145.4% 127.8% 88.8%