Aeronautics
Combat and air-mobility aircraft, led by the F-35, which the 10-K says generated 67% of the segment's 2025 sales.
Stock research
Lockheed Martin Corporation (LMT) Stock Research
Lockheed Martin is the world's largest defense contractor, best known for the F-35 fighter program along with missiles, satellites, and space systems.
For the fiscal year ended December 31, 2025, Lockheed Martin Corporation reported revenue of $75.0B and net income of $5.0B, with operating cash flow of $8.6B. Source: Form 10-K filed January 29, 2026
Reviewed · SEC data as of
- Revenue
- $75.0B
- FY ending 2025-12-31
- Net income
- $5.0B
- FY ending 2025-12-31
- Diluted EPS
- $21.49
- Net margin
- 6.7%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Lockheed Martin makes money
Its revenue is dominated by long-term US government contracts.
Missiles and Fire Control
Air and missile defense, tactical missiles, precision fires and sensor systems.
Rotary and Mission Systems
Sikorsky helicopters, radar and naval combat systems, and command-and-control programs; its lines were reorganized in January 2026.
Space
Satellites, strategic and missile-defense systems, and human-spaceflight programs.
- Exchange
- NYSE: LMT
- Sector
- Industrials
- SEC industry
- Guided Missiles & Space Vehicles & Parts (SIC 3760)
- Fiscal year end
- December 31
- Headquarters
- Bethesda, Maryland
- Founded
- 1995
LMT key financials
Reported figures from Lockheed Martin Corporation's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $75.0B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $5.0B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $8.6B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $21.49 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 6.7% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 230M | As of 2026-01-26 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in LMT
For Lockheed Martin Corporation, the most important recurring operating and market variables are:
- ◆F-35 production, sustainment and international orders; the program was 27% of 2025 sales
- ◆U.S. defense appropriations and the timing of continuing resolutions
- ◆Charges on classified and other fixed-price development programs
- ◆Missile and munitions demand at Missiles and Fire Control
- ◆Satellite, strategic-missile and human-spaceflight programs in Space
Key questions for the LMT thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
How concentrated is Lockheed Martin in one program?
The 2025 10-K says the F-35 generated 27% of consolidated sales and 67% of Aeronautics sales. Lot awards, sustainment work and international demand (the filing cites seven partner countries and 12 foreign military sales customers) move results more than any other program.
What risk sits in fixed-price development contracts?
The filing warns that certain classified fixed-price development and production contracts carry higher performance risk and cannot be commercially insured. Its 2025 disclosures include program charges on an Aeronautics classified program, Canadian Maritime Helicopter, Turkish Utility Helicopter and C-130; read them before extrapolating segment margins.
How do government customers shape timing?
Principal customers are U.S. government agencies and allies, and foreign sales run through the foreign military sales program or as direct sales. Appropriations, continuing resolutions and export approvals therefore affect when awards, revenue and cash arrive.
Does LMT's reported profit turn into cash?
Operating cash flow was $8.6B, 1.71 times net income of $5.0B, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of LMT's revenue is left as profit?
Net income was 6.7% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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Read the full researchLMT primary sources
- Latest annual report: Form 10-K filed January 29, 2026
- Latest quarterly report: Form 10-Q filed July 23, 2026
- Lockheed Martin investor relations
- Lockheed Martin filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in LMT
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Kevin Hern | 2026-09-02 | Sale | Joint | $15,001 - $50,000 | Filing #20035491 |
| Kevin Hern | 2026-09-02 | Sale | Joint | $15,001 - $50,000 | Filing #20035491 |
| Tommy Tuberville | 2026-06-08 | Sale | Joint | $15,001 - $50,000 | Filing #392ac3e5-07f6-4f8c-840f-84e9066ffb29 |
| Alan Armstrong | 2026-03-27 | Purchase | Self | $1,001 - $15,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Gilbert Cisneros | 2025-12-19 | Sale | Self | $1,001 - $15,000 | Filing #20033762 |
| Gilbert Cisneros | 2025-11-18 | Purchase | Self | $1,001 - $15,000 | Filing #20033619 |
| Valerie Hoyle | 2025-09-23 | Sale | Spouse | $1,001 - $15,000 | Filing #20032211 |
| Gilbert Cisneros | 2025-08-05 | Purchase | Self | $1,001 - $15,000 | Filing #20031022 |
| Gilbert Cisneros | 2025-05-30 | Sale | Self | $1,001 - $15,000 | Filing #20030461 |
| Jefferson Shreve | 2025-05-12 | Sale | Self | $15,001 - $50,000 | Filing #20030387 |
All verified LMT congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare LMT with similar companies
Lockheed Martin peers
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LMT — frequently asked questions
What does Lockheed Martin Corporation do?
Lockheed Martin is the world's largest defense contractor, best known for the F-35 fighter program along with missiles, satellites, and space systems. Its filings describe these business lines: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, Space.
What were LMT's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Lockheed Martin Corporation reported revenue of $75.0B and net income of $5.0B, with operating cash flow of $8.6B. The figures come from Lockheed Martin Corporation's SEC XBRL filings.
When does Lockheed Martin Corporation's fiscal year end?
The SEC lists Lockheed Martin Corporation's fiscal year end as December 31.
Do members of Congress trade LMT?
The current verified House and Senate snapshot contains 26 transaction rows for LMT, each linked to the original filing.
Where is Lockheed Martin Corporation headquartered?
Lockheed Martin Corporation is headquartered in Bethesda, Maryland and was founded in 1995.
Is LMT a good investment?
This page does not rate LMT as a buy or sell. It sets out what Lockheed Martin Corporation reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the LMT numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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