financial statements

The full income statement, balance sheet, and cash-flow statement for Lockheed Martin Corporation (LMT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	75.0B YoY+5.6%	71.0B YoY+5.1%	67.6B YoY+2.4%	66.0B YoY-1.6%	67.0B YoY+2.5%
	7.62B YoY+9.9%	6.93B YoY-18.3%	8.48B YoY+2.3%	8.29B YoY-8.5%	9.06B YoY+4.7%
Cost of revenue	67.4B YoY+5.2%	64.1B YoY+8.5%	59.1B YoY+2.4%	57.7B YoY-0.5%	58.0B YoY+2.2%
Research & development	2.00B YoY+25.0%	1.60B YoY+6.7%	1.50B YoY-11.8%	1.70B YoY+13.3%	1.50B YoY+15.4%
Amortization of intangibles	254M YoY+0.0%	254M YoY+2.8%	247M YoY-0.4%	248M YoY-13.0%	285M YoY+5.2%
Operating income	7.73B YoY+10.2%	7.01B YoY-17.6%	8.51B YoY+1.9%	8.35B YoY-8.5%	9.12B YoY+5.5%
Interest expense	1.12B YoY+7.9%	1.04B YoY+13.1%	916M YoY+47.0%	623M YoY+9.5%	569M YoY-3.7%
Other non-operating income	183M YoY+1.1%	181M YoY+182.8%	64.0M YoY+186.5%	-74.0M YoY-125.7%	288M YoY+878.4%
Equity-method income	28.0M YoY-50.0%	56.0M YoY+40.0%	40.0M YoY-64.9%	114M YoY+17.5%	97.0M YoY-40.5%
Pre-tax income	5.92B YoY-4.8%	6.22B YoY-23.2%	8.10B YoY+21.2%	6.68B YoY-11.5%	7.55B YoY-8.3%
Income tax	905M YoY+2.4%	884M YoY-25.0%	1.18B YoY+24.3%	948M YoY-23.2%	1.24B YoY-8.3%
	5.02B YoY-6.0%	5.34B YoY-22.9%	6.92B YoY+20.7%	5.73B YoY-9.2%	6.32B YoY-7.6%
Income from continuing operations	—	—	—	5.73B YoY-9.2%	6.32B YoY-8.3%
Discontinued operations	—	—	—	0.00	0.00 YoY+100.0%
	$21.49 YoY-3.7%	$22.31 YoY-19.0%	$27.55 YoY+27.2%	$21.66 YoY-4.8%	$22.76 YoY-6.3%
EPS (basic)	$21.56 YoY-3.7%	$22.39 YoY-19.0%	$27.65 YoY+27.2%	$21.74 YoY-4.9%	$22.85 YoY-6.4%
Weighted-avg shares (basic)	233M YoY-2.3%	238M YoY-4.8%	250M YoY-5.1%	264M YoY-4.6%	276M YoY-1.3%
Weighted-avg shares (diluted)	234M YoY-2.4%	239M YoY-4.8%	251M YoY-5.1%	265M YoY-4.6%	277M YoY-1.4%
Dividends per share	$13.35 YoY+4.7%	$12.75 YoY+4.9%	$12.15 YoY+6.6%	$11.40 YoY+7.5%	$10.60 YoY+8.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	25.4B YoY+16.1%	21.8B YoY+6.5%	20.5B YoY-2.2%	21.0B YoY+5.9%	19.8B YoY+2.3%
Cash & equivalents	4.12B YoY+66.0%	2.48B YoY+72.2%	1.44B YoY-43.4%	2.55B YoY-29.3%	3.60B YoY+14.1%
Short-term investments	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%
Accounts receivable	3.90B YoY+65.9%	2.35B YoY+10.3%	2.13B YoY-14.9%	2.50B YoY+27.6%	1.96B YoY-0.8%
Inventory	3.52B YoY+1.4%	3.47B YoY+10.9%	3.13B YoY+1.4%	3.09B YoY+3.6%	2.98B YoY-15.9%
Other current assets	815M YoY+39.6%	584M YoY-7.6%	632M YoY+18.6%	533M YoY-22.5%	688M YoY-40.2%
	59.8B YoY+7.6%	55.6B YoY+6.0%	52.5B YoY-0.8%	52.9B YoY+3.9%	50.9B YoY+0.3%
Property, plant & equipment	11.3B YoY+29.4%	8.73B YoY+4.3%	8.37B YoY+5.0%	7.97B YoY+5.0%	7.60B YoY+5.3%
Operating lease right-of-use	976M YoY-2.4%	1.00B YoY-9.1%	1.10B YoY+0.0%	1.10B YoY-15.4%	1.30B YoY+30.0%
Goodwill	11.3B YoY+2.2%	11.1B YoY+2.5%	10.8B YoY+0.2%	10.8B YoY-0.3%	10.8B YoY+0.1%
Intangible assets	1.89B YoY-6.4%	2.02B YoY-8.9%	2.21B YoY-10.0%	2.46B YoY-9.1%	2.71B YoY-10.2%
Deferred tax assets	2.98B YoY-16.4%	3.56B YoY+20.5%	2.95B YoY-21.1%	3.74B YoY+63.5%	2.29B YoY-34.1%
Other non-current assets	7.01B YoY+7.2%	6.54B YoY-14.0%	7.60B YoY+9.7%	6.93B YoY-9.4%	7.65B YoY+12.1%
	23.3B YoY+20.2%	19.4B YoY+14.7%	16.9B YoY+6.6%	15.9B YoY+13.5%	14.0B YoY+0.5%
Accounts payable	3.63B YoY+63.4%	2.22B YoY-3.9%	2.31B YoY+9.2%	2.12B YoY+171.4%	780M YoY-11.4%
Accrued liabilities	122M YoY+0.0%	122M YoY+0.0%	122M YoY+0.0%	122M YoY+0.0%	122M YoY+0.0%
Deferred revenue	11.4B YoY+16.8%	9.79B YoY+6.6%	9.19B YoY+8.3%	8.49B YoY+4.7%	8.11B YoY+7.4%
Short-term & current debt	1.17B YoY+81.6%	643M YoY+282.7%	168M YoY+42.4%	118M YoY+1866.7%	6.00M YoY-98.8%
Other current liabilities	3.91B YoY+7.6%	3.63B YoY+70.3%	2.13B YoY+2.2%	2.09B YoY+4.3%	2.00B YoY+8.5%
	53.1B YoY+7.8%	49.3B YoY+8.0%	45.6B YoY+4.6%	43.6B YoY+9.3%	39.9B YoY-10.7%
Long-term debt	20.5B YoY+4.6%	19.6B YoY+13.5%	17.3B YoY+12.1%	15.4B YoY+32.2%	11.7B YoY+0.0%
Non-current lease liability	825M YoY-1.0%	833M YoY-3.4%	862M YoY-5.9%	916M YoY-16.7%	1.10B YoY+30.8%
Other non-current liabilities	5.34B YoY-2.0%	5.45B YoY+4.1%	5.23B YoY-23.4%	6.83B YoY+15.1%	5.93B YoY-4.3%
	6.72B YoY+6.1%	6.33B YoY-7.3%	6.83B YoY-26.2%	9.27B YoY-15.4%	11.0B YoY+82.2%
Common stock	229M YoY-2.1%	234M YoY-2.5%	240M YoY-5.5%	254M YoY-6.3%	271M YoY-2.9%
Additional paid-in capital	0.00	0.00	0.00 YoY-100.0%	92.0M YoY-2.1%	94.0M YoY-57.5%
Retained earnings	14.0B YoY-3.6%	14.6B YoY-5.5%	15.4B YoY-9.1%	16.9B YoY-21.6%	21.6B YoY-0.2%
Accumulated other comprehensive income	-7.54B YoY+10.8%	-8.45B YoY+4.0%	-8.80B YoY-9.7%	-8.02B YoY+27.1%	-11.0B YoY+31.7%
Non-controlling interest	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Total equity incl. non-controlling	6.83B YoY+0.0%	6.83B YoY+0.0%	6.83B YoY-26.2%	9.27B YoY-15.4%	11.0B YoY+81.5%
Total liabilities & equity	59.8B YoY+7.6%	55.6B YoY+6.0%	52.5B YoY-0.8%	52.9B YoY+3.9%	50.9B YoY+0.3%
Common shares issued	230M YoY-2.1%	235M YoY-2.9%	242M YoY-5.1%	255M YoY-6.3%	272M YoY-2.9%
Common shares outstanding	229M YoY-2.1%	234M YoY-2.5%	240M YoY-5.5%	254M YoY-6.3%	271M YoY-2.9%
Shares outstanding (cover)	231M YoY-2.4%	237M YoY-4.5%	248M YoY-5.3%	262M YoY-5.0%	276M YoY-1.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.56B YoY+22.7%	6.97B YoY-12.0%	7.92B YoY+1.5%	7.80B YoY-15.4%	9.22B YoY+12.7%
Depreciation & amortization	1.69B YoY+8.2%	1.56B YoY+9.0%	1.43B YoY+1.9%	1.40B YoY+2.9%	1.36B YoY+33.9%
Share-based compensation	304M YoY+9.7%	277M YoY+4.5%	265M YoY+11.3%	238M YoY+4.8%	227M YoY+2.7%
Deferred income taxes	372M YoY+163.3%	-588M YoY-18.1%	-498M YoY+34.2%	-757M YoY-313.7%	-183M YoY-3760.0%
Change in inventory	286M YoY-40.2%	478M YoY+986.4%	44.0M YoY-58.9%	107M YoY+119.0%	-564M YoY-662.2%
Change in payables	1.34B YoY+1541.9%	-93.0M YoY-161.6%	151M YoY-88.1%	1.27B YoY+1400.0%	-98.0M YoY+73.7%
	-1.98B YoY-10.3%	-1.79B YoY-5.8%	-1.69B YoY+5.3%	-1.79B YoY-54.1%	-1.16B YoY+42.2%
Capital expenditure	1.65B YoY-2.1%	1.69B YoY-0.4%	1.69B YoY+1.3%	1.67B YoY+9.7%	1.52B YoY-13.8%
Acquisitions	—	—	—	—	0.00 YoY-100.0%
Other investing activities	328M YoY+206.5%	107M YoY+3466.7%	3.00M YoY-97.5%	119M YoY+133.0%	-361M YoY-248.0%
	-4.94B YoY-19.4%	-4.14B YoY+43.5%	-7.33B YoY-3.7%	-7.07B YoY+7.2%	-7.62B YoY-68.2%
Common stock repurchased	3.00B YoY-18.9%	3.70B YoY-38.3%	6.00B YoY-24.1%	7.90B YoY+93.3%	4.09B YoY+271.5%
Dividends paid	3.13B YoY+2.4%	3.06B YoY+0.1%	3.06B YoY+1.3%	3.02B YoY+2.6%	2.94B YoY+6.4%
Other financing activities	-154M YoY+15.4%	-182M YoY-34.8%	-135M YoY-17.4%	-115M YoY-29.2%	-89.0M YoY+38.2%
Net change in cash	1.64B YoY+57.3%	1.04B YoY+194.2%	-1.10B YoY-4.5%	-1.06B YoY-338.1%	444M YoY-73.0%
Interest paid	1.00B YoY+5.3%	950M YoY+14.2%	832M YoY+45.2%	573M YoY+5.5%	543M YoY-4.2%
Income taxes paid	788M YoY-39.4%	1.30B YoY-27.8%	1.80B YoY+12.5%	1.60B YoY+14.3%	1.40B YoY+0.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	112B YoY-2.8%	115B YoY+2.4%	112B YoY-11.8%	127B YoY+30.1%	98.0B YoY-1.3%
P/E	22.3× YoY+3.3%	21.6× YoY+31.7%	16.4× YoY-25.4%	22.0× YoY+41.6%	15.5× YoY+6.8%
P/S	1.5× YoY-8.0%	1.6× YoY-3.9%	1.7× YoY-15.4%	2.0× YoY+36.3%	1.5× YoY-3.7%
P/B	16.7× YoY-8.4%	18.2× YoY+47.8%	12.3× YoY+14.2%	10.8× YoY+20.5%	8.9× YoY-45.8%
P/FCF	16.2× YoY-25.6%	21.8× YoY+10.8%	19.7× YoY+30.5%	15.1× YoY+18.4%	12.7× YoY-17.7%
Earnings yield	4.5% YoY-3.2%	4.6% YoY-24.1%	6.1% YoY+34.1%	4.5% YoY-29.4%	6.4% YoY-6.4%
FCF yield	6.2% YoY+34.5%	4.6% YoY-9.7%	5.1% YoY-23.4%	6.6% YoY-15.5%	7.9% YoY+21.6%
Dividend yield	2.8% YoY+5.2%	2.6% YoY-2.1%	2.7% YoY+14.4%	2.3% YoY-21.4%	3.0% YoY+8.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: LMT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LMT filings on SEC EDGAR → Not investment advice.

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financial statements