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LOCKHEED MARTIN (LMT)

Lockheed Martin Corporation is a global aerospace and defense company that operates in four primary business segments, focusing on advanced military and defense technologies. The company designs and manufactures military aircraft, missile defense systems, helicopters, and space systems, with a significant portion of its sales coming from the U.S. Government, particularly the Department of Defense . Lockheed Martin's strategy centers on integrating advanced technologies into defense systems to enhance agility and adaptability .

  1. Aeronautics - Develops advanced military aircraft, including the F-35 Lightning II, which is the company's largest program .
  2. Missiles and Fire Control (MFC) - Provides air and missile defense systems, tactical missiles, and precision strike weapon systems .
  3. Rotary and Mission Systems (RMS) - Designs and supports military and commercial helicopters, missile defense systems, and cyber solutions .
  4. Space - Involved in satellites, space transportation systems, and strategic defense systems .

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NamePositionExternal RolesShort Bio

James D. Taiclet

ExecutiveBoard

Chairman, President, and CEO

None

James D. Taiclet has been CEO since June 2020, Chairman since March 2021, and a board member since January 2018. Previously, he was Chairman, President, and CEO of American Tower Corporation.

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Frank A. St. John

Executive

Chief Operating Officer (COO)

None

Frank A. St. John has been COO since June 2020. He previously served as EVP of Rotary and Mission Systems and EVP of Missiles and Fire Control at LMT.

H. Edward Paul III

Executive

Vice President and Controller

None

H. Edward Paul III is VP and Controller at LMT. He signed an 8-K filing as VP and Controller on October 22, 2024, confirming his role.

Jesus Malave

Executive

Chief Financial Officer (CFO)

None

Jesus Malave joined LMT as CFO in January 2022. Previously, he was CFO at L3Harris Technologies and held leadership roles at United Technologies Corporation.

Kevin J. O’Connor

Executive

SVP, General Counsel, and Corporate Sec.

None

Kevin J. O’Connor joined LMT in January 2025. He previously served as Chief Legal Officer at Carrier Corporation and held senior legal roles in government and private sectors.

Maria A. Ricciardone

Executive

Vice President, Treasurer and IR

None

Maria A. Ricciardone joined LMT in October 2022 and became VP, Treasurer, and IR in January 2024. She previously held leadership roles at Arrow Electronics and Hubbell Incorporated.

Robert M. Lightfoot

Executive

President – Space

None

Robert M. Lightfoot joined LMT in 2019 and became President of Space in January 2022. He previously served as VP of Operations and Strategy for the Space segment.

Stephanie C. Hill

Executive

President – Rotary and Mission Systems

None

Stephanie C. Hill has been President of RMS since June 2020. She previously served as SVP of Enterprise Business Transformation and Deputy EVP of RMS.

Timothy S. Cahill

Executive

President – Missiles and Fire Control

None

Timothy S. Cahill has been with LMT for 29 years and became President of Missiles and Fire Control in November 2022. He previously held senior leadership roles in business development.

Bruce A. Carlson

Board

Independent Director

Chairman of Utah State University’s Space Dynamics Laboratory Guidance Council

Bruce A. Carlson has been a director at LMT since 2015. He is a retired U.S. Air Force General and former Director of the National Reconnaissance Office.

David B. Burritt

Board

Independent Director

President and CEO of U.S. Steel Corporation

David B. Burritt has been a director at LMT since 2008. He is also the President and CEO of U.S. Steel Corporation.

Debra L. Reed-Klages

Board

Independent Director

Director at Chevron Corporation and Caterpillar Inc.

Debra L. Reed-Klages has been a director at LMT since 2019. She is a former CEO of Sempra Energy and serves on the boards of Chevron and Caterpillar.

Heather Wilson

Board

Independent Director

President of the University of Texas at El Paso; Board Member at Google Public Sector

Heather Wilson joined LMT's board in May 2024. She is a former Secretary of the U.S. Air Force and current President of the University of Texas at El Paso.

John C. Aquilino

Board

Independent Director

None

Admiral John C. Aquilino joined LMT's board in December 2024. He is a retired U.S. Navy Admiral and former Commander of the U.S. Indo-Pacific Command.

John M. Donovan

Board

Independent Director

Lead Director at Palo Alto Networks

John M. Donovan has been a director at LMT since 2021. He is also Lead Director at Palo Alto Networks and a former CEO of AT&T Communications.

Joseph F. Dunford Jr.

Board

Independent Director

Partner at Liberty Strategic Capital; Board Member at Satellogic Inc.

Joseph F. Dunford Jr. has been a director at LMT since 2020. He is a retired U.S. Marine Corps General and former Chairman of the Joint Chiefs of Staff.

Patricia E. Yarrington

Board

Independent Director

None

Patricia E. Yarrington has been a director at LMT since 2021. She is the former CFO of Chevron Corporation and Chair of LMT's Audit Committee.

Thomas J. Falk

Board

Independent Lead Director

None

Thomas J. Falk has been a director at LMT since 2010 and was elected Independent Lead Director in May 2024. He is the former CEO of Kimberly-Clark Corporation.

Vicki A. Hollub

Board

Independent Director

President and CEO of Occidental Petroleum Corporation

Vicki A. Hollub has been a director at LMT since 2018. She is also the President and CEO of Occidental Petroleum Corporation.

  1. Regarding the F-35 program, can you elaborate on the specific challenges you are facing with the finalization of the TR3 software and how this might impact aircraft delivery schedules and cash flow in the coming quarters?
  2. Given the incremental losses you've realized on certain classified programs due to aggressive bidding, what measures are you implementing to improve cost estimation and bidding practices to prevent future cost overruns?
  3. With the anticipated pension contribution headwinds, can you provide more details on your plans to mitigate these, including any considerations for inorganic measures like debt issuance, and how this might affect your financial flexibility?
  4. Considering the increased demand reflected in your record backlog, what steps are you taking to address potential supply chain constraints to ensure you can meet production targets and customer commitments?
  5. In the context of the evolving tactical fighter landscape and the development of Collaborative Combat Aircraft (CCA), how is Lockheed Martin positioning itself to remain competitive, especially considering that non-traditional companies have been awarded contracts in Increment 1, and how does this influence your strategy for programs like NGAD and the F-35?

Research analysts who have asked questions during LOCKHEED MARTIN earnings calls.

Myles Walton

Wolfe Research, LLC

4 questions for LMT

Also covers: , ATI, B +19 more

Robert Stallard

Vertical Research Partners

4 questions for LMT

Also covers: BA, BAESY, DRS +11 more

Ronald Epstein

Bank of America

4 questions for LMT

Also covers: , AER, AL +23 more

Douglas Harned

Sanford C. Bernstein & Co., LLC

3 questions for LMT

Also covers: , BA, GD +9 more

Kristine Liwag

Morgan Stanley

3 questions for LMT

Also covers: , AER, AMTM +25 more

Noah Poponak

Goldman Sachs

3 questions for LMT

Also covers: AMTM, BA, CACI +22 more

Peter Arment

Robert W. Baird & Co.

3 questions for LMT

Also covers: AIN, AVAV, BA +19 more

Richard Safran

Seaport Research Partners

3 questions for LMT

Also covers: ATI, BA, GD +3 more

Sheila Kahyaoglu

Jefferies

3 questions for LMT

Also covers: , AAL, BA +34 more

David Strauss

Barclays

2 questions for LMT

Also covers: ATI, BA, BWXT +16 more

Gautam Khanna

TD Cowen

2 questions for LMT

Also covers: ASLE, ATI, BA +20 more

Jason Gursky

Citigroup Inc.

2 questions for LMT

Also covers: BA, CW, DCO +15 more

Michael Ciarmoli

Truist Securities, Inc.

2 questions for LMT

Also covers: AIN, AIR, ASLE +20 more

Peter Skibitski

Alembic Global Advisors

2 questions for LMT

Also covers: AVAV, BWXT, CW +9 more

Scott Deuschle

Deutsche Bank

2 questions for LMT

Also covers: ATI, BA, BWXT +15 more

Scott Mikus

Melius Research

2 questions for LMT

Also covers: AIR, BA, BAH +13 more

Gavin Parsons

UBS Group AG

1 question for LMT

Also covers: , BA, BAH +15 more

Kenneth Herbert

RBC Capital Markets

1 question for LMT

Also covers: , AIR, AMTM +22 more

Matthew Akers

Wells Fargo & Company

1 question for LMT

Also covers: BAH, HXL, LDOS +7 more

Seth Seifman

JPMorgan Chase & Co.

1 question for LMT

Also covers: ATI, BA, CACI +20 more
Program DetailsProgram 1
Approval DateOctober 2010
End Date/DurationNo expiration date
Total additional amount$3.0 billion (October 2024)
Remaining authorization amount$10.3 billion (as of 2024-12-21)
DetailsPart of a strategy to return cash to stockholders through dividends and share repurchases. The program can be amended or terminated by the Board of Directors at any time.
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2025$500 4.95% Notes4.95 2.3% = (500 / 21,600) * 100
2026$1,000 3.55% Notes3.55 4.6% = (1,000 / 21,600) * 100
2027$750 5.10% Notes5.10 3.5% = (750 / 21,600) * 100
2028$500 4.45% Notes4.45 2.3% = (500 / 21,600) * 100
2029$650 4.50% Notes4.50 3.0% = (650 / 21,600) * 100
2030$400 1.85% Notes1.85 1.9% = (400 / 21,600) * 100
2031$600 4.70% Notes4.70 2.8% = (600 / 21,600) * 100
2032$800 3.90% Notes3.90 3.7% = (800 / 21,600) * 100
2033$1,000 5.25% Notes5.25 4.6% = (1,000 / 21,600) * 100
2034$1,450 4.75% and 4.80% Notes4.75-4.80 6.7% = (1,450 / 21,600) * 100
2035$500 3.60% Notes3.60 2.3% = (500 / 21,600) * 100
2036$1,054 4.50% and 6.15% Notes4.50-6.15 4.9% = (1,054 / 21,600) * 100
2042$1,336 4.07% Notes4.07 6.2% = (1,336 / 21,600) * 100
2045$1,000 3.80% Notes3.80 4.6% = (1,000 / 21,600) * 100
2046$1,326 4.70% Notes4.70 6.1% = (1,326 / 21,600) * 100
2050$750 2.80% Notes2.80 3.5% = (750 / 21,600) * 100
2052$1,578 4.09% Notes4.09 7.3% = (1,578 / 21,600) * 100
2053$850 4.15% Notes4.15 3.9% = (850 / 21,600) * 100
2054$1,000 5.70% Notes5.70 4.6% = (1,000 / 21,600) * 100
2055$1,050 5.20% Notes5.20 4.9% = (1,050 / 21,600) * 100
2062$650 4.30% Notes4.30 3.0% = (650 / 21,600) * 100
2063$750 5.90% Notes5.90 3.5% = (750 / 21,600) * 100
2064$750 5.20% Notes5.20 3.5% = (750 / 21,600) * 100
2025-2041$1,313 Other Notes (4.85% to 8.50%)4.85-8.50 6.1% = (1,313 / 21,600) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

One of the primary competitors in the defense and aerospace industry, competing on program opportunities and subject to bid protests in U.S. Government procurement awards.

A primary competitor in the defense and aerospace industry. The company has a strategic teaming agreement with this competitor to produce solid rocket motors, enhancing security and resilience in a critical domestic supply chain.

A primary competitor in the defense and aerospace industry, competing on program opportunities and subject to bid protests in U.S. Government procurement awards.

A primary competitor in the defense and aerospace industry, competing on program opportunities and subject to bid protests in U.S. Government procurement awards.

A primary competitor in the defense and aerospace industry. The company collaborates with this competitor on the Javelin program, a joint venture producing anti-tank and multi-target precision weapon systems for the U.S. Army and Marine Corps.

NameStart DateEnd DateReason for Change
Ernst & Young LLP1994 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Terran Orbital Corporation

2024

Lockheed Martin acquired Terran Orbital Corporation in 2024 for an enterprise value of approximately $450 million, paying $0.25 in cash per share, assuming and repaying $313 million of existing debt, and establishing a $30 million working capital facility. The acquisition strategically enhances Lockheed Martin's satellite manufacturing capabilities—leveraging its role as Terran Orbital's largest customer (81% of its backlog) to integrate modular spacecraft solutions within its Space business unit.

Recent press releases and 8-K filings for LMT.

Lockheed Martin partners with Google Public Sector to deploy generative AI on-premise
·$LMT
New Projects/Investments
  • Lockheed Martin and Google Public Sector announced a strategic collaboration to integrate Google’s generative AI, including Gemini models, into Lockheed Martin’s AI Factory for national security applications.
  • The phased deployment begins with unclassified on-premise environments and will extend to classified, air-gapped systems to ensure the highest security and mission assurance.
  • The integration is designed to accelerate multi-modal data analysis, streamline research and development, and optimize supply chain logistics through AI-driven insights.
  • The partnership underscores Lockheed Martin’s commitment to delivering secure, mission-critical AI capabilities at scale to advance aerospace, space exploration, and cybersecurity solutions.
1 day ago
Lockheed Martin announces Q3 2025 results
·$LMT
Earnings
Guidance Update
Share Buyback
  • Lockheed Martin reported Q3 2025 sales of $18.6 B (up 9% YoY) with segment operating profit of $2.0 B and EPS of $6.95.
  • Free cash flow reached $3.3 B, of which $1.0 B was returned via share repurchases and $0.8 B via dividends.
  • Segment performance: Aeronautics sales up 12% to $7.256 B and MFC up 14% to $3.624 B ; RMS sales flat at $4.373 B and Space up 9% to $3.356 B.
  • Raised full-year 2025 guidance to sales of $74.25 B–$74.75 B and EPS of $22.15–$22.35.
Oct 21, 2025, 3:00 PM
Lockheed Martin reports Q3 2025 results
·$LMT
Earnings
Guidance Update
Dividends
  • Lockheed Martin secured over $31 B in Q3 orders, lifting backlog to a record $179 B.
  • Q3 sales were $18.6 B, up 9% year-over-year (5% normalized), with segment operating profit of $2.0 B (10.9% margin).
  • Generated Q3 free cash flow of $3.3 B and YTD free cash flow of $4.1 B, returning $4.6 B to shareholders via dividends and share repurchases.
  • Board approved a 5% increase in the quarterly dividend—the 23rd consecutive annual raise—and expanded the share repurchase authorization.
  • 2025 outlook tightened: sales $74.25–$74.75 B, segment profit $6.675–$6.725 B, EPS $22.15–$22.35, and free cash flow of $6.6 B.
Oct 21, 2025, 3:00 PM
Lockheed Martin reports Q3 2025 financial results
·$LMT
Earnings
Guidance Update
Share Buyback
  • Sales of $18.6 billion and net earnings of $1.6 billion (EPS $6.95) in Q3 2025, up from $17.1 billion and $1.6 billion (EPS $6.80) a year ago.
  • Cash from operations of $3.7 billion and free cash flow of $3.3 billion, versus $2.4 billion and $2.1 billion in Q3 2024.
  • Returned $1.8 billion to shareholders through dividends and share repurchases; raised share repurchase authority by $2 billion to $9 billion and increased the quarterly dividend by 5% to $3.45 per share.
  • Achieved a record backlog of $179 billion, representing over two and a half years of sales.
  • Raised 2025 outlook: sales now expected at $74.25 billion–$74.75 billion, up from $73.75 billion–$74.75 billion; EPS guidance increased to $22.15–$22.35.
Oct 21, 2025, 11:34 AM
Lockheed Martin reports Q3 2025 results
·$LMT
Earnings
Guidance Update
Share Buyback
  • Third-quarter sales of $18.6 billion, net earnings of $1.6 billion (EPS $6.95), cash from operations of $3.7 billion and free cash flow of $3.3 billion
  • Returned $1.8 billion to shareholders, increased share repurchase authorization by $2 billion to $9 billion, and raised the quarterly dividend by 5% to $3.45 per share
  • Updated 2025 outlook: sales ~$74.25 billion–$74.75 billion, diluted EPS ~$22.15–$22.35, and free cash flow ~$6.6 billion
Oct 21, 2025, 11:29 AM
Lockheed Martin in talks for Ukraine Patriot systems deal
·$LMT
New Projects/Investments
  • Ukraine is preparing a multi-year contract with the U.S. for 25 Patriot air defense systems, with deliveries staggered over several years due to existing production queues.
  • Procurement is expected to be financed primarily by frozen Russian assets, supplemented by funding mechanisms under Ukraine’s 28 bilateral security agreements.
  • Systems currently stationed in European NATO countries that are U.S.-owned could be reprioritized for Ukraine, pending U.S. government and ally political will.
  • High-level Ukrainian officials, including Prime Minister Yulia Svyrydenko, Presidential Office Head Andriy Yermak, and NSDC Secretary Rustem Umerov, are coordinating the contract preparations.
Oct 20, 2025, 7:11 AM
Lockheed Martin marks arrival of first Belgian F-35A
·$LMT
New Projects/Investments
  • Lockheed Martin joined Belgium’s ceremony at Florennes Air Base celebrating the arrival of the country’s first F-35A Lightning II to strengthen NATO air defenses.
  • Belgium has received 11 of its 34 programmed F-35A aircraft, with 8 stationed at Luke Air Force Base for training, and in July announced intent to procure 11 more, bringing its total to 45.
  • The F-35 fleet has surpassed 1,245 operational aircraft and 1 million flight hours, operating from 50 bases across 20 allied nations, underpinning its role in allied deterrence and interoperability.
Oct 14, 2025, 1:30 PM
Lockheed Martin increases dividend and authorizes $2B buyback
·$LMT
Dividends
Share Buyback
  • Lockheed Martin raised its quarterly dividend by 4.5% to $3.45 per share, marking its 23rd consecutive year of dividend growth; payable December 30, 2025, to shareholders of record December 1, 2025.
  • The board authorized an additional $2 billion for share repurchases, increasing total buyback capacity to $9.1 billion.
  • Profitability metrics show an 8.15% operating margin and 5.85% net margin, alongside a high 66.26% return on equity, highlighting strong capital efficiency amid margin pressure.
  • With a market capitalization of $118.54 billion, Lockheed Martin remains the world’s largest defense contractor, driven by the F-35 program contributing over two-thirds of its Aeronautics revenue.
Oct 10, 2025, 2:02 AM
Lockheed Martin declares fourth-quarter 2025 dividend and expands share buyback
·$LMT
Dividends
Share Buyback
  • The board authorized a $3.45 per share dividend for Q4 2025, up 5% from the prior quarter, marking the 23rd consecutive year of dividend increases.
  • The dividend is payable on Dec. 30, 2025 to shareholders of record as of Dec. 1, 2025.
  • The board approved an additional $2 billion for its share repurchase program, raising total authorization to $9.1 billion.
Oct 9, 2025, 10:15 PM
USA Rare Earth names Barbara Humpton as CEO
·$LMT
CEO Change
Management Change
  • The Board appointed Barbara Humpton as CEO, effective October 1, 2025; she will also join the Company’s Board of Directors.
  • Humpton succeeds Josh Ballard, who will remain as a consultant through October 31, 2025.
  • She brings 14 years at Siemens, most recently serving as President and CEO of Siemens USA, overseeing over $20 billion in revenues.
  • USA Rare Earth is advancing its mine-to-magnet supply chain strategy, including a neodymium magnet plant in Stillwater, Oklahoma.
Sep 29, 2025, 10:00 AM