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 .
- Aeronautics - Develops advanced military aircraft, including the F-35 Lightning II, which is the company's largest program .
- Missiles and Fire Control (MFC) - Provides air and missile defense systems, tactical missiles, and precision strike weapon systems .
- Rotary and Mission Systems (RMS) - Designs and supports military and commercial helicopters, missile defense systems, and cyber solutions .
- Space - Involved in satellites, space transportation systems, and strategic defense systems .
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| Name | Position | External Roles | Short 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. | View Report → |
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. |
- 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?
- 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?
- 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?
- 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?
- 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
Robert Stallard
Vertical Research Partners
4 questions for LMT
Ronald Epstein
Bank of America
4 questions for LMT
Douglas Harned
Sanford C. Bernstein & Co., LLC
3 questions for LMT
Kristine Liwag
Morgan Stanley
3 questions for LMT
Noah Poponak
Goldman Sachs
3 questions for LMT
Peter Arment
Robert W. Baird & Co.
3 questions for LMT
Richard Safran
Seaport Research Partners
3 questions for LMT
Sheila Kahyaoglu
Jefferies
3 questions for LMT
David Strauss
Barclays
2 questions for LMT
Gautam Khanna
TD Cowen
2 questions for LMT
Jason Gursky
Citigroup Inc.
2 questions for LMT
Michael Ciarmoli
Truist Securities, Inc.
2 questions for LMT
Peter Skibitski
Alembic Global Advisors
2 questions for LMT
Scott Deuschle
Deutsche Bank
2 questions for LMT
Scott Mikus
Melius Research
2 questions for LMT
Gavin Parsons
UBS Group AG
1 question for LMT
Kenneth Herbert
RBC Capital Markets
1 question for LMT
Matthew Akers
Wells Fargo & Company
1 question for LMT
Seth Seifman
JPMorgan Chase & Co.
1 question for LMT
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- Bragar Eagel & Squire filed a class action against Lockheed Martin alleging ineffective internal controls over risk-adjusted contracts and overstated delivery commitments during Jan 23, 2024–Jul 21, 2025; lead plaintiff deadline is Sep 26, 2025.
- On Oct 22, 2024, LM recognized $80 million in losses on a classified Aeronautics program and additional losses in its Rotary & Mission Systems segment, causing its share price to drop 6.12% to $576.98.
- On Jan 28, 2025, Lockheed Martin recorded $1.7 billion in pre-tax losses on classified programs, reducing 2024 net earnings to $5.3 billion ($22.31 per share) from $6.9 billion ($27.55 per share), and shares fell 9.2% to $457.45.
- On Jul 22, 2025, the company disclosed an additional $1.6 billion in losses (including $950 million in Aeronautics), resulting in net earnings of $342 million ($1.46 per share) and a 10.8% share price drop to $410.74.
- IPG Photonics will publicly display the CROSSBOW™ MINI 3 kW HEL for the first time at DSEI UK in London, running September 9–12, 2025.
- The compact, field-ready laser is engineered to neutralize Group 1 and 2 drones, operates up to 12 hours on internal batteries, and supports scalable integration with command and control networks.
- Lockheed Martin has selected and integrated CROSSBOW into its Sanctum™ C-UAS architecture, demonstrating readiness across four field exercises.
- CROSSBOW systems offer turnkey deployment with advanced tracking, stowable beam directors, and seamless transportability for protection of critical assets.
- Europe’s largest artillery ammunition factory inaugurated in Unterlüß, Germany, with plans to ramp production from 25,000 to 350,000 shells annually by 2027.
- Targeting 1.5 million total shells output across all facilities by 2027 to bolster NATO’s ammunition supply.
- Over €1 billion committed for two new Bulgarian plants producing gunpowder and 155 mm shells, with an additional drone manufacturing facility under discussion.
- Expansion in Ukraine to double shell production faces bureaucratic and financial challenges due to funding constraints.
- The military robotics and autonomous systems market is projected to grow from USD 10.8 billion in 2024 to USD 24.6 billion by 2033 at a 9.6% CAGR.
- Growth is driven by a focus on enhanced operational efficiency, rising cybersecurity concerns, and expanding use of UAVs and drones for intelligence, surveillance, and reconnaissance (ISR).
- North America dominated the market in 2024, while the Asia Pacific region is emerging rapidly, with ISR applications holding the largest share.
- Major defense contractors, including Lockheed Martin, are accelerating AI-driven robotics initiatives, supported by programs like the US DoD’s Replicator effort.
- On Aug. 18, 2025, Hagens Berman filed a securities class action (Khan v. Lockheed Martin Corp., No. 1:25-cv-06197) for investors who bought LMT shares between Jan. 23, 2024 and July 21, 2025, after the stock plunged nearly 11% following Q2 2025 results.
- The suit alleges Lockheed Martin made false and misleading statements about cost recovery, risk monitoring, and profit booking practices in its Aeronautics and RMS segments.
- Plaintiffs contend the company overstated its ability to deliver on contracts, lacked effective internal controls over risk-adjusted contracts, and failed to disclose the likelihood of significant losses.
- Pomerantz LLP has filed a class action alleging securities fraud against Lockheed Martin and certain officers/directors.
- Investors who purchased or acquired Lockheed Martin securities during the class period must apply by September 26, 2025 to be appointed as Lead Plaintiff.
- The complaint cites an $80 million Aeronautics loss reported Oct 22, 2024, which triggered a 6.12% stock decline.
- It also notes $1.7 billion of classified program losses announced Jan 28, 2025 (9.2% drop) and $1.6 billion of Q2 2025 program losses (10.8% decline).
- Pomerantz LLP has filed a securities class action against Lockheed Martin (NYSE: LMT), alleging the company and certain officers engaged in fraud or other unlawful practices related to cost overruns on classified programs.
- Lockheed disclosed $80 million in Aeronautics program losses on October 22, 2024 and $1.7 billion in pre-tax losses on January 28, 2025, triggering stock price drops of 6.12% and 9.2%, respectively.
- Investors who acquired LMT securities during the class period have until September 26, 2025 to move for lead plaintiff appointment.
- Poland finalized a $3.8 billion contract to upgrade its fleet of 48 F-16C/D Block 52+ jets to near F-16V Block 72 standards, extending combat readiness to 2040.
- The modernization includes AN/APG-83 SABR radar integration, upgraded electronic warfare systems, new onboard computers, enhanced data links, and AIM-120D AMRAAM missiles, with primary work at the PGZ Military Aviation Plant in Bydgoszcz.
- Over 50% of the contract value will be executed by Polish industry, supporting Poland’s plan to allocate 5% of GDP to defense by 2026.
- This upgrade is part of a broader rearmament program—including F-35 jet and battle tank acquisitions—to bolster NATO interoperability amid regional security concerns after Russia’s invasion of Ukraine.
- Faruqi & Faruqi is investigating claims that Lockheed Martin made misleading statements and lacked effective internal controls over risk-adjusted contracts and profit booking, leading to material losses and misstatements to investors.
- Investors who acquired Lockheed Martin securities between January 23, 2024 and July 21, 2025 may discuss their legal rights; the deadline to seek lead plaintiff status in the class action is September 26, 2025.
- On October 22, 2024, Lockheed Martin booked an $80 million loss; on January 28, 2025, $1.7 billion in pre-tax losses; and on July 22, 2025, $1.6 billion more, each triggering significant share price declines.
- Pomerantz LLP filed a class action against Lockheed Martin, advising investors who purchased during the class period to seek lead plaintiff status by September 26, 2025.
- On October 22, 2024, Lockheed disclosed $80 million in Aeronautics losses and additional reach-forward losses in its Rotary & Mission Systems segment, triggering a 6.12% stock drop.
- On January 28, 2025, the company recorded $1.7 billion in classified program losses, leading to $5.3 billion in 2024 net earnings (down from $6.9 billion in 2023) and a 9.2% share decline.
- In Q2 2025, Lockheed reported $1.6 billion in program losses—$950 million (Aeronautics Classified), $570 million (Canadian Maritime Helicopter), and $95 million (Turkish Utility Helicopter)—and saw shares fall 10.8%.