LOCKHEED MARTIN (LMT) Company Report

Recorded a book-to-bill of one for the fourth consecutive year and backlog growth of 30% to $179 billion, with 5% sales growth guidance and plans to return $6 billion to shareholders in 2025 via dividends and share buybacks.
Anticipates a one-time, non-cash pension charge of $500 million from a buy-out transaction and reversal of a $100 million tax reserve without cash payment.
Projected segment growth over the next three years: MFC at high single- to low double-digit, Space at mid-single-digit, and Aeronautics & RMS at flat to low single-digit rates.
Expects 180–190 F-35 deliveries in 2025, supports sustaining a production rate of 156+/year for 5+ years, with sustainment now the fastest-growing Aeronautics business and Lot 18/19 fixed-price contracts enhancing margins.
Emphasized new acquisition models requiring earlier contractor investment, positioning for the Golden Dome mission, and evaluating ULA optionality alongside partnerships with emerging defense tech entrants.

1 day ago

Transcript

Lockheed Martin CFO outlines 2025 guidance and growth strategy

LMT

Guidance Update

Dividends

Share Buyback

Book-to-bill of ~1 for 4th consecutive year; backlog up 30% to $179 billion; 2025 sales guidance unchanged for ~5% growth, segment operating profit, free cash flow, and EPS adjusted for a $500 million pension charge and $100 million tax reserve reversal.
Segment growth outlook: MFC to grow high single- to low double-digit over next three years, Space mid-single, Aeronautics & RMS low-single/flat based on current backlog.
Shareholder returns prioritized: $6 billion to be returned in 2025 via dividends (23rd consecutive increase) and share buybacks.
Exploring new acquisition models and capacity funding mechanisms to accelerate munitions scaling; positioning for Golden Dome multi-domain defense initiative through cross-industry partnerships.

1 day ago

Transcript

Lockheed Martin outlines 2025 growth and guidance at GS conference

LMT

Guidance Update

Dividends

Share Buyback

2025 guidance unchanged: Sales growth of ~5%, stable segment operating profit and free cash flow targets; plans to return $6 billion to shareholders via dividends and buybacks, marking the 23rd consecutive dividend increase.
Record backlog of $179 billion, with book-to-bill of one for four years running; recent multi-year awards include PAC-3, CH-53K, JASSM and LRASM programs.
One-time, non-cash $500 million pension liability buyout charge and reversal of a $100 million tax reserve after IRS audit settlements; cash collections normalizing post-government shutdown.
Segment growth trajectory over next three years: MFC at high single-digit to low double-digit, Space at mid-single-digit, and Aeronautics & RMS at low single-digit.

1 day ago

Transcript

Lockheed Martin begins test flights of F-16V jets in Taiwan

LMT

New Projects/Investments

Taiwan will begin test flights of its 66 new F-16V jets in December 2025 under an $8 billion deal, advancing its long-delayed modernization program.
Production has ramped up to 54 jets (from 50 in October) with Lockheed Martin operating two 20-hour shifts daily to mitigate supply chain and software integration issues.
Only about 10 aircraft are expected to complete assembly and testing by late 2025, with the first batch arriving in early 2026 via trans-Pacific ferry flights with U.S. refueling support.
Full delivery by 2026 is considered challenging; remaining jets are now slated for delivery through 2027 or early 2028, prompting Taiwan to extend the service life of its older Mirage 2000s.
Prior to receiving new jets, Taiwan upgraded 141 older F-16s to the V standard in late 2023 to bolster its interim capabilities.

4 days ago

Barron's

Lockheed Martin demonstrates 5th Gen fighter commanding drone

LMT

Lockheed Martin Skunk Works, alongside industry partners and the U.S. Air Force, successfully controlled an uncrewed aerial system (UAS) from the cockpit of an F-22 Raptor during a test flight.
An open interface allowed the F-22 pilot to send control directions to the drone via a pilot vehicle interface (PVI), executing a defined mission profile.
The event showcases advanced human-machine teaming and Lockheed Martin’s push to integrate autonomous, AI-enabled operations in crewed and uncrewed systems.

Nov 19, 2025, 5:27 PM

Press Release

Lockheed Martin signs term sheet with Avio for U.S. solid rocket motor plant

LMT

New Projects/Investments

Lockheed Martin signed a non-binding term sheet with Avio to support establishment of Avio USA’s state-of-the-art solid rocket motor facility in the U.S., securing preferred access to production capacity for its tactical and strategic SRMs.
The plant will operate as a vertically integrated merchant supplier, enhancing supply chain resilience and enabling cost-effective propulsion system delivery under a forthcoming Strategic Cooperation Agreement.
Avio USA, led by CEO VADM (Ret.) James Syring, will leverage Avio’s 50+ years of solid propulsion expertise and invest in fully integrated capabilities to strengthen the U.S. defense industrial base.

Nov 10, 2025, 5:02 PM

Press Release

Nokia and LMT sign strategic 5G tactical defense agreement

LMT

New Projects/Investments

Nokia and LMT signed a strategic agreement to integrate Nokia’s 5G radio technology with LMT’s defense solutions, creating a high-capacity, secure tactical communications system for the Baltic defense market.
The system is designed to enable real-time data exchange among unmanned vehicles, sensors, and military teams, enhancing situational awareness and interoperability in battlefield operations.
LMT operates Europe’s first 5G military testbed at the Ādaži NATO base, and the partnership leverages Nokia’s Banshee platform to develop a portable 5G tactical network.
The collaboration aims to strengthen the security, resilience, and operational readiness of national and allied forces in demanding environments.

Nov 7, 2025, 10:30 AM

Press Release

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.

Oct 29, 2025, 10:00 AM

Press Release

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

Presentation

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

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for LOCKHEED MARTIN.

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