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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 .
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
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. | June 2020 (CEO) |
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. | June 2020 |
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. | N/A |
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. | January 2022 |
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. | January 2025 |
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. | January 2024 |
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. | January 2022 |
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. | June 2020 |
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. | November 2022 |
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. | 2015 |
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. | 2008 |
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. | 2019 |
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. | May 2024 |
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. | December 2024 |
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. | 2021 |
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. | 2020 |
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. | 2021 |
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. | 2010 |
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. | 2018 |
- 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?
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 developments and announcements about LMT.
Earnings
New Earnings (Q4 2024)
·Jan 28, 2025, 10:07 PMView full earnings summary →Lockheed Martin’s Q4 underscores 10% backlog growth and a $10B F-35 Lot 19, supporting 156 jets/year. Management targets 4-5% revenue growth by 2025 despite a 20-bp Aeronautics margin dip and near-term classified program charges.
Press Releases
Press Release
·Feb 12, 2025, 1:49 AMView full press release →Lockheed Martin wins a $383M modification from the U.S. Navy to develop the upgraded Trident II D5 Life Extension 2 missile for COLUMBIA-class submarines. A new 225K sq. ft. facility in Florida will add approximately 300 jobs, ready by 2027.