LOCKHEED MARTIN (LMT) Company Report

Lockheed Martin reported Q4 sales of $20.3 billion (+9% YoY), segment operating profit of $2.1 billion, EPS of $5.80, and free cash flow of $2.8 billion.
For full-year 2025, the company delivered sales of $75 billion (+6% YoY), generated free cash flow of $6.9 billion, and ended the year with a record backlog of $194 billion.
The 2026 outlook targets ~5% sales growth, >25% segment operating profit growth, and free cash flow of $6.5–6.8 billion, with capex/IRAD investment approaching $5 billion.
Key operational highlights include delivering 191 F-35 jets and 620 PAC-3 MSE interceptors in 2025, plus successful launches of GPS III and Tranche 1 Transport Layer satellites.

5 days ago

Transcript

Lockheed Martin reports Q4 and full-year 2025 results

LMT

Earnings

Guidance Update

New Projects/Investments

Lockheed Martin delivered Q4 sales of $20.3 B (+9% y/y) and full-year sales of $75.0 B (+6% y/y), ending 2025 with a record backlog of $194 B.
Generated $2.8 B of free cash flow in Q4 and $6.9 B for FY2025, reinvesting $3.6 B into the business.
Achieved record operational output, including 191 F-35 jets and 620 PAC-3 MSE interceptors, and secured a seven-year framework for PAC-3 MSE to ramp production to 2,000 units annually.
Issued 2026 guidance projecting ~5% sales growth, >25% segment operating profit growth, and $6.5–$6.8 B free cash flow with ~$5 B capex and IR&D investment.

5 days ago

Transcript

Lockheed Martin reports Q4 2025 results

LMT

Earnings

Guidance Update

New Projects/Investments

Q4 2025 sales of $20.3 billion (up 9% YoY), EPS of $5.80, and $2.8 billion in free cash flow.
Full year 2025 sales of $75 billion (up 6% YoY), EPS of $21.49, record backlog of $194 billion, and $6.9 billion in free cash flow.
Announced seven-year framework agreements for PAC-3 MSE and THAAD interceptors, tripling PAC-3 capacity to 2,000 units per year.
Invested $3.6 billion internally in 2025, including $900 million pension pre-funding and $3.5 billion in capital and R&D to boost production and innovation.
2026 guidance: sales $77.5–80 billion (+5% at midpoint), segment operating profit $8.425–8.675 billion, EPS $29.35–30.25, and free cash flow $6.5–6.8 billion.

5 days ago

Transcript

Lockheed Martin reports Q4 2025 results

LMT

Earnings

Guidance Update

$20.3 B sales in Q4, $2.1 B segment operating profit (10.1% margin), $5.80 EPS, 1.7× book-to-bill ratio and $2.8 B free cash flow in Q4 2025
For FY 2025, $75.0 B sales, $6.7 B segment operating profit (9.0% margin), $21.49 EPS, $6.9 B free cash flow, $3.0 B share repurchases and $3.1 B dividends
FY 2025 sales growth across all segments: Aeronautics +6% to $8.5 B , Missiles & Fire Control +18% to $4.0 B , RMS +8% to $4.6 B , Space +8% to $3.2 B
2026 guidance: $77.5–80.0 B sales (+5%), segment operating profit $8.425–8.675 B (10.9% margin), EPS $29.35–30.25, free cash flow $6.5–6.8 B

5 days ago

Presentation

Lockheed Martin reports Q4 and full-year 2025 results

LMT

Earnings

Guidance Update

Q4 2025 sales were $20.3 billion (up 9% YoY) with net earnings of $1.3 billion, or $5.80 per share.
Full-year 2025 sales reached $75.0 billion (up 6% YoY); net earnings were $5.0 billion, or $21.49 per share, including a $479 million pension settlement charge.
Free cash flow totaled $2.8 billion in Q4 and $6.9 billion for 2025 (after an $860 million pension contribution), versus $441 million and $5.3 billion in 2024.
Backlog hit a record $194 billion at year-end 2025.
2026 outlook: expects ~5% sales growth, ~25% segment operating profit growth, and free cash flow of $6.5–$6.8 billion.

5 days ago

8-K

Lockheed Martin reports Q4 and full year 2025 results

LMT

Earnings

Guidance Update

2025 sales rose 6% to $75.0 billion, with Q4 sales of $20.3 billion versus $18.6 billion a year ago.
Net earnings for 2025 were $5.0 billion or $21.49 per share, including a $479 million pension settlement charge; Q4 net earnings were $1.3 billion or $5.80 per share.
Cash from operations in 2025 totaled $8.6 billion, and free cash flow was $6.9 billion after an $860 million pension contribution.
Backlog hit a record $194 billion at December 31, 2025.
2026 outlook calls for ~5% sales growth, 25% segment operating profit growth, and free cash flow of $6.5–6.8 billion.

5 days ago

Press Release

Lockheed Martin launches EMBERPOINT™ wildfire solutions venture

LMT

Product Launch

New Projects/Investments

EMBERPOINT™, a joint venture by Lockheed Martin, PG&E Corporation, Salesforce and Wells Fargo, was launched to integrate next-generation wildfire prevention, detection and response technologies.
Lockheed Martin will contribute military-grade autonomous response, layered prediction and detection; PG&E brings proven wildfire mitigation experience (pending regulatory approval); Salesforce provides a real-time digital foundation via Agentforce and Slack; Wells Fargo supplies capital investment.
The venture will employ AI, autonomous systems and integrated command-and-control to detect fires earlier, prevent spread and enhance firefighter coordination, with technology demonstrations planned for 2026.

Jan 26, 2026, 6:00 PM

Press Release

Lockheed Martin hosts Secretary of War at F-35 production facility

LMT

New Projects/Investments

Secretary of War Pete Hegseth toured Lockheed Martin’s Fort Worth F-35 assembly line, addressing over 600 of the plant’s 19,000 employees and emphasizing the company’s role in acquisition transformation.
The Fort Worth facility delivered a record 191 F-35 jets in 2025, supported by a network of over 1,900 U.S. suppliers, more than half of which are small businesses.
Lockheed Martin announced a framework agreement with the U.S. Department of War to accelerate production and delivery of PAC-3 MSE interceptors, the first implementation of its Acquisition Transformation Strategy.
The global F-35 fleet surpassed 1 million flight hours in 2025 and operates from 50 bases in 11 countries, underscoring the jet’s operational maturity and scale.

Jan 12, 2026, 10:43 PM

Press Release

Lockheed Martin: Airborne ISR Market Poised for $43B Value by 2030

LMT

The global airborne ISR market is projected to grow from $31.59 billion in 2025 to $33.83 billion in 2026 (CAGR 7.1%), and further to $43.04 billion by 2030 at a CAGR of 6.2%.
Expansion is driven by rising demand for real-time military intelligence, advanced sensor and radar technologies, increased UAV deployments, AI-enabled analytics, and military modernization programs.
Geopolitical tensions and a 4% rise in terrorism-related deaths outside Afghanistan in 2023 are spurring investment in long-range surveillance and multi-sensor fusion ISR platforms.
North America holds the largest market share while Asia-Pacific is the fastest-growing region; leading players include Raytheon Technologies, Lockheed Martin, BAE Systems, and Northrop Grumman.
Trade relations and tariffs are driving up import costs for key components but are also fostering domestic production and supply-chain resilience across fixed-wing and rotary-wing platforms.

Jan 9, 2026, 9:45 AM

Press Release

Lockheed Martin sets record F-35 deliveries and secures major contracts

LMT

Delivered 191 F-35s in 2025, surpassing the prior annual record of 142 jets and driving production to a pace five times faster than any other allied fighter.
Reached one million flight hours and rolled out the most advanced F-35 software to date (TR-3) while sustaining a global fleet of nearly 1,300 aircraft.
Demonstrated combat performance by suppressing Iran’s air defenses, logging 5,000 mishap-free flight hours during a USMC F-35B deployment, and conducting the first NATO F-35 engagement of Russian drones over Poland.
Secured final agreement for Lots 18-19—production and delivery of up to 296 F-35s for $24 billion—and awarded an Air Vehicle Sustainment Contract for 2025 and beyond.