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?
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.
- 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%.
- Hagens Berman filed a securities class action lawsuit against Lockheed Martin, alleging misleading disclosures on its Aeronautics and RMS segments for investors between Jan. 23, 2024 and July 21, 2025.
- The complaint asserts Lockheed Martin lacked effective controls over risk-adjusted contract reporting and overstated its cost, quality, and schedule capabilities.
- On Jan. 28, 2025, Lockheed Martin reported $1.8 billion of pre-tax losses in its Aeronautics segment for FY 2024 due to performance issues.
- CFO Jay Malave resigned on April 17, 2025 amid the unfolding financial disclosures.
- In Q2 2025, the company recorded further pre-tax losses of $950 million in Aeronautics and $570 million in RMS related to its Canadian Maritime Helicopter Program.
- Swiss lawmakers are seeking to cancel or reevaluate the CHF 7.3 billion ($9.1 billion) order for 36 F-35A jets from Lockheed Martin after a 39% US tariff on Swiss exports.
- The order represents one-third of Lockheed Martin’s planned F-35 deliveries in 2024, making potential cancellation material for the program.
- Lockheed Martin is under added financial pressure from a $1.6 billion charge in July 2025 and reduced Pentagon orders for FY 2026, intensifying scrutiny on the deal.
- Class action filed against Lockheed Martin Corporation (NYSE:LMT) covering January 23, 2024 to July 21, 2025, with lead plaintiff deadline September 26, 2025.
- Complaint alleges LMT lacked effective internal controls over risk-adjusted contracts, overstated delivery capabilities, and made misleading statements about its business, operations, and prospects.
- Pomerantz LLP has launched an investor investigation into potential securities fraud by Lockheed Martin and certain officers.
- Lockheed reported $1.6 billion in program losses for Q2 2025.
- Losses comprised $950 million on the Aeronautics Classified program, $570 million on the Canadian Maritime Helicopter program, and a $95 million charge on the Turkish Utility Helicopter program.
- Shares fell 10.8%, or $49.84, to close at $410.69 on July 22, 2025, after the announcement.
- On July 28, 2025, Lockheed Martin completed the sale of $2,000,000,000 of senior unsecured notes: $500 million 4.150% Notes due 2028, $750 million 4.400% Notes due 2030 and $750 million 5.000% Notes due 2035.
- Interest on each series accrues from July 28, 2025 and is payable semi-annually on February 15 and August 15, beginning February 15, 2026, under its April 18, 2023 indenture.
- Notes are callable at the greater of a make-whole price plus 10 bps or par prior to the par-call date (one month before maturity for 2028/2030 and three months for 2035), and at par thereafter.
- Net proceeds will be used for general corporate purposes, which may include repayment of existing indebtedness.
- Lockheed Martin won a nearly $1 billion indefinite-delivery/indefinite-quantity contract to support production and lifecycle management of the JASSM and LRASM through July 2030 in Orlando, Florida.
- The scope includes system upgrades, integration, production, sustainment, management, and logistical support for JASSM, LRASM, and their variants.
- Awarded as a sole source acquisition with no funds obligated at signing and overseen by the Air Force Life Cycle Management Center.
- Analysts’ average one-year price target is $529.61 (15% upside) with an 'Outperform' consensus, while GuruFocus pegs fair value at $562.33 (22.1% potential).
- The U.S. Army will invest over $1.3 billion in fiscal year 2026 to procure advanced Patriot interceptors.
- Procurement goals for PAC-3 MSE missiles increased from 3,376 to 13,773 units to address critical stockpile shortfalls.
- Plans include ordering 233 PAC-3 MSE missiles in FY2026, quadrupling prior annual procurement levels.
- Lockheed Martin, as the exclusive manufacturer of PAC-3 MSE interceptors, stands to gain from the expanded orders amid heightened global threats.
- Lockheed Martin won a $2.97 billion, 10-year Combat Systems Engineering Agent contract for the Aegis Ballistic Missile Defense system, spanning July 2025 through June 2035.
- Scope includes system design, development, integration, sustainment, and software engineering support for U.S. Navy destroyers and cruisers, Aegis Ashore in Poland and Romania, Aegis Guam, and the hypersonic Glide Phase Interceptor program.
- Contract modifications feature a $41.2 million extension through June 2026, a $92.2 million in-service sustainment and integration modification, and a $42 million logistics support extension through May 2026.
- Work executed primarily in Moorestown, NJ, funded via R&D, procurement, and operations budgets, under the Missile Defense Agency’s oversight in Dahlgren, VA.
- Lockheed Martin remains the sole company with requisite expertise and access to the Aegis BMD design and software source code, ensuring program continuity.
- Switzerland and the U.S. are in diplomatic talks after Washington challenged the fixed-price deal for 36 F-35A jets, originally set at CHF 6 billion, citing potential cost overruns of up to CHF 1.5 billion.
- The U.S. Defense Security Cooperation Agency attributes the price increase to higher U.S. inflation and rising raw material and energy costs, while Switzerland maintains the contract’s fixed-price validity to ensure airspace security.
- Because the sale is under the U.S. Foreign Military Sales program, legal remedies are barred, making a diplomatic solution the only path forward.