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.
- A securities class action was filed against Lockheed Martin for investors who bought shares between January 23, 2024 and July 21, 2025, with a lead plaintiff deadline of September 26, 2025.
- The lawsuit alleges Lockheed overstated its ability to deliver on Aeronautics and RMS contracts and lacked adequate internal controls to assess program risks, leading to undisclosed losses.
- Key negative disclosures include a $1.8 billion pre-tax Aeronautics loss on January 28, 2025; the CFO’s departure on April 17, 2025; and an additional $950 million Aeronautics and $570 million RMS pre-tax losses on July 22, 2025.
- Each disclosure triggered significant stock drops, with shares falling nearly 11% on the July 22 revelation.
- Whistleblowers providing original information may receive rewards of up to 30% of any successful SEC recovery under the SEC Whistleblower program.
- On October 22, 2024, Lockheed Martin disclosed an $80 million loss on a classified Aeronautics program and a reach-forward loss in its Rotary & Mission Systems segment, triggering a 6.12% share drop.
- On January 28, 2025, the company recorded $1.7 billion in pre-tax losses across Aeronautics and Missiles & Fire Control, reducing 2024 net earnings to $5.3 billion (EPS $22.31 vs $27.55 in 2023) and fuelling a 9.2% stock decline.
- On July 22, 2025, LMT announced an additional $1.6 billion of classified program losses—$950 million in Aeronautics, $570 million in Canadian Maritime Helicopters, and $95 million in Turkish Utility Helicopters—driving net earnings down to $342 million (EPS $1.46) and a 10.8% share fall to $410.74.
- Faruqi & Faruqi reminds investors who suffered losses exceeding $75,000 between January 23, 2024, and July 21, 2025, that the deadline to seek lead plaintiff status is September 26, 2025.
- Hagens Berman has filed a securities class action against Lockheed Martin for investors who purchased shares between Jan. 23, 2024 – July 21, 2025.
- The complaint alleges Lockheed Martin misrepresented its financial health by overstating contract delivery capabilities and lacking adequate internal controls in its Aeronautics and RMS segments.
- Key disclosures cited include a $1.8 billion pre-tax loss in Aeronautics on Jan. 28, 2025; the CFO’s departure on Apr. 17, 2025; and additional losses of $950 million (Aeronautics) and $570 million (RMS) on July 22, 2025.
- Investors must file lead plaintiff motions by Sept. 26, 2025 to participate in the litigation.
- L3Harris awarded up to $292 million contract to produce Javelin solid rocket motors over five years.
- This award is the largest propulsion production contract received to date for the Javelin program.
- The company is investing in modernized manufacturing with automation and a fully digital workflow for real-time data tracking and quality monitoring.
- L3Harris remains the sole producer of Javelin solid rocket motors, supporting U.S. and international customers.
- Divergent Technologies raised $290 million in a Series E round led by Rochefort Asset Management, valuing the company at $2.3 billion.
- The funding comprised $250 million in equity and $40 million in debt capital.
- Proceeds will expand production capacity, enhance automated assembly systems, and accelerate digital design operations.
- Its DAPS platform has driven a fivefold revenue increase in 2025 and secured contracts with Lockheed Martin, Raytheon, and General Atomics.
- A securities class action was filed against Lockheed Martin for allegedly misleading investors about its financial health by hiding inadequate internal controls, covering purchases from Jan. 23, 2024 to July 21, 2025.
- The complaint alleges undisclosed pre-tax losses in the Aeronautics and Rotary and Mission Systems segments, first reporting $1.8 billion in Aeronautics losses on Jan. 28, 2025.
- On Apr. 17, 2025, the company announced its CFO had left, and on July 22, 2025, it disclosed further $950 million in Aeronautics and $570 million in RMS losses, triggering an ~11% stock drop.
- Hagens Berman is soliciting affected investors and whistleblowers, noting potential SEC Whistleblower awards up to 30% for original information.
- Faruqi & Faruqi is investigating potential claims against Lockheed Martin and reminds investors of the September 26, 2025 deadline to seek appointment as lead plaintiff in a federal securities class action.
- The complaint alleges the company made false or misleading statements, lacked effective internal controls over risk-adjusted contracts, overstated its delivery capabilities, and failed to disclose that it was likely to report significant losses.
- Lockheed Martin disclosed major program-related losses—$80 million on an Aeronautics classified program (Oct 22, 2024), $1.7 billion across Aeronautics and Missiles & Fire Control (Jan 28, 2025), and $1.6 billion on additional classified and helicopter programs (Jul 22, 2025)—each triggering double-digit share price declines.
- Class Period: January 23, 2024 – July 21, 2025; Lead Plaintiff Deadline: September 26, 2025.
- Allegations include ineffective internal controls over risk-adjusted contracts, overstated delivery capabilities on cost, quality, and schedule, and failure to disclose likely significant losses, rendering prior statements materially misleading.
- Company targets 4–5% revenue growth in 2025, with a $167 billion backlog at mid-year and $6.7 billion free cash flow, rising to $7 billion ex-pension in 2026, and plans to return $6 billion to shareholders via dividends and buybacks.
- F-35 program maintains a 156-unit annual production rate, underpinned by a 311-aircraft backlog and a total program of record of ~3,500 units, ensuring line stability despite annual procurement swings.
- Management confirmed no further charges on recently disclosed classified Aeronautics and Missiles & Fire Control contracts after a thorough bottom-up review, enhancing cost visibility.
- Executives noted robust U.S. and international defense budgets, including a potential >20% increase in FY2026 modernization spending and expanded munitions programs (e.g., PAC-3, ARRW) that support low- to mid-single-digit revenue growth targets.
- Strategic focus on digital integration and supply-chain anti-fragility, plus investments via Lockheed Martin Evolve and venture partnerships to embed emerging technologies and explore “fifth-gen plus” F-35 upgrades with sixth-generation capabilities.
- 2025 guidance: 4–5% revenue growth, ~$167 billion backlog at mid-year, and $6.7 billion free cash flow; expecting $7 billion free cash flow in 2026 (ex-pension) and $6 billion return to shareholders via dividends and buybacks.
- F-35 program stability: production system tuned to 156 aircraft/year with a Q2 backlog of 311 jets; delivering ~190 in 2025; 3,500-unit program of record supports near sixth-generation modernization.
- Golden Dome air and missile defense: leveraging space-based sensors, integrated C2 (e.g., Aegis), ground radars (LRDR), PAC-3/THAAD interceptors and directed-energy weapons for a layered homeland and theater defense.
- No further classified program charges: completed root-cause reviews in aeronautics and MFC; no additional charges expected; free cash flow headwinds from pensions and tariffs are partly offset by $400–600 million in tax-law benefits.