Lockheed Martin Corporation (LMT) financials
NYSE · Industrials · Aerospace & Defense · 123,000 employees · CEO James D. Taiclet Jr.
- Price
- $636.95 -1.03%
- Market cap
- $147B
- Enterprise value
- $162B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-04 EPS est. $8.40
Revenue (TTM)$79.1B+7.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)11.8%+3.5 pp vs a year agoOperating income $9.32B
Net income (TTM)$6.51B+55.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$8.38B+82.5% vs a year agoCapex $1.73B
Diluted EPS (TTM)$28.15+57.2% vs a year agoSum of the last 4 quarters
Net cash-$14.5B+22.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $147B EV $162B
- Revenue
- $79.1B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 8.2% Net income / revenue, TTM
- P/E
- 22.5× Forward 20.8× (FY2026)
- P/S
- 1.9× Price / sales, TTM
- EV / EBITDA
- 15.4× TTM
- Free cash flow
- $8.38B Trailing 12 months
- Net income
- $6.51B Trailing 12 months
- Revenue estimate
- $81.4B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $22.6B
- Dividend
- $13.80 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue beat by 1.1%, EPS beat by 6.0%Revenue $20.7B vs $20.5B expected (+1.1%); EPS $7.97 vs $7.52 (+6.0%).
- Revenue growth accelerating: 11.3% year on yearQ3 '26 revenue $20.7B, against an average of 7.2% over the four quarters before.
- Operating margin 11.8% (TTM), +3.5 pp on a year agoOperating income grew 52.8% while revenue grew 7.9%.
- 21.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $7.66B vs operating income $9.32B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 2.2% of revenue (a year ago 2.4%)$1.73B invested in the last 4 quarters (-2.1% on a year earlier). Free cash flow $8.38B = 128.7% of net income.
- Returned $3.96B to shareholders = 47.2% of free cash flowBuybacks $750M (a year earlier $3.25B), dividends $3.21B, stock-based pay $358M (TTM).
- Diluted share count down 0.6% in a year232M diluted shares in Q3 '26, 233M a year earlier.
- Net debt $14.5BCash + short-term investments $5.96B, debt incl. leases $20.5B; a year ago net debt $18.7B.
Last quarter: Q3 '26
Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $20.7B | $18.6B | +11.3% |
| Gross margin | 11.8% | 12.0% | -0.3 pp |
| Operating income | $2.44B | $2.28B | +7.1% |
| Operating margin | 11.8% | 12.3% | -0.5 pp |
| Net income | $1.85B | $1.62B | +14.0% |
| Diluted EPS | $7.97 | $6.95 | +14.7% |
| Operating cash flow | $3.44B | $3.73B | -7.8% |
| Capex | $439M | $381M | +15.2% |
| Free cash flow | $3B | $3.35B | -10.4% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $89M | $74M | +20.3% |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $20.7B | $20.5B | +1.1% |
| EPS (as estimated) | $7.97 | $7.52 | +6.0% |
From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Aeronautics | $8.21B | +13.2% | 39.7% | $39.2B | – | |
| Rotary and Mission Systems | $4.51B | +3.2% | 21.8% | $21.5B | – | |
| Missiles And Fire Control | $4.5B | +24.2% | 21.7% | $19.7B | – | |
| Space | $3.49B | +3.8% | 16.8% | $16.9B | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $14.4B | – | 69.3% | – | – | |
| Europe | $2.78B | +38.2% | 13.4% | $13B | – | |
| Asia Pacific | $2.22B | +10.6% | 10.7% | $9.94B | – | |
| Middle East | $700M | +10.6% | 3.4% | $3.41B | – | |
| Other Region | $665M | +25.0% | 3.2% | $3.25B | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Aeronautics | – | – | $743M | +8.9% | – | 9.4% | $2.9B |
| Missiles And Fire Control | – | – | $631M | +23.7% | – | 14.1% | $2.26B |
| Rotary And Mission Systems | – | – | $524M | +3.6% | – | 11.6% | $1.85B |
| Space | – | – | $331M | 0.0% | – | 9.9% | $1.26B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.1B
- Capex
- -$1.73B
- Buybacks
- -$750M
- Dividends
- -$3.21B
- Acquisitions
- $0
- Net debt issued
- -$3.01B
- Stock-based compensation
- $358M
- Free cash flow
- $8.38B
- Returned to shareholders / FCF
- 47.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 22.5× | 19.7× | 15.6× – 22.4× |
| EV / EBITDA | 15.4× | 14.0× | 11.2× – 16.2× |
| EV / Sales | 2.0× | 1.8× | 1.6× – 2.1× |
| Price / FCF | 17.6× | 18.0× | 12.8× – 21.9× |
| Price / Book | 14.6× | 14.9× | 9.0× – 18.3× |
| FCF yield | 5.7% | 5.8% | 4.6% – 7.8% |
| Return on invested capital | 19.8% | 18.8% | 16.3% – 20.7% |
| Return on equity | 78.8% | 75.9% | 57.6% – 101.2% |
Analysts
Consensus target $638.22 (+0.2%)
range $560.00 – $835.00 · rating Buy
Strong buy0
Buy23
Hold13
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $81.4B | +8.4% | $30.67 | +42.7% | 20.8× | 16 |
| FY2027 | $87.3B | +7.3% | $33.31 | +8.6% | 19.1× | 16 |
| FY2028 | $92.9B | +6.4% | $36.13 | +8.5% | 17.6× | 17 |
| FY2029 | $97.3B | +4.7% | $38.24 | +5.8% | 16.7× | 12 |
| FY2030 | $101B | +4.2% | $41.08 | +7.4% | 15.5× | 7 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 235 figures Lockheed Martin Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.01B | $3.83B | +30.5% | $3.63B | $2.22B | +63.4% |
| Accrual for Environmental Loss Contingencies | $644M | $667M | -3.4% | $659M | $677M | -2.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $14.2B2025-12-31 | $13.5B | +5.4% | $14.2B | $13.5B | +5.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.42B | -$8.1B | +8.4% | -$7.54B | -$8.45B | +10.8% |
| Additional Paid in Capital, Common Stock | $451M | $0 | – | $0 | $0 | – |
| Amortization of Intangible Assets | – | – | – | $254M | $254M | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 0 | – |
| Assets | $64.5B | $60.3B | +7.0% | $59.8B | $55.6B | +7.6% |
| Assets, Current | $31B | $25.9B | +19.5% | $25.4B | $21.8B | +16.1% |
| Capitalized Computer Software, Accumulated Amortization | $3.4B2025-12-31 | $3.1B | +9.7% | $3.4B | $3.1B | +9.7% |
| Capitalized Computer Software, Amortization | – | – | – | $393M | $346M | +13.6% |
| Capitalized Computer Software, Net | $2.42B2025-12-31 | $1.87B | +29.5% | $2.42B | $1.87B | +29.5% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $1.9B | $1.7B | +11.8% | $1.5B | $1.5B | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $5.96B | $3.47B | +71.8% | $4.12B | $2.48B | +66.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.96B | $3.47B | +71.8% | $4.12B | $2.48B | +66.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.17B | $2.18B | -0.4% | $1.64B | $1.04B | +57.3% |
| Commercial Paper, at Carrying Value | $02025-12-31 | $0 | – | $0 | $0 | – |
| Common Stock, Dividends, Per Share, Cash Paid | $3.45 | $3.30 | +4.5% | $13.35 | $12.75 | +4.7% |
| Common Stock, Dividends, Per Share, Declared | $3.45 | $3.30 | +4.5% | $13.35 | $12.75 | +4.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 1.5B2025-12-31 | 1.5B | 0.0% | 1.5B | 1.5B | 0.0% |
| Common Stock, Shares, Issued | 230M2025-12-31 | 235M | -2.1% | 230M | 235M | -2.1% |
| Common Stock, Shares, Outstanding | 229M2025-12-31 | 234M | -2.1% | 229M | 234M | -2.1% |
| Common Stock, Value, Issued | $230M | $230M | 0.0% | $229M | $234M | -2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.89B | $1.67B | +13.1% | $5.93B | $5.69B | +4.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $16.9B | $13.9B | +21.1% | $13B | $13B | +0.3% |
| Contract with Customer, Liability, Current | $12.6B | $10.3B | +23.2% | $11.4B | $9.8B | +16.8% |
| Contract with Customer, Liability, Revenue Recognized | $1B | $1B | 0.0% | $6.3B | $5.9B | +6.8% |
| Cost of Revenue | $18.3B | $16.4B | +11.6% | $67.4B | $64.1B | +5.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $411M | $1.35B | -69.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $122M | $120M | +1.7% |
| Debt and Equity Securities, Realized Gain (Loss) | – | – | – | $253M | $170M | +48.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.2B | $1.2B | 0.0% | $1.21B | $1.29B | -5.7% |
| Debt Securities, Trading, and Equity Securities, FV-NI | $2B2025-12-31 | $1.8B | +11.1% | $2B | $1.8B | +11.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $374M | -$604M | +161.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2M | $16M | -112.5% |
| Deferred Income Tax Assets, Net | $1.82B | $3.41B | -46.7% | $2.98B | $3.56B | -16.4% |
| Deferred Income Tax Expense (Benefit) | $576M | $633M | -9.0% | $372M | -$588M | +163.3% |
| Deferred Tax Assets, in Process Research and Development | $1.2B2025-12-31 | $1.64B | -27.0% | $1.2B | $1.64B | -27.0% |
| Deferred Tax Assets, Net | $2.96B2025-12-31 | $3.53B | -16.3% | $2.96B | $3.53B | -16.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $4.73B2025-12-31 | $5.09B | -7.0% | $4.73B | $5.09B | -7.0% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $269M2025-12-31 | $83M | +224.1% | $269M | $83M | +224.1% |
| Deferred Tax Assets, Other | $343M2025-12-31 | $528M | -35.0% | $343M | $528M | -35.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $764M2025-12-31 | $741M | +3.1% | $764M | $741M | +3.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $999M2025-12-31 | $1.18B | -15.6% | $999M | $1.18B | -15.6% |
| Deferred Tax Assets, Valuation Allowance | $60M2025-12-31 | $41M | +46.3% | $60M | $41M | +46.3% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $580M2025-12-31 | $545M | +6.4% | $580M | $545M | +6.4% |
| Deferred Tax Liabilities, Net | $1.78B2025-12-31 | $1.55B | +14.2% | $1.78B | $1.55B | +14.2% |
| Deferred Tax Liabilities, Other | $683M2025-12-31 | $638M | +7.1% | $683M | $638M | +7.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $512M2025-12-31 | $371M | +38.0% | $512M | $371M | +38.0% |
| Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | – | – | – | -$943M | – | – |
| Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | – | – | – | $479M | – | – |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $93M | $111M | -16.2% | – | – | – |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | – | – | – | -$479M | $0 | – |
| Defined Benefit Plan, Plan Assets, Amount | $24.6B2025-12-31 | $24.1B | +2.1% | $24.6B | $24.1B | +2.1% |
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $0 | $0 | – | – | – | – |
| Defined Contribution Plan, Cost | – | – | – | $1.3B | $1.2B | +8.3% |
| Depreciation | – | – | – | $1B | $967M | +3.4% |
| Depreciation, Amortization and Accretion, Net | $425M | $428M | -0.7% | $1.69B | $1.56B | +8.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-31, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-31, 10-Q 2024-09-29
Data as of 2026-11-01