15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 2.8% per year over the past 5 years.
Net income has grown slower than revenue (-6.0% vs 2.8% per year).
Operating margin has contracted, at 10.3% in the latest year.
Free cash flow has grown 1.5% per year over the past 5 years.
Financial health
Total debt ($21.7B) exceeds cash ($4.1B); net debt is $17.6B.
Total debt has grown faster than revenue (12.3% vs 2.8% per year).
Operating income covered interest expense 6.9× in the latest year.
Total debt is 2.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 62.4% of earnings and 45.3% of free cash flow.
The dividend has grown 2.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$75.0B
$5.0B
10.2%
10.3%
$6.9B
$21.7B
$4.1B
2024
$71.0B
$5.3B
9.8%
9.9%
$5.3B
$20.3B
$2.5B
2023
$67.6B
$6.9B
12.5%
12.6%
$6.2B
$17.5B
$1.4B
2022
$66.0B
$5.7B
12.6%
12.7%
$6.1B
$15.5B
$2.5B
2021
$67.0B
$6.3B
13.5%
13.6%
$7.7B
$11.7B
$3.6B
2020
$65.4B
$6.8B
13.2%
13.2%
$6.4B
$12.2B
$3.2B
2019
$59.8B
$6.2B
14.0%
14.3%
$5.8B
$12.7B
$1.5B
2018
$53.8B
$5.0B
13.5%
13.6%
$1.9B
$14.7B
$772M
2017
$50.0B
$2.0B
12.8%
13.5%
$5.3B
$14.3B
$2.9B
2016
$47.3B
$5.2B
11.4%
12.5%
$4.1B
$14.3B
$1.8B
2015
—
$3.6B
—
—
$4.2B
$15.3B
$1.1B
2014
—
$3.6B
—
—
$3.0B
$6.1B
$1.4B
2013
—
$3.0B
—
—
$3.7B
$6.2B
$2.6B
2012
—
$2.7B
—
—
$619M
$6.3B
$1.9B
2011
—
$2.7B
—
—
$3.3B
$6.5B
$3.6B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$18.0B
$1.5B
11.5%
11.4%
-$291M
$20.7B
$1.9B
Dec '25
$20.3B
$1.3B
11.4%
11.5%
$2.8B
$21.7B
$4.1B
Sep '25
$18.6B
$1.6B
12.0%
12.3%
$3.3B
$22.2B
$3.5B
Jun '25
$18.2B
$342M
4.0%
4.1%
-$150M
$21.6B
$1.3B
Mar '25
$18.0B
$1.7B
12.9%
13.2%
$955M
$20.3B
$1.8B
Dec '24
$18.6B
$527M
3.7%
3.7%
$441M
$20.3B
$2.5B
Sep '24
$17.1B
$1.6B
12.4%
12.5%
$2.1B
$19.3B
$3.2B
Jun '24
$18.1B
$1.6B
11.8%
11.9%
$1.5B
$19.3B
$2.5B
Mar '24
$17.2B
$1.5B
11.6%
11.8%
$1.3B
$19.4B
$2.8B
Dec '23
$18.9B
$1.9B
12.2%
12.1%
$1.7B
$17.5B
$1.4B
Sep '23
$16.9B
$1.7B
12.1%
12.1%
$2.5B
$17.4B
$3.6B
Jun '23
$16.7B
$1.7B
12.5%
12.8%
$771M
$17.5B
$3.7B
Mar '23
$15.1B
$1.7B
13.5%
13.5%
$1.3B
$15.6B
$2.4B
Dec '22
$19.0B
$1.9B
12.1%
12.1%
$1.2B
$15.5B
$2.5B
Sep '22
$16.6B
$1.8B
12.8%
13.0%
$2.7B
$11.5B
$2.4B
Jun '22
$15.4B
$309M
12.7%
12.7%
$1.0B
$11.6B
$1.8B
Mar '22
$15.0B
$1.7B
12.8%
12.9%
$1.1B
$11.1B
$1.9B
Dec '21
$17.7B
$2.0B
13.7%
13.8%
$3.7B
$11.7B
$3.6B
Sep '21
$16.0B
$614M
14.4%
14.3%
$1.6B
$11.7B
$2.7B
Jun '21
$17.0B
$1.8B
12.6%
12.9%
$950M
$11.7B
$2.7B
Valuation over time
How the market has priced LMT against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 19.0× (Mar '23) to 23.2× (Jun '26).
The price-to-sales ratio has fallen from 1.7× (Mar '23) to 1.6× (Jun '26).
The dividend yield has fallen from 2.8% (Mar '23) to 2.7% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is LMT growing its revenue and profit?
Over the past 5 years, Lockheed Martin's revenue has grown 2.8% per year, and net income declined 6.0% per year. These are computed facts, not advice.
How much debt does LMT have?
As of FY2025, Lockheed Martin reported $21.7B of total debt against $4.1B of cash; operating income covered interest expense 6.9×.
What is LMT's profit margin?
In FY2025, gross margin was 10.2%, operating margin 10.3%, and net margin 6.7%.
What is LMT's P/E ratio?
As of Jun '26, Lockheed Martin traded at a price-to-earnings ratio of about 23.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.