⚡What does Lockheed Martin do, in 30 seconds?
Lockheed Martin builds military aircraft 1, missiles 4, helicopters and radar 6, and satellites 7. It sold $75.0bn ✓ in FY2025. The F-35 fighter alone made up 27% of those sales 1. The US Government was its largest customer, at 72% of 2025 sales 34.
📱What does Lockheed Martin sell?
Lockheed Martin sells military aircraft 1, missiles 4, helicopters and radar 6, and satellites 7 through four segments 43. Aeronautics is the biggest, at 40% ✓ of FY2025 sales. Here is what each one makes and who buys it.
Aeronautics
This segment designs, builds, sustains and upgrades military aircraft 1. They include combat and air mobility aircraft and unmanned air vehicles 1. Its major programs are the F-35 Lightning II and F-22 Raptor stealth fighters, the F-16 fighter and the C-130 Hercules airlifter 1. Aeronautics brought in $30.3bn ✓ in FY2025. The F-35 made up 67% of the segment's sales in 2025 1.
👥 In 2025 the US Government bought about $19.3 billion of the segment's roughly $30.3 billion of sales 3. Customers abroad bought about $10.9 billion 3. The US Government's stated aim is to buy 2,456 F-35 aircraft for the Air Force, Marine Corps and Navy 1. Seven partner countries and 12 foreign military sales customers have also committed to the program 1.
Missiles and Fire Control
This segment sells air and missile defense systems, tactical missiles and precision strike weapons 4. It also sells fire control systems, and logistics and support services 4. Its major programs include the PAC-3 and THAAD air and missile defense interceptors 4. JASSM and LRASM are air-launched missiles, and MLRS and HIMARS are rocket systems 4. Others are the Precision Strike Missile and the Hellfire and JAGM missiles 4. Javelin, a portable anti-tank weapon, is made for the US Army and Marine Corps 4. A joint venture of Lockheed Martin and RTX makes it 4. This segment brought in $14.5bn ✓ in FY2025. Its backlog was about $142.5 billion at 27 September 2026, up from about $46.7 billion at 31 December 2025 5.
👥 In 2025 the US Government bought about $10.2 billion of the segment's roughly $14.5 billion of sales 3. Customers abroad bought about $4.2 billion 3.
Rotary and Mission Systems
This segment makes military and commercial helicopters, radar, and combat and command systems 6. It also makes sea- and land-based missile defense systems, and training and simulation products 6. And it services surface ships 6. Its Sikorsky programs include the Black Hawk, Seahawk, CH-53K King Stallion and Combat Rescue helicopters 6. Its Aegis Combat System is an air and missile defense system for the US Navy and international customers 6. This segment brought in $17.3bn ✓ in FY2025.
👥 In 2025 the US Government bought about $11.1 billion of the segment's roughly $17.3 billion of sales 3. Customers abroad bought about $6.0 billion 3.
Space
This segment builds satellites, space transportation systems, and strategic, advanced strike and defensive systems 7. Major programs include the Trident II D5 submarine-launched missile for the US Navy 7. They also include NASA's Orion crew vehicle and GPS III satellites 7. Others are Next Gen OPIR missile-warning satellites for the US Space Force and the Next Generation Interceptor for the Missile Defense Agency 7. Space brought in $13.0bn ✓ in FY2025.
👥 About $12.8 billion of the segment's roughly $13.0 billion of 2025 sales came from the US Government 3.
How the mix has shifted
Where the customers are
The United States brought in the biggest share of FY2025 sales, at 72% ✓. Europe added 12% ✓, Asia Pacific 10% ✓, the Middle East 4% ✓ and other regions 2% ✓. In 2025, about 77% of sales outside the US were foreign military sales, contracted through the US Government 34.
💸How does Lockheed Martin make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Lockheed Martin sold $75.0bn ✓ of products and services in FY2025 and kept $5.0bn ✓ as net income. Cost of sales took $67.4bn ✓. What was left is gross profit, which came to $7.6bn ✓.
That cost of sales is the company's operating costs and expenses, with no separate line for research or for selling and admin costs 4012. Company-funded research and development sits inside those costs 4012. It came to $2.0bn ✓ in FY2025.
Other operating items brought a small net gain, with their cost line at -$0.1bn ✓. That left operating profit, the profit from the main business, of $7.7bn ✓. Interest and other items outside the main business were a net cost, at -$1.8bn ✓. Interest on debt alone was $1.1bn ✓. Tax took $0.9bn ✓, which left the net income of $5.0bn ✓. Put simply, out of every hundred dollars of sales, about $90 ✓ went on operating costs, including R&D and overheads, $2 ✓ on other costs and $1 ✓ on tax. That left $7 ✓ as profit.
Out of every $100 customers paid in FY2025…
📈How is Lockheed Martin doing?
Lockheed Martin's sales are growing, and its FY2025 operating margin was below its FY2023 level. Sales reached $75.0bn ✓ in FY2025, up 5.6% ✓ on FY2024. Operating margin was 10.3% ✓, against 9.9% ✓ in FY2024 and 12.6% ✓ in FY2023.
A reach-forward loss books the whole expected loss on a contract 42. It is recorded when estimated total costs are found to exceed the estimated price 42. Lockheed Martin recorded $1.965 billion of these losses on selected programs in 2024 and $1.615 billion in 2025 1112. The 2024 losses included $555 million on a classified Aeronautics program and about $1.4 billion on a classified Missiles and Fire Control program 11. The 2025 losses included $950 million on an ongoing classified Aeronautics program 11. They also included $570 million on the Canadian Maritime Helicopter Program and $95 million on the Turkish Utility Helicopter Program 11.
Operating profit rose to $7.7bn ✓ from $7.0bn ✓ in FY2024, while net income was $5.0bn ✓, against $5.3bn ✓. Interest and other items outside the main business came to -$1.8bn ✓ in FY2025, a net cost, against -$0.8bn ✓ in FY2024. Free cash flow was $6.9bn ✓, up from $5.3bn ✓ in FY2024.
In the four quarters to 27 September 2026, sales were $79.1bn ✓, up 7.9% ✓ on the four quarters before. Operating margin over those quarters was 11.8% ✓, and free cash flow was $8.4bn ✓. Third-quarter 2026 sales were $20.7 billion, up 11% from a year earlier 5. Each of the four segments grew 5. In the first nine months of 2026, Lockheed Martin recorded unfavorable profit adjustments, which are changes that lower profit 32. They included $170 million on the F-16, $175 million on the C-130, $125 million on the Heavy Lift helicopter and $95 million on the Seahawk 32. It delivered 94 F-35 aircraft in those nine months, compared with 143 in the same period of 2025 5.
Backlog is the sales the company expects to book on work it has not yet delivered 30. It rose by $61.6 billion in the third quarter of 2026, to $292.0 billion at 27 September 2026 30. The main reason was a $52.5 billion multi-year award to produce PAC-3 MSE interceptors 30. At that date, the company expected about 23% of its backlog to become sales over the next 12 months 30. It expected about 40% over the next 24 months 30.
📝 The report card
Lockheed Martin earns a good mark for steadiness, a middle mark for profit, and low marks for growth, cash and its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Lockheed Martin (orange) and its 5 peers land; further right is better.
Growth
Lockheed Martin's sales grew 4.4% ✓ a year over its last three fiscal years, which earns a D ✓. General Dynamics grew 10.1% ✓ a year over the same years, good for a B ✓. Northrop Grumman grew 4.7% ✓, also a D ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Lockheed Martin kept 10.9% ✓ of sales as operating profit, a C ✓. General Dynamics kept 10.1% ✓ and Northrop Grumman 9.3% ✓. Lockheed Martin's three years include reach-forward losses of $1.965 billion in 2024 and $1.615 billion in 2025 1112.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Lockheed Martin turned 8.6% ✓ of sales into free cash flow, a D ✓. General Dynamics was next among its peers at 7.7% ✓, with RTX at 7.5% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Lockheed Martin's cash and investments minus its borrowings (leases not counted) came to -23.4% ✓ of a year's sales, a D ✓. In dollars, net cash was -$17.6bn ✓, so borrowings were larger than cash and investments. At 27 September 2026, net cash was -$14.5bn ✓, with debt of $20.5bn ✓ and cash and securities of $6.0bn ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Lockheed Martin's yearly sales growth swings with a standard deviation of 5.1% ✓, which earns a B ✓. Standard deviation measures how far each year strays from the average. Sales rose in 9 ✓ of the last 10 ✓ fiscal years. Northrop Grumman's figure is 5.3% ✓, and Huntington Ingalls' is 4.0% ✓, an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Lockheed Martin compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, Lockheed Martin spent $64.7bn ✓ on buybacks and dividends, against $59.9bn ✓ of free cash flow. In FY2025, those payouts equalled 89% ✓ of free cash flow. It bought back no shares in the first nine months of 2026, against $2.25 billion in the same months of 2025 47. In October 2026 it authorized a fourth quarter 2026 dividend of $3.60 per share, up $0.15 from the third quarter dividend 41. It said this was its 24th annual increase in a row 5.
🧮Ratios 101: what are Lockheed Martin's key financial ratios?
Ratios shrink Lockheed Martin's large numbers into easy comparisons with companies of any size. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Lockheed Martin's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Lockheed Martin's gross margin of 10.2% ✓ comes after operating costs and expenses, with no separate research or selling and admin line 4012. Its operating margin was 10.3% ✓.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 At 10.3% ✓, Lockheed Martin is about level with the 10.2% ✓ peer median. It recorded reach-forward losses of $1.615 billion in 2025 1112.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Lockheed Martin kept 6.7% ✓ of sales as final profit, below the 7.6% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 74.6% ✓ is above the 16.4% ✓ peer median. Shareholders' equity was $6.7bn ✓, against net income of $5.0bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 8.4% ✓ is above the 4.7% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Lockheed Martin's sales are 1.3x ✓ the value of everything it owns, above the 0.8x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Lockheed Martin holds 19 ✓ days of inventory, against 69 ✓ days at RTX and 76 ✓ days at General Dynamics.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Lockheed Martin's 1.1x ✓ matches the 1.1x ✓ peer median. It had $25.4bn ✓ of current assets against $23.3bn ✓ of bills due within a year.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Total debt was 3.2x ✓ shareholders' equity, above the 0.5x ✓ peer median, with debt of $21.7bn ✓ against equity of $6.7bn ✓.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest 6.9x ✓, against 6.3x ✓ at Huntington Ingalls.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Free cash flow was 1.4x ✓ net income, above the 0.9x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Company-funded R&D was 2.7% ✓ of sales, a little below the 2.9% ✓ peer median. Customer-funded R&D costs are charged directly to the related customer contracts 40.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was 0.4% ✓ of sales, the same as the 0.4% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Lockheed Martin paid out 122.2% ✓ of FY2025 net income in dividends and buybacks, against a peer median of 53.0% ✓. Those payouts were 89% ✓ of free cash flow.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Lockheed Martin's competitors?
Lockheed Martin competes with other US defense contractors, and some of them are also its partners. It names Boeing, Northrop Grumman, RTX and General Dynamics among its competitors 161718204192122. RTX's Pratt & Whitney F135 is the engine that powers the F-35 16419. Northrop Grumman supplies fuselages and fire control radars for the F-35 1620.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Lockheed Martin (LMT, FY2025) | Military aircraft 1, missile and air defense systems 4, helicopters and mission systems 6, and space 7 | $75.0bn | 4.4% | 10.3% | 9.2% |
| Boeing (BA, FY2025) | Military aircraft and helicopters; each company also owns 50% of the United Launch Alliance rocket venture 161718 | $89.5bn | 10.3% | 4.8% | -2.1% |
| RTX (RTX, FY2025) | Missile and air defense; also a partner on Javelin and maker of the F135 engine for the F-35 16419 | $88.6bn | 9.7% | 10.5% | 9.0% |
| Northrop Grumman (NOC, FY2025) | Defense markets; also supplies fuselages and fire control radars for the F-35 1620 | $42.0bn | 4.7% | 10.8% | 7.9% |
| General Dynamics (GD, FY2025) | Command, control, communications, cyber and intelligence systems for the US military, including undersea combat systems for the Navy 2122 | $52.6bn | 10.1% | 10.2% | 7.5% |
| Huntington Ingalls (HII, FY2025) | Both sell to the US Navy. Huntington Ingalls builds ships such as Arleigh Burke destroyers, and Lockheed Martin supplies the Aegis combat system 623 | $12.5bn | 5.4% | 5.3% | 6.4% |
Lockheed Martin says bid protests and the number of bidders on programs show intense competition 16. In a bid protest, a rival challenges a US Government award 16. US export and technology transfer rules apply to competition for most sales abroad 2616.
🧭Lockheed Martin SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- A $292.0 billion backlog at 27 September 2026 covers work across all four segments 305.
- The F-35 program had delivered 1,387 aircraft through 27 September 2026 311. Sustainment contracts support those aircraft after delivery 311.
- Over the last three years combined, Lockheed Martin turned 8.6% ✓ of sales into free cash flow. General Dynamics, next among its peers, turned 7.7% ✓.
- Lockheed Martin had about 72,000 engineers, scientists and information technology professionals at 31 December 2025 28.
🩹 Weaknesses
- Total losses booked by 27 September 2026 were about $1.8 billion and $1.5 billion on two classified programs 32. On the Canadian Maritime Helicopter Program they were about $670 million 32.
- In the first nine months of 2026, 70% of sales came from one customer, the US Government 33.
- One program, the F-35, made up 27% of total sales in 2025 1.
- Lockheed Martin says its customers continue to use procurement strategies, such as fixed-price development work, that shift risk to contractors 32.
🚀 Opportunities
- Multi-year contracts with the Department of War are meant to raise production of PAC-3 MSE and THAAD interceptors and speed delivery 33. The department is also known as the Department of Defense 34.
- In the second quarter of 2026, Lockheed Martin signed a $35 billion multi-year contract with the Missile Defense Agency for THAAD 35.
- In 2026 it entered framework agreements to speed production of the Precision Strike Missile and the Joint Advanced Tactical Missile 33. It also entered one for multi-year F-35 production and sustainment 33.
- The US fiscal 2027 defense request stresses munitions deals, Golden Dome missile defense and more F-35 purchases 36. Congress had not enacted it 36.
⚠️ Threats
- Lockheed Martin says it may record further losses on its classified programs 32. It says they could be material in any period they are recognized 32.
- US Government shutdowns and stopgap funding bills can delay money for Lockheed Martin's programs and restrict new contract starts 25.
- Lockheed Martin says supply chain problems, including rare earth minerals and tariffs, could cut future profits, margins and cash flows 33. It says this applies particularly to existing fixed-price contracts 33.
- A securities class action filed on 28 July 2025 and amended on 12 January 2026 alleges misstatements about classified programs and the F-35 37. Lockheed Martin says it does not expect a material adverse effect 37.
🏰Does Lockheed Martin have a moat?
Why 4?
Lockheed Martin says it generally expects to be well placed as the incumbent on existing programs 25. It may not win replacement programs, and they could be funded at lower levels 25. Trident II D5 is the only submarine-launched intercontinental ballistic missile now in production in the US 7. Lockheed Martin builds it for the US Navy 7. F-35 sustainment contracts provide logistics and training support for aircraft already delivered 1. But the US Government can end Lockheed Martin's contracts for convenience or for default 26. In 2025 the company recorded charges totaling $66 million, primarily writing off fixed assets 27. They resulted from the US Air Force's Next Generation Air Dominance competition and its decision to narrow the field 27.
Why 2?
F-35 customers include the US military services, seven partner countries and 12 foreign military sales customers 1. During 2025 the customers abroad indicated plans to buy 72 more aircraft 1. Lockheed Martin works on network-enabled activities that let separate defense systems work together 1.
Why 3?
Some of the company's work is classified by the US Government, which limits what can be disclosed 2616. US export and technology transfer rules apply to competition for most sales abroad 2616. Lockheed Martin owns many patents and trade secrets 29. It says no single patent or license is material to the whole business 29. The US Government can use, or let others use, intellectual property developed with its funding 29.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Lockheed Martin; grey dots are peers).
🔭What should you watch next?
Purchase of Ultra Maritime
Lockheed Martin expects its $3.45 billion purchase of Ultra Maritime to close in the fourth quarter of 2026 48. The business would report within Rotary and Mission Systems 48. Ultra Maritime specializes in undersea warfare and anti-submarine technology 48. The purchase is to be paid for with cash on hand 48.
United Launch Alliance
Lockheed Martin and Boeing each hold 50% of this rocket venture 18. Its Vulcan Centaur rocket had performance problems in the first quarter of 2026 that are hurting its finances 18. Both owners expect to give more financial support 18. Lockheed Martin could record impairment, a write-down in value, or operating losses if the rocket underperforms 18. In the third quarter of 2026, it agreed to guarantee certain venture borrowings 18. The most it could have to pay in principal is $750 million 18.
📚Learn the words
❓Frequently asked questions about Lockheed Martin
How does Lockheed Martin make money?
Most of Lockheed Martin's sales come from the US Government, at 72% in 2025 34. Aeronautics brought in $30.3bn ✓ in FY2025. Rotary and Mission Systems brought in $17.3bn ✓, Missiles and Fire Control $14.5bn ✓ and Space $13.0bn ✓.
What is Lockheed Martin's largest program?
The F-35 is Lockheed Martin's largest program, at 27% of total sales in 2025 1. The company delivered 191 F-35 aircraft in 2025, compared with 110 in 2024 38. Through 27 September 2026, it had delivered 1,387 production F-35 aircraft 31.
Who does Lockheed Martin compete with?
Lockheed Martin names Boeing, Northrop Grumman, RTX and General Dynamics among its competitors 161718204192122. Some are also partners: RTX's Pratt & Whitney F135 is the engine that powers the F-35 16419.
Does Lockheed Martin sell to other countries?
Yes, customers outside the US made up 28% of its 2025 sales 34. About 77% of those sales were foreign military sales, contracted through the US Government 34. In the first nine months of 2026, customers outside the US made up 30% of sales 33.
What is backlog, and how big is Lockheed Martin's?
Backlog is the sales Lockheed Martin expects to book on products and services it has not yet delivered 30. It was $292.0 billion at 27 September 2026 30, up from $193.6 billion at 31 December 2025 39.
Does Lockheed Martin make anything besides military products?
Yes, it builds NASA's Orion crew vehicle 7. It also makes commercial helicopters 6. US commercial and other customers made up about $293 million of its roughly $75.0 billion of 2025 sales 3.
How much does Lockheed Martin spend on research?
Lockheed Martin spent $2.0bn ✓ of its own money on research and development in FY2025, which was 2.7% ✓ of sales. Customers also pay for research under contracts 40, and those costs are charged directly to the related contracts 40.
Does Lockheed Martin pay a dividend?
Yes. In October 2026 it authorized a fourth quarter 2026 dividend of $3.60 per share, up $0.15 from the third quarter dividend 41. It paid $3.1bn ✓ in dividends in FY2025.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [24] [13] [10] [9] [15].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Lockheed Martin's 2025 sales came from the F-35 program?
2. Who was Lockheed Martin's largest customer in 2025?
3. What is a reach-forward loss?
4. What does backlog measure?
5. Which Lockheed Martin organization is also known as Skunk Works?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: Aeronautics programs, F-35 share of sales (accessed 2026-11-08)
- Lockheed Martin (LMT) Form 10-K for fiscal year 2025, filed 2026-01-29 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Lockheed Martin Form 10-K for fiscal year 2025 — Segment note: sales by contract type and customer (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: Missiles and Fire Control programs (accessed 2026-11-08)
- Lockheed Martin news release on third quarter 2026 results (Form 8-K exhibit 99.1) — Results, 2026 outlook, F-35 contract update, backlog and deliveries tables (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: Rotary and Mission Systems programs (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: Space programs (accessed 2026-11-08)
- SEC EDGAR companyfacts: Lockheed Martin (LMT) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: GENERAL DYNAMICS CORP (GD) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: NORTHROP GRUMMAN CORP /DE/ (NOC) — annual 10-K facts (accessed 2026-11-04)
- Lockheed Martin Form 10-K for fiscal year 2025 — Note 1 and MD&A: profit booking rate adjustments and program losses (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Consolidated statements of earnings and cash flows; MD&A operating costs description (accessed 2026-11-08)
- SEC EDGAR companyfacts: RTX Corp (RTX) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Lockheed Martin (LMT) — balance sheet at 2026-09-27 (accessed 2026-11-04)
- SEC EDGAR companyfacts: HUNTINGTON INGALLS INDUSTRIES, INC. (HII) — annual 10-K facts (accessed 2026-11-04)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: competition (accessed 2026-11-08)
- Boeing Form 10-K for fiscal year 2025 — Item 1: Defense, Space & Security competition; products (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 2: United Launch Alliance equity investment (accessed 2026-11-08)
- RTX Form 10-K for fiscal year 2025 — Item 1: F135 engine; Raytheon air defense products (accessed 2026-11-08)
- Northrop Grumman Form 10-K for fiscal year 2025 — Item 1: competitive conditions; F-35 fuselage and radar work (accessed 2026-11-08)
- General Dynamics Form 10-K for fiscal year ended December 31, 2025 (filed 2026-01-30) — Item 1: Technologies segment (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year ended December 31, 2025 — Item 1: Rotary and Mission Systems programs, competition (accessed 2026-11-08)
- Huntington Ingalls Industries Form 10-K for fiscal year 2025 — Item 1: shipbuilding and Mission Technologies businesses (accessed 2026-11-08)
- SEC EDGAR companyfacts: BOEING CO (BA) — annual 10-K facts (accessed 2026-11-04)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1A: reliance on U.S. Government, F-35 risk, incumbency (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: government contracts, classified contracts (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Note 16: impairment and other charges (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: human capital, employees (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: intellectual property (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 2: backlog (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — MD&A Aeronautics: F-35 deliveries and Lot 20 negotiations (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 2: profit booking rate adjustments and program losses (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — MD&A overview: customer mix, global security, framework agreements (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — MD&A overview: customer mix and international business (accessed 2026-11-08)
- Lockheed Martin news release on second quarter 2026 results (Form 8-K exhibit 99.1) — THAAD multi-year contract; counter-drone test (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — MD&A: U.S. Government budget environment (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 11: legal proceedings (accessed 2026-11-08)
- Lockheed Martin news release on fourth quarter 2025 results (Form 8-K exhibit 99.1) — PAC-3 framework agreement; 2025 aircraft deliveries (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — MD&A backlog and segment backlog (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Note 1: research and development and similar costs (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 10: dividends (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1A and critical accounting policies: fixed-price risk, reach-forward loss (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Cover and Item 1: fiscal year, four segments, formation, headquarters (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Information about executive officers (accessed 2026-11-08)
- SEC EDGAR companyfacts: Lockheed Martin (LMT) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Segment note: F-35 share of consolidated sales (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Statement of cash flows; liquidity discussion; Part II Item 2 repurchases (accessed 2026-11-08)
- Lockheed Martin Form 10-Q for the quarter ended September 27, 2026 — Note 13: Ultra Maritime acquisition (accessed 2026-11-08)