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Lockheed Martin
Lockheed Martin (LMT) investor relations material
Lockheed Martin Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record-high backlog of $194 billion, 2.5x annual sales, with 6% year-over-year sales growth in 2025 and strong demand for defense programs.
Generated $6.9 billion in free cash flow, exceeding expectations, after pre-funding nearly $900 million in pension obligations and distributing $3.1 billion in dividends.
Invested $3.5 billion in capital and R&D to drive innovation and expand production capacity, with $3.0 billion in share repurchases.
Delivered record numbers of F-35 jets (191) and PAC-3 MSE interceptors (620) in 2025, and landmark multi-year agreements for PAC-3 MSE and THAAD interceptors.
Major classified program losses recognized in Aeronautics and RMS segments during 2025, with a $479 million pension settlement charge.
Financial highlights
Fourth quarter sales reached $20.3 billion, up 9% year-over-year, with growth across all business areas.
Full-year 2025 sales were $75 billion, up 6% year-over-year; segment operating profit grew 11% to $6.7 billion, and EPS was $21.49.
Book-to-bill ratio was 1.2 for the year and 1.7 for Q4, reflecting strong order intake.
Segment operating margin for 2025 was 9.0%, with consolidated operating margin at 10.3%.
Free cash flow for 2025: $6.9 billion.
Outlook and guidance
2026 sales expected at $77.5–$80 billion, representing 5% organic growth at midpoint.
Segment operating profit forecasted at $8.425–$8.675 billion, with a midpoint margin of 10.9%.
EPS guidance for 2026 is $29.35–$30.25, up over $8 from 2025, mainly due to absence of prior charges.
Free cash flow projected at $6.5–$6.8 billion, with $2.5–$2.8 billion in capital expenditures.
Cash from operations forecasted at $9.15–$9.45 billion for 2026.
Mitigation for recurring program losses
Impact of 2025 capital investments on 2026 growth?
Backlog conversion rate expectations for 2026?
Explain multi-year contract risk mitigation
Drivers for increased internal investment?
LMT's role in defense innovation ecosystem?
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Next Lockheed Martin earnings date
Q1 202621 Apr, 2026
Lockheed Martin
Next Lockheed Martin earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
One of the main actors in the defense industry
Lockheed Martin is undoubtedly one of the main actors in the defense industry. As one of the world’s largest and most well-diversified defense contractors they produce fighter jets, warfare electronics, hypersonics, space and satellite systems, and more. Some of Lockheed Martin’s competitors include Saab, Boeing, and BAE Systems.
The main business areas
With over 114,000 employees spread over more than 370 global facilities, the company operates in four main business areas: Aeronautics, Including tactical aircraft and aeronautical R&D. Missiles and Fire Control, including PAC-3 missiles and the terminal high altitude area defense system. Rotary and Mission Systems, with Sikorsky helicopters, maritime and radar systems, and cyber capabilities. And then Space, including development of commercial and government satellites, as well as deep space exploration.
Long-stretching contracts
With a majority of its customer base consisting of the U.S. Department of Defense and U.S. federal government agencies, their programs are blessed with long-stretching contracts. As a reference of their contractual backlog and recurring revenue, the company's iconic F-35 fighter jet first flew in 2006, and is scheduled to stay in service until year 2070.
Fun fact: if you’ve seen the latest Top Gun: Maverick movie, the hypersonic jet in the opening scene codenamed “Darkstar,” is actually based on the Lockheed Martin SR-52.
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