Lockheed Martin Reports First Quarter 2025 Financial Results
Lockheed Martin (LMT) reported strong Q1 2025 financial results with sales increasing 4% to $18.0 billion compared to Q1 2024. Net earnings rose to $1.7 billion, or $7.28 per share, up from $1.5 billion ($6.39 per share) in Q1 2024.
The company generated $1.4 billion in cash from operations and $955 million in free cash flow. LMT returned $1.5 billion to shareholders through dividends ($796 million) and share repurchases (1.7 million shares for $750 million).
Notable segment performance included: Aeronautics sales up 3% to $7.1 billion, Missiles and Fire Control up 13% to $3.4 billion, Rotary and Mission Systems up 6% to $4.3 billion, while Space segment decreased 2% to $3.2 billion. The company maintains a substantial $173 billion backlog and reaffirmed its 2025 financial outlook.
Lockheed Martin (LMT) ha riportato solidi risultati finanziari per il primo trimestre 2025, con vendite in aumento del 4% a 18,0 miliardi di dollari rispetto al primo trimestre 2024. Gli utili netti sono saliti a 1,7 miliardi di dollari, ovvero 7,28 dollari per azione, rispetto a 1,5 miliardi di dollari (6,39 dollari per azione) nel primo trimestre 2024.
L’azienda ha generato 1,4 miliardi di dollari di liquidità dalle operazioni e 955 milioni di dollari di flusso di cassa libero. LMT ha restituito 1,5 miliardi di dollari agli azionisti tramite dividendi (796 milioni) e riacquisto di azioni (1,7 milioni di azioni per 750 milioni di dollari).
Le performance di segmenti degne di nota includono: vendite Aeronautica in crescita del 3% a 7,1 miliardi di dollari, Missili e Controllo del Fuoco in aumento del 13% a 3,4 miliardi, Sistemi Rotativi e Missioni in crescita del 6% a 4,3 miliardi, mentre il segmento Spazio è diminuito del 2% a 3,2 miliardi. L’azienda mantiene un consistente portafoglio ordini da 173 miliardi di dollari e ha confermato le previsioni finanziarie per il 2025.
Lockheed Martin (LMT) reportó sólidos resultados financieros en el primer trimestre de 2025, con ventas que aumentaron un 4% hasta 18.0 mil millones de dólares en comparación con el primer trimestre de 2024. Las ganancias netas subieron a 1.7 mil millones de dólares, o 7.28 dólares por acción, desde 1.5 mil millones (6.39 dólares por acción) en el primer trimestre de 2024.
La compañía generó 1.4 mil millones de dólares en efectivo proveniente de operaciones y 955 millones de dólares en flujo de caja libre. LMT devolvió 1.5 mil millones de dólares a los accionistas mediante dividendos (796 millones) y recompras de acciones (1.7 millones de acciones por 750 millones de dólares).
El desempeño destacado por segmentos incluyó: ventas de Aeronáutica que crecieron un 3% hasta 7.1 mil millones, Misiles y Control de Fuego con un aumento del 13% a 3.4 mil millones, Sistemas Rotativos y de Misión que subieron un 6% a 4.3 mil millones, mientras que el segmento Espacial disminuyó un 2% a 3.2 mil millones. La compañía mantiene una sólida cartera de pedidos de 173 mil millones de dólares y reafirmó sus perspectivas financieras para 2025.
록히드 마틴(LMT)은 2025년 1분기 강력한 재무 실적을 발표했으며, 매출은 2024년 1분기 대비 4% 증가한 180억 달러를 기록했습니다. 순이익은 17억 달러, 주당 7.28달러로 2024년 1분기 15억 달러(주당 6.39달러)에서 상승했습니다.
회사는 영업활동에서 14억 달러의 현금을 창출했으며, 자유현금흐름은 9억 5,500만 달러를 기록했습니다. LMT는 배당금(7억 9,600만 달러)과 자사주 매입(170만 주, 7억 5,000만 달러)을 통해 주주들에게 총 15억 달러를 환원했습니다.
주요 사업 부문 실적은 항공우주 매출이 3% 증가해 71억 달러, 미사일 및 화력통제가 13% 상승해 34억 달러, 회전익 및 임무 시스템이 6% 증가해 43억 달러를 기록했으며, 우주 부문은 2% 감소해 32억 달러였습니다. 회사는 1,730억 달러 규모의 수주 잔고를 유지하며 2025년 재무 전망을 재확인했습니다.
Lockheed Martin (LMT) a publié de solides résultats financiers pour le premier trimestre 2025, avec des ventes en hausse de 4 % à 18,0 milliards de dollars par rapport au premier trimestre 2024. Le bénéfice net a augmenté pour atteindre 1,7 milliard de dollars, soit 7,28 dollars par action, contre 1,5 milliard de dollars (6,39 dollars par action) au premier trimestre 2024.
La société a généré 1,4 milliard de dollars de trésorerie provenant des opérations et 955 millions de dollars de flux de trésorerie disponible. LMT a reversé 1,5 milliard de dollars aux actionnaires sous forme de dividendes (796 millions) et de rachats d’actions (1,7 million d’actions pour 750 millions de dollars).
Les performances notables par segment incluent : les ventes en aéronautique en hausse de 3 % à 7,1 milliards, les missiles et le contrôle de tir en progression de 13 % à 3,4 milliards, les systèmes rotatifs et de mission en hausse de 6 % à 4,3 milliards, tandis que le segment spatial a diminué de 2 % à 3,2 milliards. L’entreprise conserve un important carnet de commandes de 173 milliards de dollars et a confirmé ses prévisions financières pour 2025.
Lockheed Martin (LMT) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Umsatzanstieg von 4 % auf 18,0 Milliarden US-Dollar im Vergleich zum ersten Quartal 2024. Der Nettogewinn stieg auf 1,7 Milliarden US-Dollar bzw. 7,28 US-Dollar je Aktie, gegenüber 1,5 Milliarden US-Dollar (6,39 US-Dollar je Aktie) im ersten Quartal 2024.
Das Unternehmen generierte 1,4 Milliarden US-Dollar Cashflow aus dem operativen Geschäft und 955 Millionen US-Dollar freien Cashflow. LMT gab 1,5 Milliarden US-Dollar an die Aktionäre zurück, davon 796 Millionen in Dividenden und 1,7 Millionen Aktienrückkäufe im Wert von 750 Millionen US-Dollar.
Bemerkenswerte Segmentleistungen umfassen: Aeronautik-Umsätze stiegen um 3 % auf 7,1 Milliarden, Raketen- und Feuerkontrolle um 13 % auf 3,4 Milliarden, Rotary- und Missionssysteme um 6 % auf 4,3 Milliarden, während der Raumfahrtbereich um 2 % auf 3,2 Milliarden zurückging. Das Unternehmen hält einen erheblichen Auftragsbestand von 173 Milliarden US-Dollar und bestätigte seine Finanzprognose für 2025.
- Sales increased 4% YoY to $18.0 billion
- Net earnings grew to $1.7 billion, up from $1.5 billion YoY
- Strong MFC segment performance with 13% sales growth
- Substantial $173 billion backlog
- $10 billion in new contract awards for missiles and Trident programs
- Free cash flow decreased to $955 million from $1.3 billion YoY
- Space segment sales declined 2% YoY
- Cash from operations decreased to $1.4 billion from $1.6 billion YoY
- Higher insurance costs and capital expenditures impacting cash flow
Insights
Lockheed Martin delivered strong Q1 results with 4% revenue growth, 13.9% EPS growth, and margin improvements across all segments despite timing-related cash flow headwinds.
Lockheed Martin posted solid Q1 2025 financial results with sales increasing 4% to
The company's profitability showed significant improvement across all business segments. Consolidated net profit booking rate adjustments of
- Aeronautics:
10.2% (up from9.9% ) - Missiles and Fire Control:
13.8% (dramatic improvement from10.4% ) - Rotary and Mission Systems:
12.0% (up from10.5% ) - Space:
11.8% (up from9.9% )
MFC's segment performance was particularly notable with sales up
Cash metrics showed some timing-related headwinds, with cash from operations decreasing to
Lockheed Martin continues to return substantial capital to shareholders, distributing
The reaffirmed full-year 2025 guidance projects sales of
- Sales increased
4% to$18.0 billion - Net earnings of
$1.7 billion $7.28 - Cash from operations of
$1.4 billion $955 million - Returned
$1.5 billion - Reaffirms 2025 financial outlook
"The momentum we created last year continued into the first quarter of 2025, with sales growing
"We are focused on operational excellence to drive the timely and efficient execution of our
Summary Financial Results
The following table presents the company's summary financial results.
(in millions, except per share data) | Quarters Ended | |||||
March 30, 2025 | March 31, 2024 | |||||
Sales | $ 17,963 | $ 17,195 | ||||
Business segment operating profit1 | $ 2,085 | $ 1,745 | ||||
Unallocated items | ||||||
FAS/CAS pension operating adjustment | 379 | 406 | ||||
Intangible asset amortization expense | (64) | (61) | ||||
Other, net | (28) | (61) | ||||
Total unallocated items | 287 | 284 | ||||
Consolidated operating profit | $ 2,372 | $ 2,029 | ||||
Net earnings | $ 1,712 | $ 1,545 | ||||
Diluted earnings per share | $ 7.28 | $ 6.39 | ||||
Cash from operations | $ 1,409 | $ 1,635 | ||||
Capital expenditures | (454) | (378) | ||||
Free cash flow1 | $ 955 | $ 1,257 | ||||
1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | |||||
Cash from operations in the first quarter of 2025 was
During the quarter ended March 30, 2025, the company paid cash dividends of
2025 Financial Outlook
The company's financial outlook for 2025 and other sections of this news release contain forward-looking statements, which reflect the company's judgment based on the information available at the time of this news release. The financial outlook for 2025 assumes the company's programs are funded by and at levels consistent with the full year Continuing Appropriations and Extensions Act of 2025 signed by the President on March 15, 2025. However, the 2025 outlook does not include the evolving impacts of tariffs or related recoveries, the recent Next Generation Air Dominance announcement, or Executive Orders issued by the Administration. Additionally, it is the company's practice not to incorporate adjustments into its financial outlook for proposed or potential acquisitions, divestitures, ventures, future gains or losses related to changes in valuations of the company's net assets and liabilities for deferred compensation plans or early-stage company investments, pension risk transfer transactions or discretionary contributions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. Actual results may differ materially from those projected. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
(in millions, except per share data) | 2025 Outlook | ||||
Sales | |||||
Business segment operating profit1 | |||||
Total FAS/CAS pension adjustment | |||||
Diluted earnings per share | |||||
Cash from operations | |||||
Capital expenditures | |||||
Free cash flow1 | |||||
1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | ||||
Segment Results
The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
(in millions) | Quarters Ended | ||||||
March 30, 2025 | March 31, 2024 | ||||||
Sales | |||||||
Aeronautics | $ 7,057 | $ 6,845 | |||||
Missiles and Fire Control | 3,373 | 2,993 | |||||
Rotary and Mission Systems | 4,328 | 4,088 | |||||
Space | 3,205 | 3,269 | |||||
Total sales | $ 17,963 | $ 17,195 | |||||
Operating profit | |||||||
Aeronautics | $ 720 | $ 679 | |||||
Missiles and Fire Control | 465 | 311 | |||||
Rotary and Mission Systems | 521 | 430 | |||||
Space | 379 | 325 | |||||
Total business segment operating profit | 2,085 | 1,745 | |||||
Unallocated items | |||||||
FAS/CAS operating adjustment | 379 | 406 | |||||
Intangible asset amortization expense | (64) | (61) | |||||
Other, net | (28) | (61) | |||||
Total unallocated items | 287 | 284 | |||||
Total consolidated operating profit | $ 2,372 | $ 2,029 | |||||
For information on factors impacting comparability of the company's segment sales, operating profit and operating margins, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024.
Consolidated net profit booking rate adjustments increased segment operating profit by approximately
Aeronautics
(in millions) | Quarters Ended | |||||
March 30, 2025 | March 31, 2024 | |||||
Sales | $ 7,057 | $ 6,845 | ||||
Operating profit | 720 | 679 | ||||
Operating margin | 10.2 % | 9.9 % | ||||
Aeronautics' sales during the quarter ended March 30, 2025 increased
Aeronautics' operating profit during the quarter ended March 30, 2025 increased
Missiles and Fire Control
(in millions) | Quarters Ended | |||||
March 30, 2025 | March 31, 2024 | |||||
Sales | $ 3,373 | $ 2,993 | ||||
Operating profit | 465 | 311 | ||||
Operating margin | 13.8 % | 10.4 % | ||||
MFC's sales during the quarter ended March 30, 2025 increased
MFC's operating profit during the quarter ended March 30, 2025 increased
Rotary and Mission Systems
(in millions) | Quarters Ended | |||||
March 30, 2025 | March 31, 2024 | |||||
Sales | $ 4,328 | $ 4,088 | ||||
Operating profit | 521 | 430 | ||||
Operating margin | 12.0 % | 10.5 % | ||||
RMS' sales during the quarter ended March 30, 2025 increased
RMS' operating profit during the quarter ended March 30, 2025 increased
Space
(in millions) | Quarters Ended | |||||
March 30, 2025 | March 31, 2024 | |||||
Sales | $ 3,205 | $ 3,269 | ||||
Operating profit | 379 | 325 | ||||
Operating margin | 11.8 % | 9.9 % | ||||
Space's sales during the quarter ended March 30, 2025 decreased
Space's operating profit during the quarter ended March 30, 2025 increased
Total equity (losses)/earnings (ULA) represented approximately
Income Taxes
The company's effective income tax rate was
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions) | 2025 Outlook | ||||
Business segment operating profit (non-GAAP) | |||||
FAS/CAS operating adjustment1 | ~1,520 | ||||
Intangible asset amortization expense | ~(240) | ||||
Other, net | ~(465) | ||||
Consolidated operating profit (GAAP) | |||||
1 | Reflects the amount by which total CAS pension cost of | ||||
Free cash flow
Free cash flow is cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity and it is a performance goal in the company's annual and long-term incentive plans. The company believes free cash flow is a useful measure for investors because it represents the amount of cash generated from operations after reinvesting in the business and that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entire free cash flow amount is not necessarily available for discretionary expenditures, however, because it does not account for certain mandatory expenditures, such as the repayment of maturing debt and future pension contributions.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Tuesday, April 22, 2025, at 11:00 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
- the company's reliance on contracts with the
U.S. Government, which are dependent onU.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; - budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and the potential for government shutdowns, and changing funding and acquisition priorities;
- risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program;
- planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment;
- the timing of contract awards or contract definitization, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments;
- the company's ability to recover costs under
U.S. Government contracts and the mix of fixed-price and cost-reimbursable contracts; - customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), treatment of contractor performance issues, and contractor access to competitive opportunities;
- performance and financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance), joint venture partners, subcontractors and customers;
- economic, industry, business and political conditions including their effects on governmental policy;
- the impact of inflation and other cost pressures;
- government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification);
- foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions;
- the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales;
- changes in non-
U.S. national priorities and government budgets and planned orders, including potential effects from fluctuations in currency exchange rates; - the competitive environment for the company's products and services;
- the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities;
- the company's ability to benefit fully from or adequately protect its intellectual property rights;
- the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions;
- cyber or other security threats or other disruptions faced by the company or its suppliers;
- the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions;
- the accuracy of the company's estimates and projections;
- changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension risk transfers and associated settlement charges;
- realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market;
- the company's efforts to increase the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives;
- the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles;
- the availability and adequacy of the company's insurance and indemnities;
- compliance with laws, regulations, policies, and customer requirements relating to environmental matters;
- the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays;
- changes in accounting,
U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and - the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and
U.S. Government identification of deficiencies in its business systems.
These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation
Consolidated Statements of Earnings1
(unaudited; in millions, except per share data)
Quarters Ended | |||||
March 30, | March 31, | ||||
Sales | $ 17,963 | $ 17,195 | |||
Operating costs and expenses | (15,640) | (15,202) | |||
Gross profit | 2,323 | 1,993 | |||
Other income, net | 49 | 36 | |||
Operating profit | 2,372 | 2,029 | |||
Interest expense | (268) | (255) | |||
Non-service FAS pension (expense) income | (98) | 16 | |||
Other non-operating income, net | 30 | 45 | |||
Earnings before income taxes | 2,036 | 1,835 | |||
Income tax expense | (324) | (290) | |||
Net earnings | $ 1,712 | $ 1,545 | |||
Effective tax rate | 15.9 % | 15.8 % | |||
Earnings per common share | |||||
Basic | $ 7.30 | $ 6.42 | |||
Diluted | $ 7.28 | $ 6.39 | |||
Weighted average shares outstanding | |||||
Basic | 234.4 | 240.7 | |||
Diluted | 235.3 | 241.6 | |||
Common shares reported in stockholders' equity at end of period | 233 | 239 | |||
1 | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on March 30, for the first quarter of 2025 and March 31, for the first quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | ||||
Lockheed Martin Corporation
Business Segment Summary Operating Results
(unaudited; in millions)
Quarters Ended | |||||||
March 30, | March 31, | % Change | |||||
Sales | |||||||
Aeronautics | $ 7,057 | $ 6,845 | 3 % | ||||
Missiles and Fire Control | 3,373 | 2,993 | 13 % | ||||
Rotary and Mission Systems | 4,328 | 4,088 | 6 % | ||||
Space | 3,205 | 3,269 | (2 %) | ||||
Total sales | $ 17,963 | $ 17,195 | 4 % | ||||
Operating profit | |||||||
Aeronautics | $ 720 | $ 679 | 6 % | ||||
Missiles and Fire Control | 465 | 311 | 50 % | ||||
Rotary and Mission Systems | 521 | 430 | 21 % | ||||
Space | 379 | 325 | 17 % | ||||
Total business segment operating profit | 2,085 | 1,745 | 19 % | ||||
Unallocated items | |||||||
FAS/CAS operating adjustment | 379 | 406 | |||||
Intangible asset amortization expense | (64) | (61) | |||||
Other, net | (28) | (61) | |||||
Total unallocated items | 287 | 284 | 1 % | ||||
Total consolidated operating profit | $ 2,372 | $ 2,029 | 17 % | ||||
Operating margin | |||||||
Aeronautics | 10.2 % | 9.9 % | |||||
Missiles and Fire Control | 13.8 % | 10.4 % | |||||
Rotary and Mission Systems | 12.0 % | 10.5 % | |||||
Space | 11.8 % | 9.9 % | |||||
Total business segment operating margin | 11.6 % | 10.1 % | |||||
Total consolidated operating margin | 13.2 % | 11.8 % | |||||
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
March 30, | Dec. 31, 2024 | ||||
(unaudited) | |||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ 1,803 | $ 2,483 | |||
Receivables, net | 2,024 | 2,351 | |||
Contract assets | 14,677 | 12,957 | |||
Inventories | 3,599 | 3,474 | |||
Other current assets | 698 | 584 | |||
Total current assets | 22,801 | 21,849 | |||
Property, plant and equipment, net | 8,713 | 8,726 | |||
Goodwill | 11,076 | 11,067 | |||
Intangible assets, net | 1,952 | 2,015 | |||
Deferred income taxes | 3,568 | 3,557 | |||
Other noncurrent assets | 8,559 | 8,403 | |||
Total assets | $ 56,669 | $ 55,617 | |||
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable | $ 3,821 | $ 2,222 | |||
Salaries, benefits and payroll taxes | 2,391 | 3,125 | |||
Contract liabilities | 9,375 | 9,795 | |||
Current maturities of long-term debt | 1,643 | 643 | |||
Other current liabilities | 3,957 | 3,635 | |||
Total current liabilities | 21,187 | 19,420 | |||
Long-term debt, net | 18,661 | 19,627 | |||
Accrued pension liabilities | 4,815 | 4,791 | |||
Other noncurrent liabilities | 5,323 | 5,446 | |||
Total liabilities | 49,986 | 49,284 | |||
Stockholders' equity | |||||
Common stock, | 233 | 234 | |||
Additional paid-in capital | — | — | |||
Retained earnings | 14,773 | 14,551 | |||
Accumulated other comprehensive loss | (8,323) | (8,452) | |||
Total stockholders' equity | 6,683 | 6,333 | |||
Total liabilities and equity | $ 56,669 | $ 55,617 | |||
Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
Quarters Ended | ||||
March 30, | March 31, | |||
Operating activities | ||||
Net earnings | $ 1,712 | $ 1,545 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||
Depreciation and amortization | 397 | 351 | ||
Stock-based compensation | 60 | 61 | ||
Deferred income taxes | (34) | (77) | ||
Changes in assets and liabilities | ||||
Receivables, net | 327 | (125) | ||
Contract assets | (1,720) | (867) | ||
Inventories | (125) | (146) | ||
Accounts payable | 1,680 | 1,301 | ||
Contract liabilities | (420) | (445) | ||
Income taxes | 339 | 341 | ||
Qualified defined benefit pension plans | 111 | (1) | ||
Other, net | (918) | (303) | ||
Net cash provided by operating activities | 1,409 | 1,635 | ||
Investing activities | ||||
Capital expenditures | (454) | (378) | ||
Other, net | 24 | 6 | ||
Net cash (used for) investing activities | (430) | (372) | ||
Financing activities | ||||
Issuance of long-term debt, net of related costs | — | 1,980 | ||
Repurchases of common stock | (750) | (1,000) | ||
Dividends paid | (796) | (780) | ||
Other, net | (113) | (115) | ||
Net cash (used for) provided by financing activities | (1,659) | 85 | ||
Net change in cash and cash equivalents | (680) | 1,348 | ||
Cash and cash equivalents at beginning of period | 2,483 | 1,442 | ||
Cash and cash equivalents at end of period | $ 1,803 | $ 2,790 | ||
Lockheed Martin Corporation
Selected Financial Data
(unaudited; in millions)
2025 Outlook | 2024 Actual | ||||
Total FAS (expense) income and CAS cost | |||||
FAS pension (expense) income | $ (445) | $ 2 | |||
Less: CAS pension cost | 1,570 | 1,684 | |||
Total FAS/CAS pension adjustment | $ 1,125 | $ 1,686 | |||
Service and non-service cost reconciliation | |||||
FAS pension service cost | $ (50) | $ (60) | |||
Less: CAS pension cost | 1,570 | 1,684 | |||
FAS/CAS pension operating adjustment | 1,520 | 1,624 | |||
Non-service FAS pension (expense) income | (395) | 62 | |||
Total FAS/CAS pension adjustment | $ 1,125 | $ 1,686 |
Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog | March 30, 2025 | Dec. 31, 2024 | |||
Aeronautics | $ 57,476 | $ 62,763 | |||
Missiles and Fire Control | 40,637 | 38,783 | |||
Rotary and Mission Systems | 39,113 | 38,117 | |||
Space | 35,748 | 36,377 | |||
Total backlog | $ 172,974 | $ 176,040 |
Quarters Ended | |||||
Aircraft Deliveries | March 30, | March 31, | |||
F-35 | 47 | — | |||
F-16 | 4 | 3 | |||
C-130J | 1 | 4 | |||
Government helicopter programs | 9 | 13 | |||
Commercial helicopter programs | 1 | — | |||
Number of Weeks in Reporting Period1 | 2025 | 2024 | ||
First quarter | 13 | 13 | ||
Second quarter | 13 | 13 | ||
Third quarter | 13 | 13 | ||
Fourth quarter | 13 | 13 | ||
1 | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods. | |||
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SOURCE Lockheed Martin
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