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Lockheed Martin (LMT) came out with quarterly earnings of $6.95 per share, beating the Zacks Consensus Estimate of $6.33 per share. This compares to earnings of $6.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.79%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $6.49 per share when it actually produced earnings of $7.29, delivering a surprise of +12.33%.Over the last four ...

Group 1 - Lockheed Martin and RTX raised their earnings forecasts for the year, exceeding market expectations, while Northrop Grumman reported mixed results and lowered its sales guidance [1] - Defense stocks experienced pressure following comments from Treasury Secretary Scott Bessent regarding potential limitations on share buybacks for defense contractors [1] - L3 Harris secured a significant contract, indicating positive momentum within the defense sector as major companies prepare to report earnings [2] Group 2 - Boeing signed a $3 billion deal for Patriot missile technology, contributing to stock consolidation in the defense sector [4] - Rare earth stocks surged as China targets defense exports, reflecting increased demand and geopolitical tensions [4] - SpaceX emerged as a major beneficiary as the Space Force awarded $1 billion in launch contracts, highlighting the competitive landscape in defense contracting [4]

By Utkarsh Shetti and Mike Stone (Reuters) -U.S. defense contractor Lockheed Martin raised its 2025 forecast for revenue and profit on Tuesday, driven by sustained demand for its fighter jets and munitions amid escalating geopolitical tensions. Shares of the company rose 3.2% before the bell. Weapons makers are benefiting from surging demand for arms as a result of simmering conflicts in the Middle East and a protracted Russia-Ukraine war. Lockheed, which makes the F-35 stealth fighters, said its aeron ...

Lockheed Martin increased its full-year earnings outlook and said it is boosting production as it continues to see strong demand for its defense programs. ...

Executive Summary [Third Quarter 2025 Highlights](index=1&type=section&id=Third%20Quarter%202025%20Highlights) Lockheed Martin reported strong third-quarter 2025 financial results, with increased sales, cash from operations, and free cash flow compared to Q3 2024. The company also announced an increase in its share repurchase authority and a 5% increase in its quarterly dividend Q3 2025 Key Financial Highlights | Metric | Q3 2025 | Q3 2024 | Change | | :----------------------- | :---------- | :---------- | :------- | | Sales | $18.6 billion | $17.1 billion | +$1.5 billion | | Net earnings | $1.6 billion | $1.6 billion | Unchanged | | Diluted EPS | $6.95 | $6.80 | +$0.15 | | Cash from operations | $3.7 billion | $2.4 billion | +$1.3 billion | | Free cash flow | $3.3 billion | $2.1 billion | +$1.2 billion | - Increased share repurchase authority by **$2 billion**, bringing the total authorization to **$9 billion**[6](index=6&type=chunk)[8](index=8&type=chunk) - Increased quarterly dividend by **5%** to **$3.45 per share**[6](index=6&type=chunk)[9](index=9&type=chunk) - Achieved a record backlog of **$179 billion**, representing more than two and a half years of sales[4](index=4&type=chunk)[6](index=6&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Jim Taiclet highlighted strong customer demand, leading to significant production capacity increases across various business lines. He emphasized the company's record backlog as a testament to customer trust and a foundation for long-term growth, driven by major contract awards and F-35 deliveries. The company is aggressively investing in digital technologies and physical production capacity to meet defense priorities and deliver shareholder returns through consistent dividend increases - Strong demand from U.S. and allied customers drives significant production capacity increases across business lines[4](index=4&type=chunk) - Record **$179 billion** backlog underscores customer trust and underpins long-term growth prospects[4](index=4&type=chunk) - Major contract awards for CH-53K and PAC-3 MSE programs are the largest ever for Rotary and Mission Systems and Missiles and Fire Control, respectively[4](index=4&type=chunk) - Finalized contracts for F-35 Lots 18 and 19 early in Q4, having delivered a record **143 F-35 jets** through Q3[4](index=4&type=chunk) - Aggressively investing in new digital technologies and physical production capacity to meet top defense priorities, in partnership with leading technology partners[5](index=5&type=chunk) - Disciplined capital deployment provides robust shareholder rewards, marked by **23 consecutive years** of dividend increases[5](index=5&type=chunk) Consolidated Financial Results [Summary Financial Performance](index=2&type=section&id=Summary%20Financial%20Performance) Lockheed Martin reported increased sales and operating profit for Q3 2025 compared to Q3 2024, with sales rising to $18.6 billion and consolidated operating profit to $2.28 billion. However, net earnings and diluted EPS saw a slight decrease for the nine months ended Sept. 28, 2025, compared to the prior year Summary Financial Results (Q3 2025 vs Q3 2024) | Metric (in millions, except per share) | Q3 2025 | Q3 2024 | Change (YoY) | | :------------------------------------ | :------ | :------ | :----------- | | Sales | $18,609 | $17,104 | +$1,505 | | Business segment operating profit | $2,029 | $1,870 | +$159 | | Consolidated operating profit | $2,280 | $2,140 | +$140 | | Net earnings | $1,619 | $1,623 | -$4 | | Diluted earnings per share | $6.95 | $6.80 | +$0.15 | Summary Financial Results (Nine Months Ended Sept. 28, 2025 vs 2024) | Metric (in millions, except per share) | 9M 2025 | 9M 2024 | Change (YoY) | | :------------------------------------ | :------ | :------ | :----------- | | Sales | $54,727 | $52,421 | +$2,306 | | Business segment operating profit | $4,685 | $5,657 | -$972 | | Consolidated operating profit | $5,400 | $6,317 | -$917 | | Net earnings | $3,673 | $4,809 | -$1,136 | | Diluted earnings per share | $15.69 | $20.05 | -$4.36 | [Cash Flow and Capital Deployment](index=2&type=section&id=Cash%20Flow%20and%20Capital%20Deployment) Cash from operations and free cash flow significantly increased in Q3 2025, primarily due to a decrease in working capital from the F-35 Lots 18-19 contract and lower tax payments. The company returned $1.8 billion to shareholders through dividends and share repurchases, increased its share repurchase authority by $2 billion, and raised its quarterly dividend by 5% Cash Flow Performance (Q3 2025 vs Q3 2024) | Metric (in millions) | Q3 2025 | Q3 2024 | Change (YoY) | | :------------------- | :------ | :------ | :----------- | | Cash from operations | $3,728 | $2,438 | +$1,290 | | Capital expenditures | ($381) | ($355) | -$26 | | Free cash flow | $3,347 | $2,083 | +$1,264 | - Increase in cash from operations driven by decreased working capital (F-35 Lots 18-19 contract) and lower tax payments due to the Tax Act[8](index=8&type=chunk) - Returned **$1.8 billion** to shareholders in Q3 2025 through **$765 million** in cash dividends and **$1.0 billion** to repurchase **2.3 million shares**[6](index=6&type=chunk)[10](index=10&type=chunk) - Board authorized an additional **$2.0 billion** for common stock repurchases, increasing total authorization to **$9.1 billion**[8](index=8&type=chunk) - Authorized a Q4 dividend payment of **$3.45 per share**, a **5%** increase over the prior quarterly dividend[9](index=9&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Financial%20Outlook) Lockheed Martin updated its 2025 financial outlook, raising the lower end of its sales and business segment operating profit guidance, and increasing its diluted earnings per share forecast. The outlook incorporates the current assessment of tariffs but excludes potential impacts from government shutdowns, executive orders, or future acquisitions/divestitures Updated 2025 Financial Outlook (Current vs. July 2025) | Metric (in millions, except per share) | Current Update | July 2025 | | :------------------------------------ | :------------- | :---------- | | Sales | ~$74,250 - $74,750 | ~$73,750 - $74,750 | | Business segment operating profit | ~$6,675 - $6,725 | ~$6,600 - $6,700 | | Diluted earnings per share | ~$22.15 - $22.35 | ~$21.70 - $22.00 | | Cash from operations | ~$8,500 | ~$8,500 - $8,700 | | Capital expenditures | ~$1,900 | ~$1,900 | | Free cash flow | ~$6,600 | ~$6,600 - $6,800 | - The 2025 outlook incorporates the company's current assessment of tariffs and related recovery but does not include potential impacts of government shutdowns or Executive Orders[11](index=11&type=chunk)[13](index=13&type=chunk) Segment Results [Overview of Business Segments](index=4&type=section&id=Overview%20of%20Business%20Segments) Lockheed Martin operates across four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space. In Q3 2025, all segments except RMS reported sales growth, with Aeronautics and MFC showing the strongest increases. Consolidated business segment operating profit also increased by 9% year-over-year Q3 2025 Segment Sales and Operating Profit (YoY Change) | Segment | Q3 2025 Sales (millions) | Q3 2024 Sales (millions) | Sales Change (YoY) | Q3 2025 Operating Profit (millions) | Q3 2024 Operating Profit (millions) | Operating Profit Change (YoY) | | :------------------------ | :----------------------- | :----------------------- | :----------------- | :---------------------------------- | :---------------------------------- | :---------------------------- | | Aeronautics | $7,256 | $6,487 | +12% | $682 | $659 | +3% | | Missiles and Fire Control | $3,624 | $3,175 | +14% | $510 | $456 | +12% | | Rotary and Mission Systems | $4,373 | $4,367 | —% | $506 | $483 | +5% | | Space | $3,356 | $3,075 | +9% | $331 | $272 | +22% | | **Total Business Segment** | **$18,609** | **$17,104** | **+9%** | **$2,029** | **$1,870** | **+9%** | - Consolidated net profit booking rate adjustments increased segment operating profit by approximately **$365 million** in Q3 2025, compared to **$375 million** in Q3 2024[16](index=16&type=chunk) [Aeronautics](index=5&type=section&id=Aeronautics) Aeronautics sales increased by 12% in Q3 2025, primarily driven by higher F-35 program volume. Operating profit also rose by 3%, despite a decrease in profit booking rate adjustments, mainly due to unfavorable adjustments on C-130 programs Aeronautics Segment Performance (Q3 2025 vs Q3 2024) | Metric | Q3 2025 | Q3 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Sales | $7,256 | $6,487 | +12% | | Operating profit | $682 | $659 | +3% | | Operating margin | 9.4% | 10.2% | -0.8 pp | - Sales increase primarily due to **$965 million** higher sales on the F-35 program from increased production and sustainment volume[17](index=17&type=chunk) - Operating profit increase was partially offset by a **$45 million** decrease in profit booking rate adjustments, mainly from unfavorable adjustments on C-130 programs[18](index=18&type=chunk) [Missiles and Fire Control (MFC)](index=6&type=section&id=Missiles%20and%20Fire%20Control%20(MFC)) MFC experienced a 14% increase in sales and a 12% rise in operating profit in Q3 2025, largely attributable to production ramp-ups across tactical and strike missile programs (JASSM, LRASM) and integrated air and missile defense programs (PAC-3) MFC Segment Performance (Q3 2025 vs Q3 2024) | Metric | Q3 2025 | Q3 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Sales | $3,624 | $3,175 | +14% | | Operating profit | $510 | $456 | +12% | | Operating margin | 14.1% | 14.4% | -0.3 pp | - Sales increase driven by **$280 million** higher sales on tactical and strike missile programs (JASSM, LRASM) and **$235 million** for integrated air and missile defense programs (PAC-3) due to production ramp-up[19](index=19&type=chunk) - Operating profit increase primarily due to a **$45 million** increase from production ramp-up[20](index=20&type=chunk) [Rotary and Mission Systems (RMS)](index=7&type=section&id=Rotary%20and%20Mission%20Systems%20(RMS)) RMS sales remained comparable in Q3 2025, with increases in Sikorsky helicopter and C6ISR programs offset by lower sales in integrated warfare systems and sensors (IWSS) and training, logistics, and simulation (TLS) programs. Operating profit increased by 5%, mainly due to a favorable contract mix at Sikorsky RMS Segment Performance (Q3 2025 vs Q3 2024) | Metric | Q3 2025 | Q3 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Sales | $4,373 | $4,367 | —% | | Operating profit | $506 | $483 | +5% | | Operating margin | 11.6% | 11.1% | +0.5 pp | - Sales increases from Sikorsky helicopter programs (Black Hawk) and C6ISR programs were offset by lower sales in IWSS (Aegis, CSC) and TLS programs[22](index=22&type=chunk) - Operating profit increase primarily attributable to favorable contract mix at Sikorsky[23](index=23&type=chunk) [Space](index=8&type=section&id=Space) Space segment sales grew by 9% in Q3 2025, driven by higher volume in strategic and missile defense programs (FBM, NGI) and national security space programs. Operating profit saw a significant 22% increase, primarily due to higher net favorable profit adjustments on the FBM program and increased volume Space Segment Performance (Q3 2025 vs Q3 2024) | Metric | Q3 2025 | Q3 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Sales | $3,356 | $3,075 | +9% | | Operating profit | $331 | $272 | +22% | | Operating margin | 9.9% | 8.8% | +1.1 pp | - Sales increase primarily due to **$160 million** higher sales for strategic and missile defense programs (FBM, NGI) and **$70 million** on national security space programs[25](index=25&type=chunk) - Operating profit increase driven by a **$45 million** increase in profit booking rate adjustments (mainly FBM program) and a **$20 million** increase in volume[26](index=26&type=chunk) - Equity earnings from United Launch Alliance (ULA) represented approximately **$5 million**, or **2%** of Space's operating profit, in both Q3 2025 and Q3 2024[27](index=27&type=chunk) Other Financial Information [Income Taxes](index=9&type=section&id=Income%20Taxes) The effective income tax rate for Q3 2025 was 16.5%, an increase from 15.4% in Q3 2024. This rise was mainly due to the Tax Act, specifically lower tax deductions for foreign derived intangible income (FDII), partially offset by favorable resolution of federal income tax audit items Effective Income Tax Rate (Q3 2025 vs Q3 2024) | Period | Effective Tax Rate | | :------------------- | :----------------- | | Q3 2025 | 16.5% | | Q3 2024 | 15.4% | - Higher effective tax rate in Q3 2025 attributed to the Tax Act, primarily lower tax deductions for FDII, partially offset by favorable resolution of federal income tax audit items[29](index=29&type=chunk) - Tax rates for all periods benefited from research and development tax credits, dividends paid to defined contribution plans, FDII tax deductions, and employee equity awards[29](index=29&type=chunk) [Use of Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The report defines and reconciles non-GAAP financial measures, including Business segment operating profit and Free cash flow, which management uses to evaluate performance and liquidity. These measures are considered supplemental to GAAP and may differ from similarly titled measures used by other companies - Business segment operating profit represents operating profit from business segments before unallocated income and expense, used by senior management for performance evaluation and as a goal in annual incentive plans[31](index=31&type=chunk) - Free cash flow is cash from operations less capital expenditures, used to evaluate business performance and overall liquidity, and as a goal in annual and long-term incentive plans[33](index=33&type=chunk) Reconciliation of Business Segment Operating Profit to Consolidated Operating Profit (2025 Outlook) | Metric (in millions) | Current Update | | :------------------------------------ | :------------- | | Business segment operating profit (non-GAAP) | ~$6,675 - $6,725 | | FAS/CAS operating adjustment | ~1,520 | | Intangible asset amortization expense | ~(255) | | Other, net | ~(355) | | Consolidated operating profit (GAAP) | ~$7,585 - $7,635 | [Backlog and Deliveries](index=18&type=section&id=Backlog%20and%20Deliveries) Lockheed Martin's total backlog increased to $179.07 billion as of Sept. 28, 2025, from $176.04 billion at the end of 2024. The company also provided details on aircraft deliveries for Q3 2025 and the nine months ended Sept. 28, 2025, including 143 F-35 deliveries year-to-date Total Backlog by Segment (in millions) | Segment | Sept. 28, 2025 | Dec. 31, 2024 | | :------------------------ | :------------- | :------------ | | Aeronautics | $47,506 | $62,763 | | Missiles and Fire Control | $45,906 | $38,783 | | Rotary and Mission Systems | $47,269 | $38,117 | | Space | $38,390 | $36,377 | | **Total backlog** | **$179,071** | **$176,040** | Aircraft Deliveries (Q3 and Nine Months Ended Sept. 28, 2025) | Aircraft Type | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | F-35 | 46 | 48 | 143 | 48 | | F-16 | 5 | 2 | 12 | 9 | | C-130J | — | 4 | 2 | 13 | | Government helicopter programs | 22 | 24 | 55 | 47 | | Commercial helicopter programs | 1 | — | 2 | — | | International military helicopter programs | 6 | 4 | 6 | 9 | Corporate Information [About Lockheed Martin](index=10&type=section&id=About%20Lockheed%20Martin) Lockheed Martin is a global defense technology company focused on innovation and scientific discovery. The company's vision, '21st Century Security®,' aims to accelerate the delivery of transformative technologies to maintain a strategic advantage for its clients - Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery[35](index=35&type=chunk) - The company's '21st Century Security®' vision focuses on accelerating transformative technologies for all-domain mission solutions[35](index=35&type=chunk) [Webcast and Contacts](index=10&type=section&id=Webcast%20and%20Contacts) Lockheed Martin held a live webcast of its Q3 2025 earnings conference call on October 21, 2025, with presentation slides available on its Investor Relations website. Contact information for media and investor relations is provided - Earnings results conference call webcast live on Tuesday, Oct. 21, 2025, at 11:00 a.m. ET on the Lockheed Martin Investor Relations website[34](index=34&type=chunk) - Media Relations contact: +1 301-214-3030, media.relations@lmco.com[36](index=36&type=chunk) - Investor Relations contacts: Maria Ricciardone (VP, Treasurer and Investor Relations) and Christopher Fritz (Director, Investor Relations) at +1 301-897-6800, investor.relations@lmco.com[36](index=36&type=chunk) Forward-Looking Statements & Risks [Forward-Looking Statements & Risks](index=11&type=section&id=Forward-Looking%20Statements%20%26%20Risks) This section outlines the inherent uncertainties and risks associated with Lockheed Martin's forward-looking statements. Key risks include reliance on U.S. Government contracts, budget uncertainties, complexities of advanced programs like the F-35, supply chain issues, and geopolitical factors. The company advises against undue reliance on these statements and disclaims any duty to update them - Forward-looking statements are based on current expectations and assumptions, identified by words like 'believe,' 'estimate,' 'anticipate,' and 'expect,' but are not guarantees of future performance[37](index=37&type=chunk) - Key risks include reliance on U.S. Government contracts (funding, termination for convenience), budget uncertainty, and risks related to complex programs (development, production, cost, schedule, performance, materials availability)[37](index=37&type=chunk) - Additional factors that may cause actual results to differ include timing of contract awards, ability to recover costs, customer procurement policies, performance of suppliers/teammates, economic/political conditions, inflation, government restrictions on sales, foreign policy actions, and competition[37](index=37&type=chunk) - Other risks cover the ability to develop new technologies, protect intellectual property, attract skilled workforce, cyber threats, capitalization changes, accuracy of estimates, pension plan assumptions, benefits of acquisitions/divestitures, operational efficiency, asset impairment, compliance with laws, public health crises, and legal/regulatory outcomes[40](index=40&type=chunk) - The company expressly disclaims a duty to provide updates to forward-looking statements after the issuance date, except where required by applicable law[39](index=39&type=chunk) Financial Statements [Consolidated Statements of Earnings](index=13&type=section&id=Consolidated%20Statements%20of%20Earnings) The Consolidated Statements of Earnings provide a detailed breakdown of Lockheed Martin's revenues, costs, and profits for the third quarter and nine months ended September 28, 2025, compared to the prior year. It shows an increase in sales and operating profit for the quarter, but a decrease in net earnings and diluted EPS for the nine-month period Consolidated Statements of Earnings (in millions, except per share data) | Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Sales | $18,609 | $17,104 | $54,727 | $52,421 | | Operating costs and expenses | (16,369) | (14,987) | (49,430) | (46,181) | | Gross profit | 2,240 | 2,117 | 5,297 | 6,240 | | Operating profit | 2,280 | 2,140 | 5,400 | 6,317 | | Interest expense | (286) | (256) | (828) | (772) | | Non-service FAS pension (expense) income | (99) | 16 | (296) | 47 | | Earnings before income taxes | 1,938 | 1,918 | 4,391 | 5,701 | | Income tax expense | (319) | (295) | (718) | (892) | | Net earnings | $1,619 | $1,623 | $3,673 | $4,809 | | Effective tax rate | 16.5% | 15.4% | 16.4% | 15.6% | | Diluted earnings per share | $6.95 | $6.80 | $15.69 | $20.05 | [Business Segment Summary Operating Results](index=14&type=section&id=Business%20Segment%20Summary%20Operating%20Results) This table provides a detailed breakdown of sales, operating profit, and operating margin for each of Lockheed Martin's four business segments (Aeronautics, MFC, RMS, Space) for the third quarter and nine months ended September 28, 2025, compared to the prior year. It also reconciles total business segment operating profit to total consolidated operating profit Business Segment Summary Operating Results (in millions) | Metric | Q3 2025 | Q3 2024 | % Change (QoQ) | 9M 2025 | 9M 2024 | % Change (YoY) | | :------------------------------------ | :------ | :------ | :------------- | :------ | :------ | :------------- | | **Sales** | | | | | | | | Aeronautics | $7,256 | $6,487 | 12% | $21,733 | $20,609 | 5% | | Missiles and Fire Control | $3,624 | $3,175 | 14% | $10,430 | $9,270 | 13% | | Rotary and Mission Systems | $4,373 | $4,367 | —% | $12,696 | $13,003 | (2%) | | Space | $3,356 | $3,075 | 9% | $9,868 | $9,539 | 3% | | **Total sales** | **$18,609** | **$17,104** | **9%** | **$54,727** | **$52,421** | **4%** | | **Operating profit** | | | | | | | | Aeronautics | $682 | $659 | 3% | $1,304 | $2,089 | (38%) | | Missiles and Fire Control | $510 | $456 | 12% | $1,454 | $1,217 | 19% | | Rotary and Mission Systems | $506 | $483 | 5% | $855 | $1,408 | (39%) | | Space | $331 | $272 | 22% | $1,072 | $943 | 14% | | **Total business segment operating profit** | **$2,029** | **$1,870** | **9%** | **$4,685** | **$5,657** | **(17%)** | | Total consolidated operating profit | $2,280 | $2,140 | 7% | $5,400 | $6,317 | (15%) | | **Operating margin** | | | | | | | | Aeronautics | 9.4% | 10.2% | | 6.0% | 10.1% | | | Missiles and Fire Control | 14.1% | 14.4% | | 13.9% | 13.1% | | | Rotary and Mission Systems | 11.6% | 11.1% | | 6.7% | 10.8% | | | Space | 9.9% | 8.8% | | 10.9% | 9.9% | | | **Total business segment operating margin** | **10.9%** | **10.9%** | | **8.6%** | **10.8%** | | | Total consolidated operating margin | 12.3% | 12.5% | | 9.9% | 12.1% | | [Consolidated Balance Sheets](index=15&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets present Lockheed Martin's financial position as of September 28, 2025, compared to December 31, 2024. Total assets increased to $60.28 billion, driven by higher cash, receivables, and contract assets. Total liabilities also rose to $54.10 billion, primarily due to increases in accounts payable and current maturities of long-term debt Consolidated Balance Sheets (in millions) | Asset/Liability/Equity | Sept. 28, 2025 | Dec. 31, 2024 | | :-------------------------------- | :------------- | :------------ | | **Assets** | | | | Cash and cash equivalents | $3,470 | $2,483 | | Receivables, net | $3,844 | $2,351 | | Contract assets | $13,949 | $12,957 | | Total current assets | $25,936 | $21,849 | | Property, plant and equipment, net | $8,722 | $8,726 | | Goodwill | $11,313 | $11,067 | | Total assets | **$60,276** | **$55,617** | | **Liabilities and equity** | | | | Accounts payable | $3,834 | $2,222 | | Contract liabilities | $10,259 | $9,795 | | Current maturities of long-term debt | $1,669 | $643 | | Total current liabilities | $22,974 | $19,420 | | Long-term debt, net | $20,520 | $19,627 | | Total liabilities | **$54,095** | **$49,284** | | Total stockholders' equity | $6,181 | $6,333 | | Total liabilities and equity | **$60,276** | **$55,617** | [Consolidated Statements of Cash Flows](index=16&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows detail the cash inflows and outflows from operating, investing, and financing activities for the nine months ended September 28, 2025, compared to the prior year. Net cash provided by operating activities decreased, while net cash used for investing and financing activities also saw changes, resulting in a lower net change in cash and cash equivalents Consolidated Statements of Cash Flows (in millions) | Activity | 9M 2025 | 9M 2024 | | :------------------------------------ | :------ | :------ | | Net cash provided by operating activities | $5,338 | $5,949 | | Net cash (used for) investing activities | ($1,464) | ($954) | | Net cash (used for) financing activities | ($2,887) | ($3,286) | | Net change in cash and cash equivalents | $987 | $1,709 | | Cash and cash equivalents at end of period | $3,470 | $3,151 | - Operating activities included **$3.67 billion** in net earnings for 9M 2025, with significant adjustments for depreciation, amortization, and program losses[44](index=44&type=chunk) - Financing activities for 9M 2025 included **$1.985 billion** from debt issuances, **$2.25 billion** in common stock repurchases, and **$2.332 billion** in dividends paid[44](index=44&type=chunk) [Selected Financial Data](index=17&type=section&id=Selected%20Financial%20Data) This section provides a reconciliation of FAS (Financial Accounting Standards) pension expense/income and CAS (Cost Accounting Standards) pension cost, detailing the total FAS/CAS pension adjustment and its components for the 2025 outlook and 2024 actuals Total FAS (expense) income and CAS cost (in millions) | Metric | 2025 Outlook | 2024 Actual | | :-------------------------------- | :------------- | :---------- | | 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 (in millions) | Metric | 2025 Outlook | 2024 Actual | | :-------------------------------- | :------------- | :---------- | | 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** |

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Accessibility StatementSkip Navigation BETHESDA, Md., Oct. 21, 2025 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported third quarter 2025 sales of $18.6 billion, compared to $17.1 billion in the third quarter of 2024. Net earnings in the third quarter of 2025 were $1.6 billion, or $6.95 per share, compared to $1.6 billion, or $6.80 per share, in the third quarter of 2024. Cash from operations was $3.7 billion in the third quarter of 2025, compared to $2.4 billion in the third quarter of ...

伯恩斯坦将洛克希德马丁的目标价从497美元上调至545美元，维持"与大市同步"评级。(格隆汇) ...

Core Viewpoint - Lockheed Martin Corp. is recognized as a strong defense stock, with analysts raising price targets while maintaining cautious ratings due to potential impacts from government shutdowns and one-off charges affecting cash flows [1][2][3]. Group 1: Analyst Ratings and Price Targets - Truist Securities analyst Michael Ciarmoli raised the price target for Lockheed Martin from $440 to $500 but maintained a Hold rating, citing improved sentiment towards aircraft OEM production and aftermarket demand trends [1]. - RBC analyst Kenneth Herbert also raised the price target from $440 to $525 while keeping a Hold rating, believing the company can meet its free cash flow target supported by a $24 billion contract for 296 jets [3]. Group 2: Financial Actions and Performance - Lockheed Martin increased its share repurchase program authorization by $2 billion, bringing the total to $9.1 billion [4]. - The company raised its dividend for Q4 to $3.45, reflecting a 5% increase over the previous quarter [4]. Group 3: Company Overview - Lockheed Martin is a global aerospace and defense company known for advanced technology systems, products, and services, operating through segments such as Aeronautics and Missiles and Fire Control, with notable products like the F-35 fighter jet [5].