LMT Lockheed Martin Corporation Common Stock

NYSE · Aerospace & Defense · View on SEC EDGAR ↗
$568.70
Price · Aug 21, 2026
Fundamentals as of Jul 23, 2026

About Lockheed Martin Corporation Common Stock Company overview from Wikipedia

The Lockheed Martin Corporation is an American defense and aerospace manufacturer. It is headquartered in North Bethesda, Maryland, United States. The company was formed by the merger of the Lockheed Corporation with Martin Marietta on March 15, 1995.

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The Lockheed Martin Corporation is an American defense and aerospace manufacturer. It is headquartered in North Bethesda, Maryland, United States. The company was formed by the merger of the Lockheed Corporation with Martin Marietta on March 15, 1995.

Lockheed Martin operates 4 divisions: Lockheed Martin Aeronautics (39% of 2024 revenues); Lockheed Martin Missiles and Fire Control (18% of 2024 revenues); Lockheed Martin Rotary and Mission Systems (24% of 2024 revenues); and Lockheed Martin Space (18% of 2024 revenues).

As of 2023, it is the top contractor of the United States federal government, and has been since at least 2008. As of 2024, 73% of the company's revenue came from the federal government, including 65% from the United States Department of Defense. In 2024, 26% of revenue was from sales of the F-35 fighter.

Lockheed Martin is also a contractor for the U.S. Department of Energy and the National Aeronautics and Space Administration (NASA). It also provides products and services to the Department of Defense and the Department of Energy to the Department of Agriculture and the Environmental Protection Agency. It is involved in surveillance and information processing for the CIA, the FBI, the Internal Revenue Service (IRS), the National Security Agency (NSA), the Pentagon, the Census Bureau, and the Postal Service.

The company has received the Collier Trophy six times, including in 2001 for being part of developing the X-35/F-35B LiftFan Propulsion System and in 2018 for the Automatic Ground Collision Avoidance System (Auto-GCAS). Lockheed Martin currently produces the F-35 and leads the international supply chain, leads the team for the development and implementation of technology solutions for the new USAF Space Fence (AFSSS replacement), and is the primary contractor for the development of the Orion command module. The company also invests in healthcare systems, renewable energy systems, intelligent energy distribution, and compact nuclear fusion.

History

1990s

Merger talks between Lockheed Corporation and Martin Marietta began in March 1994, with the companies announcing their $10 billion planned merger on August 30, 1994. The headquarters for the combined companies would be at Martin Marietta headquarters in North Bethesda, Maryland. The deal was finalized on March 15, 1995, when the two companies' shareholders approved the merger. The segments of the two companies not retained by the new company formed the basis for L-3 Communications, a mid-size defense contractor in its own right. Lockheed Martin also later spun off the materials company Martin Marietta Materials.

The company's executives received large bonuses directly from the government as a result of the merger. Norman R. Augustine, who was at the time CEO of Martin Marietta, received an $8.2 million bonus.

Both companies contributed important products to the new portfolio. Lockheed products included the Trident missile, P-3 Orion maritime patrol aircraft, U-2 and SR-71 Blackbird reconnaissance airplanes, F-117 Nighthawk, F-16 Fighting Falcon, F-22 Raptor, C-130 Hercules, A-4AR Fightinghawk and the DSCS-3 satellite. Martin Marietta products included Titan rockets, Sandia National Laboratories (management contract acquired in 1993), Space Shuttle External Tank, Viking 1 and Viking 2 landers, the Transfer Orbit Stage (under subcontract to Orbital Sciences Corporation) and various satellite models.

On April 22, 1996, Lockheed Martin completed the acquisition of Loral Corporation's defense electronics and system integration businesses for $9.1 billion, the deal having been announced in January. The remainder of Loral became Loral Space & Communications. Lockheed Martin abandoned plans for an $8.3 billion merger with Northrop Grumman on July 16, 1998, due to government concerns over the potential strength of the new group; Lockheed/Northrop would have had control of 25% of the Department of Defense's procurement budget.

For the Mars Climate Orbiter, Lockheed Martin incorrectly provided NASA with software using measurements in US Customary force units when metric units were expected; this resulted in the loss of the Orbiter at a cost of $125 million. The development of the spacecraft cost $193 million.

In addition to their military products, in the 1990s Lockheed Martin developed the texture mapping chip for the Sega Model 2 arcade system board and the entire graphics system for the Sega Model 3, which were used to power some of the most popular arcade games of the time.

2000s

In May 2001, Lockheed Martin sold Lockheed Martin Control Systems to BAE Systems. On November 27, 2000, Lockheed completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, a deal announced in July 2000. This group encompassed Sanders Associates, Fairchild Systems, and Lockheed Martin Space Electronics & Communications. In 2001, Lockheed Martin won the contract to build the F-35 Lightning II; this was the largest fighter aircraft procurement project since the F-16, with an initial order of 3,000 aircraft. In 2001, Lockheed Martin settled a nine–year investigation conducted by NASA's Office of Inspector General with the assistance of the Defense Contract Audit Agency. The company paid the United States government $7.1 million based on allegations that its predecessor, Lockheed Engineering Science Corporation, submitted false lease costs claims to NASA.

On July 8, 2003, a Lockheed Martin plant in Meridian, Mississippi became the scene of a racially motivated mass shooting when an assembly line worker murdered six co-workers (five of whom were black) and wounded eight before killing himself. In the immediate aftermath of the shooting, Lockheed Martin's President refused to disclose whether company officials were previously aware of any red flags regarding the worker. The company had launched its own investigation into the worker's behavior prior to the massacre following complaints from numerous black employees regarding incidents involving the worker. He had been ordered to attend anger management courses and diversity training but refused.

On May 12, 2006, The Washington Post reported that when Robert Stevens took control of Lockheed Martin in 2004, he faced the dilemma that within 10 years, 100,000 of the about 130,000 Lockheed Martin employees – more than three-quarters – would be retiring. On August 31, 2006, Lockheed Martin won a $3.9 billion contract from NASA to design and build the CEV capsule, later named Orion for the Ares I rocket in the Constellation Program. In 2009, NASA reduced the capsule crew requirements from the initial six seats to four for transport to the International Space Station.

In August 2007, Lockheed Martin acquired 3Dsolve, a Cary, North Carolina, company that created simulations and training modules for the military and corporate clients. Renamed Lockheed Martin 3D Learning Systems, the company remained in Cary with 3D's founder Richard Boyd as director. The name was eventually shortened to Lockheed Martin 3D Solutions.

On August 13, 2008, Lockheed Martin acquired the government business unit of Nantero, Inc., a company that had developed methods and processes for incorporating carbon nanotubes in next-generation electronic devices. In 2009, Lockheed Martin bought Unitech.

2010s

On November 18, 2010, Lockheed Martin announced that it would be closing its Eagan, Minnesota, location by 2013 to reduce costs and optimize capacity at its locations nationwide. In January 2011, Lockheed Martin agreed to pay the U.S. Government $2 million to settle allegations that the company submitted false claims on a U.S. government contract for that amount. The allegations came from a contract with the Naval Oceanographic Office Major Shared Resource Center in Mississippi.

On May 25, 2011, Lockheed Martin bought the first Quantum Computing System from D-Wave Systems. Lockheed Martin and D-Wave will collaborate to realize the benefits of a computing platform based upon a quantum annealing processor, as applied to some of Lockheed Martin's most challenging computation problems. Lockheed Martin established a multi-year contract that includes one system, maintenance, and services.

On May 28, 2011, it was reported that a cyberattack using previously stolen EMC files had broken through to sensitive materials at the contractor. It is unclear if the Lockheed incident is the specific prompt whereby on June 1, 2011, the new United States military strategy, makes explicit that a cyberattack is casus belli for a traditional act of war.

On March 3, 2012, the U.S. Department of Justice (DOJ) said that Lockheed Martin had agreed to settle allegations that the defense contractor had sold overpriced perishable tools used on many contracts. The DOJ said the allegations were based specifically on the subsidiary Tools & Metals Inc's inflation of costs between 1998 and 2005, which Lockheed Martin then passed on to the U.S. government under its contracts. Further, in March 2006, Todd B. Loftis, a former TMI president, was sentenced to 87 months in prison and ordered to pay a fine of $20 million following his guilty plea.

On July 10, 2012, Lockheed Martin announced it was cutting its workforce by 740 workers to reduce costs and remain competitive as necessary for future growth. On November 27, 2012, Lockheed Martin announced that Marillyn Hewson would become the corporation's chief executive officer on January 1, 2013.

On January 7, 2013, Lockheed Martin Canada announced that it would be acquiring the engine maintenance, repair, and overhaul assets from Aveos Fleet Performance in Montreal, Quebec, Canada. On February 20, 2013, Lockheed Martin Corp complied with the United States District Court for the Southern District of New York, agreeing to pay a $19.5 million lawsuit to conclude a securities fraud class-action legal battle that had accused the company of deceiving shareholders in regards to expectations for the company's information technology division. On July 3, 2013, Lockheed Martin announced that it was partnering with DreamHammer to use the company's software for integrated command and control of its unmanned aerial vehicles. Lockheed Martin teamed up with Bell Helicopter to propose the V-280 Valor tiltrotor for the Future Vertical Lift (FVL) program. In September 2013, Lockheed Martin acquired the Scotland-based tech firm, Amor Group, saying the deal would aid its plans to expand internationally and into non-defense markets. On November 14, 2013, Lockheed announced they would be closing their Akron, Ohio facility laying off 500 employees and transferring other employees to other locations.

In October 2013, Lockheed announced it expected to finalize a $2.2 billion contract with the United States Air Force for two advanced military communications satellites.

In March 2014, Lockheed Martin acquired Beontra AG, a provider of integrated planning and demand forecasting tools for airport, planning to expand their business in commercial airport information technology solutions. Also, in March 2014, Lockheed Martin announced its acquisition of Industrial Defender Inc. On June 2, 2014, Lockheed Martin received a Pentagon contract to build a space fence that would track debris, keeping it from damaging satellites and spacecraft.

On December 20, 2014, Lockheed Martin Integrated Systems agreed to settle a False Claims Act lawsuit paying $27.5 million to finalize allegations that it had knowingly overbilled taxpayers for work performed by company staff who did not hold the relevant essential qualifications for the contract.

On July 20, 2015, Lockheed Martin announced plans to purchase Sikorsky Aircraft from United Technologies Corporation at a cost of $7.1 billion. The Pentagon has criticized the acquisition as causing a reduction in competition. In November 2015, the acquisition received final approval from the Chinese government, with a total cost of $9 billion. Dan Schulz was named the president of Lockheed Martin's Sikorsky company. Lockheed Martin has shown sketches for a twin-engine, blended wing body strategic airlifter similar in size to the C-5. On March 31, 2015, the US Navy awarded Lockheed Martin a contract worth $362 million for the construction of Freedom-class ship LCS 21 and $79 million for advance procurement for LCS 23. The Freedom-class ships are built by Fincantieri Marinette Marine in Marinette, Wisconsin. In December 2015, Lockheed won an $867 million seven-year contract to train Australia's next generation of military pilots. The deal also has the option to extend this contract across 26 years, which would greatly increase the deal's value.

In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin. The test marked Canada's first use of the combat system with the MK 48 heavyweight torpedo, variant 7AT. The same month, a deal to merge Leidos with the entirety of Lockheed Martin's Information Systems & Global Solutions (IS&GS) business came to a close.

In May 2017, during a visit to Saudi Arabia by President Donald Trump, Saudi Arabia signed business deals worth tens of billions of dollars with U.S. companies, including Lockheed Martin. (See: 2017 United States–Saudi Arabia arms deal)

On August 13, 2018, Lockheed Martin announced that the company had secured a $480 million contract from the United States Air Force to develop a hypersonic weapon prototype. A hypersonic missile can travel at one mile a second. This is the second contract for hypersonic weapons that Martin has secured; The first was from the Air Force as well and for $928 million which was announced in April 2018.

On November 29, 2018, Lockheed Martin was awarded a Commercial Lunar Payload Services contract by NASA, which makes it eligible to bid on delivering science and technology payloads to the Moon for NASA, worth $2.6 billion. Lockheed Martin plans to formally propose a lander called McCandless Lunar Lander, named after the late astronaut and former Lockheed Martin employee Bruce McCandless II, who in 1984 performed the first free-flying spacewalk without a lifeline to the orbiting shuttle, using a jetpack built by the company. This lander would be based on the successful design of the Phoenix and InSight Mars landers.

On April 11, 2019, at 6:35 pm EDT, an Arabsat-6A satellite was successfully launched from (LC-39A). This satellite is one of two, the other being SaudiGeoSat-1/HellasSat-4 and they are the "most advanced commercial communications satellites ever built by" Lockheed Martin.

On September 23, 2019, Lockheed Martin and NASA signed a $4.6-billion contract to build six or more Orion capsules for NASA's Artemis program to send astronauts to the Moon.

2020s

In January 2020, the Naval Sea Systems Command awarded Lockheed Martin with a $138 million contract related with the AEGIS Combat System Engineering Agent (CSEA). The LMT Rotary and Mission Systems (RMS) unit of the company is to develop, integrate, test, and deliver the AEGIS Advanced Capability Build (ACB) 20 integrated combat system. Martin will work on the AEGIS in New Jersey. The project is expected to be completed by December 2020. In January 2020, the Pentagon found at least 800 software defects in Lockheed Martin's F-35 fighter jets owned by the US Armed Forces during an annual review. The 2018 and 2019 reviews revealed a large number of defects as well. In February 2020, Lockheed Martin acquired Vector Launch Inc's satellite software technology GalacticSky for $4.25 million after a bankruptcy court received no bids by the February 21 deadline. On March 16, 2020, Lockheed Martin announced that James D. Taiclet would replace Marillyn Hewson as CEO, effective June 15. In January 2021, Taiclet became chairman of the company as well.

Lockheed Martin was sanctioned by the Chinese government in July 2020, October 2020, and February 2023 due to arm sales to Taiwan. On December 20, 2020, it was announced that Lockheed Martin would acquire Aerojet Rocketdyne Holdings for $4.4 billion. The acquisition was expected to close in first quarter of 2022. On February 13, 2022, Lockheed abandoned the deal following regulatory disapproval.

In 2022, due to the Russo-Ukrainian war, major arms manufacturers, including Lockheed Martin, reported a sharp increase in interim sales and profits. In May 2023, Lockheed formed a new microelectronics subsidiary ForwardEdge ASIC to design custom application-specific integrated circuits for its customers.

In November 2023, attempts at direct action were taken against arms companies in the US and the UK, including Lockheed Martin, that supplied weapons to Israel during the Gaza war. In 2025, Lockheed Martin was included in a UN report on corporations complicit in the Gaza genocide.

In March 2024, Lockheed Martin submitted a bid to acquire Terran Orbital. On June 28, 2024, the U.S. Army awarded Lockheed Martin a $4.5 billion contract to supply Patriot Advanced Capability-3 (PAC-3) missiles. The contract included 870 PAC-3 MSE missiles and related hardware. Lockheed was tasked with manufacturing the newest version of these interceptors, with each PAC-3 MSE missile costing approximately $4 million, as per Army budget documents.

On October 9, 2024, Lockheed Martin announced the appointment of Chauncey McIntosh as vice president and general manager of the F-35 Lightning II Program, effective December 1, 2024. He succeeded Bridget Lauderdale, who retired after 38 years with the company. In December 2024, Lockheed Martin announced that it had formed a subsidiary, Astris AI, that would help U.S. defense companies to incorporate artificial intelligence into their operations.

In May 2026, the company expanded its missile production capacity further with the construction of a new 87,000-square-foot munitions facility in Alabama intended for the production of Terminal High Altitude Area Defense (THAAD) interceptors. The facility is part of a broader investment plan of approximately $8–9 billion through 2030 aimed at increasing overall missile output.

Finances

For the fiscal year 2020, Lockheed Martin reported earnings of $6.833 billion, with an annual revenue of $65.398 billion, an increase of 9.3% over the previous year. Backlog was 144.0 billion at the end of 2019, up from 130.5 billion at the end of the 2018. Firm orders were $94.5 billion at the end of 2019. Its shares traded at over $389 per share. Its market capitalization was valued at US$109.83 billion at the end of 2019. Lockheed Martin ranked No. 60 in the 2019 Fortune 500 list of the largest United States corporations by total revenue (down from No. 59 in 2018).

Q2 2025 loss in classified program

Lockheed profits sharply dropped 80% in Q2 2025, owing to a highly classified U.S. government aerospace program CEO James Taiclet described as "magical". The loss from development of the described "game changing" classified aerospace program totaled $1.6 billion. Taiclet stated investors would be unable to know details of the "magical" classified aerospace program for many years to come. During the same earnings call, Lockheed acknowledged the existence of a classified Lockheed Martin Missiles and Fire Control (MFC) program, described as game-changing.

Organization

Primary business areas

Lockheed Martin Aeronautics

Skunk Works

F-35 Lightning II

Lockheed C-130 Hercules

F-16 Fighting Falcon

F-22 Raptor

Lockheed Martin Missiles and Fire Control

MIM-104 Patriot surface-to-air missile

Terminal High Altitude Area Defense

M270 Multiple Launch Rocket System

Precision Strike Missile

AGM-158 JASSM air-launched cruise missile

AGM-158C LRASM anti-ship missile

AGM-114 Hellfire

Apache fire-control system

Sniper Advanced Targeting Pod

Infrared search and track

Special forces support services

Lockheed Martin Rotary and Mission Systems

Sikorsky Aircraft

Sikorsky UH-60 Black Hawk

Sikorsky HH-60 Pave Hawk

Sikorsky VH-92 Patriot

Sikorsky CH-53K King Stallion

Sikorsky SH-60 Seahawk

Aegis Combat System

Littoral combat ships

Freedom-class littoral combat ships

River-class destroyers

C2BMC missile defense program

Lockheed Martin Space

UGM-133 Trident II ballistic missile

Orion spacecraft

Next-Generation Overhead Persistent Infrared

GPS Block III

hypersonic weapons

Ground-Based Interceptor

Other business areas

International operations

Lockheed Martin UK

Lockheed Martin Canada

Lockheed Martin Australia

Enterprise operations

Corporate Headquarters Operations

Internal Corporate Functions: Ethics, Finance, HR, Legal, etc.

Lockheed Martin Advanced Technology Laboratories

Wholly owned corporate subsidiaries

ForwardEdge ASIC

Lockheed Martin Finance Corporation

LMC Properties

Joint ventures

International Launch Services (with Khrunichev, RSC Energia)

Lockheed Martin Alenia Tactical Transport Systems (with Alenia Aeronautica), now folded

MEADS International (with EADS and MBDA)

Space Imaging (46%, remainder public)

United Launch Alliance (with Boeing)

Javelin Joint Venture (with Raytheon)

Longbow LLC (with Northrop Grumman)

United Space Alliance (with Boeing)

Kelly Aviation Center (with GE and Rolls-Royce)

Protector USV – an unmanned surface vehicle (with Rafael Advanced Defense Systems and BAE Systems)

Defense Support Services (DS2) with Day & Zimmermann

Tata Lockheed Martin Aerostructures Limited (with Indian company Tata Advanced Systems)

Advanced Military Maintenance Repair and Overhaul Center (AMMROC) (with Mubadala Development Company)

Divested

Pacific Architects and Engineers (PAE) Holding, Inc

SIM Industries (to CAE)

Corporate governance

Board of directors

The board of directors consists of 14 members. As of 2020, members include:

Daniel Akerson (since 2014)

David Burritt (since 2008)

Bruce Carlson (since 2015)

Joseph F. Dunford (since 2020)

James Ellis (since 2004)

Thomas Falk (since 2010)

Ilene S. Gordon (since 2016)

Vicki A. Hollub (since 2018)

Jeh Johnson (since 2018)

Debra L. Reed-Klages (since 2019)

James D. Taiclet (since 2018)

Chief executive officer

Daniel Tellep (1995–1996)

Norman Augustine (1996–1997)

Vance Coffman (1997–2004)

Robert J. Stevens (2004–2012)

Marillyn Hewson (2013–2020)

James D. Taiclet (2020–present)

Chairman of the board

Robert J. Stevens (2005–2013)

Marillyn Hewson (2014–2021)

James D. Taiclet (2021-present)

Ownership

As of December 2023, Lockheed Martin shares are mainly held by institutional investors (State Street Corporation, Vanguard group, BlackRock, Capital Group Companies, and others).

Criticism

Lockheed Martin is listed as the largest U.S. government contractor and ranks first for the number of incidents, and fifth for the size of settlements on the 'contractor misconduct' database maintained by the Project on Government Oversight, a Washington, D.C.–based watchdog group. Since 1995, the company has agreed to pay $676.8 million to settle 88 instances of misconduct.

In 2015, Lockheed Martin agreed to pay $4.7 million to settle charges that it illegally used taxpayer money to lobby the federal government to block competitors, including by funneling funds through its subsidiary, Sandia Corporation. This involved hiring former Representative Heather Wilson, one of the most influential ex-lawmakers in the defense sector, as an unregistered lobbyist to maintain Lockheed's lucrative nuclear weapons lab contracts. More broadly, commentators have criticized Lockheed Martin and other weapons defense firms for using secretive spending and dark money to influence defense policy, raising concerns about reduced accountability and national security risks.

In 2013, Lt. Gen. Christopher Bogdan criticized the company's F-35 fighter program. The general said: "I want them both to start behaving like they want to be around for 40 years ... I want them to take on some of the risk of this program. I want them to invest in cost reductions. I want them to do the things that will build a better relationship. I'm not getting all that love yet." The criticism came in the wake of previous criticism from former Defense Secretary Robert Gates regarding the same program.

Lockheed Martin has highlighted the conflicts in Gaza and Ukraine as potential opportunities for future revenue growth.

In March 2026, a panel of the Fifth Circuit Court of Appeals revived a qui tam lawsuit in United States ex rel. Ferguson v. Lockheed Martin Corp. The case involves allegations that the company violated the Truth in Negotiations Act and the False Claims Act by providing inaccurate labor cost data during negotiations for the F-35 program.

Lobbying

According to the magazine Politico, Lockheed Martin has "a political network that is already the envy of its competitors", and its contracts enjoy wide bipartisan support in the U.S. Congress thanks to it having "perfected the strategy of spreading jobs on weapons programs in key states and congressional districts". The company's 2022 lobbying expenditure is $13.6 million (2009 total: $13.7 million).

Through its political action committee (PAC), the company provides low levels of financial support to candidates who advocate national defense and relevant business issues. It was the largest contributor to the House Armed Services Committee chairman, Republican Buck McKeon of California with over $50,000 donated in the election cycle as of January 2011. It also was the top donor to Sen. Daniel Inouye (D-HI), the chair of the Senate Appropriations Committee before his death in 2012.

Lockheed Martin Employees Political Action Committee is one of the 50 largest in the country, according to FEC data. With contributions from 3,000 employees, it donates $500,000 a year to about 260 House and Senate candidates.

In 2025, Lockheed Martin was one of the donors who funded the Trump administration's East Wing demolition and planned building of a ballroom. A 2026 report found that no single donor to Trump's ballroom project subsequently received more federal government contracts than Lockheed Martin.

Management

Senior management consists of the CEO, CFO, and Executive Vice Presidents (EVPs) of four business areas. The EVPs are responsible for managing major programs.

On March 16, 2020, Lockheed announced that CEO Marillyn Hewson would become executive chair and be succeeded as CEO by James Taiclet on June 15; Taiclet was at the time the head of American Tower, and had previously been the president of Honeywell Aerospace and before that a VP at United Technologies. Lockheed also announced that it would create the chief operating officer role, to which current EVP Frank A. St John would be promoted.

Employees in each program are organized into four tiers: Tier 1: Program Manager/VP, Tier 2: Functional Teams (Finance, Chief Engineer, Quality, Operations, etc.), Tier 3: Integrated Product Teams (IPTs) (Weapon System Development, Weapon System Integration, etc.), and Tier 4: detailed product development. Floor or touch workers belong to component assembly teams. Lockheed Martin manages and maintains its relationship with these touch workers through its supervisors and unions.

Lockheed Martin manages employees through its Full Spectrum Leadership and LM21 programs. The LM21 program relies on Six Sigma principles, which are techniques to improve efficiency. Senior management constructs leadership councils and assigns managers to facilitate Kaizen events, which target specific processes for improvement. A manager facilitates teams and processes stakeholders and suppliers to streamline process implementation.

Tier 2 Functional Leads and Tier 3 IPT Leads report to Tier 1. IPT leads are responsible for entire systems or products defined by the contract's Statement of Work.

To control quality, Lockheed Martin trains and builds IPT teams. and ensures that work is executed correctly through a Technical Performance Measure (TPM) system which emphasizes its Lean and 6 Sigma processes. Middle management uses commitment mechanisms that parallel high commitment and human relations theory.

Floor employees assemble aircraft using Flow-to-takt lean manufacturing process which uses properties from both division of labor and scientific management. By separating tasks based on parts, Lockheed Martin utilizes the division of labor theory, specialization on a specific area creates efficiency.

Double Helix methodology

The "Double Helix methodology" is a systems development methodology used by Lockheed Martin. It combines experimentation, technology, and a warfighter's concept of operations to create new tactics and weapons.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

LMT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$568.70
Market Cap
$130.23B
P/E (TTM)
26.5
EPS (TTM)
$21.49
Revenue (TTM)
$75.05B
Div Yield
2.4%
ROE
83.2%
Debt/Equity
3.2
52W Range
$437 – $692

LMT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $75.05B
10-point trend, +58.7%
2016-12-31 2025-12-31
EPS $21.49
10-point trend, +25.9%
2016-12-31 2025-12-31
Free Cash Flow $6.91B
10-point trend, +67.4%
2016-12-31 2025-12-31
Margins 6.7%
10-point trend, -5.2%
2016-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
LMT
Peer Median
P/E (TTM)
5-point trend, +44.1%
26.5
36.9
P/S (TTM)
5-point trend, +2.7%
1.7
4.9
P/B
5-point trend, +87.5%
19.4
11.4
EV / EBITDA
5-point trend, +19.1%
15.7
Price / FCF
5-point trend, +28.2%
18.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
LMT
Peer Median
Gross Margin
5-point trend, -24.9%
10.2%
29.6%
Operating Margin
5-point trend, -24.3%
10.3%
Net Profit Margin
5-point trend, -29.0%
6.7%
9.5%
ROA
5-point trend, -30.1%
8.7%
7.9%
ROE
5-point trend, +11.9%
83.2%
30.6%
ROIC
5-point trend, -31.7%
23.0%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
LMT
Peer Median
Debt / Equity
5-point trend, +203.1%
3.2
Current Ratio
5-point trend, -23.2%
1.1
1.3
Quick Ratio
5-point trend, -13.6%
0.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
LMT
Peer Median
Revenue YoY
5-point trend, +11.9%
5.6%
Revenue CAGR 3Y
5-point trend, +11.9%
4.4%
Revenue CAGR 5Y
5-point trend, +11.9%
2.8%
EPS YoY
5-point trend, -5.6%
-3.7%
Net Income YoY
5-point trend, -20.6%
-6.0%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
LMT
Peer Median
EPS (Diluted)
5-point trend, -5.6%
$21.49

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
LMT
Peer Median
Payout Ratio
5-point trend, +34.0%
62.4%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
2.4%
Payout Ratio
62.4%
5Y Div CAGR
Ex-dateAmount
June 1, 2026$3.4500
March 2, 2026$3.4500
Dec. 1, 2025$3.4500
Sept. 2, 2025$3.3000
June 2, 2025$3.3000
March 3, 2025$3.3000
Dec. 2, 2024$3.3000
Sept. 3, 2024$3.1500
June 3, 2024$3.1500
Feb. 29, 2024$3.1500
Nov. 30, 2023$3.1500
Aug. 31, 2023$3.0000
May 31, 2023$3.0000
Feb. 28, 2023$3.0000
Nov. 30, 2022$3.0000
Aug. 31, 2022$2.8000
May 31, 2022$2.8000
Feb. 28, 2022$2.8000
Nov. 30, 2021$2.8000
Aug. 31, 2021$2.6000

LMT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 28 analysts
  • Strong Buy 6 21.4%
  • Buy 7 25.0%
  • Hold 14 50.0%
  • Sell 1 3.6%
  • Strong Sell 0 0.0%

12-Month Price Target

19 analysts · 2026-08-20
Median target $620.00 +9.0%
Mean target $632.95 +11.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.71%
Period EPS Actual EPS Est Surprise
June 30, 2026 $7.94 $7.18 0.76%
March 31, 2026 $6.44 $6.79 -0.35%
Dec. 31, 2025 $7.43 $5.76 1.7%
Sept. 30, 2025 $6.95 $6.42 0.53%
June 30, 2025 $7.29 $6.51 0.78%
March 31, 2025 $7.28 $6.40 0.88%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
LMT $110.76B 22.5 5.6% 6.7% 83.2% 10.2%
GE $323.05B 37.8 18.5% 19.0% 45.8%
RTX 37.0 9.7% 7.6% 10.7%
BA $219.78B 87.5 34.5% 2.5% 289.1% 4.8%
HWM $82.34B 55.3 11.1% 18.3% 29.0%
GD $91.03B 21.8 10.1% 8.0% 17.1%
NOC $80.97B 19.6 2.2% 10.0% 26.4%
TDG 41.1 11.2% 23.5% -26.0% 60.1%
HONA
LHX $56.89B 35.7 9.8% 8.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +87.9% $75.05B $71.04B $67.57B $65.98B $67.04B $65.40B $59.81B $53.76B $49.96B $47.29B $40.54B $39.95B
Cost of Revenue 12-point trend, +91.2% $67.43B $64.11B $59.09B $57.70B $57.98B $56.74B $51.45B $46.49B $43.59B $41.89B $36.04B $35.26B
Gross Profit 12-point trend, +62.7% $7.62B $6.93B $8.48B $8.29B $9.06B $8.65B $8.37B $7.27B $6.37B $5.40B $4.49B $4.68B
R&D Expense 12-point trend, +172.9% $2.00B $1.60B $1.50B $1.70B $1.50B $1.30B $1.30B $1.30B $1.20B $988M $817M $733M
Operating Income 12-point trend, +54.2% $7.73B $7.01B $8.51B $8.35B $9.12B $8.64B $8.54B $7.33B $6.74B $5.89B $4.71B $5.01B
Interest Expense 10-point trend, +169.4% · · $916M $623M $569M $591M $653M $668M $651M $663M $443M $340M
Other Non-op 12-point trend, +3560.0% $183M $181M $64M $-74M $288M $-37M $-74M $-828M $-847M $-471M $30M $5M
Pretax Income 12-point trend, +26.6% $5.92B $6.22B $8.10B $6.68B $7.55B $8.23B $7.24B $5.84B $5.25B $4.75B $4.30B $4.68B
Income Tax 12-point trend, -36.4% $905M $884M $1.18B $948M $1.24B $1.35B $1.01B $792M $3.36B $1.09B $1.17B $1.42B
Net Income 12-point trend, +38.8% $5.02B $5.34B $6.92B $5.73B $6.32B $6.83B $6.23B $5.05B $1.96B $5.17B $3.60B $3.61B
EPS (Basic) 12-point trend, +89.0% $21.56 $22.39 $27.65 $21.74 $22.85 $24.40 $22.09 $17.74 $6.82 $17.28 $11.62 $11.41
EPS (Diluted) 12-point trend, +91.7% $21.49 $22.31 $27.55 $21.66 $22.76 $24.30 $21.95 $17.59 $6.75 $17.07 $11.46 $11.21
Shares (Basic) 12-point trend, -26.5% 232,700,000 238,300,000 250,300,000 263,700,000 276,400,000 280,000,000 282,000,000 284,500,000 287,800,000 299,300,000 310,300,000 316,800,000
Shares (Diluted) 12-point trend, -27.6% 233,500,000 239,200,000 251,200,000 264,600,000 277,400,000 281,200,000 283,800,000 286,800,000 290,600,000 303,100,000 314,700,000 322,400,000
EBITDA 12-point trend, +68.4% $9.42B $7.01B $8.51B $8.35B $9.12B $8.64B $8.54B $7.33B $5.92B $5.55B $5.44B $5.59B
Balance Sheet 26
Annual Balance Sheet data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +185.0% $4.12B $2.48B $1.44B $2.55B $3.60B $3.16B $1.51B $772M $2.86B $1.84B $1.09B $1.45B
Receivables 12-point trend, -33.6% $3.90B $2.35B $2.13B $2.50B $1.96B $1.98B $2.34B $2.44B $2.27B $8.20B $7.25B $5.88B
Inventory 9-point trend, +22.4% $3.52B $3.47B $3.13B $3.09B $2.98B $3.54B $3.62B $3.00B $2.88B · · ·
Other Current Assets 12-point trend, +9.5% $815M $584M $632M $533M $688M $1.15B $531M $418M $1.51B $399M $441M $744M
Current Assets 12-point trend, +105.8% $25.36B $21.85B $20.52B $20.99B $19.82B $19.38B $17.09B $16.10B $17.50B $15.11B $14.57B $12.32B
PP&E (Net) 12-point trend, +137.7% $11.29B $8.73B $8.37B $7.97B $7.60B $7.21B $6.59B $6.12B $5.78B $5.55B $5.39B $4.75B
PP&E (Gross) 12-point trend, +71.3% $23.10B $22.22B $21.18B $20.14B $19.10B $18.15B $16.98B $16.09B $15.36B $14.88B $14.27B $13.49B
Accum. Depreciation 12-point trend, +62.8% $14.23B $13.49B $12.81B $12.16B $11.50B $10.94B $10.39B $9.96B $9.59B $9.33B $8.88B $8.74B
Goodwill 12-point trend, +42.1% $11.31B $11.07B $10.80B $10.78B $10.81B $10.81B $10.60B $10.77B $10.81B $10.76B $10.70B $7.96B
Intangibles 12-point trend, +482.4% $1.89B $2.02B $2.21B $2.46B $2.71B $3.01B $3.21B $3.49B $3.80B $4.09B $4.02B $324M
Other Non-current Assets 12-point trend, +46.8% $7.01B $6.54B $7.60B $6.93B $7.65B $6.83B $6.71B $5.18B $5.58B $5.67B $5.40B $4.77B
Total Assets 12-point trend, +61.5% $59.84B $55.62B $52.46B $52.88B $50.87B $50.71B $47.53B $44.88B $46.62B $47.81B $49.30B $37.05B
Accounts Payable 12-point trend, +132.4% $3.63B $2.22B $2.31B $2.12B $780M $880M $1.28B $2.40B $1.47B $1.65B $1.75B $1.56B
Short-term Debt 5-point trend, +0.00 · · · · · · $0 $600M $0 $0 $0 ·
Current Liabilities 12-point trend, +110.0% $23.34B $19.42B $16.94B $15.89B $14.00B $13.93B $13.97B $14.40B $12.91B $12.54B $13.92B $11.11B
Capital Leases 7-point trend, -3.5% $825M $833M $862M $916M $1.10B $841M $855M · · · · ·
Other Non-current Liabilities 12-point trend, +37.7% $5.34B $5.45B $5.23B $6.83B $5.93B $6.20B $5.75B $4.31B $4.55B $4.66B $4.90B $3.88B
Total Liabilities 12-point trend, +57.9% $53.12B $49.28B $45.62B $43.61B $39.91B $44.67B $44.36B $43.43B $47.40B $46.20B $46.21B $33.65B
Long-term Debt 12-point trend, +253.3% $21.70B $20.27B $17.46B $15.55B $11.68B $12.17B $12.65B $14.10B $14.26B $14.28B $15.26B $6.14B
Total Debt 12-point trend, +251.8% $21.70B $20.27B $17.46B $15.55B $11.68B $12.17B $12.65B $14.70B $14.26B $14.28B $15.26B $6.17B
Common Stock 12-point trend, -27.1% $229M $234M $240M $254M $271M $279M $280M $281M $284M $289M $303M $314M
Retained Earnings 12-point trend, -6.2% $14.03B $14.55B $15.40B $16.94B $21.60B $21.64B $18.40B $15.43B $11.40B $13.32B $0 $14.96B
AOCI 12-point trend, +36.5% $-7.54B $-8.45B $-8.80B $-8.02B $-11.01B $-16.12B $-15.55B $-14.32B $-12.54B $-12.10B $-11.44B $-11.87B
Stockholders' Equity 12-point trend, +97.7% $6.72B $6.33B $6.83B $9.27B $10.96B $6.01B $3.13B $1.39B $-850M $1.51B $3.10B $3.40B
Liabilities + Equity 12-point trend, +61.5% $59.84B $55.62B $52.46B $52.88B $50.87B $50.71B $47.53B $44.88B $46.62B $47.81B $49.30B $37.05B
Shares Outstanding 11-point trend, -27.1% 229,000,000 234,000,000 240,000,000 254,000,000 271,000,000 279,000,000 280,000,000 · 284,000,000 289,000,000 303,000,000 314,000,000
Cash Flow 19
Annual Cash Flow data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +82.0% $1.69B $1.56B $1.43B $1.40B $1.36B $1.02B $906M $1.16B $1.20B $1.17B $945M $927M
Stock-based Comp 12-point trend, +85.4% $304M $277M $265M $238M $227M $221M $189M $173M $158M $149M $138M $164M
Deferred Tax 12-point trend, +192.8% $372M $-588M $-498M $-757M $-183M $5M $222M $-244M $3.45B $-193M $-445M $-401M
Amort. of Intangibles 12-point trend, +1170.0% $254M $254M $247M $248M $285M $271M $284M $296M $312M $284M $68M $20M
Restructuring 3-point trend, +0.00 · · · · · · $0 $96M $0 · · ·
Other Non-cash $1.18B · · · · · · · · · · ·
Operating Cash Flow 12-point trend, +121.3% $8.56B $6.97B $7.92B $7.80B $9.22B $8.18B $7.31B $3.14B $6.48B $5.19B $5.10B $3.87B
CapEx 12-point trend, +95.1% $1.65B $1.69B $1.69B $1.67B $1.52B $1.77B $1.48B $1.28B $1.18B $1.06B $939M $845M
Investing Cash Flow 12-point trend, -14.7% $-1.98B $-1.79B $-1.69B $-1.79B $-1.16B $-2.01B $-1.24B $-1.07B $-1.15B $-985M $-9.73B $-1.72B
Debt Issued 6-point trend, -87.6% · · · · · $1.13B $0 $0 $0 $0 $9.10B ·
Net Debt Issued 6-point trend, -87.6% · · · · · $1.13B $-900M $-750M $0 $-952M $9.10B ·
Stock Repurchased 12-point trend, +57.9% $3.00B $3.70B $6.00B $7.90B $4.09B $1.10B $1.20B $1.49B $2.00B $2.10B $3.07B $1.90B
Net Stock Activity 12-point trend, -57.9% $-3.00B $-3.70B $-6.00B $-7.90B $-4.09B $-1.10B $-1.20B $-1.49B $-2.00B $-2.10B $-3.07B $-1.90B
Dividends Paid 12-point trend, +77.9% $3.13B $3.06B $3.06B $3.02B $2.94B $2.76B $2.56B $2.35B $2.16B $2.05B $1.93B $1.76B
Financing Cash Flow 12-point trend, -49.1% $-4.94B $-4.14B $-7.33B $-7.07B $-7.62B $-4.53B $-5.33B $-4.15B $-4.30B $-3.46B $4.28B $-3.31B
Net Change in Cash 12-point trend, +239.9% $1.64B $1.04B $-1.10B $-1.06B $444M $1.65B $742M $-2.09B $1.02B $747M $-356M $-1.17B
Taxes Paid 12-point trend, -47.5% $788M $1.30B $1.80B $1.60B $1.40B $1.40B $940M $-41M $1.10B $1.30B $1.80B $1.50B
Free Cash Flow 12-point trend, +128.7% $6.91B $5.29B $6.23B $6.13B $7.70B $6.42B $5.83B $1.86B $5.30B $4.13B $4.16B $3.02B
Levered FCF 10-point trend, +95.4% · · $5.45B $5.60B $7.22B $5.92B $5.27B $1.28B $5.06B $3.62B $3.84B $2.79B
Profitability 8
Annual Profitability data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, -11.9% 10.2% 9.8% 12.6% 12.6% 13.5% 13.2% 14.0% 13.5% 10.9% 10.7% 11.3% 11.5%
Operating Margin 12-point trend, -16.0% 10.3% 9.9% 12.6% 12.7% 13.6% 13.2% 14.3% 13.6% 11.6% 11.7% 11.8% 12.3%
Net Margin 12-point trend, -15.6% 6.7% 7.5% 10.2% 8.7% 9.4% 10.4% 10.4% 9.4% 3.9% 11.2% 7.8% 7.9%
Pretax Margin 12-point trend, -31.6% 7.9% 8.8% 12.0% 10.1% 11.3% 12.6% 12.1% 10.9% 10.3% 10.3% 10.9% 11.5%
EBITDA Margin 12-point trend, +2.4% 12.6% 9.9% 12.6% 12.7% 13.6% 13.2% 14.3% 13.6% 11.6% 11.7% 11.8% 12.3%
ROA 12-point trend, -12.0% 8.7% 9.9% 13.1% 11.1% 12.4% 13.9% 13.5% 11.0% 4.2% 10.9% 8.4% 9.9%
ROE 12-point trend, -8.2% 83.2% 78.9% 85.9% 56.7% 74.4% 149.5% 275.6% 1855.2% 483.6% 230.1% 118.6% 90.6%
ROIC 12-point trend, -42.6% 23.0% 22.6% 29.9% 28.9% 33.7% 39.8% 46.6% 39.4% 16.0% 27.0% 21.2% 40.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -2.0% 1.1 1.1 1.2 1.3 1.4 1.4 1.2 1.1 1.4 1.2 1.2 1.1
Quick Ratio 12-point trend, -47.9% 0.3 0.2 0.2 0.3 0.4 0.4 0.3 0.2 0.9 0.8 0.7 0.7
Debt / Equity 12-point trend, +77.9% 3.2 3.2 2.6 1.7 1.1 2.0 4.0 10.5 -20.9 9.5 4.9 1.8
LT Debt / Equity 12-point trend, +68.4% 3.1 3.1 2.5 1.7 1.1 1.9 3.6 9.0 -19.8 9.5 4.6 1.8
Interest Coverage 10-point trend, -43.5% · · 9.3 13.4 16.0 14.6 13.1 11.0 9.1 8.4 12.3 16.4
Efficiency 3
Annual Efficiency data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +4.4% 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.1 1.0 1.1 1.2
Inventory Turnover 8-point trend, +21.8% 19.3 19.4 19.0 19.0 17.8 15.8 15.6 15.8 · · · ·
Receivables Turnover 12-point trend, +208.5% 24.0 31.7 29.1 29.5 34.0 30.3 25.0 22.8 6.1 6.1 6.6 7.8
Per Share 7
Annual Per Share data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 10-point trend, +171.1% $29.35 $27.06 $28.48 $36.48 $40.44 $21.56 · · $-2.40 $5.23 $10.22 $10.83
Revenue / Share 12-point trend, +127.2% $321.40 $297.00 $268.99 $249.37 $241.69 $232.57 $210.75 $187.45 $175.66 $155.88 $146.59 $141.44
Cash Flow / Share 12-point trend, +205.6% $36.65 $29.15 $31.53 $29.49 $33.24 $29.10 $25.76 $10.94 $22.28 $17.12 $16.21 $11.99
Cash / Share 10-point trend, +290.8% $18.00 $10.61 $6.01 $10.03 $13.30 $11.33 · · $10.07 $6.36 $3.60 $4.61
Dividend / Share 12-point trend, +143.2% $13 $13 $12 $11 $11 $10 $9 $8 $7 $7 $6 $5
Dividend Paid / Share 12-point trend, +143.2% $13 $13 $12 $11 $11 $10 $9 $8 $7 $7 $6 $5
EPS (TTM) 12-point trend, +91.7% $21.49 $22.31 $27.55 $21.66 $22.76 $24.30 $21.95 $17.59 $6.75 $17.07 $11.46 $11.21
Growth Rates 10
Annual Growth Rates data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +123.8% 5.6% 5.1% 2.4% -1.6% 2.5% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +298.2% 4.4% 1.9% 1.1% · · · · · · · · ·
Revenue CAGR 5Y 2.8% · · · · · · · · · · ·
EPS YoY 5-point trend, +42.0% -3.7% -19.0% 27.2% -4.8% -6.3% · · · · · · ·
EPS CAGR 3Y 3-point trend, -106.1% -0.26% -0.66% 4.3% · · · · · · · · ·
EPS CAGR 5Y -2.4% · · · · · · · · · · ·
Net Income YoY 5-point trend, +21.1% -6.0% -22.9% 20.7% -9.2% -7.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -1133.3% -4.3% -5.5% 0.42% · · · · · · · · ·
Net Income CAGR 5Y -6.0% · · · · · · · · · · ·
Dividend CAGR 5Y 2.5% · · · · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for LMT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +87.9% $75.05B $71.04B $67.57B $65.98B $67.04B $65.40B $59.81B $53.76B $49.96B $47.29B $40.54B $39.95B
Net Income TTM 12-point trend, +38.8% $5.02B $5.34B $6.92B $5.73B $6.32B $6.83B $6.23B $5.05B $1.96B $5.17B $3.60B $3.61B
Market Cap 10-point trend, +83.2% $110.76B $113.71B $108.78B $123.57B $96.32B $99.04B · · $91.18B $72.23B $65.80B $60.47B
Enterprise Value 10-point trend, +96.9% $128.34B $131.50B $124.79B $136.57B $104.39B $108.05B · · $102.58B $84.68B $79.97B $65.19B
P/E 12-point trend, +31.0% 22.5 21.8 16.5 22.5 15.6 14.6 17.7 14.9 47.6 14.6 18.9 17.2
P/S 10-point trend, -2.5% 1.5 1.6 1.6 1.9 1.4 1.5 · · 1.8 1.5 1.6 1.5
P/B 10-point trend, -7.3% 16.5 18.0 15.9 13.3 8.8 16.5 · · -133.5 47.8 21.2 17.8
P / Cash Flow 10-point trend, -17.2% 12.9 16.3 13.7 15.8 10.4 12.1 · · 14.1 13.9 12.9 15.6
P / FCF 10-point trend, -19.9% 16.0 21.5 17.5 20.2 12.5 15.4 · · 17.2 17.5 15.8 20.0
EV / EBITDA 10-point trend, +16.9% 13.6 18.8 14.7 16.4 11.4 12.5 · · 17.3 15.3 14.7 11.7
EV / FCF 10-point trend, -13.9% 18.6 24.9 20.0 22.3 13.6 16.8 · · 19.4 20.5 19.2 21.6
EV / Revenue 10-point trend, +4.8% 1.7 1.9 1.8 2.1 1.6 1.7 · · 2.1 1.8 2.0 1.6
Dividend Yield 10-point trend, -2.7% 2.8% 2.7% 2.8% 2.4% 3.0% 2.8% · · 2.4% 2.8% 2.9% 2.9%
Earnings Yield 12-point trend, -23.7% 4.4% 4.6% 6.1% 4.5% 6.4% 6.9% 5.6% 6.7% 2.1% 6.8% 5.3% 5.8%
Payout Ratio 12-point trend, +28.2% 62.4% 57.3% 44.2% 52.6% 46.6% 40.5% 41.0% 46.5% 108.0% 38.6% 53.6% 48.7%
Annual Payout 12-point trend, +77.9% $3.13B $3.06B $3.06B $3.02B $2.94B $2.76B $2.56B $2.35B $2.16B $2.05B $1.93B $1.76B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $75.05B$71.04B$67.57B$65.98B$67.04B
Gross Margin % 10.2%9.8%12.6%12.6%13.5%
Operating Margin % 10.3%9.9%12.6%12.7%13.6%
Net Income $5.02B$5.34B$6.92B$5.73B$6.32B
Diluted EPS $21.49$22.31$27.55$21.66$22.76
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 3.23.22.61.71.1
Current Ratio 1.11.11.21.31.4
Quick Ratio 0.30.20.20.30.4
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $6.91B$5.29B$6.23B$6.13B$7.70B

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Institutional owners (13F) 3,057 filers · $60.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
137 (-251 vs prior Q) 244 (+145 vs prior Q) 1,152 (+106 vs prior Q) 1,025 (-111 vs prior Q) +954K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
STATE STREET CORP $16,799,530,108 32,975,170 27.80% Shares
VANGUARD CAPITAL MANAGEMENT LLC $7,213,320,850 14,158,758 11.94% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,832,276,131 5,559,369 4.69% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,332,227,110 4,566,525 3.86% Shares
Sanders Capital, LLC $1,066,571,322 2,093,533 1.77% Shares
Capital World Investors $939,555,249 1,844,218 1.55% Shares
TWO SIGMA INVESTMENTS, LP $799,768,649 1,569,836 1.32% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $670,920,163 1,317,110 1.11% Shares
Capital Research Global Investors $630,985,060 1,238,537 1.04% Shares
VANGUARD FIDUCIARY TRUST CO $605,114,681 1,187,757 1.00% Shares
DIMENSIONAL FUND ADVISORS LP $604,949,137 1,187,433 1.00% Shares
TWO SIGMA ADVISERS, LP $591,605,797 1,223,160 0.98% Shares
GOLDMAN SACHS GROUP INC $461,730,827 906,314 0.76% Shares
UBS Group AG $435,728,911 855,276 0.72% Shares
BANK OF AMERICA CORP /DE/ $399,174,318 783,524 0.66% Shares
LPL Financial LLC $390,096,957 765,707 0.65% Shares
WELLINGTON MANAGEMENT GROUP LLP $370,380,986 727,007 0.61% Shares
FMR LLC $353,085,566 693,058 0.58% Shares
BlackRock, Inc. $342,801,369 672,872 0.57% Shares
National Pension Service $331,322,216 650,340 0.55% Shares
CITADEL ADVISORS LLC $318,310,608 624,800 0.53% Call option
Qube Research & Technologies Ltd $317,171,455 622,564 0.52% Shares
CANADA PENSION PLAN INVESTMENT BOARD $303,835,830 596,388 0.50% Shares
Holocene Advisors, LP $290,622,476 570,452 0.48% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $268,757,194 527,532 0.44% Shares
Sumitomo Mitsui Trust Group, Inc. $255,470,245 501,453 0.42% Shares
PeakShares LLC $254,730,000 500 0.42% Shares
ENVESTNET ASSET MANAGEMENT INC $253,875,910 498,324 0.42% Shares
CITADEL ADVISORS LLC $244,153,101 479,239 0.40% Shares
JANE STREET GROUP, LLC $239,955,660 471,000 0.40% Put option
FIRST TRUST ADVISORS LP $239,140,779 469,401 0.40% Shares
Legal & General Group Plc $226,734,664 445,049 0.38% Shares
JANE STREET GROUP, LLC $225,079,428 441,800 0.37% Call option
Vanguard Global Advisers, LLC $223,104,252 437,923 0.37% Shares
VANGUARD ASSET MANAGEMENT, Ltd $214,730,258 421,486 0.36% Shares
California Public Employees Retirement System $211,616,438 415,374 0.35% Shares
HighTower Advisors, LLC $210,162,901 412,521 0.35% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $196,728,341 325,499 0.33% Shares
Balyasny Asset Management L.P. $189,318,902 371,607 0.31% Shares
BNP PARIBAS FINANCIAL MARKETS $184,152,978 361,467 0.30% Shares
CAPTRUST FINANCIAL ADVISORS $181,708,485 356,669 0.30% Shares
RAYMOND JAMES FINANCIAL INC $179,642,224 352,613 0.30% Shares
RHUMBLINE ADVISERS $178,182,080 349,747 0.29% Shares
Allianz Asset Management GmbH $174,500,749 342,521 0.29% Shares
LAZARD ASSET MANAGEMENT LLC $173,726,369 341,001 0.29% Shares
ROYAL BANK OF CANADA $161,984,000 317,952 0.27% Shares
HSBC HOLDINGS PLC $155,297,997 307,168 0.26% Shares
RENAISSANCE TECHNOLOGIES LLC $152,083,999 298,520 0.25% Shares
CAPITOLIS LIQUID GLOBAL MARKETS LLC $149,739,974 293,919 0.25% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $148,339,825 291,171 0.25% Shares
D. E. Shaw & Co., Inc. $146,402,501 287,368 0.24% Shares
PNC Financial Services Group, Inc. $145,884,380 286,351 0.24% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $141,491,602 297,372 0.23% Shares
VICTORY CAPITAL MANAGEMENT INC $138,624,575 272,101 0.23% Shares
ALLIANCEBERNSTEIN L.P. $138,434,321 229,048 0.23% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $136,696,779 268,317 0.23% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $134,301,298 263,615 0.22% Shares
Canoe Financial LP $132,976,702 261,015 0.22% Shares
CONFLUENCE INVESTMENT MANAGEMENT LLC $131,294,479 257,713 0.22% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $130,691,774 256,530 0.22% Shares
BANK OF MONTREAL /CAN/ $127,679,337 250,617 0.21% Shares
Cetera Investment Advisers $127,055,700 249,393 0.21% Shares
AMERIPRISE FINANCIAL INC $125,567,280 246,467 0.21% Shares
PRINCIPAL FINANCIAL GROUP INC $123,990,338 243,376 0.21% Shares
JONES FINANCIAL COMPANIES LLLP $117,954,041 232,468 0.20% Shares
Mirae Asset Global Investments Co., Ltd. $117,504,911 230,646 0.19% Shares
CREDIT AGRICOLE S A $116,308,190 228,297 0.19% Shares
TRUIST FINANCIAL CORP $115,610,396 226,927 0.19% Shares
NEW YORK STATE COMMON RETIREMENT FUND $113,362,492 222,515 0.19% Shares
WOLVERINE TRADING, LLC $112,220,638 228,100 0.19% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $111,700,124 219,252 0.18% Shares
YACKTMAN ASSET MANAGEMENT LP $110,226,256 216,359 0.18% Shares
Focus Partners Wealth $109,911,379 215,672 0.18% Shares
Brandywine Global Investment Management, LLC $108,884,758 225,122 0.18% Shares
AMERICAN CENTURY COMPANIES INC $102,138,578 200,484 0.17% Shares
UniSuper Management Pty Ltd $102,001,024 200,214 0.17% Shares
HSBC HOLDINGS PLC $98,790,332 195,400 0.16% Put option
MORGAN STANLEY $98,650,949 193,638 0.16% Shares
BARCLAYS PLC $96,257,884 188,941 0.16% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $95,526,807 187,506 0.16% Shares
ING GROEP NV $94,732,049 185,946 0.16% Shares
COMMONWEALTH EQUITY SERVICES, LLC $89,567,224 175,808 0.15% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $87,986,289 172,705 0.15% Shares
Chevy Chase Trust Holdings, LLC $85,911,769 168,633 0.14% Shares
Connor, Clark & Lunn Investment Management Ltd. $84,425,164 165,715 0.14% Shares
Korea Investment CORP $83,552,459 164,002 0.14% Shares
Migdal Insurance & Financial Holdings Ltd. $80,966,597 158,939 0.13% Shares
BANK OF NOVA SCOTIA $80,095,773 157,217 0.13% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $79,936,621 132,260 0.13% Shares
MACKENZIE FINANCIAL CORP $78,980,565 155,028 0.13% Shares
Focused Investors LLC $75,349,134 147,900 0.12% Shares
OSAIC HOLDINGS, INC. $75,291,718 147,456 0.12% Shares
Walleye Trading LLC $72,088,590 141,500 0.12% Call option
Mitsubishi UFJ Trust & Banking Corp $70,829,714 139,029 0.12% Shares
FIFTH THIRD BANCORP $67,360,258 132,219 0.11% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $67,143,262 131,793 0.11% Shares
Defiance ETFs, LLC $66,581,623 127,595 0.11% Shares
Welch Group, LLC $66,352,373 130,241 0.11% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $66,350,033 130,236 0.11% Shares
WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC $65,068,119 127,720 0.11% Shares

Company insiders 78 insiders · 13 officers · 8 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Christopher E Kubasik President & COO Jan. 30, 2012 A 69,151 0 0 $0
Stephanie C. Hill Pres. Rotary & Mission Systems June 11, 2026 G 8,964 0 1 $-6,660
Richard H Edwards Executive Vice President Feb. 14, 2017 S 652 0 0 $0
Sondra L Barbour Executive Vice President Aug. 3, 2016 M 0 0 0 $0
Patrick M Dewar Executive Vice President Dec. 4, 2015 M 0 0 0 $0
Christopher J Gregoire Vice President & Controller Feb. 3, 2014 M 0 0 0 $0
Linda R Gooden Executive Vice President Jan. 28, 2013 A 15,783 0 0 $0
Larry A Lawson Executive Vice President Jan. 24, 2013 A 1,852 0 0 $0
Joanne M Maguire Executive Vice President Jan. 24, 2013 A 34,938 0 0 $0
Ralph D Heath Executive Vice President Jan. 26, 2012 A 42,594 0 0 $0
John C Mccarthy VP & Treasurer Jan. 28, 2011 M 2,745 0 0 $0
James B Comey Senior VP & General Counsel June 15, 2010 S 0 0 0 $0
Mark R Bostic VP and Acting Controller & CAO Feb. 1, 2010 A 2,982 0 0 $0
David B Burritt Director June 30, 2026 A 1,796 0 0 $0
Anne Stevens Director Jan. 30, 2017 A 0 0 0 $0
Gwendolyn S King Director Feb. 1, 2016 A 536 0 0 $0
Douglas H Mccorkindale Director April 23, 2015 M 13,660 0 0 $0
E C Aldridge JR Director Jan. 31, 2011 A 0 0 $0
James R Ukropina Director Feb. 1, 2010 A 0 0 $0
Frank Savage Director Feb. 1, 2010 A 1 0 0 $0
James M Schnieder Director Feb. 1, 2010 A 0 0 $0
LOCKHEED MARTIN CORP 10% owner Oct. 30, 2024 P 1,000 0 0 $0
John Donovan Aug. 13, 2026 S 0 0 0 $0
Robert M Lightfoot JR Aug. 12, 2026 S 2,015 0 1 $-117,624
Frank A St John July 31, 2026 I 0 0 3 $-3,826,160
Vicki A. Hollub April 1, 2026 M 416 0 0 $0
Joseph F Dunford Jr March 31, 2026 A 0 0 $0
Timothy S Cahill March 11, 2026 S 9,591 0 0 $0
Gregory M Ulmer Feb. 27, 2026 S 5,661 0 0 $0
Kevin J. O'Connor Feb. 26, 2026 M 2,719 0 0 $0
Harry Edward Paul III Feb. 25, 2026 A 2,878 0 0 $0
Evan T Scott Feb. 25, 2026 A 945 0 0 $0
James D Taiclet JR Feb. 25, 2026 A 43,963 0 0 $0
Maria Ricciardone Lee Feb. 22, 2026 M 1,047 0 0 $0
John C Aquilino Feb. 13, 2026 A 0 0 $0
Heather A Wilson Feb. 13, 2026 A 0 0 $0
Patricia E Yarrington Feb. 13, 2026 A 0 0 $0
Debra L Reed Feb. 13, 2026 A 0 0 $0
Thomas J Falk Feb. 13, 2026 A 5,250 0 0 $0
Jesus Malave JR Feb. 26, 2025 A 15,035 0 0 $0
Bruce A Carlson Feb. 14, 2025 A 0 0 $0
Maryanne Lavan Dec. 6, 2024 M 0 0 0 $0
James O Ellis Jr April 1, 2024 M 200 0 0 $0
Ilene S Gordon April 1, 2024 M 1,770 0 0 $0
Jeh C. Johnson Feb. 15, 2024 A 0 0 $0
Daniel F Akerson Feb. 15, 2024 A 3 0 0 $0
Vincent R. Stewart Aug. 1, 2022 A 0 0 $0
Scott T Greene May 3, 2022 G 6,644 0 0 $0
John W Mollard March 1, 2022 S 2,967 0 0 $0
Brian P Colan Feb. 28, 2022 S 0 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 1 position

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Lockheed Martin Corporation, Astrolink International LLC ×8 filings Nov. 1, 2024 Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 247 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
LMTL · Direxion Shares ETF Trust 15.01% 2,113 NS April 30, 2026 N-PORT
SHLD · Global X Funds 8.42% 1,267,716 NS May 31, 2026 N-PORT
PPA · Invesco Exchange-Traded Fund Trust 6.53% 944,917 SH Aug. 21, 2026 Daily
FOWF · Pacer Funds Trust 6.37% 1,822 NS April 30, 2026 N-PORT
MISL · First Trust Exchange-Traded Fund 6.11% 96,137 NS June 30, 2026 N-PORT
ITA · iShares Trust 4.64% 1,159,675 SH Aug. 21, 2026 Daily
EGGS · Tidal Trust III 4.08% 4,321 NS May 31, 2026 N-PORT
ICAP · Series Portfolios Trust 3.85% 7,887 NS May 31, 2026 N-PORT
CCOR · Listed Funds Trust 2.79% 1,487 NS April 30, 2026 N-PORT
DFEN · Direxion Shares ETF Trust 2.77% 19,562 NS April 30, 2026 N-PORT
SCHD · SCHWAB STRATEGIC TRUST 2.70% 4,835,703 NS May 31, 2026 N-PORT
KEAT · EA Series Trust 2.47% 5,720 NS April 30, 2026 N-PORT
VALQ · AMERICAN CENTURY ETF TRUST 2.19% 14,330 NS May 31, 2026 N-PORT
GEND · Spinnaker ETF Series 2.12% 183 NS April 30, 2026 N-PORT
ESN · Northern Lights Fund Trust II 2.10% 11,045 NS May 31, 2026 N-PORT
FDIV · EA Series Trust 2.03% 2,843 NS April 30, 2026 N-PORT
QDIV · Global X Funds 2.03% 1,252 NS May 31, 2026 N-PORT
TBG · EA Series Trust 1.95% 8,677 NS April 30, 2026 N-PORT
YOKE · EA Series Trust 1.92% 8,338 NS April 30, 2026 N-PORT
FLAG · Global X Funds 1.92% 61 NS April 30, 2026 N-PORT
BMVP · Invesco Exchange-Traded Fund Trust 1.91% 3,519 SH Aug. 21, 2026 Daily
EMOT · First Trust Exchange-Traded Fund VI 1.89% 99 NS June 30, 2026 N-PORT
NUKZ · EXCHANGE TRADED CONCEPTS TRUST 1.84% 30,893 NS May 31, 2026 N-PORT
PPI · INVESTMENT MANAGERS SERIES TRUST II 1.82% 5,519 NS June 30, 2026 N-PORT
QUSA · Tidal Trust III 1.77% 604 NS April 30, 2026 N-PORT
RFDA · ALPS ETF Trust 1.75% 2,891 NS May 31, 2026 N-PORT
ABFL · Abacus FCF ETF Trust 1.74% 16,741 NS April 30, 2026 N-PORT
FTCS · First Trust Exchange-Traded Fund 1.73% 260,108 NS June 30, 2026 N-PORT
UFO · Procure ETF Trust II 1.65% 23,857 NS April 30, 2026 N-PORT
MADE · iShares Trust 1.62% 1,731 SH Aug. 21, 2026 Daily
GINX · RBB Fund, Inc. 1.60% 2,874 NS May 31, 2026 N-PORT
ARMY · Tema ETF Trust 1.58% 144 NS May 31, 2026 N-PORT
SDOG · ALPS ETF Trust 1.55% 40,417 NS May 31, 2026 N-PORT
FIDU · FIDELITY COVINGTON TRUST 1.54% 61,765 NS April 30, 2026 N-PORT
DRES · GMO ETF Trust 1.49% 1,018 NS May 31, 2026 N-PORT
VIS · VANGUARD WORLD FUND 1.41% 251,874 SH Aug. 19, 2026 Daily
IYJ · iShares Trust 1.39% 46,401 SH Aug. 21, 2026 Daily
DUSL · Direxion Shares ETF Trust 1.36% 1,421 NS April 30, 2026 N-PORT
AUSF · Global X Funds 1.34% 21,431 NS May 31, 2026 N-PORT
EQIN · Columbia ETF Trust I 1.30% 6,934 NS April 30, 2026 N-PORT
HDV · iShares Trust 1.29% 345,416 SH Aug. 21, 2026 Daily
RSPN · Invesco Exchange-Traded Fund Trust 1.25% 23,099 SH Aug. 21, 2026 Daily
UXI · ProShares Trust 1.25% 668 NS May 31, 2026 N-PORT
WBIL · Absolute Shares Trust 1.23% 734 NS June 30, 2026 N-PORT
DIVD · EA Series Trust 1.20% 405 NS April 30, 2026 N-PORT
DDIV · First Trust Exchange-Traded Fund VI 1.18% 1,570 NS June 30, 2026 N-PORT
LGDX · Tidal Trust III 1.16% 3,094 NS April 30, 2026 N-PORT
EXI · iShares Trust 1.13% 28,758 SH Aug. 21, 2026 Daily
SPHQ · Invesco Exchange-Traded Fund Trust 1.07% 356,213 SH Aug. 21, 2026 Daily
SHRY · First Trust Exchange-Traded Fund VI 1.06% 311 NS June 30, 2026 N-PORT