Lockheed Martin (LMT) FY2015 results: revenue $40.5 billion, up 1.5% on the year
Lockheed Martin Corp. (LMT) reported revenue of $40.5 billion for fiscal 2015, the year ended 31 December 2015, up 1.5% on the year before. Net income was $3.6 billion, down 0.2%, and diluted earnings per share $11.46. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$40.5 billion
+1.5% on the year
FY2008FY2015
Operating margin
11.6%
12.5% a year earlier
FY2008FY2015
Net income
$3.6 billion
-0.2% on the year
FY2008FY2015
Diluted EPS
$11.46
+2.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
40,536
39,946
45,358
+1.5%
Cost of revenue
36,044
35,263
41,171
+2.2%
Gross profit
4,492
4,683
4,187
-4.1%
Gross margin
11.1%
11.7%
9.2%
Research and development
817
733
697
+11.5%
Operating income
4,712
5,012
4,505
-6.0%
Operating margin
11.6%
12.5%
9.9%
Interest expense
443
340
350
+30.3%
Pre-tax income
4,299
4,677
4,155
-8.1%
Income tax
1,173
1,424
1,205
-17.6%
Effective tax rate
27.3%
30.4%
29.0%
Net income
3,605
3,614
2,981
-0.2%
Net margin
8.9%
9.0%
6.6%
Diluted EPS
$11.46
$11.21
$9.13
+2.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
5,101
3,866
4,546
+31.9%
Capital expenditure
939
845
836
+11.1%
Free cash flow
4,162
3,021
3,710
+37.8%
Free cash flow margin
10.3%
7.6%
8.2%
Cash from investing
-9,734
-1,723
-1,121
Cash from financing
4,277
-3,314
-2,706
Depreciation and amortisation
945
927
990
+1.9%
Share-based compensation
138
164
189
-15.9%
Buybacks
3,071
1,900
1,762
+61.6%
Dividends paid
1,932
1,760
1,540
+9.8%
Dividend per share
$6.15
$5.49
$4.78
+12.0%
Diluted shares, weighted
315m
322m
326m
-2.4%
Shares outstanding at period end
303m
314m
319m
-3.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,097
3,400
4,918
-8.9%
Debt
15,261
6,142
6,152
+148.5%
Other liabilities
30,946
27,531
25,118
+12.4%
Total liabilities and equity
49,304
37,073
36,188
+33.0%
Fixed assets
5,389
4,755
4,706
+13.3%
Goodwill
10,695
7,964
10,348
+34.3%
Intangible assets
4,022
324
n/a
+1,141.4%
Trading assets
1,100
1,100
1,000
0.0%
Cash and equivalents
1,090
1,446
2,617
-24.6%
Receivables
7,254
5,884
5,834
+23.3%
Other assets
19,754
15,600
11,683
+26.6%
Total assets
49,304
37,073
36,188
+33.0%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.