Lockheed Martin (LMT) FY2016 results: revenue $47.3 billion, up 16.7% on the year
Lockheed Martin Corp. (LMT) reported revenue of $47.3 billion for fiscal 2016, the year ended 31 December 2016, up 16.7% on the year before. Net income was $5.2 billion, up 43.5%, and diluted earnings per share $17.07. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2019.
Revenue
$47.3 billion
+16.7% on the year
FY2009FY2016
Operating margin
12.5%
11.6% a year earlier
FY2009FY2016
Net income
$5.2 billion
+43.5% on the year
FY2009FY2016
Diluted EPS
$17.07
+49.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
47,290
40,536
39,946
+16.7%
Cost of revenue
41,889
36,044
35,263
+16.2%
Gross profit
5,401
4,492
4,683
+20.2%
Gross margin
11.4%
11.1%
11.7%
Research and development
988
817
733
+20.9%
Operating income
5,888
4,712
5,012
+25.0%
Operating margin
12.5%
11.6%
12.5%
Interest expense
663
443
340
+49.7%
Pre-tax income
4,754
4,299
4,677
+10.6%
Income tax
1,093
1,173
1,424
-6.8%
Effective tax rate
23.0%
27.3%
30.4%
Net income
5,173
3,605
3,614
+43.5%
Net margin
10.9%
8.9%
9.0%
Diluted EPS
$17.07
$11.46
$11.21
+49.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
5,189
5,101
3,866
+1.7%
Capital expenditure
1,063
939
845
+13.2%
Free cash flow
4,126
4,162
3,021
-0.9%
Free cash flow margin
8.7%
10.3%
7.6%
Cash from investing
-985
-9,734
-1,723
Cash from financing
-3,457
4,277
-3,314
Depreciation and amortisation
1,167
945
927
+23.5%
Share-based compensation
149
138
164
+8.0%
Buybacks
2,096
3,071
1,900
-31.7%
Dividends paid
2,048
1,932
1,760
+6.0%
Dividend per share
$6.77
$6.15
$5.49
+10.1%
Diluted shares, weighted
303m
315m
322m
-3.7%
Shares outstanding at period end
289m
303m
314m
-4.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,511
3,097
3,400
-51.2%
Non-controlling interest
95.0
n/a
n/a
Debt
14,282
15,261
6,142
-6.4%
Other liabilities
31,918
30,946
27,531
+3.1%
Total liabilities and equity
47,806
49,304
37,073
-3.0%
Fixed assets
5,549
5,389
4,755
+3.0%
Goodwill
10,764
10,695
7,964
+0.6%
Intangible assets
4,093
4,022
324
+1.8%
Trading assets
1,200
1,100
1,100
+9.1%
Cash and equivalents
1,837
1,090
1,446
+68.5%
Receivables
8,202
7,254
5,884
+13.1%
Other assets
16,161
19,754
15,600
-18.2%
Total assets
47,806
49,304
37,073
-3.0%
10-K for the year ended 31 December 2016, filed 8 February 2019: the filing.