Lockheed Martin (LMT) FY2017 results: revenue $50.0 billion, up 5.6% on the year
Lockheed Martin Corp. (LMT) reported revenue of $50.0 billion for fiscal 2017, the year ended 31 December 2017, up 5.6% on the year before. Net income was $2.0 billion, down 62.1%, and diluted earnings per share $6.75. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2019.
Revenue
$50.0 billion
+5.6% on the year
FY2010FY2017
Operating margin
13.5%
12.5% a year earlier
FY2010FY2017
Net income
$2.0 billion
-62.1% on the year
FY2010FY2017
Diluted EPS
$6.75
-60.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
49,960
47,290
40,536
+5.6%
Cost of revenue
43,589
41,889
36,044
+4.1%
Gross profit
6,371
5,401
4,492
+18.0%
Gross margin
12.8%
11.4%
11.1%
Research and development
1,200
988
817
+21.5%
Operating income
6,744
5,888
4,712
+14.5%
Operating margin
13.5%
12.5%
11.6%
Interest expense
651
663
443
-1.8%
Pre-tax income
5,246
4,754
4,299
+10.3%
Income tax
3,356
1,093
1,173
+207.0%
Effective tax rate
64.0%
23.0%
27.3%
Net income
1,963
5,173
3,605
-62.1%
Net margin
3.9%
10.9%
8.9%
Diluted EPS
$6.75
$17.07
$11.46
-60.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,476
5,189
5,101
+24.8%
Capital expenditure
1,177
1,063
939
+10.7%
Free cash flow
5,299
4,126
4,162
+28.4%
Free cash flow margin
10.6%
8.7%
10.3%
Cash from investing
-1,147
-985
-9,734
Cash from financing
-4,305
-3,457
4,277
Depreciation and amortisation
1,195
1,167
945
+2.4%
Share-based compensation
158
149
138
+6.0%
Buybacks
2,001
2,096
3,071
-4.5%
Dividends paid
2,163
2,048
1,932
+5.6%
Dividend per share
$7.46
$6.77
$6.15
+10.2%
Diluted shares, weighted
291m
303m
315m
-4.1%
Shares outstanding at period end
284m
289m
303m
-1.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
-850
1,511
3,097
Non-controlling interest
74.0
95.0
n/a
-22.1%
Debt
14,263
14,282
15,261
-0.1%
Other liabilities
33,133
31,918
30,946
+3.8%
Total liabilities and equity
46,620
47,806
49,304
-2.5%
Fixed assets
5,775
5,549
5,389
+4.1%
Goodwill
10,807
10,764
10,695
+0.4%
Intangible assets
3,797
4,093
4,022
-7.2%
Trading assets
1,400
1,200
1,100
+16.7%
Cash and equivalents
2,861
1,837
1,090
+55.7%
Receivables
2,265
8,202
7,254
-72.4%
Inventory
2,878
n/a
n/a
Other assets
16,837
16,161
19,754
+4.2%
Total assets
46,620
47,806
49,304
-2.5%
10-K for the year ended 31 December 2017, filed 8 February 2019: the filing.