Lockheed Martin (LMT) FY2018 results: revenue $53.8 billion, up 7.6% on the year
Lockheed Martin Corp. (LMT) reported revenue of $53.8 billion for fiscal 2018, the year ended 31 December 2018, up 7.6% on the year before. Net income was $5.0 billion, up 157.1%, and diluted earnings per share $17.59. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2019.
Revenue
$53.8 billion
+7.6% on the year
FY2011FY2018
Operating margin
13.6%
13.5% a year earlier
FY2011FY2018
Net income
$5.0 billion
+157.1% on the year
FY2011FY2018
Diluted EPS
$17.59
+160.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
53,762
49,960
47,290
+7.6%
Cost of revenue
46,488
43,589
41,889
+6.7%
Gross profit
7,274
6,371
5,401
+14.2%
Gross margin
13.5%
12.8%
11.4%
Research and development
1,300
1,200
988
+8.3%
Operating income
7,334
6,744
5,888
+8.7%
Operating margin
13.6%
13.5%
12.5%
Interest expense
668
651
663
+2.6%
Pre-tax income
5,838
5,246
4,754
+11.3%
Income tax
792
3,356
1,093
-76.4%
Effective tax rate
13.6%
64.0%
23.0%
Net income
5,046
1,963
5,173
+157.1%
Net margin
9.4%
3.9%
10.9%
Diluted EPS
$17.59
$6.75
$17.07
+160.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,138
6,476
5,189
-51.5%
Capital expenditure
1,278
1,177
1,063
+8.6%
Free cash flow
1,860
5,299
4,126
-64.9%
Free cash flow margin
3.5%
10.6%
8.7%
Cash from investing
-1,075
-1,147
-985
Cash from financing
-4,152
-4,305
-3,457
Depreciation and amortisation
1,161
1,195
1,167
-2.8%
Share-based compensation
173
158
149
+9.5%
Buybacks
1,492
2,001
2,096
-25.4%
Dividends paid
2,347
2,163
2,048
+8.5%
Dividend per share
$8.20
$7.46
$6.77
+9.9%
Diluted shares, weighted
287m
291m
303m
-1.3%
Shares outstanding at period end
n/a
284m
289m
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,394
-850
1,511
Non-controlling interest
55.0
74.0
95.0
-25.7%
Debt
14,104
14,263
14,282
-1.1%
Other liabilities
29,323
33,133
31,918
-11.5%
Total liabilities and equity
44,876
46,620
47,806
-3.7%
Fixed assets
6,124
5,775
5,549
+6.0%
Goodwill
10,769
10,807
10,764
-0.4%
Intangible assets
3,494
3,797
4,093
-8.0%
Trading assets
1,300
1,400
1,200
-7.1%
Cash and equivalents
772
2,861
1,837
-73.0%
Receivables
2,444
2,265
8,202
+7.9%
Inventory
2,997
2,878
n/a
+4.1%
Other assets
16,976
16,837
16,161
+0.8%
Total assets
44,876
46,620
47,806
-3.7%
10-K for the year ended 31 December 2018, filed 8 February 2019: the filing.