Lockheed Martin (LMT) FY2019 results: revenue $59.8 billion, up 11.3% on the year
Lockheed Martin Corp. (LMT) reported revenue of $59.8 billion for fiscal 2019, the year ended 31 December 2019, up 11.3% on the year before. Net income was $6.2 billion, up 23.5%, and diluted earnings per share $21.95. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2020.
Revenue
$59.8 billion
+11.3% on the year
FY2012FY2019
Operating margin
14.3%
13.6% a year earlier
FY2012FY2019
Net income
$6.2 billion
+23.5% on the year
FY2012FY2019
Diluted EPS
$21.95
+24.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
59,812
53,762
49,960
+11.3%
Cost of revenue
51,445
46,488
43,589
+10.7%
Gross profit
8,367
7,274
6,371
+15.0%
Gross margin
14.0%
13.5%
12.8%
Research and development
1,300
1,300
1,200
0.0%
Operating income
8,545
7,334
6,744
+16.5%
Operating margin
14.3%
13.6%
13.5%
Interest expense
653
668
651
-2.2%
Pre-tax income
7,241
5,838
5,246
+24.0%
Income tax
1,011
792
3,356
+27.7%
Effective tax rate
14.0%
13.6%
64.0%
Net income
6,230
5,046
1,963
+23.5%
Net margin
10.4%
9.4%
3.9%
Diluted EPS
$21.95
$17.59
$6.75
+24.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,311
3,138
6,476
+133.0%
Capital expenditure
1,484
1,278
1,177
+16.1%
Free cash flow
5,827
1,860
5,299
+213.3%
Free cash flow margin
9.7%
3.5%
10.6%
Cash from investing
-1,241
-1,075
-1,147
Cash from financing
-5,328
-4,152
-4,305
Depreciation and amortisation
906
1,161
1,195
-22.0%
Share-based compensation
189
173
158
+9.2%
Buybacks
1,200
1,492
2,001
-19.6%
Dividends paid
2,556
2,347
2,163
+8.9%
Dividend per share
$9.00
$8.20
$7.46
+9.8%
Diluted shares, weighted
284m
287m
291m
-1.0%
Shares outstanding at period end
280m
n/a
284m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,127
1,394
-850
+124.3%
Non-controlling interest
44.0
55.0
74.0
-20.0%
Debt
12,654
14,104
14,263
-10.3%
Operating lease liabilities
855
n/a
n/a
Other liabilities
30,848
29,323
33,133
+5.2%
Total liabilities and equity
47,528
44,876
46,620
+5.9%
Fixed assets
6,591
6,124
5,775
+7.6%
Goodwill
10,604
10,769
10,807
-1.5%
Intangible assets
3,213
3,494
3,797
-8.0%
Trading assets
1,800
1,300
1,400
+38.5%
Cash and equivalents
1,514
772
2,861
+96.1%
Receivables
2,337
2,444
2,265
-4.4%
Inventory
3,619
2,997
2,878
+20.8%
Other assets
17,850
16,976
16,837
+5.1%
Total assets
47,528
44,876
46,620
+5.9%
10-K for the year ended 31 December 2019, filed 7 February 2020: the filing.