Lockheed Martin (LMT) FY2020 results: revenue $65.4 billion, up 9.3% on the year
Lockheed Martin Corp. (LMT) reported revenue of $65.4 billion for fiscal 2020, the year ended 31 December 2020, up 9.3% on the year before. Net income was $6.8 billion, up 9.7%, and diluted earnings per share $24.30. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2021.
Revenue
$65.4 billion
+9.3% on the year
FY2013FY2020
Operating margin
13.2%
14.3% a year earlier
FY2013FY2020
Net income
$6.8 billion
+9.7% on the year
FY2013FY2020
Diluted EPS
$24.30
+10.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
65,398
59,812
53,762
+9.3%
Cost of revenue
56,744
51,445
46,488
+10.3%
Gross profit
8,654
8,367
7,274
+3.4%
Gross margin
13.2%
14.0%
13.5%
Research and development
1,300
1,300
1,300
0.0%
Operating income
8,644
8,545
7,334
+1.2%
Operating margin
13.2%
14.3%
13.6%
Interest expense
591
653
668
-9.5%
Pre-tax income
8,235
7,241
5,838
+13.7%
Income tax
1,347
1,011
792
+33.2%
Effective tax rate
16.4%
14.0%
13.6%
Net income
6,833
6,230
5,046
+9.7%
Net margin
10.4%
10.4%
9.4%
Diluted EPS
$24.30
$21.95
$17.59
+10.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,183
7,311
3,138
+11.9%
Capital expenditure
1,766
1,484
1,278
+19.0%
Free cash flow
6,417
5,827
1,860
+10.1%
Free cash flow margin
9.8%
9.7%
3.5%
Cash from investing
-2,010
-1,241
-1,075
Cash from financing
-4,527
-5,328
-4,152
Depreciation and amortisation
1,019
906
1,161
+12.5%
Share-based compensation
221
189
173
+16.9%
Buybacks
1,100
1,200
1,492
-8.3%
Dividends paid
2,764
2,556
2,347
+8.1%
Dividend per share
$9.80
$9.00
$8.20
+8.9%
Diluted shares, weighted
281m
284m
287m
-0.9%
Shares outstanding at period end
279m
280m
n/a
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,015
3,127
1,394
+92.4%
Non-controlling interest
23.0
44.0
55.0
-47.7%
Debt
12,169
12,654
14,104
-3.8%
Operating lease liabilities
841
855
n/a
-1.6%
Other liabilities
31,662
30,848
29,323
+2.6%
Total liabilities and equity
50,710
47,528
44,876
+6.7%
Fixed assets
7,213
6,591
6,124
+9.4%
Goodwill
10,806
10,604
10,769
+1.9%
Intangible assets
3,012
3,213
3,494
-6.3%
Trading assets
2,000
1,800
1,300
+11.1%
Cash and equivalents
3,160
1,514
772
+108.7%
Receivables
1,978
2,337
2,444
-15.4%
Inventory
3,545
3,619
2,997
-2.0%
Other assets
18,996
17,850
16,976
+6.4%
Total assets
50,710
47,528
44,876
+6.7%
10-K for the year ended 31 December 2020, filed 28 January 2021: the filing.