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Lockheed Martin (LMT) Q4 FY2025 earnings: revenue $20.3 billion, up 9.1% on the year

Lockheed Martin Corp. (LMT) reported revenue of $20.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.1% on the same quarter a year earlier. Net income was $1.3 billion, up 155.0% on the year, and diluted earnings per share $5.80. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2026.

Revenue
$20.3 billion
+9.1% on the year · +9.2% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
11.5%
3.7% a year earlier
Q1 FY2024Q4 FY2025
Net income
$1.3 billion
+155.0% on the year · -17.0% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$5.80
+161.3% on the year · -16.5% on the quarter
Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 12 new.

  • Fourth-quarter sales rose 9%: Fourth-quarter sales were $20.3 billion, up from $18.6 billion a year earlier. Full-year 2025 sales rose 6% to $75.0 billion.
  • Full-year net earnings declined: 2025 net earnings were $5.0 billion, or $21.49 per share, down from $5.3 billion, or $22.31 per share, in 2024.
  • Aeronautics full-year profit fell 17%: Aeronautics 2025 operating profit fell 17% to $2.1 billion, with margin of 6.9% against 8.8%. The decline came mainly from lower profit rate adjustments, including $395 million of net classified-contract losses.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Revenue20,32118,60918,622+9.2%+9.1%
Cost of revenue17,99916,36917,932+10.0%+0.4%
Gross profit2,3222,240690+3.7%+236.5%
Gross margin11.4%12.0%3.7%
Operating income2,3312,280696+2.2%+234.9%
Operating margin11.5%12.3%3.7%
Interest expense290286264+1.4%+9.8%
Pre-tax income1,5311,938519-21.0%+195.0%
Income tax187319-8.0-41.4%
Effective tax rate12.2%16.5%-1.5%
Net income1,3441,619527-17.0%+155.0%
Net margin6.6%8.7%2.8%
Diluted EPS$5.80$6.95$2.22-16.5%+161.3%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Operating cash flow3,2193,7281,023-13.7%+214.7%
Capital expenditure463381582+21.5%-20.4%
Free cash flow2,7563,347441-17.7%+524.9%
Free cash flow margin13.6%18.0%2.4%
Cash from investing-513-319-838
Cash from financing-2,055-1,232-853
Depreciation and amortisation463428n/a+8.2%
Share-based compensation89.074.048.0+20.3%+85.4%
Buybacks7501,0001,000-25.0%-25.0%
Dividends paid799765778+4.4%+2.7%
Dividend per share$3.45$3.30$3.30+4.5%+4.5%
Diluted shares, weighted232m233m237m-0.4%-2.2%
Shares outstanding at period end229m231m234m-1.0%-2.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Shareholders' equity6,7216,1816,333+8.7%+6.1%
Debt21,70022,18920,270-2.2%+7.1%
Operating lease liabilities825n/a833-1.0%
Other liabilities30,59431,90628,181-4.1%+8.6%
Total liabilities and equity59,84060,27655,617-0.7%+7.6%
Fixed assets8,8758,7228,726+1.8%+1.7%
Goodwill11,31411,31311,067+0.0%+2.2%
Intangible assets1,8871,9432,015-2.9%-6.4%
Trading assets2,000n/a1,800+11.1%
Cash and equivalents4,1213,4702,483+18.8%+66.0%
Receivables3,9013,8442,351+1.5%+65.9%
Inventory3,5243,7493,474-6.0%+1.4%
Other assets24,21827,23523,701-11.1%+2.2%
Total assets59,84060,27655,617-0.7%+7.6%

Questions

What was Lockheed Martin's revenue in Q4 FY2025?

Lockheed Martin (LMT) reported revenue of $20.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.1% on the same quarter a year earlier.

How much did Lockheed Martin earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.3 billion, up 155.0% on the year, and diluted earnings per share $5.80.

When did Lockheed Martin report Q4 FY2025 results?

Lockheed Martin filed its 10-K for the year that ended with the quarter on 29 January 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue17,72914,96415,44616,58318,99115,12616,69316,87818,87417,19518,12217,10418,62217,96318,15518,60920,32118,02120,06320,711
Cost of revenue15,30713,05513,49014,46316,68913,08014,60314,83016,57915,20215,99214,98717,93215,64017,42116,36917,99915,94317,61718,275
Gross profit2,4221,9091,9562,1202,3022,0462,0902,0482,2951,9932,1302,1176902,3237342,2402,3222,0782,4462,436
Gross margin14%13%13%13%12%14%13%12%12%12%12%12%4%13%4%12%11%12%12%12%
Operating income2,4551,9331,9632,1592,2932,0372,1352,0422,2932,0292,1482,1406962,3727482,2802,3312,0632,4792,443
Operating margin14%13%13%13%12%13%13%12%12%12%12%13%4%13%4%12%11%11%12%12%
Interest expense146135141145202202223237254255261256264268274286290269266264
Pre-tax income2,4902,0613302,0992,1901,9942,0061,9532,1451,8351,9481,9185192,0364171,9381,5311,7742,1782,172
Tax rate18%16%6%15%13%15%16%14%13%16%16%15%-2%16%18%16%12%16%16%15%
Net income2,0491,7333091,7781,9121,6891,6811,6841,8661,5451,6411,6235271,7123421,6191,3441,4881,8361,845
Net margin12%12%2%11%10%11%10%10%10%9%9%9%3%10%2%9%7%8%9%9%
Diluted EPS$7.47$6.44$1.16$6.71$7.40$6.61$6.63$6.73$7.58$6.39$6.85$6.80$2.22$7.28$1.46$6.95$5.80$6.44$7.94$7.97
Operating cash flow4,2681,4101,3313,1331,9281,5641,1002,8912,3651,6351,8762,4381,0231,4092013,7283,2192203,2353,438
Capital expenditure607268304405693294329364704378370355582454351381463511318439
Free cash flow3,6611,1421,0272,7281,2351,2707712,5271,6611,2571,5062,083441955-1503,3472,756-2912,9172,999
Buybacks2,0872,0003561,3384,2065007501,7503,0001,0008508501,0007505001,0007500.00.00.0
Dividends paid762767744739766784758747767780752749778796771765799816796796
Shares outstanding271m266m265m262m254m253m252m248m240m240m238m237m234m234m233m231m229m231m231m231m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 29 January 2026: the filing.