Lockheed Martin (LMT) FY2025 results: revenue $75.0 billion, up 5.6% on the year

Lockheed Martin is a global aerospace and defence technology company, working in defence, space, intelligence, homeland security, information technology and cybersecurity for defence, civil and commercial uses. Its principal customers are agencies of the United States government and its allies. It runs four segments organised by the nature of the products and services offered: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company states that recent regional conflicts have shown the role its products play, that it is expanding production capacity to meet increased demand, and that it is applying artificial intelligence, autonomy, open-architecture systems and advanced networking to make defence forces more agile.

Aeronautics

The segment develops, makes, integrates, sustains and upgrades advanced military aircraft, including combat and air mobility aircraft and unmanned air vehicles, and holds classified contracts with the United States government. Its major programmes are the F-35 Lightning II stealth fighter, the C-130 Hercules tactical airlifter, the F-16 Fighting Falcon and the F-22 Raptor. The F-35 is the largest programme, at 27% of total consolidated sales and 67% of segment sales in 2025, covering development, production and sustainment contracts, with development focused on modernising capability and sustainment providing logistics and training for delivered aircraft. Production is expected to continue well into the future given the stated government objective of procuring 2,456 aircraft, and seven international partner countries and 12 foreign military sales customers indicated during the year an intent to buy 72 more aircraft beyond their existing programmes of record. The Advanced Development Programs organisation, known as Skunk Works, works on future systems including unmanned and manned aerial systems, air dominance, hypersonics and surveillance.

Missiles and Fire Control

The segment supplies air and missile defence systems, tactical missiles and precision strike weapons, logistics, fire control systems and mission support, readiness, engineering and integration services, alongside classified contracts. Patriot Advanced Capability-3 is a defensive missile for the Army and international customers that intercepts airborne threats with kinetic energy, and Terminal High Altitude Area Defense is a transportable system designed to engage targets inside and outside the atmosphere. The tactical and strike missile programmes include the Multiple Launch Rocket System, which fires surface-to-surface rockets from the M270 and High Mobility Artillery Rocket System platforms, the Precision Strike Missile that succeeds it, the Joint Air-to-Surface Standoff Missile, the Long Range Anti-Ship Missile, Hellfire and the Joint Air-to-Ground Missile.

Rotary and Mission Systems

The segment designs, makes and supports military and commercial helicopters, sea and land-based missile defence systems, radar and laser systems, mission and combat systems, command and control solutions, cyber products, simulation and training, and surface ships. Sikorsky programmes include the Black Hawk, Seahawk and CH-53K King Stallion helicopters and the Combat Rescue Helicopter. Integrated warfare systems and sensors cover the Aegis Combat System, air and missile defence for the Navy and international customers and part of the wider missile defence system, and the Littoral Combat Ship, Multi-Mission Surface Combatant and River-Class Destroyer programmes. Command and control work includes the Command, Control, Battle Management and Communications programme for the Ballistic Missile Defense System, undersea combat systems for the Navy and Australia's Joint Air Battle Management System, alongside sustainment, simulators and training. From January 2026 those two lines were renamed Sensors, Effectors and Mission Systems and Mission Integrated Command and Control, with programmes such as Aegis moving between them.

Space

The segment develops and produces satellites, space transportation systems and strategic, advanced strike and defensive systems, provides network-enabled situational awareness, integrates space and ground systems for gathering and distributing intelligence data, and runs classified systems and services. Major programmes include the Trident II D5 Fleet Ballistic Missile, the only submarine-launched intercontinental ballistic missile currently in production in the United States, the Next Generation Overhead Persistent Infrared missile warning system, the Next Generation Interceptor for the Missile Defense Agency, the Orion Multi-Purpose Crew Vehicle for NASA, and a programme to modernise the Global Positioning System satellites.

Supply, property and people

Some products require relatively scarce raw materials such as rare earth minerals, alongside aluminium, titanium, specialty steel, carbon fibre and semiconductors, and the company relies on other firms for materials, components and part of the services delivered under most contracts. Long-term agreements have historically helped keep supply flowing, but supply chain problems, supplier disputes, regulatory restrictions and inflation have caused parts shortages, longer lead times and price rises, and the company is working on moving rare earth mineral and magnet supply chains to secure and compliant sources. No material part of the business is seasonal, though the timing of government awards, funding, deliveries and customer acceptance shifts sales between periods. It owns a substantial number of patents and trademarks along with copyrights, trade secrets and engineering know-how, but federal acquisition rules give the government certain rights in intellectual property developed under its contracts, including the right to let competitors use it; no single right is considered material to the business as a whole. At 31 December 2025 it had approximately 123,000 employees.

From Lockheed Martin's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 29 January 2026: read the full 10-K.