Lockheed Martin Corporation

Lockheed Martin designs, builds and maintains military equipment: fighter jets, missiles, helicopters, warship combat systems and satellites. Its main customers are the U.S. government and allied countries. The U.S. government provided 72% of 2025 sales, including 63% from the Department of War (also known as the Department of Defense). Many contracts run for years, but Congress usually funds them one year at a time. Products made up 83.5% of 2025 sales; services such as sustainment (upkeep, logistics and training for delivered equipment) made up 16.5%.

Aeronautics is the largest of four segments, with 40.3% of the $75.0 billion in 2025 sales. Its F-35 stealth fighter is the company's biggest program, at 27% of total sales. Rotary and Mission Systems (23.1%) includes Sikorsky helicopters such as the Black Hawk and the Aegis naval missile defense system. Missiles and Fire Control (19.3%) makes PAC-3 and THAAD missile interceptors, rockets for HIMARS launchers and, with RTX, the Javelin anti-tank missile. Space (17.4%) builds Trident II D5 submarine-launched missiles, GPS III satellites and NASA's Orion crew spacecraft.

By region, 71.6% of 2025 sales came from the United States, 11.7% from Europe, 10.4% from Asia Pacific and 3.8% from the Middle East. Some overseas buyers, such as 12 F-35 customers, use Foreign Military Sales, where the U.S. government buys equipment on an ally's behalf.

• In Q3 FY2026 (ended Sep 27, 2026), revenue was $20.71B, up 11.3% from a year earlier, and net income was $1.84B (+14.0%).
• For fiscal 2025, revenue was $75.05B (+5.6% year over year; +2.8% a year from FY2020 to FY2025) with a 6.7% net margin.

• Over FY2021–FY2025: $24.69B in buybacks and $15.20B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +6.4% a year over 5 years (FY2020–FY2025).
• Dividends took 62.4% of earnings and 45.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -16.2% from Oct 20, 2021 to Oct 19, 2026.

Rank among 1514 US companies

Market value at each year end

Lockheed Martin’s market value went from $73.23B at the end of 2016 to $148.57B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 33%.

Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 22 sales ($118K).

Large shareholders (13G filings)

ETFs with the most weight in LMT

1. Heavy reliance on the F-35 program. The F-35 fighter made up 27% of 2025 sales. If the U.S. or allies cut or delay orders, or the program runs into software, testing, supplier or cost problems, results could suffer.
2. U.S. government budgets drive most sales. The U.S. government provided 72% of 2025 sales. Lower defense budgets, shifting priorities, shutdowns or stopgap funding bills (continuing resolutions) can delay, shrink or cancel orders and payments.
3. Contracts can be ended without cause. The U.S. government can end contracts "for convenience," even when the company is not at fault. It also routinely audits costs, and breaking strict procurement rules could harm the business and its reputation.
4. Cost overruns can squeeze profit and cash. Profit and cash flow depend on the mix of programs and on estimating and controlling costs well. Money spent before a contract is awarded or funded may never be repaid.
5. Heavy dependence on suppliers and partners. Lockheed relies heavily on subcontractors, suppliers and joint-venture partners, such as RTX on Javelin. If they fall short, deliveries can slip and costs can rise, hurting its chances of winning future work.
6. Pension costs can swing earnings and cash. Required pension contributions depend on investment returns and on economic and actuarial assumptions, such as how long retirees will live. If these change, earnings and cash flow could swing significantly.

• Oct 22, 2026 Quarterly results released
• Aug 28, 2026 Major agreement signed
• Jul 23, 2026 Quarterly results released
• May 13, 2026 Shareholder vote results
• Apr 23, 2026 Quarterly results released
• Jan 29, 2026 Quarterly results released
• Dec 18, 2025 Other company announcement
• Dec 9, 2025 Major agreement signed

Lockheed Martin has raised its dividend at least nine years in a row through 2025, and the true streak may be longer. Dividends per share rose from $9.80 in 2020 to $13.35 in 2025, about 6.4% a year. In 2025 the dividend used 62.4% of earnings and 45.3% of free cash flow (cash left after operating costs and capital spending). The yield was 2.22% as of October 27, 2026. Buybacks totaled $24.7 billion from 2021 to 2025, though they slowed to $3.0 billion in 2025, and the share count fell 16.2% over the five years to October 2026.

Past downturns were mixed. The stock fell 50.5% in the 2008 financial crisis and took about 50 months to recover, and it dropped 35.9% in the 2020 COVID crash, needing about 23 months. In the 2022 bear market, though, it rose 14.4% between the market's peak and low. A single stock carries more risk than a diversified fund.