Short answer
Lockheed Martin (LMT) filed its fiscal 2025 10-K annual report with the SEC on Jan 29, 2026. It reported revenue of $75.0B (+5.6% year over year) and net income of $5.0B.
- Top risk flagged: Regulatory tax risk from 2025 One Big Beautiful Bill Act and IRS audit adjustments resolved in Q4 2025, impacting 2018-2022 tax returns and effective tax rate 15.3% in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $75.0B
- +5.6% YoY
- Net income
- $5.0B
- −6.0% YoY
- Operating margin
- 10.3%
- +0.4 pp YoY
- Gross margin
- 10.2%
- +0.4 pp YoY
- EPS (diluted)
- $21.49
- −3.7% YoY
- ROE
- 74.6%
- −9.6 pp YoY
- Operating cash flow
- $8.6B
- +22.7% YoY
Source: XBRL data from the Lockheed Martin (LMT) FY2025 10-K on SEC EDGAR. USD.
Lockheed Martin FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global aerospace and defense technology company providing integrated solutions across Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space
- Strategic shift: Rapid transformation to increase production capacity and integrate AI, autonomy, open-architecture, and advanced networking for more agile defense forces
- Most notable quantitative metric: F-35 program generates 27% of total sales and 67% of Aeronautics sales; 72 additional aircraft intended for purchase by international and FMS customers
- New emphasis: Investment in multi-year business transformation initiative and deepening partnerships with commercial industry including joint ventures and equity investments
Risk Factors
- Regulatory tax risk from 2025 One Big Beautiful Bill Act and IRS audit adjustments resolved in Q4 2025, impacting 2018-2022 tax returns and effective tax rate 15.3% in 2025
- Geopolitical exposure from 36% international Aeronautics sales, with F-35 partners including 7 countries and 12 FMS customers, plus significant international missile defense orders
- Operational risk in classified Aeronautics program with reach-forward loss of $950 million and related higher product costs of $1.5 billion in 2025
- Competitive and market disruption risk from missile defense systems with 17 nations purchasing PAC-3 CRI and MSE systems, facing evolving defense technology demands
- Financial risk from high leverage with interest expense rising to $1.1 billion in 2025 due to senior unsecured notes issuance and commercial paper outstanding increase
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