What Did LOCKHEED MARTIN CORP Last Report?
These are the starting values for the dashboard below, as LOCKHEED MARTIN CORP reported them for the fiscal year ended December 31, 2025 and the year before. At the next filing, compare each current value with these and write down the direction before reading management's explanation.
| Reported measure | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | $75.0 billion | $71.0 billion | +5.6% |
| Operating margin | 10.3% | 9.9% | +0.4 points |
| Net margin | 6.7% | 7.5% | -0.8 points |
| Free cash flow | $6.9 billion | $5.3 billion | +30.7% |
Free cash flow is operating cash flow minus capital expenditures. A change in a margin is stated in percentage points, so a margin moving from 20.0% to 23.0% is a gain of 3.0 points. "Not reported" or "n/a" means the company filed no value under the standard tag, not that the amount was zero. Source: SEC EDGAR: LOCKHEED MARTIN CORP Form 10-K filed January 29, 2026.
Core dashboard
For each measure, record the reported value, its direction, the source, management's explanation and what it means for the thesis.
- Organic Revenue Growth
- Orders
- Backlog
- Book-To-Bill
- Segment Margin
- Price Versus Cost
- Capacity Utilization
- Free Cash Flow
- Working Capital
- Capital Expenditures
Before earnings or a filing
Review the prior quarter's expectations, unresolved questions, and thesis breakers. Record what you expect to learn from the next filing without predicting a stock-price reaction. This prevents hindsight from rewriting the original thesis.
After the filing
Start with reported statements, notes, and reconciliations. Update the dashboard, then read management discussion. Separate changes caused by volume, price, mix, currency, acquisitions, accounting, and one-time items. Reconcile cash flow and share count, not just earnings per share.
Competitive check
Compare relevant evidence with Axon Enterprise, Boeing, GE Aerospace, General Dynamics, Honeywell Aerospace, Howmet Aerospace. Determine whether a trend is company-specific or industry-wide. Use comparable definitions and periods.
Macro check
Review industrial production, PMIs, construction spending, freight volumes, air travel where relevant, government infrastructure spending. Only elevate a macro variable when there is a defensible channel into Lockheed Martin's demand, pricing, costs, financing, or asset values.
Change log
Maintain a dated log with four labels: fact, interpretation, scenario, and unknown. Link every time-sensitive factual change to a primary source. If a prior assumption is wrong, preserve the old entry and explain the revision rather than silently rewriting history.
References
The evergreen analysis above is anchored to verified index metadata and a filing-first research workflow. Time-sensitive financial figures are refreshed from the latest primary filings.
- S&P Dow Jones Indices: S&P 500
- SEC EDGAR company filings for Lockheed Martin
- SEC submissions JSON for CIK 936468
Source-review rule: Check any statement about current revenue, margins, management, products, segment mix, guidance, market share or capital allocation against the latest 10-K, 10-Q, 8-K, proxy statement, earnings release or official investor-relations material before relying on it.