Analysis of Revenues
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Revenues as Reported
Lockheed Martin Corp., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aeronautics | |||||||||||
| Missiles and Fire Control (MFC) | |||||||||||
| Rotary and Mission Systems (RMS) | |||||||||||
| Space | |||||||||||
| Sales |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenues exhibited a generally positive trajectory between 2021 and 2025. While a slight decrease was noted between 2021 and 2022, subsequent years demonstrate consistent growth, culminating in a substantial increase in the final year of the observed period. Analysis of the individual segments reveals varying performance patterns contributing to the overall trend.
- Aeronautics
- The Aeronautics segment consistently increased its revenue contribution throughout the period. Starting at US$26,748 million in 2021, it grew to US$30,257 million in 2025, representing a cumulative increase of approximately 12.7%. The growth appears relatively steady, with incremental gains each year.
- Missiles and Fire Control (MFC)
- The MFC segment experienced a decline in revenue between 2021 and 2023, decreasing from US$11,693 million to US$11,253 million. However, a significant turnaround occurred in 2024 and 2025, with revenues increasing to US$12,682 million and then to US$14,450 million, respectively. This represents a substantial recovery and growth over the latter part of the period.
- Rotary and Mission Systems (RMS)
- The RMS segment demonstrated a relatively stable performance, with minor fluctuations. Revenue decreased slightly from US$16,789 million in 2021 to US$16,148 million in 2022, followed by a modest increase to US$16,239 million in 2023. Further growth was observed in 2024 and 2025, reaching US$17,264 million and US$17,312 million, respectively. Growth in this segment was the least pronounced among the four reported.
- Space
- The Space segment experienced a slight dip in revenue between 2021 and 2022, decreasing from US$11,814 million to US$11,532 million. Revenue then increased to US$12,605 million in 2023 before decreasing slightly to US$12,479 million in 2024. A final increase was observed in 2025, reaching US$13,029 million. The segment’s performance was characterized by moderate fluctuations.
- Total Sales
- Total sales decreased from US$67,044 million in 2021 to US$65,984 million in 2022. However, a consistent upward trend was observed from 2023 onwards, with sales reaching US$67,571 million, US$71,043 million, and ultimately US$75,048 million in 2025. The 2024-2025 growth represents the most significant period of expansion within the observed timeframe.
The overall revenue growth appears to be driven primarily by the Aeronautics and MFC segments, with RMS and Space exhibiting more moderate performance. The recovery of the MFC segment in the latter years significantly contributed to the overall positive trend in total sales.