Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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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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Lockheed Martin Corp., consolidated statement of comprehensive income
US$ in millions
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).
Comprehensive income exhibited volatility over the five-year period. While net earnings experienced fluctuations, the most significant drivers of changes in comprehensive income stemmed from items impacting other comprehensive income. A detailed examination of these components reveals notable trends and potential areas for further investigation.
- Net Earnings Trend
- Net earnings decreased from US$6,315 million in 2021 to US$5,732 million in 2022, representing a decline of approximately 9.2%. A subsequent increase was observed in 2023, with net earnings reaching US$6,920 million. However, this was followed by decreases in both 2024 (US$5,336 million) and 2025 (US$5,017 million), indicating a potential weakening trend in core profitability towards the end of the period.
- Pension-Related Items
- Substantial fluctuations were present in pension-related items. Net actuarial gains (losses) were positive and significant in 2021 and 2022 (US$3,404 million and US$1,873 million, respectively), but shifted to a substantial loss in 2023 (US$689 million loss). This pattern reversed in 2024 with a gain of US$340 million, followed by a smaller gain in 2025 (US$99 million). Amortization of actuarial losses and prior service credits also demonstrated variability, moving from positive amortization in 2021 and 2022 to negative amortization in 2023, before returning to positive amortization in 2025. A pension settlement charge was recorded in 2021 and 2022 (US$1,310 million and US$1,156 million, respectively) and reappeared in 2025 (US$377 million). The combined effect of these items, categorized as ‘Retirement benefits’, was highly volatile, moving from a positive US$5,191 million in 2021 to a negative US$838 million in 2023.
- Other Comprehensive Income
- Other comprehensive income (loss) mirrored the volatility observed in pension-related items. It decreased significantly from US$5,115 million in 2021 to US$2,983 million in 2022, then experienced a substantial loss in 2023 (US$780 million loss). A modest recovery occurred in 2024 (US$351 million), followed by a more pronounced increase in 2025 (US$910 million). The ‘Other, net’ component remained relatively small in magnitude, fluctuating between gains and losses, but did show a positive trend in 2025.
- Comprehensive Income Overall
- As a result of the fluctuations in both net earnings and other comprehensive income, comprehensive income decreased from US$11,430 million in 2021 to US$8,715 million in 2022. It then decreased further to US$6,140 million in 2023, before slightly increasing to US$5,687 million in 2024 and US$5,927 million in 2025. The overall trend suggests a decline in comprehensive income from 2021 to 2023, with limited recovery in the subsequent two years. The significant impact of actuarial gains and losses, and pension settlement charges, on comprehensive income is evident.