Lockheed Martin Corp. (NYSE:LMT)

Total outstanding debt exhibited a consistent upward trend over the five-year period. The most significant increases occurred between 2022 and 2024. A review of the components of this total debt reveals differing patterns in short-term and long-term obligations.

Total Outstanding Debt

The carrying amount of total outstanding debt increased from US$11,676 million in 2021 to US$21,700 million in 2025, representing a growth of approximately 85.7%. The largest year-over-year increase was observed between 2023 and 2024, with an addition of US$2,811 million. Growth slowed somewhat between 2024 and 2025, adding US$1,430 million.

Current Maturities of Long-Term Debt

Current maturities of long-term debt demonstrated substantial growth throughout the period. Beginning at US$6 million in 2021, these maturities increased dramatically to US$1,168 million by 2025. This represents a more than 19,400% increase. The most pronounced increase occurred between 2023 and 2024, suggesting a potential shift in debt maturity scheduling or increased short-term borrowing.

Long-Term Debt (excluding current portion)

Long-term debt, excluding current maturities, also increased over the period, though at a more moderate pace than current maturities. It rose from US$11,670 million in 2021 to US$20,532 million in 2025, an increase of approximately 75.7%. The growth was relatively consistent year-over-year, with the largest increase occurring between 2022 and 2023.

The increasing trend in both current and long-term debt suggests a reliance on debt financing. The disproportionate growth in current maturities warrants further investigation to understand the company’s short-term liquidity position and refinancing strategy. The overall increase in debt should be considered in relation to the company’s earnings and cash flow generation capabilities.