Lockheed Martin Corp., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Current maturities of long-term debt	1,168)	643)	168)	118)	6)
Long-term debt, net, excluding current portion	20,532)	19,627)	17,291)	15,429)	11,670)
Total outstanding debt (carrying amount)	21,700)	20,270)	17,459)	15,547)	11,676)

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).

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.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Total outstanding debt (fair value)	22,000)
Financial Ratio
Debt, fair value to carrying amount ratio	1.01

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average interest rate on debt: 4.82%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.55%	1,000)	36)
5.10%	750)	38)
4.45%	1,000)	45)
4.50%	650)	29)
4.40%	1,150)	51)
4.70%	600)	28)
3.90%	800)	31)
5.25%	1,000)	53)
4.80%	1,450)	70)
5.00%	1,250)	63)
6.15%	1,054)	65)
4.07%	1,336)	54)
3.80%	1,000)	38)
4.70%	1,326)	62)
2.80%	750)	21)
4.09%	1,579)	65)
4.15%	850)	35)
5.70%	1,000)	57)
5.20%	1,050)	55)
4.30%	650)	28)
5.90%	750)	44)
5.20%	750)	39)
8.50%	1,169)	99)
Total	22,914)	1,105)
4.82%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,105 ÷ 22,914 = 4.82%

Lockheed Martin Corp. (NYSE:LMT)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt