Common-Size Income Statement
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- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Lockheed Martin Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28).
The revenue composition remains relatively stable over the analyzed period, with a consistent primary reliance on product sales complemented by a secondary services stream. While the overall profitability demonstrates long-term resilience, significant volatility is observed in specific quarters, primarily driven by spikes in operating costs and periodic pension-related adjustments.
- Revenue Mix and Cost Structure
- Product sales consistently represent between 82% and 85% of total revenue, while services fluctuate between 15% and 18%. The cost of products generally remains within the 73% to 76% range of sales, although a notable increase to 83.15% occurred in December 2024. Service costs typically range between 13% and 15%, with a peak of 17.24% recorded in June 2025. These fluctuations in cost of sales directly impact the gross margin.
- Profitability Margins
- Gross profit and operating profit generally track closely, typically maintaining margins between 11% and 14%. However, severe margin compression is evident in December 2024 and June 2025, where gross profit dropped to 3.71% and 4.04%, respectively. This compression coincides with operating costs and expenses peaking at 96.29% and 95.96% during those same periods, suggesting temporary operational headwinds or significant one-time expenditures.
- Non-Operating Expenses and Pension Volatility
- Interest expenses as a percentage of sales have trended upward, rising from approximately 0.8% in early 2021 to roughly 1.5% by 2025, indicating an increase in the cost of debt relative to revenue. The non-service FAS pension income/expense item introduces substantial volatility into the pre-tax earnings, with significant negative impacts observed in September 2021 (-9.81%) and June 2022 (-8.62%), as well as a late dip in December 2025 (-2.84%).
- Net Earnings Trends
- Net earnings as a percentage of sales typically fluctuate between 9% and 11%. Sharp declines are observed in quarters where either operational costs spiked or pension expenses were high, with lows reaching 2.00% in June 2022 and 1.88% in June 2025. Toward the end of the analyzed period, a general downward trend in net profitability is observable, with margins settling between 6.6% and 8.3% in late 2025 and early 2026.