Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

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Common-Size Income Statement
Quarterly Data

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Lockheed Martin Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 29, 2025 Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 24, 2023 Jun 25, 2023 Mar 26, 2023 Dec 31, 2022 Sep 25, 2022 Jun 26, 2022 Mar 27, 2022 Dec 31, 2021 Sep 26, 2021 Jun 27, 2021 Mar 28, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Products
Services
Sales
Products
Services
Impairment and other charges
Other unallocated, net
Operating costs and expenses
Gross profit
Other income (expense), net
Operating profit
Interest expense
Non-service FAS pension income (expense)
Other non-operating income (expense), net
Earnings from continuing operations before income taxes
Income tax expense
Net earnings from continuing operations
Net loss from discontinued operations
Net earnings

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).

Revenue Composition
The sales composition between products and services remains relatively stable over the observed periods, with products consistently representing approximately 82% to 85% of total sales, and services contributing the remaining 15% to 17%. Minor fluctuations within these ranges suggest a steady revenue mix without significant shifts between segments.
Cost Structure
Product-related costs, expressed as a percentage of sales, generally hover around -74% to -76%, with occasional deviations, including sharp declines to as low as -83% and -79% in later periods. Service-related costs mostly range between -13% and -15%, but some quarters show an increase in cost intensity, reaching as much as -17%. Overall operating costs and expenses, combining product and service costs with other charges, fall consistently between approximately -85% and -88%, with notable spikes near -95% and -96% in recent quarters, indicating increased cost pressures during those periods.
Profitability Metrics
Gross profit margins remain stable within a narrow band around 12% to 14%, except for two significant downturns where margins dropped sharply to around 3% or 4%. Operating profit margins mirror gross profit trends closely, typically fluctuating between 11% and 14%, but with the same pronounced declines in selected quarters. These dips in profitability may reflect extraordinary costs or operational challenges during those times.
Other Income and Expenses
Other income and expenses net values exhibit variability but generally remain close to zero, occasionally positive or slightly negative, with no clear trend. Interest expenses show a gradual increase as a percentage of sales over time, moving from about -0.9% to approximately -1.5%, indicating rising debt costs or higher borrowing levels.
Pension and Non-Operating Items
Non-service FAS pension income/expense shows considerable volatility, with some periods reporting significant negative values (e.g., approximately -9.8% and -8.6%) followed by returns to modest positive or near-zero levels. Other non-operating income and expense figures vary widely without a consistent pattern, including negative spikes and positive rebounds, suggesting episodic gains or losses from non-core activities.
Earnings and Taxation
Earnings from continuing operations before income taxes usually range from about 10% to 14%, except for notable declines to around 4% or lower in a few quarters, which correspond to periods of low operating profits. Income tax expenses align with taxable earnings, fluctuating mostly between -1.5% and -2.5%, but showing near-zero or positive values in quarters of sharply reduced earnings, reflecting variable tax impacts. Net earnings from continuing operations generally track pre-tax profits minus taxes, with percentages mostly between 9% and 11%, except for significant drops in certain periods down to approximately 2% or less, indicative of earnings pressure during those times.
Summary of Trends
The data reveals a stable revenue mix with consistent sales proportions between products and services. Costs remain high relative to sales, with occasional abrupt increases impacting overall profitability. Profit margins are mostly steady with clear episodic declines. Interest expense and pension-related charges add to financial variability, while tax expenses correspond with profit fluctuations. Periods of particularly low profitability and earnings merit further investigation to understand underlying operational or market challenges.