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: Sep 28, 2025 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: 2025-09-28), 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), 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).

Sales Composition
Products consistently represent the majority of sales, fluctuating mostly between approximately 82% and 85%. Over the analyzed periods, a slight downward trend is noted, with some minor rebounds, indicating a relatively stable but slightly declining share of product sales in total revenue. Services maintain a complementary share, generally between 15% and 18%, showing a tendency to increase marginally in certain intervals, which may suggest diversification or a strategic emphasis on service offerings.
Operating Costs and Expenses
The proportion of operating costs and expenses relative to sales remains significantly high, typically around 86% to 88%. Noteworthy spikes occur near the latter part of the timeline, with the highest observed reaching over 95% in some quarters, implying reduced operational efficiency or increased cost pressures during those periods.
Gross Profit
Gross profit margins as a percentage of sales generally hover between 12% and 14%, exhibiting minor fluctuations but an overall consistent performance. However, there are sharp declines in certain quarters, with the lowest margin dropping below 4%, indicative of transient adverse conditions or one-time impacts affecting profitability.
Operating Profit
Operating profit closely follows the gross profit trend, averaging near 12% to 14%, with some intermittent decreases mirroring the drops in gross profit. Notably, very low margins such as those around 3-4% signal periods of operational challenges that may require further scrutiny.
Interest Expense
Interest expense maintains a steady negative contribution of approximately 0.8% to 1.5% of sales, with a slight increasing trend toward the end of the period. This gradual increase may impact net profitability and suggests a rising cost of debt or higher borrowing levels.
Non-Operating Income and Expenses
Non-operating income and expenses fluctuate considerably, with some quarters exhibiting large negative impacts (e.g., pension-related charges). While mostly minor in scale relative to sales, these variations introduce volatility in pre-tax earnings.
Earnings Before Income Taxes and Net Earnings
Earnings before income taxes demonstrate variability, typically around 10% to 14%, but with sporadic dips near 2% to 4%, reflecting episodic financial pressures or one-time costs/adjustments. Income tax expense remains a consistent deduction of roughly 1.5% to 2.0%, although occasional deviations occur. Net earnings from continuing operations generally track between 9% and 11%, but display sharp reductions paralleling the declines in pre-tax earnings, reinforcing the notion of cyclical or event-driven profitability fluctuations.
Additional Charges
Periodic impairment and other charges appear sporadically, negatively affecting profitability in some quarters. The size and impact of these charges underline episodic setbacks or asset write-downs that temporarily erode financial performance.
Summary Insight
The analyzed financial data reveals a broadly stable sales mix dominated by products, coupled with persistent operational cost pressures that constrain gross and operating profit margins within a narrow range most of the time. However, intermittent substantial declines in profitability indicate irregular financial challenges. Rising interest expenses and occasional significant non-operating charges contribute additional profitability volatility. Maintaining cost discipline and managing non-operating risks appear critical to sustaining earnings stability.