Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Lockheed Martin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 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 capital structure exhibits a significant reliance on liabilities, which consistently comprise the vast majority of the total balance sheet. While total liabilities fluctuated between approximately 77% and 91% throughout the period, there is a observable shift in the composition of these obligations, moving from long-term pension-related liabilities toward long-term debt and short-term operational obligations.
- Current Liability Trends
- Current liabilities have trended upward, rising from 28.61% in March 2021 to 38.12% by June 2026. This growth is primarily driven by an increase in contract liabilities, which expanded from 14.10% to 19.46% over the analyzed period, suggesting a higher volume of deferred revenue or advance payments from customers. Accounts payable also showed an upward trajectory, increasing from 3.67% to 7.87%, indicating a larger proportion of the balance sheet is tied to short-term supplier obligations.
- Noncurrent Liability Composition
- Noncurrent liabilities experienced a general decline from 59.08% in March 2021 to 47.84% in June 2026. This trend is dominated by a substantial reduction in accrued pension liabilities, which dropped from 24.58% to 6.29%. Conversely, long-term debt (net of current maturities) increased significantly, rising from 22.66% to 32.89%. This suggests a strategic shift in the funding mix, replacing pension-related obligations with formal debt instruments.
- Equity and Retained Earnings Analysis
- Total equity remained relatively low, fluctuating between 9.06% and 23.00%. A notable downward trend is observed in retained earnings, which fell from 42.73% in March 2021 to 25.23% by June 2026. This contraction in retained earnings was partially offset by a reduction in accumulated other comprehensive losses, which improved from -31.12% to -11.96%. Despite this improvement in comprehensive loss, the overall equity position remained constrained, reaching a low of 9.06% in June 2025 before recovering to 14.04% by June 2026.
- Debt Maturity Profile
- The current maturities of long-term debt remained negligible for several years, typically staying below 1%. However, a sharp spike occurred between December 2024 and June 2025, where the ratio peaked at 5.30%. This indicates a concentrated period of debt repayment obligations before the ratio returned to a lower level of 0.28% by March 2026.
Overall, the financial position is characterized by an increasing leverage ratio and a transition toward higher short-term liabilities and long-term debt, coinciding with a reduction in legacy pension obligations and a contraction in the relative weight of retained earnings.
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