Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Lockheed Martin Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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).
Total assets for the observed period demonstrate a generally increasing trend, albeit with some quarterly fluctuations. Beginning at US$51,437 million in March 2021, total assets peaked at US$60,276 million in September 2025, before decreasing to US$59,840 million by December 2025. The period between March 2021 and December 2023 shows a more volatile pattern, while the period from March 2024 to December 2025 exhibits a more pronounced upward trajectory followed by a slight decline.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced significant variability throughout the period. A notable increase occurred between March 2021 (US$2,933 million) and December 2021 (US$3,604 million), followed by a decrease to US$1,883 million in March 2022. Subsequent fluctuations continued, with a peak of US$4,121 million in September 2025, and a final value of US$4,121 million in December 2025. This suggests active cash management or significant operational cash flow changes.
- Receivables, Net
- Net receivables generally remained within a range of US$2,132 million to US$3,844 million. An increase is observed from March 2021 (US$2,214 million) to June 2022 (US$3,401 million), followed by a period of relative stability. A further increase is evident in the latter part of the observed period, reaching US$3,901 million in December 2025. This pattern may correlate with sales activity and credit terms offered to customers.
- Contract Assets
- Contract assets represent a substantial portion of total assets and demonstrate a consistent upward trend overall. Starting at US$10,908 million in March 2021, they increased to US$13,001 million in December 2023, and further to US$13,949 million in September 2025. This growth suggests an increasing volume of work in progress or unbilled revenue. The values remained relatively stable between September 2022 and September 2024.
- Inventories
- Inventory levels remained relatively stable, fluctuating between US$2,903 million and US$3,699 million. A slight upward trend is noticeable towards the end of the period, with values increasing from US$3,132 million in December 2022 to US$3,524 million in December 2025. This could indicate a build-up of finished goods or raw materials.
- Goodwill and Intangible Assets
- Goodwill remained relatively constant throughout the period, fluctuating slightly around US$10,780 million to US$11,313 million. Intangible assets, net, exhibited a gradual decline over the observed period, decreasing from US$2,930 million in March 2021 to US$1,887 million in December 2025. This decrease may be attributable to amortization or impairment charges.
- Noncurrent Assets – Deferred Income Taxes & Other
- Deferred income taxes showed an increasing trend, rising from US$3,375 million in March 2021 to US$4,518 million in June 2023, before decreasing to US$2,975 million in December 2025. Other noncurrent assets also demonstrated an upward trend, increasing from US$6,868 million in March 2021 to US$9,427 million in December 2025. These changes likely reflect shifts in tax liabilities and long-term investments.
In summary, the asset composition indicates a business focused on long-term contracts and projects, as evidenced by the significant and growing contract asset balance. The fluctuations in cash and receivables suggest dynamic working capital management. The decline in intangible assets warrants further investigation, while the overall increase in total assets points to growth, though with some volatility.