Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- 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 income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The income statement reveals a complex pattern of performance over the five-year period. While sales generally increased, profitability experienced fluctuations. A detailed examination of key components highlights these trends.
- Revenue Analysis
- Total sales exhibited an overall upward trend, increasing from 67,044 million in 2021 to 75,048 million in 2025. However, growth was not consistent year-over-year. A slight decrease was observed between 2021 and 2022, followed by more substantial increases in 2024 and 2025. Both Products and Services revenue contributed to this overall growth, with Products consistently representing the larger portion of sales. The rate of growth in Services revenue appears to be accelerating towards the end of the period.
- Cost and Expense Management
- Operating costs and expenses increased steadily throughout the period, rising from 57,983 million in 2021 to 67,429 million in 2025. This increase outpaced the growth in sales during certain periods, contributing to fluctuations in gross profit. Cost of Products and Services, representing the largest expense items, also increased consistently. Impairment and severance charges decreased over the period, but remained a notable expense.
- Profitability Trends
- Gross profit initially declined from 9,061 million in 2021 to 8,287 million in 2022, before recovering to 8,479 million in 2023. A significant decrease was then observed in 2024, falling to 6,930 million, followed by a modest recovery to 7,619 million in 2025. Operating profit mirrored this pattern, experiencing a similar decline in 2024. Net earnings followed a comparable trajectory, decreasing from 6,315 million in 2021 to 5,017 million in 2025, with a dip in 2022 and 2024.
- Non-Operating Items
- Interest expense increased consistently throughout the period, from 569 million in 2021 to 1,118 million in 2025, reflecting potential changes in debt levels or interest rates. Non-service FAS pension income (expense) was volatile, with a significant expense in 2021 and 2022, a substantial income in 2023, a small income in 2024, and a large expense in 2025. Other non-operating income (expense), net, was relatively stable, with a slight upward trend. These non-operating items impacted earnings from continuing operations before income taxes.
- Tax Impact
- Income tax expense generally tracked net earnings, decreasing during periods of lower profitability and increasing during periods of higher profitability. The effective tax rate remained relatively stable throughout the period.
In summary, while the company experienced revenue growth, profitability faced challenges due to increasing operating costs and expenses, coupled with volatility in non-operating items. The decline in gross profit in 2024 is a key area for further investigation.