Stock Analysis on Net
Stock Analysis on Net
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Lockheed Martin Corp. (NYSE:LMT)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s 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.

Lockheed Martin Corp., consolidated income statement

US$ in millions

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Products 50,053  45,005  43,875  40,365  35,882 
Services 9,759  8,757  7,173  6,883  10,250 
Net sales 59,812  53,762  51,048  47,248  46,132 
Products (44,589) (40,293) (39,750) (36,616) (32,006)
Services (8,731) (7,738) (6,405) (6,040) (9,011)
Severance and restructuring charges —  (96) —  (80) (102)
Other unallocated, net 1,875  1,639  655  550  187 
Cost of sales (51,445) (46,488) (45,500) (42,186) (40,932)
Gross profit 8,367  7,274  5,548  5,062  5,200 
Other income, net 178  60  373  487  236 
Operating profit 8,545  7,334  5,921  5,549  5,436 
Interest expense (653) (668) (651) (663) (443)
Other non-operating income (expense), net (651) (828) (1) —  30 
Earnings from continuing operations before income taxes 7,241  5,838  5,269  4,886  5,023 
Income tax expense (1,011) (792) (3,340) (1,133) (1,418)
Net earnings from continuing operations 6,230  5,046  1,929  3,753  3,605 
Net earnings from discontinued operations —  —  73  1,549  — 
Net earnings 6,230  5,046  2,002  5,302  3,605 

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Lockheed Martin Corp.’s net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating profit The net result for the period of deducting operating expenses from operating revenues. Lockheed Martin Corp.’s operating profit increased from 2017 to 2018 and from 2018 to 2019.
Earnings from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Lockheed Martin Corp.’s earnings from continuing operations before income taxes increased from 2017 to 2018 and from 2018 to 2019.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Lockheed Martin Corp.’s net earnings increased from 2017 to 2018 and from 2018 to 2019.