Income Statement
Quarterly Data
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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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Lockheed Martin Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trends
- The company's products revenue generally displays a fluctuating trend with a moderate increase from early 2020 through the end of 2021, reaching a notable high in December 2021. However, a decline is observed in the first quarter of 2022, followed by recovery and increases toward the end of 2022 and beyond. Service revenue follows a similar pattern, albeit with less volatility, showing gradual increases over the periods with some fluctuations.
- Total sales revenue exhibits growth from early 2020 through the end of 2021, peaking significantly in December 2021. This is followed by a decline in early 2022, with recovery and new peaks observed by the end of 2023 and early 2024, though some quarters register slight dips.
- Cost and Expense Analysis
- Cost of products sold parallels product revenue trends but shows consistently large negative values, indicating substantial expenditure against product revenue. Noticeable is an increase in absolute costs toward late 2022 and 2024, suggesting intensified production or higher costs.
- Service costs also reflect a steady expense pattern with slight fluctuations but maintain a clear correlation with service revenue trends.
- Overall operating costs and expenses broadly mirror the revenue patterns. They show steady increases with occasional decreases, reflecting the trends in both products and services sectors. Notably, periods with higher operating expenses correspond to quarters with higher sales and revenues.
- Profitability Metrics
- Gross profit remains positive throughout all periods with some variability, peaking in late 2021 and again in late 2023 and 2024. There is a sharp decline in gross profit in the first quarter of 2024, which may indicate either increased costs or decreased revenue efficiency during this period.
- Operating profit follows a similar trajectory to gross profit, sustaining positive performance with peaks in late 2021 and 2023. A marked reduction occurs in early 2024, followed by a partial recovery.
- Non-operating Items and Charges
- Interest expense remains relatively stable, with a slight upward trend in late 2022 through 2025, suggesting increased borrowing costs or debt levels.
- The non-service FAS pension income/expense exhibits significant volatility, including some large negative figures particularly in late 2020 and late 2022. This indicates occasional large pension-related charges affecting net income in those quarters.
- Other non-operating income/expense also fluctuates without a clear trend, indicating variable effects from miscellaneous financial activities that do not consistently impact earnings positively or negatively.
- Impairment and other charges, though sporadic and limited in magnitude, occasionally reduce income notably in late 2020, late 2022, and mid-2024.
- Income and Earnings Trends
- Earnings from continuing operations before income taxes generally track the operating profit trajectory but present greater variability, with sharp declines notably in late 2021 and mid-2022, likely influenced by non-operating items and charges.
- Income tax expense is mostly proportional to earnings but exhibits unusual fluctuations in some quarters, including periods with minimal or even positive tax expenses, affecting net earnings variably.
- Net earnings from continuing operations demonstrate resilience, maintaining positive and relatively strong figures except for sharp reductions in mid-2022 and early 2024, corresponding with reduced pre-tax earnings and increased non-operating losses.
- Overall net earnings align closely with continuing operations earnings, with the only notable difference being a one-time net loss from discontinued operations in the third quarter of 2020.