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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Analysis of Debt
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Lockheed Martin Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
Revenue demonstrates a cyclical growth pattern with consistent peaks in the fourth quarter of each fiscal year. Total sales increased from approximately $16.3 billion in March 2021 to a peak of over $20.3 billion in September 2025, before stabilizing around $18 billion in early 2026.
- Revenue Composition
- Product sales serve as the primary revenue driver, consistently accounting for the vast majority of total sales. Service revenue has remained relatively stable with a gradual upward trajectory, growing from approximately $2.5 billion in early 2021 to over $3.1 billion by early 2026.
- Profitability and Margin Stability
- Operating profit typically ranges between $1.9 billion and $2.4 billion per quarter. However, significant margin compression is observed in December 2024 and June 2025, where gross profit dropped to $690 million and $734 million respectively, indicating period-specific cost spikes or operational headwinds.
- Operating Expense Trends
- Operating costs and expenses generally scale in alignment with sales growth. Impairment and other charges appear sporadically, with notable impacts in December 2022, December 2023, and June 2025, which contributed to short-term reductions in gross profit.
- Financial and Non-Operating Costs
- A sustained upward trend in interest expenses is evident, rising from approximately $140 million per quarter in 2021 to nearly $290 million by late 2025. This suggests an increase in the cost of debt or an expansion of the company's borrowing levels over the period.
- Net Earnings Volatility
- Net earnings exhibit significant volatility, primarily driven by Non-service FAS pension income and expenses. Large negative adjustments in September 2021, June 2022, and December 2025 resulted in sharp quarterly declines in net income, contrasting with periods of stability where net earnings typically fluctuate between $1.5 billion and $2.0 billion.