Name: Lockheed Martin Corp. (NYSE:LMT) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 27, 2026	Jun 28, 2026	Mar 29, 2026	Dec 31, 2025	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 31, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 24, 2023	Jun 25, 2023	Mar 26, 2023	Dec 31, 2022	Sep 25, 2022	Jun 26, 2022	Mar 27, 2022	Dec 31, 2021	Sep 26, 2021	Jun 27, 2021	Mar 28, 2021
Products	17,429)	16,783)	14,831)	17,258)	15,311)	15,149)	14,936)	15,500)	14,472)	15,109)	14,196)	15,967)	14,014)	13,758)	12,526)	16,200)	14,011)	12,761)	12,494)	14,949)	13,475)	14,258)	13,753)
Services	3,282)	3,280)	3,190)	3,063)	3,298)	3,006)	3,027)	3,122)	2,632)	3,013)	2,999)	2,907)	2,864)	2,935)	2,600)	2,791)	2,572)	2,685)	2,470)	2,780)	2,553)	2,771)	2,505)
Sales	20,711)	20,063)	18,021)	20,321)	18,609)	18,155)	17,963)	18,622)	17,104)	18,122)	17,195)	18,874)	16,878)	16,693)	15,126)	18,991)	16,583)	15,446)	14,964)	17,729)	16,028)	17,029)	16,258)
Products	(15,609)	(15,063)	(13,398)	(15,559)	(13,708)	(14,469)	(13,284)	(15,484)	(12,964)	(13,520)	(12,884)	(14,246)	(12,571)	(12,238)	(11,151)	(14,474)	(12,547)	(11,395)	(11,161)	(13,288)	(11,838)	(12,866)	(12,281)
Services	(2,882)	(2,862)	(2,784)	(2,698)	(2,871)	(3,130)	(2,640)	(2,760)	(2,272)	(2,582)	(2,603)	(2,591)	(2,510)	(2,642)	(2,284)	(2,500)	(2,243)	(2,362)	(2,175)	(2,463)	(2,332)	(2,438)	(2,230)
Impairment and other charges	—)	—)	—)	—)	—)	(66)	—)	—)	—)	(87)	—)	(92)	—)	—)	—)	(100)	—)	—)	—)	—)	—)	—)	(36)
Other unallocated, net	216)	308)	239)	258)	210)	244)	284)	312)	249)	197)	285)	350)	251)	277)	355)	385)	327)	267)	281)	444)	444)	426)	475)
Operating costs and expenses	(18,275)	(17,617)	(15,943)	(17,999)	(16,369)	(17,421)	(15,640)	(17,932)	(14,987)	(15,992)	(15,202)	(16,579)	(14,830)	(14,603)	(13,080)	(16,689)	(14,463)	(13,490)	(13,055)	(15,307)	(13,726)	(14,878)	(14,072)
Gross profit	2,436)	2,446)	2,078)	2,322)	2,240)	734)	2,323)	690)	2,117)	2,130)	1,993)	2,295)	2,048)	2,090)	2,046)	2,302)	2,120)	1,956)	1,909)	2,422)	2,302)	2,151)	2,186)
Other income (expense), net	7)	33)	(15)	9)	40)	14)	49)	6)	23)	18)	36)	(2)	(6)	45)	(9)	(9)	39)	7)	24)	33)	(8)	41)	(4)
Operating profit	2,443)	2,479)	2,063)	2,331)	2,280)	748)	2,372)	696)	2,140)	2,148)	2,029)	2,293)	2,042)	2,135)	2,037)	2,293)	2,159)	1,963)	1,933)	2,455)	2,294)	2,192)	2,182)
Interest expense	(264)	(266)	(269)	(290)	(286)	(274)	(268)	(264)	(256)	(261)	(255)	(254)	(237)	(223)	(202)	(202)	(145)	(141)	(135)	(146)	(141)	(142)	(140)
Non-service FAS pension income (expense)	(81)	(80)	(80)	(578)	(99)	(99)	(98)	15)	16)	15)	16)	111)	111)	111)	110)	109)	111)	(1,331)	140)	93)	(1,572)	94)	93)
Other non-operating income (expense), net	74)	45)	60)	68)	43)	42)	30)	72)	18)	46)	45)	(5)	37)	(17)	49)	(10)	(26)	(161)	123)	88)	98)	26)	76)
Earnings before income taxes	2,172)	2,178)	1,774)	1,531)	1,938)	417)	2,036)	519)	1,918)	1,948)	1,835)	2,145)	1,953)	2,006)	1,994)	2,190)	2,099)	330)	2,061)	2,490)	679)	2,170)	2,211)
Income tax expense	(327)	(342)	(286)	(187)	(319)	(75)	(324)	8)	(295)	(307)	(290)	(279)	(269)	(325)	(305)	(278)	(321)	(21)	(328)	(441)	(65)	(355)	(374)
Net earnings	1,845)	1,836)	1,488)	1,344)	1,619)	342)	1,712)	527)	1,623)	1,641)	1,545)	1,866)	1,684)	1,681)	1,689)	1,912)	1,778)	309)	1,733)	2,049)	614)	1,815)	1,837)

A consistent upward trajectory in total sales is observed over the analyzed period, with quarterly revenue growing from $16.26 billion in March 2021 to $20.71 billion by September 2026. This growth is characterized by a recurring seasonal peak in the fourth quarter of each fiscal year, indicating a cyclical pattern in revenue recognition or delivery schedules.

Revenue Composition and Growth: Revenue is predominantly driven by product sales, which comprise the vast majority of total income. Product revenue increased from $13.75 billion in March 2021 to $17.43 billion in September 2026. Service revenue remains a smaller but stable component of the business, exhibiting a gradual increase from $2.51 billion to $3.28 billion over the same period.
Operating Profitability and Margin Analysis: Operating profit generally maintains a baseline between $1.9 billion and $2.5 billion per quarter. However, significant anomalies occur in the 2024 and 2025 periods. Specifically, gross profit and operating profit experience sharp declines in December 2024 ($690 million) and June 2025 ($734 million), coinciding with substantial spikes in operating costs and expenses. Aside from these outliers, the operating margin remains relatively stable relative to sales growth.
Expense Trends and Interest Obligations: Operating costs and expenses have scaled upward in alignment with revenue growth. A notable trend is the steady increase in interest expense, which rose from $140 million in March 2021 to a peak of $290 million in December 2025 before slightly moderating to $264 million in September 2026. This suggests an increase in the company's debt burden or a higher cost of borrowing over the five-year window.
Non-Operating Volatility and Pension Impact: Earnings before income taxes are heavily influenced by volatile non-service FAS pension income and expenses. Massive negative adjustments are observed in September 2021 (-$1.57 billion), June 2022 (-$1.33 billion), and December 2025 (-$578 million). These adjustments create significant divergence between operating profit and pre-tax earnings, often leading to depressed net income in those specific quarters.
Net Earnings Performance: Net earnings exhibit high volatility due to the aforementioned pension adjustments and the cost spikes observed in late 2024 and mid-2025. While net earnings frequently range between $1.4 billion and $2.0 billion, deep troughs are evident in June 2022 ($309 million), December 2024 ($527 million), and June 2025 ($342 million). Despite these periodic fluctuations, the long-term trend shows a capacity to recover and maintain earnings above $1.8 billion in the final quarters of the series.

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Lockheed Martin Corp. (NYSE:LMT)

Income StatementQuarterly Data

Income Statement
Quarterly Data