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:
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Lockheed Martin Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-28), 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).
Total sales demonstrate a gradual upward trajectory from early 2021 through mid-2026. A recurring seasonal pattern is evident, with the fourth quarter of each fiscal year consistently reporting the highest revenue levels. This growth is primarily driven by the Products segment, while the Services segment maintains a steadier, lower-volume contribution to the overall revenue stream.
- Revenue Composition and Growth
- Total sales increased from $16.26 billion in March 2021 to $20.06 billion by June 2026. The Products segment remains the dominant revenue driver, exhibiting significant quarterly fluctuations that align with the overall sales trend. The Services segment shows more stability, growing modestly from $2.51 billion to $3.28 billion over the analyzed period.
- Operating Profitability and Cost Analysis
- Operating costs typically scale in tandem with revenue; however, significant anomalies are observed in the latter part of the data set. Specifically, in December 2024 and June 2025, gross profit and operating profit experienced sharp declines to $690 million and $734 million respectively, despite strong sales figures. This suggests the occurrence of substantial one-time operating expenses or impairment charges during these specific quarters.
- Financial Obligations and Interest Trends
- A consistent upward trend is observed in interest expenses, which rose from $140 million in March 2021 to $266 million by June 2026. This steady increase indicates a rise in the cost of debt servicing or an expansion of the company's total borrowings over the five-year period.
- Net Earnings and Pension Volatility
- Net earnings exhibit high volatility that does not always correlate with operating performance. This variance is largely attributable to Non-service FAS pension income and expenses, which created significant losses in September 2021 (-$1.57 billion) and June 2022 (-$1.33 billion). These non-operating adjustments frequently offset operating gains, leading to erratic net income results across the reported quarters.