Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

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

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Products
Services
Sales
Products
Services
Impairment and severance charges
Other unallocated, net
Operating costs and expenses
Gross profit
Other income (expense), net
Operating profit
Interest expense
Non-service FAS pension income (expense)
Other non-operating income (expense), net
Earnings from continuing operations before income taxes
Income tax expense
Net earnings from continuing operations
Net loss from discontinued operations
Net earnings

Based on: 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 total sales figures demonstrate a generally upward trajectory over the observed periods with some fluctuations. Products revenue experienced notable volatility, with peaks occurring in late 2020 and late 2022, followed by declines in early 2022 and early 2024. Services revenue, although smaller in magnitude, showed steady growth with minor fluctuations, reaching peak values in mid to late 2024.
Cost and Expense Patterns
Operating costs and expenses closely mirrored the sales trends but maintained a consistently negative balance reflecting expenditures. The costs related to products and services similarly followed the sales pattern, with costs for products significantly outweighing those for services. A temporary spike in impairment and severance charges occurred in late 2020 and mid-2023, which appears to have contributed to an increase in overall expenses in those periods.
Profitability Analysis
Gross profit maintained a relatively stable pattern, fluctuating slightly but generally tracking sales trends. However, a significant drop in gross profit is evident in the quarter ending March 2025, contrasting with prior quarters. Operating profit generally showed positive growth, aligning with gross profit trends, except for a pronounced decrease also observed in March 2025. Interest expenses gradually increased over time, indicating higher borrowing costs or increased debt levels.
Non-operating Income and Expenses
Other income and expenses exhibited variability, with no clear trend, though minor positive contributions were more frequent. Notably, non-service FAS pension income and other non-operating income showed occasional large fluctuations, including significant negative impacts in some quarters, which likely affected overall earnings inconsistently.
Income Tax and Net Earnings
Income tax expense varied considerably and displayed periods of tax credits or reduced tax charges, particularly in quarters with lower earnings. Net earnings from continuing operations adhered to the sales and cost trends with some volatility; the quarter ending September 2020 and the first quarter of 2025 show notably lower net earnings, reflecting previous operational and non-operational challenges. The influence of discontinued operations was negligible except for a one-time loss in a single quarter.
Overall Observations
The financial data reveal a company experiencing overall growth in revenue and profit metrics over the medium term with intermittent periods of expense spikes and operational challenges. Cost control appears to fluctuate, impacting gross and operating profits periodically. Interest expense trends suggest increasing financial leverage or cost of debt. Non-operating items and pension-related costs introduce additional volatility into net earnings. The marked decline in profitability metrics in early 2025 warrants further analysis regarding causative factors. Consistent growth in services revenue amid product revenue volatility might indicate a strategic shift or diversification effect.