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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Current Ratio 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: 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.