Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Lockheed Martin Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	3,630)	2,222)	2,312)	2,117)	780)
Salaries, benefits and payroll taxes	3,184)	3,125)	3,133)	3,075)	3,108)
Contract liabilities	11,440)	9,795)	9,190)	8,488)	8,107)
Current maturities of long-term debt	1,168)	643)	168)	118)	6)
Other current liabilities	3,913)	3,635)	2,134)	2,089)	1,996)
Current liabilities	23,335)	19,420)	16,937)	15,887)	13,997)
Long-term debt, net, excluding current portion	20,532)	19,627)	17,291)	15,429)	11,670)
Accrued pension liabilities	3,915)	4,791)	6,162)	5,472)	8,319)
Other noncurrent liabilities	5,337)	5,446)	5,231)	6,826)	5,928)
Noncurrent liabilities	29,784)	29,864)	28,684)	27,727)	25,917)
Total liabilities	53,119)	49,284)	45,621)	43,614)	39,914)
Common stock, $1 par value per share	229)	234)	240)	254)	271)
Additional paid-in capital	—)	—)	—)	92)	94)
Retained earnings	14,034)	14,551)	15,398)	16,943)	21,600)
Accumulated other comprehensive loss	(7,542)	(8,452)	(8,803)	(8,023)	(11,006)
Stockholders’ equity	6,721)	6,333)	6,835)	9,266)	10,959)
Total liabilities and equity	59,840)	55,617)	52,456)	52,880)	50,873)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the liabilities of the company demonstrate a consistent upward trend from 2021 to 2025, increasing from US$39,914 million to US$53,119 million. This growth is more pronounced in current liabilities than in noncurrent liabilities. Stockholders’ equity, conversely, experienced a decline from 2021 to 2023, followed by a slight recovery in 2024 and 2025, but remains significantly lower than its initial value. Total liabilities and equity also show an increasing trend, mirroring the growth in total liabilities.

Current Liabilities: Current liabilities increased substantially over the period, rising from US$13,997 million in 2021 to US$23,335 million in 2025. A significant driver of this increase is the growth in accounts payable, which more than tripled from US$780 million to US$3,630 million. Contract liabilities also exhibited consistent growth, increasing from US$8,107 million to US$11,440 million. Current maturities of long-term debt also increased significantly, particularly between 2023 and 2025. Other current liabilities also contributed to the overall increase, though to a lesser extent.
Noncurrent Liabilities: Noncurrent liabilities showed a more moderate increase, moving from US$25,917 million in 2021 to US$29,784 million in 2025. Long-term debt, net of current portion, contributed significantly to this growth, increasing from US$11,670 million to US$20,532 million. Accrued pension liabilities decreased substantially from 2021 to 2025, falling from US$8,319 million to US$3,915 million. Other noncurrent liabilities remained relatively stable throughout the period.
Stockholders’ Equity: Stockholders’ equity experienced a notable decline from US$10,959 million in 2021 to US$6,835 million in 2023. While a slight recovery occurred in 2024 and 2025, reaching US$6,721 million, equity levels remained below those observed in 2021. This decline was primarily driven by a decrease in retained earnings, which fell from US$21,600 million to US$14,034 million. Accumulated other comprehensive loss remained consistently negative, and its magnitude decreased slightly over the period. Common stock and additional paid-in capital remained relatively stable, with additional paid-in capital values missing for the later years.
Total Liabilities and Equity: Total liabilities and equity increased from US$50,873 million in 2021 to US$59,840 million in 2025. This increase is largely attributable to the growth in total liabilities, which outpaced the relatively modest recovery in stockholders’ equity. The increasing trend suggests a growing reliance on debt financing or an increase in obligations relative to owner investment.

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Lockheed Martin Corp. (NYSE:LMT)

Balance Sheet: Liabilities and Stockholders’ Equity