Income Statement

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.

Lockheed Martin Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Products	56,265)	55,466)	56,435)	54,928)	50,053)
Services	11,306)	10,518)	10,609)	10,470)	9,759)
Net sales	67,571)	65,984)	67,044)	65,398)	59,812)
Products	(50,206)	(49,577)	(50,273)	(48,996)	(44,589)
Services	(10,027)	(9,280)	(9,463)	(9,371)	(8,731)
Severance and restructuring charges	(92)	(100)	(36)	(27)	—)
Other unallocated, net	1,233)	1,260)	1,789)	1,650)	1,875)
Cost of sales	(59,092)	(57,697)	(57,983)	(56,744)	(51,445)
Gross profit	8,479)	8,287)	9,061)	8,654)	8,367)
Other income (expense), net	28)	61)	62)	(10)	178)
Operating profit	8,507)	8,348)	9,123)	8,644)	8,545)
Interest expense	(916)	(623)	(569)	(591)	(653)
Non-service FAS pension income (expense)	443)	(971)	(1,292)	219)	(577)
Other non-operating income (expense), net	64)	(74)	288)	(37)	(74)
Earnings from continuing operations before income taxes	8,098)	6,680)	7,550)	8,235)	7,241)
Income tax expense	(1,178)	(948)	(1,235)	(1,347)	(1,011)
Net earnings from continuing operations	6,920)	5,732)	6,315)	6,888)	6,230)
Net loss from discontinued operations	—)	—)	—)	(55)	—)
Net earnings	6,920)	5,732)	6,315)	6,833)	6,230)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Lockheed Martin Corp. net sales decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Lockheed Martin Corp. operating profit decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Earnings from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Lockheed Martin Corp. earnings from continuing operations before income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Lockheed Martin Corp. net earnings decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Lockheed Martin Corp. (NYSE:LMT)

Income Statement