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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Lockheed Martin Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from March 2021 to December 2025. Revenue, comprised of Products and Services, exhibits an overall increasing trend, though with significant quarterly variations. Profitability metrics, including Gross Profit, Operating Profit, and Net Earnings, also display volatility, influenced by factors such as impairment charges, pension adjustments, and income tax expenses.
- Revenue Analysis
- Total Sales revenue generally increased from US$16.258 billion in March 2021 to US$20.321 billion in September 2025, but experienced notable dips in certain quarters, particularly in the first half of 2022 and in the first half of 2025. Products consistently represent the larger portion of revenue, while Services contribute a more stable, though smaller, amount. A substantial increase in Sales is observed in December 2023, followed by a significant decline in March 2024, and a subsequent recovery.
- Profitability Trends
- Gross Profit mirrored the revenue trends, increasing overall but with quarterly inconsistencies. A significant drop in Gross Profit is evident in the first half of 2022, aligning with the revenue decline. Operating Profit followed a similar pattern, with a pronounced decrease in the first half of 2022 and again in the first half of 2025. Net Earnings experienced substantial volatility, peaking in December 2021 and again in December 2023, with a sharp decline in the subsequent quarters.
- Cost and Expense Management
- Operating costs and expenses generally increased alongside revenue, but fluctuations in these expenses contributed to the observed profitability variations. Impairment and other charges were present in specific quarters, notably in December 2022 and December 2023, negatively impacting profitability. Non-service FAS pension income (expense) exhibited significant swings, with a large expense in September 2021 and June 2022, which substantially reduced earnings in those periods. Other non-operating income (expense), net, also showed variability, contributing to overall profit fluctuations.
- Tax Impact
- Income tax expense generally tracked with earnings, decreasing when earnings declined and increasing when earnings rose. However, the effective tax rate varied across quarters, influencing the final Net Earnings figure. A relatively low tax expense in June 2022 partially offset the impact of lower earnings in that period.
In summary, the financial performance demonstrates a pattern of growth punctuated by periods of decline. These fluctuations appear to be influenced by a combination of revenue variations, cost management, non-operating items, and income tax expenses. The significant volatility in certain expense categories, particularly pension adjustments, warrants further investigation to understand the underlying drivers and potential future impacts.