Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

	Dec 31, 2025	Sep 28, 2025	Jun 29, 2025	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
Accounts payable	3,630)	3,834)	3,653)	3,821)	2,222)	3,221)	3,282)	3,523)	2,312)	3,817)	3,466)	3,271)	2,117)	2,622)	2,309)	2,599)	780)	1,520)	1,608)	1,889)
Salaries, benefits and payroll taxes	3,184)	3,065)	2,761)	2,391)	3,125)	3,076)	2,871)	2,679)	3,133)	3,139)	2,896)	2,634)	3,075)	3,151)	2,935)	2,671)	3,108)	3,122)	3,029)	2,794)
Contract liabilities	11,440)	10,259)	9,861)	9,375)	9,795)	9,051)	9,181)	8,745)	9,190)	7,936)	8,184)	8,336)	8,488)	8,059)	8,077)	7,902)	8,107)	7,515)	7,379)	7,255)
Current maturities of long-term debt	1,168)	1,669)	3,118)	1,643)	643)	142)	142)	168)	168)	168)	283)	115)	118)	—)	—)	500)	6)	6)	506)	506)
Other current liabilities	3,913)	4,147)	4,961)	3,957)	3,635)	2,320)	3,017)	2,584)	2,134)	2,133)	2,875)	2,626)	2,089)	2,515)	3,158)	2,375)	1,996)	2,863)	2,720)	2,273)
Current liabilities	23,335)	22,974)	24,354)	21,187)	19,420)	17,810)	18,493)	17,699)	16,937)	17,193)	17,704)	16,982)	15,887)	16,347)	16,479)	16,047)	13,997)	15,026)	15,242)	14,717)
Long-term debt, net, excluding current maturities	20,532)	20,520)	18,520)	18,661)	19,627)	19,179)	19,115)	19,250)	17,291)	17,221)	17,262)	15,485)	15,429)	11,480)	11,644)	11,145)	11,670)	11,668)	11,665)	11,657)
Accrued pension liabilities	3,915)	4,861)	4,838)	4,815)	4,791)	6,077)	6,105)	6,133)	6,162)	5,323)	5,373)	5,422)	5,472)	5,745)	5,808)	8,143)	8,319)	9,351)	12,412)	12,643)
Other noncurrent liabilities	5,337)	5,740)	5,824)	5,323)	5,446)	5,254)	5,188)	5,231)	5,231)	7,655)	7,399)	7,087)	6,826)	6,492)	6,395)	6,173)	5,928)	6,167)	6,250)	6,087)
Noncurrent liabilities	29,784)	31,121)	29,182)	28,799)	29,864)	30,510)	30,408)	30,614)	28,684)	30,199)	30,034)	27,994)	27,727)	23,717)	23,847)	25,461)	25,917)	27,186)	30,327)	30,387)
Total liabilities	53,119)	54,095)	53,536)	49,986)	49,284)	48,320)	48,901)	48,313)	45,621)	47,392)	47,738)	44,976)	43,614)	40,064)	40,326)	41,508)	39,914)	42,212)	45,569)	45,104)
Common stock, $1 par value per share	229)	230)	232)	233)	234)	236)	237)	239)	240)	247)	251)	254)	254)	261)	264)	265)	271)	274)	276)	278)
Additional paid-in capital	—)	—)	—)	—)	—)	—)	—)	—)	—)	107)	—)	—)	92)	—)	—)	—)	94)	98)	122)	65)
Retained earnings	14,034)	14,053)	13,259)	14,773)	14,551)	15,657)	14,707)	15,222)	15,398)	17,066)	17,068)	17,478)	16,943)	19,839)	19,336)	20,716)	21,600)	21,476)	21,961)	21,977)
Accumulated other comprehensive loss	(7,542)	(8,102)	(8,157)	(8,323)	(8,452)	(8,693)	(8,769)	(8,811)	(8,803)	(8,146)	(8,079)	(8,086)	(8,023)	(8,134)	(8,168)	(10,979)	(11,006)	(12,217)	(15,837)	(16,008)
Stockholders’ equity	6,721)	6,181)	5,334)	6,683)	6,333)	7,200)	6,175)	6,650)	6,835)	9,274)	9,240)	9,646)	9,266)	11,966)	11,432)	10,002)	10,959)	9,631)	6,522)	6,312)
Noncontrolling interests in subsidiary	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	8)	21)
Total equity	6,721)	6,181)	5,334)	6,683)	6,333)	7,200)	6,175)	6,650)	6,835)	9,274)	9,240)	9,646)	9,266)	11,966)	11,432)	10,002)	10,959)	9,631)	6,530)	6,333)
Total liabilities and equity	59,840)	60,276)	58,870)	56,669)	55,617)	55,520)	55,076)	54,963)	52,456)	56,666)	56,978)	54,622)	52,880)	52,030)	51,758)	51,510)	50,873)	51,843)	52,099)	51,437)

The liabilities and stockholders’ equity of the company exhibit several notable trends over the analyzed period from March 2021 to December 2025. Total liabilities generally increased, with fluctuations, while stockholders’ equity demonstrated more volatility. A detailed examination of specific liability and equity components reveals underlying patterns.

Current Liabilities: Current liabilities generally increased from approximately US$14.7 billion in March 2021 to a peak of US$18.49 billion in June 2023, before decreasing to US$17.19 billion in September 2023 and US$16.93 billion in December 2023. A subsequent rise to US$23.33 billion by June 2025 was observed. Accounts payable showed considerable fluctuation, peaking in March 2023 at US$3.27 billion, while salaries, benefits, and payroll taxes remained relatively stable, generally between US$2.6 billion and US$3.2 billion. Contract liabilities consistently increased over the period, rising from US$7.26 billion in March 2021 to US$11.44 billion in December 2023, and continuing to US$10.26 billion in September 2025. Current maturities of long-term debt were generally low, with a significant increase to US$3.12 billion in September 2025. Other current liabilities also exhibited an increasing trend, reaching US$4.96 billion in June 2025.
Noncurrent Liabilities: Noncurrent liabilities demonstrated a more complex pattern. After initially decreasing from US$30.39 billion in March 2021 to US$25.92 billion in December 2021, they increased to US$27.73 billion in December 2022. A subsequent decline to US$23.72 billion in September 2023 was followed by an increase to US$31.12 billion in September 2025. Long-term debt, net of current maturities, increased from US$11.66 billion in March 2021 to US$20.52 billion in September 2025. Accrued pension liabilities decreased over the period, from US$12.64 billion in March 2021 to US$3.92 billion in December 2025. Other noncurrent liabilities remained relatively stable, fluctuating between US$5.2 billion and US$7.7 billion.
Stockholders’ Equity: Stockholders’ equity experienced significant fluctuations. It rose from US$6.31 billion in March 2021 to a peak of US$10.96 billion in December 2021, before declining to US$9.27 billion in September 2023. A modest recovery to US$6.72 billion was observed by December 2025. Retained earnings were the primary driver of equity changes, decreasing from US$21.98 billion in March 2021 to US$14.03 billion in December 2025. Accumulated other comprehensive loss consistently reduced equity, moving from a loss of US$16.01 billion in March 2021 to a loss of US$7.54 billion in December 2025. Common stock remained relatively constant, while additional paid-in capital showed minor fluctuations.
Total Liabilities and Equity: Total liabilities and equity generally increased over the period, from US$51.44 billion in March 2021 to US$59.84 billion in December 2025, reflecting the combined trends in liabilities and equity. The largest increase occurred between March 2024 and June 2025, indicating a significant shift in the company’s financial structure during that period.

In summary, the company experienced growth in both liabilities and equity, with notable increases in contract liabilities and long-term debt. Retained earnings decreased over the period, partially offset by changes in accumulated other comprehensive loss. The fluctuations in current liabilities suggest potential shifts in short-term financing and operational needs.

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Lockheed Martin Corp. (NYSE:LMT)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data