Lockheed Martin (LMT) 10-K Summary — Year Ended Dec 31, 2024
Lockheed Martin's annual revenue increased compared to the prior year, supporting higher operating income and net income. The company generated strong operating cash flow in the same period.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Lockheed Martin's annual revenue increased compared to the prior year, supporting higher operating income and net income. The company generated strong operating cash flow in the same period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$71B
Revenue reported for the fiscal year.
Operating income
$7B
Income from operations reported for the year.
Net income
$5.3B
Net income reported for the year.
Operating cash flow
$7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $67B | n/a |
| Dec 31, 2022 | $66B | -1.6% |
| Dec 31, 2023 | $67.6B | +2.4% |
| Dec 31, 2024 | $71B | +5.1% |
Business overview
Lockheed Martin is a global security and aerospace company engaged in the research, design, development, manufacture, and sustainment of advanced technology systems and products. The filing segments cover areas such as aeronautics, missiles and fire control, rotary and mission systems, and space systems. The company serves both domestic and international customers, including the U.S. government and allied nations.
Financial performance
Reported revenue rose compared to the prior year, and both operating income and net income showed improvement. Operating cash flow remained robust and consistent with the revenue growth trend.
Material risks
The filing identifies risks related to the company's reliance on U.S. government contracts, which may face budget uncertainty, funding delays, or changes in procurement priorities. Operational risks stem from complex programs that could experience cost overruns or schedule disruptions. Cybersecurity threats and supply chain vulnerabilities are also cited as material concerns.
Liquidity and capital
The filing highlights cash flow from operations as a primary source of liquidity, used to fund capital expenditures, dividends, and share repurchases. No specific capital-allocation plans beyond these recurring uses are detailed in the supplied context.
What to watch
Monitor whether the company's revenue growth continues and if operating margins remain stable in the next annual filing.