Lockheed Martin Corporation

Lockheed Martin is a U.S.-based aerospace and defense technology company that designs, builds, and sustains mission systems for military, space, intelligence, homeland security, and cybersecurity applications. Its business is organized around Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space, with most revenue tied to U.S. Government programs and a meaningful international sales base.

12,5 %

10,2 %

6,7 %

+5,6 %

1.09

0.94

— Lockheed Martin Corporation
%
Aeronautics40% Fixed-wing aircraft, modernization, sustainment, and related mission systems.
Missiles and Fire Control25% Missile systems, precision strike, sensors, targeting, and fire control.
Rotary and Mission Systems20% Helicopter-related systems, naval combat systems, radar, and mission integration.
Space15% Spacecraft, satellites, space payloads, and classified or civil space programs.

Lockheed Martin sells primarily to the U.S. Government, especially the Department of War/Defense, through prime...

  • U.S. Governmentprimary

    Buys aircraft, missiles, space systems, and sustainment under prime and subcontract awards; this is the core revenue base.

  • International allied governmentsprimary

    Buy defense systems mainly through foreign military sales and some direct commercial sales to strengthen national defense.

  • Department of War / Defenseprimary

    The largest U.S. customer for aircraft, missile defense, and mission systems programs.

  • Civil and commercial space customerssecondary

    Buy selected space-related systems and services, including commercial civil space programs.

  • Intelligence, homeland security, and cybersecurity customerssecondary

    Buy specialized systems and services for secure communications, surveillance, and mission support.

The company is headquartered in the United States and derives the majority of sales from U.S. Government programs...

  • •United States is the dominant revenue and operating base
  • •72% of 2025 sales were from the U.S. Government
  • •28% of 2025 sales were from international customers
  • •International sales are mostly foreign military sales
  • •Space international sales were not material in 2025

Lockheed Martin is expanding production capacity and investing in advanced technologies to meet higher demand and...

01
Increase production capacityshort-term

Recent conflicts and higher demand require more output at scale and faster delivery.

02
Grow international salesmedium-term

International markets diversify the customer base and extend program opportunities.

03
Invest in next-generation technologiesmedium-term

AI, autonomy, open architecture, and advanced networking improve mission performance and competitiveness.

04
Shape the portfolio through M&A and divestituresmedium-term

Portfolio changes can add new technologies, customers, and mission capabilities.

The company is highly exposed to U.S. defense budgeting, procurement timing, and political decision-making, so shifts...

high

U.S. Government budget and procurement changes

A large share of revenue depends on defense appropriations and acquisition decisions.

Scope
72% of 2025 sales from the U.S. Government
Materiality
high
high

Program execution and cost overruns

Large fixed-price or complex programs can generate reach-forward losses if performance slips.

Scope
Aeronautics, MFC, RMS, and Space programs
Materiality
high
high

Cybersecurity and supply-chain disruption

Thousands of direct and indirect suppliers increase the attack surface and delivery risk.

Scope
Multi-tier defense supply chain
Materiality
high
medium

International policy and geopolitical risk

Foreign military sales and direct commercial sales depend on approvals and allied demand.

Scope
International customers and FMS channels
Materiality
medium
medium

Acquisition and integration risk

M&A can fail to deliver expected capabilities or create impairment risk.

Scope
Rapid Solutions and other portfolio actions
Materiality
medium
Contract accounting and revenue recognition
Can shift revenue and profit between periods as estimates change
Reach-forward losses and profit adjustments
Directly affects segment operating profit
Goodwill impairment
Could create large non-cash charges if program outlook weakens
Foreign currency hedging
Can affect reported earnings and cash flow timing
Pension obligations
Can affect liabilities, cash contributions, and expense

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: 11/08/2026