Filing Flows › Lockheed Martin (LMT) › Q1 2025
Lockheed Martin (LMT) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 22, 2025
Lockheed Martin (LMT) reported revenue of $18.0B for the first quarter 2025 (Q1 2025), +4% from a year earlier and -4% from the quarter before. Operating margin was 13.2%, net earnings $1.7B (9.5% of revenue).
Lockheed Martin, Q1 2025: revenue $18.0B (+4% year over year), operating margin 13.2%, net earnings $1.7B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.0B | -4% | +4% |
| Gross profit | $2.3B | +237% | +17% |
| Operating profit | $2.4B | +241% | +17% |
| Net earnings | $1.7B | +225% | +11% |
| Operating cash flow | $1.4B | +38% | -14% |
| Free cash flow | $955M | +117% | -24% |
What changed
Revenue was $18.0B in Q1 2025, up 4% year over year and down 4% from the previous quarter. Aeronautics was the largest line at 39% of revenue. Missiles and Fire Control added $0.38B year over year (up 13%), 49% of the total change. Space declined 2%.
Gross margin was 12.9%, up 1.3 points from a year earlier. Operating profit was $2.4B, a 13.2% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 12% margin then. Net earnings were $1.7B, up 11% year over year. The effective tax rate was 15.9%.
Operating cash flow was $1.4B (down 14% year over year), 82% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.76B. Capital expenditures of $0.45B left free cash flow of $1.0B.
Questions
What was Lockheed Martin's revenue in the first quarter 2025?
Lockheed Martin (LMT) reported revenue of $18.0B for the first quarter 2025 (Q1 2025), +4% from a year earlier and -4% from the quarter before.
Was Lockheed Martin profitable in the first quarter 2025?
Operating profit was $2.4B (13.2% of revenue) and net earnings $1.7B.
Source: Lockheed Martin 10-Q on SEC EDGAR.