Filing Flows › Lockheed Martin (LMT) › Q2 2025
Lockheed Martin (LMT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 22, 2025
Lockheed Martin (LMT) reported revenue of $18.2B for the second quarter 2025 (Q2 2025), +0.2% from a year earlier and +1% from the quarter before. Operating margin was 4.1%, net earnings $342M (1.9% of revenue).
Lockheed Martin, Q2 2025: revenue $18.2B (+0.2% year over year), operating margin 4.1%, net earnings $342M, operating cash flow $201M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.2B | +1% | +0.2% |
| Gross profit | $734M | -68% | -66% |
| Operating profit | $748M | -68% | -65% |
| Net earnings | $342M | -80% | -79% |
| Operating cash flow | $201M | -86% | -89% |
What changed
Revenue was $18.2B in Q2 2025, roughly flat year over year and up 1% from the previous quarter. Aeronautics was the largest line at 41% of revenue. Missiles and Fire Control added $0.33B year over year (up 11%), 1003% of the total change. Rotary and Mission Systems declined 12%.
Gross margin was 4.0%, down 7.7 points from a year earlier. Operating profit was $0.75B, a 4.1% margin (down 7.7 points year over year). Operating profit fell $1.4B even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Net earnings were $0.34B, down 79% year over year. The effective tax rate was 18.0%.
Operating cash flow was $0.20B (down 89% year over year), 59% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.62B. Capital expenditures of $0.35B exceeded it, leaving free cash flow of −$0.15B.
Questions
What was Lockheed Martin's revenue in the second quarter 2025?
Lockheed Martin (LMT) reported revenue of $18.2B for the second quarter 2025 (Q2 2025), +0.2% from a year earlier and +1% from the quarter before.
Was Lockheed Martin profitable in the second quarter 2025?
Operating profit was $748M (4.1% of revenue) and net earnings $342M.
Source: Lockheed Martin 10-Q on SEC EDGAR.