Filing Flows › Lockheed Martin (LMT) › Q3 2025
Lockheed Martin (LMT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 21, 2025
Lockheed Martin (LMT) reported revenue of $18.6B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 12.3%, net earnings $1.6B (8.7% of revenue).
Lockheed Martin, Q3 2025: revenue $18.6B (+9% year over year), operating margin 12.3%, net earnings $1.6B, operating cash flow $3.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.6B | +3% | +9% |
| Gross profit | $2.2B | +205% | +6% |
| Operating profit | $2.3B | +205% | +7% |
| Net earnings | $1.6B | +373% | -0.2% |
| Operating cash flow | $3.7B | 19× | +53% |
| Free cash flow | $3.3B | — | +61% |
What changed
Revenue was $18.6B in Q3 2025, up 9% year over year and up 3% from the previous quarter. Aeronautics was the largest line at 39% of revenue. Aeronautics added $0.77B year over year (up 12%), 51% of the total change.
Gross margin was 12.0%, down 0.3 points from a year earlier. Operating profit was $2.3B, a 12.3% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 13% margin then. Net earnings were $1.6B, roughly flat year over year. The effective tax rate was 16.5%.
Operating cash flow was $3.7B (up 53% year over year), 230% of net earnings. Non-cash charges added back $0.43B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $1.6B. Capital expenditures of $0.38B left free cash flow of $3.3B.
Questions
What was Lockheed Martin's revenue in the third quarter 2025?
Lockheed Martin (LMT) reported revenue of $18.6B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +3% from the quarter before.
Was Lockheed Martin profitable in the third quarter 2025?
Operating profit was $2.3B (12.3% of revenue) and net earnings $1.6B.
Source: Lockheed Martin 10-Q on SEC EDGAR.