Filing Flows › Lockheed Martin (LMT) › Q4 2025
Lockheed Martin (LMT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Jan 29, 2026
Lockheed Martin (LMT) reported revenue of $20.3B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +9% from the quarter before. Operating margin was 11.5%, net earnings $1.3B (6.6% of revenue).
Lockheed Martin, Q4 2025: revenue $20.3B (+9% year over year), operating margin 11.5%, net earnings $1.3B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.3B | +9% | +9% |
| Gross profit | $2.3B | +4% | +237% |
| Operating profit | $2.3B | +2% | +235% |
| Net earnings | $1.3B | -17% | +155% |
| Operating cash flow | $3.2B | -14% | +215% |
| Free cash flow | $2.8B | -18% | +525% |
What changed
Revenue was $20.3B in Q4 2025, up 9% year over year and up 9% from the previous quarter. Products was the largest line at 85% of revenue.
Gross margin was 11.4%, up 7.7 points from a year earlier. Operating profit was $2.3B, a 11.5% margin (up 7.7 points year over year). Of the extra revenue versus a year earlier, 96% reached operating profit, above the 4% margin then. Net earnings were $1.3B, up 155% year over year. The effective tax rate was 12.2%.
Operating cash flow was $3.2B (up 215% year over year), 240% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.46B left free cash flow of $2.8B.
Questions
What was Lockheed Martin's revenue in the fourth quarter 2025?
Lockheed Martin (LMT) reported revenue of $20.3B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +9% from the quarter before.
Was Lockheed Martin profitable in the fourth quarter 2025?
Operating profit was $2.3B (11.5% of revenue) and net earnings $1.3B.
Source: Lockheed Martin 10-K on SEC EDGAR.