Filing Flows › Lockheed Martin (LMT) › How it makes money
How Lockheed Martin (LMT) makes money
Lockheed Martin (LMT) made $20.7B of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Products brought in $17.4B (84%); Services brought in $3.3B (16%). Of every dollar of revenue, 12¢ was left as gross profit, 12¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Products | $17.4B | 84.2% | +4% | +14% |
| Services | $3.3B | 15.8% | +0.1% | -0.5% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $20.7B | 100.0% |
| Cost of revenue | $18.3B | 88.2% |
| Gross profit | $2.4B | 11.8% |
| Operating profit | $2.4B | 11.8% |
| Income tax | $327M | 1.6% |
| Net earnings | $1.8B | 8.9% |
| Operating cash flow | $3.4B | 16.6% |
| Free cash flow | $3.0B | 14.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $20.7B | +11% |
| Q2 2026 | $20.1B | +10% |
| Q1 2026 | $18.0B | +0.3% |
| Q4 2025 | $20.3B | +9% |
| Q3 2025 | $18.6B | +9% |
| Q2 2025 | $18.2B | +0.2% |
| Q1 2025 | $18.0B | +4% |
From Lockheed Martin's 10-Q filed Oct 22, 2026 (on EDGAR).
Questions
How does Lockheed Martin make money?
Lockheed Martin (LMT) made $20.7B of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Products brought in $17.4B (84%); Services brought in $3.3B (16%). Of every dollar of revenue, 12¢ was left as gross profit, 12¢ was left as operating profit, 9¢ was left as net earnings.
What is Lockheed Martin's biggest business?
Products: $17.4B in the third quarter 2026, 84% of revenue, +14% from a year earlier.
What is Lockheed Martin's profit margin?
Net earnings were $1.8B, 8.9% of revenue, in the third quarter 2026; the operating margin was 11.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.