Lockheed Martin said 73% of its 2024 net sales of $71.0 billion came from the U.S. Government (including 65% from the Department of Defense), 26% from international customers (including foreign military sales), and 1% from U.S. commercial and other customers.

10-KAnnual reportFiled Jan 28, 2025Period of report Dec 31, 2024Summary published (UTC) Oct 11, 2026

Key points

AI summary

Lockheed Martin said 73% of its 2024 net sales of $71.0 billion came from the U.S. Government (including 65% from the Department of Defense), 26% from international customers (including foreign military sales), and 1% from U.S. commercial and other customers.
The company said product costs increased $4.6 billion (9%) in 2024, citing reach-forward losses of $1.4 billion on a classified program at MFC and losses of $555 million recognized on a classified contract at Aeronautics as factors in the increase.
Lockheed Martin reported net earnings of $5.3 billion ($22.31 per share) in 2024 and $6.9 billion ($27.55 per share) in 2023. Weighted average common shares outstanding decreased by approximately 12.0 million in 2023 compared to the prior year.
The company said operating cash flow decreased $948 million in 2024 compared to 2023, citing pension contributions of $990 million as a principal factor, and free cash flow decreased $942 million compared to 2023.

Key figures

Fiscal year ended December 31, 2024

Revenue: $71.0B
Operating income: $7.0B
Net income: $5.3B
EPS: $22.31
Gross profit: $6.9B
Operating cash flow: $7.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Sales composition and government share

Lockheed Martin said 73% of its 2024 net sales of $71.0 billion came from the U.S. Government (including 65% from the Department of Defense), 26% from international customers (including foreign military sales), and 1% from U.S. commercial and other customers.

Source · Based on the MD&A text of the filing

Classified program losses and product costs

The company said product costs increased $4.6 billion (9%) in 2024, citing reach-forward losses of $1.4 billion on a classified program at MFC and losses of $555 million recognized on a classified contract at Aeronautics as factors in the increase.

Source · Based on the MD&A text of the filing

Net earnings and diluted earnings per share

Lockheed Martin reported net earnings of $5.3 billion ($22.31 per share) in 2024 and $6.9 billion ($27.55 per share) in 2023. Weighted average common shares outstanding decreased by approximately 12.0 million in 2023 compared to the prior year.

Source · Based on the MD&A text of the filing

Operating cash flow and free cash flow

The company said operating cash flow decreased $948 million in 2024 compared to 2023, citing pension contributions of $990 million as a principal factor, and free cash flow decreased $942 million compared to 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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