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Lockheed Martin Corporation
NYSE: LMT · Bethesda, MD · four segments · ~123,000 employees
Net sales 2025
$75.0B
Backlog · year-end
$194B
U.S. Government share
72%
F-35 share of sales
27%
Free cash flow
$6.9B
Sales mix · % of 2025 net sales
Segments · 2025 sales · YoY
Aeronautics
+5.7%
F-35 is 67% of segment; 191 jets delivered
Missiles & Fire Control
+13.9%
PAC-3 seven-year framework agreement
Rotary & Mission Systems
+0.3%
$570M CMHP loss recognized
Space
+4.4%
Strategic and missile defense programs
Sources
Form 10-K · FY2025
Q4 2025 results · 2026-01-29
Form 10-Q · 2026-07-23
Read the federal book like a segment.
How much of this company's government revenue is funded, concentrated and exposed to recompete?
Ceiling, requested, enacted and obligated held apart
Programs, buying offices and vehicles behind the revenue
Corporate family resolved to the listed parent
Company · HII · open value by program, award grain
Public record
Program
Obligated
Open value
Runs to
DDG-51 Flight III multiyear · N00024-23-C-2307
$6.99B day one
$8.83B
2034
CVN-80/81 carrier construction
—
$7.18B
2036
Ceiling on the destroyer award
$15.81B
—
—
Funded obligations, Q2 2025 (record quarter)
$5.15B
—
Jun 30, 2025
Company backlog as printed
$56.9B
one number
Jul 31, 2025
The company prints backlog once a quarter as one figure. The record decomposes it by program, with end dates.
Market · defense revenue, 2025 · top primes ($B)
Public record
Lockheed Martin
$72.1B
RTX
$46.0B
General Dynamics
$39.4B
Northrop Grumman
$37.0B
BAE Systems
$36.0B
HII
$12.3B
DoD FY24 contract obligations
$445B
Defense News Top 100, 2026 edition. Five U.S. primes took 30% of the $445B DoD obligated on contracts in FY2024 (CRS).
See who is taking share, and from whom.
Where is government funding expanding, and which companies are capturing it?
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Screen · public primes · U.S. Government share of 2025 sales
Public record
Company
2025 sales
US Gov share
Backlog
Northrop Grumman · NYSE: NOC
$42.0B
84%
—
Lockheed Martin · NYSE: LMT
$75.0B
72%
$194B
RTX · NYSE: RTX
—
38%
$268B
Every figure from the company's FY2025 Form 10-K. Sort on any column; open each company.
Signals · THAAD interceptors · Lockheed Martin
Public record
Signal
Source
Value
When
NDAA conference: THAAD additional quantities
Conf. report
+$714.6M
Late 2025
Approps conference: accelerate multiyear
Conf. report
+$300M
Late 2025
Framework agreement announced
LMT release
FY26 funds named
Jan 29, 2026
Multiyear named; FY27–31 profile printed
Army J-book
$35.28B
Apr 21, 2026
Award: “up to $35B”, seven years
MDA
$842.87M obligated
Jun 24, 2026
Four of five signals arrived before the award headline.
Know what changed before the market does.
Marks, protests, ceilings, solicitations and awards, delivered as they print and attached to your names.
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If this mark is enacted, or this recompete is lost, which companies and programs change?
Budget marks, cuts and recompete outcomes applied to the graph
Change in funded exposure by company, program and segment
Assumptions listed with the result
Scenario · FY26 THAAD marks enacted · Δ above request
Public record
Committee action
Line
Δ vs request
Status
NDAA conference
THAAD additional quantities
+$714.6M
Enacted
Appropriations conference
Accelerate multiyear procurement
+$300.0M
Enacted
SAC-D
Production capacity
+$208.3M
Senate mark
Total above the FY26 request
Lockheed Martin, sole prime
+$1,222.9M
Each mark carries committee, amount and printed rationale. The award followed five months after the framework agreement.
Ask · sources attached
Public record
Which HII programs hold the most open contract value, and how long do they run?
Two programs carry most of it. The DDG-51 Flight III multiyear (N00024-23-C-2307) holds $8.83B of open value through 2034 against a $15.81B ceiling; CVN-80/81 holds $7.18B through 2036. Resolved across three contracting streams, the company's FY19–26 obligations total $61.1B. HII printed $56.9B of backlog on July 31, 2025.
FPDS · N00024-23-C-2307
SAM.gov · UEI C3NLZNSMU254
SAM.gov · UEI WMXDDH6HJNA5
HII 10-Q · Q2 2025
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Plain-language questions over the reconciled record. Sourced answers, not summaries of the web.
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What it reads
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Nine families of public documents, each on its own schedule and grain, resolved to the same companies, programs and offices. How the data is built →
Budget justification books
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