Lockheed Martin — the strategy behind it

Company profile

Industry: Guided Missiles & Space Vehicles & Parts
Listed: NYSE: LMT
Incorporated: MD
Headquarters: Bethesda, MD
Fiscal year end: Dec 31

Financials

FY2025

Revenue: $75.0B
Net income: $5.02B
Total assets: $59.8B

Lockheed Martin — reported revenue, net income and total assets by fiscal year, from SEC filings
Fiscal year	Revenue	Net income	Total assets
FY2025	$75.0B	$5.02B	$59.8B
FY2024	$71.0B	$5.34B	$55.6B
FY2023	$67.6B	$6.92B	$52.5B
FY2022	$66.0B	$5.73B	$52.9B
FY2021	$67.0B	$6.32B	$50.9B
FY2020	$65.4B	$6.83B	$50.7B

Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.

Run one of these yourself

The decisions Lockheed Martin faced, as kits you can run.

Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.

Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →

The analyses

The Money Machine · Business Model

Lockheed Built a Money Machine That Runs on a Jet That Can't Fly Most of the Time

The F-35 is a quarter of Lockheed's revenue and a fleet that's mission-capable just 44% of the time. The anchor isn't the plane - it's the spare parts and the data. But in 2025 Lockheed lost both next-gen fighters, and the harvest may have cost it the future.

8 min