Company profile
SEC EDGAR ↗- 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
| 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.
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
The Money Machine · Business Model
Lockheed Owns the F-35's Blueprints. That's Its Moat — and Its Single Point of Failure.
Lockheed holds a monopoly on F-35 upgrades because the Pentagon forgot to buy the technical data. That lock-in delivers a $160.6B backlog — and concentrates 26% of revenue on one jet that has never hit its readiness targets.
8 min
The Cross-Subsidy · Business Model
The F-35's Real Business Is the Tail: $1.58 Trillion in Sustainment, Up 44% Since 2018
Everyone watches the jet's sticker price. The real money is the 60-year tail behind it: GAO now pegs F-35 sustainment at $1.58 trillion, up 44% since 2018. But the tidy razor-and-blades story is breaking down where readiness fails.
8 min