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Sep 28, 2025
Lockheed Martin Q3 2025 Earnings Report
Lockheed Martin reported strong Q3 2025 results with increased revenue and sustained profitability.
Key Takeaways
Lockheed Martin saw solid revenue growth in Q3 2025, with net income holding steady year-over-year and a record-high backlog reflecting continued demand across all business areas.
Revenue rose to $18.609 billion from $17.104 billion year-over-year.
Net income remained stable at $1.619 billion despite a slightly higher tax rate.
Record $179 billion backlog reinforces long-term growth prospects.
Free cash flow surged to $3.347 billion, driven by F-35 contracts and lower taxes.
Revenue by Segment
Forward Guidance
Lockheed Martin maintained its positive 2025 outlook, with raised EPS guidance and continued strength in cash flow and sales, backed by strong contract momentum and production ramp-ups.
Positive Outlook
- Full-year EPS guidance raised to $22.15–$22.35.
- Sales outlook increased to ~$74.25–$74.75 billion.
- Record backlog supports future revenue growth.
- PAC-3 and CH-53K major contract wins boost outlook.
- Strong F-35 production with 143 jets delivered YTD.
Challenges Ahead
- Aeronautics margin compressed due to unfavorable profit adjustments.
- Higher tax rate due to reduced FDII deductions.
- Rotary & Mission Systems saw no year-over-year revenue growth.
- Lower operating profit in some segments vs. prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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