Slide 1: 2nd Quarter 2025 Conference Call
2nd Quarter 2025 Conference Call July 22, 2025 Webcast login at: www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. ET July 22, 2025 at: www.lockheedmartin.com/investor James D. Taiclet Evan Scott Maria Ricciardone Audio replay available from 2:00 p.m. ET Chairman, Presi
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin’s current expectations and assumptions. The word
Slide 3: 2Q25: Positioning Lockheed Martin for the Future
2Q25: Positioning Lockheed Martin for the Future Financial Results Impacted by Necessary Actions to Focus on Growth Inflection Lockheed Martin Products are Once Again Proven in Theater F-35, F-22, PAC-3, THAAD, AEGIS Support in the Middle East Strong Demand Signal from the Administration and Budget
Slide 4: 2Q25 Financial Summary
2Q25 Financial Summary $18.2B $0.6B 3.1% Sales Segment Operating Profit* Segment Operating Margin* $1.46 0.7x ($0.2B) Earnings Per Share Book-to-Bill Ratio* Free Cash Flow* $0.8B $0.5B $0.8B of Independent Research of Share Repurchases in Dividends & Development and Capital Expenditures Returns to S
Slide 5: Aeronautics
F-35 Aeronautics 2nd Quarter ($M) Sales Operating Profit* $7,277 $7,420 $751 10.3% (1.3%) ($98) 2024 2025 2024 2025 Sales: Increased 2% Operating Profit: Decreased 113% Higher volume on F-35 production contracts, Due to lower profit booking rate adjustments, partially offset by lower volume at Skunk
Slide 6: Missiles & Fire Control
THAAD Missiles & Fire Control 2nd Quarter ($M) Sales Operating Profit* $3,433 $3,102 $479 $450 14.5% 14.0% 2024 2025 2024 2025 Sales: Increased 11% Operating Profit: Increased 6% Higher volume on multiple TSM programs, Higher volume and favorable mix, partially offset including JASSM/LRASM, HIMARS a
Slide 7: Rotary & Mission Systems
LRDR Rotary & Mission Systems 2nd Quarter ($M) Sales Operating Profit* $4,548 $3,995 $495 10.9% (4.3%) ($172) 2024 2025 2024 2025 Sales: Decreased 12% Operating Profit: Decreased 135% Lower volume at Sikorsky due to the CHMP and Due to lower profit booking rate adjustments, due TUHP program loss imp
Slide 8: Space
GPS III Space 2nd Quarter ($M) Sales Operating Profit* $3,195 $3,307 $346 $362 10.8% 10.9% 2024 2025 2024 2025 Sales: Increased 4% Operating Profit: Increased 5% Higher volume at CCS on Orion, and higher Higher profit booking rate adjustments, due to volume within SMD on NGI and FBM programs, favora
Slide 9: 2025 Outlook
2025 Outlook** April July ($M), Except for EPS Guidance Guidance Sales $73,750 - $74,750 $73,750 - $74,750 YoY Growth +4% - +5% +4% - +5% Segment Operating Profit* 8,100 - 8,200 6,600 - 6,700 Total FAS/CAS Pension Adjustment ~1,125 ~1,125 Diluted EPS 27.00 - 27.30 21.70 - 22.00 Cash from Operations
Slide 10: Summary
Summary Setup to Deliver 2nd Half Results and Full Year Outlook Focused on Operational Excellence to Achieve Customer Commitments Poised to Drive Long-term Growth & Value Creation for Shareholders 10
Slide 11: LOCKHEED MARTING
LOCKHEED MARTING
Slide 12: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today’s conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While management believes that these non-GAAP financial mea
Slide 13: Appendix I – Guidance Detail
Appendix I – Guidance Detail*** 2025 Outlook ($M), Except for EPS Sales $73,750 - $74,750 Segment Operating Profit* $6,600 - $6,700 Segment Margin* 9.0% FAS/CAS Operating Adjustment** ~$1,520 Other, net ~($590) Consolidated Operating Profit $7,530 - 7,630 Net-Operating FAS Pension Income** ~($395) I
Slide 14: Appendix II – Business Area Guidance
Appendix II – Business Area Guidance** Segment ($M) Sales Operating Profit* AERO $28,950 – 29,350 $2,000 – 2,040 MFC $14,050 – 14,350 $1,955 – 1,985 RMS $17,800 – 18,000 $1,335 – 1,355 SPACE $12,950 – 13,050 $1,310 – 1,320 LM Total $73,750 – 74,750 $6,600 – 6,700 14 *See Chart 12 for Definitions of
Slide 15: Appendix III - Pension
Appendix III - Pension 15 *See Chart 17 for Acronyms
Slide 16: Appendix IV – Acronyms
Appendix IV Acronyms GAAP – Generally Accepted Accounting Principles IWSS – Integrated Warfare Systems & Sensors EPS – Earnings per Share C6ISR – Command, Control, Communications, Computers, FAS – Financial Accounting Standards Cyber, Combat Systems, Intelligence, Surveillance & Reconnaissance CAS –