Slide 1: Fourth Quarter 2025 Conference Call
Fourth Quarter 2025 Conference Call January 29, 2026 James D. Taiclet Chairman, President and CEO Evan Scott Chief Financial Officer Maria Ricciardone Vice President, Treasurer & Investor Relations
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: 4Q 2025 Financial Highlights
4Q 2025 Financial Highlights $20.3B $2.1B 10.1% Sales Segment Operating Profit* Segment Operating Margin* $5.80 1.7x $2.8B Earnings Per Share Book-to-Bill Ratio* Free Cash Flow* 3 *See Chart 11 for Definitions of Non-GAAP Measures and Other Performance Metrics
Slide 4: FY 2025 Financial Highlights
FY 2025 Financial Highlights $75.0B $6.7B 9.0% Sales Segment Operating Profit* Segment Operating Margin* $21.49 1.2x $6.9B Earnings Per Share Book-to-Bill Ratio* Free Cash Flow* $3.0B $3.1B $3.6B of Share Repurchases in Dividends of Independent Research & Development and Capital Expenditures 4 *See
Slide 5: Aeronautics
X-59 First Flight Aeronautics Sales Operating Profit* 4th Quarter ($M) $8,524 Sales: Increased 6% $782 Higher sales on classified programs due to the $8,009 absence of prior year classified program charges, 9.2% higher F-35 volume, and favorable F-35 contract mix $434 Operating Profit: Increased 80%
Slide 6: Missiles & Fire Control
HIMARS Missiles & Fire Control Sales Operating Profit* 4th Quarter ($M) $535 $4,020 Sales: Increased 18% 13.3% Higher volume due to production ramps on precision fires programs and existing PAC-3 contracts $3,412 (23.6%) Operating Profit Higher profit booking rate adjustments due to $(804) absence o
Slide 7: Rotary & Mission Systems
U-Hawk Rotary & Mission Systems Sales Operating Profit* 4th Quarter ($M) $4,616 $3,415 $3,171 Sales: Increased 8% $4,261 $513 Higher volume on IWSS (Radar, RCD) and Black $468 Hawk programs 12.0% 10.1% Operating Profit: Decreased (9%) Unfavorable Black Hawk programs profit booking rate adjustments,
Slide 8: Space
SDA T3TL Space Sales Operating Profit* 4th Quarter ($M) Sales: Increased 8% $3,161 $2,940 $283 Higher volume within SMD (NGI, FBM), NSS $273 (Transport Layer) and commercial civil (Orion) 9.6% 8.6% Operating Profit: Decreased (4%) Lower ULA equity earnings, partially offset by higher sales volume 20
Slide 9: Outlook
Outlook 2026 ($M), Except for EPS Outlook Sales $77,500 - $80,000 YoY Growth +5% Segment Operating Profit* 8,425 - 8,675 Total FAS/CAS Pension Adjustment ~1,365 Diluted EPS 29.35 - 30.25 Cash from Operations 9,150 - 9,450 Capital Expenditures 2,500 - 2,800 Free Cash Flow* 6,500 – 6,800 9 *See Chart
Slide 10: LOCKHEED MARTIN
LOCKHEED MARTINZ
Slide 11: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today’s conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While management believes that these non-GAAP financial mea
Slide 12: Appendix I – Guidance Detail
Appendix I – Guidance Detail 2026 Outlook ($M), Except for EPS Sales $77,500 - $80,000 Segment Operating Profit* $8,425 - $8,675 Segment Margin* 10.9% FAS/CAS Operating Adjustment** ~$1,685 Other, net ~($675) Consolidated Operating Profit $9,435 - 9,685 Net-Operating FAS Pension Income** ~($320) Int
Slide 13: Appendix II – Business Area Guidance
Appendix II – Business Area Guidance Segment ($M) Sales Operating Profit* AERO $30,500 – 31,500 $2,975 – 3,075 MFC $16,100 – 16,900 $2,235 – 2,315 RMS $17,400 – 17,800 $1,830 – 1,870 SPACE $13,500 – 13,800 $1,385 – 1,415 LM Total $77,500 – 80,000 $8,425 – 8,675 13 *See Chart 11 for Definitions of No
Slide 14: Appendix III - Pension
Appendix III - Pension 14 *See Chart 15 for Acronyms
Slide 15: Appendix IV – Acronyms
Appendix IV Acronyms GAAP – Generally Accepted Accounting Principles CMHP – Canadian Maritime Helicopter Program EPS – Earnings per Share TUHP – Turkish Utility Helicopter Program FAS – Financial Accounting Standards IWSS – Integrated Warfare Systems & Sensors CAS – Cost Accounting Standards TLS – T