Slide 1: 3rd Quarter 2025 Conference Call
3rd Quarter 2025 Conference Call October 21, 2025 Webcast login at: www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. ET October 21, 2025 at: www.lockheedmartin.com/investor James D. Taiclet Evan Scott Maria Ricciardone Audio replay available from 2:00 p.m. ET Chairman,
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: 3Q25 Setup for Long-Term Growth
3Q25 Setup for Long-Term Growth New Pic? (Comms) Financial Results: Record Backlog and Solid Free Cash Flow Increased Demand for Battle-tested Systems F-35, JASSM/LRASM, PAC-3, CH-53K Investments in Innovation to Position for the Future Committed to Delivering Value to Shareholders 3
Slide 4: Delivering Solid Results in the 3rd Quarter
Delivering Solid Results in the 3rd Quarter $18.6B $2.0B 10.9% Sales Segment Operating Profit* Segment Operating Margin* $6.95 1.7x $3.3B Earnings Per Share Book-to-Bill Ratio* Free Cash Flow* $0.9B $1.0B $0.8B of Independent Research of Share Repurchases in Dividends & Development and Capital Expen
Slide 5: Aeronautics
Vectis Aeronautics 3rd Quarter ($M) Sales Operating Profit* $7,256 $682 $659 $6,487 10.2% 9.4% 2024 2025 2024 2025 Sales: Increased 12% Operating Profit: Increased 3% Higher volume on F-35 production and sustainment, Higher volume, partially offset by lower profit partially offset by lower classifie
Slide 6: Missiles & Fire Control
PAC-3 Missiles & Fire Control 3rd Quarter ($M) Sales Operating Profit* $3,624 $510 $3,175 $456 14.4% 14.1% 2024 2025 2024 2025 Sales: Increased 14% Operating Profit: Increased 12% Higher volume due to production ramps on Higher volume PAC-3, JASSM/LRASM, and PrSM 6 *See Chart 12 for Definitions of N
Slide 7: Rotary & Mission Systems
CH-53K® Rotary & Mission Systems 3rd Quarter ($M) Sales Operating Profit* $4,367 $4,373 $483 $506 11.1% 11.6% 2024 2025 2024 2025 Sales: Comparable Operating Profit: Increased 5% Higher volume at Sikorsky (primarily Black Hawk) Favorable mix, primarily at Sikorsky and C6ISR, offset by lower volume a
Slide 8: Space
FBM Space 3rd Quarter ($M) Sales Operating Profit* $3,356 $3,075 $331 $272 9.9% 8.8% 2024 2025 2024 2025 Sales: Increased 9% Operating Profit: Increased 22% Higher volume within SMD on FBM and NGI Higher profit booking rate adjustments, primarily programs, and higher volume at NSS on FBM, and higher
Slide 9: 2025 Outlook
2025 Outlook** July October ($M), Except for EPS Guidance Guidance Sales $73,750 - $74,750 $74,250 - $74,750 YoY Growth +4% - +5% +5% Segment Operating Profit* 6,600 - 6,700 6,675 - 6,725 Total FAS/CAS Pension Adjustment ~1,125 ~1,125 Diluted EPS 21.70 - 22.00 22.15 - 22.35 Cash from Operations 8,50
Slide 10: Lockheed Martin has Opportunity Ahead
Lockheed Martin has Opportunity Ahead Well Positioned to Achieve Full Year Results Investing to Unlock Growth Focused on Program Execution Creating Long-term Value for Shareholders 10
Slide 11: LOCKHEED MARTINZ
LOCKHEED MARTINZ
Slide 12: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today’s conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While management believes that these non-GAAP financial mea
Slide 13: Appendix I – Guidance Detail
Appendix I – Guidance Detail*** 2025 Outlook ($M), Except for EPS Sales $74,250 - $74,750 Segment Operating Profit* $6,675 - $6,725 Segment Margin* 9.0% FAS/CAS Operating Adjustment** ~$1,520 Other, net ~($610) Consolidated Operating Profit $7,585 - $7,635 Net-Operating FAS Pension Income** ~($395)
Slide 14: Appendix II – Business Area Guidance
Appendix II – Business Area Guidance** Segment ($M) Sales Operating Profit* AERO $29,550 – $29,750 $2,030 – $2,050 MFC $14,325 – $14,475 $1,995 – $2,005 RMS $17,350 – $17,450 $1,320 – $1,330 SPACE $13,025 – $13,075 $1,330 – $1,340 LM Total $74,250 – $74,750 $6,675 – $6,725 14 *See Chart 12 for Defin
Slide 15: Appendix III - Pension
Appendix III - Pension 15 *See Chart 16 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 –