# EDGAR Filing Document

**Accession Number:** 0000936468
**File Stem:** 0001628280-25-035502
**Filing Date:** 2025-7
**Character Count:** 78419
**Document Hash:** e4ecd75cd7fd72fc6c7140734ebfe790
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035502.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001628280-25-035502

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250722

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOCKHEED MARTIN CORP
- **CENTRAL INDEX KEY:** 0000936468
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 521893632
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11437
- **FILM NUMBER:** 251138688

**BUSINESS ADDRESS:**
- **STREET 1:** 6801 ROCKLEDGE DR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20817
- **BUSINESS PHONE:** 3018976000

**MAIL ADDRESS:**
- **STREET 1:** 6801 ROCKLEDGE DRIVE
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20817

?xml version='1.0' encoding='ASCII'? lmt-20250722

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934** 

Date of Report (Date of earliest event reported): **July 22, 2025** 

**LOCKHEED MARTIN CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Maryland** | **Maryland** | **1-11437** | **52-1893632** |
| (State or other jurisdiction | (State or other jurisdiction | (Commission file number) | (IRS Employer |
| of incorporation) | of incorporation) | | Identification No.) |
| **6801 Rockledge Drive** | **6801 Rockledge Drive** | | |
| **Bethesda,** | **Maryland** | | **20817** |
| (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |

---

**(301) 897-6000** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $1 par value | LMT | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

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**Item 2.02 Results of Operations and Financial Condition.**

On July 22, 2025, Lockheed Martin Corporation issued a news release reporting its financial results for the quarter ended June 29, 2025. A copy of the news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Lockheed Martin Corporation News Release dated July 22, 2025 (earnings release reporting Lockheed Martin Corporation's financial results for the quarter ended June 29, 2025).](ex991q22025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | <u>Lockheed Martin Corporation</u> |
| | | (Registrant) |
| Date: July 22, 2025 | By: | /s/ H. Edward Paul III |
|  |  | H. Edward Paul III |
|  |  | Vice President and Controller |

---

## Exhibit 99.1

**Exhibit 99.1**

![lm-logoxbluexrgb2022_modifa.jpg](lm-logoxbluexrgb2022_modifa.jpg)

***News Release***

**Lockheed Martin Reports Second Quarter 2025 Financial Results**

**• Sales of $18.2 billion**

**• Recorded pre-tax losses on programs of $1.6 billion and other charges of $169 million, which impacted earnings per share by $5.83**

**• Net earnings of $342 million, or $1.46 per share, including impacts of program losses and other charges**

**• Cash from operations of $201 million and free cash flow of $(150) million**

**• Returned $1.3 billion of cash to shareholders through dividends and share repurchases**

**• Reaffirming 2025 guidance for sales and free cash flow**

**BETHESDA, Md.,** July 22, 2025 – Lockheed Martin Corporation [NYSE: LMT] today reported second quarter 2025 sales of $18.2 billion, compared to $18.1 billion in the second quarter of 2024. Net earnings in the second quarter of 2025 were $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges. This compares to $1.6 billion, or $6.85 per share, in the second quarter of 2024. Cash from operations was $201 million in the second quarter of 2025, compared to $1.9 billion in the second quarter of 2024. Free cash flow was $(150) million in the second quarter of 2025, compared to $1.5 billion in the second quarter of 2024.

"Over the course of the past few months, Lockheed Martin systems and platforms once again proved highly effective in combat operations and in deterring further aggression. Our F-35s, F-22s, PAC-3, THAAD, Aegis and many others, crewed by the soldiers, aircrews, sailors, marines and guardians of the U.S. and its Allies, and supported by our own dedicated teammates, performed extremely well in the most crucial and challenging situations," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "Based in part on this record of performance as well as the promise of several advanced technologies in development, our U.S. and allied customers are asking us to elevate and accelerate many key programs. For example, several allied nations have recently announced additional F-35 purchases, the U.S. Army has awarded more than $1 billion in missile-related contracts so far, and the U.S. Space Force is ordering additional GPS IIIF satellites. At the same time, our ongoing program review process identified new developments that caused us to re-evaluate the financial position on a set of major legacy programs. As a result, we are taking a number of charges this quarter to address these newly identified risks. We remain committed to delivering these critical capabilities that our customers are counting on and are fully focused on the growth inflection we expect as the result of heightened interest and demand for Lockheed Martin's products and technologies.

"Overall, the company's foundation remains solid and resilient. In the second quarter, sales of $18 billion grew sequentially, as we continued to drive supply chain improvements and ramp capacity on needed deterrent capabilities. In addition, we invested $800 million in infrastructure and innovation for growth and returned $1.3 billion to shareholders through dividends and share repurchases. We are maintaining full year 2025 guidance for sales, cash from operations, capital expense, free cash flow, and share repurchases. The program charges taken in the quarter – which resulted from our ongoing rigorous monitoring and review processes – are a necessary step as we continue to take action to improve program execution. We're investing in emerging technologies, and as a proven mission integrator, we remain well positioned to support critical programs like the Golden Dome for America. Our relentless focus on operational performance combined with our disciplined capital allocation strategy will enable us to deliver value to our shareholders, while providing the advanced solutions that America and its allies need to maintain peace through strength for decades to come."

------

**<u>Program Losses and Other Charges</u>**

During the second quarter, the Company took important steps to address challenges on a classified program at its Aeronautics business segment and certain international helicopter programs at its Sikorsky business unit.. The Company also recognized other charges related to asset impairments and a tax matter as described below.

**Aeronautics Classified Program** – Aeronautics has experienced design, integration, and test challenges, as well as other performance issues on this program. These trends continued into 2025 and had a greater impact on schedule and costs than previously estimated. As a result, Aeronautics performed a comprehensive review of its program execution and management processes to achieve the technical requirements of the program, which was completed in the second quarter. Based on this review and ongoing discussions with the customer and suppliers, Aeronautics made significant changes to its processes and testing approach, resulting in significant updates to the program's schedule and cost estimates. As a result, during the second quarter of 2025 the Company recognized additional pretax reach-forward losses of $950 million on the program.

**Canadian Maritime Helicopter Program (CMHP)** – The Company is in ongoing discussions with the customer regarding a potential restructure to certain contractual terms and conditions and to expand the scope of work that would be beneficial to both parties. Communications with the customer during the second quarter of 2025 led to subsequent decisions made by the Company to focus on providing additional mission capabilities, enhanced logistical support, fleet life extension, and revised expectations regarding flight hours. As a result of revised cost and sales estimates for the program during the second quarter of 2025, the Company recognized additional pretax losses of $570 million on this program in RMS' financial results.

**Türkish Utility Helicopter Program (TUHP)** – The Company has been discussing a potential mutually agreeable framework to restructure the program, including changing the scope of work. In light of the status of the continuing discussions with the customer and the current status of the program, RMS revised its cost and sales estimates for this program. As a result, during the second quarter of 2025, the Company recognized additional pretax reach-forward losses of $95 million on this program in RMS' financial results.

**Other Charges** – During the second quarter of 2025, the company recognized a charge of $66 million primarily for the write-off of fixed assets resulting from the U.S. Air Force's Next Generation Air Dominance (NGAD) down-select decision. The company also recognized a charge of $103 million related to uncertain tax positions as part of its income tax expense, resulting from the Internal Revenue Service's proposed adjustments to its tax accounting method change for certain manufacturing contracts.

The table below provides supplemental information regarding the impacts of the program losses and other charges described above.

---

| | | |
|:---|:---|:---|
| | (in millions, except per share data) | **Quarter Ended** |
| | | **June 29,<br>2025** |
| | &nbsp;&nbsp;Aeronautics classified program loss | **(950)** |
| | &nbsp;&nbsp;CMHP program loss | **(570)** |
| | &nbsp;&nbsp;TUHP program loss | **(95)** |
| | &nbsp;&nbsp;**Business segment operating profit** | **(1615)** |
| | &nbsp;&nbsp;Fixed asset write-off | **(66)** |
| | &nbsp;&nbsp;Unallocated other<sup>1</sup> | **81** |
| | &nbsp;&nbsp;**Consolidated operating profit** | **(1600)** |
| | &nbsp;&nbsp;Income tax benefit<sup>2</sup> | **233** |
| | &nbsp;&nbsp;**Net earnings** | **(1367)** |
| | &nbsp;&nbsp;Weighted average shares outstanding | **234.3** |
| | &nbsp;&nbsp;**Diluted earnings per share** | **(5.83)** |
| 1 | Reflects the state income tax impact associated with the program losses based on a blended state tax rate of 5%. | Reflects the state income tax impact associated with the program losses based on a blended state tax rate of 5%. |
| 2 | Reflects the federal income tax impact associated with the program losses and fixed asset write-off net of the associated state income tax impacts based on a federal tax rate of 21%, partially offset by the charge of $103 million associated with the uncertain tax position. | Reflects the federal income tax impact associated with the program losses and fixed asset write-off net of the associated state income tax impacts based on a federal tax rate of 21%, partially offset by the charge of $103 million associated with the uncertain tax position. |

---

------

**<u>Summary Financial Results</u>**

The following table presents the company's summary financial results:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (in millions, except per share data) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
| | | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| | **Sales** | $**18155** | $18122 | $**36118** | $35317 |
| | **Business segment operating profit**<sup>1,2</sup> | $**571** | $2042 | $**2656** | $3787 |
| | &nbsp;&nbsp;&nbsp;Unallocated items | | | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;FAS/CAS pension operating adjustment | **379** | 406 | **758** | 812 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Impairment and other charges<sup>3</sup> | **(66)** | (87) | **(66)** | (87) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization expense | **(63)** | (61) | **(127)** | (122) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(73)** | (152) | **(101)** | (213) |
| | &nbsp;&nbsp;&nbsp;Total unallocated items | **177** | 106 | **464** | 390 |
| | **Consolidated operating profit** | $**748** | $2148 | $**3120** | $4177 |
| | **Net earnings**<sup>4</sup> | $**342** | $1641 | $**2054** | $3186 |
| | **Diluted earnings per share** | $**1.46** | $6.85 | $**8.75** | $13.24 |
| | **Cash from operations** | $**201** | $1876 | $**1610** | $3511 |
| | &nbsp;&nbsp;&nbsp;Capital expenditures | **(351)** | (370) | **(805)** | (748) |
| | **Free cash flow**<sup>1</sup> | $**(150)** | $1506 | $**805** | $2763 |
| 1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. |
| 2 | As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. |
| 3 | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. |
| 4 | Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. | Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. | Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. | Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. | Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. |

---

Cash from operations in the second quarter of 2025 was $201 million with free cash flow of $(150) million compared to $1.9 billion with $1.5 billion in free cash flow in the second quarter of 2024. The decrease in cash from operations was primarily due to an increase in working capital, which is defined as receivables, contract assets, and inventories less accounts payable and contract liabilities. This increase in working capital was driven by four main factors: production and invoice timing impacting receivables, primarily related to the F-35 program at Aeronautics; an increase in contract assets as a result of the timing of milestones, also primarily related to the F-35 program at Aeronautics; an increase in Sikorsky inventory at RMS; and billing cycles impacting contract liabilities primarily related to national security space programs at Space. The decrease in free cash flows was primarily due to these cash from operations drivers.

The company's cash activities in the quarter ended June 29, 2025, included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** paying cash dividends of $771 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** paying $500 million to repurchase 1.0 million shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving net proceeds of $1.4 billion from the issuance of commercial paper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** making a scheduled repayment of $142 million of long-term debt.

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**<u>2025 Financial Outlook</u>**

The company's financial outlook for 2025 and other sections of this news release contain forward-looking statements, which reflect the company's judgment based on the information available at the time of this news release. The financial outlook for 2025 does not include the evolving impacts of tariffs or related recoveries, or Executive Orders issued by the Administration. Additionally, it is the company's practice not to incorporate adjustments into its financial outlook for proposed or potential acquisitions, divestitures, ventures, future gains or losses related to changes in valuations of the company's net assets and liabilities for deferred compensation plans or early-stage company investments, pension annuity contracts or discretionary contributions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. Actual results may differ materially from those projected. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.

---

| | | | |
|:---|:---|:---|:---|
| | (in millions, except per share data) | **Current Update** | **April 2025** |
| | Sales | | |
| | Business segment operating profit<sup>1</sup> | | |
| | Total FAS/CAS pension adjustment | | |
| | Diluted earnings per share | | |
| | Cash from operations | | |
| | &nbsp;&nbsp;Capital expenditures | **~$73,750 - $74,750**<br>**~$6,600 - $6,700**<br>**~$1,125**<br>**~$21.70 - $22.00**<br>**~$8,500 - $8,700**<br>**~$1,900** | ~$73,750 - $74,750<br>~$8,100 - $8,200<br>~$1,125<br>~$27.00 - $27.30<br>~$8,500 - $8,700<br>~$1,900 |
| | Free cash flow<sup>1</sup> | **~$6,600 - $6,800** | ~$6,600 - $6,800 |
| 1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. |

---

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**<u>Segment Results</u>**

The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (in millions) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
| | | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| | **Sales** | | | | |
| | &nbsp;&nbsp;&nbsp;Aeronautics | $**7420** | $7277 | $**14477** | $14122 |
| | &nbsp;&nbsp;&nbsp;Missiles and Fire Control | **3433** | 3102 | **6806** | 6095 |
| | &nbsp;&nbsp;&nbsp;Rotary and Mission Systems | **3995** | 4548 | **8323** | 8636 |
| | &nbsp;&nbsp;&nbsp;Space | **3307** | 3195 | **6512** | 6464 |
| | **Total sales** | $**18155** | $18122 | $**36118** | $35317 |
| | **Operating profit (loss)** | | | | |
| | &nbsp;&nbsp;Aeronautics<sup>1</sup> | $**(98)** | $751 | $**622** | $1430 |
| | &nbsp;&nbsp;&nbsp;Missiles and Fire Control | **479** | 450 | **944** | 761 |
| | &nbsp;&nbsp;Rotary and Mission Systems<sup>2</sup> | **(172)** | 495 | **349** | 925 |
| | &nbsp;&nbsp;&nbsp;Space | **362** | 346 | **741** | 671 |
| | **Total business segment operating profit** | **571** | 2042 | **2656** | 3787 |
| | &nbsp;&nbsp;&nbsp;Unallocated items | | | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAS/CAS operating adjustment | **379** | 406 | **758** | 812 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other charges<sup>3</sup>  | **(66)** | (87) | **(66)** | (87) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization expense | **(63)** | (61) | **(127)** | (122) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(73)** | (152) | **(101)** | (213) |
| | &nbsp;&nbsp;&nbsp;Total unallocated items | **177** | 106 | **464** | 390 |
| | **Total consolidated operating profit** | $**748** | $2148 | $**3120** | $4177 |
| 1 | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment as previously described. |
| 2 | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described. |
| 3 | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. |

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For information on factors impacting comparability of the company's segment sales, operating profit and operating margins, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024.

Consolidated net profit booking rate adjustments decreased segment operating profit by approximately $1.0 billion in the quarter ended June 29, 2025, which includes, as previously described, a loss of $950 million on a classified program at Aeronautics, and losses of $570 million on CMHP and $95 million on TUHP at RMS. Consolidated net profit booking rate adjustments increased segment operating profit by approximately $420 million in the quarter ended June 30, 2024.

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**Aeronautics** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Sales** | $**7420** | $7277 | $**14477** | $14122 |
| **Operating (loss) profit** | **(98)** | 751 | **622** | 1430 |
| **Operating margin** | **(1.3** **%)** | 10.3% | **4.3%** | 10.1% |

---

Aeronautics' sales during the quarter ended June 29, 2025 increased $143 million, or 2%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $470 million on the F-35 program due to higher volume on production contracts. This increase was partially offset by a $360 million unfavorable cumulative adjustment to sales driven by the loss on a classified contract as previously described.

Aeronautics' operating profit during the quarter ended June 29, 2025 decreased $849 million, or 113%, compared to the same period in 2024. The decrease was attributable to the previously described $950 million reach forward loss recognized on a classified contract, which was partially offset by a $90 million increase on the F-35 program due to higher profit booking rate adjustments and volume as described above.

------

**Missiles and Fire Control**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Sales** | $**3433** | $3102 | $**6806** | $6095 |
| **Operating profit** | **479** | 450 | **944** | 761 |
| **Operating margin** | **14.0%** | 14.5% | **13.9%** | 12.5% |

---

MFC's sales during the quarter ended June 29, 2025 increased $331 million, or 11%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $330 million on tactical and strike missile programs due to production ramp-up on Joint Air-to-Surface Standoff Missile (JASSM), Long Range Anti-Ship Missile (LRASM) and precision fires programs.

MFC's operating profit during the quarter ended June 29, 2025 increased $29 million, or 6%, compared to the same period in 2024. This increase was attributable to three primary factors: a $35 million increase from production ramp up as described above, and a $25 million increase from favorable contract mix; partially offset by a $25 million decrease in profit booking rate adjustments. The decrease in profit booking rate adjustments was primarily due to lower favorable profit adjustments on Patriot Advanced Capability-3 (PAC-3).

------

**Rotary and Mission Systems**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Sales** | $**3995** | $4548 | $**8323** | $8636 |
| **Operating (loss) profit** | **(172)** | 495 | **349** | 925 |
| **Operating margin** | **(4.3** **%)** | 10.9% | **4.2%** | 10.7% |

---

RMS' sales during the quarter ended June 29, 2025 decreased $553 million, or 12%, compared to the same period in 2024. The decrease was primarily attributable to lower net sales of $370 million on Sikorsky helicopter programs due to the unfavorable cumulative adjustments to sales driven by recognizing losses on CMHP and TUHP as previously described, and lower production volume on Seahawk programs; and a $145 million decrease on integrated warfare systems and sensors (IWSS) programs due to lower volume on radar and the Canadian Surface Combatant (CSC) programs.

RMS' operating profit during the quarter ended June 29, 2025 decreased $667 million, or 135%, compared to the same period in 2024. This decrease was attributable to a $610 million decrease in profit booking rate adjustments primarily due to a $570 million loss recognized on CMHP and a $95 million loss recognized on TUHP as previously described.

------

**Space** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Sales** | $**3307** | $3195 | $**6512** | $6464 |
| **Operating profit** | **362** | 346 | **741** | 671 |
| **Operating margin** | **10.9%** | 10.8% | **11.4%** | 10.4% |

---

Space's sales during the quarter ended June 29, 2025 increased $112 million, or 4%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $115 million for commercial civil space programs primarily due to higher volume on the Orion program; and $80 million for strategic and missile defense programs due to higher volume on Next Generation Interceptor (NGI) and Fleet Ballistic Missile (FBM) programs. These increases were partially offset by a decrease of $95 million on national security space programs due to program lifecycle on the Next Generation Overhead Persistent Infrared (Next Gen OPIR) system.

Space's operating profit during the quarter ended June 29, 2025 increased $16 million, or 5%, compared to the same period in 2024. This increase was attributable to a $20 million increase in profit booking rate adjustments primarily due to favorable performance at completion on certain commercial civil space programs.

Total equity earnings (ULA) represented approximately $10 million, or 3%, of Space's operating profit for both the quarter ended June 29, 2025, and the same period in 2024.

------

**<u>Income Taxes</u>**

The company's effective income tax rate was 18.0% and 15.8% for the quarters ended June 29, 2025 and June 30, 2024. The higher effective income tax rate for the quarter was primarily attributable to increased interest expense on the company's uncertain tax position partially offset by changes in pre-tax earnings due to program losses previously described. The rates for all periods benefited from tax deductions for foreign derived intangible income, research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.

**<u>Use of Non-GAAP Financial Measures</u>**

This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.

**Business segment operating profit**

Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.

---

| | | | |
|:---|:---|:---|:---|
| | (in millions) | **Current Update** | **April 2025** |
| | **Business segment operating profit (non-GAAP)** | | |
| | &nbsp;&nbsp;&nbsp;FAS/CAS operating adjustment<sup>1</sup> | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization expense | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **~$6,600 - $6,700**<br>**~1,520**<br>**~(255)**<br>**~(335)** | ~$8,100 - $8,200<br>~1,520<br>~(240)<br>~(465) |
| | **Consolidated operating profit (GAAP)** | **~$7,530 - $7,630** | ~$8,915 - $9,015 |
| 1 | Reflects the amount by which total CAS pension cost of $1.6 billion exceeds FAS pension service cost and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating adjustment. | Reflects the amount by which total CAS pension cost of $1.6 billion exceeds FAS pension service cost and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating adjustment. | Reflects the amount by which total CAS pension cost of $1.6 billion exceeds FAS pension service cost and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating adjustment. |

---

**Free cash flow**

Free cash flow is cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity and it is a performance goal in the company's annual and long-term incentive plans. The company believes free cash flow is a useful measure for investors because it represents the amount of cash generated from operations after reinvesting in the business and that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entire free cash flow amount is not necessarily available for discretionary expenditures, however, because it does not account for certain mandatory expenditures, such as the repayment of maturing debt and future pension contributions.

------

**<u>Webcast and Conference Call Information</u>**

Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Tuesday, July 22, 2025, at 11:00 a.m. ET on the Lockheed Martin Investor Relations website at <u>www.lockheedmartin.com/investor</u>. The accompanying presentation slides and relevant financial charts are also available at <u>www.lockheedmartin.com/investor</u>.

For additional information, visit the company's website: <u>www.lockheedmartin.com</u>.

**<u>About Lockheed Martin</u>**

Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at <u>www.lockheedmartin.com</u>.

\# \# \#

**Media Contacts:**

Corporate Communications

+1 301-214-3030, <u>media.relations@lmco.com</u>

**Investor Relations Contacts:**

Maria Ricciardone, Vice President, Treasurer and Investor Relations

Christopher Fritz, Director, Investor Relations

+1 301-897-6800, <u>investor.relations@lmco.com</u>

------

**<u>Forward-Looking Statements</u>**

This news release 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 words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;• the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms;

&nbsp;&nbsp;&nbsp;&nbsp;• budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and the potential for government shutdowns, and changing funding and acquisition priorities;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments;

&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to recover costs under U.S. Government contracts and the mix of fixed-price and cost-reimbursable contracts;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), treatment of contractor performance issues, and contractor access to competitive opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance), joint venture partners, subcontractors and customers;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;economic, industry, business and political conditions including their effects on governmental policy;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the impact of inflation and other cost pressures;

&nbsp;&nbsp;&nbsp;&nbsp;• government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification);

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;changes in non-U.S. national priorities and government budgets and planned orders;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the competitive environment for the company's products and services;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to benefit fully from or adequately protect its intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cyber or other security threats or other disruptions faced by the company or its suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the accuracy of the company's estimates and projections;

------

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated settlement charges;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the company's efforts to increase the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the availability and adequacy of the company's insurance and indemnities;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;compliance with laws, regulations, policies, and customer requirements relating to environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems.

These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.

The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.

------

**Lockheed Martin Corporation**

**Consolidated Statements of Earnings**<sup>1</sup>

**(unaudited; in millions, except per share data)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
| | **Sales** | $**18155** |  | $18122 |  | $**36118** |  | $35317 |  |
| | Operating costs and expenses<sup>2</sup> | **(17421)** | | (15992) | | **(33061)** | | (31194) | |
| | Gross profit | **734** |  | 2130 |  | **3057** |  | 4123 |  |
| | Other income, net | **14** | | 18 | | **63** | | 54 | |
| | **Operating profit**<sup>3</sup> | **748** |  | 2148 |  | **3120** |  | 4177 |  |
| | Interest expense | **(274)** |  | (261) |  | **(542)** |  | (516) |  |
| | Non-service FAS pension (expense) income | **(99)** |  | 15 |  | **(197)** |  | 31 |  |
| | Other non-operating income, net | **42** | | 46 | | **72** | | 91 | |
| | Earnings before income taxes | **417** |  | 1948 |  | **2453** |  | 3783 |  |
| | Income tax expense<sup>4</sup> | **(75)** | | (307) | | **(399)** | | (597) | |
| | **Net earnings** | $**342** | | $1641 | | $**2054** | | $3186 | |
| | &nbsp;&nbsp;&nbsp;Effective tax rate | **18.0** | **%** | 15.8 | % | **16.3** | **%** | 15.8 | % |
| | **Earnings per common share** | | | | | | | | |
| | &nbsp;&nbsp;&nbsp;Basic | $**1.46** |  | $6.87 |  | $**8.78** |  | $13.29 |  |
| | &nbsp;&nbsp;&nbsp;Diluted | $**1.46** |  | $6.85 |  | $**8.75** |  | $13.24 |  |
| | **Weighted average shares outstanding** | | | | | | | | |
| | &nbsp;&nbsp;&nbsp;Basic | **233.5** |  | 238.9 |  | **234.0** |  | 239.8 |  |
| | &nbsp;&nbsp;&nbsp;Diluted | **234.3** |  | 239.6 |  | **234.8** |  | 240.6 |  |
| | Common shares reported in stockholders' <br> equity at end of period | | | | | **232** |  | 237 |  |
| 1 | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. |
| 2 | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. | Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. |
| 3 | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. | As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. |
| 4 | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. | Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. |

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**Lockheed Martin Corporation**

**Business Segment Summary Operating Results**

**(unaudited; in millions)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarters Ended** | **Quarters Ended** | | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | |
| | | **June 29,<br>2025** | **June 30,<br>2024** |<br>**% Change** | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |<br>**% Change** |
| | **Sales** | | | | | | | | |
| | &nbsp;&nbsp;&nbsp;Aeronautics | **7420** | 7277 | 2% | $**14477** |  | $14122 |  | 3% |
| | &nbsp;&nbsp;&nbsp;Missiles and Fire Control | **3433** | 3102 | 11% | **6806** |  | 6095 |  | 12% |
| | &nbsp;&nbsp;&nbsp;Rotary and Mission Systems | **3995** | 4548 | (12%) | **8323** |  | 8636 |  | (4%) |
| | &nbsp;&nbsp;&nbsp;Space | **3307** | 3195 | 4% | **6512** | | 6464 | | 1% |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Total sales** | **18155** | 18122 | —% | $**36118** | | $35317 | | 2% |
| | **Operating profit (loss)** | | | | | | | | |
| | &nbsp;&nbsp;Aeronautics<sup>1</sup> | **(98)** | 751 | (113%) | $**622** |  | $1430 |  | (57%) |
| | &nbsp;&nbsp;&nbsp;Missiles and Fire Control | **479** | 450 | 6% | **944** |  | 761 |  | 24% |
| | &nbsp;&nbsp;Rotary and Mission Systems<sup>2</sup> | **(172)** | 495 | (135%) | **349** |  | 925 |  | (62%) |
| | &nbsp;&nbsp;&nbsp;Space | **362** | 346 | 5% | **741** | | 671 | | 10% |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Total business segment operating profit** | **571** | 2042 | (72%) | **2656** |  | 3787 |  | (30%) |
| | **Unallocated items** | | | | | | | | |
| | &nbsp;&nbsp;&nbsp;FAS/CAS operating adjustment | **379** | 406 | | **758** |  | 812 |  | |
| | &nbsp;&nbsp;&nbsp;Impairment and other charges | **(66)** | (87) | | **(66)** |  | (87) |  | |
| | &nbsp;&nbsp;&nbsp;Intangible asset amortization expense | **(63)** | (61) | | **(127)** |  | (122) |  | |
| | &nbsp;&nbsp;&nbsp;Other, net | **(73)** | (152) | | **(101)** | | (213) | | |
| | **Total unallocated items** | **177** | 106 | 67% | **464** | | 390 | | 19% |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated operating profit** | **748** | 2148 | (65%) | $**3120** | | $4177 | | (25%) |
| | **Operating margin** | | | | | | | | |
| | &nbsp;&nbsp;Aeronautics<sup>1</sup> | **(1.3%)** | 10.3% | | **4.3** | **%** | 10.1 | % | |
| | &nbsp;&nbsp;&nbsp;Missiles and Fire Control | **14.0%** | 14.5% | | **13.9** | **%** | 12.5 | % | |
| | &nbsp;&nbsp;Rotary and Mission Systems<sup>2</sup> | **(4.3%)** | 10.9% | | **4.2** | **%** | 10.7 | % | |
| | &nbsp;&nbsp;&nbsp;Space | **10.9%** | 10.8% | | **11.4** | **%** | 10.4 | % | |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Total business segment operating margin** | **3.1%** | 11.3% | | **7.4** | **%** | 10.7 | % | |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated operating margin** | **4.1%** | 11.9% | | **8.6** | **%** | 11.8 | % | |
| 1 | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. |
| 2 | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. | Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. |

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------

**Lockheed Martin Corporation**

**Consolidated Balance Sheets**

**(in millions, except par value)**

---

| | | |
|:---|:---|:---|
| | **June 29,<br>2025** | **Dec. 31,<br>2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**1293** | $2483 |
| &nbsp;&nbsp;&nbsp;Receivables, net | **3306** | 2351 |
| &nbsp;&nbsp;&nbsp;Contract assets | **14896** | 12957 |
| &nbsp;&nbsp;&nbsp;Inventories | **3699** | 3474 |
| &nbsp;&nbsp;&nbsp;Other current assets | **794** | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **23988** | 21849 |
| Property, plant and equipment, net | **8670** | 8726 |
| Goodwill | **11309** | 11067 |
| Intangible assets, net | **2013** | 2015 |
| Deferred income taxes | **4070** | 3557 |
| Other noncurrent assets | **8820** | 8403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**58870** | $55617 |
| **Liabilities and equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $**3653** | $2222 |
| &nbsp;&nbsp;&nbsp;Salaries, benefits and payroll taxes | **2761** | 3125 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | **9861** | 9795 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt and commercial paper | **3118** | 643 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **4961** | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **24354** | 19420 |
| Long-term debt, net | **18520** | 19627 |
| Accrued pension liabilities | **4838** | 4791 |
| Other noncurrent liabilities | **5824** | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **53536** | 49284 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $1 par value per share | **232** | 234 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | **—** |  |
| &nbsp;&nbsp;&nbsp;Retained earnings | **13259** | 14551 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(8157)** | (8452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **5334** | 6333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**58870** | $55617 |

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------

**Lockheed Martin Corporation**

**Consolidated Statements of Cash Flows**

**(unaudited; in millions)** 

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| **Operating activities** | | |
| Net earnings | $**2054** | $3186 |
| Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **796** | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **141** | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(561)** | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment and other charges | **66** | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Program losses | **1615** | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | **(955)** | (798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **(2178)** | (724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(461)** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **1500** | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | **(360)** | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **251** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualified defined benefit pension plans | **223** | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(521)** | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **1610** | 3511 |
| **Investing activities** |  |  |
| Capital expenditures | **(805)** | (748) |
| Other, net | **(340)** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used for) investing activities** | **(1145)** | (744) |
| **Financing activities** |  |  |
| Issuance of long-term debt, net of related costs | **—** | 1980 |
| Repayments of long-term debt | **(142)** | (168) |
| Proceeds from commercial paper, net | **1449** |  |
| Repurchases of common stock | **(1250)** | (1850) |
| Dividends paid | **(1567)** | (1532) |
| Other, net | **(145)** | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used for) financing activities** | **(1655)** | (1686) |
| **Net change in cash and cash equivalents** | **(1190)** | 1081 |
| **Cash and cash equivalents at beginning of period** | **2483** | 1442 |
| **Cash and cash equivalents at end of period** | $**1293** | $2523 |

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------

**Lockheed Martin Corporation**

**Selected Financial Data**

**(unaudited; in millions)**

---

| | | |
|:---|:---|:---|
| | **2025<br>Outlook** | **2024<br>Actual** |
| **Total FAS (expense) income and CAS cost** | | |
| &nbsp;&nbsp;&nbsp;FAS pension (expense) income | $**(445)** | $2 |
| &nbsp;&nbsp;Less: CAS pension cost | **1570** | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total FAS/CAS pension adjustment | $**1125** | $1686 |
| **Service and non-service cost reconciliation** |  |  |
| &nbsp;&nbsp;&nbsp;FAS pension service cost | $**(50)** | $(60) |
| &nbsp;&nbsp;&nbsp;Less: CAS pension cost | **1570** | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAS/CAS pension operating adjustment | **1520** | 1624 |
| &nbsp;&nbsp;Non-service FAS pension (expense) income | **(395)** | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total FAS/CAS pension adjustment | $**1125** | $1686 |

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**Lockheed Martin Corporation**

**Other Financial and Operating Information**

**(unaudited; in millions, except for aircraft deliveries and weeks)**

---

| | | |
|:---|:---|:---|
| **Backlog** | **June 29,<br>2025** | **Dec. 31,<br>2024** |
| Aeronautics | $**52165** | $62763 |
| Missiles and Fire Control | **40250** | 38783 |
| Rotary and Mission Systems | **38584** | 38117 |
| Space | **35531** | 36377 |
| &nbsp;&nbsp;**Total backlog** | $**166530** | $176040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
| **Aircraft Deliveries** | **June 29,<br>2025** | **June 30,<br>2024** | **June 29,<br>2025** | **June 30,<br>2024** |
| F-35 | **50** |  | **97** |  |
| F-16 | **3** | 4 | **7** | 7 |
| C-130J | **1** | 5 | **2** | 9 |
| Government helicopter programs | **24** | 10 | **33** | 23 |
| Commercial helicopter programs | **—** |  | **1** |  |
| International military helicopter programs | **—** | 5 | **—** | 5 |

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| | | | |
|:---|:---|:---|:---|
| | **Number of Weeks in Reporting Period**<sup>1</sup> | **2025** | **2024** |
| | First quarter | **13** | 13 |
| | Second quarter | **13** | 13 |
| | Third quarter | **13** | 13 |
| | Fourth quarter | **13** | 13 |
| 1 | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods. | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods. | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods. |

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