Q4 25 EPS
$5.80
BEAT +0.87%
Est. $5.75
Q4 25 Revenue
$20.32B
vs S&P Since Q4 25
-22.3%
TRAILING MARKET
LMT -18.2% vs S&P +4.1%
Full Year 2025 Results
FY 25 EPS
$21.49
BEAT +0.14%
Est. $21.46
FY 25 Revenue
$75.05B
BEAT +0.62%
Est. $74.58B
Market Reaction
Did LMT Beat Earnings? Q4 2025 Results
Lockheed Martin closed out 2025 on a high note, posting Q4 earnings per share of $5.80 against a consensus estimate of $5.75, a beat of 0.87%, while revenue of $20.32 billion topped expectations of $19.86 billion by 2.34% and grew 9.1% year-over-year… Read more Lockheed Martin closed out 2025 on a high note, posting Q4 earnings per share of $5.80 against a consensus estimate of $5.75, a beat of 0.87%, while revenue of $20.32 billion topped expectations of $19.86 billion by 2.34% and grew 9.1% year-over-year. The standout driver behind the quarter's strength was a dramatic reversal at the Missiles and Fire Control segment, which swung from an $804 million operating loss in Q4 2024 to a $535 million profit this period, fueled by production ramp-ups across JASSM, LRASM, PAC-3, and precision fires programs. That turnaround, combined with broad-based growth across all four business segments, helped lift full-year sales to $75.05 billion and pushed the company's backlog to a record $194 billion, a figure that underscores sustained demand for its platforms. Looking ahead, management guided 2026 revenue to $77.50 billion–$80.00 billion, with diluted EPS of $29.35–$30.25 and free cash flow of $6.50 billion–$6.80 billion.
Key Takeaways
- • F-35 program higher volume on production and sustainment contracts drove Aeronautics sales growth
- • Tactical and strike missile production ramp-up (JASSM, LRASM, precision fires) drove MFC sales growth of 18% in Q4
- • PAC-3 integrated air and missile defense programs contributed $180 million of Q4 MFC sales increase
- • Favorable prior-year comparison due to $1.7 billion classified program losses in Q4 2024
- • Integrated warfare systems and sensors (IWSS) radar and River Class Destroyer programs drove RMS growth
- • Strategic and missile defense programs (NGI and FBM) drove Space segment growth
- • Record backlog of $194 billion at end of 2025
LMT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
LMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“With a record $194 billion backlog, 6% year-over-year sales growth, and free cash flow generation above our prior expectation, 2025 marked a year of unprecedented demand for Lockheed Martin capabilities. This escalating demand for our signature programs and systems has been driven by combat-proven performance over recent years that has already been again demonstrated in 2026. During the U.S. military's recent Operation Absolute Resolve, F-35 and F-22 fighter jets, RQ-170 stealth drones, and Sikorsky Black Hawk helicopters were decisive contributors to enable American soldier, sailors, marines, and airmen to successfully execute extremely difficult missions and return safely.”
— Jim Taiclet, Q4 2025 Earnings Press Release
LMT Earnings Trends
LMT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LMT EPS Trend
Earnings per share: estimate vs actual
LMT Revenue Trend
Quarterly revenue: estimate vs actual
LMT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $6.44 | — | $18.02B | — |
| Q4 25 BEAT FY | $5.75 | $5.80 | +0.87% | $20.32B | — |
| FY Full Year | $21.46 | $21.49 | +0.14% | $75.05B | +0.62% |
| Q3 25 BEAT | $6.35 | $6.95 | +9.45% | $18.61B | +0.47% |
| Q2 25 MISS | $6.57 | $1.46 | -77.79% | $18.16B | -2.30% |
| Q1 25 BEAT | $6.31 | $7.28 | +15.30% | $17.96B | +0.89% |