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Arphra AIPlain-English read on Lockheed Martin Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $67.04B | $65.98B | $67.57B | $71.04B | $75.06B | $79.16B | $83.48B | $88.15B | $89.9B |
| Cost of revenue | $57.98B | $57.7B | $59.09B | $64.11B | $67.43B | $69.98B | $72.28B | $78.83B | $82.17B |
| Gross profit | $9.06B | $8.29B | $8.48B | $6.93B | $7.62B | $8.57B | $8.93B | $9.46B | $9.66B |
| Gross margin | +13.52% | +12.56% | +12.55% | +9.75% | +10.15% | +10.82% | +10.70% | +10.73% | +10.75% |
| Operating | |||||||||
| Research & development | $1.5B | $1.7B | $1.5B | $1.6B | $2B | $1.94B | $2.02B | $2.12B | $2.11B |
| Selling, general & administrative | $1.24B | $865M | $499M | $137M | $50M | $265.56M | $278.48M | $291.13M | $293.27M |
| Total operating expenses | -$62M | -$61M | -$28M | -$83M | -$112M | -$80.47M | -$87.55M | -$89.73M | -$89.79M |
| Operating income | $9.12B | $8.35B | $8.51B | $7.01B | $7.73B | $8.32B | $9.3B | $9.37B | $9.91B |
| Operating margin | +13.61% | +12.65% | +12.59% | +9.87% | +10.30% | +10.51% | +11.14% | +10.63% | +11.02% |
| EBITDA | $9.48B | $8.71B | $10.44B | $8.82B | $7.75B | $9.81B | $10.38B | $11.16B | $11.32B |
| EBIT | $8.12B | $7.3B | $9.01B | $7.26B | $7.04B | $8.93B | $9.26B | $9.45B | $10.11B |
| Below the line | |||||||||
| Interest expense | $569M | $623M | $916M | $1.04B | $1.12B | $1.12B | $1.22B | $1.27B | $1.32B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$1.57B | -$1.67B | -$409M | -$793M | -$1.81B | — | — | — | — |
| Pre-tax income | $7.55B | $6.68B | $8.1B | $6.22B | $5.92B | $7.49B | $8B | $8.28B | $8.49B |
| Income tax expense | $1.24B | $948M | $1.18B | $884M | $905M | $1.12B | $1.18B | $1.26B | $1.27B |
| Earnings | |||||||||
| Net income | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B | $6.36B | $6.69B | $7.16B | $7.23B |
| Net income · continuing ops | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B | $6.5B | $6.81B | $7.04B | $7.48B |
| Net margin | +9.42% | +8.69% | +10.24% | +7.51% | +6.68% | +8.03% | +8.01% | +8.12% | +8.05% |
| EPS · basic | $22.85 | $21.74 | $27.65 | $22.39 | $21.56 | $29.83 | $32.60 | $34.57 | $36.74 |
| EPS · diluted | $22.77 | $21.66 | $27.55 | $22.31 | $21.49 | $29.93 | $32.03 | $34.06 | $36.46 |
| EPS · low estimate | — | — | — | — | — | $29.53 | $31.04 | $30.55 | $35.62 |
| EPS · high estimate | — | — | — | — | — | $30.26 | $34.41 | $36.86 | $37.20 |
| Shares · basic | 276.4M | 263.7M | 250.3M | 238.3M | 230.9M | 231.69M | 231.49M | 231.94M | 230.16M |
| Shares · diluted | 277.4M | 264.6M | 251.2M | 239.2M | 231.9M | 230.63M | 234.05M | 231.39M | 233.22M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 14 | 8 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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