Lockheed Martin Corporation Revenue & Financials

Lockheed Martin reported net sales of $71.0 billion for fiscal year 2024, representing a 5.3 percent increase from $67.6 billion in fiscal year 2023 and continuing a multi-year trajectory of steady revenue growth driven by elevated defense budgets and program execution across all four segments. Operating profit for FY2024 was approximately $7.8 billion, while net earnings attributable to the corporation were approximately $5.3 billion, reflecting elevated interest expense on the company's debt load and some discrete charges on classified programs within the Space segment. Diluted earnings per share for FY2024 came in at approximately $22.28, a figure that reflects both underlying earnings and an active share repurchase program that has reduced the diluted share count meaningfully over recent years. The company's capital allocation framework is one of the most shareholder-friendly in the defense sector. In FY2024, Lockheed Martin returned approximately $6.0 billion to shareholders through a combination of cash dividends — the quarterly dividend was raised to $3.15 per share in September 2024, representing the company's 22nd consecutive annual dividend increase — and share repurchases under an active buyback authorization. Free cash flow for FY2024 was approximately $6.2 billion, demonstrating the company's ability to convert contract revenues into actual cash despite the capital intensity of major program execution. The company's backlog — the contractual measure of future revenues under existing contracts — stood at approximately $176 billion at the end of FY2024, representing roughly 2.5 years of forward revenue coverage and providing extraordinary visibility into future financial performance. The book-to-bill ratio, which measures new orders against revenues recognized, exceeded 1.0 for the full year, indicating that the backlog is growing rather than being consumed, a healthy sign for sustained revenue trajectory. Long-term debt stood at approximately $19.8 billion at year-end 2024, a level that ratings agencies and analysts consider manageable given the consistency and predictability of the company's government contract cash flows.