Anduril vs Lockheed Martin: Revenue, Profit and Business Model
Anduril reported $2.2B of revenue in FY2025 and — of net income. Lockheed Martin reported $75B of revenue in FY2025 and $5B of net income.
Latest financial snapshot
Anduril
- Latest revenue
- $2.2B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +109.8% a year, FY2023–FY2025
Lockheed Martin
- Latest revenue
- $75B (FY2025)
- Net income
- $5B
- Net margin
- 6.7%
- Revenue growth
- +5.3% a year, FY2016–FY2025
Financial summary
Anduril
Anduril is private and publishes no audited accounts, so its figures come from company statements and reporting. Revenue was reported at about $500 million for 2023, roughly $1 billion for 2024 and $2.2 billion for 2025, with annual contract value of about $1.5 billion at the start of 2025. The company has raised more than $11 billion across eight rounds, including $200 million at a $1.9 billion valuation in July 2020, $1.5 billion at $14 billion in August 2024, $2.5 billion at $30.5 billion in June 2025 and $5 billion at $61 billion in May 2026, the last led by Thrive Capital and Andreessen Horowitz. That capital pays for factories and for research Anduril funds itself, which is why its own balance sheet, rather than a cost-plus contract, carries development risk.
Lockheed Martin
Lockheed Martin's net sales grew from $65.4 billion in 2020 to $71.0 billion in 2024 and $75.0 billion in 2025. Profitability was weaker: 2025 net earnings were $5.0 billion ($21.49 per diluted share), down from $5.3 billion in 2024 and $6.9 billion in 2023, mainly because of program loss charges. Free cash flow was $6.9 billion in 2025. Results rebounded in 2026: second-quarter sales rose 11% to $20.1 billion, net earnings reached $1.8 billion ($7.94 per share), and free cash flow was $2.9 billion. On July 23, 2026 management raised full-year guidance to $79.75-$81.75 billion of sales, $29.95-$30.65 of diluted EPS, and $7.0-$7.2 billion of free cash flow. The company returns most of its free cash flow through dividends and buybacks.
Revenue and profit by year
Anduril
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +120.0% | Source |
| FY2024 | $1B | — | 0.0% | +100.0% | Source |
| FY2023 | $500M | — | 0.0% | — | Source |
Lockheed Martin
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $75B | $5B | 6.7% | +5.6% | Source |
| FY2024 | $71B | $5.3B | 7.5% | +5.1% | Source |
| FY2023 | $67.6B | $6.9B | 10.2% | +2.4% | Source |
| FY2022 | $66B | $5.7B | 8.7% | -1.6% | Source |
| FY2021 | $67B | $6.3B | 9.4% | +2.5% | Source |
| FY2020 | $65.4B | $6.8B | 10.4% | +9.3% | Source |
| FY2019 | $59.8B | $6.2B | 10.4% | +11.3% | Source |
| FY2018 | $53.8B | $5B | 9.4% | +7.6% | Source |
| FY2017 | $50B | $2B | 3.9% | +5.6% | Source |
| FY2016 | $47.3B | $5.2B | 10.9% | — | Source |
Where the revenue comes from
Anduril
- Autonomous air and counter-drone systems
Hardware deliveries and sustainment for Roadrunner, Anvil, Pulsar electronic warfare and sentry towers, including the US Special Operations Command counter-drone integration contract and a US Marine Corps interceptor production contract awarded in March 2025.
- Collaborative combat aircraft and tactical drones
Development and production work on the YFQ-44A Fury for US Air Force CCA Increment 1, plus Ghost and ALTIUS air vehicles and Barracuda munitions.
- Lattice software and integration
Recurring licenses and integration work for Lattice across US services and allied ministries, including the March 2026 US Army ordering vehicle with a $20 billion ceiling for Anduril commercial products.
- Maritime autonomy, propulsion and space
Ghost Shark and Dive-LD undersea vehicles, solid rocket motors from the former Adranos plant in Mississippi, and space domain awareness work expanded by the ExoAnalytic Solutions purchase in 2026.
Lockheed Martin
- Aeronautics (F-35, F-16, C-130J, Skunk Works)~40%
Aeronautics generated about $28.6 billion of 2024 net sales. The F-35 program, including production, sustainment and TR-3/Block 4 upgrades, accounts for the large majority of the segment, alongside F-16 Block 70 production for international customers, the C-130J and classified Skunk Works development.
- Rotary and Mission Systems (Sikorsky, Aegis, radars)~24%
Rotary and Mission Systems generated about $17.3 billion of 2024 net sales from Sikorsky helicopters such as the Black Hawk, CH-53K and Seahawk, the Aegis combat system, radars, command-and-control, training and cyber programs.
- Missiles and Fire Control (PAC-3, THAAD, GMLRS, Javelin)~18%
Missiles and Fire Control generated about $12.7 billion of 2024 net sales from PAC-3 MSE and THAAD interceptors, GMLRS rockets, HIMARS launchers, PrSM, Javelin (with RTX), JASSM/LRASM and sensors. It is the segment driving the largest production ramp in 2025-2026.
- Space (GPS III, missile warning, Orion, Trident II D5)~18%
Space generated about $12.5 billion of 2024 net sales from national security and NASA satellites, the Orion spacecraft, Trident II D5 strategic missiles, the Next Generation Interceptor and hypersonic programs, plus equity earnings from the United Launch Alliance joint venture with Boeing.
Business model and strategy
Anduril
How it makes money
Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. Lattice is the tie that binds the catalog: sentry towers, drones, interceptors and undersea vehicles feed sensor data into it, the software is licensed on recurring agreements, and fielded systems keep receiving updates.
Growth strategy
Anduril's strategy is to hold prime positions on programs of record rather than supply subsystems to other primes, and to buy specialist teams when it needs a capability: Area-I for air-launched effects, Dive Technologies for undersea vehicles, Adranos for solid rocket motors, Blue Force Technologies for the Fury airframe, Numerica's radar and command-and-control business, and ExoAnalytic Solutions for space tracking…
Competitive advantage
Anduril's advantage is cycle time plus ownership of its own designs. Because it pays for development up front, it can show a working system instead of a proposal: the YFQ-44A Fury flew on 31 October 2025, about 18 months after the Air Force picked its design, and fired a live AIM-120 in July 2026, the first air-to-air missile shot by a US collaborative combat aircraft.
Lockheed Martin
How it makes money
Lockheed Martin sells to governments rather than consumers. In 2024, about 73% of net sales came from the U.S. government (including foreign military sales routed through it) and about 26% from international customers.
Growth strategy
Lockheed's growth plan centers on expanding munitions capacity, with multi-year agreements to raise PAC-3 MSE and THAAD output, plus GMLRS, PrSM and Javelin production.
Competitive advantage
Lockheed Martin's edge comes from incumbency on programs that are hard to move: it is the prime contractor for the F-35, the PAC-3 MSE interceptor, THAAD, GPS III and the Trident II D5 missile, and each carries decades of sustainment work.
Questions about Anduril vs Lockheed Martin
Which company has higher revenue — Anduril Industries, Inc. or Lockheed Martin Corporation?
Anduril Industries, Inc. reported $2.2B (FY2025), while Lockheed Martin Corporation reported $75.0B (FY2025). By last reported revenue, Lockheed Martin Corporation is the larger business, with Anduril Industries, Inc. reporting a smaller revenue base.
What is the market cap of Anduril Industries, Inc. vs Lockheed Martin Corporation?
Lockheed Martin Corporation has a market capitalisation of $120.5B. A public market cap figure for Anduril Industries, Inc. was not available (it may be privately held).
Which is more financially efficient — Anduril Industries, Inc. or Lockheed Martin Corporation?
Anduril Industries, Inc. generates $275k / employee in revenue per employee, while Lockheed Martin Corporation generates $610k / employee. Lockheed Martin Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anduril Industries, Inc. and Lockheed Martin Corporation make money?
Anduril Industries, Inc. and Lockheed Martin Corporation generate revenue in fundamentally different ways. Anduril Industries, Inc.: Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. Lockheed Martin Corporation: Lockheed Martin sells to governments rather than consumers.
Is Anduril Industries, Inc. bigger than Lockheed Martin Corporation?
By last reported revenue, Lockheed Martin Corporation ($75.0B (FY2025)) is the larger company compared to Anduril Industries, Inc. ($2.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Anduril vs Lockheed Martin overview