Lockheed Martin Corporation (LMT) Balance Sheet
LMT balance sheet, 2025
December 31, 2025 · U.S. dollars$59.84B assets = $53.12B liabilities + $6.72B equity
Both columns are drawn to the same scale: what LMT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LMT financial health
Descriptive bands, not a rating. Fiscal 2025.
LMT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $47.81B2016 | $59.84B2025 | +2.5%/yr | |
| Total liabilities | $46.20B2016 | $53.12B2025 | +1.6%/yr | |
| Shareholders’ equity | $1.61B2016 | $6.72B2025 | +17.2%/yr | |
| Cash & short-term investments | $1.84B2016 | $4.12B2025 | +9.4%/yr | |
| Total debt | $16.05B2016 | $21.70B2025 | +3.4%/yr | |
| Net cash (debt) | −$14.21B2016 | −$17.58B2025 | −$3.4B | |
| Working capital | $2.57B2016 | $2.03B2025 | −$539.0M | |
| Book value per share | $5.302016 | $28.982025 | +20.8%/yr | |
| Current ratio | 1.202016 | 1.092025 | −0.12 | |
| Debt / equity | 9.992016 | 3.232025 | −6.76 | |
| Shares outstanding | 303.1M2016 | 231.9M2025 | −2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LMT assets
LMT liabilities and equity
LMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LMT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.12B | $2.48B | $1.44B | $2.55B | $3.60B | $3.16B | $1.51B | $772.0M | $2.86B | $1.84B |
| Cash & equivalents | $4.12B | $2.48B | $1.44B | $2.55B | $3.60B | $3.16B | $1.51B | $772.0M | $2.86B | $1.84B |
| Short-term investments | — | — | $2.41B | — | — | — | — | — | $0 | $0 |
| Receivables | $16.90B | $15.31B | $15.31B | $14.82B | $12.54B | $11.52B | $11.43B | $11.92B | $10.26B | $8.20B |
| Inventory | $3.52B | $3.47B | $3.13B | $3.09B | $2.98B | $3.54B | $3.62B | $3.00B | $4.49B | $4.67B |
| Other current assets | $815.0M | $584.0M | $632.0M | $533.0M | $688.0M | $1.15B | $531.0M | $418.0M | $0 | $399.0M |
| Total current assets | $25.36B | $21.85B | $20.52B | $20.99B | $19.82B | $19.38B | $17.09B | $16.10B | $17.46B | $15.11B |
| Property, plant & equipment (net) | $9.85B | $8.73B | $8.37B | $7.97B | $7.60B | $7.21B | $6.59B | $6.12B | $5.78B | $5.55B |
| Goodwill & intangible assets | $15.62B | $13.08B | $13.01B | $13.24B | $13.52B | $13.82B | $13.82B | $14.26B | $14.60B | $14.86B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $1.20B | $1.20B | $1.40B | $1.40B |
| Other non-current assets | $9.01B | $11.96B | $10.55B | $10.68B | $9.94B | $10.30B | $8.82B | $7.19B | $7.28B | $10.89B |
| Total assets | $59.84B | $55.62B | $52.46B | $52.88B | $50.87B | $50.71B | $47.53B | $44.88B | $46.52B | $47.81B |
| Liabilities | ||||||||||
| Accounts payable | $3.63B | $2.22B | $2.31B | $2.12B | $780.0M | $880.0M | $1.28B | $2.40B | $1.47B | $1.65B |
| Short-term debt | $1.17B | $643.0M | $168.0M | $118.0M | $6.0M | $500.0M | $1.25B | $1.50B | $750.0M | $1.76B |
| Deferred revenue | $11.44B | $9.79B | $9.19B | $8.49B | $8.11B | $7.54B | $7.05B | $6.49B | $6.75B | $6.78B |
| Total current liabilities | $23.34B | $19.42B | $16.94B | $15.89B | $14.00B | $13.93B | $13.97B | $14.40B | $12.64B | $12.54B |
| Long-term debt | $20.53B | $19.63B | $17.29B | $15.43B | $11.67B | $11.67B | $11.40B | $12.60B | $13.51B | $14.28B |
| Other long-term liabilities | $9.25B | $10.24B | $11.39B | $12.30B | $14.25B | $19.07B | $18.98B | $16.43B | $20.98B | $19.38B |
| Total liabilities | $53.12B | $49.28B | $45.62B | $43.61B | $39.91B | $44.67B | $44.36B | $43.43B | $47.13B | $46.20B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $229.0M | $234.0M | $240.0M | $254.0M | $271.0M | $279.0M | $280.0M | $281.0M | $284.0M | $289.0M |
| Retained earnings (deficit) | $14.03B | $14.55B | $15.40B | $16.94B | $21.60B | $21.64B | $18.40B | $15.43B | $11.57B | $13.32B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$7.54B | −$8.45B | −$8.80B | −$8.02B | −$11.01B | −$16.12B | −$15.55B | −$14.32B | −$12.54B | −$12.10B |
| Minority interest | — | — | — | — | — | $23.0M | $44.0M | $55.0M | $74.0M | $95.0M |
| Total shareholders' equity | $6.72B | $6.33B | $6.83B | $9.27B | $10.96B | $6.01B | $3.13B | $1.39B | −$683.0M | $1.61B |
| Key figures | ||||||||||
| Total debt | $21.70B | $20.27B | $17.46B | $15.55B | $11.68B | $12.17B | $12.65B | $14.10B | $14.26B | $16.05B |
| Net cash (debt) | −$17.58B | −$17.79B | −$16.02B | −$13.00B | −$8.07B | −$9.01B | −$11.14B | −$13.33B | −$11.40B | −$14.21B |
| Working capital | $2.03B | $2.43B | $3.58B | $5.10B | $5.82B | $5.45B | $3.12B | $1.71B | $4.82B | $2.57B |
| Tangible book value | −$8.90B | −$6.75B | −$6.18B | −$3.97B | −$2.56B | −$7.80B | −$10.69B | −$12.87B | −$15.29B | −$13.25B |
| Book value per share | $28.98 | $26.48 | $27.21 | $35.02 | $39.51 | $21.39 | $11.02 | $4.86 | −$2.35 | $5.30 |
| Shares outstanding | 231.9M | 239.2M | 251.2M | 264.6M | 277.4M | 281.2M | 283.8M | 286.8M | 290.6M | 303.1M |
| Current ratio | 1.09 | 1.13 | 1.21 | 1.32 | 1.42 | 1.39 | 1.22 | 1.12 | 1.38 | 1.20 |
| Quick ratio | 0.90 | 0.92 | 0.99 | 1.09 | 1.15 | 1.05 | 0.93 | 0.88 | 1.04 | 0.80 |
| Debt / equity | 3.23 | 3.20 | 2.55 | 1.68 | 1.07 | 2.02 | 4.05 | 10.12 | — | 9.99 |
| Equity / assets | 11.2% | 11.4% | 13.0% | 17.5% | 21.5% | 11.9% | 6.6% | 3.1% | −1.5% | 3.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.79B | $1.89B | $4.12B | $3.47B | $1.29B | $1.80B | $2.48B | $3.15B | $2.52B | $2.79B | $1.44B | $3.55B |
| Cash & equivalents | $3.79B | $1.89B | $4.12B | $3.47B | $1.29B | $1.80B | $2.48B | $3.15B | $2.52B | $2.79B | $1.44B | $3.55B |
| Receivables | $3.36B | $18.21B | $16.90B | $17.79B | $18.20B | $16.70B | $15.31B | $16.36B | $16.84B | $16.31B | $15.31B | $16.01B |
| Inventory | $4.41B | $4.25B | $3.52B | $3.75B | $3.70B | $3.60B | $3.47B | $3.23B | $3.10B | $3.28B | $3.13B | $3.31B |
| Other current assets | $16.84B | $728.0M | $815.0M | $924.0M | $794.0M | $698.0M | $584.0M | $461.0M | $510.0M | $583.0M | $632.0M | $449.0M |
| Total current assets | $28.40B | $25.08B | $25.36B | $25.94B | $23.99B | $22.80B | $21.85B | $23.21B | $22.97B | $22.96B | $20.52B | $23.32B |
| Property, plant & equipment (net) | $11.39B | $11.28B | $9.85B | $8.72B | $8.67B | $8.71B | $8.73B | $8.45B | $8.39B | $8.35B | $8.37B | $8.05B |
| Goodwill & intangible assets | $13.09B | $13.14B | $15.62B | $13.26B | $13.32B | $13.03B | $13.08B | $12.78B | $12.83B | $12.94B | $13.01B | $13.06B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9.57B | $9.73B | $9.01B | $12.36B | $12.89B | $12.13B | $11.96B | $11.08B | $10.89B | $10.71B | $10.55B | $12.24B |
| Total assets | $62.45B | $59.24B | $59.84B | $60.28B | $58.87B | $56.67B | $55.62B | $55.52B | $55.08B | $54.96B | $52.46B | $56.67B |
| Liabilities | ||||||||||||
| Accounts payable | $4.92B | $4.71B | $3.63B | $3.83B | $3.65B | $3.82B | $2.22B | $3.22B | $3.28B | $3.52B | $2.31B | $3.82B |
| Short-term debt | — | $168.0M | $1.17B | $1.67B | $3.12B | $1.64B | $643.0M | $142.0M | $142.0M | $168.0M | $168.0M | $168.0M |
| Deferred revenue | $12.15B | $10.73B | $11.44B | $10.26B | $9.86B | $9.38B | $9.79B | $9.05B | $9.18B | $8.74B | $9.19B | $7.94B |
| Total current liabilities | $23.81B | $22.09B | $23.34B | $22.97B | $24.35B | $21.19B | $19.42B | $17.81B | $18.49B | $17.70B | $16.94B | $17.19B |
| Long-term debt | $20.54B | $20.53B | $20.53B | $20.52B | $18.52B | $18.66B | $19.63B | $19.18B | $19.11B | $19.25B | $17.29B | $17.22B |
| Other long-term liabilities | $9.34B | $9.13B | $9.25B | $10.60B | $10.66B | $10.14B | $10.24B | $11.33B | $11.29B | $11.36B | $11.39B | $12.98B |
| Total liabilities | $53.68B | $51.75B | $53.12B | $54.09B | $53.54B | $49.99B | $49.28B | $48.32B | $48.90B | $48.31B | $45.62B | $47.39B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $230.0M | $230.0M | $229.0M | $230.0M | $232.0M | $233.0M | $234.0M | $236.0M | $237.0M | $239.0M | $240.0M | $247.0M |
| Retained earnings (deficit) | $15.76B | $14.72B | $14.03B | $14.05B | $13.26B | $14.77B | $14.55B | $15.66B | $14.71B | $15.22B | $15.40B | $17.07B |
| Accumulated other comprehensive income | −$7.47B | −$7.50B | −$7.54B | −$8.10B | −$8.16B | −$8.32B | −$8.45B | −$8.69B | −$8.77B | −$8.81B | −$8.80B | −$8.15B |
| Total shareholders' equity | $8.77B | $7.49B | $6.72B | $6.18B | $5.33B | $6.68B | $6.33B | $7.20B | $6.17B | $6.65B | $6.83B | $9.27B |
| Key figures | ||||||||||||
| Total debt | $20.54B | $20.70B | $21.70B | $22.19B | $21.64B | $20.30B | $20.27B | $19.32B | $19.26B | $19.42B | $17.46B | $17.39B |
| Net cash (debt) | −$16.75B | −$18.80B | −$17.58B | −$18.72B | −$20.34B | −$18.50B | −$17.79B | −$16.17B | −$16.73B | −$16.63B | −$16.02B | −$13.84B |
| Working capital | $4.59B | $2.99B | $2.03B | $2.96B | −$366.0M | $1.61B | $2.43B | $5.40B | $4.47B | $5.26B | $3.58B | $6.13B |
| Tangible book value | −$4.32B | −$5.65B | −$8.90B | −$7.08B | −$7.99B | −$6.34B | −$6.75B | −$5.58B | −$6.65B | −$6.29B | −$6.18B | −$3.78B |
| Book value per share | $37.94 | $32.41 | $28.98 | $26.55 | $22.77 | $28.40 | $26.72 | $30.18 | $25.77 | $27.52 | $27.77 | $37.07 |
| Shares outstanding | 231.1M | 231.1M | 231.9M | 232.8M | 234.3M | 235.3M | 237.0M | 238.6M | 239.6M | 241.6M | 246.1M | 250.2M |
| Current ratio | 1.19 | 1.14 | 1.09 | 1.13 | 0.98 | 1.08 | 1.13 | 1.30 | 1.24 | 1.30 | 1.21 | 1.36 |
| Quick ratio | 0.30 | 0.91 | 0.90 | 0.93 | 0.80 | 0.87 | 0.92 | 1.10 | 1.05 | 1.08 | 0.99 | 1.14 |
| Debt / equity | 2.34 | 2.76 | 3.23 | 3.59 | 4.06 | 3.04 | 3.20 | 2.68 | 3.12 | 2.92 | 2.55 | 1.88 |
| Equity / assets | 14.0% | 12.6% | 11.2% | 10.3% | 9.1% | 11.8% | 11.4% | 13.0% | 11.2% | 12.1% | 13.0% | 16.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 29, 2026); data from EODHD.
LMT financial position
At the end of fiscal 2025 (December 31, 2025), Lockheed Martin had total assets of $59.8 billion (up 7.6% from a year earlier), total liabilities of $53.1 billion and shareholders' equity of $6.7 billion. It held $4.1 billion in cash and short-term investments against $21.7 billion of debt, net debt of $17.6 billion. Its current ratio was 1.09. In the latest quarter (ended June 30, 2026) total assets were $62.5 billion and equity $8.8 billion.
Related: LMT income statement, LMT cash flow statement, LMT key metrics. See the LMT stock overview for the latest quote and news.
LMT balance sheet FAQ
What are Lockheed Martin's total assets?
Lockheed Martin reported total assets of $59.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $55.6 billion a year earlier.
How much debt does Lockheed Martin have?
Lockheed Martin had $21.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.23.
How much cash does Lockheed Martin have?
Lockheed Martin held $4.1 billion in cash and short-term investments at the end of fiscal 2025; with $21.7 billion of debt that is net debt of $17.6 billion.
What is Lockheed Martin's book value?
Lockheed Martin's shareholders' equity (book value) was $6.7 billion at the end of fiscal 2025, or $28.98 per share.
What is Lockheed Martin's current ratio?
Lockheed Martin had current assets of $25.4 billion and current liabilities of $23.3 billion, a current ratio of 1.09 (it can cover its short-term obligations).
How much goodwill does Lockheed Martin have?
Lockheed Martin carried $15.6 billion of goodwill and intangible assets, 26.1% of total assets, at the end of fiscal 2025.