Lockheed Martin reported $18.6 billion in fiscal 2025 third-quarter sales, up 9 percent from $17.1 billion in the same period last year, a record backlog of $179 billion and Q3 net earnings of $1.6 billion, or $6.95 per share.
In an earnings release published Tuesday, the Bethesda, Maryland-based aerospace and defense contractor said it returned $1.8 billion in cash to shareholders through share repurchases and dividends.
The company increased its quarterly dividend by 5 percent to $3.45 per share.
Cash from operations was $3.7 billion and free cash flow was $3.3 billion during the third quarter of 2025.
CEO Jim Taiclet on Backlog, F-35, Golden Dome
“Our record $179 billion backlog—more than two and a half years of sales—underscores the trust our customers place in us and underpins our company’s long-term growth prospects. Major contract awards for the CH-53K and PAC-3 MSE programs are the largest ever for our Rotary and Mission Systems and Missiles and Fire Control businesses, respectively,” Jim Taiclet, chairman, president and CEO of Lockheed, said in a statement.
“Additionally, in close collaboration with our customers, we finalized the contracts covering Lots 18 and 19 of the F-35 early in the fourth quarter. Lockheed Martin has delivered a record 143 F-35 Lightning II jets through the end of the third quarter,” added Taiclet, a two-time Wash100 awardee.
The chief executive reiterated Lockheed’s readiness to support the U.S. government’s next-generation missile defense shield project, Golden Dome for America.
“The Homeland Defense Mission, including Golden Dome for America, is one opportunity for which Lockheed Martin Corporation is ready and well-positioned with existing products, expertise, and production capabilities. Although details of the initiative’s architecture and acquisition plan continue to take shape, the space domain is expected to play a vital role and Lockheed Martin Corporation continues to make significant progress to advance space-based defense,” Taiclet told analysts at an earnings call Tuesday.
During the call, the Lockheed executive also cited the company’s partnership with other vendors to support major defense initiatives like Golden Dome.
“We have a broad team of industry partners that are participating in the prototype system development, ensuring that the U.S. Government has access to the best available solution for each element of the eventual Golden Dome command and control system,” Taiclet said. “At the same time, we’re rapidly increasing production capacity across the missiles, sensors, battle management systems, and satellite integration opportunities that will be directly relevant to achieve the overarching objective of Golden Dome.”
Q3 2025 Financial Results of Lockheed Business Segments
The aeronautics business logged $7.2 billion in Q3 sales, up 12 percent from the prior-year period. The company attributed the growth to higher F-35 production volume and sustainment contracts.
Lockheed’s missiles and fire control business reported $3.6 billion in Q3 sales, a 14 percent increase from the same period last year. The company attributed the increase to higher sales recorded by tactical and strike missile programs due to the production ramp-up on the Long Range Anti-Ship Missile, Joint Air-to-Surface Standoff Missile and precision fires programs.
The rotary and mission systems segment reported flat sales year-over-year, posting $4.37 billion in Q3 sales, as lower volumes on Aegis and CSC programs offset higher volumes on Sikorsky Black Hawk and various C6ISR programs.
The space segment’s Q3 sales rose 9 percent to approximately $3.4 billion. Lockheed attributed the increase to higher sales in strategic and missile defense and national security space programs.
