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Company Research9 Dec 2024
Rocket Lab: Breaking Ground in Space
Rocket Lab has been one of the pioneers in the commercial aerospace industry, with numerous satellite launches and space system applications.
Lockheed Martin (LMT) investor relations material
Lockheed Martin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Achieved record backlog of $179B, driven by major multi-year contract wins across all business areas, including PAC-3, JASSM, LARASM, CH-53K, and F-35 programs.
Q3 2025 sales reached $18.6B, up 9% year-over-year, with net earnings of $1.6B and EPS of $6.95, both nearly flat compared to Q3 2024.
Free cash flow for Q3 was $3.3B, supporting continued investment and shareholder returns.
Returned $1.8B to shareholders in Q3 via dividends and share repurchases, with a 5% dividend increase marking 23 consecutive years of growth.
Continued investment in innovation and R&D, with $900M in capital expenditures and internal R&D in Q3.
Financial highlights
Q3 sales: $18.6B, up 9% year-over-year; nine-month sales: $54.7B, up 4% year-over-year.
Segment operating profit: $2.0B in Q3, up 9% year-over-year; segment margin 10.9%.
EPS: $6.95 in Q3, nearly flat year-over-year; nine-month EPS: $15.69.
Free cash flow: $3.3B in Q3, $4.2B for nine months.
Cash and cash equivalents at quarter-end: $3.5B.
Outlook and guidance
2025 sales guidance raised to $74.25B–$74.75B, implying 5% organic growth.
Segment operating profit expected at $6.675B–$6.73B, with 9% margin.
EPS guidance increased to $22.15–$22.35; effective tax rate projected at 16.7%–16.8%.
Free cash flow guidance set at $6.6B–$6.8B for 2025, with excess cash to pre-fund 2026 pension contributions.
Company expects to recognize 36% of backlog as revenue over next 12 months and 61% over 24 months.
Explain the strategy behind increased share repurchases.
What drove the Q3 2025 cash from operations increase?
Why did Aeronautics 9M operating profit decline 38%?
Mitigation of fixed-price program risks?
Emerging 2026 growth opportunities?
Impact of new IRAD strategy on growth?
Mitigating fixed-price program risks?
Supply chain readiness for production ramps?
Corporate IRAD strategy for prototypes?
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Next Lockheed Martin earnings date
Q4 202521 Jan, 2026
Next Lockheed Martin earnings date
Q4 202521 Jan, 2026
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Frequently asked questions
One of the main actors in the defense industry
Lockheed Martin is undoubtedly one of the main actors in the defense industry. As one of the world’s largest and most well-diversified defense contractors they produce fighter jets, warfare electronics, hypersonics, space and satellite systems, and more. Some of Lockheed Martin’s competitors include Saab, Boeing, and BAE Systems.
The main business areas
With over 114,000 employees spread over more than 370 global facilities, the company operates in four main business areas: Aeronautics, Including tactical aircraft and aeronautical R&D. Missiles and Fire Control, including PAC-3 missiles and the terminal high altitude area defense system. Rotary and Mission Systems, with Sikorsky helicopters, maritime and radar systems, and cyber capabilities. And then Space, including development of commercial and government satellites, as well as deep space exploration.
Long-stretching contracts
With a majority of its customer base consisting of the U.S. Department of Defense and U.S. federal government agencies, their programs are blessed with long-stretching contracts. As a reference of their contractual backlog and recurring revenue, the company's iconic F-35 fighter jet first flew in 2006, and is scheduled to stay in service until year 2070.
Fun fact: if you’ve seen the latest Top Gun: Maverick movie, the hypersonic jet in the opening scene codenamed “Darkstar,” is actually based on the Lockheed Martin SR-52.
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