LOCKHEED MARTIN CORP (LMT)

Lockheed Martin is a global aerospace and defense technology company that builds and sustains solutions intended to help the United States and its allies deter conflict and advance national security and scientific exploration objectives. Its capabilities span defense, space, intelligence, homeland security, information technology and cybersecurity. The company is expanding production capacity and investing in technologies such as artificial intelligence, autonomy, open-architecture systems and advanced networking. It also pursues strategic partnerships, including with commercial companies, and may make acquisitions, divestitures, joint ventures and equity investments.

The company operates in four segments organized by the nature of products and services. Aeronautics covers advanced military aircraft, including combat and air mobility aircraft and unmanned air vehicles, with major programs such as the F-35 Lightning II, C-130 Hercules, F-16 Fighting Falcon and F-22 Raptor. The F-35 is the largest program, at 27% of consolidated sales and 67% of Aeronautics sales in 2025. Aeronautics also houses the Skunk Works advanced development organization. Missiles and Fire Control provides air and missile defense systems, tactical missiles, precision strike weapons, fire control systems and logistics, including PAC-3, THAAD, MLRS, PrSM, JASSM, LRASM, Hellfire, JAGM, Javelin (through a joint venture with RTX), Apache fire control, SNIPER, IRST21 and hypersonics programs. Rotary and Mission Systems covers Sikorsky helicopters (Black Hawk, Seahawk, CH-53K, Combat Rescue Helicopter), the Aegis Combat System, surface combatant ships, radar and laser systems, C2BMC, undersea combat systems, cyber solutions, and training and simulation. Its lines of business were restructured in January 2026 into Sensors, Effectors & Mission Systems and Mission Integrated Command and Control. Space develops satellites, space transportation systems and strategic and defensive systems, including Trident II D5, Next Gen OPIR, Next Generation Interceptor, NASA's Orion crew vehicle, GPS III, hypersonics programs and Transport and Tracking Layer satellites. Each segment also holds classified programs.

The principal customers are agencies of the U.S. Government and allied governments, with international customers participating through direct sales and foreign military sales. Customers include the U.S. Air Force, Army, Navy, Marine Corps, Space Force, the Missile Defense Agency, NASA and the Space Development Agency. Civil and commercial applications are also served, including commercial helicopters. For the F-35, the company cited commitments from seven international partner countries and 12 FMS customers.

The company relies on suppliers for materials, components and a portion of services under most contracts. Key inputs include rare earth minerals, aluminum, titanium, specialty steel, carbon fiber and advanced microelectronics such as semiconductors. Supply chain challenges have caused shortages, longer lead times, higher prices, delays and increased costs, and are expected to continue in 2026. The company is working with the government, customers and suppliers on transitioning rare earth minerals and magnets to compliant sources. It holds numerous patents, trademarks and other intellectual property, and the U.S. Government has certain rights to technology developed under government contracts. The company funds its own R&D and also performs customer-funded R&D. No material portion of its business is seasonal. At December 31, 2025, it had about 123,000 employees, including about 72,000 engineers, scientists and IT professionals. About 93% were located in the U.S., and about 19% were covered by collective bargaining agreements. The text does not identify its competitors or headquarters.