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Lockheed Martin supplies military aircraft, weapons and space systems that governments use for defense and national security. The U.S. Government accounts for most of its revenue. Overseas government customers buy through contracts arranged by the U.S. Government or directly from the company, with the U.S.-arranged route carrying most international sales. Equipment accounts for most revenue; services include upgrades, logistics and training.
Military aircraft are its largest business, and the F-35 Lightning II fighter is its largest individual program. Customers pay under separate contracts to develop and modernize the aircraft, manufacture it and support it after delivery. Lockheed Martin also builds missile-defense and precision-strike systems, helicopters, naval combat systems and satellites, so its business extends well beyond fighter production.
The business depends heavily on continuing U.S. congressional funding and on customers maintaining major programs such as the F-35. Delivering those programs requires suppliers to provide compliant components on schedule, while fixed-price contracts leave Lockheed Martin responsible for cost overruns. Government procurement rules govern its eligibility for contracts, and export controls and U.S. foreign-policy decisions can restrict overseas sales, deliveries and technology transfers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Northrop Grumman challenges Lockheed Martin for defense and intelligence customers buying aircraft, mission systems and space systems. Its awards from U.S. military and intelligence agencies are worth watching for how those customers allocate work between competing suppliers.
RTX competes with Lockheed Martin for defense customers, with the closest overlap in missile defense and weapons. Watch RTX's defense orders rather than its commercial aircraft equipment and maintenance business for clues to procurement demand facing Lockheed Martin's missile business.
L3Harris competes with Lockheed Martin for defense programs, but the two may also work together or supply one another on other programs. In its government-contract news, watch whether L3Harris wins competing work or takes a supporting role on a shared program.
General Dynamics competes with Lockheed Martin for defense spending on naval systems, weapons and mission technology. Its shipbuilding, weapons and defense-technology results are more relevant to that rivalry than its business-jet sales.
Boeing's Defense, Space & Security business competes with Lockheed Martin for military aircraft and defense-space spending. Watch that division's contract awards, since Boeing's substantial aircraft sales to commercial airlines reflect a different customer base.
Textron's Bell competes with Lockheed Martin's Sikorsky to supply military rotorcraft, including next-generation aircraft. Bell's military program awards are the news to watch for this rivalry.
Elbit Systems competes with Lockheed Martin to supply defense customers with airborne technology, precision weapons and command-and-control systems. Its work fitting new systems to aircraft and upgrading existing platforms is worth watching for competition in those purchases.
AeroVironment competes directly with Lockheed Martin to sell military drones, munitions that wait in flight before striking, and systems that counter drones. Its competitively bid U.S. government awards are a concrete way to track that competition.
Kratos and Lockheed Martin offer military customers overlapping unmanned-aircraft, hypersonic and command-and-control capabilities. Watch Kratos's sales of jet-powered drones, hypersonic vehicles and satellite ground systems for demand in those shared markets.
Huntington Ingalls and Lockheed Martin both depend on fleet investment: HII builds Navy ships, while Lockheed supplies naval combat and missile-defense systems. The U.S. Navy provided about 81% of HII's 2025 revenue, making its Navy work a focused indicator of that spending.
Leidos competes with Lockheed Martin for national-security technology, defense systems, and cyber and mission work. U.S. government contracts generated 87% of Leidos's fiscal 2025 revenue; awards in its National Security & Digital and Defense Systems businesses are the relevant part to watch.
Lockheed Martin buys defense computing and processing electronics from Mercury Systems, so Mercury's deliveries matter to the systems Lockheed builds for customers. Lockheed accounted for 11% of Mercury's fiscal 2026 revenue; watch sales to that customer for changes in their production relationship.
Rocket Lab both supplies Lockheed Martin and sells spacecraft systems that overlap with Lockheed's Space business. Lockheed represented 16% of Rocket Lab's net accounts receivable at December 31, 2025—a measure of unpaid customer balances, not its share of revenue.
York Space Systems competes with Lockheed Martin to provide government defense customers with spacecraft and the services needed to run their missions. Nearly all York's revenue comes from defense markets, so its government spacecraft contracts offer a focused view of competition for that spending.
Lockheed Martin relies on Firefly Aerospace to launch spacecraft and payload technologies into low Earth orbit under an agreement for up to 25 missions over five years. Watch Firefly's launch schedule and execution for the deployment of those Lockheed spacecraft.
Lockheed Martin Corp. earningsThis company
Lockheed Martin's Aeronautics business generates a large share of its sales, and this report will show whether delivery growth is turning into profit or being eaten up by costs and contract losses.
Read Aeronautics sales alongside its operating margin, and note any new reach-forward losses—the expected total loss on a contract, recorded once it becomes evident. Rising sales with a steady margin and no new losses would show that deliveries are still yielding profit; rising sales with a falling margin or new losses would show costs or contract execution are eroding it.
Huntington Ingalls Industries, Inc. earningsHII
Huntington Ingalls' report can show how U.S. Navy shipbuilding investment is changing, offering context for the fleet spending that also supports demand for Lockheed Martin's naval combat and missile-defense systems.
Look at Huntington Ingalls' Navy orders and ship deliveries. More Navy awards and advancing shipbuilding would show fleet investment continuing; slower orders or delayed deliveries could point to deferred spending or execution constraints. This is context for fleet investment, not proof that Lockheed Martin's naval-system orders moved in the same direction.
Textron, Inc. earningsTXT
Textron's Bell competes with Lockheed Martin's Sikorsky for military rotorcraft programs, and its report can show whether Bell is winning new military work.
Look for military rotorcraft awards and related orders at Bell. More wins show the military awarding work to Sikorsky's direct competitor; fewer wins show weaker success for Bell, not that Sikorsky received those contracts.
Mercury Systems Inc. earningsMRCY
Mercury Systems supplies Lockheed Martin with defense computing and processing electronics, and its report can show whether deliveries and the production relationship are holding up.
Read Mercury Systems' sales to Lockheed Martin alongside its delivery and production commentary. Steady sales and deliveries would suggest these electronics are flowing; weaker sales or delivery trouble could put pressure on Lockheed Martin's related systems production, though Lockheed Martin's own report would be needed to confirm the effect.
Firefly Aerospace Inc. earningsFLY
Firefly Aerospace launches spacecraft for Lockheed Martin, and its report can show whether launch timing and execution are supporting their deployment.
Look at Firefly Aerospace's reported launch schedule and execution. On-schedule launches would keep deployment of Lockheed Martin's spacecraft on track; delays or failed execution would push it back, but this report alone cannot establish the effect on Lockheed Martin's overall Space business.
York Space Systems Inc. earningsYSS
York Space Systems' report can show how much spacecraft and mission-support work government customers are awarding to a competitor in markets relevant to Lockheed Martin's Space business.
Look at York Space Systems' government spacecraft contracts and mission-support orders. More awards show government customers placing space work with a competitor; fewer could reflect slower procurement or a change in program allocation. Lockheed Martin's own Space orders are needed to judge whether its business was affected.
