Demand
← 실적 발표
01
02
03
04 05 06
톤
자본지출
A1 A2 A3
LMT
FY2025 Q3
상향
Lockheed Martin Corporation 실적 발표
Buzzberg 분석
Record backlog of $179 billion and strong bookings
Lockheed Martin reported strong Q3 2025 with record backlog of $179bn, raised full-year guidance, and highlighted significant awards across PAC-3, JASM, CH-53K, and F-35. Management expressed increased confidence in supply chain investments from key partners (L3Harris, Northrop, General Dynamics) to support missile production ramps, while noting continued scaling challenges on CH-53K. The company is also self-funding prototype developments in space-based interceptors and autonomous systems. Record backlog of $179bn driven by $30bn+ in multi-year awards (PAC-3, JASM, CH-53K) and $11bn F-35 Lot 18/19 def.
Buzzberg 분석 Record backlog of $179 billion and strong bookings Lockheed Martin reported strong Q3 2025 with record backlog of $179bn, raised full-year guidance, and highlighted significant awards across PAC-3, JASM, CH-53K, and F-35. Management expressed increased confidence in supply chain investments from key partners (L3Harris, Northrop, General Dynamics) to support missile production ramps, while noting continued scaling challenges on CH-53K. The company is also self-funding prototype developments in space-based interceptors and autonomous systems. Record backlog of $179bn driven by $30bn+ in multi-year awards (PAC-3, JASM, CH-53K) and $11bn F-35 Lot 18/19 def. 전체 분석 보기분석 접기
Lockheed Martin reported strong Q3 2025 with record backlog of $179bn, raised full-year guidance, and highlighted significant awards across PAC-3, JASM, CH-53K, and F-35. Management expressed increased confidence in supply chain investments from key partners (L3Harris, Northrop, General Dynamics) to support missile production ramps, while noting continued scaling challenges on CH-53K. The company is also self-funding prototype developments in space-based interceptors and autonomous systems. Record backlog of $179bn driven by $30bn+ in multi-year awards (PAC-3, JASM, CH-53K) and $11bn F-35 Lot 18/19 def.
- Raised FY2025 sales guide to $74.25-74.75bn, segment profit to $6.675-6.725bn, and EPS to $22.15-22.35.
- Supply chain confidence improving: Aerojet (L3Harris), Northrop Grumman, and General Dynamics investing in solid rocket motor capacity.
- F-35 Lot 19 transitions to firm fixed-price, providing margin opportunity; Block 4 development progressing with strong government collaboration.
매출$18.609B보고값
주당순이익(EPS)$6.95보고값
매출총이익률12.04%보고값
영업이익률12.25%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Backlog
F-35 Lot 18/19 definitized at $11 billion
Golden Dome
Plan for on-orbit space-based interceptor demo by 2028
핵심 내용 3개 더 보기
Supply
MFC capacity expansion supported by supplier investments
Guidance
RMS sales guidance cut $500M due to CH-53K ramp
Cash Flow
Pension pre-funding and cash deployment strategy
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $18.609B | 보고값 |
| 주당순이익(EPS) | $6.95 | 보고값 |
| 매출총이익률 | 12.04% | 보고값 |
| 영업이익률 | 12.25% | 보고값 |
| 잉여현금흐름 | $3.347B | 보고값 |
| 자본지출 | $0.381B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2025 | $22.15–$22.35 | $22.25 | 상향 |
| 잉여현금흐름 | FY2025 | $6.6B | $6.6B | 유지 |
| 영업이익률 | FY2025 | $6.675B–$6.725B | $6.7B | 상향 |
| 매출 | FY2025 | $74.25B–$74.75B | $74.5B | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management expressed strong confidence in record backlog, robust demand, and growth prospects, while acknowledging risks were being addressed.
투자 및 생산능력
Management noted that capital expenditures and internal R&D spending are expected to remain at roughly 2.5% of revenue, but could increase if demand ramps significantly, with more clarity in January. They highlighted that investments in production capacity, particularly for missiles and sensors, are being made to support Golden Dome and other growth opportunities.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
공급업체
공급업체
Jim Taklett
NOC is increasing investment in solid rocket motor capacity, directly benefiting from Lockheed's PAC-3 and other missile production ramps.
근거
“Northrop Grumman made a big commitment, again, to investment on the SRMs”
공급업체
Jim Taklett
GD's JV with Lockheed will provide a third source for solid rocket motors, likely translating into new production revenue for GD's defense segment.
근거
“we've got a joint venture now with General Dynamics where we will have an ability to have a third supplier to bolster those two in the future”
공급업체
Jim Taklett
RTX is a named subsystem supplier on F-35 Block 4, confirming ongoing collaboration but without new directional signal.
근거
“RTX is the distributed aperture system”
공급업체
Jim Taklett
BAE is a key F-35 electronic warfare subsystem supplier; program momentum supports BAE's defense electronics revenue.
근거
“BAE is the EW system”
외부 신호
공급망 알파 · 3발표 이후 수익률
Lockheed is self-funding a space-based interceptor prototype for on-orbit demonstration by 2028, signaling a shift to corporate-level IRAD for early technology insertion.
근거
“we are actually planning for a real on-orbit space-based interceptor demonstration by 2028”
F-35 Lot 19 transitions to true firm-fixed-price contract, enabling more margin upside vs. prior FPAF structure as production stabilizes after TR-3 challenges.
근거
“with Lot 19, we are transitioning to a true firm fixed price contract relative to the FPAF that we've seen previously”
CH-53K scaling is the primary driver of RMS guidance reduction, indicating production ramp issues that may affect Sikorsky's supply chain and subcontractors.
근거
“CH-53K is the largest driver as we work to scale production”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 4개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.