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Lockheed Martin

NYSE: LMT · USD

Lockheed Martin debt and dilution51

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$20,538M
Jun 28, 2009 through Jun 28, 2026

Cash & equivalents

USD millions

$3,791M

Net debt

USD millions

$16,747M

Debt / equity

×

2.34×

Debt / assets

%

32.89%

Net debt / EBITDA

× · TTM

1.54×

Debt / FCF

× · TTM

2.35×

Interest coverage

× · TTM

8.24×

Current ratio

×

1.19×

Diluted shares

Million shares

231.1M shares

Basic shares

Million shares

230.2M shares

Share count growth

%

-1.41%

Share repurchases

USD millions

$0M

Quarterly data

Lockheed Martin capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedTotal debtUSD millionsCash & equivalentsUSD millionsNet debtUSD millionsDebt / equity×Debt / assets%Net debt / EBITDA×Debt / FCF×Interest coverage×Current ratio×Diluted sharesMillion sharesBasic sharesMillion sharesShare count growth%Share repurchasesUSD millions
FY 2026 Q2Jun 28, 202620,5383,79116,7472.34×32.89%1.54×2.35×8.24×1.19×231.1230.2-1.41%0
FY 2026 Q1Mar 29, 202620,6971,89418,8032.76×34.94%2.06×3.66×6.63×1.14×231.1229.9-1.92%0
FY 2025 Q4Dec 31, 202521,7004,12117,5793.23×36.26%1.87×3.14×6.92×1.09×231.77230.97-2.23%750
FY 2025 Q3Sep 28, 202522,1893,47018,7193.59×36.81%—4.83×5.58×1.13×232.8231.9-2.36%1,000
FY 2025 Q2Jun 29, 202521,6381,29320,3454.06×36.76%—6.5×5.61×0.98×234.3233.5-2.26%500
FY 2025 Q1Mar 30, 202520,3041,80318,5013.04×35.83%—4.07×7.01×1.08×235.3234.4-2.62%750
FY 2024 Q4Dec 31, 202420,2702,48317,7873.2×36.45%2.08×3.83×6.77×1.13×237.15236.25-3.62%1,000
FY 2024 Q3Sep 29, 202419,3213,15116,1702.68×34.8%—2.97×8.39×1.3×238.6237.5-4.73%850
FY 2024 Q2Jun 30, 202419,2572,52316,7343.12×34.96%—2.77×8.45×1.24×239.6238.9-5.5%850
FY 2024 Q1Mar 31, 202419,4182,79016,6282.92×35.33%—3.12×8.77×1.3×241.6240.7-5.5%1,000
FY 2023 Q4Dec 31, 202317,4591,44216,0172.55×33.28%1.61×2.8×9.29×1.21×246.02245.12-4.75%3,000
FY 2023 Q3Sep 24, 202317,3893,55113,8381.88×30.69%—3×9.85×1.36×250.2249.3-5.6%1,750
FY 2023 Q2Jun 25, 202317,5453,67313,8721.9×30.79%—2.92×11.17×1.36×253.6252.8-4.89%750
FY 2023 Q1Mar 26, 202315,6002,44013,1601.62×28.56%—2.49×12.25×1.3×255.7254.7-5.07%500
FY 2022 Q4Dec 31, 202215,5472,54713,0001.68×29.4%1.37×2.54×13.4×1.32×258.25257.35-5.84%4,206
FY 2022 Q3Sep 25, 2022—2,430—————15.01×1.28×265.1264.1-4.38%1,338
FY 2022 Q2Jun 26, 2022—1,775—————15.36×1.27×266.7265.8-4.18%356
FY 2022 Q1Mar 27, 202211,6451,8839,7621.16×22.61%—1.58×15.73×1.27×269.2268.3-3.84%2,000
FY 2021 Q4Dec 31, 202111,6763,6048,0721.07×22.95%0.79×1.52×16.03×1.42×274.32273.32-2.29%2,087
FY 2021 Q3Sep 26, 202111,6742,7278,9471.21×22.52%—2.28×15.66×1.42×277.3276.2-1.11%500
FY 2021 Q2Jun 27, 202112,1712,7459,4261.86×23.36%—2.45×15.3×1.36×278.4277.4-0.86%500
FY 2021 Q1Mar 28, 202112,1632,9339,2301.92×23.65%—2.07×14.93×1.38×280279-0.82%1,000
FY 2020 Q4Dec 31, 202012,1693,1609,0092.02×24%0.91×1.9×14.63×1.39×280.91279.71-0.6%0
FY 2020 Q3Sep 27, 202012,6753,5859,0902.54×24.96%—2.05×14.2×1.33×280.6279.3-0.96%85
FY 2020 Q2Jun 28, 202012,6742,8559,8193.35×25.55%—1.84×13.74×1.31×280.8279.8-0.85%259
FY 2020 Q1Mar 29, 202012,6891,98810,7013.64×25.77%—1.96×13.31×1.23×282.6281.3-0.42%756
FY 2019 Q4Dec 31, 201912,6541,51411,1403.99×26.62%1.14×2.17×13.09×1.22×283.22281.42-0.67%490
FY 2019 Q3Sep 29, 201913,5522,53911,0133.44×27.5%—2.01×12.36×1.28×283.9282-0.81%210
FY 2019 Q2Jun 30, 201913,5371,16712,3704.67×28.3%—2.96×11.88×1.2×283.9282.2-0.98%219
FY 2019 Q1Mar 31, 201913,92199112,9305.52×29.19%—4.93×11.54×1.17×284.3282.5-1.05%281
FY 2018 Q4Dec 31, 201814,10477213,3329.73×31.43%1.57×7.58×10.98×1.12×285.61283.31-0.9%666
FY 2018 Q3Sep 30, 201814,72689713,82914.7×32.37%—13.3×10.94×1.11×286.7284.3-0.98%216
FY 2018 Q2Jun 24, 201814,2291,18113,04829.71×31.53%—5.44×10.38×1.19×287.1285-1.21%310
FY 2018 Q1Mar 25, 201814,2232,39311,830—30.5%—3.37×9.98×1.27×287.9285.5-1.55%300
FY 2017 Q4Dec 31, 201714,2632,86111,402—30.66%1.6×2.69×9.1×1.38×288.69285.89-2.03%501
FY 2017 Q3Sep 24, 2017—2,941—————8.47×1.32×290287.1-3.82%500
FY 2017 Q2Jun 25, 2017—2,452—————8.72×1.21×291.2288.5-4.82%500
FY 2017 Q1Mar 26, 2017—2,216—————8.76×1.22×292.8290-4.76%500
FY 2016 Q4Dec 31, 201614,2821,83712,4458.89×29.87%1.85×3.46×8.37×1.2×295.34291.81-4.56%816
FY 2016 Q3Sep 25, 2016—2,895—————9.04×1.19×302.1298.5-3.21%278
FY 2016 Q2Jun 26, 201614,8091,26913,5404.94×29.38%2.04×2.96×9.55×1.03×307.1303.1-2.85%501
FY 2016 Q1Mar 27, 201615,2761,45213,8244.81×30.46%2.14×3.23×10.46×1.06×307.8304.5-3.46%501
FY 2015 Q4Dec 31, 201515,2611,09014,1714.93×31.06%2.19×3.67×12.27×1.15×310.15305.75-2.96%707
FY 2015 Q3Sep 27, 20158,4123,3005,1122.99×21.23%0.79×3.18×14.17×1.16×312.7308.4-2.5%823
FY 2015 Q2Jun 28, 20158,4023,2025,2002.82×21.09%0.8×3.99×15.12×1.21×316.1312-1.52%937
FY 2015 Q1Mar 29, 2015—3,486—————15.9×1.32×320.2315.4-1.16%604
FY 2014 Q4Dec 31, 20146,1421,4464,6961.81×16.57%0.71×2.03×16.45×1.11×320.67315.07-1.46%224
FY 2014 Q3Sep 28, 2014—2,963—————15×1.13×321.8316.3-1.56%446
FY 2014 Q2Jun 29, 2014—3,436—————14.5×1.17×322.1316.8-1.25%124
FY 2014 Q1Mar 30, 2014—3,264—————14.01×1.19×325.1319.1-0.81%1,106
FY 2013 Q4Dec 31, 20136,1522,6173,5351.25×17%0.64×1.66×12.87×1.2×326.21319.73-0.95%229
FY 2013 Q3Sep 29, 2013—2,661—————13.22×1.15×327.5321.3-0.68%607
FY 2013 Q2Jun 30, 2013—2,845—————12.33×1.17×325.9320.8-1.14%465
FY 2013 Q1Mar 31, 20136,3043,0653,23920.74×15.93%0.59×2.78×11.82×1.18×326.3321.7-0.74%461
FY 2012 Q4Dec 31, 20126,3081,8984,410161.74×16.32%0.81×10.19×11.58×1.14×327.8322.81-0.2%282
FY 2012 Q3Sep 30, 20126,5244,6521,8722.67×16.59%0.35×2.03×11.4×1.25×328.3323.5-1.91%285
FY 2012 Q2Jun 24, 20126,4933,8022,6912.95×16.92%0.51×3.02×11.49×1.21×328.8324.5-5.34%181
FY 2012 Q1Mar 25, 2012—3,518—————11.28×1.19×328.6324.1-7%242
FY 2011 Q4Dec 31, 20116,5003,5822,9186.49×17.15%0.59×1.89×11.24×1.16×327.74323.47-9.16%148
FY 2011 Q3Sep 25, 20117,0384,5642,4742.39×19.45%0.5×3.02×11.57×1.21×333.6329.8-8.41%1,004
FY 2011 Q2Jun 26, 2011—3,268—————11.26×1.16×346.6342.8-6.75%999
FY 2011 Q1Mar 27, 2011—3,357—————11.64×1.19×352.6348.5-6.69%314
FY 2010 Q4Dec 31, 20105,0192,2612,7581.35×14.31%0.54×1.84×11.88×1.15×360.45356.07-5.8%854
FY 2010 Q3Sep 26, 2010—2,656—————12.31×1.2×363.9360.1-5.58%319
FY 2010 Q2Jun 27, 2010—2,722—————13.59×1.2×371.7367.6-4.99%731
FY 2010 Q1Mar 28, 2010—3,288—————13.85×1.2×377.7373.5—516
FY 2009 Q4Dec 31, 20095,0522,3912,6611.22×14.39%0.49×2.18×14.64×1.17×382.08377.98—489
FY 2009 Q3Sep 27, 20093,8052,7091,0961.21×10.65%———1.07×385.5381.4—393
FY 2009 Q2Jun 28, 20093,8052,6721,1331.35×10.94%———1.06×390.9386.9—470
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · LMT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt
Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents
Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt
Total debt − cash and equivalents. Negative means net cash.
Debt / equity
Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets
Total debt / total assets × 100.
Net debt / EBITDA
Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF
Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage
TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio
Current assets / positive current liabilities.
Diluted shares
Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares
Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth
Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases
Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.