Lockheed Martin

As of Q3 2025, total debt principal was ~$23.4 billion, with cash of ~$3.5 billion, implying net debt of roughly ~$20 billion; investment‑grade ratings and a $3.0 billion revolver bolster liquidity.

Pension dynamics and fixed‑price charges can dampen GAAP earnings/FCF in certain periods, but normalized cash generation is strong, and LMT continues to access bond markets on favorable terms.

Q3 2025 cash from operations was $3.7 billion with FCF of $3.3 billion, and the company guided to ~$6.6 billion FCF for 2025. Overall balance sheet is solid for a contractor of its scale, though we monitor pension actions, program loss risks and working capital swings.