Lockheed Martin Corporation reported fourth-quarter 2024 net sales of $18.6 billion, slightly below the $18.9 billion achieved in the same period of 2023, partly due to a shorter reporting period of 13 weeks versus 14 weeks the prior year. Fourth-quarter net earnings were $527 million, or $2.22 per share, significantly impacted by $1.7 billion ($1.3 billion after-tax, or $5.45 per share) in losses related to classified programs. Free cash flow was $441 million, compared to $1.7 billion in Q4 2023, reflecting a $990 million pension contribution.

For the full year 2024, net sales increased to $71.0 billion, up 5% from $67.6 billion in 2023, while net earnings were $5.3 billion, or $22.31 per share, down from $6.9 billion, or $27.55 per share, the previous year. The company reported $7.0 billion in operating cash flow and $5.3 billion in free cash flow for 2024, both lower than 2023 due to higher pension contributions.

CEO Jim Taiclet emphasized the company’s record year-end backlog of $176 billion, underscoring strong global demand for its advanced defense technologies. The company invested over $3 billion in research and development, capital improvements, and digital transformation to enhance its manufacturing and operational capabilities. Key initiatives included integrating emerging technologies like AI, advanced sensors, and cyber-hardened data links, as well as advancing air power solutions combining 6th-, 5th-, and 4th-generation aircraft with wingman drones.

Looking ahead to 2025, Taiclet highlighted the company’s commitment to maintaining U.S. air superiority, driving innovation, and collaborating across industry and government to deliver reliable, cutting-edge mission solutions. Lockheed Martin’s derisking actions in Q4 2024 position it for strong performance while continuing to return over 100% of free cash flow to shareholders.