Lockheed Martin

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The Lockheed Martin Corporation is an American defense and aerospace manufacturer with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in North Bethesda, Maryland. As of January 2022, Lockheed Martin employs approximately 121,000 employees worldwide, including about 60,000 engineers and scientists.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Reports from 2024 estimate that Lockheed Martin Corporation (LMT) holds a market cap of around $139.7 billion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Lockheed Martin is one of the largest companies in the aerospace, military support, security, and technologies industry. It was the world's largest defense contractor by revenue for fiscal year 2014.<ref name="Top 20 Defense Contractors">POC Top 20 Defence Contractors of 2014 Template:Webarchive. Retrieved: July 2015</ref> In 2013, 78% of Lockheed Martin's revenues came from military sales;<ref name="DefenceIQ">DefenseIQ Top 10 defence companies in the world, 2013. Retrieved: July 6, 2015.</ref> it topped the list of US federal government contractors and received nearly 10% of the funds paid out by the Pentagon.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2009, US government contracts accounted for $38.4 billion (85%), foreign government contracts for $5.8 billion (13%), and commercial and other contracts for $900 million (2%).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Half of the corporation's annual sales are to the U.S. Department of Defense. Lockheed Martin is also a contractor for the U.S. Department of Energy and the National Aeronautics and Space Administration (NASA).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Lockheed Martin operates in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.<ref name="Lockheed Martin-2016">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The company has received the Collier Trophy six times, including in 2001 for being part of developing the X-35/F-35B LiftFan Propulsion System<ref name="LMCollier">Propulsion System in Lockheed Martin Joint Strike Fighter wins Collier Trophy Template:Webarchive Lockheed Martin press release, February 28, 2003. Retrieved: January 2010</ref><ref name="LiftFanPatent2">{{#invoke:citation/CS1|citation |CitationClass=web }} United States Patent 5209428 (pdf of original)</ref><ref name="Collier">Collier Trophy; list of winners. Retrieved January 2010</ref> and most recently in 2018 for the Automatic Ground Collision Avoidance System (Auto-GCAS). Lockheed Martin is currently developing the F-35 Lightning II and leads the international supply chain, leads the team for the development and implementation of technology solutions for the new USAF Space Fence (AFSSS replacement),<ref name="SpaceFence">Space Fence: Lockheed Martin Template:Webarchive, 2015. Retrieved: July 7, 2015.</ref> and is the primary contractor for the development of the Orion command module.<ref name="OrionSpacecraft">Orion: Lockheed Martin Template:Webarchive, 2015. Retrieved: July 7, 2015.</ref> The company also invests in healthcare systems, renewable energy systems, intelligent energy distribution, and compact nuclear fusion.<ref name="LockheedMartinFusion">CNF: Lockheed Martin, 2015. Retrieved: July 8, 2015</ref>

History

1990s

Merger talks between Lockheed Corporation and Martin Marietta began in March 1994, with the companies announcing their $10 billion planned merger on August 30, 1994.<ref>Template:Cite book</ref><ref>Template:Cite news</ref> The headquarters for the combined companies would be at Martin Marietta headquarters in North Bethesda, Maryland.<ref>Template:Cite news</ref> The deal was finalized on March 15, 1995, when the two companies' shareholders approved the merger.<ref>Template:Cite news</ref> The segments of the two companies not retained by the new company formed the basis for L-3 Communications, a mid-size defense contractor in its own right. Lockheed Martin also later spun off the materials company Martin Marietta Materials.Template:Citation needed

The company's executives received large bonuses directly from the government as a result of the merger. Norman R. Augustine, who was at the time CEO of Martin Marietta, received an $8.2 million bonus.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Both companies contributed important products to the new portfolio.Template:Citation needed Lockheed products included the Trident missile, P-3 Orion maritime patrol aircraft, U-2 and SR-71 Blackbird reconnaissance airplanes, F-117 Nighthawk, F-16 Fighting Falcon, F-22 Raptor, C-130 Hercules, A-4AR Fightinghawk and the DSCS-3 satellite. Martin Marietta products included Titan rockets, Sandia National Laboratories (management contract acquired in 1993), Space Shuttle External Tank, Viking 1 and Viking 2 landers, the Transfer Orbit Stage (under subcontract to Orbital Sciences Corporation) and various satellite models.Template:Citation needed

On April 22, 1996, Lockheed Martin completed the acquisition of Loral Corporation's defense electronics and system integration businesses for $9.1 billion, the deal having been announced in January. The remainder of Loral became Loral Space & Communications.<ref>Template:Cite news</ref> Lockheed Martin abandoned plans for an $8.3 billion merger with Northrop Grumman on July 16, 1998, due to government concerns over the potential strength of the new group; Lockheed/Northrop would have had control of 25% of the Department of Defense's procurement budget.<ref>Template:Cite news</ref>

For the Mars Climate Orbiter, Lockheed Martin incorrectly provided NASA with software using measurements in US Customary force units when metric units were expected; this resulted in the loss of the Orbiter at a cost of $125 million.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> The development of the spacecraft cost $193 million.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In addition to their military products, in the 1990s Lockheed Martin developed the texture mapping chip for the Sega Model 2 arcade system board and the entire graphics system for the Sega Model 3, which were used to power some of the most popular arcade games of the time.<ref>Template:Cite magazine</ref>

2000s

File:Lockheed Martin headquarters.jpg

Lockheed Martin's prior Center For Leadership Excellence (CLE) Building, which was located near its corporate headquarters

In May 2001, Lockheed Martin sold Lockheed Martin Control Systems to BAE Systems.<ref>Template:Cite book</ref> On November 27, 2000, Lockheed completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, a deal announced in July 2000. This group encompassed Sanders Associates, Fairchild Systems, and Lockheed Martin Space Electronics & Communications.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> In 2001, Lockheed Martin won the contract to build the F-35 Lightning II; this was the largest fighter aircraft procurement project since the F-16, with an initial order of 3,000 aircraft. In 2001, Lockheed Martin settled a nine–year investigation conducted by NASA's Office of Inspector General with the assistance of the Defense Contract Audit Agency. The company paid the United States government $7.1 million based on allegations that its predecessor, Lockheed Engineering Science Corporation, submitted false lease costs claims to NASA.<ref>LOCKHEED MARTIN PAYS NASA $7.1 MILLION SETTLEMENT Template:Webarchive. U.S. Department of Justice, United States Attorney Press Release, July 10, 2003.</ref>

On July 8, 2003, a Lockheed Martin plant in Meridian, Mississippi became the scene of a racially motivated mass shooting when an assembly line worker murdered six co-workers (five of whom were black) and wounded eight before killing himself.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In the immediate aftermath of the shooting, Lockheed Martin's President refused to disclose whether company officials were previously aware of any red flags regarding the worker.<ref name="NYT"/> The company had launched its own investigation into the worker's behavior prior to the massacre following complaints from numerous black employees regarding incidents involving the worker. He had been ordered to attend anger management courses and diversity training but refused.<ref name="Shadow"/>

On May 12, 2006, The Washington Post reported that when Robert Stevens took control of Lockheed Martin in 2004, he faced the dilemma that within 10 years, 100,000 of the about 130,000 Lockheed Martin employees – more than three-quarters – would be retiring.<ref>Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.</ref> On August 31, 2006, Lockheed Martin won a $3.9 billion contract from NASA to design and build the CEV capsule, later named Orion for the Ares I rocket in the Constellation Program. In 2009, NASA reduced the capsule crew requirements from the initial six seats to four for transport to the International Space Station.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In August 2007, Lockheed Martin acquired 3Dsolve, a Cary, North Carolina, company that created simulations and training modules for the military and corporate clients.<ref>Norton, Frank; LaGrone, Sam (August 21, 2007). "Aircraft Maker Buys 3Dsolv e". The News and Observer. pp. D1. Retrieved February 28, 2022 – via Newspapers.com.</ref> Renamed Lockheed Martin 3D Learning Systems, the company remained in Cary with 3D's founder Richard Boyd as director.<ref>Norton, Frank; LaGrone, Sam (August 21, 2007). "Aircraft Maker Buys 3Dsolve". The News and Observer. pp. D3. Retrieved February 28, 2022 – via Newspapers.com.</ref> The name was eventually shortened to Lockheed Martin 3D Solutions.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On August 13, 2008, Lockheed Martin acquired the government business unit of Nantero, Inc., a company that had developed methods and processes for incorporating carbon nanotubes in next-generation electronic devices.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="Lockheed Martin Acquires Nantero">Template:Cite news</ref> In 2009, Lockheed Martin bought Unitech.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

2010s

On November 18, 2010, Lockheed Martin announced that it would be closing its Eagan, Minnesota, location by 2013 to reduce costs and optimize capacity at its locations nationwide.<ref>Hult, Karla. "Lockheed Martin to Close Eagan Plant, Shed 1,000 Jobs." Kare 11 News, November 19, 2010.</ref> In January 2011, Lockheed Martin agreed to pay the U.S. Government $2 million to settle allegations that the company submitted false claims on a U.S. government contract for that amount. The allegations came from a contract with the Naval Oceanographic Office Major Shared Resource Center in Mississippi.<ref>Template:Cite news</ref>

On May 25, 2011, Lockheed Martin bought the first Quantum Computing System from D-Wave Systems. Lockheed Martin and D-Wave will collaborate to realize the benefits of a computing platform based upon a quantum annealing processor, as applied to some of Lockheed Martin's most challenging computation problems. Lockheed Martin established a multi-year contract that includes one system, maintenance, and services.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On May 28, 2011, it was reported that a cyberattack using previously stolen EMC files had broken through to sensitive materials at the contractor.<ref>Template:Cite news</ref> It is unclear if the Lockheed incident is the specific prompt whereby on June 1, 2011, the new United States military strategy, makes explicit that a cyberattack is casus belli for a traditional act of war.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On March 3, 2012, the U.S. Department of Justice (DOJ) said that Lockheed Martin had agreed to settle allegations that the defense contractor had sold overpriced perishable tools used on many contracts. The DOJ said the allegations were based specifically on the subsidiary Tools & Metals Inc's inflation of costs between 1998 and 2005, which Lockheed Martin then passed on to the U.S. government under its contracts. Further, in March 2006, Todd B. Loftis, a former TMI president, was sentenced to 87 months in prison and ordered to pay a fine of $20 million following his guilty plea.<ref>Template:Cite news</ref>

On July 10, 2012, Lockheed Martin announced it was cutting its workforce by 740 workers to reduce costs and remain competitive as necessary for future growth.<ref name="cuts 740 jobs">Template:Cite news</ref> On November 27, 2012, Lockheed Martin announced that Marillyn Hewson would become the corporation's chief executive officer on January 1, 2013.<ref>Template:Cite news</ref>

On January 7, 2013, Lockheed Martin Canada announced that it would be acquiring the engine maintenance, repair, and overhaul assets from Aveos Fleet Performance in Montreal, Quebec, Canada. On February 20, 2013, Lockheed Martin Corp complied with the United States District Court for the Southern District of New York, agreeing to pay a $19.5 million lawsuit to conclude a securities fraud class-action legal battle that had accused the company of deceiving shareholders in regards to expectations for the company's information technology division.<ref>Template:Cite news</ref> On July 3, 2013, Lockheed Martin announced that it was partnering with DreamHammer to use the company's software for integrated command and control of its unmanned aerial vehicles.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Lockheed Martin teamed up with Bell Helicopter to propose the V-280 Valor tiltrotor for the Future Vertical Lift (FVL) program.<ref>"Bell Helicopter and Lockheed Martin team on V-280 Valor" AirFramer, September 9, 2013. Accessed: September 9, 2013.</ref> In September 2013, Lockheed Martin acquired the Scotland-based tech firm, Amor Group, saying the deal would aid its plans to expand internationally and into non-defense markets.<ref>Template:Cite news</ref> On November 14, 2013, Lockheed announced they would be closing their Akron, Ohio facility laying off 500 employees and transferring other employees to other locations.<ref>Template:Cite news</ref>

File:F-35A flight (cropped).jpg

Lockheed Martin's F-35 Lightning II

In March 2014, Lockheed Martin acquired Beontra AG, a provider of integrated planning and demand forecasting tools for airport, planning to expand their business in commercial airport information technology solutions.<ref>Template:Cite news</ref> Also, in March 2014, Lockheed Martin announced its acquisition of Industrial Defender Inc.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> On June 2, 2014, Lockheed Martin received a Pentagon contract to build a space fence that would track debris, keeping it from damaging satellites and spacecraft.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On December 20, 2014, Lockheed Martin Integrated Systems agreed to settle a False Claims Act lawsuit paying $27.5 million to finalize allegations that it had knowingly overbilled taxpayers for work performed by company staff who did not hold the relevant essential qualifications for the contract.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On July 20, 2015, Lockheed Martin announced plans to purchase Sikorsky Aircraft from United Technologies Corporation at a cost of $7.1 billion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The Pentagon has criticized the acquisition as causing a reduction in competition.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In November 2015, the acquisition received final approval from the Chinese government,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> with a total cost of $9 billion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Dan Schulz was named the president of Lockheed Martin's Sikorsky company.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Lockheed Martin has shownTemplate:When sketches for a twin-engine, blended wing body strategic airlifter similar in size to the C-5.<ref>Warwick, Graham. "Lockheed Martin’s Hybrid Wing-Body Future Airlifter"</ref> On March 31, 2015, the US Navy awarded Lockheed Martin a contract worth $362 million for the construction of Freedom-class ship LCS 21 and $79 million for advance procurement for LCS 23. The Freedom-class ships are built by Fincantieri Marinette Marine in Marinette, Wisconsin.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In December 2015, Lockheed won an $867 million seven-year contract to train Australia's next generation of military pilots. The deal also has the option to extend this contract across 26 years, which would greatly increase the deal's value.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin. The test marked Canada's first use of the combat system with the MK 48 heavyweight torpedo, variant 7AT.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The same month, a deal to merge Leidos with the entirety of Lockheed Martin's Information Systems & Global Solutions (IS&GS) business came to a close.<ref name=Forbes>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="fortune.com">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In May 2017, during a visit to Saudi Arabia by President Donald Trump, Saudi Arabia signed business deals worth tens of billions of dollars with U.S. companies, including Lockheed Martin.<ref>"Guide to $400 Billion in Saudi-U.S. Deals: Black Hawks to Oil". Bloomberg. May 22, 2017.</ref> (See: 2017 United States–Saudi Arabia arms deal)

On August 13, 2018, Lockheed Martin announced that the company had secured a $480 million contract from the United States Air Force to develop a hypersonic weapon prototype. A hypersonic missile can travel at one mile a second. This is the second contract for hypersonic weapons that Martin has secured; The first was from the Air Force as well and for $928 million which was announced in April 2018.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On November 29, 2018, Lockheed Martin was awarded a Commercial Lunar Payload Services contract by NASA, which makes it eligible to bid on delivering science and technology payloads to the Moon for NASA, worth $2.6 billion.<ref name="CLPS_win">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Lockheed Martin plans to formally propose a lander called McCandless Lunar Lander, named after the late astronaut and former Lockheed Martin employee Bruce McCandless II, who in 1984 performed the first free-flying spacewalk without a lifeline to the orbiting shuttle, using a jetpack built by the company.<ref>[1]. Marcia Dunn, The Associated Press; Published by The Denver post. November 30, 2018.</ref> This lander would be based on the successful design of the Phoenix and InSight Mars landers.<ref>Lockheed Martin Selected for NASA's Commercial Lunar Lander Payload Services Contract Template:Webarchive. Yahoo Finance. November 29, 2018.</ref>

On April 11, 2019, at 6:35 pm EDT, an Arabsat-6A satellite was successfully launched from (LC-39A). This satellite is one of two, the other being SaudiGeoSat-1/HellasSat-4 and they are the "most advanced commercial communications satellites ever built by" Lockheed Martin.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On September 23, 2019, Lockheed Martin and NASA signed a $4.6-billion contract to build six or more Orion capsules for NASA's Artemis program to send astronauts to the Moon.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

2020s

In January 2020, the Naval Sea Systems Command awarded Lockheed Martin with a $138 million contract related with the AEGIS Combat System Engineering Agent (CSEA). The LMT Rotary and Mission Systems (RMS) unit of the company is to develop, integrate, test, and deliver the AEGIS Advanced Capability Build (ACB) 20 integrated combat system. Martin will work on the AEGIS in New Jersey. The project is expected to be completed by December 2020.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In January 2020, the Pentagon found at least 800 software defects in Lockheed Martin's F-35 fighter jets owned by the US Armed Forces during an annual review. The 2018 and 2019 reviews revealed a large number of defects as well.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In February 2020, Lockheed Martin acquired Vector Launch Inc's satellite software technology GalacticSky for $4.25 million after a bankruptcy court received no bids by the February 21 deadline.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

File:P20220503AS-1222 (52144401420).jpg

President Joe Biden at the Lockheed Martin Facility in Troy, Alabama, May 3, 2022

On March 16, 2020, Lockheed Martin announced that James D. Taiclet would replace Marillyn Hewson as CEO, effective June 15.<ref>Template:Cite press release</ref> In January of 2021, Taiclet became chairman of the company as well.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Lockheed Martin was sanctioned by the Chinese government in July 2020,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> October 2020,<ref name="2020-10-26">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and February 2023 due to arm sales to Taiwan.<ref name="新华网">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On December 20, 2020, it was announced that Lockheed Martin would acquire Aerojet Rocketdyne Holdings for $4.4 billion.<ref>Template:Cite news</ref> The acquisition was expected to close in first quarter of 2022.<ref>Template:Cite news</ref> On February 13, 2022, Lockheed abandoned the deal following regulatory disapproval.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2022, during the Russian invasion of Ukraine, major arms manufacturers, including Lockheed Martin,<ref>Template:Cite news</ref> reported a sharp increase in interim sales and profits.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In May 2023, Lockheed formed a new microelectronics subsidiary ForwardEdge ASIC to design custom application-specific integrated circuits for its customers.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In November 2023, attempts at Direct action were taken against arms companies in the United States and the United Kingdom, including Lockheed Martin,<ref>Template:Cite news</ref><ref>Template:Cite news</ref> that supplied weapons to Israel during the Gaza war.<ref>Template:Cite news</ref>

In March 2024, Lockheed Martin submitted a bid to acquire Terran Orbital.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

On June 28, 2024, the U.S. Army awarded Lockheed Martin a $4.5 billion contract to supply Patriot Advanced Capability-3 (PAC-3) missiles. The contract included 870 PAC-3 MSE missiles and related hardware. Lockheed was tasked with manufacturing the newest version of these interceptors, with each PAC-3 MSE missile costing approximately $4 million, as per Army budget documents.<ref>Template:Cite news</ref>

On October 9, 2024, Lockheed Martin announced the appointment of Chauncey McIntosh as vice president and general manager of the F-35 Lightning II Program, effective December 1, 2024. He succeeded Bridget Lauderdale, who retired after 38 years with the company.<ref>Template:Cite news</ref>

In December 2024, Lockheed Martin announced that it had formed a subsidiary, Astris AI, that would help U.S. defense companies to incorporate artificial intelligence into their operations.<ref>Template:Cite news</ref>

Finances

citation

CitationClass=web }}</ref>	Business	share
Aeronautics	40.7%
Rotary and Mission Systems	24.0%
Space	18.7%
Missiles and Fire Control	16.7%

For the fiscal year 2020, Lockheed Martin reported earnings of $6.833 billion, with an annual revenue of $65.398 billion, an increase of 9.3% over the previous year.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Backlog was 144.0 billion at the end of 2019, up from 130.5 billion at the end of the 2018. Firm orders were $94.5 billion at the end of 2019.<ref name="auto">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Its shares traded at over $389 per share.<ref name=":0">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Its market capitalization was valued at US$109.83 billion at the end of 2019.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Lockheed Martin ranked No. 60 in the 2019 Fortune 500 list of the largest United States corporations by total revenue (down from No. 59 in 2018).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Sales by region (2023)<ref name=":1" />

Region	share
United States	73.9%
Europe	10.4%
Asia Pacific	8.7%
Middle East	5.3%
Other	1.8%

Year	Revenue in mil. US$	Net income in mil. US$	Total Assets in mil. US$	Price per Share in US$	Employees
citation	CitationClass=web }}</ref>	37,213	1,825	27,744	41.78
citation	CitationClass=web }}</ref>	39,620	2,529	28,231	54.52
citation	CitationClass=web }}</ref>	41,862	3,033	28,926	70.93
citation	CitationClass=web }}</ref>	41,372	3,217	33,439	71.54
citation	CitationClass=web }}</ref>	43,867	2,973	35,111	55.94
citation	CitationClass=web }}</ref>	45,671	2,878	35,113	57.35
citation	CitationClass=web }}</ref>	46,499	2,655	37,908	60.85
citation	CitationClass=web }}</ref>	47,182	2,745	38,657	73.10
citation	CitationClass=web }}</ref>	45,358	2,981	36,188	97.53	115,000
citation	CitationClass=web }}</ref>	39,946	3,614	37,046	151.21	112,000
citation	CitationClass=web }}</ref>	40,536	3,605	49,304	187.00	126,000
citation	CitationClass=web }}</ref>	47,248	5,302	47,806	226.05	97,000
citation	CitationClass=web }}</ref>	51,048	2,002	46,521	280.65	100,000
citation	CitationClass=web }}</ref>	53,762	5,046	44,876	citation	CitationClass=web }}</ref>	105,000
2019<ref name="auto" />	59,812	6,230	47,528	389.38<ref name=":0" />	110,000
citation	CitationClass=web }}</ref>	65,398	6,833	50,710	citation	CitationClass=web }}</ref>	114,000
citation	CitationClass=web }}</ref>	67,044	6,315	50,873	citation	CitationClass=web }}</ref>	114,000
citation	CitationClass=web }}</ref>	65,984	5,732	52,880	citation	CitationClass=web }}</ref>	116,000
citation	CitationClass=web }}</ref>	67,571	6,920	52,456	citation	CitationClass=web }}</ref>	122,000
2024<ref name=10K2024 />	71,043	5,336	55,617	485.94	121,000

Government contracts

Lockheed Martin received $36 billion in government contracts in 2008 alone; more than any company in history. It does work for more than two dozen government agencies from the Department of Defense and the Department of Energy to the Department of Agriculture and the Environmental Protection Agency. It is involved in surveillance and information processing for the CIA, the FBI, the Internal Revenue Service (IRS), the National Security Agency (NSA), The Pentagon, the Census Bureau, and the Postal Service.<ref name=MoJo>Hartung, William (January 12, 2011) "Is Lockheed Martin Shadowing You?". Mother Jones</ref>

In October 2013, Lockheed announced it expected to finalize a $2.2 billion contract with the United States Air Force for two advanced military communications satellites.<ref>Template:Cite news</ref>

Lockheed Martin has already begun to help the military transition to renewable energy sources with solar photovoltaic powered microgrids<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and as the military aims to reach 25% renewable energy by 2025<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> in order to improve national security.<ref>Emily W. Prehoda, et al. 2017. U.S. Strategic Solar Photovoltaic-Powered Microgrid Deployment for Enhanced National Security. Renewable & Sustainable Energy Reviews 78, 167–175. {{#invoke:doi|main}}</ref>

Organization

Business areas

File:Lockheed C-130 Hercules.jpg

The C-130 Hercules has been in production since the 1950s with the C-130J variant being produced now.

File:Trident II missile image.jpg

Submarine launch of a Lockheed UGM-133 Trident II SLBM

• Aeronautics Business Area, including Skunk Works<ref>Lockheed Martin Aeronautics website[2] "Lockheed Martin Aeronautics, home of the world renowned Skunk Works..." [Retrieved May 29, 2023]</ref>
• Missiles and Fire Control Business Area "MFC"
• Rotary and Mission Systems Business Area "RMS", including Sikorsky (RMS was formerly called Mission Systems and Sensors and then Mission Systems & Training)
• Space Business Area

International operations

• Lockheed Martin UK
• Lockheed Martin Canada

Enterprise operations

• Corporate Headquarters Operations
• Internal Corporate Functions: Ethics, Finance, HR, Legal, etc.<ref>[3]LM EO webpage</ref>
• Lockheed Martin Advanced Technology Laboratories

Wholly owned corporate subsidiaries

• ForwardEdge ASIC
• Lockheed Martin Finance Corporation
• LMC Properties

Joint ventures

• International Launch Services (with Khrunichev, RSC Energia)
• Lockheed Martin Alenia Tactical Transport Systems (with Alenia Aeronautica), now folded
• MEADS International (with EADS and MBDA)
• Space Imaging (46%, remainder public)
• United Launch Alliance (with Boeing)
• Javelin Joint Venture (with Raytheon)
• Longbow LLC (with Northrop Grumman)
• United Space Alliance (with Boeing)
• Kelly Aviation Center (with GE and Rolls-Royce)
• Protector USV – an unmanned surface vehicle (with Rafael Advanced Defense Systems and BAE Systems)
• Defense Support Services (DS2) with Day & Zimmermann<ref>official site ds2.com</ref>
• Tata Lockheed Martin Aerostructures Limited (with Indian company Tata Advanced Systems Limited)
• Advanced Military Maintenance Repair and Overhaul Center (AMMROC) (with Mubadala Development Company)

Divested

• Pacific Architects and Engineers (PAE) Holding, Inc<ref>{{#invoke:citation/CS1|citation

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• SIM Industries (to CAE)<ref>[4]2016 CAE Acquisition Announcement</ref>

Corporate governance

Board of directors

The board of directors consists of 14 members. As of 2020, members include:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

• Daniel Akerson (since 2014)
• David Burritt (since 2008)
• Bruce Carlson (since 2015)
• Joseph F. Dunford (since 2020)
• James Ellis (since 2004)
• Thomas Falk (since 2010)
• Ilene S. Gordon (since 2016)
• Vicki A. Hollub (since 2018)
• Jeh Johnson (since 2018)
• Debra L. Reed-Klages (since 2019)
• James D. Taiclet (since 2018)

Chief executive officer

• Daniel Tellep (1995–1996)
• Norman Augustine (1996–1997)
• Vance Coffman (1997–2004)
• Robert J. Stevens (2004–2012)
• Marillyn Hewson (2013–2020)
• James D. Taiclet (2020–present)

Chairman of the board

• Robert J. Stevens (2005–2013)
• Marillyn Hewson (2014–2021)
• James D. Taiclet (2021-present)<ref>"Lockheed Martin Board Elects James D. Taiclet As Chairman...". Lockheed Martin, January 29, 2021.</ref>

Ownership

As of December 2023, Lockheed Martin shares are mainly held by institutional investors (State Street Corporation, Vanguard group, BlackRock, Capital Group Companies, and others).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Largest shareholders in December 2023

Shareholder	Country	Shares	Percentage	Value in thousands USD
State Street Corporation	Template:USA	37,049,916	15.33%	$16,113,379
The Vanguard Group	Template:USA	22,099,137	9.15%	$9,611,136
BlackRock Inc.	Template:USA	18,158,813	7.51%	$7,897,449
Charles Schwab Corporation	Template:USA	5,637,923	2.33%	$2,451,989
Morgan Stanley	Template:USA	5,206,242	2.15%	$2,264,247
Capital World Investors	Template:USA	5,031,450	2.08%	$2,188,228
Geode Capital Management, LLC	Template:USA	4,559,183	1.89%	$1,982,834
FMR, LLC	Template:USA	4,351,452	1.80%	$1,892,490
Bank of America	Template:USA	3,209,854	1.33%	$1,395,998
Wellington Management Company	Template:USA	2,807,469	1.16%	$1,220,996
Total		179,583,655	100%

Criticism

Lockheed Martin is listed as the largest U.S. government contractor and ranks first for the number of incidents, and fifth for the size of settlements on the 'contractor misconduct' database maintained by the Project on Government Oversight, a Washington, D.C.–based watchdog group. Since 1995, the company has agreed to pay $676.8 million to settle 88 instances of misconduct.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2013, Lt. Gen. Christopher Bogdan criticized the company's F-35 fighter program. The general said: "I want them both to start behaving like they want to be around for 40 years ... I want them to take on some of the risk of this program. I want them to invest in cost reductions. I want them to do the things that will build a better relationship. I'm not getting all that love yet."<ref>Template:Cite news</ref> The criticism came in the wake of previous criticism from former Defense Secretary Robert Gates regarding the same program.<ref>Template:Cite news</ref>

Lobbying

According to the magazine Politico, Lockheed Martin has "a political network that is already the envy of its competitors", and its contracts enjoy wide bipartisan support in the U.S. Congress thanks to it having "perfected the strategy of spreading jobs on weapons programs in key states and congressional districts".<ref>Template:Cite news</ref> The company's 2022 lobbying expenditure is $13.6 million (2009 total: $13.7 million).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Through its political action committee (PAC), the company provides low levels of financial support to candidates who advocate national defense and relevant business issues.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It was the largest contributor to the House Armed Services Committee chairman, Republican Buck McKeon of California with over $50,000 donated in the election cycle as of January 2011. It also was the top donor to Sen. Daniel Inouye (D-HI), the chair of the Senate Appropriations Committee before his death in 2012.<ref name=MoJo />

Lockheed Martin Employees Political Action Committee is one of the 50 largest in the country, according to FEC data. With contributions from 3,000 employees, it donates $500,000 a year to about 260 House and Senate candidates.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Needs update

Management

Senior management consists of the CEO, CFO, and Executive Vice Presidents (EVPs) of four business areas.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The EVPs are responsible for managing major programs.Template:Citation needed

On March 16, 2020, Lockheed announced that CEO Marillyn Hewson would become executive chair and be succeeded as CEO by James Taiclet on June 15; Taiclet was at the time the head of American Tower, and had previously been the president of Honeywell Aerospace and before that a VP at United Technologies. Lockheed also announced that it would create the chief operating officer role, to which current EVP Frank A. St John would be promoted.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Employees in each program are organized into four tiers: Tier 1: Program Manager/VP, Tier 2: Functional Teams (Finance, Chief Engineer, Quality, Operations, etc.), Tier 3: Integrated Product Teams (IPTs) (Weapon System Development, Weapon System Integration, etc.), and Tier 4: detailed product development. Floor or touch workers belong to component assembly teams.<ref name="libsys.uah.edu">Template:Cite reportTemplate:Dead link</ref> Lockheed Martin manages and maintains its relationship with these touch workers through its supervisors and unions.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Dead link</ref>

Lockheed Martin manages employees through its Full Spectrum Leadership and LM21 programs.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The LM21 program relies on Six Sigma principles, which are techniques to improve efficiency. Senior management constructs leadership councils and assigns managers to facilitate Kaizen events, which target specific processes for improvement. A manager facilitates teams and processes stakeholders and suppliers to streamline process implementation.<ref>Template:Cite journal</ref><ref>Template:Cite bookTemplate:Dead linkTemplate:Cbignore</ref><ref name="libsys.uah.edu" />

Tier 2 Functional Leads and Tier 3 IPT Leads report to Tier 1. IPT leads are responsible for entire systems or products defined by the contract's Statement of Work.<ref name="libsys.uah.edu" />

To control quality, Lockheed Martin trains and builds IPT teams.<ref name="libsys.uah.edu" /> and ensures that work is executed correctly through a Technical Performance Measure (TPM) system which emphasizes its Lean and 6 Sigma processes. Middle management uses commitment mechanisms that parallel high commitment and human relations theory.<ref>Template:Cite journal</ref>

Floor employees assemble aircraft using Flow-to-takt lean manufacturing process<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> which uses properties from both division of labor and scientific management. By separating tasks based on parts, Lockheed Martin utilizes the division of labor theory,<ref>Frank Dobbins Lecture, September 10, 2012 Harvard University</ref> specialization on a specific area creates efficiency.Template:Citation needed

Double Helix methodology

The "Double Helix methodology" is a systems development methodology used by Lockheed Martin. It combines experimentation, technology, and a warfighter's concept of operations to create new tactics and weapons.<ref name="DoubleHelixInfo">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

See also

• Arms industry
• Military–industrial complex
• Defense contractor – table of comparable companies
• Lockheed Martin Maintenance Trophy
• Top 100 US Federal Contractors

Further reading

• William D. Hartung. Prophets of War: Lockheed Martin and the Making of the Military-Industrial Complex. Nation Books, 2010. Template:ISBN.
• "A Security Analyst Wins Big in Court". Time magazine
• "Lockheed Wins Contract to Build NASA's New Spaceship". Washington Post
• "Jury Slaps Defense Giant for Neglecting National Security". ABC News
• "NASA: Mars Surveyor Was Doomed By Humans". CBS News
• "Lockheed Fined Over Secrets Breach". BBC News
• "Coast Guard Failed to Properly Oversee Contracts, Officials Say". Washington Post
• Ceremonial event planned for final F-22 Raptor

External links

• Template:Official website

• Lockheed Martin Corporation recipient profile on USAspending.gov
• FAS, history and key dates
• Lockheed Martin at SourceWatch
• {{#invoke:citation/CS1|citation

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