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Income Taxes - Schedule of Income Before Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 5,531
Foreign	391
Total income before income tax expense	$ 5,922	$ 6,220	$ 8,098

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

Organization – We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas – Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies. See “Note 3 – Information on Business Segments” for more details on discussions of our business areas.

Basis of presentation – These consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation. We classify certain assets and liabilities as current utilizing the duration of the related contract or program as our operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities. We classify all other assets and liabilities based on whether the asset will be realized or the liability will be paid within one year. Additionally, certain prior year amounts in the consolidated statements of cash flows have been reclassified within operating activities to conform to the current year’s presentation. These reclassifications were not material and had no impact on total net cash provided by operating activities as previously reported.

During the second quarter of 2025, we paid $360 million, in cash, for the acquisition of Amentum’s Rapid Solutions business (Rapid Solutions). The acquisition of Rapid Solutions is expected to enhance our Space business segment′s capabilities, particularly in radar and payload technology, and support our customers′ evolving needs for domain awareness and real- time missions. The purchase price was allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill. As a result, we recorded goodwill of $195 million at our Space business segment. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date. Rapid Solutions operates within our Space business segment and the financial results of Rapid Solutions had been included within our operating results in the period post-acquisition.

Use of estimates – We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition; retirement benefits; environmental liabilities and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, investments and other assets for impairment; income taxes including deferred income taxes; fair value measurements; and contingencies.

Revenue Recognition – The majority of our sales are generated from long-term contracts with the U.S. Government and international customers (including foreign military sales (FMS) contracted through the U.S. Government) for the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For certain contracts that meet the foregoing requirements, primarily international direct commercial sale contracts, we are required to obtain certain regulatory approvals. In these cases, we recognize revenue when it is probable that we will receive regulatory approvals based upon all known facts and circumstances. We provide our products and services under fixed-price and cost-reimbursable contracts.

Under fixed-price contracts, we agree to perform the specified work for a pre-determined price. To the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could incur a loss. Some fixed-price contracts have a performance-based component under which we may earn incentive payments or incur financial penalties based on our performance.

Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract plus a fee up to a ceiling based on the amount that has been funded. Typically, we enter into three types of cost-reimbursable contracts: cost-plus-award-fee, cost-plus-incentive-fee, and cost-plus-fixed-fee. Cost-plus-award-fee contracts provide for an

award fee that varies within specified limits based on the customer’s assessment of our performance against a predetermined set of criteria, such as targets based on cost, quality, technical and schedule criteria. Cost-plus-incentive-fee contracts provide for reimbursement of costs plus a fee, which is adjusted by a formula based on the relationship of total allowable costs to total target costs (i.e., incentive based on cost) or reimbursement of costs plus an incentive to exceed stated performance targets (i.e., incentive based on performance). Cost-plus-fixed-fee contracts provide a fixed fee that is negotiated at the inception of the contract and does not vary with actual costs.

We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue recognition purposes.

We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. The products and services in our contracts are typically not distinct from one another due to their complex relationships and the significant contract management functions required to perform under the contract. Accordingly, our contracts are typically accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product lifecycles. Judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period. We classify sales as products or services on our consolidated statements of earnings based on the predominant attributes of the performance obligations.

We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary (e.g., awards, incentive fees and claims), we estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and if necessary constrain the amount of variable consideration recognized in order to mitigate this risk.

At the inception of a contract, we estimate the transaction price based on our current rights and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become legally enforceable. Contracts are often subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, modifications to our contracts are not distinct from the existing contract due to the significant integration and interrelated tasks provided in the context of the contract. Therefore, such modifications are accounted for as if they were part of the existing contract and recognized as a cumulative adjustment to revenue.

For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount we would sell the product or service to a customer on a standalone basis (i.e., not bundled with any other products or services). Our contracts with the U.S. Government, including FMS contracts, are subject to the FAR and the price is typically based on estimated or actual costs plus a reasonable profit margin. As a result of these regulations, the standalone selling price of products or services in our contracts with the U.S. Government and FMS contracts are typically equal to the selling price stated in the contract.

For non-U.S. government contracts with multiple performance obligations, we evaluate whether the stated selling prices for the products or services represent their standalone selling prices. We primarily sell customized solutions unique to a customer’s specifications. When it is necessary to allocate the transaction price to multiple performance obligations, we typically use the expected cost plus a reasonable profit margin to estimate the standalone selling price of each product or service. We occasionally sell standard products or services with observable standalone sales transactions. In these situations, the observable standalone sales transactions are used to determine the standalone selling price.

We recognize revenue as performance obligations are satisfied and the customer obtains control of the products and services. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative future use of the product or service. Substantially all of our revenue is recognized over time as we perform under the contract because control of the work in process transfers continuously to the customer. For most contracts with the U.S. Government and FMS contracts, this continuous transfer of control of the work in process to the customer is supported by clauses in the contract that give the customer ownership of work in process and allow the customer to unilaterally terminate the contract for convenience and pay us for costs incurred plus a reasonable profit. For most non-U.S. government contracts, primarily international direct commercial contracts, continuous transfer of control to our customer is

supported because we deliver products that do not have an alternative use to us and if our customer were to terminate the contract for reasons other than our non-performance we would have the right to recover damages which would include, among other potential damages, the right to payment for our work performed to date plus a reasonable profit.

For performance obligations to deliver products with continuous transfer of control to the customer, revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using the percentage-of-completion cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer as we incur costs on our contracts. Under the percentage-of-completion cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For performance obligations to provide services to the customer, revenue is recognized over time based on costs incurred or the right to invoice method (in situations where the value transferred matches our billing rights) as our customer receives and consumes the benefits.

For performance obligations in which control does not continuously transfer to the customer, we recognize revenue at the point in time in which each performance obligation is fully satisfied. This coincides with the point in time the customer obtains control of the product or service, which typically occurs upon customer acceptance or receipt of the product or service, given that we maintain control of the product or service until that point.

Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. As of December 31, 2025, our ending backlog was $193.6 billion. We expect to recognize approximately 37% of our backlog over the next 12 months and a total of approximately 60% over the next 24 months as revenue, with the remainder recognized thereafter.

For arrangements with the U.S. Government and FMS contracts, we generally do not begin work on contracts until funding is appropriated by the customer. Billing timetables and payment terms on our contracts vary based on a number of factors, including the contract type. Typical payment terms under fixed-price contracts with the U.S. Government provide that the customer pays either performance-based payments (PBPs) based on the achievement of contract milestones or progress payments based on a percentage of costs we incur. Typical payment terms under cost-reimbursable contracts with the U.S Government provide for billing of allowable costs incurred plus applicable fee on a monthly or semi-monthly basis. For the majority of our international direct commercial contracts to deliver complex systems, we typically receive advance payments prior to commencement of work, as well as milestone payments that are paid in accordance with the terms of our contract as we perform. We recognize a liability for payments in excess of revenue recognized, which is presented as a contract liability on the balance sheet. The portion of payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer from our failure to adequately complete some or all of the obligations under the contract. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract.

For fixed-price and cost-reimbursable contracts, we present revenues recognized in excess of billings as contract assets on the balance sheet. Amounts billed and due from our customers under both contract types are classified as receivables on the balance sheet.

Significant estimates and assumptions are made in estimating contract sales, costs, and profit. We estimate profit as the difference between estimated sales and total estimated costs to complete the contract. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as our ability to earn variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative expenses and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks related to earning variable consideration and/or the technical,

schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease, which we refer to as unfavorable profit booking rate adjustments. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is evident, which we refer to as a reach-forward loss.

Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts. Increases in the profit booking rates, typically referred to as favorable profit booking rate adjustments, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate and are typically referred to as unfavorable profit booking rate adjustments. Increases or decreases in profit booking rates are recognized in the period they are determined and reflect the inception-to-date effect of such changes. Segment operating profit and margin can be impacted favorably or unfavorably by, for example, certain items listed below, which may or may not impact sales. Favorable items include the positive resolution of contractual matters, cost recoveries on severance and restructuring, insurance recoveries and gains on sales of assets. Unfavorable items include the adverse resolution of contractual matters, supply chain disruptions, restructuring charges (except for significant severance actions, which are excluded from segment operating results), reserves for disputes, certain asset impairments, and losses on sales of certain assets.

The following table presents the effect of profit booking rate adjustments on our financial results (in millions, except per share data):


	2025			2024			2023
Sales	$	954		$	1,173		$	1,559
Segment operating profit (loss)	75			(180)			1,585
% of segment operating profit (loss)	1		%	(3)		%	21		%
Net earnings (loss)	59			(142)			1,252
Diluted earnings (loss) per share	0.25			(0.59)			4.98

During the year ended December 31, 2025, we recorded reach-forward losses of $950 million on an ongoing classified program at our Aeronautics business segment, $570 million on Canadian Maritime Helicopter Program (CMHP) and $95 million on Türkish Utility Helicopter Program (TUHP) at our RMS business segment (see discussions that follows within this footnote), and $140 million of unfavorable profit adjustments on C-130 program at our Aeronautics business segment. In addition to these losses and unfavorable profit adjustments, we also recorded $130 million of favorable adjustments upon completion on certain commercial civil space programs at Space, and $90 million favorable adjustments upon completion of a classified program at Aeronautics.

During the year ended December 31, 2024, we recorded losses of $555 million on a classified program at our Aeronautics business segment, reach-forward losses of $1.4 billion recognized on a classified program at our MFC business segment and $155 million of favorable profit rate adjustments following the resolution of a long-standing claim associated with a completed C-5 Galaxy aircraft contract at our Aeronautics business segment.

During the year ended December 31, 2023, we recorded a reach-forward loss of $100 million on CMHP as a result of increased costs and lower than planned revenues and a favorable profit adjustment of $65 million on an international surveillance and control program due to the positive resolution of a contractual matter at our RMS business segment.

We have various development programs for new and upgraded products, services, and related technologies which have complex design and technical challenges. This development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. Many of these programs have cost-type contracting arrangements (e.g., cost-reimbursable or cost-plus-fee). In such cases, the associated financial risks are primarily in reduced fees, lower profit rates, or program cancellation if cost, schedule, or technical performance issues arise.

However, some of our existing development programs are contracted on a fixed-price basis or include cost-type contracting for the development phase with fixed-price production options and our customers continue to implement procurement strategies such as these that shift risk to contractors. Competitively bid programs with fixed-price development work or fixed-price production options increase the risk of a reach-forward loss upon contract award and during the period of

contract performance. Due to the complex and often experimental nature of development programs, we may experience (and have experienced in the past) technical and quality issues during the development of new products or technologies for a variety of reasons. Our development programs are ongoing, and while we believe the cost and fee estimates incorporated in the financial statements are appropriate, the technical complexity of these programs and fixed-price contract structure creates financial risk as estimated completion costs may exceed the current contract value, which could trigger earnings charges, termination provisions, or other financially significant exposures. These programs have risk for reach-forward losses if our estimated costs exceed our estimated contract revenues, and such losses could be significant to our financial results in any period that they are recognized. Any such losses are recognized in the period in which the loss is evident.

Aeronautics Classified Program

We have experienced significant performance issues on an existing classified program at our Aeronautics business segment. The initial phase is on a fixed-price incentive fee contract with fixed-price incentive fee options for additional phases. Phases within the program involve highly complex design and systems integration. Challenges and performance issues continued into 2025 and had a greater impact on schedule and costs than previously estimated. There were also new, unanticipated events that occurred in 2025 that impacted the program’s performance, as described below. As a result of performance issues with the program, Aeronautics performed a comprehensive review of its design, integration, test, and other processes to achieve the technical requirements of the program, which was completed in the second quarter of 2025. The events that occurred in 2025, and the comprehensive review completed in the second quarter of 2025, resulted in significant changes in the program’s processes and testing approach and led to an extension of the program’s schedule, which drove a substantial increase in cost estimates. As a result, during the second quarter of 2025, we recognized additional reach-forward losses of $950 million across both phases of the program. The primary drivers of the additional reach-forward losses recognized in the second quarter of 2025 included: (1) software development performance degradation and integration findings observed over a continued period; (2) learnings in recent software and build experience on another program specifically relevant to the program; (3) significant changes in test plan resulting from customer discussions and changes in test execution strategy; (4) safety-critical and other necessary design and engineering changes in response to certain observed performance degradation and a discrete event; and (5) complete schedule realignment, including as a result of items (1) through (4).

As of December 31, 2025, cumulative losses recognized to date on this program remained at approximately $1.8 billion across both phases. As of December 31, 2025, $495 million of the losses remained accrued in other current liabilities in our consolidated balance sheet. We continue to proactively manage the technical requirements and our performance, the remaining work and any future changes in scope or schedule, and estimated costs to complete the program, including future phases. Due to the nature of the highly complex design and systems integration on this program, we may need to record additional losses in future periods if performance issues, increases in scope, or increases in cost from prior estimates indicate that further losses are evident. Our estimates may change, in particular, as we conduct further development and testing on the program, which may lead to new findings or cause us to modify our expectations or understandings of the risks inherent in the program. Any such losses could be material to our financial results in any period that they are recognized. We and our industry team will continue to incur advanced procurement costs (also referred to as pre-contract costs) to enhance our ability to achieve the schedule and certain milestones which could be significant. We will monitor the recoverability of pre-contract costs, which could be impacted by our assessment of the customer’s decision regarding the funding of future phases of the program.

MFC Classified Program

Our MFC business segment has been performing under a competitively bid classified contract, which includes a cost-reimbursable base contract for the initial phase of the program and multiple fixed-price options for additional phases. We previously disclosed that the options may be exercised over the next several years and if performed expect they would each be at a loss. During the first quarter of 2024, we concluded it was probable that the first option would be exercised and recognized a reach-forward loss of approximately $100 million. During the fourth quarter of 2024, we again assessed the likelihood that additional options may be exercised and concluded then that it is probable that all options will be exercised based on performance to date, future requirements of the program, discussions with the customer and suppliers, and anticipated customer funding, among other factors, resulting in the recognition of additional reach-forward losses of approximately $1.31 billion. As of December 31, 2025, cumulative losses recognized on the program remained at approximately $1.46 billion in total, of which, $1.19 billion remained accrued in other current liabilities in our consolidated balance sheet.

Canadian Maritime Helicopter Program

Our RMS business segment has been performing the Canadian Maritime Helicopter Program (CMHP) under contracts with the Canadian government. The program provides for design, development, and production of CH-148 aircraft (the Original Equipment contract), which is a military variant of the S-92 helicopter, and for logistical support to the fleet (the In Service Support contract) over an extended time period. The program has experienced performance issues and we have been in

discussions with the Canadian government to potentially restructure certain contractual terms and conditions that may be beneficial to both parties. We entered into a contract modification in 2024 to better align contract scope with the Canadian government’s need, which resulted in a reduction in our contract assets in the fourth quarter of 2024 and first quarter of 2025. Communications with the customer during the second quarter of 2025 led to subsequent decisions made by us to focus on providing additional mission capabilities, enhanced logistical support, fleet life extension, and revised expectations regarding flight hours. Based on these discussions with the customer and decisions made by management, we revised our cost and sales estimates for this program and recognized additional losses of $570 million on the program during the second quarter of 2025. As of December 31, 2025, cumulative losses recognized on the program remained at approximately $670 million and approximately $625 million of contract assets remained on the balance sheet. The final aircraft under the program was delivered to Canada during the third quarter of 2025 and has been subsequently accepted. Any restructuring discussions may be prolonged or unsuccessful, and could result in a contract termination, and are dependent upon Canadian government resources and priorities and other factors outside of our control, such as trade relations with the United States. These items in addition to future performance issues or changes in our estimates may affect our ability to recover our costs, including recovery of the contract assets recognized on the balance sheet and our assessment of the reach-forward loss, and potential damages, which could be material to our financial results in any period that they are recognized.

Türkish Utility Helicopter Program

As previously disclosed, we have a number of contracts with Türkish industry for the Türkish Utility Helicopter Program (TUHP), which anticipates co-production with Türkish industry for production of T70 helicopters for use in Türkiye, as well as the related provision of Türkish goods and services under buy-back or offset obligations. Sanctions imposed in 2020 by the U.S. Government on Turkey’s defense procurement agency (SSB) and certain persons have affected our ability to perform under the TUHP contracts. During the second quarter of 2025, we recognized a loss of $95 million in light of the status of restructuring discussions with our prime customer and the status of the TUHP. As of December 31, 2025, cumulative losses recognized to date on the program remained at approximately $130 million and the program remains in a contract liability position on the balance sheet. In the fourth quarter of 2025, we finalized an agreement with our prime contract customer to terminate the existing TUHP contracts and establish new contracts for a reduced scope of work, which became effective in January 2026. Our performance under the new contracts is subject to the receipt of U.S. export authorizations. However, if our future licensing applications are denied, our customer could drawdown on letters of credit, which could negatively affect our cash flows and our ability to recover our costs, and we could incur additional losses of up to approximately $115 million.

Research and development and similar costs – We conduct research and development (R&D) activities using our own funds (referred to as company-funded or independent R&D (IR&D)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. Company-funded R&D costs are allocated to customer contracts as part of the general and administrative overhead costs and are generally recoverable to the extent allocable to our cost-reimbursable customer contracts with the U.S. Government. These costs also may be recoverable to the extent allocable to certain fixed-price incentive contracts with the U.S. Government. Customer-funded R&D costs are charged directly to the related customer contracts. Substantially all R&D costs are charged to operating costs as incurred. Company-funded R&D costs charged to operating costs totaled $2.0 billion, $1.6 billion and $1.5 billion in 2025, 2024 and 2023.

Stock-based compensation – We issue stock-based compensation awards in the form of restricted stock units (RSUs) and performance stock units (PSUs) that generally vest three years from the grant date and are settled in shares. Compensation cost related to all stock-based awards is measured at the grant date based on the estimated fair value of the award. The grant date fair value of RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting. The grant date fair value of PSUs is measured in a manner similar to RSUs for awards that vest based on service and performance conditions or using a Monte Carlo model for awards that vest based on service and market conditions.

For all RSUs, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. For PSUs that vest based on service and performance conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period based on the number of awards expected to ultimately vest. For PSUs that vest based on service and market conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period. At each reporting date, estimated forfeitures for all stock-based compensation awards and the number of PSUs expected to vest based on service and performance conditions is adjusted.

Income taxes – We calculate our provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax bases, as well as from operating loss and tax credit carry-forwards. The provision for income taxes differs from the amounts currently receivable or payable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid.

We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not determination, no benefit is recorded. If we determine that the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our consolidated statements of earnings.

In accordance with the regulations that govern cost accounting requirements for government contracts, current state and local income and franchise taxes are generally considered allowable and allocable costs and, consistent with industry practice, are recorded in operating costs and expenses. We generally recognize changes in deferred state taxes and unrecognized state tax benefits in unallocated corporate expenses.

Cash and cash equivalents – Cash equivalents include highly liquid instruments with original maturities of 90 days or less.

Receivables – Receivables, net represent our unconditional right to consideration under the contract and include amounts billed and currently due from customers. Receivables, net are recorded at the net amount expected to be collected. There were no significant impairment losses related to our receivables in 2025, 2024 or 2023.

Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets are classified as current based on our contract operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts.

Contract liabilities – Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.

Inventories – We record inventories at the lower of cost or estimated net realizable value. The majority of our inventory represents work-in-process for contracts where control has not yet passed to the customer. Work-in-process primarily consists of labor, material, subcontractor, and overhead costs. In addition, costs incurred to fulfill a contract in advance of the contract being awarded are recorded in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as operating cost consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. We determine the costs of other inventories such as materials, spares and supplies by using the first-in first-out or average cost methods. If events or changes in circumstances indicate that pre-contract costs are no longer recoverable or the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, a loss is recognized in the period in which it occurs.

Property, plant and equipment – Property, plant and equipment are initially recorded at cost. The cost of plant and equipment are depreciated generally using accelerated methods during the first half of the estimated useful lives of the assets and the straight-line method thereafter. The estimated useful lives of our plant and equipment generally range from 10 to 40 years for buildings and five to 15 years for machinery and equipment. No depreciation expense is recorded on construction in progress until such assets are placed into operation.

We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount.

Capitalized software – We capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in other noncurrent assets on our consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which ranges from two to 15 years. As of December 31, 2025 and 2024, capitalized software totaled $2.4 billion and $1.9 billion, net of accumulated amortization of $3.4 billion and $3.1 billion. No amortization expense is recorded until the software is ready for its intended use. Amortization expense related to capitalized software was $393 million in 2025, $346 million in 2024 and $263 million in 2023.

Fair value of financial instruments – We measure the fair value of our financial instruments using observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.

Level 3 – unobservable inputs significant to the fair value measurement.

Investments – We hold a portfolio of marketable securities to fund our non-qualified employee benefit plans. A portion of these securities are held in common/collective trust funds and are measured at fair value using Net Asset Value (NAV) per share as a practical expedient. Marketable securities accounted for as trading are recorded at fair value on a recurring basis and are included in other noncurrent assets on our consolidated balance sheets. Gains and losses on these investments are included in other unallocated, net within operating costs and expenses on our consolidated statements of earnings.

We make investments in companies that we believe are advancing or developing new technologies applicable to our business. These investments are primarily in early-stage companies and may be in the form of common or preferred stock, warrants, convertible debt securities, investments in funds or equity method investments. Most of these investments are in equity securities without readily determinable fair values (privately held securities), which are measured initially at cost and are then adjusted to fair value only if there is an observable price change or reduced for impairment, if applicable. The carrying amounts of the investments were $669 million and $600 million at December 31, 2025 and December 31, 2024 and are included on our consolidated balance sheets within other assets, both current and noncurrent. Changes in fair value and/or sales of investments are reflected in the other non-operating income, net account on our consolidated statements of earnings. We recorded net gains of $55 million ($41 million, or $0.18 per share, after tax) and $22 million ($17 million, or $0.07 per share, after-tax) during 2025 and 2024 and net losses of $64 million ($48 million, or $0.19 per share, after-tax) during 2023.

Equity method investments – Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in other noncurrent assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in operating profit in other income, net on our consolidated statements of earnings since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. As of December 31, 2025 and December 31, 2024, our equity method investments totaled $653 million and $654 million, which was primarily composed of our investment in the United Launch Alliance (ULA) joint venture. Our share of net earnings related to our equity method investees was $28 million in 2025, $56 million in 2024 and $40 million in 2023, of which approximately $5 million, $45 million and $20 million was included in our Space business segment operating profit.

Goodwill and Intangible Assets – We perform an impairment test of our goodwill at least annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. We may use both a qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units where we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative impairment test. We perform quantitative tests for most reporting units at least once every three years. However, for certain reporting units we may perform a quantitative impairment test every year.

To perform the quantitative impairment test we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. We generally estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions.

Finite-lived intangibles are amortized to expense over their applicable useful lives, ranging from three to 20 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. Acquired intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment testing or more frequently if events or change in circumstance indicate that it is more likely than not that the asset is impaired. We perform an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired.

Leases – We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Substantially all of our leases are long-term operating leases with fixed payment terms. We do not have significant financing leases. Our right-of-use (ROU) operating lease assets represent our right to use an underlying asset for the lease term, and our operating lease liabilities represent our obligation to make lease payments. ROU operating lease assets are recorded in other noncurrent assets in our consolidated balance sheet. Operating lease liabilities are recorded in other current liabilities or other noncurrent liabilities in our consolidated balance sheet based on their contractual due dates.

Both the ROU operating lease asset and liability are recognized as of the lease commencement date at the present value of the lease payments over the lease term. Most of our leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using our credit rating and information available as of the commencement date. ROU operating lease assets include lease payments made at or before the lease commencement date, net of any lease incentives.

Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs and expenses on our consolidated statements of earnings.

We have operating lease arrangements with lease and non-lease components. The non-lease components in our arrangements are not significant when compared to the lease components. For all operating leases, we account for the lease and non-lease components as a single component. Additionally, for certain equipment leases, we apply a portfolio approach to recognize operating lease ROU assets and liabilities. We evaluate ROU assets for impairment consistent with our property, plant and equipment policy.

Retirement benefits – Many of our employees and retirees participate in various retirement benefit plans including defined benefit pension, retiree medical and life insurance, disability insurance, and defined contribution savings plans. Obligation amounts we record related to our defined benefit pension plans are computed based on service to date, using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including participant longevity (also known as mortality).

A market-related value of our plan assets, equal to the fair value adjusted for recognition of the difference between actual and expected asset returns over the prior three-year period, is used to develop the expected return on assets included in expense. Net outstanding gains or losses are amortized to expense using the corridor method, where they are recognized over a period of years to the extent they exceed 10% of the greater of market-related value of plan assets or benefit obligations.

We recognize on a plan-by-plan basis the funded status of our defined benefit pension plans as either an asset recorded within other noncurrent assets or a liability recorded within noncurrent liabilities on our consolidated balance sheets. The GAAP funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. The funded status under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, is calculated on a different basis than under GAAP.

Postemployment benefits – We record a liability for postemployment benefits, such as severance or job training, typically when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have accumulated.

Environmental matters – We record a liability for environmental matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation at a particular site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. Our environmental liabilities are recorded on our consolidated balance sheets within other liabilities, both current and noncurrent. We expect to include a substantial portion of environmental costs in our sales and operating costs in future periods pursuant to U.S. Government regulation. At the time a liability is recorded for future environmental costs, we record assets for estimated future recovery considered probable through the pricing

of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continually evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, our history of receiving reimbursement of such costs, and efforts by some U.S. Government representatives to limit such reimbursement. We include the portions of those environmental costs expected to be allocated to our non-U.S. government contracts, or determined not to be recoverable under U.S. Government contracts, in our operating costs at the time the liability is established or adjusted. Our assets for the portion of environmental costs that are probable of future recovery are recorded on our consolidated balance sheets within other assets, both current and noncurrent. We project costs and recovery of costs over approximately 20 years.

Derivative financial instruments – Derivatives are recorded at their fair value and included in other current and noncurrent assets and liabilities on our consolidated balance sheets. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to highly effective hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are not highly effective, if any, are immediately recognized in earnings.

Recent Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes guidance for the recognition, measurement, and presentation of government grants received by business entities. Under the new standard, a government grant is recognized only when it is probable that (i) the entity will satisfy the grant’s conditions and (ii) the grant will be received. If those conditions are met, the grant is classified either as a grant related to income or as a grant related to an asset, and the classification determines the appropriate accounting treatment. ASU No. 2025-10 retains the existing disclosure requirements in FASB Accounting Standards Codification (ASC) Topic 832, Government Assistance. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2028, and for interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may adopt the amendments using a modified-prospective, modified-retrospective, or full-retrospective approach for all government grants. We are currently evaluating the impact of the ASU on our disclosures and financial statements, including the approach and the timing of adoption.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This guidance removes all references to project stages throughout ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. Under the new standard, cost capitalization should only commence when an entity has committed to funding a software project and it is probable the project will be completed and the software will be used for its intended function. The amendments are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently determining the preferred transition approach and assessing the impact of the ASU on our disclosures and financial statements, including the timing of its adoption.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires entities to disclose certain expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization, by caption. In addition, entities must provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendments are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU will affect only our disclosures and will not impact our results of operations or financial condition. We are currently evaluating the timing of its adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU No. 2023-09 requires companies to disclose further information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, and may be applied prospectively or retrospectively. We adopted the ASU prospectively for the period ending December 31, 2025, and it affects only our disclosures and does not impact our results of operations or financial condition.

Goodwill and Acquired Intangibles - Schedule of Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 11,067	$ 10,799
Acquisitions	217	298
Other	30	(30)
Goodwill, ending balance	11,314	11,067
Aeronautics
Goodwill [Roll Forward]
Goodwill, beginning balance	196	196
Acquisitions	0	0
Other	0	0
Goodwill, ending balance	196	196
MFC
Goodwill [Roll Forward]
Goodwill, beginning balance	2,085	2,086
Acquisitions	0	0
Other	4	(1)
Goodwill, ending balance	2,089	2,085
RMS
Goodwill [Roll Forward]
Goodwill, beginning balance	6,712	6,741
Acquisitions	0	0
Other	25	(29)
Goodwill, ending balance	6,737	6,712
Space Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	2,074	1,776
Acquisitions	217	298
Other	1	0
Goodwill, ending balance	$ 2,292	$ 2,074

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 4
-Subparagraph (b)
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+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Jan. 26, 2026	Jun. 27, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11437
Entity Registrant Name	LOCKHEED MARTIN CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1893632
Entity Address, Address Line One	6801 Rockledge Drive,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	897-6000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LMT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 106.5
Entity Common Stock, Shares Outstanding		230,080,240
Documents Incorporated by Reference	Portions of Lockheed Martin Corporation’s 2026 Definitive Proxy Statement are incorporated by reference into Part III of this Form 10‑K. The 2026 Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0000936468
Document Fiscal Year Focus	2025

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of trading securities	$ 2,000	$ 1,800
Net gains (losses) on marketable securities	253	170
Outstanding principal amount of debt instruments	22,914	21,557
Unamortized discounts and issuance costs	1,214	1,287
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair values of debt instruments	22,000	20,200
Interest rate swaps \| Designated as hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of derivatives	1,300	1,300
Foreign currency contracts \| Designated as hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of derivatives	$ 7,200	$ 7,500

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes

Changes in the balance of AOCL, net of taxes, consisted of the following (in millions):


	Retirement Benefits (a)		Other, net		AOCL
Balance at December 31, 2022	$	(7,866)	$	(157)	$	(8,023)
Other comprehensive (loss) income before reclassifications	(689)		23		(666)
Amounts reclassified from AOCL

Recognition of net actuarial losses	116		—		116
Amortization of net prior service credits	(265)		—		(265)
Other	—		35		35
Total reclassified from AOCL	(149)		35		(114)
Total other comprehensive (loss) income	(838)		58		(780)

Balance at December 31, 2023	(8,704)		(99)		(8,803)
Other comprehensive income (loss) before reclassifications	340		(104)		236
Amounts reclassified from AOCL

Recognition of net actuarial losses	188		—		188
Amortization of net prior service credits	(112)		—		(112)
Other	—		39		39
Total reclassified from AOCL	76		39		115
Total other comprehensive income (loss)	416		(65)		351
Balance at December 31, 2024	(8,288)		(164)		(8,452)
Other comprehensive income before reclassifications	99		127		226
Amounts reclassified from AOCL
Pension settlement charge (b)	377		—		377
Recognition of net actuarial losses	218		—		218
Amortization of net prior service costs	39		—		39
Other	—		50		50
Total reclassified from AOCL	634		50		684
Total other comprehensive income (loss)	733		177		910
Balance at December 31, 2025	$	(7,555)	$	13	$	(7,542)

(a)AOCL related to retirement benefits is shown net of tax benefits of $2.0 billion at December 31, 2025, $2.2 billion at December 31, 2024 and $2.3 billion at December 31, 2023. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 – Retirement Benefits” for more information.

(b)During 2025, we recognized a noncash, non-operating pension settlement charge of $479 million ($377 million, or $1.63 per share, after-tax) related to buy-out conversions of group annuity contracts (see “Note 11 – Retirement Benefits”).

Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 23,103	$ 22,219
Less: accumulated depreciation	(14,228)	(13,493)
Total property, plant and equipment, net	8,875	8,726
Depreciation	1,000	967	$ 920
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	147	143
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	10,209	9,624
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	10,941	10,399
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,806	$ 2,053

Stockholders' Equity - Schedule of Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 6,333	$ 6,835	$ 9,266
Other comprehensive income (loss) before reclassifications	226	236	(666)
Amounts reclassified from AOCL
Amounts reclassified from AOCL	684	115	(114)
Other comprehensive income (loss), net of tax	910	351	(780)
Ending balance	6,721	6,333	6,835
Non-cash, non-operating pension settlement charge	479
Non-cash, non-operating pension settlement charge, after tax	$ 377
Non-cash, non-operating pension settlement charge, per share, after tax (in dollars per share)	$ 1.63
Retirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (8,288)	(8,704)	(7,866)
Other comprehensive income (loss) before reclassifications	99	340	(689)
Amounts reclassified from AOCL
Amounts reclassified from AOCL	634	76	(149)
Other comprehensive income (loss), net of tax	733	416	(838)
Ending balance	(7,555)	(8,288)	(8,704)
AOCI related to retirement benefit plans, tax benefit	2,000	2,200	2,300
Other, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(164)	(99)	(157)
Other comprehensive income (loss) before reclassifications	127	(104)	23
Amounts reclassified from AOCL
Amounts reclassified from AOCL	50	39	35
Other comprehensive income (loss), net of tax	177	(65)	58
Ending balance	13	(164)	(99)
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8,452)	(8,803)	(8,023)
Amounts reclassified from AOCL
Ending balance	(7,542)	(8,452)	(8,803)
Recognition of settlement loss
Amounts reclassified from AOCL
Amounts reclassified from AOCL	377
Recognition of net actuarial losses
Amounts reclassified from AOCL
Amounts reclassified from AOCL	218	188	116
Amortization of net prior service costs
Amounts reclassified from AOCL
Amounts reclassified from AOCL	39	(112)	(265)
Other
Amounts reclassified from AOCL
Amounts reclassified from AOCL	$ 50	$ 39	$ 35

Income Taxes - Schedule of Provision for Federal & Foreign Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Federal income tax expense (benefit):
Current	$ 411	$ 1,352	$ 1,574
Deferred	374	(604)	(503)
Total federal income tax expense	785	748	1,071
Foreign income tax expense (benefit):
Current	122	120	102
Deferred	(2)	16	5
Total foreign income tax expense	120	136	107
Total federal and foreign income tax expense	$ 905	$ 884	$ 1,178

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (a)
-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Costs

The pretax FAS (expense) income related to our qualified defined benefit pension plans and retiree medical and life insurance plans included the following (in millions):



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2025		2024		2023		2025		2024		2023
Operating:
Service cost	$	(50)	$	(60)	$	(65)	$	(3)	$	(5)	$	(5)
Non-operating:
Interest cost	(1,472)		(1,398)		(1,459)		(58)		(63)		(68)
Expected return on plan assets	1,439		1,572		1,722		105		107		103
Amortization of actuarial (losses) gains	(313)		(259)		(168)		49		35		31
Amortization of prior service (costs) credits	(49)		147		348		—		(4)		(10)
Settlement charge	(479)		—		—		—		—		—
Non-service FAS (expense) income	(874)		62		443		96		75		56
Total FAS (expense) income	$	(924)	$	2	$	378	$	93	$	70	$	51

Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status

The following table provides a reconciliation of benefit obligations, plan assets and net (unfunded) funded status of our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):



	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Change in benefit obligation
Beginning balance (a)	$	27,199	$	28,959	$	1,114	$	1,328
Service cost	50		60		3		5
Interest cost	1,472		1,398		58		63
Actuarial losses (gains) (b)	685		(1,556)		42		(158)
Settlements (c)	(943)		—		—		—
Plan amendments	5		2		—		—
Benefits paid	(1,733)		(1,664)		(176)		(178)
Medicare Part D subsidy	—		—		4		2

Participants’ contributions	—		—		47		52
Ending balance (a)	$	26,735	$	27,199	$	1,092	$	1,114
Change in plan assets
Beginning balance at fair value	$	22,414	$	22,800	$	1,678	$	1,715
Actual return on plan assets (d)	2,252		288		205		86
Settlements (c)	(943)		—		—		—
Benefits paid	(1,733)		(1,664)		(176)		(178)
Company contributions	860		990		—		1
Medicare Part D subsidy	—		—		4		2
Participants’ contributions	—		—		47		52
Ending balance at fair value	$	22,850	$	22,414	$	1,758	$	1,678
(Unfunded) funded status of the plans	$	(3,885)	$	(4,785)	$	666	$	564

(a)Benefit obligation balances represent the projected benefit obligation for our qualified defined benefit pension plans, which is approximately equal to accumulated benefit obligation, and accumulated benefit obligation for our retiree medical and life insurance plans.

(b)Actuarial losses for our qualified defined benefit pension plans in 2025 primarily reflect a decrease in the discount rate from 5.625% at December 31, 2024 to 5.375% at December 31, 2025, which increased benefit obligations by approximately $700 million. Actuarial losses for our retiree medical and life insurance plans in 2025 primarily reflect a decrease in the discount rate from 5.50% at December 31, 2024 to 5.25% at December 31, 2025. Actuarial gains for our qualified defined benefit pension plans in 2024 primarily reflect an increase in the discount rate from 5.00% at December 31, 2023 to 5.625% at December 31, 2024, which decreased benefit obligations by approximately $1.8 billion offset by net losses of approximately $250 million due to changes in demographic data and assumptions. Actuarial gains for our retiree medical and life insurance plans in 2024 primarily reflect an increase in the discount rate from 5.00% at December 31, 2023 to 5.50% at December 31, 2024 and gains due to changes in demographic data and assumptions.

(c)Qualified defined benefit pension plan settlements in 2025 represent the transfer of gross defined benefit pension obligations and related plan assets to insurance companies as described above.

(d)Actual return on plan assets for our qualified defined benefit pension plans was approximately 10.5% in 2025 and 1% in 2024 versus the 6.50% long-term rate of return assumption.

Schedule of Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans

The following table provides amounts recognized on our consolidated balance sheets related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Other noncurrent assets	$	30	$	6	$	666	$	564
Accrued pension liabilities	(3,915)		(4,791)		—		—

Net (unfunded) funded status of the plans	$	(3,885)	$	(4,785)	$	666	$	564

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax

The following table provides the amount of actuarial losses or gains, and prior service costs or credits, recognized in accumulated other comprehensive loss related to qualified defined benefit pension plans and retiree medical and life insurance plans at December 31 (in millions):


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Accumulated other comprehensive (loss) pre-tax related to:
Actuarial (losses) gains	$	(9,549)	$	(10,469)	$	526	$	518
Prior service (costs) credits	(120)		(164)		2		2
Total	$	(9,669)	$	(10,633)	$	528	$	520
Estimated tax	2,048		2,255		(112)		(110)
Net amount recognized in accumulated other comprehensive (loss)	$	(7,621)	$	(8,378)	$	416	$	410

The following table provides the changes recognized in accumulated other comprehensive loss, net of tax, for actuarial losses or gains and prior service costs or credits due to differences between the actual return and expected return on plan assets and changes in the fair value of the benefit obligation recognized in connection with our annual remeasurement and the amortization during the year for our qualified defined benefit pension plans, retiree medical and life insurance plans, and certain other plans (in millions):


	Incurred but Not Yet Recognized in FAS Expense						Recognition of Previously Deferred Amounts
	2025		2024		2023		2025		2024		2023
Actuarial (losses) and gains
Qualified defined benefit pension plans	$	99	$	211	$	(698)	$	(623)	$	(204)	$	(133)
Retiree medical and life insurance plans	45		108		47		39		28		25
Other plans	(41)		23		(33)		(11)		(12)		(8)
	103		342		(684)		(595)		(188)		(116)
Prior service (costs) and credits
Qualified defined benefit pension plans	(4)		(2)		(5)		(39)		116		274
Retiree medical and life insurance plans	—		—		(1)		—		(3)		(8)
Other plans	—		—		1		—		(1)		(1)
	(4)		(2)		(5)		(39)		112		265
Total	$	99	$	340	$	(689)	$	(634)	$	(76)	$	149

Schedule of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost

The assumptions used to determine the benefit obligations at December 31 of each year and FAS expense for each subsequent year were as follows:



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2025		2024		2023		2025		2024		2023
Weighted average discount rate	5.375	%	5.625	%	5.000	%	5.250	%	5.500	%	5.000	%
Expected long-term rate of return on assets	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%
Health care trend rate assumed for next year							8.25	%	8.50	%	8.00	%
Ultimate health care trend rate							4.50	%	4.50	%	4.50	%
Year ultimate health care trend rate is reached							2041		2041		2038

Schedule of Allocation of Plan Assets

LMIMCo’s investment policies require that asset allocations be maintained within the following approximate ranges:


Asset Class			Asset Allocation Ranges
Cash and cash equivalents			0-20%
Global Equity			10-65%
Fixed income			10-60%
Alternative investments:
Private equity funds			5-30%
Real estate funds			0-20%
Hedge funds			0-20%
Commodities			0-10%

The following table presents the fair value of the assets of our qualified defined benefit pension plans and retiree medical and life insurance plans by asset category and their level within the fair value hierarchy (see “Note 1 – Organization and Significant Accounting Policies - Investments” for definition of these levels), which we are required to disclose even though these assets are not separately recorded on our consolidated balance sheet. Certain investments are measured at their Net Asset Value (NAV) per share because such investments do not have readily determinable fair values and, therefore, are not required to be categorized in the fair value hierarchy. Assets measured at NAV have been included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above.


	December 31, 2025								December 31, 2024
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Investments measured at fair value
Cash and cash equivalents (a)	$	1,116	$	1,116	$	—	$	—	$	2,425	$	2,425	$	—	$	—
Equity (a):
U.S. equity securities	3,363		3,309		—		54		3,232		3,158		—		74
International equity securities	2,551		2,538		—		13		1,827		1,810		—		17
Commingled equity funds	423		252		171		—		382		170		212		—
Fixed income (b):
Corporate debt securities	3,913		—		3,771		142		4,159		—		4,099		60
U.S. Government securities	2,267		—		2,267		—		2,483		—		2,483		—
U.S. Government-sponsored enterprise securities	1,903		—		1,903		—		1,134		—		1,134		—
Interest rate swaps, net	61				61		—		(1,878)				(1,878)
Other fixed income investments (c)	469		64		296		109		2,050		60		882		1,108
Total	$	16,066	$	7,279	$	8,469	$	318	$	15,814	$	7,623	$	6,932	$	1,259
Investments measured at NAV

Other fixed income investments	552								552
Private equity funds	5,001								4,863
Real estate funds	2,707								3,088
Hedge funds	1,223								1,028
Total investments measured at NAV	9,483								9,531
Loan, net (d)	(372)								(473)
(Payables) Receivables, net	(569)								(780)
Total	$	24,608							$	24,092

(a)Cash and cash equivalents and equity securities include derivative assets and liabilities with fair values that were not material as of December 31, 2025 and 2024. LMIMCo’s investment policies restrict the use of derivatives to either establish long or short exposures for purposes consistent with applicable investment mandate guidelines or to hedge risks to the extent of a plan’s current exposure to such risks. Most derivative transactions are settled on a daily basis.

(b)Fixed income securities include (i) derivative exposure for the liability hedge, which constitutes the value in interest rate swaps, and (ii) other derivative exposure with fair values that were not material as of December 31, 2025 and 2024. Interest rate swaps were refreshed to market levels and cumulative loss was realized. In 2025, $1.9 billion of cash was used to settle market-to-market loss.

(c)Level 3 investments include $0 at December 31, 2025 and $1.0 billion at December 31, 2024 related to buy-in contracts. The decrease in fair value of plan assets categorized as Level 3 in 2025 compared to 2024 was primarily due to the conversion of buy-in contracts to buy-out.

(d)The Lockheed Martin Corporation Master Retirement Trust (MRT) obtained a loan from a third-party financial institution, collateralized by private equity investments, to invest in fixed income securities.

Schedule of Estimated Future Benefit Payments

The following table presents estimated future benefit payments as of December 31, 2025 (in millions):


	2026		2027		2028		2029		2030		2031 – 2035
Qualified defined benefit pension plans	$	1,760	$	1,810	$	1,860	$	1,890	$	1,920	$	9,590
Retiree medical and life insurance plans	110		110		100		100		100		420

Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax Jurisdiction of Domicile [Extensible Enumeration]	United States	United States	United States
Income tax expense at the U.S. federal statutory tax rate	$ 1,244	$ 1,306	$ 1,701
Foreign derived intangible income deduction		(210)	(185)
Research and development tax credit	(187)	(207)	(227)
Effects of cross-border tax laws	(97)
Research and development tax credit	(142)
Settlement with tax authorities	110
Other	(48)
Foreign tax effects	72
Tax deductible dividends	(68)	(69)	(69)
Excess tax benefits for stock-based payment awards		(20)	(25)
Other adjustments	21
Other, net		84	(17)
Total federal and foreign income tax expense	$ 905	$ 884	$ 1,178
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense at the U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Foreign derived intangible income deduction		(3.40%)	(2.30%)
Research and development tax credit	(3.20%)	(3.30%)	(2.80%)
Effects of cross-border tax laws	(1.60%)
Research and development tax credit	(0.024)
Settlement with tax authorities	1.90%
Other	(0.70%)
Foreign tax effects	1.20%
Tax deductible dividends	(1.10%)	(1.10%)	(0.90%)
Excess tax benefits for stock-based payment awards		(0.30%)	(0.30%)
Other adjustments	0.20%
Other net		1.30%	(0.20%)
Income tax expense	15.30%	14.20%	14.50%

Information on Business Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Information on Business Segments

Overview

We operate in four business segments: Aeronautics, MFC, RMS and Space. We organize our business segments based on the nature of products and services offered. Following is a brief description of the activities of our business segments:

•Aeronautics – Engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.

•Missiles and Fire Control – Provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; and mission operations support, readiness, engineering support and integration services.

•Rotary and Mission Systems – Designs, manufactures, services and supports various military and commercial helicopters, sea- and land-based missile defense systems, radar systems, laser systems, sea- and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and supports surface ships.

•Space – Engaged in the research and design, development, engineering and production of satellites, space transportation systems, and strategic, advanced strike, and defensive systems. Space provides network-enabled situational awareness and integrates complex space and ground global systems to help our customers gather, analyze and securely distribute critical intelligence data. Space is also responsible for various classified systems and services in support of vital national security systems. Operating profit for our Space business segment also includes our share of earnings for our 50% ownership interest in ULA, which provides expendable launch services to the U.S. Government and commercial customers. Our investment in ULA totaled $551 million at both December 31, 2025 and 2024.

Selected Financial Data by Business Segment

Sales and operating profit of our business segments exclude intersegment sales, operating costs and expenses and profit as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance of each segment. Our Chief Executive Officer (CEO) and Chief Operating Officer (COO) serve as our Chief Operating Decision Makers (CODMs) and are responsible for reviewing segment performance and making decisions regarding resource allocation. Our CODMs evaluate each segment’s performance based on metrics such as sales, operating profit, and other key financial indicators, guiding strategic decisions to align with company-wide goals. Business segment operating profit includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments.

Summary Operating Results

Sales, operating costs and expenses and operating profit for each of our business segments were as follows (in millions):


	2025		2024		2023
Sales
Aeronautics	$	30,257	$	28,618	$	27,474
Missiles and Fire Control	14,450		12,682		11,253
Rotary and Mission Systems	17,312		17,264		16,239
Space	13,029		12,479		12,605
Total sales	$	75,048	$	71,043	$	67,571
Operating costs and expenses
Aeronautics	$	28,168	$	26,093	$	24,649
Missiles and Fire Control	12,461		12,277		9,712
Rotary and Mission Systems	16,041		15,391		14,399
Space	11,689		11,308		11,473
Total operating costs and expenses	$	68,359	$	65,069	$	60,233
Operating profit (a)
Aeronautics	$	2,086	$	2,523	$	2,825
Missiles and Fire Control	1,989		413		1,541
Rotary and Mission Systems	1,323		1,921		1,865
Space	1,345		1,226		1,158
Total business segment operating profit	6,743		6,083		7,389
Unallocated items
FAS/CAS pension operating adjustment	1,518		1,624		1,660
Intangible asset amortization expense	(254)		(247)		(247)
Impairment and other charges	(66)		(87)		(92)
Other, net	(210)		(360)		(203)
Total unallocated, net	988		930		1,118
Total consolidated operating profit	$	7,731	$	7,013	$	8,507

(a)Operating profit by segment includes certain immaterial items, such as other income (primarily equity earnings) that are not presented separately in the table. Accordingly, the difference between sales less operating costs and expenses may not equal operating profit by segment.

Unallocated Items

Business segment operating profit excludes the FAS/CAS pension operating adjustment discussed below, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government Cost Accounting Standards (CAS) or Federal Acquisition Regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, stock-based compensation expense, changes in the fair value of assets and liabilities for deferred compensation plans, retirement benefits, significant severance charges, significant asset impairments, gains or losses from divestitures, intangible asset amortization expense, and other miscellaneous corporate activities. Collectively these items are included in “Unallocated items” to reconcile total segment operating profit to consolidated operating profit. See “Note 1 –

Organization and Significant Accounting Policies” (under the caption “Use of Estimates”) for a discussion related to certain factors that may impact the comparability of sales and operating profit of our business segments.

FAS/CAS Pension Operating Adjustment

Our business segments’ results of operations include pension expense only as calculated under CAS, which we refer to as CAS pension cost. We recover CAS pension cost through the pricing of our products and services on U.S. Government contracts and, therefore, recognize CAS pension cost in each of our business segments’ sales and operating costs and expenses. Our consolidated financial statements must present pension expense calculated in accordance with Financial Accounting Standards (FAS) requirements under U.S. GAAP. The operating portion of the total FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension (expense) income and total CAS pension cost. The non-service FAS pension (expense) income components are included in non-service FAS pension (expense) income in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension (expense) income, we have a favorable FAS/CAS pension operating adjustment.

The total FAS/CAS pension adjustments, including the service and non-service cost components of FAS pension (expense) income for our qualified defined benefit pension plans, were as follows (in millions):


	2025		2024		2023
Total FAS (expense) income and CAS cost
FAS pension (expense) income	$	(924)	$	2	$	378
Less: CAS pension cost	1,568		1,684		1,725
Total FAS/CAS pension adjustment	$	644	$	1,686	$	2,103

Service and non-service cost reconciliation
FAS pension service cost	$	(50)	$	(60)	$	(65)
Less: CAS pension cost	1,568		1,684		1,725
Total FAS/CAS pension operating adjustment	1,518		1,624		1,660
Non-service FAS pension (expense) income	(874)		62		443
Total FAS/CAS pension adjustment	$	644	$	1,686	$	2,103

The decrease in the FAS/CAS pension adjustment in 2025 was principally driven by a noncash, non-operating pension settlement charge of $479 million ($377 million, or $1.63 per share, after-tax) in connection with the transfer of $943 million of our gross defined benefit pension obligations and related plan assets to insurance companies in December 2025. See “Note 11 – Retirement Benefits” for more information.

Intersegment Sales

Sales between our business segments are excluded from our consolidated and segment operating results as these activities are eliminated in consolidation. Intersegment sales for each of our business segments were as follows (in millions):


	2025		2024		2023
Intersegment sales
Aeronautics	$	381	$	377	$	303
Missiles and Fire Control	868		804		688
Rotary and Mission Systems	2,371		2,320		2,125
Space	328		392		358
Total intersegment sales	$	3,948	$	3,893	$	3,474

Disaggregation of Sales

Sales by products and services, contract type, customer category and geographic region for each of our business segments were as follows (in millions):


	2025
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	24,617	$	12,977	$	14,188	$	10,872	$	62,654
Services	5,640		1,473		3,124		2,157		12,394
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by contract type
Fixed-price	$	20,393	$	10,523	$	10,766	$	3,518	$	45,200
Cost-reimbursable	9,864		3,927		6,546		9,511		29,848
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by customer
U.S. Government	$	19,307	$	10,194	$	11,126	$	12,785	$	53,412
International (a)	10,916		4,245		5,967		215		21,343
U.S. commercial and other	34		11		219		29		293
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by geographic region
United States	$	19,341	$	10,205	$	11,345	$	12,814	$	53,705
Europe	5,567		1,728		1,411		99		8,805
Asia Pacific	3,825		1,065		2,816		109		7,815
Middle East	589		1,383		885		7		2,864
Other	935		69		855		—		1,859
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048


	2024
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	23,598	$	11,275	$	14,005	$	10,399	$	59,277
Services	5,020		1,407		3,259		2,080		11,766
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by contract type
Fixed-price	$	19,603	$	8,774	$	10,870	$	3,481	$	42,728
Cost-reimbursable	9,015		3,908		6,394		8,998		28,315
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by customer
U.S. Government	$	19,314	$	9,043	$	11,469	$	12,218	$	52,044
International (a)	9,182		3,629		5,463		241		18,515
U.S. commercial and other	122		10		332		20		484
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by geographic region
United States	$	19,436	$	9,053	$	11,801	$	12,238	$	52,528
Europe	5,071		1,327		1,243		75		7,716
Asia Pacific	2,763		763		2,556		159		6,241
Middle East	808		1,473		787		7		3,075
Other	540		66		877		—		1,483
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043


	2023
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	22,758	$	9,919	$	12,913	$	10,675	$	56,265
Services	4,716		1,334		3,326		1,930		11,306
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by contract type
Fixed-price	$	18,664	$	7,661	$	10,403	$	3,276	$	40,004
Cost-reimbursable	8,810		3,592		5,836		9,329		27,567
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by customer
U.S. Government	$	18,311	$	7,769	$	10,961	$	12,382	$	49,423
International (a)	9,034		3,473		4,983		154		17,644
U.S. commercial and other	129		11		295		69		504
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by geographic region
United States	$	18,440	$	7,780	$	11,256	$	12,451	$	49,927
Europe	4,898		786		1,265		62		7,011
Asia Pacific	2,800		687		2,275		89		5,851
Middle East	987		1,844		721		2		3,554
Other	349		156		722		1		1,228
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.

Our Aeronautics business segment includes our largest program, the F-35 Lightning II Joint Strike Fighter, an international multi-role, multi-variant, stealth fighter aircraft. Sales for the F-35 program represented approximately 27% of our consolidated sales during 2025 and 26% during both 2024 and 2023.

Capital Expenditures and PP&E Depreciation and Software Amortization


	2025		2024		2023
Capital expenditures
Aeronautics	$	503	$	593	$	535
Missiles and Fire Control	235		265		252
Rotary and Mission Systems	243		230		220
Space	342		366		455
Total business segment capital expenditures	1,323		1,454		1,462
Corporate activities	326		231		229
Total capital expenditures	$	1,649	$	1,685	$	1,691
PP&E depreciation and software amortization
Aeronautics	$	474	$	452	$	416
Missiles and Fire Control	192		183		175
Rotary and Mission Systems	235		227		220
Space	311		270		221
Total business segment depreciation and amortization	1,212		1,132		1,032
Corporate activities (a)	475		427		398
Total depreciation and amortization	$	1,687	$	1,559	$	1,430

(a)Includes amortization of purchased intangibles.

Assets

Total assets for each of our business segments were as follows (in millions):


	2025		2024
Assets
Aeronautics	$	14,673	$	13,223
Missiles and Fire Control	6,304		5,952
Rotary and Mission Systems	16,576		17,025
Space	7,755		7,388
Total business segment assets	45,308		43,588
Corporate assets (a)	14,532		12,029
Total assets	$	59,840	$	55,617

(a)Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, property, plant and equipment used in our corporate operations, assets held in a trust for deferred compensation plans, and other marketable investments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Retirement Benefits - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension obligation, amount transferred from buy-out	$ 943
Non-cash, non-operating pension settlement charge		$ 479
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	$ 24,608	24,608	$ 24,092
Contributions made to defined contribution plans		$ 1,300	$ 1,200
Shares of our stock held in defined contribution plans we sponsor (in shares)	23.5	23.5	24.9
Nonqualified Defined Benefit Pension Plans and Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Gross benefit obligation	$ 903	$ 903	$ 905
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	739	739	658
Actuarial (losses) gains	$ (324)	(324)	(303)
Benefit plan expense		62	62	$ 64
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Pension obligation, amount transferred from buy-out		$ 943	0
Actual return on plan assets (percent)	10.50%	10.50%
Gross benefit obligation	$ 26,735	$ 26,735	27,199	28,959
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	22,850	22,850	22,414	$ 22,800
Actuarial (losses) gains	9,549	9,549	10,469
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	$ 1,223	$ 1,223	$ 1,028
Minimum \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		1 month
Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		90 days
Private equity funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		8 years
Private equity funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		12 years
Real estate funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		8 years
Real estate funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period		12 years

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Property, plant and equipment, net consisted of the following (in millions):


	2025		2024
Land	$	147	$	143
Buildings	10,209		9,624
Machinery and equipment	10,941		10,399
Construction in progress	1,806		2,053
Total property, plant and equipment	23,103		22,219
Less: accumulated depreciation	(14,228)		(13,493)
Total property, plant and equipment, net	$	8,875	$	8,726

Depreciation expense related to plant and equipment was $1.0 billion in 2025, $967 million in 2024 and $920 million in 2023.

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (in dollars per share)	$ 13.35	$ 12.75	$ 12.15

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation Plans

Under plans approved by our stockholders, we are authorized to grant key employees stock-based incentive awards, including options to purchase common stock, stock appreciation rights, RSUs, PSUs or other stock units.

At December 31, 2025, inclusive of the shares reserved for outstanding RSUs and PSUs, we had approximately 7.1 million shares reserved for issuance under the plans. At December 31, 2025, we had no outstanding options to purchase common stock and have not issued stock options to employees since 2012. At December 31, 2025, approximately 4.3 million of the shares reserved for issuance remained available for grant under our stock-based compensation plans. We issue new shares when restrictions on RSUs and PSUs have been satisfied. The minimum vesting period under our equity compensation plan for employees generally is one year, although most RSUs granted annually to executives and other key employees vest over three years. Award agreements may provide for vesting periods between one and three years and in certain circumstances less than one year, pro-rated vesting periods or vesting following termination of employment in the case of death, disability, divestiture, retirement, change of control or layoff. The maximum term of any award is 10 years.

During 2025, 2024 and 2023, we recorded noncash stock-based compensation expense totaling $304 million, $277 million and $265 million, which is included as a component of other unallocated, net on our consolidated statements of earnings. The net impact to earnings for the respective years was $240 million, $219 million and $209 million.

As of December 31, 2025, we had $349 million of unrecognized compensation cost related to nonvested awards, which is expected to be recognized over a weighted average period of 1.8 years. We had no stock options outstanding or exercised during 2025, 2024, or 2023, and accordingly received zero cash from option exercises in those three years. In addition, our income tax liabilities for 2025, 2024 and 2023 were reduced by $70 million, $67 million and $78 million due to recognized tax benefits on stock-based compensation arrangements.

Restricted Stock Units

The following table summarizes activity related to nonvested RSUs:


	Number of RSUs (In thousands)	Weighted Average Grant-Date Fair Value Per Share








Nonvested at December 31, 2024	982	$	434.01
Granted	982	437.95
Vested	(516)	415.73
Forfeited	(83)	442.15
Nonvested at December 31, 2025	1,365	$	443.26

In 2025, we granted certain employees approximately 0.9 million RSUs with a weighted average grant-date fair value of $437.95 per RSU. The grant-date fair value of these RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting, which occurs at least one year from the grant date and most often occurs three years from the grant date.

Performance Stock Units

In 2025, we granted certain employees PSUs with an aggregate target award of approximately 0.1 million shares of our common stock. The PSUs generally vest three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which we achieve certain financial and market performance targets measured over the period from January 1, 2025 through December 31, 2027. About half of the PSUs were valued at a weighted average grant-date fair value of $439.42 per PSU in a manner similar to RSUs mentioned above as the financial targets are based on our operating results. The remaining PSUs were valued at a weighted-average grant-date fair value of $453.06 per PSU using a Monte Carlo model as the performance target is related to our total shareholder return relative to our peer group. We recognize the grant-date fair value of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period.

Stock-Based Compensation - Summary of Stock Based Compensation Activity Related to Nonvested RSUs (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Nonvested, beginning balance (in shares) \| shares	982
Granted (in shares) \| shares	982
Vested (in shares) \| shares	(516)
Forfeited (in shares) \| shares	(83)
Nonvested, ending balance (in shares) \| shares	1,365
Weighted Average Grant-Date Fair Value Per Share
Nonvested beginning balance (in dollars per share) \| $ / shares	$ 434.01
Granted (in dollars per share) \| $ / shares	437.95
Vested (in dollars per share) \| $ / shares	415.73
Forfeited (in dollars per share) \| $ / shares	442.15
Nonvested ending balance (in dollars per share) \| $ / shares	$ 443.26

Receivables, net, Contract Assets and Contract Liabilities - Schedule of Receivables and Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Receivables, net	$ 3,901	$ 2,351
Contract assets	13,001	12,957
Contract liabilities	$ 11,440	$ 9,795

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

U.S. and foreign income before income tax expense are as follows (in millions):


	2025
Income before income tax expense:
U.S.	$	5,531
Foreign	391
Total income before income tax expense	$	5,922

Schedule of Provision for Federal & Foreign Income Tax Expense

Federal and foreign income tax expense consisted of the following (in millions):


	2025		2024		2023
Federal income tax expense (benefit):
Current	$	411	$	1,352	$	1,574

Deferred	374		(604)		(503)
Total federal income tax expense	785		748		1,071
Foreign income tax expense (benefit):
Current	122		120		102
Deferred	(2)		16		5
Total foreign income tax expense	120		136		107
Total federal and foreign income tax expense	$	905	$	884	$	1,178

Schedule of Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows (in millions):


	2025
	Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,244	21.0	%
Research and development tax credit	(187)		(3.2)
Effects of cross-border tax laws	(97)		(1.6)


Changes in unrecognized tax benefits
Research and development tax credit	(142)		(2.4)
Settlement with tax authorities	110		1.9
Other	(48)		(0.7)
Foreign tax effects	72		1.2
Tax deductible dividends	(68)		(1.1)
Other adjustments	21		0.2
Income tax expense	$	905	15.3	%

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows (in millions):


	2024				2023
	Amount		Rate		Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,306	21.0	%	$	1,701	21.0	%
Foreign derived intangible income deduction	(210)		(3.4)		(185)		(2.3)
Research and development tax credit	(207)		(3.3)		(227)		(2.8)
Tax deductible dividends	(69)		(1.1)		(69)		(0.9)
Excess tax benefits for stock-based payment awards	(20)		(0.3)		(25)		(0.3)
Other, net (a)	84		1.3		(17)		(0.2)
Income tax expense	$	884	14.2	%	$	1,178	14.5	%

(a)Other, net includes foreign income tax expenses for all years.

Schedule of Income Taxes Paid

The income taxes paid by jurisdiction consisted of the following (in millions):


	2025
Federal	$	644
Foreign	144
Total income taxes paid	$	788

Schedule of Unrecognized Tax Benefits Roll Forward

The change in unrecognized tax benefits were as follows (in millions):


	2025		2024		2023
Balance at January 1	$	229	$	146	$	1,622
Additions based on tax positions related to the current year	13		78		50
Additions for tax positions of prior years	—		8		32
Reductions for tax positions of prior years	(100)		(2)		(1,526)
Settlements with tax authorities	(90)		—		(33)
Other, net	—		(1)		1
Balance at December 31	$	52	$	229	$	146

Schedule of Components of Federal and Foreign Deferred Tax Assets and Liabilities

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):


	2025		2024
Deferred tax assets related to:
Pensions	$	999	$	1,184
Accrued compensation and benefits	764		741
Contract accounting methods	1,217		949
Research and development expenditures	1,200		1,643
Domestic company operating losses and credits (a)	269		83
Other (b)	343		528
Valuation allowance	(60)		(41)
Deferred tax assets, net	4,732		5,087
Deferred tax liabilities related to:
Goodwill and intangible assets	580		545
Property, plant and equipment	512		371
Other (b)	683		638
Deferred tax liabilities	1,775		1,554
Net deferred tax assets	$	2,957	$	3,533

(a)Federal net operating losses do not expire. Includes foreign tax credit carryforward for 2025.

(b)Includes deferred tax assets and liabilities related to lease liabilities and ROU assets.

Leases - Schedule of Future Minimum Lease Commitments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
Total	$ 1,212
2026	279
2027	215
2028	177
2029	152
2030	101
Thereafter	288
Less: imputed interest	141
Total	$ 1,071

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net other comprehensive gain (loss) recognized during the period, tax	$ 28	$ 96	$ 181
Amounts reclassified from accumulated other comprehensive loss, tax	69	21	40
Pension settlement charge, tax	102
Other, net, tax	$ 18	$ 4	$ 6

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share

The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):


	2025	2024	2023
Weighted average common shares outstanding for basic computations	232.7	238.3	250.3
Weighted average dilutive effect of equity awards	0.8	0.9	0.9
Weighted average common shares outstanding for diluted computations	233.5	239.2	251.2

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our total debt consisted of the following (in millions):


	2025		2024
Notes
4.95% due 2025	$	—	$	500
3.55% due 2026	1,000		1,000
5.10% due 2027	750		750
4.45% and 4.15% due 2028	1,000		500
4.50% due 2029	650		650
1.85% and 4.40% due 2030	1,150		400
4.70% due 2031	600		600
3.90% due 2032	800		800
5.25% due 2033	1,000		1,000
4.75% and 4.80% due 2034	1,450		1,450
3.60% and 5.00% due 2035	1,250		500
4.50% and 6.15% due 2036	1,054		1,054
4.07% due 2042	1,336		1,336
3.80% due 2045	1,000		1,000
4.70% due 2046	1,326		1,326
2.80% due 2050	750		750
4.09% due 2052	1,579		1,578
4.15% due 2053	850		850
5.70% due 2054	1,000		1,000
5.20% due 2055	1,050		1,050
4.30% due 2062	650		650
5.90% due 2063	750		750
5.20% due 2064	750		750
Other notes with rates from 4.85% to 8.50%, due 2026 to 2041	1,169		1,313
Total debt	22,914		21,557
Less: unamortized discounts and issuance costs	(1,214)		(1,287)
Total debt, net	21,700		20,270
Less: current portion	(1,168)		(643)
Long-term debt, net	$	20,532	$	19,627

Retirement Benefits - Schedule of Accumulated Other Comprehensive Income (Loss) Related to Qualified Defined Benefit Pension and Retiree Medical and Life Insurance Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (losses) gains	$ (9,549)	$ (10,469)
Prior service (costs) credits	(120)	(164)
Total	(9,669)	(10,633)
Estimated tax	2,048	2,255
Net amount recognized in accumulated other comprehensive (loss)	(7,621)	(8,378)
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (losses) gains	526	518
Prior service (costs) credits	2	2
Total	528	520
Estimated tax	(112)	(110)
Net amount recognized in accumulated other comprehensive (loss)	$ 416	$ 410

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Significant anti-dilutive equity awards (in shares)	0	0	0

Debt - Narrative (Details) - USD ($)						12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 05, 2025	Jul. 23, 2025	Dec. 11, 2024	Jan. 29, 2024	Aug. 24, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Commercial paper borrowings						$ 0
Issuance of long-term debt, net of related costs						1,985,000,000	$ 2,970,000,000	$ 1,975,000,000
Interest payments excluding capitalized interest						$ 1,000,000,000	950,000,000	$ 832,000,000
Senior Notes
Debt Instrument [Line Items]
Amount of issued debt		$ 2,000,000,000	$ 1,000,000,000	$ 2,000,000,000
Issuance of long-term debt, net of related costs		$ 1,985,000,000	$ 990,000,000	$ 1,980,000,000
Debt instrument, redemption price, percentage		100.00%	100.00%	100.00%
4.15% due 2025 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt		$ 500,000,000
Interest rate		4.15%
4.40% due 2030 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt		$ 750,000,000
Interest rate		4.40%
5.00% due 2035 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt		$ 750,000,000
Interest rate		5.00%
4.70% due 2031
Debt Instrument [Line Items]
Interest rate						4.70%
4.70% due 2031 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt			$ 600,000,000
Interest rate			4.70%
5.20% due 2055
Debt Instrument [Line Items]
Interest rate						5.20%
5.20% due 2055 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt			$ 400,000,000			$ 1,050,000,000
Interest rate			5.20%			5.20%
4.50% due 2029
Debt Instrument [Line Items]
Interest rate						4.50%
4.50% due 2029 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt				$ 650,000,000
Interest rate				4.50%
4.80% due 2034 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt				$ 600,000,000
Interest rate				4.80%
5.20% due 2064
Debt Instrument [Line Items]
Interest rate						5.20%
5.20% due 2064 \| Senior Notes
Debt Instrument [Line Items]
Amount of issued debt				$ 750,000,000
Interest rate				5.20%
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, term	1 year
Revolving Credit Facility \| 364-Day Revolving Credit Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, term	364 days
Line of credit facility	$ 3,000,000,000
Short-term debt						$ 0
Revolving Credit Facility \| Five Year Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, term					5 years
Line of credit facility					$ 3,000,000,000
Line of credit facility, amount outstanding						$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net earnings	$ 5,017	$ 5,336	$ 6,920
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	1,687	1,559	1,430
Stock-based compensation	304	277	265
Deferred income taxes	372	(588)	(498)
Pension settlement charge	479	0	0
Impairment and other charges	66	87	92
Reach-forward losses on select programs	1,615	1,965	45
Changes in:
Receivables, net	(1,550)	(219)	373
Contract assets	(283)	(109)	(865)
Inventories	(286)	(478)	(44)
Accounts payable	1,341	(93)	151
Contract liabilities	1,219	605	702
Income taxes	(255)	131	(133)
Qualified defined benefit pension plans	(415)	(992)	(378)
Other, net	(754)	(509)	(140)
Net cash provided by operating activities	8,557	6,972	7,920
Investing activities
Capital expenditures	(1,649)	(1,685)	(1,691)
Other, net	(328)	(107)	(3)
Net cash used for investing activities	(1,977)	(1,792)	(1,694)
Financing activities
Issuance of long-term debt, net of related costs	1,985	2,970	1,975
Repayments of long-term debt	(642)	(168)	(115)
Repurchases of common stock	(3,000)	(3,700)	(6,000)
Dividends paid	(3,131)	(3,059)	(3,056)
Other, net	(154)	(182)	(135)
Net cash used for financing activities	(4,942)	(4,139)	(7,331)
Net change in cash and cash equivalents	1,638	1,041	(1,105)
Cash and cash equivalents at beginning of year	2,483	1,442	2,547
Cash and cash equivalents at end of year	$ 4,121	$ 2,483	$ 1,442

Information on Business Segments - Schedule of Total Assets and Customer Advances and Amounts In Excess Of Costs Incurred For Each Business Segment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Assets	$ 59,840	$ 55,617
Operating Segments
Segment Reporting Information [Line Items]
Assets	45,308	43,588
Operating Segments \| Aeronautics
Segment Reporting Information [Line Items]
Assets	14,673	13,223
Operating Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Assets	6,304	5,952
Operating Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Assets	16,576	17,025
Operating Segments \| Space
Segment Reporting Information [Line Items]
Assets	7,755	7,388
Corporate assets
Segment Reporting Information [Line Items]
Assets	$ 14,532	$ 12,029

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We generally enter into operating lease agreements for facilities, land and equipment. Our ROU operating lease assets were $976 million at December 31, 2025. Operating lease liabilities were $1.1 billion, of which $825 million were classified as noncurrent, at December 31, 2025. New ROU operating lease assets and liabilities entered into during 2025 were $133 million. The weighted average remaining lease term and discount rate for our operating leases were approximately 6.6 years and 3.8% at December 31, 2025.

We recognized operating lease expense of $258 million, $260 million and $273 million in 2025, 2024 and 2023. In addition, we made cash payments of $256 million, $258 million and $267 million for operating leases in 2025, 2024 and 2023, which are included in cash flows from operating activities in our consolidated statements of cash flows.

Future minimum lease commitments at December 31, 2025 were as follows (in millions):


	Total		2026		2027		2028		2029		2030		Thereafter
Operating leases	$	1,212	$	279	$	215	$	177	$	152	$	101	$	288
Less: imputed interest	141
Total	$	1,071

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 5,017	$ 5,336	$ 6,920
Retirement benefits
Net actuarial gain (loss) recognized due to plan remeasurements, net of tax of $28 million in 2025, $96 million in 2024 and $181 million in 2023	99	340	(689)
Amortization of actuarial losses and prior service credits, net of tax of $69 million in 2025, $21 million in 2024 and $40 million in 2023	257	76	(149)
Pension settlement charge, net of tax of $102 million	377	0	0
Other, net of tax of $18 million in 2025, $4 million in 2024 and $6 million in 2023	177	(65)	58
Other comprehensive income (loss), net of tax	910	351	(780)
Comprehensive income	$ 5,927	$ 5,687	$ 6,140

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in millions):


	2025		2024
Materials, spares and supplies	$	659	$	661
Work-in-process	2,667		2,617
Finished goods	198		196
Total inventories	$	3,524	$	3,474

Receivables, net, Contract Assets and Contract Liabilities

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Receivables, net, Contract Assets and Contract Liabilities

Receivables, net, contract assets and contract liabilities were as follows (in millions):


	2025		2024
Receivables, net	$	3,901	$	2,351
Contract assets	13,001		12,957
Contract liabilities	11,440		9,795

Receivables, net consist of approximately $3.0 billion from the U.S. Government and $877 million from other governments and commercial customers as of December 31, 2025. Substantially all accounts receivable at December 31, 2025 are expected to be collected in 2026. We do not believe we have significant exposure to credit risk as the majority of our accounts receivable are due from the U.S. Government either as the ultimate customer or in connection with foreign military sales.

Contract assets are net of progress payments and performance based payments from our customers as well as advance payments from non-U.S. government customers totaling approximately $56.5 billion and $55.6 billion as of December 31, 2025 and 2024. Contract assets increased $44 million during 2025. There were no significant credit or impairment losses related to our contract assets during 2025 and 2024. We expect to bill our customers for the majority of the December 31, 2025 contract assets during 2026.

Contract liabilities increased $1.6 billion during 2025, primarily due to payments received in excess of revenue recognized on these performance obligations (primarily on the C-130 and F-35 programs at Aeronautics and Sikorsky at RMS). During 2025, we recognized $6.3 billion of our contract liabilities at December 31, 2024 as revenue. During 2024, we recognized $5.9 billion of our contract liabilities at December 31, 2023 as revenue. During 2023, we recognized $5.1 billion of our contract liabilities at December 31, 2022 as revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Topic 606
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-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Goodwill and Acquired Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangibles

Changes in the carrying amount of goodwill by business segment were as follows (in millions):


	Aeronautics		MFC		RMS		Space		Total
Balance at December 31, 2023	$	196	$	2,086	$	6,741	$	1,776	$	10,799
Acquisitions	—		—		—		298		298
Other	—		(1)		(29)		—		(30)
Balance at December 31, 2024	196		2,085		6,712		2,074		11,067
Acquisitions	—		—		—		217		217
Other	—		4		25		1		30
Balance at December 31, 2025	$	196	$	2,089	$	6,737	$	2,292	$	11,314

The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (useful life in years, $ in millions):


		2025						2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived:
Customer programs	3 - 20	$	3,186	$	(2,342)	$	844	$	3,186	$	(2,128)	$	1,058
Customer relationships	5 - 10	94		(94)		—		94		(91)		3
Other	5 - 10	281		(75)		206		156		(39)		117
Total finite-lived intangibles		3,561		(2,511)		1,050		3,436		(2,258)		1,178
Indefinite-Lived:
Trademark		837		—		837		837		—		837
Total acquired intangibles		$	4,398	$	(2,511)	$	1,887	$	4,273	$	(2,258)	$	2,015

Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over their estimated useful lives.

Amortization expense for acquired finite-lived intangible assets was $254 million for 2025 and $247 million for both 2024 and 2023. Estimated future amortization expense is as follows: $199 million in 2026; $198 million in 2027; $193 million in 2028; $184 million in 2029; and $121 million in 2030.

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Organization	Organization – We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas – Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies. See “Note 3 – Information on Business Segments” for more details on discussions of our business areas.
Basis of presentation	Basis of presentation – These consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation. We classify certain assets and liabilities as current utilizing the duration of the related contract or program as our operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities. We classify all other assets and liabilities based on whether the asset will be realized or the liability will be paid within one year. Additionally, certain prior year amounts in the consolidated statements of cash flows have been reclassified within operating activities to conform to the current year’s presentation. These reclassifications were not material and had no impact on total net cash provided by operating activities as previously reported.
Use of estimates	Use of estimates – We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition; retirement benefits; environmental liabilities and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, investments and other assets for impairment; income taxes including deferred income taxes; fair value measurements; and contingencies.
Revenue Recognition, Contract assets and Contract liabilities	Revenue Recognition – The majority of our sales are generated from long-term contracts with the U.S. Government and international customers (including foreign military sales (FMS) contracted through the U.S. Government) for the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For certain contracts that meet the foregoing requirements, primarily international direct commercial sale contracts, we are required to obtain certain regulatory approvals. In these cases, we recognize revenue when it is probable that we will receive regulatory approvals based upon all known facts and circumstances. We provide our products and services under fixed-price and cost-reimbursable contracts. Under fixed-price contracts, we agree to perform the specified work for a pre-determined price. To the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could incur a loss. Some fixed-price contracts have a performance-based component under which we may earn incentive payments or incur financial penalties based on our performance. Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract plus a fee up to a ceiling based on the amount that has been funded. Typically, we enter into three types of cost-reimbursable contracts: cost-plus-award-fee, cost-plus-incentive-fee, and cost-plus-fixed-fee. Cost-plus-award-fee contracts provide for an award fee that varies within specified limits based on the customer’s assessment of our performance against a predetermined set of criteria, such as targets based on cost, quality, technical and schedule criteria. Cost-plus-incentive-fee contracts provide for reimbursement of costs plus a fee, which is adjusted by a formula based on the relationship of total allowable costs to total target costs (i.e., incentive based on cost) or reimbursement of costs plus an incentive to exceed stated performance targets (i.e., incentive based on performance). Cost-plus-fixed-fee contracts provide a fixed fee that is negotiated at the inception of the contract and does not vary with actual costs. We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue recognition purposes. We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. The products and services in our contracts are typically not distinct from one another due to their complex relationships and the significant contract management functions required to perform under the contract. Accordingly, our contracts are typically accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product lifecycles. Judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period. We classify sales as products or services on our consolidated statements of earnings based on the predominant attributes of the performance obligations. We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary (e.g., awards, incentive fees and claims), we estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and if necessary constrain the amount of variable consideration recognized in order to mitigate this risk. At the inception of a contract, we estimate the transaction price based on our current rights and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become legally enforceable. Contracts are often subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, modifications to our contracts are not distinct from the existing contract due to the significant integration and interrelated tasks provided in the context of the contract. Therefore, such modifications are accounted for as if they were part of the existing contract and recognized as a cumulative adjustment to revenue. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount we would sell the product or service to a customer on a standalone basis (i.e., not bundled with any other products or services). Our contracts with the U.S. Government, including FMS contracts, are subject to the FAR and the price is typically based on estimated or actual costs plus a reasonable profit margin. As a result of these regulations, the standalone selling price of products or services in our contracts with the U.S. Government and FMS contracts are typically equal to the selling price stated in the contract. For non-U.S. government contracts with multiple performance obligations, we evaluate whether the stated selling prices for the products or services represent their standalone selling prices. We primarily sell customized solutions unique to a customer’s specifications. When it is necessary to allocate the transaction price to multiple performance obligations, we typically use the expected cost plus a reasonable profit margin to estimate the standalone selling price of each product or service. We occasionally sell standard products or services with observable standalone sales transactions. In these situations, the observable standalone sales transactions are used to determine the standalone selling price. We recognize revenue as performance obligations are satisfied and the customer obtains control of the products and services. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative future use of the product or service. Substantially all of our revenue is recognized over time as we perform under the contract because control of the work in process transfers continuously to the customer. For most contracts with the U.S. Government and FMS contracts, this continuous transfer of control of the work in process to the customer is supported by clauses in the contract that give the customer ownership of work in process and allow the customer to unilaterally terminate the contract for convenience and pay us for costs incurred plus a reasonable profit. For most non-U.S. government contracts, primarily international direct commercial contracts, continuous transfer of control to our customer is supported because we deliver products that do not have an alternative use to us and if our customer were to terminate the contract for reasons other than our non-performance we would have the right to recover damages which would include, among other potential damages, the right to payment for our work performed to date plus a reasonable profit. For performance obligations to deliver products with continuous transfer of control to the customer, revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using the percentage-of-completion cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer as we incur costs on our contracts. Under the percentage-of-completion cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For performance obligations to provide services to the customer, revenue is recognized over time based on costs incurred or the right to invoice method (in situations where the value transferred matches our billing rights) as our customer receives and consumes the benefits. For performance obligations in which control does not continuously transfer to the customer, we recognize revenue at the point in time in which each performance obligation is fully satisfied. This coincides with the point in time the customer obtains control of the product or service, which typically occurs upon customer acceptance or receipt of the product or service, given that we maintain control of the product or service until that point. Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. For arrangements with the U.S. Government and FMS contracts, we generally do not begin work on contracts until funding is appropriated by the customer. Billing timetables and payment terms on our contracts vary based on a number of factors, including the contract type. Typical payment terms under fixed-price contracts with the U.S. Government provide that the customer pays either performance-based payments (PBPs) based on the achievement of contract milestones or progress payments based on a percentage of costs we incur. Typical payment terms under cost-reimbursable contracts with the U.S Government provide for billing of allowable costs incurred plus applicable fee on a monthly or semi-monthly basis. For the majority of our international direct commercial contracts to deliver complex systems, we typically receive advance payments prior to commencement of work, as well as milestone payments that are paid in accordance with the terms of our contract as we perform. We recognize a liability for payments in excess of revenue recognized, which is presented as a contract liability on the balance sheet. The portion of payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer from our failure to adequately complete some or all of the obligations under the contract. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract. For fixed-price and cost-reimbursable contracts, we present revenues recognized in excess of billings as contract assets on the balance sheet. Amounts billed and due from our customers under both contract types are classified as receivables on the balance sheet. Significant estimates and assumptions are made in estimating contract sales, costs, and profit. We estimate profit as the difference between estimated sales and total estimated costs to complete the contract. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as our ability to earn variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative expenses and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks related to earning variable consideration and/or the technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease, which we refer to as unfavorable profit booking rate adjustments. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is evident, which we refer to as a reach-forward loss. Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts. Increases in the profit booking rates, typically referred to as favorable profit booking rate adjustments, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate and are typically referred to as unfavorable profit booking rate adjustments. Increases or decreases in profit booking rates are recognized in the period they are determined and reflect the inception-to-date effect of such changes. Segment operating profit and margin can be impacted favorably or unfavorably by, for example, certain items listed below, which may or may not impact sales. Favorable items include the positive resolution of contractual matters, cost recoveries on severance and restructuring, insurance recoveries and gains on sales of assets. Unfavorable items include the adverse resolution of contractual matters, supply chain disruptions, restructuring charges (except for significant severance actions, which are excluded from segment operating results), reserves for disputes, certain asset impairments, and losses on sales of certain assets. Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets are classified as current based on our contract operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts. Contract liabilities – Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.
Research and development and similar costs	Research and development and similar costs – We conduct research and development (R&D) activities using our own funds (referred to as company-funded or independent R&D (IR&D)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. Company-funded R&D costs are allocated to customer contracts as part of the general and administrative overhead costs and are generally recoverable to the extent allocable to our cost-reimbursable customer contracts with the U.S. Government. These costs also may be recoverable to the extent allocable to certain fixed-price incentive contracts with the U.S. Government. Customer-funded R&D costs are charged directly to the related customer contracts. Substantially all R&D costs are charged to operating costs as incurred.
Stock-based compensation	Stock-based compensation – We issue stock-based compensation awards in the form of restricted stock units (RSUs) and performance stock units (PSUs) that generally vest three years from the grant date and are settled in shares. Compensation cost related to all stock-based awards is measured at the grant date based on the estimated fair value of the award. The grant date fair value of RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting. The grant date fair value of PSUs is measured in a manner similar to RSUs for awards that vest based on service and performance conditions or using a Monte Carlo model for awards that vest based on service and market conditions. For all RSUs, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. For PSUs that vest based on service and performance conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period based on the number of awards expected to ultimately vest. For PSUs that vest based on service and market conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period. At each reporting date, estimated forfeitures for all stock-based compensation awards and the number of PSUs expected to vest based on service and performance conditions is adjusted.
Income taxes	Income taxes – We calculate our provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax bases, as well as from operating loss and tax credit carry-forwards. The provision for income taxes differs from the amounts currently receivable or payable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not determination, no benefit is recorded. If we determine that the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our consolidated statements of earnings. In accordance with the regulations that govern cost accounting requirements for government contracts, current state and local income and franchise taxes are generally considered allowable and allocable costs and, consistent with industry practice, are recorded in operating costs and expenses. We generally recognize changes in deferred state taxes and unrecognized state tax benefits in unallocated corporate expenses.
Cash and cash equivalents	Cash and cash equivalents – Cash equivalents include highly liquid instruments with original maturities of 90 days or less.
Receivables	Receivables – Receivables, net represent our unconditional right to consideration under the contract and include amounts billed and currently due from customers. Receivables, net are recorded at the net amount expected to be collected.
Inventories	Inventories – We record inventories at the lower of cost or estimated net realizable value. The majority of our inventory represents work-in-process for contracts where control has not yet passed to the customer. Work-in-process primarily consists of labor, material, subcontractor, and overhead costs. In addition, costs incurred to fulfill a contract in advance of the contract being awarded are recorded in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as operating cost consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. We determine the costs of other inventories such as materials, spares and supplies by using the first-in first-out or average cost methods. If events or changes in circumstances indicate that pre-contract costs are no longer recoverable or the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, a loss is recognized in the period in which it occurs.
Property, plant and equipment	Property, plant and equipment – Property, plant and equipment are initially recorded at cost. The cost of plant and equipment are depreciated generally using accelerated methods during the first half of the estimated useful lives of the assets and the straight-line method thereafter. The estimated useful lives of our plant and equipment generally range from 10 to 40 years for buildings and five to 15 years for machinery and equipment. No depreciation expense is recorded on construction in progress until such assets are placed into operation. We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount.
Capitalized software	Capitalized software – We capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in other noncurrent assets on our consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which ranges from two to 15 years.
Investments	Investments – We hold a portfolio of marketable securities to fund our non-qualified employee benefit plans. A portion of these securities are held in common/collective trust funds and are measured at fair value using Net Asset Value (NAV) per share as a practical expedient. Marketable securities accounted for as trading are recorded at fair value on a recurring basis and are included in other noncurrent assets on our consolidated balance sheets. Gains and losses on these investments are included in other unallocated, net within operating costs and expenses on our consolidated statements of earnings. We make investments in companies that we believe are advancing or developing new technologies applicable to our business. These investments are primarily in early-stage companies and may be in the form of common or preferred stock, warrants, convertible debt securities, investments in funds or equity method investments. Most of these investments are in equity securities without readily determinable fair values (privately held securities), which are measured initially at cost and are then adjusted to fair value only if there is an observable price change or reduced for impairment, if applicable.
Equity method investments	Equity method investments – Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in other noncurrent assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in operating profit in other income, net on our consolidated statements of earnings since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.
Goodwill and Intangible Assets	Goodwill and Intangible Assets – We perform an impairment test of our goodwill at least annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. We may use both a qualitative and quantitative approaches when testing goodwill for impairment. For selected reporting units where we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative impairment test. We perform quantitative tests for most reporting units at least once every three years. However, for certain reporting units we may perform a quantitative impairment test every year. To perform the quantitative impairment test we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. We generally estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions. Finite-lived intangibles are amortized to expense over their applicable useful lives, ranging from three to 20 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows.
Acquired intangible assets	Acquired intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment testing or more frequently if events or change in circumstance indicate that it is more likely than not that the asset is impaired. We perform an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired.
Leases	Leases – We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Substantially all of our leases are long-term operating leases with fixed payment terms. We do not have significant financing leases. Our right-of-use (ROU) operating lease assets represent our right to use an underlying asset for the lease term, and our operating lease liabilities represent our obligation to make lease payments. ROU operating lease assets are recorded in other noncurrent assets in our consolidated balance sheet. Operating lease liabilities are recorded in other current liabilities or other noncurrent liabilities in our consolidated balance sheet based on their contractual due dates. Both the ROU operating lease asset and liability are recognized as of the lease commencement date at the present value of the lease payments over the lease term. Most of our leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using our credit rating and information available as of the commencement date. ROU operating lease assets include lease payments made at or before the lease commencement date, net of any lease incentives. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs and expenses on our consolidated statements of earnings. We have operating lease arrangements with lease and non-lease components. The non-lease components in our arrangements are not significant when compared to the lease components. For all operating leases, we account for the lease and non-lease components as a single component. Additionally, for certain equipment leases, we apply a portfolio approach to recognize operating lease ROU assets and liabilities. We evaluate ROU assets for impairment consistent with our property, plant and equipment policy.
Retirement benefits	Retirement benefits – Many of our employees and retirees participate in various retirement benefit plans including defined benefit pension, retiree medical and life insurance, disability insurance, and defined contribution savings plans. Obligation amounts we record related to our defined benefit pension plans are computed based on service to date, using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including participant longevity (also known as mortality). A market-related value of our plan assets, equal to the fair value adjusted for recognition of the difference between actual and expected asset returns over the prior three-year period, is used to develop the expected return on assets included in expense. Net outstanding gains or losses are amortized to expense using the corridor method, where they are recognized over a period of years to the extent they exceed 10% of the greater of market-related value of plan assets or benefit obligations. We recognize on a plan-by-plan basis the funded status of our defined benefit pension plans as either an asset recorded within other noncurrent assets or a liability recorded within noncurrent liabilities on our consolidated balance sheets. The GAAP funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. The funded status under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, is calculated on a different basis than under GAAP. Postemployment benefits – We record a liability for postemployment benefits, such as severance or job training, typically when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have accumulated.
Environmental matters	Environmental matters – We record a liability for environmental matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation at a particular site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. Our environmental liabilities are recorded on our consolidated balance sheets within other liabilities, both current and noncurrent. We expect to include a substantial portion of environmental costs in our sales and operating costs in future periods pursuant to U.S. Government regulation. At the time a liability is recorded for future environmental costs, we record assets for estimated future recovery considered probable through the pricing of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continually evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, our history of receiving reimbursement of such costs, and efforts by some U.S. Government representatives to limit such reimbursement. We include the portions of those environmental costs expected to be allocated to our non-U.S. government contracts, or determined not to be recoverable under U.S. Government contracts, in our operating costs at the time the liability is established or adjusted. Our assets for the portion of environmental costs that are probable of future recovery are recorded on our consolidated balance sheets within other assets, both current and noncurrent. We project costs and recovery of costs over approximately 20 years.
Derivative financial instruments	Derivative financial instruments – Derivatives are recorded at their fair value and included in other current and noncurrent assets and liabilities on our consolidated balance sheets. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to highly effective hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are not highly effective, if any, are immediately recognized in earnings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes guidance for the recognition, measurement, and presentation of government grants received by business entities. Under the new standard, a government grant is recognized only when it is probable that (i) the entity will satisfy the grant’s conditions and (ii) the grant will be received. If those conditions are met, the grant is classified either as a grant related to income or as a grant related to an asset, and the classification determines the appropriate accounting treatment. ASU No. 2025-10 retains the existing disclosure requirements in FASB Accounting Standards Codification (ASC) Topic 832, Government Assistance. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2028, and for interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may adopt the amendments using a modified-prospective, modified-retrospective, or full-retrospective approach for all government grants. We are currently evaluating the impact of the ASU on our disclosures and financial statements, including the approach and the timing of adoption. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This guidance removes all references to project stages throughout ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. Under the new standard, cost capitalization should only commence when an entity has committed to funding a software project and it is probable the project will be completed and the software will be used for its intended function. The amendments are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently determining the preferred transition approach and assessing the impact of the ASU on our disclosures and financial statements, including the timing of its adoption. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires entities to disclose certain expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization, by caption. In addition, entities must provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendments are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU will affect only our disclosures and will not impact our results of operations or financial condition. We are currently evaluating the timing of its adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU No. 2023-09 requires companies to disclose further information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, and may be applied prospectively or retrospectively. We adopted the ASU prospectively for the period ending December 31, 2025, and it affects only our disclosures and does not impact our results of operations or financial condition.
Earnings per share computation	We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) based on the treasury stock method.
Acquired finite lived intangible assets	Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over their estimated useful lives.

Retirement Benefits - Schedule of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	5.375%	5.625%	5.00%
Expected long-term rate of return on assets	6.50%	6.50%	6.50%
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	5.25%	5.50%	5.00%
Expected long-term rate of return on assets	6.50%	6.50%	6.50%
Health care trend rate assumed for next year	8.25%	8.50%	8.00%
Ultimate health care trend rate	4.50%	4.50%	4.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):


	December 31, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Mutual funds	$	1,131	$	1,131	$	—	$	—	$	1,072	$	1,072	$	—	$	—
U.S. Government securities	80		—		80		—		116		—		116		—
Other securities	711		372		339		—		645		342		303		—
Derivatives	47		—		47		—		9		—		9		—
Liabilities
Derivatives	113		—		113		—		196		—		196		—

Substantially all assets measured at fair value, other than derivatives, represent assets held in a trust to fund certain of our non-qualified deferred compensation plan and are recorded in other noncurrent assets on our consolidated balance sheets. As of December 31, 2025 and 2024, the fair value of our assets held in the trust totaled $2.0 billion and $1.8 billion. Net gains on these securities were $253 million and $170 million in 2025 and 2024. Gains and losses on these investments are included in other unallocated, net within operating costs and expenses on our consolidated statements of earnings in order to align the classification of changes in the market value of investments held for the plan with changes in the value of the corresponding plan liabilities.

The fair values of mutual funds and certain other securities are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. The fair values of U.S. Government and certain other securities are determined using pricing models that use observable inputs (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. The fair values of derivative instruments, which consist of foreign currency forward contracts, including embedded derivatives, and interest rate swap contracts, are primarily determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates, credit spreads and foreign currency exchange rates.

We use derivative instruments principally to reduce our exposure to market risks from changes in foreign currency exchange rates and interest rates. We transact business globally and are subject to risks associated with changing foreign currency exchange rates. We do not enter into or hold derivative instruments for speculative trading purposes. These contracts hedge forecasted foreign currency transactions in order to minimize fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates. We designate foreign currency hedges as cash flow hedges. We enter into foreign currency hedges such as forward and option contracts that change in value as foreign currency exchange rates change. Our most significant foreign currency exposures relate to the British pound sterling, the euro, the Canadian dollar, the Australian dollar, the Norwegian kroner and the Polish zloty. We also are exposed to the impact of interest rate changes primarily through our borrowing activities. For fixed rate borrowings, we may use variable interest rate swaps, effectively converting fixed rate borrowings to variable rate borrowings in order to hedge changes in the fair value of the debt. These swaps are designated as fair value hedges. For variable rate borrowings, we may use fixed interest rate swaps, effectively converting variable rate borrowings to fixed rate borrowings in order to minimize the impact of interest rate changes on earnings. These swaps are designated as cash flow hedges. We also may enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting, which are intended to minimize certain economic exposures.

The aggregate notional amount of our outstanding interest rate swaps was $1.3 billion at both December 31, 2025 and 2024. The aggregate notional amount of our outstanding foreign currency hedges at December 31, 2025 and 2024 was $7.2 billion and $7.5 billion. The fair values of our outstanding interest rate swaps and foreign currency hedges at December 31, 2025 and 2024 were not significant. Derivative instruments did not have a material impact on net earnings and comprehensive income during the years ended December 31, 2025 and 2024. The impact of derivative instruments on our consolidated statements of cash flows is included in net cash provided by operating activities. Substantially all of our derivatives are designated for hedge accounting. See “Note 1 – Organization and Significant Accounting Policies - Derivative financial instruments.”

We also make investments in early-stage companies that we believe are advancing or developing new technologies applicable to our business. Investments that have quoted market prices in active markets (Level 1) are recorded at fair value and reflected in other securities while certain investments are categorized as Level 3 when valuations using observable inputs are unavailable. See “Note 1 – Organization and Significant Accounting Policies - Investments.”

In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was $22.0 billion and $20.2 billion at December 31, 2025 and 2024. The outstanding principal amount of debt, including short-term and long-term debt, was $22.9 billion and $21.6 billion at December 31, 2025 and 2024, excluding $1.2 billion and $1.3 billion of unamortized discounts and issuance costs at December 31, 2025 and 2024. The estimated fair values of our outstanding debt were determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates and credit spreads (Level 2).

Legal Proceedings, Commitments and Contingencies (Detail) - USD ($) $ in Millions		12 Months Ended
	Apr. 24, 2009	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Liabilities recorded relative to environmental matters		$ 659	$ 677
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Other noncurrent liabilities	Other noncurrent liabilities
Environmental costs eligible for future recovery		$ 605	$ 619
Environmental costs eligible for future recovery		20 years
Outstanding letters of credit, surety bonds, and third-party guarantees		$ 3,500	$ 2,700
N.Y. Metropolitan Transportation Authority
Loss Contingencies [Line Items]
Contract value	$ 323
Contract payments received to date	241
Damages sought by plaintiff	190
Claims for monetary damages against the plaintiff	$ 95

Information on Business Segments - Schedule of Income Statement Information For Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total sales	$ 75,048	$ 71,043	$ 67,571
United States
Segment Reporting Information [Line Items]
Total sales	53,705	52,528	49,927
Europe
Segment Reporting Information [Line Items]
Total sales	8,805	7,716	7,011
Asia Pacific
Segment Reporting Information [Line Items]
Total sales	7,815	6,241	5,851
Middle East
Segment Reporting Information [Line Items]
Total sales	2,864	3,075	3,554
Other
Segment Reporting Information [Line Items]
Total sales	1,859	1,483	1,228
U.S. Government
Segment Reporting Information [Line Items]
Total sales	53,412	52,044	49,423
International
Segment Reporting Information [Line Items]
Total sales	21,343	18,515	17,644
U.S. commercial and other
Segment Reporting Information [Line Items]
Total sales	293	484	504
Fixed-price
Segment Reporting Information [Line Items]
Total sales	45,200	42,728	40,004
Cost-reimbursable
Segment Reporting Information [Line Items]
Total sales	29,848	28,315	27,567
Products
Segment Reporting Information [Line Items]
Total sales	62,654	59,277	56,265
Services
Segment Reporting Information [Line Items]
Total sales	12,394	11,766	11,306
Intersegment sales
Segment Reporting Information [Line Items]
Total sales	3,948	3,893	3,474
Intersegment sales \| Aeronautics
Segment Reporting Information [Line Items]
Total sales	381	377	303
Intersegment sales \| MFC
Segment Reporting Information [Line Items]
Total sales	868	804	688
Intersegment sales \| RMS
Segment Reporting Information [Line Items]
Total sales	2,371	2,320	2,125
Intersegment sales \| Space
Segment Reporting Information [Line Items]
Total sales	328	392	358
Operating Segments
Segment Reporting Information [Line Items]
Total sales	75,048	71,043	67,571
Operating Segments \| Aeronautics
Segment Reporting Information [Line Items]
Total sales	30,257	28,618	27,474
Operating Segments \| Aeronautics \| United States
Segment Reporting Information [Line Items]
Total sales	19,341	19,436	18,440
Operating Segments \| Aeronautics \| Europe
Segment Reporting Information [Line Items]
Total sales	5,567	5,071	4,898
Operating Segments \| Aeronautics \| Asia Pacific
Segment Reporting Information [Line Items]
Total sales	3,825	2,763	2,800
Operating Segments \| Aeronautics \| Middle East
Segment Reporting Information [Line Items]
Total sales	589	808	987
Operating Segments \| Aeronautics \| Other
Segment Reporting Information [Line Items]
Total sales	935	540	349
Operating Segments \| Aeronautics \| U.S. Government
Segment Reporting Information [Line Items]
Total sales	19,307	19,314	18,311
Operating Segments \| Aeronautics \| International
Segment Reporting Information [Line Items]
Total sales	10,916	9,182	9,034
Operating Segments \| Aeronautics \| U.S. commercial and other
Segment Reporting Information [Line Items]
Total sales	34	122	129
Operating Segments \| Aeronautics \| Fixed-price
Segment Reporting Information [Line Items]
Total sales	20,393	19,603	18,664
Operating Segments \| Aeronautics \| Cost-reimbursable
Segment Reporting Information [Line Items]
Total sales	9,864	9,015	8,810
Operating Segments \| Aeronautics \| Products
Segment Reporting Information [Line Items]
Total sales	24,617	23,598	22,758
Operating Segments \| Aeronautics \| Services
Segment Reporting Information [Line Items]
Total sales	5,640	5,020	4,716
Operating Segments \| MFC
Segment Reporting Information [Line Items]
Total sales	14,450	12,682	11,253
Operating Segments \| MFC \| United States
Segment Reporting Information [Line Items]
Total sales	10,205	9,053	7,780
Operating Segments \| MFC \| Europe
Segment Reporting Information [Line Items]
Total sales	1,728	1,327	786
Operating Segments \| MFC \| Asia Pacific
Segment Reporting Information [Line Items]
Total sales	1,065	763	687
Operating Segments \| MFC \| Middle East
Segment Reporting Information [Line Items]
Total sales	1,383	1,473	1,844
Operating Segments \| MFC \| Other
Segment Reporting Information [Line Items]
Total sales	69	66	156
Operating Segments \| MFC \| U.S. Government
Segment Reporting Information [Line Items]
Total sales	10,194	9,043	7,769
Operating Segments \| MFC \| International
Segment Reporting Information [Line Items]
Total sales	4,245	3,629	3,473
Operating Segments \| MFC \| U.S. commercial and other
Segment Reporting Information [Line Items]
Total sales	11	10	11
Operating Segments \| MFC \| Fixed-price
Segment Reporting Information [Line Items]
Total sales	10,523	8,774	7,661
Operating Segments \| MFC \| Cost-reimbursable
Segment Reporting Information [Line Items]
Total sales	3,927	3,908	3,592
Operating Segments \| MFC \| Products
Segment Reporting Information [Line Items]
Total sales	12,977	11,275	9,919
Operating Segments \| MFC \| Services
Segment Reporting Information [Line Items]
Total sales	1,473	1,407	1,334
Operating Segments \| RMS
Segment Reporting Information [Line Items]
Total sales	17,312	17,264	16,239
Operating Segments \| RMS \| United States
Segment Reporting Information [Line Items]
Total sales	11,345	11,801	11,256
Operating Segments \| RMS \| Europe
Segment Reporting Information [Line Items]
Total sales	1,411	1,243	1,265
Operating Segments \| RMS \| Asia Pacific
Segment Reporting Information [Line Items]
Total sales	2,816	2,556	2,275
Operating Segments \| RMS \| Middle East
Segment Reporting Information [Line Items]
Total sales	885	787	721
Operating Segments \| RMS \| Other
Segment Reporting Information [Line Items]
Total sales	855	877	722
Operating Segments \| RMS \| U.S. Government
Segment Reporting Information [Line Items]
Total sales	11,126	11,469	10,961
Operating Segments \| RMS \| International
Segment Reporting Information [Line Items]
Total sales	5,967	5,463	4,983
Operating Segments \| RMS \| U.S. commercial and other
Segment Reporting Information [Line Items]
Total sales	219	332	295
Operating Segments \| RMS \| Fixed-price
Segment Reporting Information [Line Items]
Total sales	10,766	10,870	10,403
Operating Segments \| RMS \| Cost-reimbursable
Segment Reporting Information [Line Items]
Total sales	6,546	6,394	5,836
Operating Segments \| RMS \| Products
Segment Reporting Information [Line Items]
Total sales	14,188	14,005	12,913
Operating Segments \| RMS \| Services
Segment Reporting Information [Line Items]
Total sales	3,124	3,259	3,326
Operating Segments \| Space
Segment Reporting Information [Line Items]
Total sales	13,029	12,479	12,605
Operating Segments \| Space \| United States
Segment Reporting Information [Line Items]
Total sales	12,814	12,238	12,451
Operating Segments \| Space \| Europe
Segment Reporting Information [Line Items]
Total sales	99	75	62
Operating Segments \| Space \| Asia Pacific
Segment Reporting Information [Line Items]
Total sales	109	159	89
Operating Segments \| Space \| Middle East
Segment Reporting Information [Line Items]
Total sales	7	7	2
Operating Segments \| Space \| Other
Segment Reporting Information [Line Items]
Total sales	0	0	1
Operating Segments \| Space \| U.S. Government
Segment Reporting Information [Line Items]
Total sales	12,785	12,218	12,382
Operating Segments \| Space \| International
Segment Reporting Information [Line Items]
Total sales	215	241	154
Operating Segments \| Space \| U.S. commercial and other
Segment Reporting Information [Line Items]
Total sales	29	20	69
Operating Segments \| Space \| Fixed-price
Segment Reporting Information [Line Items]
Total sales	3,518	3,481	3,276
Operating Segments \| Space \| Cost-reimbursable
Segment Reporting Information [Line Items]
Total sales	9,511	8,998	9,329
Operating Segments \| Space \| Products
Segment Reporting Information [Line Items]
Total sales	10,872	10,399	10,675
Operating Segments \| Space \| Services
Segment Reporting Information [Line Items]
Total sales	$ 2,157	$ 2,080	$ 1,930

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Activity Related to Nonvested RSUs

The following table summarizes activity related to nonvested RSUs:


	Number of RSUs (In thousands)	Weighted Average Grant-Date Fair Value Per Share








Nonvested at December 31, 2024	982	$	434.01
Granted	982	437.95
Vested	(516)	415.73
Forfeited	(83)	442.15
Nonvested at December 31, 2025	1,365	$	443.26

Goodwill and Acquired Intangibles (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill by Segment

Changes in the carrying amount of goodwill by business segment were as follows (in millions):


	Aeronautics		MFC		RMS		Space		Total
Balance at December 31, 2023	$	196	$	2,086	$	6,741	$	1,776	$	10,799
Acquisitions	—		—		—		298		298
Other	—		(1)		(29)		—		(30)
Balance at December 31, 2024	196		2,085		6,712		2,074		11,067
Acquisitions	—		—		—		217		217
Other	—		4		25		1		30
Balance at December 31, 2025	$	196	$	2,089	$	6,737	$	2,292	$	11,314

Schedule of Gross Carrying Amounts and Accumulated Amortization of Acquired Intangible Assets

The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (useful life in years, $ in millions):


		2025						2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived:
Customer programs	3 - 20	$	3,186	$	(2,342)	$	844	$	3,186	$	(2,128)	$	1,058
Customer relationships	5 - 10	94		(94)		—		94		(91)		3
Other	5 - 10	281		(75)		206		156		(39)		117
Total finite-lived intangibles		3,561		(2,511)		1,050		3,436		(2,258)		1,178
Indefinite-Lived:
Trademark		837		—		837		837		—		837
Total acquired intangibles		$	4,398	$	(2,511)	$	1,887	$	4,273	$	(2,258)	$	2,015

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Information on Business Segments - Schedule of FAS/CAS Pension Adjustment (Details) - Unallocated items - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
FAS pension (expense) income	$ (924)	$ 2	$ 378
Less: CAS pension cost	1,568	1,684	1,725
Total FAS/CAS pension adjustment	644	1,686	2,103
FAS pension service cost	(50)	(60)	(65)
Total FAS/CAS pension operating adjustment	1,518	1,624	1,660
Non-service FAS pension (expense) income	$ (874)	$ 62	$ 443

Impairment and Other Charges	12 Months Ended
Impairment and Other Charges	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Impairment and Other Charges	Impairment and Other Charges During 2025, we recorded charges totaling $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets resulting from the U.S. Air Force’s Next Generation Air Dominance (NGAD) competition and down-select decision. During 2024, we recorded charges totaling $87 million ($69 million, or $0.29 per share, after-tax) for trademark and fixed asset impairments as well as severance costs resulting from the strategic review of our Sikorsky business during the second quarter of 2024 due, in part, to the impacts of the U.S. Army announcement to cancel the Future Attack Reconnaissance Aircraft (FARA) program at the conclusion of fiscal year 2024, for which our Sikorsky business was competing. During 2023, we recorded severance and other charges of $92 million ($73 million, or $0.30 per share, after-tax) associated with severance costs for the planned reduction of certain positions across the corporation and asset impairment charges. Upon separation, terminated employees received lump-sum severance payments primarily based on years of service, the majority of which have been paid. This action resulted from a review of our business segments and corporate functions and is intended to improve the efficiency of our operations. We generally can recover a portion of severance costs through the pricing of our products and services to the U.S. Government and other customers in future periods, which will be included in our operating results.

Retirement Benefits - Schedule of Asset Allocations (Details)	Dec. 31, 2025
Minimum \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Global Equity
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	10.00%
Minimum \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	10.00%
Minimum \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	5.00%
Minimum \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Commodities
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Maximum \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	20.00%
Maximum \| Global Equity
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	65.00%
Maximum \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	60.00%
Maximum \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	30.00%
Maximum \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	20.00%
Maximum \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	20.00%
Maximum \| Commodities
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	10.00%

Information on Business Segments - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of business segments \| segment	4
Number of reportable segments \| segment	4
Equity method investments	$ 653	$ 654
Non-cash, non-operating pension settlement charge	479
Non-cash, non-operating pension settlement charge, after tax	$ 377
Non-cash, non-operating pension settlement charge, per share, after tax (in dollars per share) \| $ / shares	$ 1.63
Transfer of defined benefit pension obligations	$ 943
United Launch Alliance
Segment Reporting Information [Line Items]
Percentage of ownership interest in affiliated entity	50.00%
Equity method investments	$ 551	$ 551
Aeronautics \| F-35 Program \| Net Sales \| Product Concentration Risk
Segment Reporting Information [Line Items]
Net sales for the F-35 program representing total consolidated net sales (as a percent)	27.00%	26.00%	26.00%

Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	$ 103	$ 342	$ (684)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	(4)	(2)	(5)
Incurred but Not Yet Recognized in FAS Expense	99	340	(689)
Actuarial gains and (losses) - Recognition of Previously Deferred Amounts	(595)	(188)	(116)
Net prior service credit and (cost) - Recognition of Previously Deferred Amounts	(39)	112	265
Recognition of Previously Deferred Amounts	(634)	(76)	149
Qualified defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	99	211	(698)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	(4)	(2)	(5)
Actuarial gains and (losses) - Recognition of Previously Deferred Amounts	(623)	(204)	(133)
Net prior service credit and (cost) - Recognition of Previously Deferred Amounts	(39)	116	274
Retiree medical and life insurance plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	45	108	47
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	0	0	(1)
Actuarial gains and (losses) - Recognition of Previously Deferred Amounts	39	28	25
Net prior service credit and (cost) - Recognition of Previously Deferred Amounts	0	(3)	(8)
Other plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	(41)	23	(33)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	0	0	1
Actuarial gains and (losses) - Recognition of Previously Deferred Amounts	(11)	(12)	(8)
Net prior service credit and (cost) - Recognition of Previously Deferred Amounts	$ 0	$ (1)	$ (1)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We believe cybersecurity is critical to advancing our 21st Century Security vision and enabling our digital transformation efforts. As an aerospace and defense company, we face a multitude of cybersecurity threats that range from attacks common to most industries, such as ransomware and denial-of-service, to attacks from more advanced and persistent, highly organized adversaries, including nation state actors, some of which target the defense industrial base and other critical infrastructure sectors. Our customers, suppliers, subcontractors and joint venture partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our operations, performance and results of operations. These cybersecurity threats and related risks make it imperative that we strive to be a leader in the information security field, and we expend considerable resources on cybersecurity. Our corporate information security organization has implemented a governance structure and processes to assess, identify, manage and report cybersecurity risks. We also have a corporate-wide counterintelligence and insider threat detection program to proactively identify external and internal threats and mitigate those threats in a timely manner. As a defense contractor, we must comply with extensive regulations, including requirements imposed by the DFARS related to adequately safeguarding controlled unclassified information (CUI) and reporting cybersecurity incidents to the DoW. We have implemented cybersecurity policies and frameworks based on industry and governmental standards to align closely with DoW requirements, instructions and guidance. Moreover, we continue to work with the DoW on assessing cybersecurity risk and on policies and practices aimed at mitigating these risks. For example, we have worked in collaboration with the other members of the defense industrial base to support DoW’s development of the Cybersecurity Maturity Model Certification (CMMC) program, DoW’s program to ensure members of the defense industrial base meet cybersecurity requirements for handling CUI and federal contract information. In November 2025, we submitted our initial CMMC certification as required by the program. In addition to following DoW guidance and implementing pre-existing third party frameworks, we have developed our own practices and frameworks, which we believe enhance our ability to identify and manage cybersecurity risks. For example, we use a proactive risk management strategy that we developed and implemented called the Intelligence Driven Defense® model that seeks to identify and prevent cybersecurity incidents by understanding the nature of adversaries and using this information to minimize the impact of an attack. The effectiveness of our security controls are validated by external third parties, including an independent audit agency to maintain our ISO 27001 certification. Whether through independent audits or consulting on best practices, we continuously evaluate both the design and operational effectiveness of security controls. We also share and receive threat intelligence with our defense industrial base peers, government agencies, information sharing and analysis centers and cybersecurity associations. We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor, joint venture partner, or service provider could materially adversely impact us. We assess third party cybersecurity controls through a cybersecurity questionnaire and include security and privacy addendums to our contracts where applicable. We also contractually flow cybersecurity regulatory requirements to our subcontractors as required by the DFARS and other government agency specific requirements. These contractual flow downs include the requirement that our subcontractors implement certain security controls, and that our subcontractors self-report the status of their implementation of these controls to the U.S. Government. These government contracting regulations may create challenges for our supply chain and increase costs. We also require that our subcontractors report cybersecurity incidents to us so that we can assess the impact of the incident on us. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified. We also make available cybersecurity education and awareness materials and briefings to our suppliers.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Information Security Officer (CISO), report to the Board of Directors on our cybersecurity and information security posture at least annually and the Board of Directors is apprised of cybersecurity incidents deemed to have a moderate or higher business impact, even if immaterial to us. The Classified Business and Security Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of classified programs and the security of our classified business supply chain. Other than oversight of classified business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to Lockheed Martin and the heightened risk in the aerospace and defense industry. In the event of an incident, we intend to follow our detailed incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership, the Board, and regulators, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our corporate information security organization, led by our CISO, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Information Security Officer (CISO), report to the Board of Directors on our cybersecurity and information security posture at least annually and the Board of Directors is apprised of cybersecurity incidents deemed to have a moderate or higher business impact, even if immaterial to us. The Classified Business and Security Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of classified programs and the security of our classified business supply chain. Other than oversight of classified business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to Lockheed Martin and the heightened risk in the aerospace and defense industry. In the event of an incident, we intend to follow our detailed incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership, the Board, and regulators, as appropriate. Our corporate information security organization, led by our CISO, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current CISO has extensive information technology and program management experience, and has served many years in our corporate information security organization. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. Central to this organization is our computer incident response team (CIRT), which is responsible for the protection, detection and response capabilities used in the defense of Lockheed Martin’s data and enterprise computing networks. Employees outside of our corporate information security organization also have a role in our cybersecurity defenses and they are immersed in a corporate culture supportive of security, which we believe improves our cybersecurity. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment and relevant mitigations are presented to the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Senior leadership, including our Chief Information Security Officer (CISO), report to the Board of Directors on our cybersecurity and information security posture at least annually and the Board of Directors is apprised of cybersecurity incidents deemed to have a moderate or higher business impact, even if immaterial to us. The Classified Business and Security Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of classified programs and the security of our classified business supply chain. Other than oversight of classified business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to Lockheed Martin and the heightened risk in the aerospace and defense industry. In the event of an incident, we intend to follow our detailed incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership, the Board, and regulators, as appropriate. Our corporate information security organization, led by our CISO, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current CISO has extensive information technology and program management experience, and has served many years in our corporate information security organization. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. Central to this organization is our computer incident response team (CIRT), which is responsible for the protection, detection and response capabilities used in the defense of Lockheed Martin’s data and enterprise computing networks. Employees outside of our corporate information security organization also have a role in our cybersecurity defenses and they are immersed in a corporate culture supportive of security, which we believe improves our cybersecurity. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment and relevant mitigations are presented to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our corporate information security organization, led by our CISO, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current CISO has extensive information technology and program management experience, and has served many years in our corporate information security organization.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of an incident, we intend to follow our detailed incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership, the Board, and regulators, as appropriate. Our corporate information security organization, led by our CISO, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current CISO has extensive information technology and program management experience, and has served many years in our corporate information security organization. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. Central to this organization is our computer incident response team (CIRT), which is responsible for the protection, detection and response capabilities used in the defense of Lockheed Martin’s data and enterprise computing networks. Employees outside of our corporate information security organization also have a role in our cybersecurity defenses and they are immersed in a corporate culture supportive of security, which we believe improves our cybersecurity. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment and relevant mitigations are presented to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, right-of-use asset	$ 976
Operating lease, liability	1,071
Operating lease, liability, noncurrent	825
New ROU operating lease assets and liabilities entered into	$ 133
Weighted average remaining lease term	6 years 7 months 6 days
Weighted average discount rate	3.80%
Operating lease cost	$ 258	$ 260	$ 273
Cash payments	$ 256	$ 258	$ 267

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	7,100
Shares reserved for issuance (in shares)	4,300
Number of years over which equity awards vest	1 year
Number of years over which equity awards expire	10 years
Share-based compensation, net of tax	$ 240	$ 219	$ 209
Unrecognized compensation cost	$ 349
Period over which unrecognized compensation costs are expected to be recognized (years)	1 year 9 months 18 days
Number of options outstanding (in shares)	0	0	0
Number of options exercised (in shares)	0	0	0
Realized tax benefits from stock-based compensation activities	$ 70	$ 67	$ 78
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	3 years
Number of stock, granted (in shares)	982
Average grant date fair value per unit (in dollars per share)	$ 437.95
Restricted Stock Units (RSUs) \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock, granted (in shares)	900
Average grant date fair value per unit (in dollars per share)	$ 437.95
Restricted Stock Units (RSUs) \| Minimum \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	1 year
Restricted Stock Units (RSUs) \| Maximum \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	3 years
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from exercise of stock options	$ 0	0	0
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years over which equity awards vest	3 years
Number of stock, granted (in shares)	100
Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	0.00%
Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	200.00%
Performance Stock Units (PSUs) \| Remaining Half Of PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit (in dollars per share)	$ 439.42
Performance Stock Units (PSUs) \| Remaining PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit (in dollars per share)	$ 453.06
Unallocated items
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intangible asset amortization expense	$ 304	$ 277	$ 265

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Dec. 31, 2024	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shareholders Equity [Line Items]
Common stock, shares authorized (in shares)	1,500,000,000				1,500,000,000								1,500,000,000	1,500,000,000
Preferred stock, shares authorized (in shares)	50,000,000				50,000,000								50,000,000	50,000,000
Common stock, shares issued and outstanding (in shares)	230,000,000				235,000,000								230,000,000	235,000,000
Common stock, shares outstanding (in shares)	229,000,000				234,000,000								229,000,000	234,000,000
Preferred stock, shares issued (in shares)	0				0								0	0
Preferred stock, shares outstanding (in shares)	0				0								0	0
Cash paid for repurchases of common stock													$ 3,000	$ 3,700	$ 6,000
Common stock, par value (in dollars per share)	$ 1				$ 1								$ 1	$ 1
Dividends paid													$ 3,131	$ 3,059	$ 3,056
Common stock dividends per share paid (in dollars per share)	$ 3.45	$ 3.30	$ 3.30	$ 3.30	$ 3.30	$ 3.15	$ 3.15	$ 3.15	$ 3.15	$ 3.00	$ 3.00	$ 3.00	$ 13.35	$ 12.75	$ 12.15
Accelerated Share Repurchase Agreement
Shareholders Equity [Line Items]
Stock repurchased (in shares)													6,600,000	7,500,000
Cash paid for repurchases of common stock													$ 3,000	$ 3,700
Remaining amount authorized (in shares)	$ 8,300												8,300
Stock repurchase program, authorized amount, increase amount	$ 2,000												$ 2,000
Common stock, par value (in dollars per share)	$ 1												$ 1

Fair Value Measurements - Schedule of Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Derivatives	$ 47	$ 9
Liabilities
Derivatives	113	196
Mutual funds
Assets
Fair value of investments measured on recurring basis	1,131	1,072
U.S. Government securities
Assets
Fair value of investments measured on recurring basis	80	116
Other securities
Assets
Fair value of investments measured on recurring basis	711	645
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 1 \| Mutual funds
Assets
Fair value of investments measured on recurring basis	1,131	1,072
Level 1 \| U.S. Government securities
Assets
Fair value of investments measured on recurring basis	0	0
Level 1 \| Other securities
Assets
Fair value of investments measured on recurring basis	372	342
Level 2
Assets
Derivatives	47	9
Liabilities
Derivatives	113	196
Level 2 \| Mutual funds
Assets
Fair value of investments measured on recurring basis	0	0
Level 2 \| U.S. Government securities
Assets
Fair value of investments measured on recurring basis	80	116
Level 2 \| Other securities
Assets
Fair value of investments measured on recurring basis	339	303
Level 3
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 3 \| Mutual funds
Assets
Fair value of investments measured on recurring basis	0	0
Level 3 \| U.S. Government securities
Assets
Fair value of investments measured on recurring basis	0	0
Level 3 \| Other securities
Assets
Fair value of investments measured on recurring basis	$ 0	$ 0

Information on Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information For Each Business Segment

Sales, operating costs and expenses and operating profit for each of our business segments were as follows (in millions):


	2025		2024		2023
Sales
Aeronautics	$	30,257	$	28,618	$	27,474
Missiles and Fire Control	14,450		12,682		11,253
Rotary and Mission Systems	17,312		17,264		16,239
Space	13,029		12,479		12,605
Total sales	$	75,048	$	71,043	$	67,571
Operating costs and expenses
Aeronautics	$	28,168	$	26,093	$	24,649
Missiles and Fire Control	12,461		12,277		9,712
Rotary and Mission Systems	16,041		15,391		14,399
Space	11,689		11,308		11,473
Total operating costs and expenses	$	68,359	$	65,069	$	60,233
Operating profit (a)
Aeronautics	$	2,086	$	2,523	$	2,825
Missiles and Fire Control	1,989		413		1,541
Rotary and Mission Systems	1,323		1,921		1,865
Space	1,345		1,226		1,158
Total business segment operating profit	6,743		6,083		7,389
Unallocated items
FAS/CAS pension operating adjustment	1,518		1,624		1,660
Intangible asset amortization expense	(254)		(247)		(247)
Impairment and other charges	(66)		(87)		(92)
Other, net	(210)		(360)		(203)
Total unallocated, net	988		930		1,118
Total consolidated operating profit	$	7,731	$	7,013	$	8,507


	2025		2024		2023
Total FAS (expense) income and CAS cost
FAS pension (expense) income	$	(924)	$	2	$	378
Less: CAS pension cost	1,568		1,684		1,725
Total FAS/CAS pension adjustment	$	644	$	1,686	$	2,103

Service and non-service cost reconciliation
FAS pension service cost	$	(50)	$	(60)	$	(65)
Less: CAS pension cost	1,568		1,684		1,725
Total FAS/CAS pension operating adjustment	1,518		1,624		1,660
Non-service FAS pension (expense) income	(874)		62		443
Total FAS/CAS pension adjustment	$	644	$	1,686	$	2,103


	2025		2024		2023
Intersegment sales
Aeronautics	$	381	$	377	$	303
Missiles and Fire Control	868		804		688
Rotary and Mission Systems	2,371		2,320		2,125
Space	328		392		358
Total intersegment sales	$	3,948	$	3,893	$	3,474

Sales by products and services, contract type, customer category and geographic region for each of our business segments were as follows (in millions):


	2025
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	24,617	$	12,977	$	14,188	$	10,872	$	62,654
Services	5,640		1,473		3,124		2,157		12,394
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by contract type
Fixed-price	$	20,393	$	10,523	$	10,766	$	3,518	$	45,200
Cost-reimbursable	9,864		3,927		6,546		9,511		29,848
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by customer
U.S. Government	$	19,307	$	10,194	$	11,126	$	12,785	$	53,412
International (a)	10,916		4,245		5,967		215		21,343
U.S. commercial and other	34		11		219		29		293
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048
Sales by geographic region
United States	$	19,341	$	10,205	$	11,345	$	12,814	$	53,705
Europe	5,567		1,728		1,411		99		8,805
Asia Pacific	3,825		1,065		2,816		109		7,815
Middle East	589		1,383		885		7		2,864
Other	935		69		855		—		1,859
Total sales	$	30,257	$	14,450	$	17,312	$	13,029	$	75,048


	2024
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	23,598	$	11,275	$	14,005	$	10,399	$	59,277
Services	5,020		1,407		3,259		2,080		11,766
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by contract type
Fixed-price	$	19,603	$	8,774	$	10,870	$	3,481	$	42,728
Cost-reimbursable	9,015		3,908		6,394		8,998		28,315
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by customer
U.S. Government	$	19,314	$	9,043	$	11,469	$	12,218	$	52,044
International (a)	9,182		3,629		5,463		241		18,515
U.S. commercial and other	122		10		332		20		484
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043
Sales by geographic region
United States	$	19,436	$	9,053	$	11,801	$	12,238	$	52,528
Europe	5,071		1,327		1,243		75		7,716
Asia Pacific	2,763		763		2,556		159		6,241
Middle East	808		1,473		787		7		3,075
Other	540		66		877		—		1,483
Total sales	$	28,618	$	12,682	$	17,264	$	12,479	$	71,043


	2023
	Aeronautics		MFC		RMS		Space		Total
Sales
Products	$	22,758	$	9,919	$	12,913	$	10,675	$	56,265
Services	4,716		1,334		3,326		1,930		11,306
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by contract type
Fixed-price	$	18,664	$	7,661	$	10,403	$	3,276	$	40,004
Cost-reimbursable	8,810		3,592		5,836		9,329		27,567
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by customer
U.S. Government	$	18,311	$	7,769	$	10,961	$	12,382	$	49,423
International (a)	9,034		3,473		4,983		154		17,644
U.S. commercial and other	129		11		295		69		504
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571
Sales by geographic region
United States	$	18,440	$	7,780	$	11,256	$	12,451	$	49,927
Europe	4,898		786		1,265		62		7,011
Asia Pacific	2,800		687		2,275		89		5,851
Middle East	987		1,844		721		2		3,554
Other	349		156		722		1		1,228
Total sales	$	27,474	$	11,253	$	16,239	$	12,605	$	67,571

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.


	2025		2024		2023
Capital expenditures
Aeronautics	$	503	$	593	$	535
Missiles and Fire Control	235		265		252
Rotary and Mission Systems	243		230		220
Space	342		366		455
Total business segment capital expenditures	1,323		1,454		1,462
Corporate activities	326		231		229
Total capital expenditures	$	1,649	$	1,685	$	1,691
PP&E depreciation and software amortization
Aeronautics	$	474	$	452	$	416
Missiles and Fire Control	192		183		175
Rotary and Mission Systems	235		227		220
Space	311		270		221
Total business segment depreciation and amortization	1,212		1,132		1,032
Corporate activities (a)	475		427		398
Total depreciation and amortization	$	1,687	$	1,559	$	1,430

(a)Includes amortization of purchased intangibles.

Total assets for each of our business segments were as follows (in millions):


	2025		2024
Assets
Aeronautics	$	14,673	$	13,223
Missiles and Fire Control	6,304		5,952
Rotary and Mission Systems	16,576		17,025
Space	7,755		7,388
Total business segment assets	45,308		43,588
Corporate assets (a)	14,532		12,029
Total assets	$	59,840	$	55,617

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

At December 31, 2025 and 2024, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 230 million and 235 million shares of common stock issued and outstanding as of December 31, 2025 and December 31, 2024, 229 million and 234 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2025 or 2024.

Repurchases of Common Stock

During 2025, we repurchased 6.6 million shares of our common stock in open market purchases for $3.0 billion. During 2024, we repurchased 7.5 million shares of our common stock for $3.7 billion in open market purchases.

The total remaining authorization for future common stock repurchases under our share repurchase program was $8.3 billion as of December 31, 2025, which includes the $2.0 billion increase to our share repurchase program authorized by our Board of Directors in October 2025. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Dividends

We paid dividends totaling $3.1 billion ($13.35 per share) in 2025, $3.1 billion ($12.75 per share) in 2024 and $3.1 billion ($12.15 per share) in 2023. We paid quarterly dividends of $3.30 per share during each of the first three quarters of 2025 and $3.45 per share during the fourth quarter of 2025; $3.15 per share during each of the first three quarters of 2024 and $3.30 per share during the fourth quarter of 2024; and $3.00 per share during each of the first three quarters of 2023 and $3.15 per share during the fourth quarter of 2023.

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of taxes, consisted of the following (in millions):


	Retirement Benefits (a)		Other, net		AOCL
Balance at December 31, 2022	$	(7,866)	$	(157)	$	(8,023)
Other comprehensive (loss) income before reclassifications	(689)		23		(666)
Amounts reclassified from AOCL

Recognition of net actuarial losses	116		—		116
Amortization of net prior service credits	(265)		—		(265)
Other	—		35		35
Total reclassified from AOCL	(149)		35		(114)
Total other comprehensive (loss) income	(838)		58		(780)

Balance at December 31, 2023	(8,704)		(99)		(8,803)
Other comprehensive income (loss) before reclassifications	340		(104)		236
Amounts reclassified from AOCL

Recognition of net actuarial losses	188		—		188
Amortization of net prior service credits	(112)		—		(112)
Other	—		39		39
Total reclassified from AOCL	76		39		115
Total other comprehensive income (loss)	416		(65)		351
Balance at December 31, 2024	(8,288)		(164)		(8,452)
Other comprehensive income before reclassifications	99		127		226
Amounts reclassified from AOCL
Pension settlement charge (b)	377		—		377
Recognition of net actuarial losses	218		—		218
Amortization of net prior service costs	39		—		39
Other	—		50		50
Total reclassified from AOCL	634		50		684
Total other comprehensive income (loss)	733		177		910
Balance at December 31, 2025	$	(7,555)	$	13	$	(7,542)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Retirement Benefits - Schedule of Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans by Asset Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 24,608	$ 24,092
Interest rate swaps
Defined Benefit Plan Disclosure [Line Items]
Derivative, Gain on Derivative	1,900
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,116	2,425
U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,363	3,232
International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,551	1,827
Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	423	382
Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,913	4,159
U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,267	2,483
U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,903	1,134
Interest rate swaps, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	61	(1,878)
Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	469	2,050
Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	552	552
Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	5,001	4,863
Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,707	3,088
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,223	1,028
Loan, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	(372)	(473)
(Payables) Receivables, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	(569)	(780)
Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	16,066	15,814
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	7,279	7,623
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,116	2,425
Level 1 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,309	3,158
Level 1 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,538	1,810
Level 1 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	252	170
Level 1 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| Interest rate swaps, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Level 1 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	64	60
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	8,469	6,932
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 2 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 2 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 2 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	171	212
Level 2 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,771	4,099
Level 2 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,267	2,483
Level 2 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,903	1,134
Level 2 \| Interest rate swaps, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	61	(1,878)
Level 2 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	296	882
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	318	1,259
Level 3 \| Buy-In Contract
Defined Benefit Plan Disclosure [Line Items]
Plan with benefit obligations equal to plan assets	0	1,000
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	54	74
Level 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	13	17
Level 3 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	142	60
Level 3 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| Interest rate swaps, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0
Level 3 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	109	1,108
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 9,483	$ 9,531

Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Qualified Defined Benefit Pension Plans
Expected Future Benefit Payment [Abstract]
2026	$ 1,760
2027	1,810
2028	1,860
2029	1,890
2030	1,920
2031 – 2035	9,590
Retiree Medical and Life Insurance Plans
Expected Future Benefit Payment [Abstract]
2026	110
2027	110
2028	100
2029	100
2030	100
2031 – 2035	$ 420

Legal Proceedings, Commitments and Contingencies	12 Months Ended
Legal Proceedings, Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings, Commitments and Contingencies	Legal Proceedings, Commitments and Contingencies Legal Proceedings We are a party to litigation and other proceedings that arise in the ordinary course of our business, including matters arising under provisions relating to the protection of the environment, and are subject to contingencies related to certain businesses we previously owned. These types of matters could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the company as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings and cash flows in the period in which it is recognized. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a thorough process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. Securities-Related Actions On July 28, 2025, a putative class action was filed—and subsequently amended on January 12, 2026—in United States District Court for the Southern District of New York against us and certain current and former members of our senior management. The shareholder plaintiffs assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (Exchange Act), on behalf of persons and entities that purchased or otherwise acquired our securities between January 23, 2024 and July 21, 2025. Plaintiffs seek unspecified losses allegedly caused by alleged misstatements about certain classified programs in the Aeronautics and MFC business segments and F-35 program, which were allegedly revealed to be false when we announced estimated losses relating to certain of those programs. In addition, based on allegations substantially similar to the above-described securities class action, on September 11, 2025, a shareholder derivative complaint was filed in the United States District Court for the District of Maryland against current and former members of our Board of Directors and senior management. We are named as a nominal defendant. The derivative complaint asserts claims under Sections 14(a), 20(a), and 10(b) of the Exchange Act, as well as claims for breach of fiduciary duty, abuse of control, gross mismanagement, corporate waste, unjust enrichment, and contribution. Based on the information available to date, we do not believe that these matters will have a material adverse effect on our results of operations, financial condition, or liquidity. Lockheed Martin v. Metropolitan Transportation Authority On April 24, 2009, we filed a declaratory judgment action against the New York Metropolitan Transportation Authority and its Capital Construction Company (collectively, the MTA) asking the U.S. District Court for the Southern District of New York to find that the MTA is in material breach of our agreement based on the MTA’s failure to provide access to sites where work must be performed and the customer-furnished equipment necessary to complete the contract. The MTA filed an answer and counterclaim alleging that we breached the contract and subsequently terminated the contract for alleged default. The primary damages sought by the MTA are the costs to complete the contract and potential re-procurement costs. While we are unable to estimate the cost of another contractor to complete the contract and the costs of re-procurement, we note that our contract with the MTA had a total value of $323 million, of which $241 million was paid to us, and that the MTA is seeking damages of approximately $190 million. We dispute the MTA’s allegations and are defending against them. Additionally, following an investigation, our sureties on a performance bond related to this matter, who were represented by independent counsel, concluded that the MTA’s termination of the contract was improper. Finally, our declaratory judgment action was later amended to include claims for monetary damages against the MTA of approximately $95 million. This matter was taken under submission by the District Court in December 2014, after a five-week bench trial and the filing of post-trial pleadings by the parties. We continue to await a decision from the District Court. Although this matter relates to our former Information Systems & Global Solutions business (IS&GS), we retained responsibility for the litigation when we divested IS&GS in 2016. Environmental Matters We are involved in proceedings and potential proceedings relating to soil, sediment, surface water, and groundwater contamination, disposal of hazardous substances, and other environmental matters at several of our current or former facilities, other facilities for which we may have contractual responsibility, and at third-party sites where we have been designated as a potentially responsible party (PRP). These proceedings could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. At December 31, 2025 and 2024, the aggregate amount of liabilities recorded relative to environmental remediation matters was $659 million and $677 million, most of which are recorded in other noncurrent liabilities on our consolidated balance sheets. We have recorded assets for the portion of environmental costs that are probable of future recovery totaling $605 million and $619 million at December 31, 2025 and 2024, most of which are recorded in other noncurrent assets on our consolidated balance sheets. See “Note 1 – Organization and Significant Accounting Policies” for more information. We are monitoring or investigating a number of former and presently operating facilities for potential future remediation. We perform quarterly reviews of the status of our environmental remediation sites and the related liabilities and receivables. Additionally, in our quarterly reviews, we consider various factors in estimating the timing and amount of any future costs that may be required for remediation activities, as we cannot reasonably determine the extent of our financial exposure in all cases. We project costs and recovery of costs over approximately 20 years. We also pursue claims for recovery of costs incurred or for contribution to site remediation costs against other PRPs, including the U.S. Government, and are conducting remediation activities under various consent decrees, orders, and agreements relating to soil, groundwater, sediment, or surface water contamination at certain sites of former or current operations. Under agreements related to certain sites in California, New York, United States Virgin Islands and Washington, the U.S. Government and/or a private party reimburses us an amount equal to a percentage, specific to each site, of expenditures for certain remediation activities in their capacity as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). In addition to the proceedings and potential proceedings discussed above, potential new regulations concerning perchlorate and hexavalent chromium at the federal and state level could increase our cleanup costs. We also are evaluating the potential impact of new, existing, and contemplated requirements addressing a class of chemicals known generally as per- and polyfluoroalkyl substances (PFAS). PFAS are common and appear in products such as fire-fighting foams and stain- and stick-resistant products (e.g., Teflon, stain-resistant fabrics) and have been used in manufacturing processes. Regulations requiring very low PFAS contaminant levels in drinking water could eventually lead to increased cleanup costs at a number of our environmental remediation sites. If regulations require substantially more stringent clean-up levels of perchlorate or hexavalent chromium or increased cleanup costs at our sites associated with PFAS, we expect a corresponding increase in both our estimates for environmental liabilities and the related assets for the portion of costs that are probable of future recovery. The portion of those costs that is not expected to be recoverable under U.S. Government contracts would be expensed in the quarter in which the liability becomes probable. Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds issued on our behalf by financial institutions, and we have directly issued guarantees to third parties primarily relating to advances received from customers and the guarantee of future performance on certain contracts. Letters of credit and surety bonds generally are available for draw down in the event we do not perform. We had total outstanding letters of credit and surety bonds aggregating $3.5 billion and $2.7 billion at December 31, 2025 and December 31, 2024. Other Contingencies As a U.S. Government contractor, we are subject to various audits and investigations by the U.S. Government to determine whether our operations are being conducted in accordance with applicable regulatory requirements. U.S. Government investigations of us, whether relating to U.S. Government contracts or conducted for other reasons, could result in civil or criminal penalties and administrative sanctions, including reductions of the value of contracts, contract modifications or terminations, forfeiture of profits, suspension of payments, repayments, fines or penalties being imposed upon us, suspension, proposed debarment, debarment from eligibility for future U.S. Government contracting, or suspension of export privileges. Reductions of the value of contracts, contract modifications or terminations, forfeiture of profits, suspension of payments, repayments, fines and penalties could have a material impact on financial condition and results of operations in any particular reporting period, and suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the U.S. Government. U.S. Government investigations often take years to complete and many result in no adverse action against us. We also provide products and services to customers outside of the United States, which are subject to U.S. and foreign laws and regulations and foreign procurement policies and practices. Our compliance with local regulations or applicable U.S. Government regulations also may be audited or investigated. Additionally, in the normal course of business, we provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability is generally based on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 4,121	$ 2,483
Receivables, net	3,901	2,351
Contract assets	13,001	12,957
Inventories	3,524	3,474
Other current assets	815	584
Total current assets	25,362	21,849
Property, plant and equipment, net	8,875	8,726
Goodwill	11,314	11,067
Intangible assets, net	1,887	2,015
Deferred income taxes	2,975	3,557
Capitalized software	2,417	1,866
Other noncurrent assets	7,010	6,537
Total assets	59,840	55,617
Current liabilities
Accounts payable	3,630	2,222
Salaries, benefits and payroll taxes	3,184	3,125
Contract liabilities	11,440	9,795
Current maturities of long-term debt	1,168	643
Other current liabilities	3,913	3,635
Total current liabilities	23,335	19,420
Long-term debt, net	20,532	19,627
Accrued pension liabilities	3,915	4,791
Other noncurrent liabilities	5,337	5,446
Total liabilities	53,119	49,284
Stockholders’ equity
Common stock, $1 par value per share	229	234
Additional paid-in capital	0	0
Retained earnings	14,034	14,551
Accumulated other comprehensive loss	(7,542)	(8,452)
Total stockholders’ equity	6,721	6,333
Total liabilities and equity	$ 59,840	$ 55,617

Income Taxes - Schedule of Income Taxes Paid By Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 644
Foreign	144
Total income taxes paid	$ 788	$ 1,300	$ 1,800

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales
Total sales	$ 75,048	$ 71,043	$ 67,571
Operating costs and expenses
Impairment and other charges	(66)	(87)	(92)
Other unallocated, net	996	1,043	1,233
Total operating costs and expenses	(67,429)	(64,113)	(59,092)
Gross profit	7,619	6,930	8,479
Other income, net	112	83	28
Operating profit	7,731	7,013	8,507
Interest expense	(1,118)	(1,036)	(916)
Non-service FAS pension (expense) income	(874)	62	443
Other non-operating income, net	183	181	64
Earnings before income taxes	5,922	6,220	8,098
Income tax expense	(905)	(884)	(1,178)
Net earnings	$ 5,017	$ 5,336	$ 6,920
Earnings per common share
Basic (in dollars per share)	$ 21.56	$ 22.39	$ 27.65
Diluted (in dollars per share)	$ 21.49	$ 22.31	$ 27.55
Products
Sales
Total sales	$ 62,654	$ 59,277	$ 56,265
Operating costs and expenses
Total operating costs and expenses	(57,020)	(54,852)	(50,206)
Services
Sales
Total sales	12,394	11,766	11,306
Operating costs and expenses
Total operating costs and expenses	$ (11,339)	$ (10,217)	$ (10,027)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income before Income Tax Expense

U.S. and foreign income before income tax expense are as follows (in millions):


	2025
Income before income tax expense:
U.S.	$	5,531
Foreign	391
Total income before income tax expense	$	5,922

Income Tax Provisions

Federal and foreign income tax expense consisted of the following (in millions):


	2025		2024		2023
Federal income tax expense (benefit):
Current	$	411	$	1,352	$	1,574

Deferred	374		(604)		(503)
Total federal income tax expense	785		748		1,071
Foreign income tax expense (benefit):
Current	122		120		102
Deferred	(2)		16		5
Total foreign income tax expense	120		136		107
Total federal and foreign income tax expense	$	905	$	884	$	1,178

Our total net state income tax expense was $84 million for 2025, $121 million for 2024, and $115 million for 2023. State income taxes are allowable costs in establishing prices for the products and services we sell to the U.S. Government. Therefore, state income tax expenses are included in operating costs and expenses. As a result, the impact of certain transactions on our operating profit and of other matters presented in these consolidated financial statements is disclosed net of state income taxes.

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows (in millions):


	2025
	Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,244	21.0	%
Research and development tax credit	(187)		(3.2)
Effects of cross-border tax laws	(97)		(1.6)


Changes in unrecognized tax benefits
Research and development tax credit	(142)		(2.4)
Settlement with tax authorities	110		1.9
Other	(48)		(0.7)
Foreign tax effects	72		1.2
Tax deductible dividends	(68)		(1.1)
Other adjustments	21		0.2
Income tax expense	$	905	15.3	%

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows (in millions):


	2024				2023
	Amount		Rate		Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,306	21.0	%	$	1,701	21.0	%
Foreign derived intangible income deduction	(210)		(3.4)		(185)		(2.3)
Research and development tax credit	(207)		(3.3)		(227)		(2.8)
Tax deductible dividends	(69)		(1.1)		(69)		(0.9)
Excess tax benefits for stock-based payment awards	(20)		(0.3)		(25)		(0.3)
Other, net (a)	84		1.3		(17)		(0.2)
Income tax expense	$	884	14.2	%	$	1,178	14.5	%

(a)Other, net includes foreign income tax expenses for all years.

The higher effective income tax rate in 2025 was attributable to the One Big Beautiful Bill Act (the Tax Act) primarily driven by lower tax deductions for foreign derived intangible income partially offset by the favorable resolution of certain federal income tax audit items with the Internal Revenue Service (IRS). The rates for all periods benefited from research and development tax credits, dividends paid to our defined contribution plans with an employee stock ownership plan feature, tax deductions for foreign derived intangible income and employee equity awards.

Income Tax Payments

The income taxes paid by jurisdiction consisted of the following (in millions):


	2025
Federal	$	644
Foreign	144
Total income taxes paid	$	788

Our federal and foreign income tax payments, net of refunds, were $788 million in 2025, $1.3 billion in 2024 and $1.8 billion in 2023.

Uncertain Tax Positions

The change in unrecognized tax benefits were as follows (in millions):


	2025		2024		2023
Balance at January 1	$	229	$	146	$	1,622
Additions based on tax positions related to the current year	13		78		50
Additions for tax positions of prior years	—		8		32
Reductions for tax positions of prior years	(100)		(2)		(1,526)
Settlements with tax authorities	(90)		—		(33)
Other, net	—		(1)		1
Balance at December 31	$	52	$	229	$	146

As of December 31, 2025, our liabilities associated with uncertain tax positions were $52 million compared to $229 million as of December 31, 2024. The decrease was primarily attributable to the favorable resolution of certain federal income tax audit items with the IRS as discussed below. This uncertain tax position, if recognized, would have an immaterial impact to our effective tax rate.

During the second quarter of 2025, the IRS issued a Notice of Proposed Adjustment (NOPA) dated May 20, 2025 for 2018‑2020. The proposed adjustments stemmed from a tax‑accounting method change that was adopted in 2018 in connection with our ASC 606 implementation and the 2017 Tax Cuts and Jobs Act. This matter was resolved in the fourth quarter of 2025, and the corresponding uncertain tax position, along with any accrued interest and penalties, recorded in the second and third quarters of 2025 was removed from our December 31, 2025 balance. Also during the fourth quarter of 2025, we entered into an agreed Revenue Agent Report (RAR) for the 2018-2022 federal income tax returns, resolving the remaining open federal income tax audit issues for those years.

Additionally, we recognize accrued interest and penalties related to unrecognized tax benefits as part of our income tax expense. For the years ended December 31, 2025, 2024 and 2023, our accrued interest and penalties related to unrecognized tax benefits were not material.

Deferred Income Taxes

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):


	2025		2024
Deferred tax assets related to:
Pensions	$	999	$	1,184
Accrued compensation and benefits	764		741
Contract accounting methods	1,217		949
Research and development expenditures	1,200		1,643
Domestic company operating losses and credits (a)	269		83
Other (b)	343		528
Valuation allowance	(60)		(41)
Deferred tax assets, net	4,732		5,087
Deferred tax liabilities related to:
Goodwill and intangible assets	580		545
Property, plant and equipment	512		371
Other (b)	683		638
Deferred tax liabilities	1,775		1,554
Net deferred tax assets	$	2,957	$	3,533

(a)Federal net operating losses do not expire. Includes foreign tax credit carryforward for 2025.

(b)Includes deferred tax assets and liabilities related to lease liabilities and ROU assets.

We and our subsidiaries file federal income tax returns in the U.S. and income tax returns in various foreign jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examination for the years

before 2018 with respect to various foreign jurisdictions and federal income taxes in the U.S.

We are also subject to taxation in various states and foreign jurisdictions including Australia, Canada, India, Italy, Japan, Poland, and the United Kingdom. We are under, or may be subject to, audit or examination and additional assessments by the relevant authorities.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Impairment and Other Charges (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Impairment and other charges	$ 66	$ 87	$ 92
Severance and restructuring costs, after-tax	$ 52	$ 69	$ 73
Severance and restructuring costs, per share, after-tax (in dollars per share)	$ 0.22	$ 0.29	$ 0.30

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	2025		2024
Materials, spares and supplies	$	659	$	661
Work-in-process	2,667		2,617
Finished goods	198		196
Total inventories	$	3,524	$	3,474

Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and determine that the contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). These advanced procurement costs are generally incurred in order to enhance our ability to achieve schedule and certain customer milestones. Pre-contract costs that are initially capitalized in inventory are generally recognized as operating costs consistent with the transfer of products and

services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. As of both December 31, 2025 and 2024, $1.5 billion of pre-contract costs (primarily F-35 and classified contracts at our Aeronautics business segment and Sikorsky programs at our RMS business segment) were included in work-in-process inventories.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Income Taxes - Schedule of Components of Federal and Foreign Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets related to:
Pensions	$ 999	$ 1,184
Accrued compensation and benefits	764	741
Contract accounting methods	1,217	949
Research and development expenditures	1,200	1,643
Domestic company operating losses	269	83
Other	343	528
Valuation allowance	(60)	(41)
Deferred tax assets, net	4,732	5,087
Deferred tax liabilities related to:
Goodwill and intangible assets	580	545
Property, plant and equipment	512	371
Other	683	638
Deferred tax liabilities	1,775	1,554
Net deferred tax assets	$ 2,957	$ 3,533

Information on Business Segments - Summary of Financial Information for Each Business Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales
Total sales	$ 75,048	$ 71,043	$ 67,571
Operating costs and expenses
Total operating costs and expenses	67,429	64,113	59,092
Operating profit
Total business segment operating profit	7,731	7,013	8,507
Unallocated items
Intangible asset amortization expense	(254)	(254)	(247)
Impairment and other charges	(66)	(87)	(92)
Operating Segments
Sales
Total sales	75,048	71,043	67,571
Operating costs and expenses
Total operating costs and expenses	68,359	65,069	60,233
Operating profit
Total business segment operating profit	6,743	6,083	7,389
Unallocated items
Unallocated items
FAS/CAS pension operating adjustment	1,518	1,624	1,660
Intangible asset amortization expense	(254)	(247)	(247)
Impairment and other charges	(66)	(87)	(92)
Other, net	(210)	(360)	(203)
Total unallocated, net	988	930	1,118
Intersegment sales
Sales
Total sales	3,948	3,893	3,474
Aeronautics \| Operating Segments
Sales
Total sales	30,257	28,618	27,474
Operating costs and expenses
Total operating costs and expenses	28,168	26,093	24,649
Operating profit
Total business segment operating profit	2,086	2,523	2,825
Aeronautics \| Intersegment sales
Sales
Total sales	381	377	303
Missiles and Fire Control \| Operating Segments
Sales
Total sales	14,450	12,682	11,253
Operating costs and expenses
Total operating costs and expenses	12,461	12,277	9,712
Operating profit
Total business segment operating profit	1,989	413	1,541
Missiles and Fire Control \| Intersegment sales
Sales
Total sales	868	804	688
Rotary and Mission Systems \| Operating Segments
Sales
Total sales	17,312	17,264	16,239
Operating costs and expenses
Total operating costs and expenses	16,041	15,391	14,399
Operating profit
Total business segment operating profit	1,323	1,921	1,865
Rotary and Mission Systems \| Intersegment sales
Sales
Total sales	2,371	2,320	2,125
Space \| Operating Segments
Sales
Total sales	13,029	12,479	12,605
Operating costs and expenses
Total operating costs and expenses	11,689	11,308	11,473
Operating profit
Total business segment operating profit	1,345	1,226	1,158
Space \| Intersegment sales
Sales
Total sales	$ 328	$ 392	$ 358

Receivables, net, Contract Assets and Contract Liabilities - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
U.S. government receivables	$ 3,000,000,000.0
Receivables from other governments and commercial customers	3,901,000,000	$ 2,351,000,000
Contract assets, progress payments	56,500,000,000	55,600,000,000
Increase in contract assets	44,000,000
Impairment loss	0	0
Increase in contract liability	1,600,000,000
Liability, revenue recognized	6,300,000,000	$ 5,900,000,000	$ 5,100,000,000
Other Governments and Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from other governments and commercial customers	$ 877,000,000

Retirement Benefits - Schedule of Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Accrued pension liabilities	$ (3,915)	$ (4,791)
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Other noncurrent assets	30	6
Accrued pension liabilities	(3,915)	(4,791)
Net (unfunded) funded status of the plans	(3,885)	(4,785)
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Other noncurrent assets	666	564
Accrued pension liabilities	0	0
Net (unfunded) funded status of the plans	$ 666	$ 564

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Significant Accounting Policies - Schedule Of Effect Of Profit Booking Rate Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Sales	$ 954	$ 1,173	$ 1,559
Segment operating profit (loss)	$ 75	$ (180)	$ 1,585
% of segment operating profit (loss)	1.00%	(3.00%)	21.00%
Net earnings (loss)	$ 59	$ (142)	$ 1,252
Diluted earnings per share (in dollars per share)	$ 0.25	$ (0.59)	$ 4.98

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):


	2025	2024	2023
Weighted average common shares outstanding for basic computations	232.7	238.3	250.3
Weighted average dilutive effect of equity awards	0.8	0.9	0.9
Weighted average common shares outstanding for diluted computations	233.5	239.2	251.2

We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) based on the treasury stock method. There were no significant anti-dilutive equity awards for the years ended December 31, 2025, 2024 and 2023. Basic and diluted weighted average common shares outstanding decreased in 2025 compared to 2024 due to share repurchases.

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 9,266	$ 254	$ 92	$ 16,943	$ (8,023)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	6,920			6,920
Other comprehensive (income) loss, net of tax	(780)				(780)
Repurchases of common stock	(6,000)	(15)	(571)	(5,414)
Dividends declared	(3,051)			(3,051)
Stock-based awards, ESOP activity and other	480	1	479
Ending balance at Dec. 31, 2023	6,835	240	0	15,398	(8,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	5,336			5,336
Other comprehensive (income) loss, net of tax	351				351
Repurchases of common stock	(3,700)	(8)	(565)	(3,127)
Dividends declared	(3,056)			(3,056)
Stock-based awards, ESOP activity and other	567	2	565
Ending balance at Dec. 31, 2024	6,333	234	0	14,551	(8,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	5,017			5,017
Other comprehensive (income) loss, net of tax	910				910
Repurchases of common stock	(3,000)	(7)	(585)	(2,408)
Dividends declared	(3,126)			(3,126)
Stock-based awards, ESOP activity and other	587	2	585
Ending balance at Dec. 31, 2025	$ 6,721	$ 229	$ 0	$ 14,034	$ (7,542)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Retirement Benefits - Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in benefit obligation
Settlements	$ (943)
Change in plan assets
Beginning balance at fair value		$ 24,092
Ending balance at fair value	24,608	24,608	$ 24,092
Qualified Defined Benefit Pension Plans
Change in benefit obligation
Beginning balance		27,199	28,959
Service cost		50	60	$ 65
Interest cost		1,472	1,398	1,459
Actuarial losses (gains)		685	(1,556)
Settlements		(943)	0
Plan amendments		5	2
Benefits paid		(1,733)	(1,664)
Medicare Part D subsidy		0	0
Participants’ contributions		0	0
Ending balance	26,735	26,735	27,199	28,959
Change in plan assets
Beginning balance at fair value		22,414	22,800
Actual return on plan assets		2,252	288
Settlements		(943)	0
Benefits paid		(1,733)	(1,664)
Company contributions		860	990
Medicare Part D subsidy		0	0
Participants’ contributions		0	0
Ending balance at fair value	22,850	22,850	22,414	$ 22,800
Net (unfunded) funded status of the plans	$ (3,885)	$ (3,885)	$ (4,785)
Weighted average discount rate	5.375%	5.375%	5.625%	5.00%
Increased (decrease) in benefit obligation		$ 700	$ (1,800)
Net losses due to changes in demographic data and assumptions		$ 250
Actual return on plan assets (percent)	10.50%	10.50%
Retiree Medical and Life Insurance Plans
Change in benefit obligation
Beginning balance		$ 1,114	1,328
Service cost		3	5	$ 5
Interest cost		58	63	68
Actuarial losses (gains)		42	(158)
Settlements		0	0
Plan amendments		0	0
Benefits paid		(176)	(178)
Medicare Part D subsidy		4	2
Participants’ contributions		47	52
Ending balance	$ 1,092	1,092	1,114	1,328
Change in plan assets
Beginning balance at fair value		1,678	1,715
Actual return on plan assets		205	86
Settlements		0	0
Benefits paid		(176)	(178)
Company contributions		0	1
Medicare Part D subsidy		4	2
Participants’ contributions		47	52
Ending balance at fair value	1,758	1,758	1,678	$ 1,715
Net (unfunded) funded status of the plans	$ 666	$ 666	$ 564
Weighted average discount rate	5.25%	5.25%	5.50%	5.00%
Actual return on plan assets (percent)	10.50%	10.50%	1.00%
Long-term rate of return assumption (percent)			6.50%

Retirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Benefits

Plan Descriptions

Many of our employees and retirees participate in various retirement benefit plans including defined benefit pension, retiree medical and life insurance, disability insurance, and defined contribution retirement savings plans. Substantially all of our retirement benefit obligations relate to U.S. based defined benefit pension plans and retiree medical and life insurance plans.

The majority of our U.S. defined benefit pension plans provide for benefits within limits imposed by federal tax law (referred to as qualified plans). However, certain of our U.S. defined benefit pension plans provide for benefits in excess of qualified plan limits imposed by federal tax law (referred to as nonqualified plans).

Salaried employees hired after December 31, 2005 are not eligible to participate in our qualified defined benefit pension plans, but are eligible to participate in a qualified defined contribution plan and other retirement savings plans for which they may qualify. They also have the ability to participate in our retiree medical plans, but we do not subsidize the cost of their participation in those plans as we do with employees hired before January 1, 2006. Over the last few years, we have negotiated similar changes with various labor organizations such that new union represented employees do not participate in our defined benefit pension plans. Our defined benefit pension plans for salaried employees were fully frozen effective January 1, 2020, at which time such employees no longer earn additional benefits under the defined benefit pension plans.

In December 2025, we executed buy-out conversions of group annuity contracts previously purchased using assets from certain of our qualified defined benefit pension plans transferring the related pension obligations of $943 million and requiring recognition of a noncash, non-operating pretax settlement charge in earnings of $479 million.

Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans

FAS (Expense) Income

The pretax FAS (expense) income related to our qualified defined benefit pension plans and retiree medical and life insurance plans included the following (in millions):



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2025		2024		2023		2025		2024		2023
Operating:
Service cost	$	(50)	$	(60)	$	(65)	$	(3)	$	(5)	$	(5)
Non-operating:
Interest cost	(1,472)		(1,398)		(1,459)		(58)		(63)		(68)
Expected return on plan assets	1,439		1,572		1,722		105		107		103
Amortization of actuarial (losses) gains	(313)		(259)		(168)		49		35		31
Amortization of prior service (costs) credits	(49)		147		348		—		(4)		(10)
Settlement charge	(479)		—		—		—		—		—
Non-service FAS (expense) income	(874)		62		443		96		75		56
Total FAS (expense) income	$	(924)	$	2	$	378	$	93	$	70	$	51

We record the service cost component of FAS (expense) income for our qualified defined benefit pension plans and retiree medical and life insurance plans in consolidated operating profit; the non-service components of our FAS (expense) income for our qualified defined benefit pension plans in the non-service FAS pension (expense) income account; and the non-service components of our FAS income (expense) for our retiree medical and life insurance plans as part of the other non-operating income (expense), net account on our consolidated statements of earnings.

Funded Status



	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Change in benefit obligation
Beginning balance (a)	$	27,199	$	28,959	$	1,114	$	1,328
Service cost	50		60		3		5
Interest cost	1,472		1,398		58		63
Actuarial losses (gains) (b)	685		(1,556)		42		(158)
Settlements (c)	(943)		—		—		—
Plan amendments	5		2		—		—
Benefits paid	(1,733)		(1,664)		(176)		(178)
Medicare Part D subsidy	—		—		4		2

Participants’ contributions	—		—		47		52
Ending balance (a)	$	26,735	$	27,199	$	1,092	$	1,114
Change in plan assets
Beginning balance at fair value	$	22,414	$	22,800	$	1,678	$	1,715
Actual return on plan assets (d)	2,252		288		205		86
Settlements (c)	(943)		—		—		—
Benefits paid	(1,733)		(1,664)		(176)		(178)
Company contributions	860		990		—		1
Medicare Part D subsidy	—		—		4		2
Participants’ contributions	—		—		47		52
Ending balance at fair value	$	22,850	$	22,414	$	1,758	$	1,678
(Unfunded) funded status of the plans	$	(3,885)	$	(4,785)	$	666	$	564

(c)Qualified defined benefit pension plan settlements in 2025 represent the transfer of gross defined benefit pension obligations and related plan assets to insurance companies as described above.

(d)Actual return on plan assets for our qualified defined benefit pension plans was approximately 10.5% in 2025 and 1% in 2024 versus the 6.50% long-term rate of return assumption.

We are required to recognize the net funded status of each retirement plan on a standalone basis as either an asset or a liability on our consolidated balance sheet. The funded status is measured as the difference between the fair value of each plan’s assets and the benefit obligation. Each year we measure the fair value of each plan’s assets and benefit obligation on December 31, consistent with our fiscal year end. Each plan’s benefit obligation reflects assumptions in effect as of the measurement date as described below. For certain of our qualified defined benefit pension plans and retiree medical and life insurance plans the plan assets may exceed the benefit obligation, for which we recognize the net amount as an asset on our consolidated balance sheet. Conversely, for most of our qualified defined benefit pension plans the benefit obligation exceeds plan assets, for which we recognize the net amount as a liability on our consolidated balance sheet.


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Other noncurrent assets	$	30	$	6	$	666	$	564
Accrued pension liabilities	(3,915)		(4,791)		—		—

Net (unfunded) funded status of the plans	$	(3,885)	$	(4,785)	$	666	$	564

Differences between the actual return and expected return on plan assets during the year, and changes in the benefit obligation for our qualified defined benefit pension plans and retiree medical and life insurance plans due to changes in the annual valuation assumptions, generate actuarial losses or gains. Additionally, the benefit obligation for our qualified defined benefit pension plans and retiree medical and life insurance plans may increase or decrease as a result of plan amendments that affect the benefits to plan participants related to service for periods prior to the effective date of the amendment, which generates prior service costs or credits. Actuarial losses or gains, and prior service costs or credits, are initially deferred in accumulated other comprehensive loss and subsequently amortized for each plan into (expense) or income on a straight-line basis either over the average remaining life expectancy or over the average remaining service period of plan participants, subject to certain thresholds.


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2025		2024		2025		2024
Accumulated other comprehensive (loss) pre-tax related to:
Actuarial (losses) gains	$	(9,549)	$	(10,469)	$	526	$	518
Prior service (costs) credits	(120)		(164)		2		2
Total	$	(9,669)	$	(10,633)	$	528	$	520
Estimated tax	2,048		2,255		(112)		(110)
Net amount recognized in accumulated other comprehensive (loss)	$	(7,621)	$	(8,378)	$	416	$	410


	Incurred but Not Yet Recognized in FAS Expense						Recognition of Previously Deferred Amounts
	2025		2024		2023		2025		2024		2023
Actuarial (losses) and gains
Qualified defined benefit pension plans	$	99	$	211	$	(698)	$	(623)	$	(204)	$	(133)
Retiree medical and life insurance plans	45		108		47		39		28		25
Other plans	(41)		23		(33)		(11)		(12)		(8)
	103		342		(684)		(595)		(188)		(116)
Prior service (costs) and credits
Qualified defined benefit pension plans	(4)		(2)		(5)		(39)		116		274
Retiree medical and life insurance plans	—		—		(1)		—		(3)		(8)
Other plans	—		—		1		—		(1)		(1)
	(4)		(2)		(5)		(39)		112		265
Total	$	99	$	340	$	(689)	$	(634)	$	(76)	$	149

Assumptions Used to Determine Benefit Obligations and FAS (Expense) Income

We measure the fair value of each plan’s assets and benefit obligation on December 31, consistent with our fiscal year end. Benefit obligations as of the end of each year reflect assumptions in effect as of those dates. Expense is based on assumptions in effect at the end of the preceding year or from the most recent interim remeasurement. The assumptions used to determine the benefit obligations at December 31 of each year and FAS expense for each subsequent year were as follows:



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2025		2024		2023		2025		2024		2023
Weighted average discount rate	5.375	%	5.625	%	5.000	%	5.250	%	5.500	%	5.000	%
Expected long-term rate of return on assets	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%	6.50	%
Health care trend rate assumed for next year							8.25	%	8.50	%	8.00	%
Ultimate health care trend rate							4.50	%	4.50	%	4.50	%
Year ultimate health care trend rate is reached							2041		2041		2038

The long-term rate of return assumption represents the expected long-term rate of earnings on the funds invested, or to be invested, to provide for the benefits included in the benefit obligations. That assumption is based on several factors including historical market index returns, the anticipated long-term allocation of plan assets, the historical return data for the trust funds, plan expenses and the potential to outperform market index returns. The actual investment return for our qualified defined benefit pension plans during 2025 was approximately 10.5%.

Plan Assets

Our wholly owned subsidiary, Lockheed Martin Investment Management Company (LMIMCo), has the fiduciary responsibility for making investment decisions related to the assets of our retirement benefit plans. LMIMCo’s investment objectives for the assets of these plans are (1) to minimize the net present value of expected funding contributions; (2) to ensure there is a high probability that each plan meets or exceeds our actuarial long-term rate of return assumptions; and (3) to diversify assets to minimize the risk of large losses. The nature and duration of benefit obligations, along with assumptions concerning asset class returns and return correlations, are considered when determining an appropriate asset allocation to achieve the investment objectives. Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives within prudent risk parameters. Risk management practices include the use of external investment managers; the maintenance of a portfolio diversified by asset class, investment approach and security holdings; and the maintenance of sufficient liquidity to meet benefit obligations as they come due.

LMIMCo’s investment policies require that asset allocations be maintained within the following approximate ranges:


Asset Class			Asset Allocation Ranges
Cash and cash equivalents			0-20%
Global Equity			10-65%
Fixed income			10-60%
Alternative investments:
Private equity funds			5-30%
Real estate funds			0-20%
Hedge funds			0-20%
Commodities			0-10%


	December 31, 2025								December 31, 2024
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Investments measured at fair value
Cash and cash equivalents (a)	$	1,116	$	1,116	$	—	$	—	$	2,425	$	2,425	$	—	$	—
Equity (a):
U.S. equity securities	3,363		3,309		—		54		3,232		3,158		—		74
International equity securities	2,551		2,538		—		13		1,827		1,810		—		17
Commingled equity funds	423		252		171		—		382		170		212		—
Fixed income (b):
Corporate debt securities	3,913		—		3,771		142		4,159		—		4,099		60
U.S. Government securities	2,267		—		2,267		—		2,483		—		2,483		—
U.S. Government-sponsored enterprise securities	1,903		—		1,903		—		1,134		—		1,134		—
Interest rate swaps, net	61				61		—		(1,878)				(1,878)
Other fixed income investments (c)	469		64		296		109		2,050		60		882		1,108
Total	$	16,066	$	7,279	$	8,469	$	318	$	15,814	$	7,623	$	6,932	$	1,259
Investments measured at NAV

Other fixed income investments	552								552
Private equity funds	5,001								4,863
Real estate funds	2,707								3,088
Hedge funds	1,223								1,028
Total investments measured at NAV	9,483								9,531
Loan, net (d)	(372)								(473)
(Payables) Receivables, net	(569)								(780)
Total	$	24,608							$	24,092

Cash equivalents are mostly comprised of short-term money-market instruments or short-term investment funds and are valued at cost, which approximates fair value.

U.S. equity securities and international equity securities categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For U.S. equity securities and international equity securities not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager.

Commingled equity funds categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For commingled equity funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor.

Fixed income investments categorized as Level 1 are publicly exchange-traded. Fixed income investments, including interest rate swaps, categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals and credit spreads), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. Fixed income investments are categorized as Level 3 when valuations using observable inputs are unavailable. The trustee typically obtains pricing based on indicative quotes or bid evaluations from vendors, brokers or the investment manager. In addition, certain other fixed income investments categorized as Level 3 are valued using a discounted cash flow approach. Significant inputs include projected annuity payments and the discount rate applied to those payments.

Certain fixed income funds are recorded using the NAV practical expedient. The NAV valuations are based on the underlying investments and typically redeemable within 90 days. The NAV is the total value of the fund divided by the number of the fund’s shares outstanding.

Private equity funds consist of partnerships and similar vehicles and are recorded using the NAV practical expedient. The NAV valuations are based on valuation models of the underlying securities, which includes unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have terms between eight and 12 years.

Real estate funds consist of partnerships and similar vehicles and are recorded using the NAV practical expedient. The NAV valuations are based on valuation models and periodic appraisals. These funds typically have terms between eight and 12 years.

Hedge funds generally consist of separate accounts and commingled funds and are recorded using the NAV practical expedient. The NAV valuations are based on the valuation of the underlying investments. Redemptions in hedge funds generally range from a minimum of one month to several months.

Contributions and Expected Benefit Payments

The required funding of our qualified defined benefit pension plans is determined in accordance with ERISA, as amended, and in a manner consistent with CAS and Internal Revenue Code rules. We made $860 million of cash contributions to our qualified defined benefit pension plans in 2025. There are no expected required contributions to our qualified defined benefit pension plans in 2026.

The following table presents estimated future benefit payments as of December 31, 2025 (in millions):


	2026		2027		2028		2029		2030		2031 – 2035
Qualified defined benefit pension plans	$	1,760	$	1,810	$	1,860	$	1,890	$	1,920	$	9,590
Retiree medical and life insurance plans	110		110		100		100		100		420

We maintain various trusts to fund the obligations of our qualified defined benefit pension plans and retiree medical and life insurance plans. We expect the estimated future benefit payments will be paid using assets in the trusts established for the plans.

Nonqualified Defined Benefit Pension Plans and Other Postemployment Plans

We sponsor nonqualified defined benefit pension plans to provide benefits in excess of qualified plan limits imposed by federal tax law. The gross benefit obligation for these plans was $903 million and $905 million as of December 31, 2025 and 2024, most of which was recorded in the other noncurrent liabilities account on our consolidated balance sheet. We have set aside certain assets totaling $739 million and $658 million as of December 31, 2025 and 2024 in a separate trust that we expect to use to pay the benefit obligations under our nonqualified defined benefit pension plans, most of which were recorded in the other noncurrent assets account on our consolidated balance sheet. We record the gross assets on our consolidated balance sheet, rather than netting such assets with the benefit obligation for our nonqualified defined benefit pension plans, because the assets held are diversified and legally the assets may be used to settle other obligations or claims (although that is not our intent). Actuarial losses and unrecognized prior service credits related to our nonqualified defined benefit pension plans that were recorded in accumulated other comprehensive loss, pretax, totaled $324 million and $303 million at December 31, 2025 and 2024. We recognized pretax pension expense of $62 million in 2025, $62 million in 2024 and $64 million in 2023 related to

our nonqualified defined benefit pension plans. The assumptions used to determine the benefit obligations and FAS expense for our nonqualified defined benefit pension plans are similar to the assumptions for our qualified defined benefit pension plans described above.

We also sponsor other postemployment and foreign benefit plans, which are accounted for similar to defined benefit pension plans. The benefit obligations, assets, expense, and amounts recorded in accumulated other comprehensive loss for other postemployment and foreign benefit plans were not material to our financial condition and results of operations.

Defined Contribution Retirement Savings Plans

We maintain a number of defined contribution retirement savings plans, most with 401(k) features, that cover substantially all of our U.S. employees. Under the provisions of these plans, employees can make contributions on a before-tax and after-tax basis to investment funds to save for retirement. For most plans, we make employer contributions to the employee accounts that comprise of a company non-elective contribution and a matching contribution. Company matching contributions are automatically invested in an Employee Stock Ownership Plan (ESOP) fund, which primarily invests in shares of our common stock. Plan participants can transfer from the ESOP fund into any investment option provided by the respective plan. Our contributions to defined contribution retirement savings plans were $1.3 billion and $1.2 billion in 2025 and 2024. Our defined contribution retirement savings plans held 23.5 million and 24.9 million shares of our common stock at December 31, 2025 and 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):


	December 31, 2025								December 31, 2024
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Mutual funds	$	1,131	$	1,131	$	—	$	—	$	1,072	$	1,072	$	—	$	—
U.S. Government securities	80		—		80		—		116		—		116		—
Other securities	711		372		339		—		645		342		303		—
Derivatives	47		—		47		—		9		—		9		—
Liabilities
Derivatives	113		—		113		—		196		—		196		—

Earnings Per Share - Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding for basic computations (in shares)	232.7	238.3	250.3
Weighted average dilutive effect of equity awards (in shares)	0.8	0.9	0.9
Weighted average common shares outstanding for diluted computations (in shares)	233.5	239.2	251.2

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 22,914	$ 21,557
Less: unamortized discounts and issuance costs	(1,214)	(1,287)
Total debt, net	21,700	20,270
Less: current portion	(1,168)	(643)
Long-term debt, net	$ 20,532	19,627
4.95% due 2025
Debt Instrument [Line Items]
Interest rate	4.95%
Total debt	$ 0	500
3.55% due 2026
Debt Instrument [Line Items]
Interest rate	3.55%
Total debt	$ 1,000	1,000
5.10% due 2027
Debt Instrument [Line Items]
Interest rate	5.10%
Total debt	$ 750	750
4.45% and 4.15% due 2028
Debt Instrument [Line Items]
Total debt	$ 1,000	500
4.45% and 4.15% due 2028 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.45%
4.45% and 4.15% due 2028 \| Maximum
Debt Instrument [Line Items]
Interest rate	4.15%
4.50% due 2029
Debt Instrument [Line Items]
Interest rate	4.50%
Total debt	$ 650	650
1.85% and 4.40% due 2030
Debt Instrument [Line Items]
Total debt	$ 1,150	400
1.85% and 4.40% due 2030 \| Minimum
Debt Instrument [Line Items]
Interest rate	1.85%
1.85% and 4.40% due 2030 \| Maximum
Debt Instrument [Line Items]
Interest rate	4.40%
4.70% due 2031
Debt Instrument [Line Items]
Interest rate	4.70%
Total debt	$ 600	600
3.90% due 2032
Debt Instrument [Line Items]
Interest rate	3.90%
Total debt	$ 800	800
5.25% due 2033
Debt Instrument [Line Items]
Interest rate	5.25%
Total debt	$ 1,000	1,000
4.75% and 4.80% due 2034
Debt Instrument [Line Items]
Total debt	$ 1,450	1,450
4.75% and 4.80% due 2034 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.75%
4.75% and 4.80% due 2034 \| Maximum
Debt Instrument [Line Items]
Interest rate	4.80%
3.60% and 5.00% due 2035
Debt Instrument [Line Items]
Total debt	$ 1,250	500
3.60% and 5.00% due 2035 \| Minimum
Debt Instrument [Line Items]
Interest rate	3.60%
3.60% and 5.00% due 2035 \| Maximum
Debt Instrument [Line Items]
Interest rate	5.00%
4.50% and 6.15% due 2036
Debt Instrument [Line Items]
Total debt	$ 1,054	1,054
4.50% and 6.15% due 2036 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.50%
4.50% and 6.15% due 2036 \| Maximum
Debt Instrument [Line Items]
Interest rate	6.15%
4.07% due 2042
Debt Instrument [Line Items]
Interest rate	4.07%
Total debt	$ 1,336	1,336
3.80% due 2045
Debt Instrument [Line Items]
Interest rate	3.80%
Total debt	$ 1,000	1,000
4.70% due 2046
Debt Instrument [Line Items]
Interest rate	4.70%
Total debt	$ 1,326	1,326
2.80% due 2050
Debt Instrument [Line Items]
Interest rate	2.80%
Total debt	$ 750	750
4.09% due 2052
Debt Instrument [Line Items]
Interest rate	4.09%
Total debt	$ 1,579	1,578
4.15% due 2053
Debt Instrument [Line Items]
Interest rate	4.15%
Total debt	$ 850	850
5.70% due 2054
Debt Instrument [Line Items]
Interest rate	5.70%
Total debt	$ 1,000	1,000
5.20% due 2055
Debt Instrument [Line Items]
Interest rate	5.20%
Total debt	$ 1,050	1,050
4.30% due 2062
Debt Instrument [Line Items]
Interest rate	4.30%
Total debt	$ 650	650
5.90% due 2063
Debt Instrument [Line Items]
Interest rate	5.90%
Total debt	$ 750	750
5.20% due 2064
Debt Instrument [Line Items]
Interest rate	5.20%
Total debt	$ 750	750
Other notes with rates from 4.85% to 8.50%, due 2026 to 2041
Debt Instrument [Line Items]
Total debt	$ 1,169	$ 1,313
Other notes with rates from 4.85% to 8.50%, due 2026 to 2041 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.85%
Other notes with rates from 4.85% to 8.50%, due 2026 to 2041 \| Maximum
Debt Instrument [Line Items]
Interest rate	8.50%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Effect of Profit Booking Rate Adjustments

The following table presents the effect of profit booking rate adjustments on our financial results (in millions, except per share data):


	2025			2024			2023
Sales	$	954		$	1,173		$	1,559
Segment operating profit (loss)	75			(180)			1,585
% of segment operating profit (loss)	1		%	(3)		%	21		%
Net earnings (loss)	59			(142)			1,252
Diluted earnings (loss) per share	0.25			(0.59)			4.98

Goodwill and Acquired Intangibles - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	$ 3,561	$ 3,436
Finite-lived, accumulated amortization	(2,511)	(2,258)
Finite-lived, net carrying amount	1,050	1,178
Indefinite-lived, carrying amount	837	837
Intangible assets, gross (excluding goodwill), total	4,398	4,273
Total acquired intangibles, net carrying amount	$ 1,887	2,015
Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer programs
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	$ 3,186	3,186
Finite-lived, accumulated amortization	(2,342)	(2,128)
Finite-lived, net carrying amount	$ 844	1,058
Customer programs \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	3 years
Customer programs \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	$ 94	94
Finite-lived, accumulated amortization	(94)	(91)
Finite-lived, net carrying amount	$ 0	3
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	$ 281	156
Finite-lived, accumulated amortization	(75)	(39)
Finite-lived, net carrying amount	$ 206	$ 117
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	5 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years

Inventories - Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Capitalized contract cost	$ 1.5	$ 1.5

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Our total debt consisted of the following (in millions):


	2025		2024
Notes
4.95% due 2025	$	—	$	500
3.55% due 2026	1,000		1,000
5.10% due 2027	750		750
4.45% and 4.15% due 2028	1,000		500
4.50% due 2029	650		650
1.85% and 4.40% due 2030	1,150		400
4.70% due 2031	600		600
3.90% due 2032	800		800
5.25% due 2033	1,000		1,000
4.75% and 4.80% due 2034	1,450		1,450
3.60% and 5.00% due 2035	1,250		500
4.50% and 6.15% due 2036	1,054		1,054
4.07% due 2042	1,336		1,336
3.80% due 2045	1,000		1,000
4.70% due 2046	1,326		1,326
2.80% due 2050	750		750
4.09% due 2052	1,579		1,578
4.15% due 2053	850		850
5.70% due 2054	1,000		1,000
5.20% due 2055	1,050		1,050
4.30% due 2062	650		650
5.90% due 2063	750		750
5.20% due 2064	750		750
Other notes with rates from 4.85% to 8.50%, due 2026 to 2041	1,169		1,313
Total debt	22,914		21,557
Less: unamortized discounts and issuance costs	(1,214)		(1,287)
Total debt, net	21,700		20,270
Less: current portion	(1,168)		(643)
Long-term debt, net	$	20,532	$	19,627

Revolving Credit Facilities

On December 5, 2025, we entered into a new unsecured 364-Day Revolving Credit Agreement (the 364-Day Revolving Credit Agreement), which provides for a revolving credit facility of $3.0 billion. The 364-Day Revolving Credit Agreement matures on December 4, 2026, however, we may elect to convert the entire outstanding balance into a term loan for an additional one-year, payable on December 4, 2027. The 364-Day Revolving Credit Agreement is available for any of our lawful corporate purposes, including the support of commercial paper borrowings. There were no borrowings under the 364-Day Revolving Credit Agreement at December 31, 2025.

On August 24, 2022, we entered into a Revolving Credit Agreement (the Revolving Credit Agreement) with various banks which provides for a $3.0 billion five-year unsecured revolving credit facility. Effective August 28, 2025, we amended the Revolving Credit Agreement to extend the expiration date of the Revolving Credit Agreement from August 24, 2029 to

August 24, 2030. The Revolving Credit Agreement is available for any of our lawful corporate purposes, including supporting commercial paper borrowings. There were no borrowings under the Revolving Credit Agreement at December 31, 2025 and 2024.

Commercial Paper

We have agreements in place with financial institutions to provide for the issuance of commercial paper. The outstanding balance of commercial paper can fluctuate daily and the amount outstanding during the period may be greater or less than the amount reported at the end of the period. There were no commercial paper borrowings outstanding as of December 31, 2025. All of our commercial paper borrowings had maturities less than three months from the date of issuance. We may, as conditions warrant, issue commercial paper backed by our revolving credit agreements to manage the timing of cash flows.

Long Term Debt

On July 23, 2025, we issued a total of $2.0 billion of senior unsecured notes, consisting of $500 million aggregate principal amount of 4.15% Notes due 2028 (2028 Notes), $750 million aggregate principal amount of 4.40% Notes due 2030 (2030 Notes) and $750 million aggregate principal amount of 5.00% Notes due 2035 (2028 Notes and, together with the 2030 Notes and 2035 Notes, the Notes). Net proceeds of $1,985 million were received from the offering after deducting pricing discounts and debt issuance costs, which are being amortized and recorded as interest expense over the term of the Notes. We will pay interest on the Notes semi-annually in arrears on February 15 and August 15 of each year with the first payment to be made on February 15, 2026. We may, at our option, redeem the Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.

On December 11, 2024, we issued a total of $1.0 billion of senior unsecured notes, consisting of $600 million aggregate principal amount of 4.70% Notes due December 15, 2031 (the 2031 Notes) and $400 million aggregate principal amount of 5.20% Notes due February 15, 2055 (the 2055 Notes together with 2031 Notes, the More Recent Notes). The 2055 Notes were issued as additional notes under the indenture pursuant to the initial 2055 Notes and have the same terms as the initial 2055 Notes other than the date of issuance and the issue price. With the issuance of the 2055 Notes, the aggregate principal amount of outstanding 5.20% Notes due February 15, 2055 is $1,050 million. Net proceeds of $990 million were received from the offering after deducting pricing discounts and debt issuance costs, excluding accrued interest on the 2055 Notes. The pricing discounts and debt issuance costs are being amortized and recorded as interest expense over the term of the More Recent Notes. We will pay interest on the 2031 Notes semi-annually in arrears on June 15 and December 15 of each year, with the first payment made on June 15, 2025. We will pay interest on the 2055 notes semi-annually in arrears on February 15 and August 15 of each year, with the first payment made on February 15, 2025. We may, at our option, redeem the More Recent Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the More Recent Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The More Recent Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.

On January 29, 2024, we issued a total of $2.0 billion of senior unsecured notes, consisting of $650 million aggregate principal amount of 4.50% Notes due 2029 (the 2029 Notes), $600 million aggregate principal amount of 4.80% Notes due 2034 (the 2034 Notes) and $750 million aggregate principal amount of 5.20% Notes due 2064 (the 2064 Notes and, together with the 2029 Notes and 2034 Notes, the Recent Notes). Net proceeds of $1.98 billion were received from the offering after deducting pricing discounts and debt issuance costs, which are being amortized and recorded as interest expense over the term of the Recent Notes. We pay interest on the Recent Notes semi-annually in arrears on February 15 and August 15 of each year with the first payment made on August 15, 2024. We may, at our option, redeem the Recent Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Recent Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Recent Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.

We made interest payments of approximately $1.0 billion, $950 million and $832 million during the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Materials, spares and supplies	$ 659	$ 661
Work-in-process	2,667	2,617
Finished goods	198	196
Total inventories	$ 3,524	$ 3,474

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Minimum Lease Commitments

Future minimum lease commitments at December 31, 2025 were as follows (in millions):


	Total		2026		2027		2028		2029		2030		Thereafter
Operating leases	$	1,212	$	279	$	215	$	177	$	152	$	101	$	288
Less: imputed interest	141
Total	$	1,071

Goodwill and Acquired Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of purchased intangibles	$ 254	$ 254	$ 247
Amortization of finite lived intangible assets in 2026	199
Amortization of finite lived intangible assets in 2027	198
Amortization of finite lived intangible assets in 2028	193
Amortization of finite lived intangible assets in 2029	184
Amortization of finite lived intangible assets in 2030	$ 121

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Total net state income tax expense	$ 84	$ 121	$ 115
Federal and foreign income tax payments made, net of refunds received	788	1,300	1,800
Unrecognized tax benefits	$ 52	$ 229	$ 146	$ 1,622

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following (in millions):


	2025		2024
Land	$	147	$	143
Buildings	10,209		9,624
Machinery and equipment	10,941		10,399
Construction in progress	1,806		2,053
Total property, plant and equipment	23,103		22,219
Less: accumulated depreciation	(14,228)		(13,493)
Total property, plant and equipment, net	$	8,875	$	8,726

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 229	$ 146	$ 1,622
Additions based on tax positions related to the current year	13	78	50
Additions for tax positions of prior years	0	8	32
Reductions for tax positions of prior years	(100)	(2)	(1,526)
Settlements with tax authorities	(90)	0	(33)
Other, net	0	(1)	1
Balance at December 31	$ 52	$ 229	$ 146

Retirement Benefits - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension settlement charge	$ (479)	$ 0	$ 0
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	(50)	(60)	(65)
Interest cost	(1,472)	(1,398)	(1,459)
Expected return on plan assets	1,439	1,572	1,722
Amortization of actuarial (losses) gains	(313)	(259)	(168)
Amortization of prior service (costs) credits	(49)	147	348
Pension settlement charge	(479)	0	0
Non-service FAS (expense) income	(874)	62	443
Total FAS (expense) income	(924)	2	378
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	(3)	(5)	(5)
Interest cost	(58)	(63)	(68)
Expected return on plan assets	105	107	103
Amortization of actuarial (losses) gains	49	35	31
Amortization of prior service (costs) credits	0	(4)	(10)
Pension settlement charge	0	0	0
Non-service FAS (expense) income	96	75	56
Total FAS (expense) income	$ 93	$ 70	$ 51

Information on Business Segments - Summary of Financial Information for Each Business Segment, Intersegment Sale, Depreciation and Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,649	$ 1,685	$ 1,691
PP&E depreciation and software amortization	1,687	1,559	1,430
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	1,323	1,454	1,462
PP&E depreciation and software amortization	1,212	1,132	1,032
Operating Segments \| Aeronautics
Segment Reporting Information [Line Items]
Capital expenditures	503	593	535
PP&E depreciation and software amortization	474	452	416
Operating Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Capital expenditures	235	265	252
PP&E depreciation and software amortization	192	183	175
Operating Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Capital expenditures	243	230	220
PP&E depreciation and software amortization	235	227	220
Operating Segments \| Space
Segment Reporting Information [Line Items]
Capital expenditures	342	366	455
PP&E depreciation and software amortization	311	270	221
Corporate activities/assets
Segment Reporting Information [Line Items]
Capital expenditures	326	231	229
PP&E depreciation and software amortization	$ 475	$ 427	$ 398

Receivables, net, Contract Assets and Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Receivables, Net, Contract Assets and Contract Liabilities

Receivables, net, contract assets and contract liabilities were as follows (in millions):


	2025		2024
Receivables, net	$	3,901	$	2,351
Contract assets	13,001		12,957
Contract liabilities	11,440		9,795

Organization and Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Jun. 29, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) segment contract $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Accounting Policies [Abstract]
Number of business segments \| segment				4
Number of contract types \| contract				3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Ending backlog				$ 193,600
Significant Accounting Policies [Line Items]
Goodwill		$ 11,067		11,314	$ 11,067	$ 10,799
Contract liabilities		9,795		11,440	9,795
Program losses				1,615	1,965	45
Independent research and development costs charged to cost of sales				$ 2,000	1,600	1,500
Number of years over which equity awards vest				1 year
Capitalized software		1,866		$ 2,417	1,866
Capitalized internal-use software accumulated amortization		3,100		3,400	3,100
Capitalized internal-use software amortization				393	346	263
Carrying amount of investments held in Lockheed martin venture fund		600		669	600
Realized (loss) gain reflected in other non-operating income				55	22	(64)
Realized (loss) gain recognized for changes in fair value, net of tax				$ 41	$ 17	$ (48)
Realized (loss) gain, net of tax, amount per share ( in dollars per share) \| $ / shares				$ 0.18	$ 0.07	$ (0.19)
Equity method investments		654		$ 653	$ 654
Net earnings from equity method investments				$ 28	56	$ 40
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]				Other noncurrent assets
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]				Other noncurrent liabilities
Environmental costs eligible for future recovery				20 years
Derivative Asset, Statement of Financial Position [Extensible Enumeration]				Other current assets, Other noncurrent assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]				Other current liabilities, Other noncurrent liabilities
Minimum
Significant Accounting Policies [Line Items]
Number of years over which equity awards vest				1 year
Acquired finite-lived intangible assets are amortized				3 years
Minimum \| Buildings
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				10 years
Minimum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				5 years
Minimum \| Capitalized Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				2 years
Maximum
Significant Accounting Policies [Line Items]
Number of years over which equity awards vest				3 years
Acquired finite-lived intangible assets are amortized				20 years
Maximum \| Buildings
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				40 years
Maximum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				15 years
Maximum \| Capitalized Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				15 years
Restricted Stock Units and Performance Stock Units
Significant Accounting Policies [Line Items]
Number of years over which equity awards vest				3 years
Aeronautics
Significant Accounting Policies [Line Items]
Goodwill		196		$ 196	196	196
RMS
Significant Accounting Policies [Line Items]
Goodwill		6,712		6,737	6,712	6,741
Space
Significant Accounting Policies [Line Items]
Net earnings from equity method investments				5	45	20
MFC
Significant Accounting Policies [Line Items]
Goodwill		2,085		2,089	2,085	2,086
Favorable profit adjustments					155
Classified Program \| Aeronautics
Significant Accounting Policies [Line Items]
Reach-forward loss				950	555
Favorable profit adjustments				90
Contract liabilities				495
Classified Program \| Aeronautics \| Initial Phase
Significant Accounting Policies [Line Items]
Reach-forward loss	$ 950
Cumulative losses on development				1,800
Classified Program \| MFC
Significant Accounting Policies [Line Items]
Reach-forward loss		$ 1,310	$ 100		$ 1,400
Cumulative losses on development				1,460
Contract liabilities				1,190
Canadian Maritime Helicopter Program \| RMS
Significant Accounting Policies [Line Items]
Reach-forward loss				570		100
Favorable profit adjustments						$ 65
Cumulative losses on development				670
Program losses	570
Contract assets				625
Türkish Utility Helicopter Program
Significant Accounting Policies [Line Items]
Cumulative losses on development				130
Program losses	95
Additional options of potential loss				115
Türkish Utility Helicopter Program \| RMS
Significant Accounting Policies [Line Items]
Reach-forward loss				95
C-130 Programs \| Aeronautics
Significant Accounting Policies [Line Items]
Favorable profit adjustments				140
Commercial Civil Space Program \| Space
Significant Accounting Policies [Line Items]
Favorable profit adjustments				$ 130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage				37.00%
Expected time of satisfaction				12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage				60.00%
Expected time of satisfaction				24 months
Amentum's Rapid Solutions
Significant Accounting Policies [Line Items]
Payments for acquisition	360
Goodwill	$ 195