Lockheed Martin headquarters in Bethesda, Md. Photo: Lockheed Martin

Lockheed Martin reported a slight dip in sales in its Space segment in 2024, with lower sales on national security space programs. Company-wide, Lockheed Martin posted a 5% increase in sales in 2024. 

CEO Jim Taiclet said he sees the new Department of Government Efficiency (DOGE), led by Elon Musk as an opportunity for more agile and streamlined acquisition processes, in a Tuesday call with investors. 

Lockheed Martin released its fourth quarter and full year 2024 results on Jan. 28. Company-wide, Lockheed reported $71 billion 2024 sales, a 5% increase over the previous year, led by growth in Missiles and Fire Control. The company also ended 2024 with record backlog of $176 billion. 

However, Lockheed also reported $1.8 billion in charges on two classified national security programs in Missiles and Fire Control and Aeronautics during the fourth quarter. 

Speaking to investors, Taiclet said Lockheed looks forward to working with the second Trump administration to “continue pursuing a more agile and streamlined acquisition process that encourages speed, technology innovation and broader participation. We see DOGE as an opportunity to make great progress in all these areas.” 

Taiclet said he called for systemic changes in the defense enterprise for years, including Congress, the executive branch, the Pentagon, the aerospace and defense industry, and tech startups. 

“We need to expand our ability as a country to get everybody involved. I welcome DOGE’s effort and the administration’s effort to reduce the bureaucracy, limit the administrative burdens that the Pentagon now puts on all companies, big and small, that want to work with it,” he added. 

Space Segment Results 

Space sales decreased 13% year-over-year in the fourth quarter of 2024 to $2.9 billion, with lower volume on lower volume on Next-Generation Overhead Persistent Infrared (Next-Gen OPIR); the Orion spacecraft for NASA; and classified programs. 

For the full year, Space sales of $12.5 billion decreased 1% year-over-year. Lockheed reported lower volumes on national security space programs and lower volume on the Orion program, partially offset by higher volume on other space exploration programs.

In addition, space operating profit increased 6% in 2024 to $1.2 billion due to favorable contract mix and higher equity earnings at United Launch Alliance (ULA). 

Lockheed provided 2025 financial outlook expecting company-wide sales in 2025 between $73.75 billion to $74.54 billion.