Lockheed Martin reported its first-quarter earnings for 2025, posting earnings per share (EPS) of $7.28, surpassing estimates of $6.33 and representing a 15% year-over-year increase from $6.39. Revenue reached $17.96 billion, exceeding expectations of $17.78 billion and marking a 4.5% increase compared to the previous year. The company recorded net income of $1.7 billion and operating profit of $2.37 billion, both above analyst estimates. Cash from operations totaled $1.4 billion, with free cash flow at $955 million despite a year-over-year decline attributed to higher software spending and milestone timing. Lockheed Martin returned $1.5 billion to shareholders through dividends and share repurchases during the quarter. The backlog rose 8.5% year-over-year to $172.97 billion. The company reaffirmed its full-year 2025 guidance, projecting revenue between $73.75 billion and $74.75 billion and adjusted EPS in the range of $27.00 to $27.30. Shares initially fell 1.2% following the report but later rose more than 3% in pre-market trading. A new CFO appointment was also announced alongside the earnings release. The strong quarterly performance was supported by resilient demand for missile systems and fighter jets.