What Lockheed Martin Corporation told the SEC could break it.

Lockheed Martin's primary customer is the U.S. Government, from which it derived 72% of 2025 sales (including 63% from the Department of War/DoD); funding depends on budget requests, congressional appropriations and procurement priorities, exposing it to shutdown, sequestration and policy risk.

“Our primary customer is the U.S. Government, from which we derived 72% of our sales in 2025, including 63% from the DoW.”

Lockheed's largest program, the F-35 Lightning II Joint Strike Fighter, represented approximately 27% of consolidated sales — single-program revenue concentration whose funding, international participation and production rates drive a material share of results.

“Sales for the F-35 program represented approximately 27 % of our consolidated sales durin[g]”

A significant number of components and supplies Lockheed uses are single or sole sourced; it must also comply with U.S. Government procurement requirements that limit eligible suppliers and the source/manufacture of supplies, and qualifying new suppliers takes extended time and cost — supplier issues or trade actions could adversely impact the business.

“We also must comply with specific procurement requirements that can limit the number of eligible suppliers, and a significant number of the components or supplies used are currently single or sole sourced.”

Government actions on rare earth minerals used in certain Lockheed products — U.S. Government prohibitions on importing such minerals and China's imposition of export controls — have raised supply-availability concerns; the rare-earth supply chain remains vulnerable to disruption from scarcity and constrained capacity.

“Government actions relating to rare earth minerals that are used in certain of our products, including U.S. Government sourcing prohibitions on the import of such minerals and the imposition of export controls on such minerals by China, have ... raised concerns about supply availability. The rare earth supply chain continues to be vulnerable to disruption due to increasing scarcity and constrained capacity”