Latest news with #Bethesda
Globe and Mail
13 hours ago
- Health
- Globe and Mail
Nest And Care Strengthens Its Commitment to Exceptional Senior Home Care in Bethesda, MD
Leading Provider of In-Home Senior Care in Bethesda, MD, Continues to Support Families and Their Loved Ones Bethesda, MD - Nest And Care, a trusted leader in senior home care, reaffirms its dedication to providing exceptional in-home care services in Bethesda, MD. Under the leadership of Kat Villanueva, the company continues to set the gold standard for compassionate, personalized care, offering seniors the support they need to age comfortably at home while giving families peace of mind. As the need for high-quality senior care grows, Nest And Care remains committed to helping families navigate the challenges of aging with dignity and confidence. The company's team of highly trained caregivers delivers tailored care solutions designed to meet each client's unique needs, ensuring seniors can thrive in the safety and familiarity of their own homes. 'At Nest And Care, we recognize that choosing care for a loved one is one of life's most important decisions,' said Kat Villanueva, Founder and CEO. 'Our mission is to go beyond basic care—to provide companionship, support, and a sense of security that allows seniors and their families to feel truly at ease.' The company offers a comprehensive range of services, including assistance with daily activities, medication management, meal preparation, transportation, and specialized care for conditions such as dementia and Alzheimer's. Through individualized care plans, Nest And Care ensures that every senior receives the personalized attention they need to maintain their independence and quality of life. For families in Bethesda seeking a reliable and compassionate senior care provider, Nest And Care continues to be the trusted choice. With a reputation built on excellence, professionalism, and genuine care, the company remains a pillar of support for the community. For more information about Nest And Care and its senior home care services in Bethesda, MD, visit Media Contact Company Name: Nest And Care Contact Person: Kat Villanueva Email: Send Email Phone: +1 213 448 9798 Address: 10411 Motor City Dr Suite 325 City: Bethesda State: Maryland 20817 Country: United States Website:
Yahoo
14 hours ago
- Entertainment
- Yahoo
Todd Howard joins fans mourning "the driving force in the creation of The Elder Scrolls and the foundations of Bethesda as a game studio," Julian LeFay: "Without Julian, we would not be here today"
When you buy through links on our articles, Future and its syndication partners may earn a commission. Bethesda lead Todd Howard has paid tribute to the "father of Elder Scrolls," Julian LeFay, upon news of his death. Over on Twitter, Howard calls LeFay a "driving force in the creation of The Elder Scrolls and the foundations of Bethesda as a game studio." "Simply put, without Julian, we would not be here today," Howard says. "If you had the opportunity to work with Julian, you were blessed to know a one-of-a-kind force of nature, who pushed everyone to create something special. His work and spirit will live on both in our memories and in our games." News of LeFay's passing comes from another studio he helped set up, OnceLost Games, which tells fans his "legacy will live on in every realm, every quest, and every moment of wonder" in the upcoming fantasy RPG The Wayward Realms. LeFay initially joined Bethesda shortly after its formation, helping put together formative Elder Scrolls games like Arena and Daggerfall – such was his influence, the deity Julianos is named after him. He would go on to co-found OnceLost Games alongside other Bethesda veterans before announcing The Wayward Realms in 2021. Last week, OnceLost Games confirmed that LeFay would be stepping away from the studio to "live his final moments surrounded by his loved ones." Today, the studio said he passed away after a "courageous battle with cancer." "He touched the lives of millions of players worldwide and inspired countless developers to push creative boundaries," they said, before calling his death "an immeasurable loss for our team, our community, and our industry." Solve the daily Crossword
Yahoo
a day ago
- Business
- Yahoo
Marriott International Completes Acquisition of citizenM Brand
Transaction Expands Company's Global Lifestyle Offerings BETHESDA, Md., July 23, 2025 /PRNewswire/ -- Today, Marriott International (Nasdaq: MAR) has completed its acquisition of the innovative lifestyle brand citizenM. As Marriott focuses on further growing the company's select-service portfolio globally, this transaction provides even more lodging offerings for guests and Marriott Bonvoy members in exciting destinations around the world. The current citizenM global portfolio includes 37 open hotels, comprising 8,789 rooms, across more than 20 cities in the U.S., Europe, and Asia Pacific. citizenM's current pipeline of two hotels totaling over 300 rooms are also anticipated to be added to Marriott's portfolio. "As travelers continue to seek innovative lodging offerings that blend technology with genuine, people-first hospitality, the citizenM brand is the perfect addition to our portfolio," said Anthony Capuano, President and CEO of Marriott International. "Marriott has proven success in growing select-service lifestyle offerings, including our AC, Moxy, and Aloft brands, and we look forward to accelerating citizenM's global reach with our guests and Marriott Bonvoy members around the world." With the acquisition complete, Marriott will now begin the process of integrating the citizenM portfolio into its systems and platforms. Until citizenM properties are fully integrated, anticipated later this year, they will remain bookable on citizenM's digital channels. At this time, members of the award-winning citizenM subscription program will continue to enjoy benefits, with more details to come about how the program will work following integration. Additionally, once integration is complete, citizenM will become a fully participating brand within the Marriott Bonvoy loyalty program, unlocking even more value for members. The citizenM brand is known for its genuine service, tech-savvy in-hotel experience, highly efficient use of space, and focus on art and design. The brand, founded in 2008, caters to a growing demographic of value-conscious travelers looking for technology-driven accommodations with features like smart in-room design, indoor and outdoor common spaces featuring immersive artwork and local artifacts, comfortably appointed living rooms that serve as collaborative workspaces, creative meeting rooms, grab-and-go food and beverage options, and lively rooftop decks. Access the full gallery of high-resolution citizenM property images here. NOTE ON FORWARD-LOOKING STATEMENTSAll statements in this press release are made as of July 22, 2025. Marriott undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release contains "forward-looking statements" within the meaning of federal securities laws, including statements related to growth expectations and opportunities; the citizenM pipeline; the benefits of the transaction; customer trends and expectations; systems and platform integration; loyalty program integration, member benefits and the citizenM subscription program; and similar statements concerning possible future events or expectations that are not historical facts. Marriott cautions you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that the company may not be able to accurately predict or assess, including Marriott's ability to successfully integrate and grow the citizenM brand and the other risk factors that Marriott describes in its U.S. Securities and Exchange Commission filings, including the company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations Marriott expresses or implies in this press release. ABOUT MARRIOTT INTERNATIONAL, International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at and for the latest company news, visit In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at or Marriott's news center website at which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. IRPR#1 View original content to download multimedia: SOURCE Marriott International, Inc.
Metro
2 days ago
- Entertainment
- Metro
The Elder Scrolls creator Julian LeFay dies following battle with cancer
One of the original creators behind The Elder Scrolls has died of cancer, as his studio and Bethesda pays tribute. Although Bethesda's Todd Howard is always closely associated with The Elder Scrolls, and has directed the last several entries, he wasn't one of the original creators, with that credit instead going to Vijay Lakshman, Ted Peterson, and Julian LeFay. The latter worked as a programmer and chief engineer at Bethesda until 1998, before he founded independent studio OnceLost Games in 2019, with Lakshman and Peterson. The studio is currently developing an open world role-playing game entitled The Wayward Realms, described as a spiritual successor to The Elder Scrolls 2: Daggerfall. Last week, OnceLost Games said LeFay, after being diagnosed with terminal cancer, had stepped away from the industry to be 'surrounded by his loved ones' as his condition worsened. Five days later, the studio has announced LeFay has died, aged 59. 'It is with profound sadness and heavy hearts that we inform our community of the passing of Julian LeFay, our beloved technical director and co-founder of OnceLost Games,' the post on X reads. 'Julian LeFay was not just a colleague – he was a visionary who fundamentally shaped the games industry as we know it today. Known as the 'Father of The Elder Scrolls', Julian directed the creation of legendary titles including Elder Scrolls 1 & 2: Arena, Daggerfall, and Battlespire. His pioneering work established the foundation for open world RPGs and influenced countless developers and games that followed.' — OnceLost Games (@OnceLostGames) July 23, 2025 Sign up to the GameCentral newsletter for a unique take on the week in gaming, alongside the latest reviews and more. Delivered to your inbox every Saturday morning. They added: 'Throughout his courageous battle with cancer, Julian never wavered in his passion for The Wayward Realms. Even during his illness, he continued to share his vision with our team, mentor our developers, and ensure that every aspect of the game reflected his commitment to creating something truly extraordinary. His strength, determination, and unwavering focus inspire us all.' OnceLost Games described LeFay's death as an 'immeasurable loss' for the team, but said they were 'more committed than ever' to finish work on The Wayward Realms 'exactly as Julian envisioned it'. More Trending 'Our development continues with the same passion, technical excellence, and attention to detail that Julian demanded,' they added. 'Every feature, every system, and every player experience will aim to reflect his dedication to creating 'The Grand RPG' that redefines what the genre can be. 'Ted Peterson, Eric Heberling, and our entire development team remain fully dedicated to this mission. We will continue to share development updates, maintain our transparency with the community, and ensure that The Wayward Realms becomes the groundbreaking experience Julian knew it could be.' The Wayward Realms was announced in 2019 and is the studio's first project. A Kickstarter campaign to fund an early access build hit its goal in May last year. Bethesda is currently developing the next entry in The Elder Scrolls series, which is expected to launch at some point after 2026. Email gamecentral@ leave a comment below, follow us on Twitter. To submit Inbox letters and Reader's Features more easily, without the need to send an email, just use our Submit Stuff page here. For more stories like this, check our Gaming page. MORE: Assassin's Creed Shadows on Switch 2 all but confirmed for next Nintendo Direct MORE: Battlefield 6 release date and open beta details leak ahead of reveal trailer MORE: The 20 best Commodore Amiga games to celebrate the 40th anniversary
Yahoo
3 days ago
- Business
- Yahoo
Lockheed Martin Reports Second Quarter 2025 Financial Results
Sales of $18.2 billion Recorded pre-tax losses on programs of $1.6 billion and other charges of $169 million, which impacted earnings per share by $5.83 Net earnings of $342 million, or $1.46 per share, including impacts of program losses and other charges Cash from operations of $201 million and free cash flow of $(150) million Returned $1.3 billion of cash to shareholders through dividends and share repurchases Reaffirming 2025 guidance for sales and free cash flow BETHESDA, Md., July 22, 2025 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported second quarter 2025 sales of $18.2 billion, compared to $18.1 billion in the second quarter of 2024. Net earnings in the second quarter of 2025 were $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges. This compares to $1.6 billion, or $6.85 per share, in the second quarter of 2024. Cash from operations was $201 million in the second quarter of 2025, compared to $1.9 billion in the second quarter of 2024. Free cash flow was $(150) million in the second quarter of 2025, compared to $1.5 billion in the second quarter of 2024. "Over the course of the past few months, Lockheed Martin systems and platforms once again proved highly effective in combat operations and in deterring further aggression. Our F-35s, F-22s, PAC-3, THAAD, Aegis and many others, crewed by the soldiers, airmen, sailors, marines and guardians of the U.S. and its Allies, and supported by our own dedicated teammates, performed extremely well in the most crucial and challenging situations," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "Based in part on this record of performance as well as the promise of several advanced technologies in development, our U.S. and allied customers are asking us to elevate and accelerate many key programs. For example, several allied nations have recently announced additional F-35 purchases, the U.S. Army has awarded more than $1 billion in missile-related contracts so far, and the U.S. Space Force is ordering additional GPS IIIF satellites. At the same time, our ongoing program review process identified new developments that caused us to re-evaluate the financial position on a set of major legacy programs. As a result, we are taking a number of charges this quarter to address these newly identified risks. We remain committed to delivering these critical capabilities that our customers are counting on and are fully focused on the growth inflection we expect as the result of heightened interest and demand for Lockheed Martin's products and technologies. "Overall, the company's foundation remains solid and resilient. In the second quarter, sales of $18 billion grew sequentially, as we continued to drive supply chain improvements and ramp capacity on needed deterrent capabilities. In addition, we invested $800 million in infrastructure and innovation for growth and returned $1.3 billion to shareholders through dividends and share repurchases. We are maintaining full year 2025 guidance for sales, cash from operations, capital expense, free cash flow, and share repurchases. The program charges taken in the quarter – which resulted from our ongoing rigorous monitoring and review processes – are a necessary step as we continue to take action to improve program execution. We're investing in emerging technologies, and as a proven mission integrator, we remain well positioned to support critical programs like the Golden Dome for America. Our relentless focus on operational performance combined with our disciplined capital allocation strategy will enable us to deliver value to our shareholders, while providing the advanced solutions that America and its allies need to maintain peace through strength for decades to come." Program Losses and Other Charges During the second quarter, the Company took important steps to address challenges on a classified program at its Aeronautics business segment and certain international helicopter programs at its Sikorsky business unit.. The Company also recognized other charges related to asset impairments and a tax matter as described below. Aeronautics Classified Program – Aeronautics has experienced design, integration, and test challenges, as well as other performance issues on this program. These trends continued into 2025 and had a greater impact on schedule and costs than previously estimated. As a result, Aeronautics performed a comprehensive review of its program execution and management processes to achieve the technical requirements of the program, which was completed in the second quarter. Based on this review and ongoing discussions with the customer and suppliers, Aeronautics made significant changes to its processes and testing approach, resulting in significant updates to the program's schedule and cost estimates. As a result, during the second quarter of 2025 the Company recognized additional pretax reach-forward losses of $950 million on the program. Canadian Maritime Helicopter Program (CMHP) – The Company is in ongoing discussions with the customer regarding a potential restructure to certain contractual terms and conditions and to expand the scope of work that would be beneficial to both parties. Communications with the customer during the second quarter of 2025 led to subsequent decisions made by the Company to focus on providing additional mission capabilities, enhanced logistical support, fleet life extension, and revised expectations regarding flight hours. As a result of revised cost and sales estimates for the program during the second quarter of 2025, the Company recognized additional pretax losses of $570 million on this program in RMS' financial results. Türkish Utility Helicopter Program (TUHP) – The Company has been discussing a potential mutually agreeable framework to restructure the program, including changing the scope of work. In light of the status of the continuing discussions with the customer and the current status of the program, RMS revised its cost and sales estimates for this program. As a result, during the second quarter of 2025, the Company recognized additional pretax reach-forward losses of $95 million on this program in RMS' financial results. Other Charges – During the second quarter of 2025, the company recognized a charge of $66 million primarily for the write-off of fixed assets resulting from the U.S. Air Force's Next Generation Air Dominance (NGAD) down-select decision. The company also recognized a charge of $103 million related to uncertain tax positions as part of its income tax expense, resulting from the Internal Revenue Service's proposed adjustments to its tax accounting method change for certain manufacturing contracts. The table below provides supplemental information regarding the impacts of the program losses and other charges described above.(in millions, except per share data)Quarter Ended June 29, 2025 Aeronautics classified program loss$ (950) CMHP program loss(570) TUHP program loss(95) Business segment operating profit(1,615) Fixed asset write-off(66) Unallocated other181 Consolidated operating profit(1,600) Income tax benefit2233 Net earnings$ (1,367) Weighted average shares outstanding234.3 Diluted earnings per share$ (5.83) 1 Reflects the state income tax impact associated with the program losses based on a blended state tax rate of 5%.2 Reflects the federal income tax impact associated with the program losses and fixed asset write-off net of the associated state income taximpacts based on a federal tax rate of 21%, partially offset by the charge of $103 million associated with the uncertain tax position. Summary Financial Results The following table presents the company's summary financial results:(in millions, except per share data)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales$ 18,155$ 18,122$ 36,118$ 35,317Business segment operating profit1,2$ 571$ 2,042$ 2,656$ 3,787 Unallocated items FAS/CAS pension operating adjustment379406758812 Impairment and other charges3(66)(87)(66)(87) Intangible asset amortization expense(63)(61)(127)(122) Other, net(73)(152)(101)(213) Total unallocated items177106464390 Consolidated operating profit$ 748$ 2,148$ 3,120$ 4,177Net earnings4$ 342$ 1,641$ 2,054$ 3,186Diluted earnings per share$ 1.46$ 6.85$ 8.75$ 13.24Cash from operations$ 201$ 1,876$ 1,610$ 3,511 Capital expenditures(351)(370)(805)(748) Free cash flow1$ (150)$ 1,506$ 805$ 2,763 1 Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section ofthis news release for more information.2 As previously described, business segment operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share,after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.3 Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarilyfor the write-off of fixed assets at its Aeronautics business segment.4 Net earnings for the quarter ended June 29, 2025 included $103 million of income tax expense related to uncertain tax positions. Cash from operations in the second quarter of 2025 was $201 million with free cash flow of $(150) million compared to $1.9 billion with $1.5 billion in free cash flow in the second quarter of 2024. The decrease in cash from operations was primarily due to an increase in working capital, which is defined as receivables, contract assets, and inventories less accounts payable and contract liabilities. This increase in working capital was driven by four main factors: production and invoice timing impacting receivables, primarily related to the F-35 program at Aeronautics; an increase in contract assets as a result of the timing of milestones, also primarily related to the F-35 program at Aeronautics; an increase in Sikorsky inventory at RMS; and billing cycles impacting contract liabilities primarily related to national security space programs at Space. The decrease in free cash flows was primarily due to these cash from operations drivers. The company's cash activities in the quarter ended June 29, 2025, included the following: paying cash dividends of $771 million; paying $500 million to repurchase 1.0 million shares; receiving net proceeds of $1.4 billion from the issuance of commercial paper; and making a scheduled repayment of $142 million of long-term debt. 2025 Financial Outlook The company's financial outlook for 2025 and other sections of this news release contain forward-looking statements, which reflect the company's judgment based on the information available at the time of this news release. The financial outlook for 2025 does not include the evolving impacts of tariffs or related recoveries, or Executive Orders issued by the Administration. Additionally, it is the company's practice not to incorporate adjustments into its financial outlook for proposed or potential acquisitions, divestitures, ventures, future gains or losses related to changes in valuations of the company's net assets and liabilities for deferred compensation plans or early-stage company investments, pension annuity contracts or discretionary contributions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. Actual results may differ materially from those projected. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.(in millions, except per share data)Current UpdateApril 2025Sales~$73,750 - $74,750~$73,750 - $74,750Business segment operating profit1~$6,600 - $6,700~$8,100 - $8,200Total FAS/CAS pension adjustment~$1,125~$1,125Diluted earnings per share~$21.70 - $22.00~$27.00 - $27.30Cash from operations~$8,500 - $8,700~$8,500 - $8,700 Capital expenditures~$1,900~$1,900 Free cash flow1~$6,600 - $6,800~$6,600 - $6,800 1 Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. Segment Results The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.(in millions)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales Aeronautics$ 7,420$ 7,277$ 14,477$ 14,122 Missiles and Fire Control3,4333,1026,8066,095 Rotary and Mission Systems3,9954,5488,3238,636 Space 3,3073,1956,5126,464 Total sales$ 18,155$ 18,122$ 36,118$ 35,317Operating profit (loss) Aeronautics1$ (98)$ 751$ 622$ 1,430 Missiles and Fire Control479450944761 Rotary and Mission Systems2(172)495349925 Space 362346741671 Total business segment operating profit5712,0422,6563,787 Unallocated items FAS/CAS operating adjustment 379406758812 Impairment and other charges3 (66)(87)(66)(87) Intangible asset amortization expense(63)(61)(127)(122) Other, net(73)(152)(101)(213) Total unallocated items177106464390 Total consolidated operating profit$ 748$ 2,148$ 3,120$ 4,177 1 Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on aclassified program at its Aeronautics business segment as previously described.2 Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as previously described.3 Impairment and other charges for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax)primarily for the write-off of fixed assets at its Aeronautics business information on factors impacting comparability of the company's segment sales, operating profit and operating margins, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024. Consolidated net profit booking rate adjustments decreased segment operating profit by approximately $1.0 billion in the quarter ended June 29, 2025, which includes, as previously described, a loss of $950 million on a classified program at Aeronautics, and losses of $570 million on CMHP and $95 million on TUHP at RMS. Consolidated net profit booking rate adjustments increased segment operating profit by approximately $420 million in the quarter ended June 30, 2024. Aeronautics (in millions)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales$ 7,420$ 7,277$ 14,477$ 14,122 Operating (loss) profit(98)7516221,430 Operating margin(1.3 %)10.3 %4.3 %10.1 %Aeronautics' sales during the quarter ended June 29, 2025 increased $143 million, or 2%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $470 million on the F-35 program due to higher volume on production contracts. This increase was partially offset by a $360 million unfavorable cumulative adjustment to sales driven by the loss on a classified contract as previously described. Aeronautics' operating profit during the quarter ended June 29, 2025 decreased $849 million, or 113%, compared to the same period in 2024. The decrease was attributable to the previously described $950 million reach forward loss recognized on a classified contract, which was partially offset by a $90 million increase on the F-35 program due to higher profit booking rate adjustments and volume as described above. Missiles and Fire Control(in millions)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales$ 3,433$ 3,102$ 6,806$ 6,095 Operating profit479450944761 Operating margin14.0 %14.5 %13.9 %12.5 %MFC's sales during the quarter ended June 29, 2025 increased $331 million, or 11%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $330 million on tactical and strike missile programs due to production ramp-up on Joint Air-to-Surface Standoff Missile (JASSM), Long Range Anti-Ship Missile (LRASM) and precision fires programs. MFC's operating profit during the quarter ended June 29, 2025 increased $29 million, or 6%, compared to the same period in 2024. This increase was attributable to three primary factors: a $35 million increase from production ramp up as described above, and a $25 million increase from favorable contract mix; partially offset by a $25 million decrease in profit booking rate adjustments. The decrease in profit booking rate adjustments was primarily due to lower favorable profit adjustments on Patriot Advanced Capability-3 (PAC-3). Rotary and Mission Systems(in millions)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales$ 3,995$ 4,548$ 8,323$ 8,636 Operating (loss) profit(172)495349925 Operating margin(4.3 %)10.9 %4.2 %10.7 %RMS' sales during the quarter ended June 29, 2025 decreased $553 million, or 12%, compared to the same period in 2024. The decrease was primarily attributable to lower net sales of $370 million on Sikorsky helicopter programs due to the unfavorable cumulative adjustments to sales driven by recognizing losses on CMHP and TUHP as previously described, and lower production volume on Seahawk programs; and a $145 million decrease on integrated warfare systems and sensors (IWSS) programs due to lower volume on radar and the Canadian Surface Combatant (CSC) programs. RMS' operating profit during the quarter ended June 29, 2025 decreased $667 million, or 135%, compared to the same period in 2024. This decrease was attributable to a $610 million decrease in profit booking rate adjustments primarily due to a $570 million loss recognized on CMHP and a $95 million loss recognized on TUHP as previously described. Space (in millions)Quarters EndedSix Months Ended June 29, 2025June 30, 2024June 29, 2025June 30, 2024 Sales$ 3,307$ 3,195$ 6,512$ 6,464 Operating profit362346741671 Operating margin10.9 %10.8 %11.4 %10.4 %Space's sales during the quarter ended June 29, 2025 increased $112 million, or 4%, compared to the same period in 2024. This increase was primarily attributable to higher sales of $115 million for commercial civil space programs primarily due to higher volume on the Orion program; and $80 million for strategic and missile defense programs due to higher volume on Next Generation Interceptor (NGI) and Fleet Ballistic Missile (FBM) programs. These increases were partially offset by a decrease of $95 million on national security space programs due to program lifecycle on the Next Generation Overhead Persistent Infrared (Next Gen OPIR) system. Space's operating profit during the quarter ended June 29, 2025 increased $16 million, or 5%, compared to the same period in 2024. This increase was attributable to a $20 million increase in profit booking rate adjustments primarily due to favorable performance at completion on certain commercial civil space programs. Total equity earnings (ULA) represented approximately $10 million, or 3%, of Space's operating profit for both the quarter ended June 29, 2025, and the same period in 2024. Income Taxes The company's effective income tax rate was 18.0% and 15.8% for the quarters ended June 29, 2025 and June 30, 2024. The higher effective income tax rate for the quarter was primarily attributable to increased interest expense on the company's uncertain tax position partially offset by changes in pre-tax earnings due to program losses previously described. The rates for all periods benefited from tax deductions for foreign derived intangible income, research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards. Use of Non-GAAP Financial Measures This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts. Business segment operating profit Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.(in millions) Current UpdateApril 2025 Business segment operating profit (non-GAAP)~$6,600 - $6,700~$8,100 - $8,200 FAS/CAS operating adjustment1~1,520~1,520 Intangible asset amortization expense~(255)~(240) Other, net~(335)~(465) Consolidated operating profit (GAAP)~$7,530 - $7,630~$8,915 - $9,015 1 Reflects the amount by which total CAS pension cost of $1.6 billion exceeds FAS pension service cost and excludes non-service FAS pensionexpense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operatingadjustment. Free cash flow Free cash flow is cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity and it is a performance goal in the company's annual and long-term incentive plans. The company believes free cash flow is a useful measure for investors because it represents the amount of cash generated from operations after reinvesting in the business and that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entire free cash flow amount is not necessarily available for discretionary expenditures, however, because it does not account for certain mandatory expenditures, such as the repayment of maturing debt and future pension contributions. Webcast and Conference Call Information Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Tuesday, July 22, 2025, at 11:00 a.m. ET on the Lockheed Martin Investor Relations website at The accompanying presentation slides and relevant financial charts are also available at For additional information, visit the company's website: About Lockheed Martin Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Forward-Looking Statements This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as: the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and the potential for government shutdowns, and changing funding and acquisition priorities; risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program; planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals; the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments; the company's ability to recover costs under U.S. Government contracts and the mix of fixed-price and cost-reimbursable contracts; customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), treatment of contractor performance issues, and contractor access to competitive opportunities; performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance), joint venture partners, subcontractors and customers; economic, industry, business and political conditions including their effects on governmental policy; the impact of inflation and other cost pressures; government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification); foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions; the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates; changes in non-U.S. national priorities and government budgets and planned orders; the competitive environment for the company's products and services; the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities; the company's ability to benefit fully from or adequately protect its intellectual property rights; the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions; cyber or other security threats or other disruptions faced by the company or its suppliers; the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions; the accuracy of the company's estimates and projections; changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated settlement charges; realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market; the company's efforts to increase the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives; the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles; the availability and adequacy of the company's insurance and indemnities; compliance with laws, regulations, policies, and customer requirements relating to environmental matters; the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays; changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems. These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, or through the website maintained by the SEC at The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws. Lockheed Martin Corporation Consolidated Statements of Earnings1 (unaudited; in millions, except per share data) Quarters EndedSix Months EndedJune 29, 2025June 30, 2024June 29,2025June 30,2024Sales$ 18,155$ 18,122$ 36,118$ 35,317Operating costs and expenses2(17,421)(15,992)(33,061)(31,194)Gross profit7342,1303,0574,123Other income, net 14186354Operating profit37482,1483,1204,177Interest expense(274)(261)(542)(516)Non-service FAS pension (expense) income(99)15(197)31Other non-operating income, net42467291Earnings before income taxes4171,9482,4533,783Income tax expense4(75)(307)(399)... (597)Net earnings$ 342$ 1,641$ 2,054$ 3,186Effective tax rate18.0 %15.8 %16.3 %15.8 %Earnings per common shareBasic$ 1.46$ 6.87$ 8.78$ 13.29Diluted$ 1.46$ 6.85$ 8.75$ 13.24Weighted average shares outstandingBasic233.5238.9234.0239.8Diluted234.3239.6234.8240.6Common shares reported in stockholders' equity at end of period232237 1 The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 29, for the second quarter of 2025 and June 30, for the second quarter of 2024. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31. 2 Operating costs and expenses for the quarter ended June 29, 2025 included $66 million ($52 million, or $0.22 per share, after-tax) primarily for the write-off of fixed assets at its Aeronautics business segment. 3 As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment. 4 Income tax expense for the quarter ended June 29, 2025 included interest expense of $103 million related to uncertain tax positions. Lockheed Martin Corporation Business Segment Summary Operating Results (unaudited; in millions) Quarters EndedSix Months EndedJune 29,2025June 30,2024% ChangeJune 29,2025June 30,2024% ChangeSalesAeronautics$ 7,420$ 7,2772 %$ 14,477$ 14,1223 %Missiles and Fire Control3,4333,10211 %6,8066,09512 %Rotary and Mission Systems3,9954,548(12 %)8,3238,636(4 %)Space 3,3073,1954 %6,5126,4641 %Total sales$ 18,155$ 18,122— %$ 36,118$ 35,3172 %Operating profit (loss)Aeronautics1$ (98)$ 751(113 %)$ 622$ 1,430(57 %)Missiles and Fire Control4794506 %94476124 %Rotary and Mission Systems2(172)495(135 %)349925(62 %)Space 3623465 %74167110 %Total business segment operating profit5712,042(72 %)2,6563,787(30 %)Unallocated itemsFAS/CAS operating adjustment 379406758812Impairment and other charges (66)(87)(66)(87)Intangible asset amortization expense(63)(61)(127)(122)Other, net(73)(152)(101)(213)Total unallocated items17710667 %46439019 %Total consolidated operating profit$ 748$ 2,148(65 %)$ 3,120$ 4,177(25 %)Operating marginAeronautics1(1.3 %)10.3 %4.3 %10.1 %Missiles and Fire Control14.0 %14.5 %13.9 %12.5 %Rotary and Mission Systems2(4.3 %)10.9 %4.2 %10.7 %Space 10.9 %10.8 %11.4 %10.4 %Total business segment operating margin3.1 %11.3 %7.4 %10.7 %Total consolidated operating margin4.1 %11.9 %8.6 %11.8 % 1 Operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment as a result of the programs losses previously described. 2 Operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment as a result of the programs losses previously described. Lockheed Martin Corporation Consolidated Balance Sheets (in millions, except par value)June 29,2025Dec. 31, 2024(unaudited) AssetsCurrent assetsCash and cash equivalents$ 1,293$ 2,483Receivables, net3,3062,351Contract assets14,89612,957Inventories3,6993,474Other current assets794584Total current assets23,98821,849Property, plant and equipment, net8,6708,726Goodwill11,30911,067Intangible assets, net2,0132,015Deferred income taxes4,0703,557Other noncurrent assets8,8208,403Total assets$ 58,870$ 55,617Liabilities and equityCurrent liabilitiesAccounts payable$ 3,653$ 2,222Salaries, benefits and payroll taxes2,7613,125Contract liabilities9,8619,795Current maturities of long-term debt and commercial paper3,118643Other current liabilities4,9613,635Total current liabilities24,35419,420Long-term debt, net18,52019,627Accrued pension liabilities4,8384,791Other noncurrent liabilities5,8245,446Total liabilities53,53649,284Stockholders' equityCommon stock, $1 par value per share232234Additional paid-in capital——Retained earnings13,25914,551Accumulated other comprehensive loss(8,157)(8,452)Total stockholders' equity5,3346,333Total liabilities and equity$ 58,870$ 55,617 Lockheed Martin Corporation Consolidated Statements of Cash Flows (unaudited; in millions)Six Months Ended June 29,2025June 30,2024 Operating activities Net earnings$ 2,054$ 3,186 Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation and amortization796710 Stock-based compensation141154 Deferred income taxes(561)(145) Impairment and other charges 6687 Program losses1,615165 Changes in assets and liabilities Receivables, net(955)(798) Contract assets(2,178)(724) Inventories(461)35 Accounts payable1,5001,052 Contract liabilities(360)(9) Income taxes25121 Qualified defined benefit pension plans223(1) Other, net(521)(222) Net cash provided by operating activities1,6103,511Investing activities Capital expenditures(805)(748) Other, net(340)4 Net cash (used for) investing activities(1,145)(744)Financing activities Issuance of long-term debt, net of related costs—1,980 Repayments of long-term debt(142)(168) Proceeds from commercial paper, net1,449— Repurchases of common stock(1,250)(1,850) Dividends paid(1,567)(1,532) Other, net(145)(116) Net cash (used for) financing activities(1,655)(1,686)Net change in cash and cash equivalents(1,190)1,081 Cash and cash equivalents at beginning of period2,4831,442 Cash and cash equivalents at end of period$ 1,293$ 2,523 Lockheed Martin Corporation Selected Financial Data (unaudited; in millions) 2025 Outlook2024 ActualTotal FAS (expense) income and CAS costFAS pension (expense) income$ (445)$ 2Less: CAS pension cost1,5701,684Total FAS/CAS pension adjustment$ 1,125$ 1,686Service and non-service cost reconciliationFAS pension service cost$ (50)$ (60)Less: CAS pension cost1,5701,684FAS/CAS pension operating adjustment1,5201,624Non-service FAS pension (expense) income (395)62Total FAS/CAS pension adjustment$ 1,125$ 1,686 Lockheed Martin Corporation Other Financial and Operating Information (unaudited; in millions, except for aircraft deliveries and weeks) BacklogJune 29, 2025Dec. 31, 2024Aeronautics$ 52,165$ 62,763Missiles and Fire Control40,25038,783Rotary and Mission Systems 38,58438,117Space35,53136,377Total backlog$ 166,530$ 176,040Quarters EndedSix Months EndedAircraft DeliveriesJune 29,2025June 30,2024June 29,2025June 30,2024F-3550—97—F-163477C-130J1529Government helicopter programs24103323Commercial helicopter programs——1—International military helicopter programs —5—5 Number of Weeks in Reporting Period1 2025 2024First quarter13 13Second quarter13 13Third quarter13 13Fourth quarter13 131 Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods. View original content to download multimedia: SOURCE Lockheed Martin Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
