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Lockheed Martin and L3Harris Technologies reported their Q4 2025 earnings on January 29, 2026, showcasing different business strategies. Lockheed experienced a significant Q2 charge of $1.6 billion but rebounded with Q4 free cash flow increasing by 525% year-over-year to $2.756 billion.

The company also increased F-35 deliveries from 110 in 2024 to 191 in 2025. L3Harris reported a steady 5% organic revenue growth and record orders of $27.5 billion in Q4. Lockheed is focused on scale with a significant investment in future technologies, while L3Harris is reorganizing its segments for efficiency. Both companies benefit from increased defense spending, but L3Harris has seen better one-year stock performance despite Lockheed's lower valuation on earnings.