2022 Preliminary Trends and Outlook

Definitions of Non-GAAP Measures Non-GAAP Financial Measures Disclosure This presentation, and today's conference call remarks, contain non-Generally Accepted Accounting Principles (GAAP) financial measures (as defined by SEC Regulation G). While we believe that these non-GAAP financial measures may be useful in evaluating Lockheed Martin, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. In addition, our definitions for non-GAAP measures may differ from similarly titled measures used by other companies or analysts. Free Cash Flow Lockheed Martin defines Free Cash Flow (FCF) as Cash From Operations less Capital Expenditures. Diluted Earnings Per Share (EPS) - Adjusted Diluted EPS-Adjusted represents Diluted EPS adjusted for the third quarter 2021 noncash, non-operating pension settlement charge of $1,665 million ($1,310, or $4.72 per share, after tax). Segment Operating Profit / Margin Segment Operating Profit represents the operating profit from our business segments before unallocated income and expense. This measure is used by our senior management in evaluating the performance of our business segments and is a performance goal in our annual incentive plan. The caption "Total Unallocated Items" reconciles Segment Operating Profit to Consolidated Operating Profit. Segment Margin is calculated by dividing Segment Operating Profit by Sales. Mid-point Segment Margin represents the mid-point of the outlook range for Segment Operating Profit divided by the mid-point of the outlook range for Sales. ($ Millions) Sales Segment Operating Profit Mid-Point Segment Margin FAS/CAS Operating Adjustment Other, net Consolidated Operating Profit 2021 Outlook (August) $67,300 68,700 $7,380 7,520 11.0% ~$1,955 ~($300) $9,035-9,175 3Q 2021 2021 Outlook (October) ~$67,000 ~$7,350 11.0% ~$1,955 ~($230) ~$9,075 3Q 2020 Profit Segment Operating Profit Sales $ 16,028 Total Unallocated Items Consolidated Operating Profit (GAAP) $ 16,028 Profit $ 1,850 444 $ 2,294 Margin 11.5% Sales $ 16,495 Margin $ 1,762 10.7% 385 14.3% $ 16,495 $ 2,147 13.0% Chart 15 October 26, 2021

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