2021 EPS Outlook and Performance Update

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. 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. ($ Millons) Sales Segment Operating Profit Mid-Point Segment Margin FAS/CAS Operating Adjustment Other, net 2021 Outlook (April) $67,300 68,700 $7,380 - 7,520 11.0% 2021 Outlook (July) $67,300 68,700 $7,380-7,520 11.0% -$1,955 ~($300) $9,035-9,175 ~$1,955 ~($355) Consolidated Operating Profit $8,980 - 9,120 Segment Operating Profit Sales $ 17,029 Total Unallocated Items Consolidated Operating Profit (GAAP) $ 17,029 2Q 2021 Profit $ 1,766 426 $ 2,192 Margin 10.4% Sales $ 16,220 Margin 11.0% 296 12.9% $ 16,220 $ 2,086 12.9% 2Q 2020 Profit $ 1,790 Chart 13 July 26, 2021

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