Read the segment by reading the program stack. Lockheed Martin's FY2025 Form 10-K names the programs that constitute its Space business and adjacent strategic-missile work: GPS III, the program to modernize the GPS satellite system for the U.S. Space Force; hypersonics programs; the Next Generation Interceptor (NGI); and transport-layer work. For a prime, the segment is not an abstraction — it is the sum of these named, multi-year programs.
Each line has a different revenue character. GPS III is a modernization franchise with a defined production tail; NGI is a development program that converts to production risk and reward over time; hypersonics is a fast-growing volume story. The Q3 2024 Form 10-Q quantified part of that growth, attributing higher net sales of $270 million in strategic and missile-defense programs to volume on hypersonics and Fleet Ballistic Missile (FBM) work.
The forward signal is in the proxy. Lockheed's 2026 proxy statement repeatedly foregrounds space, hypersonics, AI, autonomy and advanced communications as the capability priorities tied to executive and strategic focus — a tell that the program stack described in the 10-K is where management intends to push growth and capital.
The disciplined read: Lockheed's Space and strategic-missile segment is a portfolio of named programs at different maturities, and the 10-K plus proxy together let you see which are ramping (hypersonics, FBM) versus modernizing (GPS III) versus developing (NGI). Backlog is forward revenue; the program stack tells you which programs will convert it. Records on sec.gov, surfaced by EdgarBeast.