Lockheed Martin

Lockheed Martin is America's largest defense contractor and the purest expression of the military-industrial complex that President Eisenhower warned about in 1961. With $67 billion in annual revenue — over 70% from government contracts — the company's business model is literally the Pentagon's budget. Every dollar increase in defense spending flows disproportionately to Lockheed, and every dollar cut threatens its bottom line. This creates an alignment between Lockheed's corporate interests and perpetual military expansion that has shaped American foreign policy for decades. The F-35 Lightning II program is the centerpiece of Lockheed's political strategy and the most expensive weapons system in human history. At a total lifecycle cost exceeding $1.7 trillion, the F-35 is more expensive than the GDP of all but a handful of countries. The program has been plagued by cost overruns, schedule delays, and performance issues — a 2021 GAO report documented over 800 unresolved deficiencies. Yet cancellation is politically impossible, and this is by design. Lockheed strategically placed F-35 parts suppliers in 45 states, ensuring that nearly every member of Congress has constituents whose jobs depend on the program. This geographic distribution is often called "political engineering" — designing a weapons system's supply chain to maximize congressional support rather than to optimize military effectiveness. Lockheed's revolving door is the most extensive in the defense industry, with 62 documented connections between the company and government positions. Retired generals and admirals routinely join Lockheed's board or consulting network, where they leverage their Pentagon relationships to sell weapons systems to their former colleagues. The company employs over 75 registered lobbyists — more than some countries have diplomats in Washington — many of them former Pentagon acquisition officials who understand the defense procurement process from the inside. The company's $12.8 million in 2024 lobbying and $6 million in political spending target Armed Services Committee members and defense appropriators from both parties, because defense spending is the most bipartisan line item in the federal budget. Lockheed PAC donations go to every member of the Armed Services Committee regardless of party, creating a blanket of influence across the committees that determine its fate. Beyond the F-35, Lockheed's portfolio includes the Trident II D5 submarine-launched ballistic missile ($50 billion program), THAAD missile defense systems ($15 billion), and an expanding space systems division building GPS satellites and classified reconnaissance systems for the Space Force and NRO. Each of these programs has its own network of congressional supporters, subcontractors, and lobbyists, creating multiple redundant channels of political influence. In 2025, with the defense budget hitting $1.06 trillion when supplementals are included, Lockheed's political investments continue to pay extraordinary returns. The company's stock price has consistently outperformed the market during periods of military escalation, and its dividend has increased for 21 consecutive years — a track record built on the reliable growth of defense spending that Lockheed's lobbying operation helps ensure.