Monitor the company's ability to convert its large backlog into positive free cash flow in the coming quarters, as working capital timing was a significant headwind this quarter.
Price Chart
Executive Summary
Lockheed Martin reported Q1 2026 revenue of $18.0B (in line with estimates) and diluted EPS of $6.44, missing consensus by 3.5%. The company reaffirmed its 2026 guidance, but free cash flow was negative $291M due to working capital timing. Despite the EPS miss, the reaffirmed outlook and strong backlog of $186.4B support a neutral stance.
Key Financial Metrics
Key Facts
- Q1 2026 revenue was $18.02B, matching the $18.02B consensus.
- Diluted EPS was $6.44, missing the $6.70 consensus by 3.5%.
- Free cash flow was negative $291M, significantly below the $1.0B in the prior year quarter.
- The company reaffirmed its full-year 2026 financial outlook.
- Total backlog was $186.4B as of March 29, 2026, down from $193.6B at year-end 2025.
Financial Impact
EPS missed by $0.26 (3.5%), revenue was in line, free cash flow was a significant outflow of $291M.
Risk Factors
- Free cash flow was negative $291M, a significant deterioration from $955M in the prior year quarter.
- Total backlog decreased by $7.2B compared to year-end 2025, which could pressure future revenue.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-026683 |
| Document: lmt-20260423.htm | 0001628280-26-026683 |
| Document: 0001628280-26-026683-index-headers.html | 0001628280-26-026683 |
| Document: 0001628280-26-026683-index.html | 0001628280-26-026683 |
| Document: 0001628280-26-026683.txt | 0001628280-26-026683 |
| 8-K Data (Synthetic) | 0001628280-26-026683 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | Press Release | $574.11 $565.89 | ▼ −1.43% | ▼ −5.40% | $505.41 (−11.97%) |
Jul 23, 2026 10w ago | 8-K | $568.59 $571.48 | ▲ +0.51% | ▼ −2.80% | $505.41 (−11.11%) |
Jul 22, 2026 10w ago | Press Release | $568.59 $571.48 | ▼ −0.51% | ▲ +2.80% | $505.41 (+11.11%) |
Jul 20, 2026 10w ago | Court Ruling | $509.54 $593.74 | ▲ +16.52% | ▲ +12.40% | $505.41 (−0.81%) |
Jul 16, 2026 11w ago | Press Release | $513.52 $598.01 | ▲ +16.45% | ▲ +12.84% | $505.41 (−1.58%) |
Jun 9, 2026 16w ago | Court Ruling | $530.13 $535.38 | ▲ +0.99% | ▼ −0.46% | $505.41 (−4.66%) |
Jun 9, 2026 16w ago | Court Ruling | $530.13 $535.38 | ▲ +0.99% | ▼ −0.46% | $505.41 (−4.66%) |
Apr 23, 2026 23w ago | 8-K | $529.77 $522.59 | ▼ −1.35% | ▼ −5.99% | $505.41 (−4.60%) |
Mar 26, 2026 27w ago | DEFA14A | $625.16 $512.81 | ▼ −17.97% | ▼ −28.64% | $505.41 (−19.15%) |
Mar 9, 2026 29w ago | Court Ruling | $661.21 $627.59 | ▲ +5.08% | ▲ +2.28% | $505.41 (+23.56%) |
US Market Status
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