Traders should monitor the defense spending outlook and the pace of F-35 deliveries, but the strong beat and raised guidance suggest upside momentum. The record backlog provides visibility into future revenue.
Price Chart
Executive Summary
Lockheed Martin reported Q2 2026 revenue of $20.1B (+11% YoY) and EPS of $7.94, beating consensus estimates of $19.33B and $7.20. The company raised its full-year guidance across all metrics, citing strong demand, record backlog of $230B, and a $35B THAAD contract. Free cash flow surged to $2.9B from -$150M a year ago.
Key Financial Metrics
Key Facts
- Revenue $20.1B vs $18.2B YoY, +11%
- EPS $7.94 vs $1.46 YoY (prior year included $1.6B program losses)
- Consensus EPS $7.20, beat by 10.3%
- Record backlog $230B, up from $194B at year-end
- Full-year guidance raised: sales $79.75-81.75B, EPS $29.95-30.65, FCF $7.0-7.2B
- Free cash flow $2.9B vs -$150M in Q2 2025
- Signed $35B multi-year THAAD contract
Financial Impact
Revenue beat by $730M, EPS beat by $0.74, guidance raised by $2.25B at midpoint for sales and $0.50 for EPS at midpoint.
Risk Factors
- Dependence on U.S. government funding and contract awards
- Execution risk on complex programs like F-35 and next-gen missiles
- Potential budget cuts or continuing resolutions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-049277 |
| Document: lmt-20260723.htm | 0001628280-26-049277 |
| Document: 0001628280-26-049277-index-headers.html | 0001628280-26-049277 |
| Document: 0001628280-26-049277-index.html | 0001628280-26-049277 |
| Document: 0001628280-26-049277.txt | 0001628280-26-049277 |
| 8-K Data (Synthetic) | 0001628280-26-049277 |
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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