LMT Lockheed Martin (LMT) Q2 FY26 earnings call
Lockheed Martin reported a strong Q2 FY26, driven by record backlog and accelerating sales across all segments, leading to a raised full-year outlook. The company is strategically investing in manufacturing capacity and advanced technologies, including AI, while pursuing commercial-like agreements with the government to ensure long-term, profitable growth and meet increasing global demand for defense systems.
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LMT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $173BWith $173 billion of backlog, more than 2 years of sales, we're focused on delivering on time and on budget.Source: earnings call transcript | $167BIn summary, on Chart 10, we're excited about what the future has to offer, and we look forward to making progress toward our goals in the second half of the year, including continuing to execute on our strong backlog of $167 billion.Source: earnings call transcript | $194BWe finished the year with record high backlog of $194 billion, about 2.5x annual sales and delivered 6% year-over-year sales growth.Source: earnings call transcript | $230BOur backlog reached a new all-time high, now $230 billion.Source: earnings call transcript | $292BWe generated $3 billion of free cash flow in the quarter and grew our backlog to another record $292 billion.Source: earnings call transcript | +27% |
| Aircraft deliveries F-35 | — | 50We delivered 50 aircraft in the quarter, bringing our total F-35 deliveries to 97 so far this year, and 207 since we resumed deliveries last year.Source: earnings call transcript | 48First, on the F-35 and during the fourth quarter, we delivered 48 F-35 aircraft, bringing total deliveries in 2025, as I said, to 191, beating our own expectation.Source: earnings call transcript | — | — | -4% |
| Employees | — | 120KAnd maybe, most importantly, all of our 120,000 Lockheed Martin teammates are committed to delivering results for us.Source: earnings call transcript | 121KI'd like to thank our 121,000 Lockheed Martin teammates for their commitment and dedication to the mission, and I look forward to speaking with all of you in April for our first quarter earnings call.Source: earnings call transcript | — | — | +0.8% |
| Book-to-bill ratio | — | — | — | 3.2 ratioWe recorded a second quarter book-to-bill ratio of 3.2:1.Source: earnings call transcript | 4 ratioWe ended the quarter with a record backlog of $292 billion up $113 billion when compared to the third quarter of 2025 and a book-to-bill of 4 times.Source: earnings call transcript | +25% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.