Jun 2026 (Q2 FY26) — Jul 23, 2026
Lockheed Martin Q2 FY26 — Record Backlog and Raised Full-Year Guidance
Read the full callLockheed Martin (LMT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Lockheed Martin earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 20,063 | +10.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.4 | +8.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,836 | +436.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 27 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Recovery of the ERP-driven working capital shortfall | resolved by the second quarter | Mar 2026 | We restored the temporary dip in free cash flow that resulted from the ERP rollout last quarter, reflecting the effectiveness of the planned recovery we outlined earlier this year. | Achieved |
| Aeronautics segment operating margin | 9.8% at the midpoint | Dec 2025 | Margins are pegged modestly lower than our prior guidance as we scale up new contracts in F-35 production expand sustainment work and absorb the F-16 and C-130 challenges we realized in Q1. | Revised Down |
| Capital investment to accelerate munitions production capacity | a multibillion-dollar investment over the next 3 years across facilities in 5 states | Dec 2025 | our commitment to invest a total of between $8 billion to $9 billion of capital in munition scaling is unchanged | On Track |
7 of LOCKHEED MARTIN CORP's 63 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 60 more targets are in the full ledger.
Claimed
- Backlog reached a new all-time high of $230 billion, an increase of roughly $64 billion versus Q2 2025.
- Generated $2.9 billion in free cash flow in Q2 FY26, recovering from a negative $150 million in the prior year period.
- Sales increased 11% year-over-year to $20.1 billion in Q2 FY26.
- Recorded a second quarter book-to-bill ratio of 3.2:1.
- Raised full-year 2026 sales guidance to $79.75 billion-$81.75 billion, representing an 8% year-over-year increase at the midpoint.
Qualified
- Space full-year profit outlook lowered to $1.34 billion-$1.38 billion due to reduced ULA equity earnings from the Vulcan launch anomaly.
- Aeronautics margins pegged modestly lower than prior guidance due to scaling new F-35 contracts, expanding sustainment work, and absorbing Q1 F-16 and C-130 challenges.
Price
$548.23 −0.70% · −$3.86
Performance +10.7% 1Y
1Y: $495.15 on 17 Oct 2025 → $548.23. High $676.7 (2 Mar 2026), low $439.19 (1 Dec 2025).
- Previous close
- $552.09
- 52-week range
- $439.19 – $676.7
- One year
- +8.37%
Overview
- Symbol
- LMT
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 27 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Recovery of the ERP-driven working capital shortfall | resolved by the second quarter | Mar 2026 | We restored the temporary dip in free cash flow that resulted from the ERP rollout last quarter, reflecting the effectiveness of the planned recovery we outlined earlier this year. | Achieved |
| Aeronautics segment operating margin | 9.8% at the midpoint | Dec 2025 | Margins are pegged modestly lower than our prior guidance as we scale up new contracts in F-35 production expand sustainment work and absorb the F-16 and C-130 challenges we realized in Q1. | Revised Down |
| Capital investment to accelerate munitions production capacity | a multibillion-dollar investment over the next 3 years across facilities in 5 states | Dec 2025 | our commitment to invest a total of between $8 billion to $9 billion of capital in munition scaling is unchanged | On Track |
Claimed
- Backlog reached a new all-time high of $230 billion, an increase of roughly $64 billion versus Q2 2025.
- Generated $2.9 billion in free cash flow in Q2 FY26, recovering from a negative $150 million in the prior year period.
- Sales increased 11% year-over-year to $20.1 billion in Q2 FY26.
- Recorded a second quarter book-to-bill ratio of 3.2:1.
- Raised full-year 2026 sales guidance to $79.75 billion-$81.75 billion, representing an 8% year-over-year increase at the midpoint.
Qualified
- Space full-year profit outlook lowered to $1.34 billion-$1.38 billion due to reduced ULA equity earnings from the Vulcan launch anomaly.
- Aeronautics margins pegged modestly lower than prior guidance due to scaling new F-35 contracts, expanding sustainment work, and absorbing Q1 F-16 and C-130 challenges.
The full ledger
Open LOCKHEED MARTIN CORP’s full ledger
A free account opens 5 company ledgers a month. All 63 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Lockheed Martin Q1 FY26 — Strong Demand and Strategic Wins Despite Q1 Headwinds
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Lockheed Martin Q4 FY25 — Record Backlog and Production Ramps Drive Strong Performance
Read the full callEvery analysed call
Lockheed Martin earnings calls (LMT)
Financials
What the filings say
Net profit, year on year: +437% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 17,104 | 18,622 | 17,963 | 18,155 | 18,609 | 20,321 | 18,021 | 20,063 |
| Operating profit | 2,140 | 696 | 2,372 | 748 | 2,280 | 2,331 | 2,063 | 2,479 |
| Operating margin | 12.5% | 3.7% | 13.2% | 4.1% | 12.3% | 11.5% | 11.4% | 12.4% |
| Interest | 256 | 264 | 268 | 274 | 286 | 290 | 269 | 266 |
| Profit before tax | 1,918 | 519 | 2,036 | 417 | 1,938 | 1,531 | 1,774 | 2,178 |
| Tax rate | 15.4% | −1.5% | 15.9% | 18.0% | 16.5% | 12.2% | 16.1% | 15.7% |
| Net profit | 1,623 | 527 | 1,712 | 342 | 1,619 | 1,344 | 1,488 | 1,836 |
| EPS ($ per share) | 6.83 | — | 7.30 | 1.46 | 6.98 | — | 6.47 | 7.98 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 281 | 280 | 279 | 271 | 254 | 240 | 234 | 229 |
| Reserves | 15,434 | 18,401 | 21,636 | 21,600 | 16,943 | 15,398 | 14,551 | 14,034 |
| Total liabilities | 43,427 | 44,357 | 44,672 | 39,914 | 43,614 | 45,621 | 49,284 | 53,119 |
| Fixed assets | 6,124 | 6,591 | 7,213 | 7,597 | 7,975 | 8,370 | 8,726 | 11,292 |
| Total assets | 44,876 | 47,528 | 50,710 | 50,873 | 52,880 | 52,456 | 55,617 | 59,840 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,138 | 7,311 | 8,183 | 9,221 | 7,802 | 7,920 | 6,972 | 8,557 |
| Cash from investing | -1,075 | -1,241 | -2,010 | -1,161 | -1,789 | -1,694 | -1,792 | -1,977 |
| Cash from financing | -4,152 | -5,328 | -4,527 | -7,616 | -7,070 | -7,331 | -4,139 | -4,942 |
| Net cash flow | -2,089 | 742 | 1,646 | 444 | -1,057 | -1,105 | 1,041 | 1,638 |
| Capital expenditure | -1,278 | -1,484 | -1,766 | -1,522 | -1,670 | -1,691 | -1,685 | -1,649 |
| Free cash flow | 1,860 | 5,827 | 6,417 | 7,699 | 6,132 | 6,229 | 5,287 | 6,908 |
LMT revenue by segment
Rotary and Mission Systems shrank from 26% to 22% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Aeronautics | 38% | 43% | 39% | — | 39% | — | 39% | 40% | — |
| Rotary and Mission Systems | 26% | 23% | 24% | 22% | 24% | 23% | 22% | 22% | +9.0% |
| Missiles and Fire Control | 19% | 18% | 19% | 19% | 19% | 20% | 20% | 20% | +19.5% |
| Space | 18% | 16% | 18% | 18% | 18% | 16% | 19% | 17% | +5.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
LMT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Jun 2026 Q2 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 | +18.6% |
| 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% |
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.
Revenue by region
Q2 FY2026 · share of revenue
- US 71% ↓ 4 pt
- Europe 14% ↑ 4 pt
- Asia Pacific 10% ↑ 1 pt
- Other Region 4% ↑ 1 pt
- Middle East 2% ↓ 2 pt
As LMT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
90 filings between Oct 23, 2025 and Aug 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$3.95M
24 sales by 6 insiders
Compensation
not trading decisions- 9
- Award — granted as compensation
- 27
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 2 I filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| St John Frank A | — | $3.83M | Oct 23, 2025 |
| Lightfoot Robert M JR | — | $117.6K | Aug 12, 2026 |
| Hill Stephanie C. | — | $6.7K | Feb 24, 2026 |
| Donovan John | — | $0 | Aug 13, 2026 |
| Ulmer Gregory M | — | $0 | Feb 27, 2026 |
| Cahill Timothy S | — | $0 | Mar 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 13, 2026 | Donovan John Director | Sale | 631 | $0 |
| Aug 13, 2026 | Donovan John Director | Sale | 469 | $0 |
| Aug 13, 2026 | Donovan John Director | Sale | 1,742 | $0 |
| Aug 13, 2026 | Donovan John Director | Sale | 120 | $0 |
| Aug 13, 2026 | Donovan John Director | Sale | 212 | $0 |
| Aug 13, 2026 | Donovan John Director | Sale | 204 | $0 |
| Aug 12, 2026 | Lightfoot Robert M JR President Space | Sale | 196 | $117.6K |
| Aug 11, 2026 | Lightfoot Robert M JR President Space | Sale | 846 | $0 |
| Aug 11, 2026 | Lightfoot Robert M JR President Space | Sale | 1,564 | $0 |
| Jul 31, 2026 | St John Frank A Chief Operating Officer | Code I | 7 | $0 |
| Jun 11, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Gift | 368 | $0 |
| Apr 1, 2026 | Hollub Vicki A. Director | Option exercise | 416 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 400 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 440 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 1,280 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 900 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 80 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 640 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 280 | $0 |
| Mar 11, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sale | 600 | $0 |
| Feb 27, 2026 | Ulmer Gregory M President Aeronautics | Sale | 2,520 | $0 |
| Feb 27, 2026 | Ulmer Gregory M President Aeronautics | Sale | 320 | $0 |
| Feb 26, 2026 | O'Connor Kevin J. SVP & General Counsel | Tax withheld | 2,566 | $1.65M |
| Feb 26, 2026 | O'Connor Kevin J. SVP & General Counsel | Option exercise | 5,285 | $0 |
| Feb 24, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Sale | 10 | $6.7K |
| Feb 24, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Sale | 2,400 | $0 |
| Feb 22, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Tax withheld | 2,166 | $1.43M |
| Feb 22, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Award | 2,059 | $0 |
| Feb 22, 2026 | St John Frank A Chief Operating Officer | Tax withheld | 2,993 | $1.97M |
| Feb 22, 2026 | St John Frank A Chief Operating Officer | Award | 3,063 | $0 |
| Feb 22, 2026 | St John Frank A Chief Operating Officer | Option exercise | 3,756 | $0 |
| Feb 22, 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Option exercise | 2,517 | $0 |
| Feb 22, 2026 | Ricciardone Maria A. VP, Treasurer & Investor Rel. | Tax withheld | 230 | $151.4K |
| Feb 22, 2026 | Scott Evan T Chief Financial Officer | Award | 209 | $0 |
| Feb 22, 2026 | Ricciardone Maria A. VP, Treasurer & Investor Rel. | Award | 99 | $0 |
| Feb 22, 2026 | Ricciardone Maria A. VP, Treasurer & Investor Rel. | Option exercise | 417 | $0 |
| Feb 22, 2026 | Paul Harry Edward III Vice President & Controller | Award | 209 | $0 |
| Feb 22, 2026 | Paul Harry Edward III Vice President & Controller | Option exercise | 886 | $0 |
| Feb 22, 2026 | Lightfoot Robert M JR President Space | Tax withheld | 2,080 | $1.37M |
| Feb 22, 2026 | Lightfoot Robert M JR President Space | Award | 2,059 | $0 |
| Feb 22, 2026 | Lightfoot Robert M JR President Space | Option exercise | 2,627 | $0 |
| Feb 22, 2026 | Paul Harry Edward III Vice President & Controller | Tax withheld | 495 | $325.8K |
| Feb 22, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Tax withheld | 1,752 | $1.15M |
| Feb 22, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Award | 2,059 | $0 |
| Feb 22, 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Option exercise | 2,533 | $0 |
| Feb 22, 2026 | Scott Evan T Chief Financial Officer | Tax withheld | 533 | $350.9K |
| Feb 22, 2026 | TAICLET JAMES D JR Chairman, President & CEO | Tax withheld | 7,661 | $5.04M |
| Feb 22, 2026 | TAICLET JAMES D JR Chairman, President & CEO | Award | 7,842 | $0 |
| Feb 22, 2026 | TAICLET JAMES D JR Chairman, President & CEO | Option exercise | 9,618 | $0 |
| Feb 22, 2026 | Scott Evan T Chief Financial Officer | Option exercise | 886 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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