EarningsQ2 2026 Earnings Report
MX:LMT Q2 2026 EPS Results
Actual EPS$136.76
Consensus EPS$123.93
Beat/MissBeat by +$12.83
One Year Ago EPS$25.15
MX:LMT Q2 2026 Revenue Results
Actual Revenue$345.57B
Expected Revenue$333.11B
Beat/MissBeat by +$12.47B
YoY Revenue Growth+10.51%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:LMT Upcoming Earnings
Lockheed Martin's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LMT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted substantial operational and financial momentum: record backlog (+$64B YoY), accelerated revenue (Q2 sales +11% YoY; +7% ex. adjustments), a strong free cash flow turnaround (+$3.0B YoY to $2.9B), and raised full-year guidance across sales, operating profit and free cash flow. Munitions (MFC) was a standout with 19% sales growth and 24% profit growth in Q2, while broad-based segment uplifts and major contract awards underpin multi-year growth. Key challenges include a reduced Space profit outlook tied to the ULA Vulcan anomaly, modest Aeronautics margin pressure from F-16/C-130 issues, and near-term margin dilution/execution risks as large framework agreements transition to multiyear contracts and as government funding/timing is finalized. Overall, the positive operational and financial beats, sizeable backlog and upgraded guidance materially outweigh the identified risks, though execution and contract-conversion milestones will be important to monitor.Company Guidance
Record Backlog and Strong Book-to-Bill
Backlog reached an all-time high of $230.0 billion, an increase of roughly $64 billion versus Q2 2025, with a Q2 book-to-bill ratio of 3.2:1 and $65 billion of orders recorded in the quarter.
Revenue Acceleration and Improved Profitability
Quarterly sales of $20.1 billion, up $1.9 billion or 11% year-over-year (7% ex. prior-year unfavorable adjustments). Segment operating profit rose to $2.2 billion and operating margin was 10.8%. GAAP EPS was $7.94.
Free Cash Flow Turnaround
Free cash flow improved by approximately $3.0 billion year-over-year, from negative $150 million in Q2 2025 to positive $2.9 billion in Q2 2026, driven by favorable timing of customer receipts and lower tax payments.
Raised Full-Year 2026 Guidance Across Key Metrics
Full-year sales guidance raised to $79.75B–$81.75B (midpoint ~+8% YoY), segment operating profit guidance increased to $8.5B–$8.7B, free cash flow guidance raised to $7.0B–$7.2B, EPS guidance set to $29.95–$30.65, and capex guidance narrowed to $2.0B–$2.4B.
Missiles & Fire Control (MFC) Surge
MFC sales were up 19% year-over-year in Q2 and profit up 24% YoY. First-half MFC sales grew 14% YoY. Full-year MFC sales guidance raised to $16.5B–$16.9B with profit guidance of $2.3B–$2.35B and continued mid-teens margins expected.
Broad-Based Segment Growth and Specific Segment Outlooks
Every segment raised full-year sales outlooks: Aeronautics $31.7B–$32.7B (profit $3.0B–$3.08B), RMS $17.7B–$18.1B (profit $1.86B–$1.89B), Space $13.85B–$14.05B (profit $1.34B–$1.38B). Company expects stronger H2 growth (high-single to low-double digits in H2).
Major Contract Awards and Program Wins
Notable wins include a 7-year $35B Missile Defense Agency award to ramp interceptors, a $3B Army production contract, a up-to-$1.1B MARS award, $2.3B radar contract, $1.4B of cumulative modifications on hypersonic programs, selection for Space-based interceptor prototype development, and a $1.6B F-35 spare parts award (largest in F-35 history).
Production & Delivery Execution
Resumed deliveries for F-16 (2 delivered) and increased C-130 output (7 delivered) in the quarter; delivered second shipset of radar to Japan; progress on hypersonic and next-gen glide-body demonstrations and PRISM gate clearance.
Strategic Investment, Capacity Expansion & M&A
Invested $876 million in capex and R&D in Q2; opened missile assembly building in Cortland, broke ground on 87,000 sq. ft. munitions center in Troy, progressed Titusville facility, and announced agreement to acquire Ultra Maritime to expand undersea/autonomy capabilities. Partnerships include GM Defense and NATO/European co-production efforts.
Rapid Innovation and Fieldable Prototypes
Demonstrated rapid integration capability: Santam counter-UAS solution went from concept to successful live-fire in ~45 days; won a contract to develop a containerized 500 kW laser (highest power containerized laser to date); QuadStarSeeker and Morpheus demonstrations validated rapid prototyping approach.
MX:LMT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed