LMT
Lockheed Martin Corporation
Price as of Jul 17, 2026
LMT earnings
Lockheed Martin Corporation earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $6.74 | $6.44 | -4.5% | $18.0B | -1.1% |
| Jan 29, 2026 | $7.07 | $5.80 | -18.0% | $20.3B | +8.6% |
| Oct 21, 2025 | $6.38 | $6.95 | +8.9% | $18.6B | +0.3% |
| Jul 22, 2025 | $6.52 | $7.29 | +11.8% | $18.2B | -2.2% |
| Apr 22, 2025 | $6.34 | $7.28 | +14.8% | $18.0B | +1.0% |
| Jan 28, 2025 | $6.62 | $7.67 | +15.9% | $18.6B | -1.3% |
| Oct 22, 2024 | $6.50 | $6.80 | +4.6% | $17.1B | -1.6% |
| Jul 23, 2024 | $6.46 | $6.85 | +6.0% | $18.1B | +6.4% |
| Jan 23, 2024 | $7.26 | $7.88 | +8.5% | $18.9B | +5.1% |
| Oct 17, 2023 | $6.67 | $6.73 | +0.9% | $16.9B | -1.0% |
| Jul 18, 2023 | $6.45 | $6.63 | +2.8% | $16.7B | +4.9% |
| Apr 18, 2023 | $6.06 | $6.61 | +9.1% | $15.1B | +0.5% |
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- High demand for defense technologies and space exploration capabilities. - Recent win of $1.5 billion contract with Peruvian Air Force for F-16 fighters. - Artemis II mission with Orion spacecraft was near-flawless. - Platforms performed well in active conflict zones. - Plans to quadruple production of PRISM and expand production of PAC-3 and THAAD interceptors. - Announced $4.8 billion contract to accelerate PAC-3 production. - Investing in facilities for expanded production. - Backed over 120 companies with Venture Fund. - Top focus areas: enhancing/accelerating execution, innovation, partnerships, international demand, and growing workforce.
Guidance
- 2026 financial outlook remains consistent with mid-single-digit sales growth, profit of 8.4 to 8.7 billion, and free cash flow range of 6.5 to 6.8 billion. - Expect margins to improve over the course of the year with gains in the second half. - Full-year cash guidance remains, with higher cash flow weighted towards latter half of the year. - IRS favorable guidance on corporate alternative minimum tax strengthens confidence in reaching upper end of cash flow range.
Segment performance
Aeronautics: First quarter sales decreased 1% year over year, segment operating profit decreased 14% compared to prior year. Missiles and Fire Control: Sales increased 8% from prior year, segment operating profit increased 8% year-over-year. Rotary Emission Systems: Sales decreased 8% year over year, operating profit decreased 19% compared to prior year. Space: Sales increased 7% year over year, operating profit decreased 26% compared to prior year.
Risks & headwinds
- Unfavorable performance adjustments at aeronautics associated with F-16 and C-130. - Supplier constraints and integration challenges on C-130. - Cost growth on some RMS programs and material timing issues. - Risk management related to multi-year munitions acceleration agreements, including clawback mechanisms and supply chain pinch points. - Classified program risks with ongoing scrutiny and need for proper contract structuring.
Analyst Q&A
Q: Focus on F-35, reorient on program, role in modern warfare, outlook for production and sustainment.
A: F-35's performance in active operations is definitive, uniquely capable as fifth-gen platform, demand from US and allies heightened.
Q: Additional color on aeronautics and RMS results, adverse profit adjustments.
A: F-16 had rework and schedule delay but back on track, F-35 production margins accretive; RMS had cost growth and material timing issues.
Q: Talk about multi-year contracts in missiles and fire control, risk side.
A: Team effort with government and suppliers, risk-managed arrangement with clawback mechanisms and inflation-based escalator.
Q: Update on classified program in aeronautics, risk trending.
A: Increased scrutiny, path through flight test, government committed.
Q: Opportunity to accelerate classified missile program production at MFC.
A: Similar context, interest in accelerating, risk mitigation in place.
Q: Free cash flow, working capital, cadence.
A: ERP transformation, F-35 progress, back-end loaded cash.
Q: Pinch points in ramping MFC capacity.
A: Solid rocket motors and seeker for Patriot, supply chain improvements and government support.
Q: AI strategy, development.
A: AI in in-house systems and product/services, Lockheed Martin Artificial Intelligence Center, ethical standard.
Q: Evolving landscape, competition for talent, contracting, investments.
A: Welcome competition, investing in startups, retention rates, moving to commercial contracting, constructive on new entrants.
Q: Clarification on growth rate, cash flow, working capital, CapEx.
A: Shorter time period impact, cash burn on classified programs, CapEx and cash flow assumptions
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-23.