Lockheed Martin Corporation (LMT) Earnings
Lockheed Martin Corporation is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $7.20. LMT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise -0.4% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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