Lockheed Martin Q2 2026: Record $230B Backlog Drives Big Earnings Beat
As seen on the 24/7 Wall St. homepage on July 23, 2026.
Lockheed Martin crushed earnings with a record $230 billion backlog and $65 billion in new orders, raising full-year profit guidance on surging demand for missile systems and munitions ramps across Missiles and Fire Control, which grew sales 19% year-over-year.
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Lockheed Martin reported Q2 2026 earnings per share of $7.94, beating the consensus estimate of roughly $7.20 by about 10%. Revenue came in at $20.06 billion, clearing expectations of $19.33 billion by nearly 4%. The company also raised its full-year profit guidance, signaling confidence that elevated demand is not a one-quarter phenomenon.
The standout driver was the Missiles and Fire Control segment, where sales grew 19% year-over-year on surging demand for missile systems and munitions. That momentum helped Lockheed secure $65 billion in new orders during the quarter, pushing its total backlog to a record $230 billion — a figure that effectively locks in revenue for years ahead and gives management a clear runway for the guidance raise.
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Zooming out across recent quarters, the result is a sharp rebound from two notable misses: Q4 2024, when reported EPS of $2.22 came in far below the $6.60 estimate, and Q2 2025, when reported EPS of $1.46 missed the $6.42 estimate by a wide margin. The Q2 2026 print is Lockheed's strongest reported EPS in the trailing nine quarters shown, and the backlog record suggests the defense contractor enters the second half of 2026 with considerable order momentum behind it.
Mentioned: LMT