Lockheed Martin (LMT) Q3 2026 Earnings
How Did LMT Stock React to Q3 2026 Earnings?
Did LMT Beat Earnings? Q3 2026 Results
Yes. Lockheed Martin reported Q3 2026 earnings of $7.97 a share on Oct 22, 2026, beating the $7.52 consensus estimate by 6.0%. Revenue was $20.7B against a $20.5B estimate.
Lockheed Martin delivered a convincing third-quarter 2026 beat across the board, posting GAAP earnings per share of $7.97 against a consensus estimate of $7.52, a 6.02% beat, while revenue climbed 11.3% year over year to $20.71 billion, edging past the $20.46 billion Wall Street expectation by 1.21%. The headline driver was a broad-based surge in demand for missile and air defense systems, with the Missiles and Fire Control segment advancing 24% on accelerating production of PAC-3, THAAD, and related munitions programs, a trend that mirrored the robust defense order environment signaled by peers in the sector. Aeronautics added further momentum on higher F-35 production and sustainment volume, and the company's total backlog swelled to a record $292 billion following a $52.50 billion multi-year PAC-3 MSE interceptor award. Management raised its full-year 2026 outlook for the second consecutive quarter, now guiding to sales of approximately $80 billion to $82 billion, diluted EPS of $30.35 to $30.75, and free cash flow of $7.80 billion to $8.00 billion, the last figure representing a roughly $800 million improvement at the midpoint from prior guidance.
- Munition production ramps at Missiles and Fire Control (PAC-3, THAAD, GMLRS, PrSM)
- Higher F-35 production and sustainment volume at Aeronautics
- C-130 pre-contract cost liquidation of $270 million
- Higher radar program volume at Rotary and Mission Systems
- Fleet Ballistic Missile and Next Generation Interceptor volume growth in Space
- Lower effective tax rate of 15.1% vs 16.5% due to increased FDDEI tax deductions
“Our strong third quarter performance underscores Lockheed Martin's continuing leadership in the development and delivery of advanced and reliable defense technology solutions. Every day, our research, engineering and production teams are putting highly effective and scalable capabilities in the field. We strive to improve mission performance on a continuous basis by combining proven systems like Aegis, F-35, and Hellfire with the latest digital technologies including AI and Autonomy. We are doing this by integrating our internal innovative solutions with those of start-ups, new entrants into our industry, and commercial technology leaders.”
Lockheed Martin CEO, on the earnings call
What Is Lockheed Martin's Outlook?
Lockheed Martin raised its full-year 2026 financial outlook for the second consecutive quarter. Sales are now expected at approximately $80,000-$82,000 million (up from $79,750-$81,750 million). Diluted EPS is guided to approximately $30.35-$30.75 (up from $29.95-$30.65). Cash from operations is now expected at approximately $10,000-$10,200 million (up from $9,200-$9,400 million). Free cash flow outlook was raised to approximately $7,800-$8,000 million (up from $7,000-$7,200 million). Business segment operating profit is expected at approximately $8,575-$8,675 million (narrowed from $8,500-$8,700 million). The company noted that F-35 Lot 20 costs have begun exceeding current contractual authorization, which could negatively impact future results without additional U.S. Government funding.
LMT YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $20.7B | $18.6B | +11.3% |
| Gross Profit | $2.4B | $2.2B | +8.7% |
| Operating Income | $2.4B | $2.3B | +7.1% |
| Net Income | $1.8B | $1.6B | +14.0% |
LMT Revenue by Segment
When Does Lockheed Martin Report Next?
Figures from SEC filings and company reports. Not investment advice.