Lockheed Martin Corporation: Beat — EPS $7.97, Revenue $20.71B
Earnings BeatQ3 2026 · Pre-market
Did Lockheed Martin Corporation (LMT) beat earnings today?
Yes, Lockheed Martin Corporation (LMT) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+5.98% surprise
$7.97Actual
Expected: $7.52
vs. year ago +14.6%
Total Revenue+1.22% surprise
$20.71BActual
Expected: $20.46B
vs. year ago +11.3%
Released Oct 22 · 6:20 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Sales | $20.71B | $18.61B | +11.0% |
| Revenue detail — reported lines | |||
| └─Aeronautics | $8.21B | $7.26B | +13.0% |
| └─Missiles and Fire Control | $4.50B | $3.62B | +24.0% |
| └─Rotary and Mission Systems | $4.51B | $4.37B | +3.0% |
| └─Space | $3.48B | $3.36B | +4.0% |
| Net earnings | $1.84B | $1.62B | +14.0% |
| Basic EPS | $8.00 | $6.98 | +14.6% |
| Diluted EPS | $7.97 | $6.95 | +14.7% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Sales | — | ~$80,000-$82,000M (prev. $79,750-$81,750M) |
| Business segment operating profit | — | ~$8,575-$8,675M (prev. $8,500-$8,700M) |
| Total FAS/CAS pension adjustment | — | ~$1,365M (prev. $1,365M) |
| Diluted earnings per share | — | ~$30.35-$30.75 (prev. $29.95-$30.65) |
| Cash from operations | — | ~$10,000-$10,200M (prev. $9,200-$9,400M) |
| Capital expenditures | — | ~$2,100-$2,300M (prev. $2,000-$2,400M) |
| Free cash flow | — | ~$7,800-$8,000M (prev. $7,000-$7,200M) |
Business Highlights
- ➤Set a record $292.0 billion backlog, including $52.5 billion for PAC-3 MSE interceptors.
- ➤All four business segments posted year-over-year growth.
- ➤F-35 production and sustainment contract volume increased.
- ➤C-130 pre-contract costs were liquidated following an anticipated contract award.
- ➤PAC-3, THAAD, GMLRS and PrSM programs advanced through production ramps.
- ➤SEMS radar programs recorded higher volume.
- ➤Strategic and missile defense programs increased volume on FBM and NGI.
- ➤The company raised its dividend for the 24th consecutive year.
- ➤F-35 Lots 20-22 production-contract negotiations with the U.S. Government remain ongoing.
Management Commentary
Jim Taiclet, Chairman, President and CEO
“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.”
Jim Taiclet, Chairman, President and CEO
“By pulling through our existing platforms and systems using innovations from multiple sources and with newly available digital technology, we can drive elevated growth in our financial performance as well. In the third quarter each of our four segments posted growth year-over-year, sales topped $20.7 billion and net earnings exceeded $1.8 billion, increases of 11% and 14% respectively. We delivered $3 billion of free cash flow in the quarter, and increased our backlog to a record $292 billion, allowing us to raise our dividend for the 24(th) year in a row. The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow, the second consecutive quarter we have raised our financial guidance.”