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Lockheed Martin LMT Q2 2026 earnings

Reported July 23, 2026 · Before market open

Revenue estimate$19.3B
EPS estimate$7.19
“These results are powered by consistent performance on the commitments we've made and by our investments to support the missions our customers will face next. Over the quarter, we took a major step forward in transforming munitions production, putting the framework agreements we announced earlier this year into action by signing a $35 billion multi-year contract with the Missile Defense Agency for THAAD. We continue to innovate at the speed our customers' missions demand, taking our Sanctum counter-drone system from concept to successful live fire testing in just 45 days by combining a battle manager, radar, launcher, and combat-proven missile into one engagement chain. And, we are investing strategically to strengthen global defense manufacturing capabilities through our collaboration with General Motors Defense in the U.S. and our agreement with Rheinmetall to co-produce ATACMS in Europe.”
Lockheed Martin Chairman

Next report

Oct 22, 2026 (In 2 weeks)
Revenue estimate$20.4B
EPS estimate$7.54

Financials

Q2 2026

Income statement

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Revenue$20.1B+10.5%
Gross profit$2.4B+233%
Operating income$2.5B+231%
Net income$1.8B+437%
EPS (diluted)$7.94+444%

Balance sheet

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Cash & equivalents$3.8B+193%
Total debt$20.5B-5.1%
Total equity$8.8B+64.4%
Total assets$62.5B+6.1%

Cash flow

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Operating cash flow$3.2B+1,509%
CapEx$318.0M-9.4%
Free cash flow$2.9B—

Valuation & ratios

Valuation

as of 10/02/26
See full
Market cap$116.66B+0.1%
Enterprise value$133.41B-1.4%
P/E18.6×-9.2×
P/S1.5×-0.1×

Profitability

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Gross margin11.8%+3.6pp
Operating margin11.9%+3.6pp
Net margin8.2%+2.3pp
FCF margin11.3%+6.5pp

Returns & leverage

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Return on equity89.2%+16.1pp
Debt / equity2.3×-1.7×
Current ratio1.2×+0.2×

Segments

By segment

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Aeronautics$8.1B+9.3%
RMS$4.4B+9.0%
MFC$4.1B+19.5%
Space$3.5B+5.7%

By geography

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Europe$2.8B+34.3%
Asia Pacific$2.0B+6.8%
Other$706.0M+227%
Middle East$384.0M-49.3%

By product

See full
Services$3.3B+9.1%

FAQ

When did Lockheed Martin report Q2 2026 earnings?
Lockheed Martin (LMT) reported Q2 2026 earnings on July 23, 2026 before market open.
What were Lockheed Martin's Q2 2026 revenue and EPS?
Lockheed Martin reported revenue of $20.1B and diluted eps of $7.94 for Q2 2026.
Did Lockheed Martin beat estimates in Q2 2026?
Revenue beat the consensus estimate of $19.3B by $723.7M. EPS beat the consensus estimate of $7.19 by $0.75.
Where can I find Lockheed Martin's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001628280-26-049277) and the 10-Q periodic report (0001628280-26-049411) directly on SEC EDGAR. The filing index links above go to sec.gov.