[LMT] Lockheed Martin: Q3 2026 Earnings Preview, Munitions Ramp and F-35 Deliveries

Lockheed Martin is an aerospace and defense technology company that develops, builds and sustains F-35 fighters, air and missile defense interceptors, helicopters and space systems for the United States and its allies[1]. Ahead of Lockheed Martin Q3 2026 earnings, the earnings calendar shows a results call on 2026-10-20 covering the third quarter of 2026, ending September 27, 2026, although the company had not confirmed that date as of September 20, 2026[2]. In the most recently reported period, the second quarter of 2026, sales were $20,063 million, up 11% from a year earlier, business segment operating profit was $2,162 million, diluted earnings per share were $7.94 and free cash flow was $2,917 million[3]; new orders in the quarter were about $65 billion and backlog rose to a record of about $230 billion[4]. On July 23 the company raised its 2026 outlook to sales of about $79.75 billion to $81.75 billion, segment operating profit of about $8.5 billion to $8.7 billion, earnings per share of about $29.95 to $30.65 and free cash flow of about $7.0 billion to $7.2 billion[5], and management said on the call that second-half sales would grow 7% to 12% from a year earlier[6]. On the analyst side, the full-year 2026 consensus of 20 analysts compiled by stockanalysis.com is sales of $81.01 billion and earnings per share of $30.50 (data updated September 8, 2026), and both figures sit in the upper part of the company's guidance ranges[7].

Three things are worth watching in the third-quarter disclosure. The first is whether the production ramp at Missiles and Fire Control keeps pace with guidance: the segment grew sales 19% in the second quarter with a 14.5% margin[8], and its backlog rose from $46,650 million to $87,882 million in six months[9], but the company states in its 10-Q that it cannot assure capacity will increase at the expected rate[10], and the chief financial officer has acknowledged that large contracts dilute margin early in a ramp[11], so third-quarter sales and margin will show how quickly orders are turning into revenue. The second is F-35 deliveries and the Aeronautics margin: the F-35 was about 28% of the company's second-quarter sales[12], yet only 19 jets were delivered in the quarter against 50 a year earlier[13], the company gave no explanation, and the top end of the Aeronautics full-year sales range depends on when the next F-35 production lot is awarded[14]. The third is the quality of the profit rebound and the collection of cash: second-quarter segment operating profit rose by about $1.6 billion from a year earlier mainly because about $1.6 billion of prior-year reach-forward losses did not recur[15], first-half free cash flow was only $2,626 million[3], the full-year outlook of $7.0 billion to $7.2 billion implies about $4.4 billion to $4.6 billion in the second half[5], and the third-quarter 10-Q will show whether cumulative losses on the troubled programs have changed and whether collections have kept up with revenue.

Company Background and Business Structure

Lockheed Martin is a defense prime contractor whose main customer is the U.S. Government. The company is headquartered in Bethesda, Maryland, was formed in 1995 by the merger of Lockheed and Martin Marietta, is listed on the New York Stock Exchange, and describes itself as a global aerospace and defense technology company that develops, builds and sustains weapon systems and space systems for America and its allies[1]. At the end of 2025 it had about 123,000 employees, including about 72,000 engineers, scientists and information technology professionals, with about 93% located in the United States and about 19% covered by collective bargaining agreements[16]. In 2025 the company derived 72% of its sales from the U.S. Government, including 63% from the Department of War (formerly the Department of Defense), and 28% from international customers[17]; about 77% of international sales went through the U.S. Government's foreign military sales channel and about 23% were direct commercial sales[18].

Sales are spread across four segments, and Aeronautics is the largest, with a single program, the F-35, determining its scale. Aeronautics had 2025 sales of $30,257 million, about 40% of the company, and its main programs are the F-35, C-130, F-16 and F-22[19]; the F-35 generated 27% of company sales and 67% of Aeronautics sales and consists of development, production and sustainment contracts[20]. Missiles and Fire Control had sales of $14,450 million, about 19%, and its products include the PAC-3 interceptor, the THAAD missile defense system, PrSM, JASSM, LRASM, GMLRS, Hellfire and Javelin[21]. Rotary and Mission Systems had sales of $17,312 million, about 23%, and covers Sikorsky helicopters, the Aegis combat system, radars and training simulation; Space had sales of $13,029 million, about 17%, and works on the Trident submarine-launched ballistic missile, missile warning satellites, GPS III and the Orion crew spacecraft[19], and it holds a 50% interest in United Launch Alliance (ULA) under the equity method, with Boeing holding the other 50%[22].

The way customers buy sets both the rhythm and the risk of this business. The U.S. Government funds programs through annual budgets and orders in lots, and contracts are either cost-reimbursable or fixed-price: cost-reimbursable contracts were about 40% of 2025 sales, with the company billing actual costs plus a fee, which means low risk and low margin, while fixed-price contracts carry higher margins but leave cost overruns with the company[23]. The company performs final assembly, systems integration and software itself and buys a large share of components and subsystems, and its operating purchase obligations to suppliers stood at $82.8 billion at the end of 2025[24]. Management has named solid rocket motors and seekers as the pinch points in the munitions ramp[25], and the 10-Q also flags uncertainty over the supply of rare earth minerals[26].

Financial History and Current Position

Over the past three years Lockheed Martin's sales grew steadily while profit was repeatedly interrupted by program losses. Sales rose from $67,571 million in 2023 to $71,043 million in 2024 and $75,048 million in 2025; over the same period operating profit fell from $8,507 million to $7,013 million and was $7,731 million in 2025, net earnings fell from $6,920 million to $5,336 million and $5,017 million, and diluted earnings per share fell from $27.55 to $22.31 and $21.49[27]. The gap came mainly from reach-forward losses on fixed-price programs: in 2024 a classified program at Aeronautics took a $555 million charge and that segment's margin fell from 10.3% to 8.8%[28], while a classified program at Missiles and Fire Control took about $1.4 billion and pushed that segment's margin down to 3.3% for the year[29]; in 2025 the company booked a further $950 million on the Aeronautics classified program, $570 million on the Canadian Maritime Helicopter Program and $95 million on the Turkish Utility Helicopter Program, $1,615 million in total[30]. In 2025 there was also $874 million of non-service pension expense, which lowered net earnings further[27].

Cash flow was steadier than profit, and the year-end balance sheet did not deteriorate noticeably. In 2025 cash from operations was $8,557 million, capital expenditures were $1,649 million and free cash flow was $6,908 million[31], and the company repurchased $3.0 billion of its stock that year[32]. At the end of 2025 backlog was $193.6 billion[33], cash was $4,121 million[34], and debt principal was $22.9 billion, or about $21.7 billion net of roughly $1.2 billion of unamortized discounts and issuance costs[35].

In 2026 the two reported quarters looked very different, and only the second showed growth accelerating. The first quarter had just 12 weeks[36], with sales of $18,021 million, flat from a year earlier, earnings per share of $6.44 and free cash flow of negative $291 million[37]. Second-quarter sales were $20,063 million, up 11%, with segment operating profit of $2,162 million, net earnings of $1,836 million, earnings per share of $7.94 and free cash flow of $2,917 million[3]; segment margin was 10.8%, and management said sales grew 7% after excluding the effect of the prior-year unfavorable adjustments[38]. By segment, second-quarter sales were $8,112 million at Aeronautics, $4,101 million at Missiles and Fire Control, $4,354 million at Rotary and Mission Systems and $3,496 million at Space[39], with margins of 9.4%[40], 14.5%[8], 10.0%[41] and 10.6%[42] respectively.

First-half cash went mainly to dividends and debt repayment, and the company raised its full-year outlook at the same time. First-half sales totaled $38,084 million, earnings per share $14.38 and free cash flow $2,626 million[3]; the company paid $1,612 million of dividends[43], repaid $1.2 billion of maturing notes and repurchased no stock[44], and at the end of June it held $3,791 million of cash[34] against $21.7 billion of debt principal[35]. On July 23 it raised its 2026 outlook to sales of about $79.75 billion to $81.75 billion, segment operating profit of about $8.5 billion to $8.7 billion, earnings per share of about $29.95 to $30.65 and free cash flow of about $7.0 billion to $7.2 billion, while lowering capital expenditure guidance from $2.5 billion to $2.8 billion to about $2.0 billion to $2.4 billion[5].

Operating Model

Lockheed Martin's sales come from long-term government contracts, and quarterly sales are determined by the volume of work on the production lines rather than by deliveries. Customers order in lots out of annual budgets: the F-35 is contracted by production lot, and the last agreement covered Lots 18 and 19 for 296 aircraft[45]; munitions used to be contracted year by year, and starting in 2026 PAC-3, THAAD and PrSM are moving to multi-year framework agreements[46]. Signed contracts enter backlog, which stood at $230.4 billion at the end of June, and the company expects about 30% of it to convert to sales over the next 12 months and about 50% over 24 months[47], which means the lag from order to revenue is typically one to two years or longer. Nearly all contracts recognize revenue as costs are incurred, which is why only 19 F-35s were delivered in the second quarter of 2026[13] while sales on F-35 production contracts still rose $475 million from a year earlier[48]. There is also a calendar effect: the first quarter of 2026 had 12 weeks and the fourth quarter will have 14, which shifts sales between quarters[36].

Profit depends on the profit booking rate of each contract, and changes to booking rates can swing quarterly profit sharply. For each contract the company estimates total revenue and total cost at completion, derives an expected margin and recognizes profit at that rate as costs are incurred; cost-reimbursable contracts were about 41% of first-half 2026 sales and carry low risk with capped fees, while fixed-price contracts offer higher margins but leave overruns with the company[49]. The estimates are reviewed every quarter: when risks are retired and deliveries go well the booking rate is raised and the additional profit is recorded at once on a cumulative catch-up basis, when costs overrun or schedules slip it is lowered, and when estimated total cost exceeds the contract price the entire loss on the contract is recorded in the current period[50]. Of the $2,162 million of segment operating profit in the second quarter of 2026, $375 million, or 17%, came from net favorable adjustments, whereas the net adjustment a year earlier was negative $1,045 million[51], when segment profit was only $571 million[3]. To get from segment profit to consolidated operating profit, the FAS/CAS pension adjustment ($422 million in the second quarter) is added and intangible amortization and other unallocated items are deducted, giving consolidated operating profit of $2,479 million for the second quarter[3].

Billing schedules stand between profit and cash, so quarterly cash flow swings far more than profit. Cost-reimbursable contracts can be billed as costs are incurred, while fixed-price contracts are mostly paid on agreed milestones[49]; revenue that has been recognized but not yet billed is recorded as contract assets, which were $16,038 million at the end of June[34], up $3.0 billion in six months mainly because of the F-35 and tactical missiles[52], and the company sometimes funds materials before a contract is awarded, with $1.9 billion of such pre-contract costs in inventory at the end of June[53]. Cash from operations was only $220 million in the first quarter of 2026[37] and $3,235 million in the second[3]. Reach-forward losses use no cash when they are recorded and flow out later as costs are incurred: $427 million remains accrued for the Aeronautics classified program[54], $1.1 billion for the Missiles and Fire Control classified program[55] and $365 million for the Canadian helicopter program[56]. Tax is another variable, since the company is no longer subject to the corporate alternative minimum tax in 2026 and its federal income tax payments are lower[57]. Free cash flow then goes, in order, to dividends ($6.90 per share in the first half)[43], maturing debt[44], the $3.45 billion acquisition of Ultra Maritime[58] and a cumulative $8 billion to $9 billion of investment in munitions capacity[59], and only then to share repurchases.

Several parts of this model cannot be observed directly, and those limits should be kept in mind when reading the third-quarter numbers. The company discloses no production volumes, delivery counts or unit prices for any munition, so the pace of the ramp can only be inferred from cost-based measures such as the year-over-year increase in sales, and volume cannot be separated from price. The content, milestones and remaining contract value of the two classified programs are not public, so the only signals are whether cumulative losses and accrued balances change; the delivery schedules and profit mechanisms of the THAAD order are still to be settled when it converts into a definitive multi-year contract, and so far they have only been described orally by management on the call[60]. The company also gives no quarterly guidance, so the third-quarter reference values cited here are arithmetic: full-year guidance less first-half actuals, spread between a 13-week third quarter and a 14-week fourth quarter, and they are not guidance issued by the company[36].

Industry and Competitive Position

The U.S. defense industry is led by a small number of prime contractors that are both rivals and partners. In its 10-K the company names Boeing, General Dynamics, L3Harris Technologies, Northrop Grumman and RTX as primary competitors and notes that companies in the industry frequently act as suppliers or teammates to one another[61]; United Launch Alliance is a joint venture owned half each by the company and Boeing[22]. The company's filings give no quantified comparison of share or margin against these competitors, so its competitive position can only be described here in terms of program standing and the demand environment.

Lockheed Martin's advantage lies in holding several programs that are hard to replace, at a time when demand is running high. The U.S. Government's stated objective is to procure 2,456 F-35s, and there are also seven international partner countries and 12 foreign military sales customers[20], and chief executive Jim Taiclet said he is confident the production rate of 156 aircraft a year will be sustained for quite some time[62]; PAC-3 has been chosen by 17 nations[63]. On the budget side, fiscal 2026 appropriations provided $839.2 billion for national defense[64], and the administration's fiscal 2027 request seeks a $1.5 trillion defense budget that emphasizes munitions framework deals, Golden Dome missile defense and more F-35 purchases[65]; the company signed several munitions framework agreements in the first quarter[46], and backlog reached $230.4 billion in the second quarter[47].

The pressure comes from changes in how the government buys, from fixed-price development contracts and from an executive order aimed at contractors. The government is encouraging commercial solutions and new entrants, and the company itself acknowledges a growing number of non-traditional and non-U.S. competitors[66]. The government is also shifting more risk to contractors through fixed-price development contracts[67], and the company recorded about $3.6 billion of cumulative losses on contracts of this kind across 2024 and 2025. A presidential executive order could in addition restrict dividends, share repurchases and executive compensation once the Department of War determines that a contractor has failed to meet performance requirements[68].

Core Debates

With nearly $88 billion of missile backlog, can Lockheed Martin's munitions lines ramp fast enough to meet guidance in the third quarter without the big new contracts diluting segment margin?

Missiles and Fire Control is the company's fastest-growing and highest-margin segment, and it leads the acceleration behind the raised full-year outlook. In the second quarter the segment grew sales 19% with a 14.5% margin[8], against only 9.4% at Aeronautics[40]; management said the segment's sales grew 14% in the first half and that growth in the second half would be even faster at the updated outlook[69]. Within six months the segment's backlog rose from $46,650 million to $87,882 million[9], so orders are no longer the question, and the question has become whether production lines and supply links such as solid rocket motors and seekers can turn those orders into output[25]. The company itself states in its 10-Q that there can be no assurance capacity will increase at the rate or to the extent it or its customers expect[10].

The available evidence supports the ramp, but the margin baseline contains a one-time element. Second-quarter segment sales were $4,101 million, and of the $668 million year-over-year increase, $560 million came from PAC-3 and THAAD and $100 million from PrSM[8]; management moved the full-year sales range to $16.5 billion to $16.9 billion and the profit range to $2.3 billion to $2.35 billion[69], and on an arithmetic split of that full-year guidance the third quarter needs to reach about $4.2 billion to $4.4 billion. On margin, the 14.5% in the second quarter was above the 13.8% for full-year 2025[29], but $190 million of it came from net favorable adjustments[70]; the chief financial officer acknowledged that large contracts such as THAAD bring some near-term dilution early in a ramp[11], and the full-year profit guidance implies a second-half margin of about 13.7%, below the second quarter.

The chain of financial transmission is clear, and what remains unresolved is the speed of conversion. Multi-year framework agreements and the $35 billion THAAD order provide long-term demand[71], the company and its suppliers schedule production at higher capacity and incur more cost, and sales recognized on a cost-progress basis rise accordingly; new contracts start with low profit booking rates that step up as deliveries are made, so segment margin is diluted first and recovers later. An alternative reading holds equally well: the doubling of backlog came mainly from a THAAD contract action that has not yet been definitized, the share of backlog the company expects to convert within 12 months fell from 37% at the start of the year[33] to about 30%[47], and delivery schedules and profit mechanisms will only be written into the contract when it converts into a definitive multi-year agreement[60]. A large backlog does not mean revenue arrives quickly in the next two quarters, and because the company discloses neither munitions volumes nor unit prices, volume and price cannot be observed separately.

What deserves attention in the third quarter is three sets of numbers, covering sales, attribution and margin, together with progress on contract pricing. The points to check are whether sales reach about $4.2 billion to $4.4 billion with growth above the first half's 14%, whether the year-over-year increase in PAC-3 and THAAD sales shown in the 10-Q attribution is at least the second quarter's $560 million, whether margin holds at about 13.7% with net favorable adjustments still above $130 million, and whether the undefinitized THAAD and PAC-3 contracts convert into definitive multi-year contracts. If supply links fall behind and sales come in below the derived value, or low booking rates combine with a decline in favorable adjustments to push margin below 13%, or Congress does not authorize and appropriate at the pace the framework agreements assume, the understanding that orders are converting smoothly into high-margin revenue is weakened.

The F-35 is nearly 30% of Lockheed Martin's sales, yet only 19 jets were delivered in the second quarter — how dependable are Aeronautics' third-quarter sales and margin?

Aeronautics contributes about 40% of company sales and two-thirds of that comes from the F-35, but whether the segment makes money depends mainly on programs other than the F-35. The F-35 was 67% of Aeronautics sales in 2025[20], and the segment's margin fell from 10.3% to 6.9% over three years[28], not because of the F-35 but because a fixed-price classified development program accumulated about $1.8 billion of losses[54], on top of production problems on the C-130 and F-16. For 2026 the company raised Aeronautics' full-year sales outlook to $31.7 billion to $32.7 billion and its profit outlook to $3.0 billion to $3.08 billion while acknowledging that margins are pegged modestly lower than previously guided[14]. Readers need to keep two things apart: F-35 workload is rising, which is a disclosed fact, while the segment's margin depends on the other programs not running into further trouble.

The second-quarter numbers show workload growing, and the drags are specific. Aeronautics' second-quarter sales were $8,112 million, up 9%, with F-35 production contracts adding $475 million of sales[48] and a margin of 9.4%[40]; across the first half the F-35 added $795 million[72], and the first quarter also included a $130 million favorable adjustment on the F-35[73]. Part of the year-over-year growth, however, reflects the low base created by the prior-year classified program loss, and management said that excluding it first-half growth was only in the low single digits[14]. The programs holding the segment back are the F-16 and C-130: in the first half the F-16 took $125 million of unfavorable adjustments for production performance and development delays, and the C-130 took $95 million for integration challenges with replacements for discontinued parts and the associated delivery delays[74]; management said F-16 deliveries have resumed after a redesign and a repeat of flight testing[75].

Delivery data offer a different reading, and the company has not explained it. Only 19 F-35s were delivered in the second quarter and 51 in the first half, against 97 in the same period a year earlier[13], including 32 in the first quarter[76]; aircraft backlog fell from 368 at the end of 2025[45] to 317 at the end of June[77], and no new lot was booked in the first half. Because revenue is recognized on cost progress, fewer deliveries do not directly reduce sales, but the top end of the Aeronautics outlook rests explicitly on the timing of the next lot award[14], while the chief executive expressed confidence in the rate of 156 aircraft a year[62]. The transmission works as follows: higher cost input on F-35 production and sustainment contracts raises Aeronautics sales, production problems on the F-16 and C-130 and cost re-estimates on the classified program lower margin through unfavorable booking rate adjustments, and the net of the two determines segment operating profit.

The third quarter turns on four things: sales, margin, deliveries and the contract award. On an arithmetic split of the full-year guidance, Aeronautics' third-quarter sales would be about $8.0 billion to $8.5 billion, and a margin of at least 9% is needed to stay consistent with the full-year outlook; the other points are whether the year-over-year increase in F-35 sales remains above $300 million, whether deliveries recover from 19 and the company explains the low first-half count, whether the next F-35 production lot is awarded, and whether the F-16 and C-130 take new unfavorable adjustments. If a delayed lot award leaves sales at the bottom of the range, or large new unfavorable adjustments on the F-16, C-130 or the classified program push margin back below 9%, or budget changes in the United States or allied countries slow the pace of F-35 procurement, the understanding that Aeronautics is growing volume and repairing margin does not hold.

Lockheed Martin booked $1.6 billion of program losses in a single quarter last year and profit has rebounded since — are the fixed-price program holes actually filled?

Most of this year's profit rebound is not additional earnings but the absence of last year's losses, so one more large charge would be enough to overturn the full-year outlook. The company guides to full-year earnings per share of $29.95 to $30.65[5], roughly 40% above the $21.49 of 2025[27], and the chief executive said segment operating profit would be 28% higher than a year earlier[4]. By comparison, the company recorded $1,615 million of reach-forward losses in the second quarter of 2025 alone[30], and 2024 included about $1.4 billion on the Missiles and Fire Control classified program and $555 million on the Aeronautics classified program. All of these losses arose on the same kind of contract, namely fixed-price development contracts or contracts bid together with fixed-price production options[67]; the company states plainly in its 10-Q that there are programs with a risk of additional losses in the Aeronautics, Missiles and Fire Control, and Rotary and Mission Systems segments[78].

The encouraging side is that none of the named loss programs added losses in the first half. Cumulative losses remained at about $1.8 billion on the Aeronautics classified program[54], about $1.5 billion on the Missiles and Fire Control classified program[55], about $670 million on the Canadian Maritime Helicopter Program[56] and about $130 million on the Turkish Utility Helicopter Program[79]. The chief financial officer said the last adjustments on the two classified programs were in the fourth quarter of 2024 and the second quarter of 2025, and that both have continued to hit the new baselines set at that time[80]. Company-wide net profit booking rate adjustments were a positive $375 million in the second quarter, or 17% of segment profit[51].

The other side is that unfavorable adjustments have spread from development programs to mature lines that are ramping, and the cash for the losses has not finished flowing out. The first half included four named unfavorable adjustments totaling $395 million, on the F-16, C-130, Heavy Lift and Seahawk programs, attributed to production performance, schedule and delivery delays[74]. About $1.5 billion for the two classified programs and $365 million for the Canadian program remain in accrued liabilities, and recovery of about $585 million of contract assets depends on negotiations with the Canadian government[56]. United Launch Alliance's Vulcan rocket has had performance problems, and in the second quarter the company guaranteed up to $500 million of ULA borrowings[22] and lowered the Space segment's full-year profit outlook to $1.34 billion to $1.38 billion[81]. The transmission path runs from technical, schedule or supplier problems on a fixed-price contract to a higher estimate of total cost at completion, then to a lower booking rate applied on a cumulative catch-up basis and a reach-forward loss recorded at once when cost exceeds the contract price, then to lower segment profit and earnings per share in that quarter, with cash flowing out over the remaining performance period; management's statement that the programs are executing to their new baselines cannot be verified independently from outside.

The third-quarter 10-Q is the main material for testing this debate. On an arithmetic split of the full-year guidance, third-quarter segment operating profit would be about $2.17 billion to $2.27 billion; the items to check are whether cumulative losses on the three loss programs are still about $1.8 billion, about $1.5 billion and about $670 million, whether net profit booking rate adjustments are at least about $215 million with no new single unfavorable adjustment above $100 million, whether the Rotary and Mission Systems margin holds the second quarter's 10%[41], and whether there is news on the Canadian negotiations or on United Launch Alliance. If the Aeronautics classified program raises its cost estimate again after later testing, or ramping lines such as the F-16, C-130, CH-53K and Seahawk keep running into execution problems, or a breakdown in the Canadian negotiations leads to an impairment of the $585 million of contract assets, the understanding that the holes have been filled is falsified.

Lockheed Martin now guides to more than $7 billion of free cash flow but generated only $2.6 billion in the first half — where will the second-half cash come from, and where will it go?

Free cash flow is the ceiling on what this company can return to shareholders, and in 2026 that cash flow is uneven while the claims on it have multiplied. The company repurchased $3.0 billion of stock in 2025 and $3.7 billion in 2024[32] and paid $1,612 million of dividends in the first half of 2026[43]; free cash flow was negative $291 million in the first quarter[37] and $2,917 million in the second[3], and the full-year outlook of $7.0 billion to $7.2 billion implies about $4.4 billion to $4.6 billion in the second half[5]. At the same time the company has committed a cumulative $8 billion to $9 billion to munitions capacity[59], announced the $3.45 billion acquisition of Ultra Maritime in July[58], and repurchased no shares at all in the first half[44]. Contract assets, milestone payments and government payment policy stand between profit and cash, so a quarter with good profit is not necessarily a quarter with good cash.

The increase in the full-year cash flow outlook comes almost entirely from spending less rather than collecting more. Second-quarter cash from operations was $3,235 million, which the company attributed to the timing of customer receipts and lower tax payments[15], the latter because the company is no longer subject to the corporate alternative minimum tax in 2026[57]; management said the first-quarter dip in cash came from an ERP system rollout and was restored in the second quarter[82]. The free cash flow outlook rose from $6.5 billion to $6.8 billion to $7.0 billion to $7.2 billion while capital expenditure guidance fell from $2.5 billion to $2.8 billion to $2.0 billion to $2.4 billion, and the outlook for cash from operations barely moved, from $9.15 billion to $9.45 billion previously to about $9.2 billion to $9.4 billion now[5]. Against the 2025 base of $6,908 million[31], full-year free cash flow would grow only about 1% to 4%.

Working capital and the uses of capital are the unresolved part. Contract assets rose $3.0 billion in the first half to $16,038 million because of the F-35 and tactical missiles, with revenue recognition running ahead of billing[52], and pre-contract costs in inventory rose from $1.5 billion to $1.9 billion[53]; management's position is that the framework agreements are cash neutral and that working capital dynamics are improving[83]. In August the company entered a new $2.25 billion 364-day credit facility[84], and the acquisition is expected to close in the fourth quarter[58]; the 10-Q also notes that the government has indicated it would consider progress payments rather than performance-based milestone payments as the baseline for fixed-price contracts, and a change in payment policy would change the timing of cash[85]. The transmission path is that revenue recognized on cost progress first builds contract assets, that milestones, lot awards and customer payment points determine when those assets become cash, that cash from operations less capital expenditures gives free cash flow, and that free cash flow then goes to dividends, acquisitions and debt repayment in turn, with repurchases taking whatever is left.

The third quarter offers four readings: free cash flow, contract assets, capital expenditures and repurchases. If third-quarter free cash flow is at least about $870 million, the nine-month cumulative figure would reach about $3.5 billion, which is a reference value derived arithmetically from the full-year guidance; the other points are whether contract assets keep rising from $16,038 million and whether a recovery in F-35 deliveries brings collections, whether third-quarter capital expenditures accelerate from the second quarter's $318 million[3] and whether the full-year range is adjusted again, and whether the company resumes repurchases or updates the financing and closing timing for Ultra Maritime. If delayed lot awards or milestones push collections into 2027, or the government moves to progress payments and withholds part of the amounts due, or the acquisition and the capacity expansion absorb cash together so that repurchases stay suspended and debt rises, the understanding that second-half cash will be delivered and returned to shareholders is weakened.

Risks and Falsifiers

The first risk is dependence on the U.S. Government budget, which affects the timing of orders and payments. Of the $38,084 million of first-half 2026 sales, 70% came from the U.S. Government, including 61% from the Department of War[86]; the $1.5 trillion fiscal 2027 defense budget request includes $350 billion that requires Congress to pass a separate reconciliation bill, and the munitions framework deals, Golden Dome missile defense and additional F-35 purchases are all part of that request[65], while the $35 billion THAAD order is still an undefinitized contractual action[47]. The company also notes in its 10-K that contracts previously negotiated annually may now be executed as multi-year procurements[87]. If Congress passes fiscal 2027 defense appropriations, multi-year munitions procurement is authorized, and the company reports that contracts under the framework agreements are being definitized one after another, this risk is largely removed.

The second risk is the executive order aimed at defense contractors, which points directly at dividends and repurchases. The order could restrict a contractor's dividends, share repurchases and executive compensation after the Department of War determines that it has failed to meet contract performance requirements, and it is expected to be implemented in 2026 through a new defense acquisition regulation clause[68]. The company repurchased $3.0 billion of stock in 2025[32], paid $1,612 million of dividends, or $6.90 per share, in the first half of 2026[43] and made no repurchases in that half[44], while the F-16, C-130, Heavy Lift and Seahawk programs all took unfavorable adjustments for delivery delays or production performance[74]. If the new clause takes effect and the company is not found to be underperforming, dividends keep growing and repurchases resume, this concern does not hold.

The third risk is that the munitions ramp stalls in the supply chain or in capacity construction, which exposes Missiles and Fire Control's sales and margin. The orders are in hand, but production lines, solid rocket motors and seekers may ramp more slowly than the framework agreements assume[25], delaying revenue recognition while low booking rates early in large contracts dilute margin[11]. The segment's full-year guidance is sales of $16.5 billion to $16.9 billion and profit of $2.3 billion to $2.35 billion[69], implying second-half sales of $8.75 billion to $9.15 billion; each percentage point of lower segment margin takes about $42 million off third-quarter profit, and the company's cumulative capital commitment to munitions capacity is $8 billion to $9 billion[59]. If third-quarter segment sales are at least about $4.2 billion, margin is at least 13.7% and the company maintains the segment's full-year guidance, this risk is falsified.

The fourth risk is Aeronautics' dependence on a single program. The F-35 was about 28% of consolidated second-quarter 2026 sales of $20,063 million[12], and the timing of lot awards, delivery acceptance and budget decisions in the United States and allied countries directly change this segment's quarterly sales and collections; the Aeronautics full-year sales range is $1 billion wide with its top end dependent on the next lot award[14], and F-35 aircraft backlog stands at 317, down 51 in six months[77]. If the next F-35 production lot is awarded within 2026 and third-quarter Aeronautics sales are at least about $8.0 billion, this risk is not a near-term problem.

The fifth risk is another large reach-forward loss on a fixed-price development contract, which exposes segment operating profit and earnings per share. The Aeronautics classified program is still in development and testing, and the company states explicitly that it may need to record additional losses if new issues become evident[54]; for the Missiles and Fire Control classified program, any change in estimates could likewise produce additional losses material to results in the period they are recognized[55]. Cumulative recognized losses on the two classified programs are about $3.3 billion, of which about $1.53 billion remains in accrued liabilities awaiting cash outflow; the $1,615 million recorded in the second quarter of 2025 alone[30] is equal to about 19% of the $8.6 billion midpoint of 2026 segment operating profit guidance[5]. If 10-Qs for the third quarter and beyond show cumulative losses on the two programs unchanged at about $1.8 billion and about $1.5 billion with accrued balances continuing to decline, the current understanding that the losses have bottomed is supported.

The sixth risk is the off-balance-sheet and carrying exposure to joint ventures and overseas programs. Performance problems on United Launch Alliance's Vulcan rocket have already led the company to guarantee up to $500 million of borrowings, its equity investment is carried at $617 million, and it and Boeing anticipate providing further financial support[22], and the Space segment's full-year profit outlook was lowered to $1.34 billion to $1.38 billion as a result[81]; the Canadian Maritime Helicopter Program carries about $585 million of contract assets and $365 million of accrued losses, and recovery depends on negotiations[56]. If United Launch Alliance returns to launching and the company adds no further guarantees or funding, and the Canadian program reaches a restructuring agreement without new losses, this exposure stops being a threat to profit.

What to Watch Next

• Munitions ramp, segment sales: Missiles and Fire Control sales were $4,101 million in the second quarter of 2026, up 19%[8]. Watch whether the third quarter reaches the roughly $4.2 billion to $4.4 billion derived from full-year guidance; reaching it with growth above the first half's 14% confirms the ramp, and falling short weakens it.
• Munitions ramp, segment margin: the second-quarter margin was 14.5%, including $190 million of net favorable adjustments[70]. Watch whether margin holds at about 13.7% and whether the undefinitized THAAD contract is definitized; a margin below 13% is the falsifier.
• F-35 and Aeronautics, sales and margin: the second-quarter baseline is $8,112 million of sales and a 9.4% margin[40]. Watch whether sales land at about $8.0 billion to $8.5 billion with margin at or above 9%; large new unfavorable adjustments on the F-16 or C-130 are the falsifier.
• F-35 deliveries and the next lot: 19 jets were delivered in the second quarter and aircraft backlog is 317[77]. Watch whether deliveries recover, whether the company explains the shortfall and whether the next lot is awarded; an award within 2026 confirms the outlook, and a delay leaves sales at the bottom of the range.
• Program losses, cumulative amounts: the three loss programs stand at about $1.8 billion, about $1.5 billion and about $670 million[56]. Watch whether the third-quarter 10-Q leaves these unchanged and accrued balances decline; an increase in any one of them weakens the view that losses have bottomed.
• Program losses, booking rate adjustments: net adjustments were a positive $375 million in the second quarter, or 17% of segment profit[51]. Watch whether they are at least about $215 million and whether any new single unfavorable adjustment exceeds $100 million; continued unfavorable adjustments on mature lines weaken the view.
• Cash, quarterly free cash flow: free cash flow was $2,917 million in the second quarter and $2,626 million in the first half[3]. Watch whether the third quarter is at least about $870 million and whether contract assets keep rising; collections slipping into 2027 is the falsifier.
• Capital uses, repurchases and the acquisition: first-half repurchases were zero and the acquisition price is $3.45 billion[58]. Watch whether repurchases resume and whether financing and closing timing are updated; a long suspension of repurchases alongside rising debt weakens the view.

Conclusion

Lockheed Martin's business is driven by long-term government contracts and orders are plentiful, so what is genuinely unresolved is the speed and quality with which orders become profit and cash. Second-quarter sales were $20,063 million, up 11%, backlog was about $230.4 billion, and the company raised its full-year outlook on that basis[5]; but the roughly $1.6 billion year-over-year increase in second-quarter segment profit came mainly from prior-year losses not recurring[15], first-half free cash flow was only $2,626 million[3], and only 19 F-35s were delivered in the second quarter without explanation[13]. The central relationship is therefore whether the missile ramp, F-35 workload and execution on fixed-price programs can together support both the $8.5 billion to $8.7 billion segment profit outlook and the free cash flow outlook of more than $7 billion.

Since the second-quarter results, only two independent assessments could be verified verbatim from distinct publishers, both published the day after the results, so outside coverage is limited. The earnings call review by Zacks Equity Research focused on the munitions ramp, multi-year contracts and record backlog, noted that second-quarter earnings per share of $7.94 and sales of $20.06 billion both beat the consensus it tracks of $7.22 and $19.43 billion, and relayed management's own reservation that converting demand into sustained production growth will depend on execution, contract finalization and continued manufacturing improvements[88]. Arslan Ali of TradingKey viewed Missiles and Fire Control as the strongest part of the quarter but cautioned that the prior-year quarter's $1.6 billion of program losses and $169 million of other charges artificially enhance the year-over-year improvement in earnings, and used a backlog equal to about 2.9 years of revenue to illustrate order visibility[89]. The two assessments agree on orders and guidance and differ in emphasis: the execution, contract finalization and manufacturing improvement that Zacks singles out map onto three of the debates, namely unfavorable adjustments on fixed-price programs and mature lines, the conversion of the undefinitized THAAD action into a definitive contract, and the pace of the missile ramp; TradingKey's caution about the low base matches the program loss debate, while its optimistic reading of backlog has to be set against the fact that the share of backlog the company expects to convert within 12 months has fallen from 37% to about 30%[47]. Neither piece discusses the quarterly swings in cash flow or the pause in repurchases, and these outside readings are interpretations rather than facts and do not amount to a vote.

Over the coming quarters, a combination of observations would materially change the current understanding. If Missiles and Fire Control sales keep reaching the values derived from guidance with margin holding near 13.7%, cumulative losses on the three loss programs stay unchanged while accrued balances decline, F-35 deliveries recover and the next lot is awarded, and free cash flow is delivered as guided with repurchases resuming, the understanding that orders are turning into high-quality profit and cash would be clearly strengthened. Conversely, if munitions sales lag guidance and margin falls below 13%, fixed-price programs or mature lines take large unfavorable adjustments again, contract assets keep climbing while collections are delayed, or the undefinitized contracts remain undefinitized, that understanding would be materially weakened.

Sources

[1] LMT 10-K filed 2026-01-29 · business overview and four segments · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[2] LMT earnings calendar · 2026-10-20 third quarter 2026 earnings call (calendar last updated 2026-09-19); the company had not confirmed the date as of 2026-09-20 · 2026-09-19 · earnings calendar

[3] LMT 8-K filed 2026-07-23 · summary financial results table · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[4] LMT 8-K filed 2026-07-23 · CEO statement on orders, backlog and raised guidance · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[5] LMT 8-K filed 2026-07-23 · 2026 financial outlook · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[6] LMT earnings call 2026-07-23 · second half growth outlook · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[7] stockanalysis.com LMT forecast (updated 2026-09-08) · FY2026 revenue and EPS consensus · 2026-09-08 · stockanalysis.com · https://stockanalysis.com/stocks/lmt/forecast/

[8] LMT 8-K filed 2026-07-23 · MFC second quarter · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[9] LMT 8-K filed 2026-07-23 · backlog by segment · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[10] LMT 10-Q filed 2026-07-23 · capacity expansion caveat · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[11] LMT earnings call 2026-07-23 · THAAD contract margins · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[12] LMT 10-Q filed 2026-07-23 · F-35 share of sales · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[13] LMT 8-K filed 2026-07-23 · aircraft deliveries · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[14] LMT earnings call 2026-07-23 · Aeronautics outlook and next F-35 lot · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[15] LMT 8-K filed 2026-07-23 · drivers of sales, profit and cash flow · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[16] LMT 10-K filed 2026-01-29 · workforce · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[17] LMT 10-K filed 2026-01-29 · customer concentration · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[18] LMT 10-K filed 2026-01-29 · international sales mix · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[19] LMT 10-K filed 2026-01-29 · FY2025 segment sales · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[20] LMT 10-K filed 2026-01-29 · F-35 share of sales and program of record · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[21] LMT 10-K filed 2026-01-29 · MFC major programs · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[22] LMT 10-Q filed 2026-07-23 · ULA guarantee and Vulcan performance · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[23] LMT 10-K filed 2026-01-29 · cost-reimbursable share and payment terms · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[24] LMT 10-K filed 2026-01-29 · purchase obligations · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[25] LMT earnings call 2026-04-23 · MFC capacity pinch points · 2026-04-23 · earnings-call · https://investors.lockheedmartin.com/events-and-presentations

[26] LMT 10-Q filed 2026-07-23 · rare earth minerals supply · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[27] LMT 10-K filed 2026-01-29 · FY2025 consolidated results · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[28] LMT 10-K filed 2026-01-29 · Aeronautics FY2025 results · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[29] LMT 10-K filed 2026-01-29 · MFC FY2025 results · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[30] LMT 10-K filed 2026-01-29 · FY2025 profit booking rate adjustments and program losses · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[31] LMT 10-K filed 2026-01-29 · FY2025 free cash flow · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[32] LMT 10-K filed 2026-01-29 · FY2025 repurchases and debt · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[33] LMT 10-K filed 2026-01-29 · backlog and conversion at year-end 2025 · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[34] LMT 10-Q filed 2026-07-23 · balance sheet working capital lines · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[35] LMT 10-Q filed 2026-07-23 · debt outstanding · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[36] LMT 8-K filed 2026-07-23 · weeks in reporting periods · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[37] LMT 8-K filed 2026-04-23 · first quarter headline results · 2026-04-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026026683/ex991q12026.htm

[38] LMT earnings call 2026-07-23 · sales growth excluding prior-year adjustments · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[39] LMT 8-K filed 2026-07-23 · segment results table · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[40] LMT 8-K filed 2026-07-23 · Aeronautics margin table · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[41] LMT 8-K filed 2026-07-23 · RMS second quarter · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[42] LMT 8-K filed 2026-07-23 · Space second quarter · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[43] LMT 10-Q filed 2026-07-23 · dividends paid · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[44] LMT 10-Q filed 2026-07-23 · financing activities and no repurchases · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[45] LMT 10-K filed 2026-01-29 · F-35 cumulative deliveries and Lot 18-19 award · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[46] LMT 8-K filed 2026-04-23 · munitions framework agreements · 2026-04-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026026683/ex991q12026.htm

[47] LMT 10-Q filed 2026-07-23 · backlog increase and conversion · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[48] LMT 8-K filed 2026-07-23 · Aeronautics second quarter · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[49] LMT 10-Q filed 2026-07-23 · liquidity and cost-reimbursable share · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[50] LMT 10-Q filed 2026-07-23 · volume, mix and booking rate definitions · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[51] LMT 10-Q filed 2026-07-23 · booking rate adjustments share of segment profit · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[52] LMT 10-Q filed 2026-07-23 · contract assets increase · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[53] LMT 10-Q filed 2026-07-23 · pre-contract costs in inventory · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[54] LMT 10-Q filed 2026-07-23 · Aeronautics classified program losses · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[55] LMT 10-Q filed 2026-07-23 · MFC classified program losses · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[56] LMT 10-Q filed 2026-07-23 · Canadian Maritime Helicopter Program exposure · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[57] LMT 8-K filed 2026-07-23 · CAMT relief and tax payments · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[58] LMT 10-Q filed 2026-07-23 · Ultra Maritime acquisition · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[59] LMT earnings call 2026-07-23 · munitions capital commitment · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[60] LMT earnings call 2026-07-23 · UCA conversion to multi-year contracts · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[61] LMT 10-K filed 2026-01-29 · competitors · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[62] LMT earnings call 2026-07-23 · F-35 production rate of 156 per year · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[63] LMT 10-K filed 2026-01-29 · PAC-3 international demand · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[64] LMT 10-Q filed 2026-07-23 · FY2026 defense appropriations · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[65] LMT 10-Q filed 2026-07-23 · FY2027 defense budget request · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[66] LMT 10-K filed 2026-01-29 · new entrants and changing acquisition processes · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[67] LMT 10-K filed 2026-01-29 · fixed-price development risk · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[68] LMT 10-K filed 2026-01-29 · executive order on dividends and buybacks · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[69] LMT earnings call 2026-07-23 · MFC outlook · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[70] LMT 10-Q filed 2026-07-23 · net profit booking rate adjustments by segment · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[71] LMT 8-K filed 2026-07-23 · THAAD multi-year contract and partnerships · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/ex991q22026.htm

[72] LMT 10-Q filed 2026-07-23 · Aeronautics first half drivers · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[73] LMT 10-Q filed 2026-04-23 · first quarter profit adjustments · 2026-04-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026026836/lmt-20260329.htm

[74] LMT 10-Q filed 2026-07-23 · unfavorable adjustments in first half 2026 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[75] LMT earnings call 2026-07-23 · F-16 redesign and resumed deliveries · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[76] LMT 10-Q filed 2026-04-23 · first quarter F-35 deliveries · 2026-04-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026026836/lmt-20260329.htm

[77] LMT 10-Q filed 2026-07-23 · F-35 deliveries and backlog · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[78] LMT 10-Q filed 2026-07-23 · programs with risk of additional losses · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[79] LMT 10-Q filed 2026-07-23 · Turkish Utility Helicopter Program status · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[80] LMT earnings call 2026-07-23 · classified program baselines and scaling · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[81] LMT earnings call 2026-07-23 · Space outlook and ULA · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[82] LMT earnings call 2026-07-23 · ERP rollout and dividends · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[83] LMT earnings call 2026-07-23 · free cash flow and capital expenditure outlook · 2026-07-23 · earnings-call · https://www.marketbeat.com/earnings/reports/2026-7-23-lockheed-martin-co-stock/

[84] LMT 8-K filed 2026-08-28 · 364-day revolving credit facility · 2026-08-28 · 8-K · https://www.sec.gov/Archives/edgar/data/936468/000119312526371750/d177255d8k.htm

[85] LMT 10-Q filed 2026-07-23 · progress payments policy · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[86] LMT 10-Q filed 2026-07-23 · customer mix in first half 2026 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm

[87] LMT 10-K filed 2026-01-29 · multi-year procurement shift · 2026-01-29 · 10-K · https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm

[88] Zacks Equity Research 2026-07-24 · LMT Q2 earnings call highlights munitions growth · 2026-07-24 · Zacks Equity Research · https://ca.finance.yahoo.com/news/lmt-q2-earnings-call-highlights-140000247.html

[89] TradingKey 2026-07-24 · Lockheed Martin Q2 2026 record backlog and raised guidance · 2026-07-24 · TradingKey · https://www.tradingkey.com/analysis/stocks/us-stocks/262052405-lockheed-martin-lmt-q2-2026-earnings-record-backlog-guidance-raised-tradingkey