OpenNashEarnings

Aerospace · NYSE: LMT

Lockheed Martin earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 28 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Lockheed Martin reported third quarter 2026 sales increased 11% to $20.7 billion, net earnings increased 14% to $1.8 billion, or $7.97 per share, and free cash flow of $3.0 billion, with record backlog of $292.0 billion.

Lockheed Martin grew sales 11% to $20.7 billion, with all four segments up from a year ago. Net earnings rose 14% to $1.8 billion, or $7.97 per share. Missiles and Fire Control sales jumped 24% on munitions production ramps. Cash from operations was $3.4 billion and free cash flow was $3.0 billion, both below last year's third quarter. Backlog hit a record $292.0 billion, including $52.5 billion tied to the multi-year PAC-3 MSE interceptor award.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$20.7B+11.3% y/yQ3 2026
Q4 2024: $18.6B (worked out from the annual figure)Q4 ’24$18.6BQ1 2025: $18.0BQ1 ’25$18.0BQ2 2025: $18.2BQ2 ’25$18.2BQ3 2025: $18.6BQ3 ’25$18.6BQ4 2025: $20.3B (worked out from the annual figure)Q4 ’25$20.3BQ1 2026: $18.0BQ1 ’26$18.0BQ2 2026: $20.1BQ2 ’26$20.1BQ3 2026: $20.7BQ3 ’26$20.7B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$18.6B *
Q1 2025$18.0B
Q2 2025$18.2B
Q3 2025$18.6B
Q4 2025$20.3B *
Q1 2026$18.0B
Q2 2026$20.1B
Q3 2026$20.7B
Diluted EPS (GAAP)$7.97+14.7% y/yQ3 2026
Q1 2025: $7.28Q1 ’25$7.28Q2 2025: $1.46Q2 ’25$1.46Q3 2025: $6.95Q3 ’25$6.95Q1 2026: $6.44Q1 ’26$6.44Q2 2026: $7.94Q2 ’26$7.94Q3 2026: $7.97Q3 ’26$7.97
Data
Q1 2025$7.28
Q2 2025$1.46
Q3 2025$6.95
Q1 2026$6.44
Q2 2026$7.94
Q3 2026$7.97

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin11.8%−0.5 pts y/yQ3 2026
Q4 2024: 3.7%Q4 ’243.7%Q1 2025: 13.2%Q1 ’2513.2%Q2 2025: 4.1%Q2 ’254.1%Q3 2025: 12.3%Q3 ’2512.3%Q4 2025: 11.5%Q4 ’2511.5%Q1 2026: 11.4%Q1 ’2611.4%Q2 2026: 12.4%Q2 ’2612.4%Q3 2026: 11.8%Q3 ’2611.8%
Data
Q4 20243.7%
Q1 202513.2%
Q2 20254.1%
Q3 202512.3%
Q4 202511.5%
Q1 202611.4%
Q2 202612.4%
Q3 202611.8%
Free cash flow$3.0B−10.4% y/yQ3 2026
Q4 2024: $441.0MQ4 ’24$441.0MQ1 2025: $955.0MQ1 ’25$955.0MQ2 2025: -$150.0MQ2 ’25-$150.0MQ3 2025: $3.3BQ3 ’25$3.3BQ4 2025: $2.8BQ4 ’25$2.8BQ1 2026: -$291.0MQ1 ’26-$291.0MQ2 2026: $2.9BQ2 ’26$2.9BQ3 2026: $3.0BQ3 ’26$3.0B
Data
Q4 2024$441.0M
Q1 2025$955.0M
Q2 2025-$150.0M
Q3 2025$3.3B
Q4 2025$2.8B
Q1 2026-$291.0M
Q2 2026$2.9B
Q3 2026$3.0B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$18.6Bd$18.0B$18.2B$18.6B$20.3Bd$18.0B$20.1B$20.7B
Gross margin3.7%12.9%4.0%12.0%11.4%11.5%12.2%11.8%
Operating income$696.0Md$2.4B$748.0M$2.3B$2.3Bd$2.1B$2.5B$2.4B
Operating margin3.7%13.2%4.1%12.3%11.5%11.4%12.4%11.8%
Net income$527.0Md$1.7B$342.0M$1.6B$1.3Bd$1.5B$1.8B$1.8B
Diluted EPS—$7.28$1.46$6.95—$6.44$7.94$7.97
Operating cash flow$1.0Bd$1.4B$201.0Md$3.7Bd$3.2Bd$220.0M$3.2Bd$3.4Bd
Capital expenditure$582.0Md$454.0M$351.0Md$381.0Md$463.0Md$511.0M$318.0Md$439.0Md
Free cash flow$441.0M$955.0M-$150.0M$3.3B$2.8B-$291.0M$2.9B$3.0B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings