Lockheed Martin Corporation Earnings Recaps
Q2 2026
Jul 25, 2026
Lockheed Martin’s shares jumped 13.3% following the earnings report, driven by a substantial contract backlog increase and robust contract awards across multiple divisions, signaling strong demand and operational execution beyond expectations.
Key takeaways
- Backlog reached a record $230 billion, reflecting strong future revenue visibility.
- Nearly $3 billion in free cash flow was generated, supporting financial health.
- Raised 2026 guidance, signaling management's increased confidence in sustained profitable growth.
- Secured major new contracts including a $35 billion Missile Defense Agency agreement and a $3 billion Army munitions deal.
- Delivered increased production of key platforms with 2 F-16s and 7 C-130s shipped this quarter, alongside progress in hypersonic weapons development.
Q3 2025
Oct 21, 2025
Lockheed Martin reported strong Q3 2025 results, achieving a record backlog of $179 billion, driven by substantial contract wins and 9% year-over-year sales growth.
Key takeaways
- Secured $30 billion in multi-year awards including PAC-3 and JASSM, highlighting sustained demand for missile defense systems.
- Generated over $3 billion in free cash flow, enabling a 5% quarterly dividend increase and enhanced share repurchase authorization.
- Updated 2025 financial outlook anticipates mid-single-digit sales growth and $6.6 billion in free cash flow.
- Record-high backlog includes $11 billion contract for F-35 Lot 18 and 19, reinforcing the company’s position in key defense markets.
- Continued focus on operational execution aims to enhance program performance and mitigate production risks.