Lockheed Martin (LMT) Earnings Date & Reports

Key Takeaways

• Lockheed Martin (NYSE: LMT) is expected to report third-quarter 2026 results before the market opens in late October 2026.
• Consensus earnings estimates range from roughly $7.25 to $7.58 per share, compared with $6.95 per share in the same period a year earlier.
• The company enters the quarter off a strong Q2 2026 print, with sales of $20.06 billion (up 10.5% year over year) and earnings per share (EPS) of $7.94 that beat estimates by about 10%.
• Lockheed Martin raised its full-year 2026 guidance in July and reported a record backlog of $230 billion, supported by a book-to-bill ratio of 3.2 to 1.
• Investors will focus on F-35 deliveries, munitions demand, segment margins, and free cash flow (FCF) generation.

Earnings Context and Why It Matters

Lockheed Martin is the largest U.S. defense prime contractor, and its quarterly results serve as a closely watched barometer for global defense spending, program execution, and supply-chain health. The company enters its third-quarter report with strong momentum: July's second-quarter results showed double-digit sales growth, a sharp rebound in free cash flow, and a record $230 billion backlog that management attributed to rising demand across aeronautics, missiles, and air-and-missile defense. With defense budgets elevated and munitions replenishment a priority for the U.S. and allied governments, this report will help investors gauge whether Lockheed can sustain its growth trajectory, protect margins amid production ramps, and continue converting its backlog into cash.

Earnings Expectations

For the third quarter of fiscal 2026, Wall Street consensus places EPS in a range of roughly $7.25 to $7.58 per share, according to earnings-calendar data from several providers. That compares with $6.95 per share reported in the third quarter of 2025, when revenue was $18.61 billion. Analysts generally expect continued year-over-year sales growth, though published revenue consensus varies.

Expectations are anchored by the company's most recent results. In the second quarter of 2026, Lockheed Martin reported sales of $20.06 billion, an increase of 10.5% year over year, and diluted EPS of $7.94, which exceeded consensus estimates of about $7.22. Management raised its full-year 2026 outlook to sales of $79.75 billion to $81.75 billion, EPS of $29.95 to $30.65, and free cash flow of $7.0 billion to $7.2 billion. Free cash flow, which measures cash generated from operations after capital spending, swung to roughly $2.9 billion in Q2 from a negative result a year earlier.

Key metrics investors will watch this quarter include F-35 production and delivery volumes, missile and munitions program ramps across the Missiles and Fire Control segment, segment operating margins, and any updates to full-year guidance.

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Market Reaction and Investor Sentiment

Sentiment heading into the third-quarter report is generally constructive but measured. Lockheed Martin shares have benefited from elevated defense spending, strong order intake, and a record backlog, while management's July guidance raise reinforced confidence in near-term execution. That said, investors remain attentive to risks around program cost overruns, potential margin pressure from production ramps on fixed-price contracts, and any disruptions tied to supply-chain or labor constraints. Historically, Lockheed has beaten consensus EPS estimates in most recent quarters, but the stock's reaction has often hinged on guidance updates, free cash flow, and commentary on the F-35 program rather than the headline beat itself.

Forward Outlook and Key Factors to Monitor

Beyond the headline figures, investors should watch several factors that could shape Lockheed Martin's trajectory into 2027.

First, F-35 execution remains central. The company has been scaling production and sustainment volumes, and the pace of deliveries—along with any updates on Lots 18 and 19 and future lot negotiations—will signal how quickly Aeronautics revenue and profit can ramp.

Second, munitions and air-and-missile defense demand is a key growth driver. Programs such as PAC-3 and tactical strike weapons have posted strong growth, and replenishment orders from the U.S. and allied nations could keep the Missiles and Fire Control segment busy for years.

Third, margins and cash conversion matter. Investors will monitor whether segment operating margins hold up as new production lines scale and whether free cash flow continues to improve, since management's raised guidance implies meaningful cash generation in the second half of the year.

Finally, capital deployment and the broader budget environment remain in focus. Lockheed has a long record of dividend increases and share repurchases, and any updates on return-of-capital plans, along with the outlook for U.S. and international defense spending, will help frame expectations for the next several quarters.

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